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)

Edward P. Macdonald, 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) 843-9934

Date of fiscal year end: October 31^st

Date of reporting period: November 1, 2011 – April 30, 2012

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. § 3507.

Item 1. Reports to Stockholders.

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Balanced Allocation Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Balanced Allocation Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Balanced Allocation Fund inception 05/28/2004 

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks long-term capital appreciation and income.

Performance Overview 5/28/04 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)  

	6 Month†	1 Year	5 year	Since Inception
Balanced Allocation A#	7.34%	0.35%	2.51%	5.33%
Balanced Allocation A##		-5.16%	1.35%	4.58%
Balanced Allocation B#	6.79%	-0.51%	1.69%	NA*
Balanced Allocation B##		-5.44%	1.33%	NA*
Balanced Allocation C#	6.91%	-0.36%	1.76%	4.56%
Balanced Allocation C##		-1.35%	1.76%	4.56%
Balanced Allocation I#	7.41%	0.67%	2.81%	5.56%
Balanced Allocation R3#	7.13%	0.06%	2.14%	5.07%
Balanced Allocation R4#	7.24%	0.33%	2.48%	5.31%
Balanced Allocation R5#	7.48%	0.63%	2.79%	5.52%
Barclays Capital U.S. Aggregate Bond Index	2.44%	7.54%	6.37%	5.73%
S&P 500 Index	12.76%	4.73%	1.00%	4.95%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	Since 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Balanced Allocation Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President

*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.

Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Richard P. Meagher, CFA and Wendy M. Cromwell, CFA, will serve as the Fund’s Portfolio Managers. As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class A shares of The Hartford Balanced Allocation Fund returned 7.34% for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target Allocation Moderate Funds category, a group of funds with investment strategies similar to those of the Fund, was 6.77%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 60% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and high yield, among others. Over the period, the structural allocation impact was negative, driven by diversification into international equities. Negative structural allocation measures were partially offset by diversification beyond intermediate bonds and into high yield credit, which outperformed the Barclays Capital U.S. Aggregate Bond Index.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved

3

The Hartford Balanced Allocation Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. We expect this process to cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments

as of April 30, 2012 

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		2.3	%
State Street Bank Money Market Fund		0.0
The Hartford Alternative Strategies Fund, Class Y		9.8
The Hartford Capital Appreciation Fund, Class Y		4.2
The Hartford Capital Appreciation II Fund, Class Y		1.4
The Hartford Disciplined Equity Fund, Class Y		2.2
The Hartford Dividend and Growth Fund, Class Y		1.4
The Hartford Equity Income Fund, Class Y		3.5
The Hartford Floating Rate Fund, Class Y		0.3
The Hartford Fundamental Growth Fund, Class Y		1.6
The Hartford Global Growth Fund, Class Y		1.5
The Hartford Global Research Fund, Class Y		2.3
The Hartford Growth Fund, Class Y		2.1
The Hartford Growth Opportunities Fund, Class Y		1.5
The Hartford High Yield Fund, Class Y		0.4
The Hartford Inflation Plus Fund, Class Y		7.0
The Hartford International Opportunities Fund, Class Y		1.4
The Hartford International Small Company Fund, Class Y		1.6
The Hartford International Value Fund, Class Y		4.1
The Hartford MidCap Fund, Class Y		1.5
The Hartford MidCap Value Fund, Class Y		1.9
The Hartford Short Duration Fund, Class Y		11.0
The Hartford Small Company Fund, Class Y		1.5
The Hartford Small/Mid Cap Equity Fund, Class Y		1.5
The Hartford SmallCap Growth Fund, Class Y		3.1
The Hartford Strategic Income Fund, Class Y		5.9
The Hartford Total Return Bond Fund, Class Y		12.9
The Hartford Value Fund, Class Y		10.7
The Hartford Value Opportunities Fund, Class Y		1.4
Other Assets and Liabilities		0.0
Total		100.0	%

4

The Hartford Balanced Allocation Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 97.7%
EQUITY FUNDS - 60.2%
	7,508	The Hartford Alternative Strategies Fund, Class Y			$	84,845
	1,009	The Hartford Capital Appreciation Fund, Class Y				36,078
	819	The Hartford Capital Appreciation II Fund, Class Y●				11,952
	1,292	The Hartford Disciplined Equity Fund, Class Y				19,153
	599	The Hartford Dividend and Growth Fund, Class Y				12,453
	2,083	The Hartford Equity Income Fund, Class Y				30,518
	1,118	The Hartford Fundamental Growth Fund, Class Y				13,563
	777	The Hartford Global Growth Fund, Class Y●				12,937
	2,054	The Hartford Global Research Fund, Class Y				19,455
	906	The Hartford Growth Fund, Class Y●				17,992
	417	The Hartford Growth Opportunities Fund, Class Y●				12,820
	837	The Hartford International Opportunities Fund, Class Y				12,463
	1,074	The Hartford International Small Company Fund, Class Y				14,108
	2,989	The Hartford International Value Fund, Class Y				34,976
	554	The Hartford MidCap Fund, Class Y				12,537
	1,245	The Hartford MidCap Value Fund, Class Y				16,121
	575	The Hartford Small Company Fund, Class Y				12,819
	1,130	The Hartford Small/Mid Cap Equity Fund, Class Y				12,851
	729	The Hartford SmallCap Growth Fund, Class Y●				26,327
	7,500	The Hartford Value Fund, Class Y				92,327
	871	The Hartford Value Opportunities Fund, Class Y				12,430
						518,725
		Total equity funds
		(cost $437,615)			$	518,725
FIXED INCOME FUNDS - 37.5%
	342	The Hartford Floating Rate Fund, Class Y			$	3,034
	424	The Hartford High Yield Fund, Class Y				3,123
	4,899	The Hartford Inflation Plus Fund, Class Y				60,452
	9,615	The Hartford Short Duration Fund, Class Y				95,184
	5,393	The Hartford Strategic Income Fund, Class Y				50,693
	10,051	The Hartford Total Return Bond Fund, Class Y				110,859
						323,345
		Total fixed income funds
		(cost $312,113)			$	323,345
		Total investments in affiliated investment companies
		(cost $749,728)			$	842,070
EXCHANGE TRADED FUNDS - 2.3%
	703	Powershares DB Commodity Index Tracking Fund ●			$	19,960
		Total exchange traded funds
		(cost $15,114)			$	19,960
		Total long-term investments
		(cost $764,842)			$	862,030
SHORT-TERM INVESTMENTS - 0.0%
Investment Pools and Funds - 0.0%
	101	State Street Bank Money Market Fund			$	101
		Total short-term investments
		(cost $101)			$	101
		Total investments
		(cost $764,943) ▲	100.0	%	$	862,131
		Other assets and liabilities	—	%		339
		Total net assets	100.0	%	$	862,470

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.  

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $772,549 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	100,123
Unrealized Depreciation		(10,541	)
Net Unrealized Appreciation	$	89,582

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Balanced Allocation Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	842,070	$	842,070	$	–	$	–
Exchange Traded Funds		19,960		19,960		–		–
Short-Term Investments		101		101		–		–
Total	$	862,131	$	862,131	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements. 

6

The Hartford Balanced Allocation Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $15,215)	$	20,061
Investments in underlying affiliated funds, at market value (cost $749,728)		842,070
Receivables:
Investment securities sold		444
Fund shares sold		1,464
Dividends and interest		541
Other assets		79
Total assets		864,659
Liabilities:
Bank overdraft		101
Payables:
Investment securities purchased		640
Fund shares redeemed		1,253
Investment management fees		18
Administrative fees		2
Distribution fees		67
Accrued expenses		108
Total liabilities		2,189
Net assets	$	862,470
Summary of Net Assets:
Capital stock and paid-in-capital	$	836,316
Distributions in excess of net investment loss		(1,337	)
Accumulated net realized loss		(69,697	)
Unrealized appreciation of investments		97,188
Net assets	$	862,470
Shares authorized		400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.90/$12.59
Shares outstanding		43,428
Net assets	$	516,736
Class B: Net asset value per share	$	11.86
Shares outstanding		6,475
Net assets	$	76,821
Class C: Net asset value per share	$	11.86
Shares outstanding		14,924
Net assets	$	176,926
Class I: Net asset value per share	$	11.89
Shares outstanding		574
Net assets	$	6,825
Class R3: Net asset value per share	$	11.82
Shares outstanding		3,069
Net assets	$	36,268
Class R4: Net asset value per share	$	11.89
Shares outstanding		3,129
Net assets	$	37,207
Class R5: Net asset value per share	$	11.90
Shares outstanding		982
Net assets	$	11,687

The accompanying notes are an integral part of these financial statements.

7

The Hartford Balanced Allocation Fund

Statement of Operations

For the Six Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	—
Dividends from underlying affiliated funds		8,737
Total investment income		8,737
Expenses:
Investment management fees		542
Administrative services fees		66
Transfer agent fees		463
Distribution fees
Class A		628
Class B		385
Class C		848
Class R3		84
Class R4		45
Custodian fees		—
Accounting services fees		50
Registration and filing fees		66
Board of Directors' fees		11
Audit fees		8
Other expenses		56
Total expenses		3,252
Net Investment Income		5,485
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		6,470
Net realized gain on investments in underlying affiliated funds		6,623
Net Realized Gain on Investments		13,093
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		39,376
Net unrealized appreciation of investments		499
Net Changes in Unrealized Appreciation of Investments		39,875
Net Gain on Investments		52,968
Net Increase in Net Assets Resulting from Operations	$	58,453

The accompanying notes are an integral part of these financial statements. 

8

The Hartford Balanced Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month
	Period Ended			For the
	April 30, 2012			Year Ended
	(Unaudited)			October 31, 2011
Operations:
Net investment income	$	5,485		$	10,490
Net realized gain on investments		13,093			16,398
Net unrealized appreciation of investments		39,875			446
Net Increase In Net Assets Resulting From Operations		58,453			27,334
Distributions to Shareholders:
From net investment income
Class A		(5,472	)		(9,073	)
Class B		(569	)		(812	)
Class C		(1,283	)		(1,724	)
Class I		(74	)		(97	)
Class R3		(311	)		(332	)
Class R4		(386	)		(442	)
Class R5		(139	)		(274	)
Total distributions		(8,234	)		(12,754	)
Capital Share Transactions:
Class A		(15,433	)		(26,722	)
Class B		(6,509	)		(14,988	)
Class C		(308	)		(11,713	)
Class I		1,109			1,633
Class R3		5,028			10,672
Class R4		(1,069	)		16,873
Class R5		(215	)		(2,971	)
Net decrease from capital share transactions		(17,397	)		(27,216	)
Net Increase (Decrease) In Net Assets		32,822			(12,636	)
Net Assets:
Beginning of period		829,648			842,284
End of period	$	862,470		$	829,648
Undistributed (distribution in excess of) net investment income (loss)	$	(1,337	)	$	1,412

The accompanying notes are an integral part of these financial statements.  

9

The Hartford Balanced Allocation Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Balanced Allocation Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

10

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

11

The Hartford Balanced Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

12

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	12,754	$	9,923

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,412
Accumulated Capital Losses *		(75,184	)
Unrealized Appreciation †		49,707
Total Accumulated Deficit	$	(24,065	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	2,041
Accumulated Net Realized Gain (Loss)		(2,041	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

13

The Hartford Balanced Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	52,812
2018		22,372
Total	$	75,184

During the year ended October 31, 2011, the Fund utilized $17,915 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 milllion		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5
	1.40	%		2.15	%		2.15	%		1.15	%		1.65	%		1.35	%		1.05	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $1,091 and contingent deferred sales charges of $46 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $24.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

15

The Hartford Balanced Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		10		1	%

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	128,170
Sales Proceeds Excluding U.S. Government Obligations		142,257

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
			Shares					Shares							Shares					Shares
			Issued for					Issued		Net Increase					Issued for					Issued		Net Increase
	Shares		Reinvested		Shares			from		(Decrease) of			Shares		Reinvested		Shares			from		(Decrease) of
	Sold		Dividends		Redeemed			Merger		Shares			Sold		Dividends		Redeemed			Merger		Shares
Class A
Shares		3,480		479		(5,295	)		—		(1,336	)		8,321		779		(11,436	)		—		(2,336	)
Amount	$	39,936	$	5,334	$	(60,703	)	$	—	$	(15,433	)	$	94,922	$	8,823	$	(130,467	)	$	—	$	(26,722	)
Class B
Shares		123		49		(740	)		—		(568	)		299		67		(1,682	)		—		(1,316	)
Amount	$	1,407	$	537	$	(8,453	)	$	—	$	(6,509	)	$	3,392	$	762	$	(19,142	)	$	—	$	(14,988	)
Class C
Shares		1,370		108		(1,500	)		—		(22	)		2,431		141		(3,607	)		—		(1,035	)
Amount	$	15,579	$	1,191	$	(17,078	)	$	—	$	(308	)	$	27,720	$	1,590	$	(41,023	)	$	—	$	(11,713	)
Class I
Shares		164		6		(72	)		—		98			286		8		(152	)		—		142
Amount	$	1,867	$	69	$	(827	)	$	—	$	1,109		$	3,268	$	89	$	(1,724	)	$	—	$	1,633
Class R3
Shares		813		28		(387	)		—		454			1,664		29		(742	)		—		951
Amount	$	9,186	$	307	$	(4,465	)	$	—	$	5,028		$	18,820	$	326	$	(8,474	)	$	—	$	10,672
Class R4
Shares		344		35		(479	)		—		(100	)		2,483		39		(1,076	)		—		1,446
Amount	$	3,958	$	386	$	(5,413	)	$	—	$	(1,069	)	$	28,757	$	441	$	(12,325	)	$	—	$	16,873
Class R5
Shares		85		12		(115	)		—		(18	)		228		24		(510	)		—		(258	)
Amount	$	979	$	139	$	(1,333	)	$	—	$	(215	)	$	2,597	$	274	$	(5,842	)	$	—	$	(2,971	)
Total
Shares		6,379		717		(8,588	)		—		(1,492	)		15,712		1,087		(19,205	)		—		(2,406	)
Amount	$	72,912	$	7,963	$	(98,272	)	$	—	$	(17,397	)	$	179,476	$	12,305	$	(218,997	)	$	—	$	(27,216	)

16

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011: 

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		50	$	586
For the Year Ended October 31, 2011		130	$	1,488

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

17

The Hartford Balanced Allocation Fund

Financial Highlights

- Selected Per-Share Data (A) -

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	11.21	$	0.09	$	–	$	0.72		$	0.81		$	(0.12	)	$	–		$	–	$	(0.12	)	$	0.69		$	11.90
B		11.19		0.04		–		0.71			0.75			(0.08	)		–			–		(0.08	)		0.67			11.86
C		11.18		0.05		–		0.72			0.77			(0.09	)		–			–		(0.09	)		0.68			11.86
I		11.21		0.10		–		0.72			0.82			(0.14	)		–			–		(0.14	)		0.68			11.89
R3		11.14		0.07		–		0.72			0.79			(0.11	)		–			–		(0.11	)		0.68			11.82
R4		11.21		0.09		–		0.71			0.80			(0.12	)		–			–		(0.12	)		0.68			11.89
R5		11.21		0.10		–		0.73			0.83			(0.14	)		–			–		(0.14	)		0.69			11.90
For the Year Ended October 31, 2011
A		11.03		0.17		–		0.21			0.38			(0.20	)		–			–		(0.20	)		0.18			11.21
B		11.00		0.07		–		0.22			0.29			(0.10	)		–			–		(0.10	)		0.19			11.19
C		10.99		0.08		–		0.22			0.30			(0.11	)		–			–		(0.11	)		0.19			11.18
I		11.02		0.19		–		0.23			0.42			(0.23	)		–			–		(0.23	)		0.19			11.21
R3		10.96		0.13		–		0.21			0.34			(0.16	)		–			–		(0.16	)		0.18			11.14
R4		11.02		0.17		–		0.21			0.38			(0.19	)		–			–		(0.19	)		0.19			11.21
R5		11.03		0.19		–		0.22			0.41			(0.23	)		–			–		(0.23	)		0.18			11.21
For the Year Ended October 31, 2010
A		9.79		0.15		–		1.24			1.39			(0.15	)		–			–		(0.15	)		1.24			11.03
B		9.76		0.07		–		1.24			1.31			(0.07	)		–			–		(0.07	)		1.24			11.00
C		9.75		0.08		–		1.24			1.32			(0.08	)		–			–		(0.08	)		1.24			10.99
I		9.78		0.18		–		1.24			1.42			(0.18	)		–			–		(0.18	)		1.24			11.02
R3		9.74		0.13		–		1.23			1.36			(0.14	)		–			–		(0.14	)		1.22			10.96
R4		9.78		0.15		–		1.24			1.39			(0.15	)		–			–		(0.15	)		1.24			11.02
R5		9.79		0.18		–		1.24			1.42			(0.18	)		–			–		(0.18	)		1.24			11.03
For the Year Ended October 31, 2009
A		8.48		0.19		–		1.30			1.49			(0.18	)		–			–		(0.18	)		1.31			9.79
B		8.45		0.12		–		1.30			1.42			(0.11	)		–			–		(0.11	)		1.31			9.76
C		8.45		0.12		–		1.30			1.42			(0.12	)		–			–		(0.12	)		1.30			9.75
I		8.47		0.24		–		1.28			1.52			(0.21	)		–			–		(0.21	)		1.31			9.78
R3		8.44		0.15		–		1.30			1.45			(0.15	)		–			–		(0.15	)		1.30			9.74
R4		8.47		0.19		–		1.30			1.49			(0.18	)		–			–		(0.18	)		1.31			9.78
R5		8.48		0.21		–		1.31			1.52			(0.21	)		–			–		(0.21	)		1.31			9.79
For the Year Ended October 31, 2008
A		13.10		0.26		–		(3.83	)		(3.57	)		(0.47	)		(0.58	)		–		(1.05	)		(4.62	)		8.48
B		13.06		0.16		–		(3.81	)		(3.65	)		(0.38	)		(0.58	)		–		(0.96	)		(4.61	)		8.45
C		13.06		0.17		–		(3.81	)		(3.64	)		(0.39	)		(0.58	)		–		(0.97	)		(4.61	)		8.45
I		13.09		0.33		–		(3.86	)		(3.53	)		(0.51	)		(0.58	)		–		(1.09	)		(4.62	)		8.47
R3		13.08		0.26		–		(3.88	)		(3.62	)		(0.44	)		(0.58	)		–		(1.02	)		(4.64	)		8.44
R4		13.10		0.38		–		(3.96	)		(3.58	)		(0.47	)		(0.58	)		–		(1.05	)		(4.63	)		8.47
R5		13.10		0.41		–		(3.95	)		(3.54	)		(0.50	)		(0.58	)		–		(1.08	)		(4.62	)		8.48
For the Year Ended October 31, 2007
A		12.01		0.27		–		1.45			1.72			(0.36	)		(0.27	)		–		(0.63	)		1.09			13.10
B		11.98		0.18		–		1.44			1.62			(0.27	)		(0.27	)		–		(0.54	)		1.08			13.06
C		11.98		0.18		–		1.44			1.62			(0.27	)		(0.27	)		–		(0.54	)		1.08			13.06
I		12.00		0.26		–		1.50			1.76			(0.40	)		(0.27	)		–		(0.67	)		1.09			13.09
R3(G)		11.89		0.08		–		1.25			1.33			(0.14	)		–			–		(0.14	)		1.19			13.08
R4(G)		11.89		0.14		–		1.23			1.37			(0.16	)		–			–		(0.16	)		1.21			13.10
R5(G)		11.89		0.14		–		1.25			1.39			(0.18	)		–			–		(0.18	)		1.21			13.10

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Expense ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Commenced operations on December 22, 2006.

18

- Ratios and Supplemental Data - 

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Expenses to Average Net
					Assets Before Waivers and			Assets After Waivers and			Assets After Waivers and			Ratio of Net Investment			Portfolio
			Net Assets at End of		Reimbursements and Including			Reimbursements and Including			Reimbursements and Excluding			Income to Average Net			Turnover
Total Return(B)			Period (000's)		Expenses not Subject to Cap(C)			Expenses not Subject to Cap(C)			Expenses not Subject to Cap(C)			Assets			Rate(D)
	7.34	%(E)	$	516,736		0.55	%(F)		0.55	%(F)		0.55	%(F)		1.55	%(F)		15	%
	6.79	(E)		76,821		1.35	(F)		1.35	(F)		1.35	(F)		0.77	(F)		–
	6.91	(E)		176,926		1.28	(F)		1.28	(F)		1.28	(F)		0.80	(F)		–
	7.41	(E)		6,825		0.26	(F)		0.26	(F)		0.26	(F)		1.75	(F)		–
	7.13	(E)		36,268		0.88	(F)		0.88	(F)		0.88	(F)		1.14	(F)		–
	7.24	(E)		37,207		0.58	(F)		0.58	(F)		0.58	(F)		1.52	(F)		–
	7.48	(E)		11,687		0.28	(F)		0.28	(F)		0.28	(F)		1.82	(F)		–
	3.39			501,962		0.54			0.54			0.54			1.45			36
	2.64			78,784		1.33			1.33			1.33			0.66			–
	2.72			167,049		1.28			1.28			1.28			0.71			–
	3.81			5,333		0.24			0.24			0.24			1.72			–
	3.12			29,124		0.88			0.88			0.88			1.06			–
	3.46			36,188		0.57			0.57			0.57			1.33			–
	3.67			11,208		0.27			0.27			0.27			1.73			–
	14.33			519,328		0.54			0.54			0.54			1.48			25
	13.44			91,904		1.35			1.35			1.35			0.68			–
	13.55			175,611		1.29			1.29			1.29			0.74			–
	14.65			3,685		0.28			0.28			0.28			1.73			–
	14.02			18,235		0.88			0.88			0.88			1.06			–
	14.32			19,647		0.58			0.58			0.58			1.45			–
	14.64			13,874		0.28			0.28			0.28			1.76			–
	18.01			483,316		0.58			0.58			0.58			2.20			17
	17.15			95,125		1.42			1.38			1.38			1.41			–
	17.07			169,306		1.34			1.34			1.34			1.46			–
	18.39			2,079		0.28			0.28			0.28			3.01			–
	17.52			1,381		0.96			0.96			0.96			1.47			–
	18.04			13,518		0.59			0.59			0.59			2.08			–
	18.37			13,104		0.29			0.29			0.29			2.22			–
	(29.35	)		439,955		0.53			0.53			0.53			2.23			18
	(29.95	)		92,829		1.35			1.35			1.35			1.47			–
	(29.91	)		160,167		1.29			1.29			1.29			1.49			–
	(29.15	)		2,238		0.22			0.22			0.22			1.59			–
	(29.74	)		358		0.92			0.92			0.92			0.86			–
	(29.44	)		8,535		0.59			0.59			0.59			1.54			–
	(29.16	)		4,135		0.29			0.29			0.29			1.54			–
	14.95			608,443		0.54			0.54			0.54			2.09			34
	14.03			135,541		1.36			1.33			1.33			1.34			–
	14.07			225,155		1.29			1.29			1.29			1.35			–
	15.35			927		0.22			0.22			0.22			1.88			–
	11.29	(E)		115		0.93	(F)		0.93	(F)		0.93	(F)		0.94	(F)		–
	11.61	(E)		2,679		0.66	(F)		0.66	(F)		0.66	(F)		1.23	(F)		–
	11.79	(E)		725		0.36	(F)		0.36	(F)		0.36	(F)		1.54	(F)		–

19

The Hartford Balanced Allocation Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Balanced Allocation Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Balanced Allocation Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,073.40	$	2.82	$	1,000.00	$	1,022.14	$	2.75		0.55	%		182		366
Class B	$	1,000.00	$	1,067.90	$	6.92	$	1,000.00	$	1,018.17	$	6.75		1.35			182		366
Class C	$	1,000.00	$	1,069.10	$	6.59	$	1,000.00	$	1,018.49	$	6.43		1.28			182		366
Class I	$	1,000.00	$	1,074.10	$	1.31	$	1,000.00	$	1,023.57	$	1.31		0.26			182		366
Class R3	$	1,000.00	$	1,071.30	$	4.53	$	1,000.00	$	1,020.49	$	4.42		0.88			182		366
Class R4	$	1,000.00	$	1,072.40	$	2.97	$	1,000.00	$	1,022.00	$	2.90		0.58			182		366
Class R5	$	1,000.00	$	1,074.80	$	1.43	$	1,000.00	$	1,023.48	$	1.39		0.28			182		366

23

The Hartford Balanced Allocation Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Balanced Allocation Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Invesment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including asset allocation portfolios, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk-balanced approach to construction of target risk asset allocation funds that are designed to provide diversification across different market environments.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team.

24

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time.

25

The Hartford Balanced Allocation Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-BA12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Balanced Fund*

*Prior to April 30, 2012, The Hartford Balanced Fund was known as The Hartford Advisers Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Balanced Fund

(formerly The Hartford Advisers Fund)

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	6
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	13
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	14
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	15
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	16
Notes to Financial Statements (Unaudited)	17
Financial Highlights (Unaudited)	32
Directors and Officers (Unaudited)	35
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	37
Quarterly Portfolio Holdings Information (Unaudited)	37
Expense Example (Unaudited)	38

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Balanced Fund inception 07/22/1996

(formerly The Hartford Advisers Fund)

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term total return.

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
Balanced A#		9.95	%		3.52	%		2.00	%		4.23	%
Balanced A##					-2.18	%		0.85	%		3.64	%
Balanced B#		9.46	%		2.61	%		1.14	%		NA	*
Balanced B##					-2.39	%		0.79	%		NA	*
Balanced C#		9.55	%		2.75	%		1.25	%		3.51	%
Balanced C##					1.75	%		1.25	%		3.51	%
Balanced R3#		9.88	%		3.29	%		1.76	%		4.33	%
Balanced R4#		9.94	%		3.49	%		2.04	%		4.49	%
Balanced R5#		10.17	%		3.94	%		2.36	%		4.66	%
Balanced Y#		10.20	%		4.00	%		2.46	%		4.71	%
Balanced Fund Blended Index		8.47	%		6.19	%		3.32	%		5.26	%
Barclays Capital Government/Credit Bond Index		2.50	%		8.56	%		6.42	%		5.85	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.70	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Balanced Fund Blended Index is a blended index comprised of the following indices: S&P 500 (60%), Barclays Capital U.S. Government/Credit Bond (35%) and 90 day Treasury Bill (5%).

Barclays Capital Government/Credit Bond Index is an unmanaged, market-value-weighted index of all debt obligations of the U.S. Treasury and U.S. Government agencies (excluding mortgaged-backed securities) and of all publicly-issued fixed-rate, nonconvertible, investment grade domestic corporate debt.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus. 

2

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Manager Discussion

April 30, 2012 (Unaudited)  

Portfolio Managers
John C. Keogh	Karen H. Grimes, CFA *
Senior Vice President and Fixed Income Portfolio Manager	Senior Vice President and Equity Portfolio Manager
* Appointed as a Portfolio Manager for the Fund as of April 30, 2012. As of the same date, Steven T. Irons and Peter I. Higgins no longer serve as portfolio managers for the Fund.

How did the Fund perform?

The Class A shares of The Hartford Balanced Fund returned 9.95%, before sales charge, for the six-month period ended April 30, 2012, outperforming its blended benchmark, (60% S&P 500 Index, 35% Barclays Capital Government/Credit, and 5% Treasury Bills), which returned 8.47% for the same period. The Fund outperformed the 7.80% return of the average fund in the Lipper Mixed-Asset Target Allocation Growth Funds peer group, a group of funds that hold between 60%-80% in equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Why did the Fund perform this way?

U.S. equities moved higher in the period as generally improving economic data and growing consumer confidence helped to counter a persistent slump in housing. Investors mostly shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on the improving health of the U.S. economy. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, U.S. equities retreated for the first time in five months as disappointing employment and GDP (gross domestic product) data overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, growing concerns about Spain’s fiscal sustainability, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

Equity markets as measured by the S&P 500 returned 12.76% during the period. Consumer Discretionary (+18%), Information Technology (+16%), and Financials (+16%) posted the largest gains while Energy (+4%), Utilities (+5%), and Materials (+8%) gained the least.

The bond market, as measured by the Barclays Capital Government/Credit Index, returned 2.50% during the period. During the period, the U.S. Treasury curve flattened as short-term Treasury yields rose while intermediate and long-dated yields fell, reflecting the volatility in the market amid uncertainty over the sovereign debt situation in Europe. The total return of the Barclays Capital Government/Credit Index was positive for the period, and the Index outperformed duration-equivalent Treasuries on an excess return basis. All risk segments of the fixed income market outperformed duration-equivalent Treasuries for the period. Much of this outperformance came during the first quarter of 2012 following improving U.S. economic data and some positive developments out of Europe.

The Fund has three primary levers to generate investment performance: equity investments, fixed income investments, and asset allocation among stocks, bonds, and cash. During the period, the equity and fixed income portions of the Fund both outperformed their respective benchmarks. Asset allocation also contributed positively to benchmark-relative results as the Fund was generally overweight to equities relative to the benchmark in an environment where equities outperformed.

Equity outperformance versus the benchmark was driven by both security selection and sector allocation. Equity security selection was strongest in Financials and Consumer Discretionary, more than offsetting weaker selection in Information Technology and Consumer Staples. Sector positioning, which is a result of bottom-up security selection (i.e. stock by stock fundamental research), contributed positively to relative performance due to an underweight exposure (i.e. the Fund’s sector position was less than the benchmark position) to Utilities and an overweight exposure to Information Technology.

Top contributors to relative performance (i.e. performance of the Fund as measured against the benchmark) of the equity portion of the Fund during the period were Lowe’s Companies (Consumer Discretionary), Harley-Davidson (Consumer Discretionary), and Oracle (Information Technology). Lowe’s Companies, a home improvement retailer, reported strong sales in different geographies and product categories, which helped shares move higher. Shares of Harley-Davidson, a motorcycle manufacturer, rose after the company reported strong fourth quarter earnings. Oracle, a software and services company, reported disappointing quarterly revenue and earnings due to weakness across geographies and product lines, sending shares lower. Not owning this stock during the period aided relative results. The Fund’s holdings in Apple (Information Technology) and Wells Fargo (Financials) also contributed positively to the Fund’s returns on an absolute basis (i.e. total return).

Stocks that detracted the most from relative returns in the equity portion of the Fund during the period were Daiichi Sankyo (Health Care), Anadarko Petroleum (Energy), and DeVry (Consumer Discretionary). Japanese pharmaceutical company Daiichi Sankyo saw its shares decline during the period on losses at the company’s Indian subsidiary, Ranbaxy Laboratories. Concerns around the company’s pipeline given upcoming patent

3

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

expirations, also pressured the company’s stock price. Despite posting strong quarterly earnings, large U.S. exploration and oil production company Anadarko Petroleum underperformed energy companies as uncertainty related to the Tronox litigation weighed on the share price. Shares of DeVry, a for-profit operator of on-ground and online education programs, lagged as continued headwinds from regulatory, economic, and consumer sentiment influences made re-acceleration of student starts difficult. Our holdings of Chesapeake Energy (Energy), Ultra Petroleum (Energy), and Vertex Pharmaceuticals (Health Care) also detracted from absolute returns.

The fixed income portion of the Fund outperformed its benchmark during the period. Security selection within the investment grade corporate bond sector, led by Financials, was the primary driver of the outperformance. Corporate bonds posted strong performance for the period due to positive U.S. economic data and improved conditions in Europe. The Financials sector in particular benefitted from the confidence-boosting Long Term Refinancing Operation in Europe which alleviated some liquidity and funding concerns for European financial firms in general. Security selection within taxable municipals was also a strong positive for performance. The portfolio held an allocation to agency mortgage-backed securities (MBS) based on attractive valuations. Fed purchases and bank demand continued to support the sector and our MBS allocation was additive to relative results.

What is the outlook?

On the equity side, we believe that there are several factors, particularly in the U.S. which indicate support for positive economic growth, but there are also potential offsetting risks that could weigh on the markets. We continue to believe that coordinated, global efforts toward economic recovery are supportive for equity markets. Importantly, we have been encouraged that policymakers around the globe seem to be finally embracing the severity of the sovereign debt crisis and its potential impact on global economic stability. The Greek debt package announced in February illustrates one example of the coordinated effort.

In the U.S., economic reports have been upbeat, with encouraging trends in U.S. housing prices, and a stabilizing labor market, which we believe shows signs of healing. We still consider the U.S. to be well positioned in a global context, but expect its pace of economic acceleration to moderate. The remarkably mild winter weather undoubtedly provided a boost to housing, the service sector, and employment in the early months of 2012. This likely pulled forward some growth from second quarter growth.

We believe that the Euro zone remains a concern for the equity market, given the recessionary environment in the region and continued unease over sovereign debt. A deceleration of economic growth in China is also something markets are watching closely. In the U.S., there is uncertainty over fiscal policies and the potential impact of pending financial regulations. In light of these mixed factors, we believe economic growth likely will remain tepid in 2012.

At the end of the period, our bottom-up investment approach resulted in overweight equity exposures in Information Technology, Health Care, Financials, and Energy. The largest underweights in the equity portion of the Fund relative to the S&P 500 were in Consumer Staples, Utilities, and Materials.

Within the fixed income portion of the fund, we remain constructive on the U.S. economy with some caveats. High gasoline prices could dampen consumer spending. Fiscal drag, generated by rising taxes as various stimulus efforts expire, is on the horizon. We could see another contraction in global credit availability if events in Europe go badly. We will soon see if seasonal factors overstated recent growth and the real trajectory is lower. If these things do not materialize, it is difficult to foresee interest rates moving much lower with our economic outlook. The real question is how long will the U.S. Federal Reserve keeps rates artificially low to assure sustained growth. Overall within the fixed income sleeve, we are tactically managing the Fund’s duration around neutral. We continue to be positioned with an underweight to the Government sector. Within Investment Grade credit, financial companies have delevered significantly and valuations are attractive, and we remain overweight. We also maintained our overweight allocation to taxable municipal bonds due to the attractive valuations in this relatively high quality and diverse sector of the market. Lastly, at the end of the period we maintained our modest allocation to agency mortgage-backed securities.

The equity and fixed income managers will continue to work collaboratively to make decisions regarding portfolio weights in stocks, bonds, and cash. As of April 30, 2012, the Fund’s equity exposure was at 67% compared to 60% in its blended benchmark and at the upper end of the Fund’s 50-70% range.

4

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Equity Securities
Automobiles & Components (Consumer Discretionary)		0.8	%
Banks (Financials)		4.6
Capital Goods (Industrials)		4.6
Consumer Services (Consumer Discretionary)		0.4
Diversified Financials (Financials)		5.2
Energy (Energy)		7.8
Food & Staples Retailing (Consumer Staples)		1.1
Food, Beverage & Tobacco (Consumer Staples)		4.1
Health Care Equipment & Services (Health Care)		2.0
Household & Personal Products (Consumer Staples)		0.7
Insurance (Financials)		0.8
Materials (Materials)		1.1
Media (Consumer Discretionary)		2.0
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		7.7
Real Estate (Financials)		0.2
Retailing (Consumer Discretionary)		4.2
Semiconductors & Semiconductor Equipment (Information Technology)		1.6
Software & Services (Information Technology)		6.6
Technology Hardware & Equipment (Information Technology)		7.9
Telecommunication Services (Services)		0.8
Transportation (Industrials)		1.8
Utilities (Utilities)		1.0
Total		67.0	%
Fixed Income Securities
Air Transportation (Transportation)		0.3	%
Arts, Entertainment and Recreation (Services)		0.8
Beverage and Tobacco Product Manufacturing (Consumer Staples)		0.3
Chemical Manufacturing (Basic Materials)		0.0
Computer and Electronic Product Manufacturing (Technology)		0.1
Electrical Equipment and Appliance Manufacturing (Technology)		0.2
Finance and Insurance (Finance)		5.8
Food Manufacturing (Consumer Staples)		0.2
General Obligations (General Obligations)		0.4
Health Care and Social Assistance (Health Care)		0.5
Health Care/Services (Health Care/Services)		0.1
Higher Education (Univ., Dorms, etc.) (Higher Education (Univ., Dorms, etc.))		0.1
Information (Technology)		0.4
Motor Vehicle & Parts Manufacturing (Consumer Cyclical)		0.2
Petroleum and Coal Products Manufacturing (Energy)		0.5
Pipeline Transportation (Utilities)		0.2
Real Estate, Rental and Leasing (Finance)		0.4
Refunded (Refunded)		0.1
Retail Trade (Consumer Cyclical)		0.2
Soap, Cleaning Compound and Toilet Manufacturing (Consumer Staples)		0.4
Tax Allocation (Tax Allocation)		0.1
Transportation (Transportation)		0.4
Utilities (Utilities)		0.6
Total		12.3	%
U.S. Government Agencies		1.0
U.S. Government Securities		15.7
Short-Term Investments		3.1
Other Assets and Liabilities		0.9
Total		100.0	%

Distribution by Credit Quality

as of April 30, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		0.1
Aa / AA		2.5
A		4.6
Baa / BBB		4.7
Ba / BB		0.4
U.S. Government Agencies and Securities		16.7
Non Debt Securities and Other Short-Term Instruments		70.1
Other Assets & Liabilities		0.9
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

5

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 67.0%
		Automobiles & Components - 0.8%
	317	Ford Motor Co. w/ Rights	$	3,574
	19	Harley-Davidson, Inc.		1,015
				4,589
		Banks - 4.6%
	124	BB&T Corp.		3,970
	731	Mitsubishi UFJ Financial Group, Inc.		3,511
	54	PNC Financial Services Group, Inc.		3,548
	186	US Bancorp		5,971
	325	Wells Fargo & Co.		10,871
				27,871
		Capital Goods - 4.6%
	73	3M Co.		6,532
	59	Boeing Co.		4,562
	103	Ingersoll-Rand plc		4,358
	157	PACCAR, Inc.		6,732
	47	Rockwell Collins, Inc.		2,649
	46	Stanley Black & Decker, Inc.		3,380
				28,213
		Consumer Services - 0.4%
	70	DeVry, Inc.		2,254
		Diversified Financials - 5.2%
	18	BlackRock, Inc.		3,391
	147	Citigroup, Inc.		4,850
	34	Goldman Sachs Group, Inc.		3,858
	219	Invesco Ltd.		5,437
	256	JP Morgan Chase & Co.		11,011
	46	T. Rowe Price Group, Inc.		2,891
				31,438
		Energy - 7.8%
	70	Anadarko Petroleum Corp.		5,139
	47	BP plc ADR		2,027
	20	Chevron Corp.		2,099
	222	Exxon Mobil Corp.		19,185
	57	Occidental Petroleum Corp.		5,209
	68	Petroleo Brasileiro S.A. ADR		1,596
	270	Petroleum Geo-Services ●		4,085
	205	Statoilhydro ASA ADR		5,511
	70	Suncor Energy, Inc.		2,328
				47,179
		Food & Staples Retailing - 1.1%
	118	CVS Caremark Corp.		5,270
	56	Sysco Corp.		1,618
				6,888
		Food, Beverage & Tobacco - 4.1%
	133	General Mills, Inc.		5,180
	144	Kraft Foods, Inc.		5,741
	146	PepsiCo, Inc.		9,663
	120	Unilever N.V. NY Shares ADR		4,136
				24,720
		Health Care Equipment & Services - 2.0%
	31	Edwards Lifesciences Corp. ●		2,589
	124	Medtronic, Inc.		4,721
	87	UnitedHealth Group, Inc.		4,891
				12,201
		Household & Personal Products - 0.7%
	68	Procter & Gamble Co.		4,334
		Insurance - 0.8%
	60	Marsh & McLennan Cos., Inc.		2,014
	111	Unum Group		2,625
				4,639
		Materials - 1.1%
	64	Dow Chemical Co.		2,158
	8	Monsanto Co.		595
	33	Newmont Mining Corp.		1,573
	61	Nucor Corp.		2,372
				6,698
		Media - 2.0%
	222	Comcast Corp. Class A		6,730
	133	Walt Disney Co.		5,725
				12,455
		Pharmaceuticals, Biotechnology & Life Sciences - 7.7%
	92	Agilent Technologies, Inc.		3,868
	98	Amgen, Inc.		6,997
	91	Celgene Corp. ●		6,614
	206	Daiichi Sankyo Co., Ltd.		3,529
	226	Merck & Co., Inc.		8,853
	347	Pfizer, Inc.		7,952
	16	Roche Holding AG		2,897
	166	Shionogi & Co., Ltd.		2,160
	81	UCB S.A.		3,779
				46,649
		Real Estate - 0.2%
	73	Weyerhaeuser Co.		1,482
		Retailing - 4.2%
	2,007	Allstar Co. ⌂†		2,969
	14	Amazon.com, Inc. ●		3,316
	2,225	Buck Holdings L.P. ⌂●†		4,621
	59	Kohl's Corp.		2,968
	258	Lowe's Co., Inc.		8,122
	68	Nordstrom, Inc.		3,787
				25,783
		Semiconductors & Semiconductor Equipment - 1.6%
	159	Maxim Integrated Products, Inc.		4,704
	68	Texas Instruments, Inc.		2,175
	80	Xilinx, Inc.		2,892
				9,771
		Software & Services - 6.6%
	64	Accenture plc		4,176
	79	Automatic Data Processing, Inc.		4,388
	130	eBay, Inc. ●		5,336
	21	Google, Inc. ●		12,468
	186	Microsoft Corp.		5,943
	435	Western Union Co.		7,992
				40,303
		Technology Hardware & Equipment - 7.9%
	31	Apple, Inc. ●		17,995
	492	Cisco Systems, Inc.		9,908
	182	EMC Corp. ●		5,128
	214	Hewlett-Packard Co.		5,301
	39	NetApp, Inc. ●		1,526
	127	Qualcomm, Inc.		8,082
				47,940
		Telecommunication Services - 0.8%
	175	Vodafone Group plc ADR		4,856

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 67.0% - (continued)
		Transportation - 1.8%
	39	FedEx Corp.	$	3,459
	35	Kansas City Southern ●		2,678
	63	United Parcel Service, Inc. Class B		4,883
				11,020
		Utilities - 1.0%
	96	NextEra Energy, Inc.		6,184
		Total common stocks
		(cost $336,970)	$	407,467
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.0%
		Finance and Insurance - 0.0%
		Marriott Vacation Club Owner Trust
$	75	5.36%, 10/20/2028 ■	$	76
		Total asset & commercial mortgage backed securities
		(cost $75)	$	76
CORPORATE BONDS - 11.1%
		Air Transportation - 0.3%
		Continental Airlines, Inc.
$	689	5.98%, 04/19/2022	$	746
		Southwest Airlines Co.
	400	5.75%, 12/15/2016		445
	579	6.15%, 08/01/2022		653
				1,844
		Arts, Entertainment and Recreation - 0.8%
		CBS Corp.
	1,170	3.38%, 03/01/2022		1,152
	30	4.30%, 02/15/2021		32
	105	5.75%, 04/15/2020		122
		Comcast Corp.
	1,300	5.90%, 03/15/2016		1,508
		DirecTV Holdings LLC
	565	6.38%, 03/01/2041		633
		News America, Inc.
	220	4.50%, 02/15/2021		238
		Time Warner Cable, Inc.
	830	5.85%, 05/01/2017		972
		Viacom, Inc.
	145	3.88%, 12/15/2021		152
		Virgin Media Secured Finance plc
	210	5.25%, 01/15/2021		233
				5,042
		Beverage and Tobacco Product Manufacturing - 0.3%
		Altria Group, Inc.
	420	4.75%, 05/05/2021		463
		Anheuser-Busch InBev Worldwide, Inc.
	800	7.75%, 01/15/2019		1,058
		Molson Coors Brewing Co.
	12	2.00%, 05/01/2017 ☼		12
	30	3.50%, 05/01/2022 ☼		30
	85	5.00%, 05/01/2042 ☼		87
				1,650
		Chemical Manufacturing - 0.0%
		Agrium, Inc.
	105	6.13%, 01/15/2041		124
		Computer and Electronic Product Manufacturing - 0.1%
		Dell, Inc.
	520	5.88%, 06/15/2019		627
		Thermo Fisher Scientific, Inc.
	150	3.20%, 05/01/2015		159
				786
		Electrical Equipment and Appliance Manufacturing - 0.2%
		General Electric Co.
	1,225	5.00%, 02/01/2013		1,265
		Finance and Insurance - 5.8%
		ACE INA Holdings, Inc.
	125	5.88%, 06/15/2014		137
		American Express Centurion Bank
	1,200	6.00%, 09/13/2017		1,416
		Bank of America Corp.
	1,200	5.42%, 03/15/2017		1,218
		Barclays Bank plc
	350	2.38%, 01/13/2014		352
		BP Capital Markets plc
	475	4.75%, 03/10/2019		539
		Brandywine Operating Partnership
	350	5.70%, 05/01/2017		373
		Capital One Financial Corp.
	445	2.15%, 03/23/2015		448
		CDP Financial, Inc.
	575	4.40%, 11/25/2019 ■		633
		Citibank NA
	2,000	1.88%, 06/04/2012		2,003
		Citigroup, Inc.
	700	5.85%, 08/02/2016		757
	300	6.13%, 05/15/2018		333
	300	6.88%, 03/05/2038		349
	105	8.13%, 07/15/2039		137
		Credit Agricole
	715	3.50%, 04/13/2015 ■		713
		Discover Financial Services, Inc.
	645	6.45%, 06/12/2017		735
		Eaton Vance Corp.
	530	6.50%, 10/02/2017		606
		Everest Reinsurance Holdings, Inc.
	885	5.40%, 10/15/2014		924
		General Electric Capital Corp.
	700	4.38%, 09/16/2020		750
	750	5.88%, 01/14/2038		839
		Goldman Sachs Group, Inc.
	1,200	5.63%, 01/15/2017		1,255
	500	6.00%, 05/01/2014		532
	470	6.25%, 02/01/2041		477
		Health Care Properties
	335	6.00%, 01/30/2017		375
		HSBC Holdings plc
	600	6.10%, 01/14/2042		709
		ING Bank N.V.
	900	3.75%, 03/07/2017 ■		889

The accompanying notes are an integral part of these financial statements. 

7

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 11.1% - (continued)
		Finance and Insurance - 5.8% - (continued)
		Jackson National Life Insurance Co.
$	1,200	8.15%, 03/15/2027 ■	$	1,437
		JP Morgan Chase & Co.
	475	3.70%, 01/20/2015		500
	1,795	5.13%, 09/15/2014		1,928
	180	5.40%, 01/06/2042		194
		Liberty Mutual Group, Inc.
	1,035	5.75%, 03/15/2014 ■		1,101
		Merrill Lynch & Co., Inc.
	2,000	5.00%, 02/03/2014		2,065
		Morgan Stanley
	550	5.75%, 01/25/2021		543
		National City Corp.
	125	6.88%, 05/15/2019		148
		New England Mutual Life Insurance Co.
	1,100	7.88%, 02/15/2024 ■		1,389
		Nordea Bank Ab
	330	3.70%, 11/13/2014 ■		342
		PNC Funding Corp.
	625	5.40%, 06/10/2014		682
		Rabobank Netherlands
	750	3.20%, 03/11/2015 ■		778
		Republic New York Capital I
	250	7.75%, 11/15/2026		251
		Royal Bank of Scotland plc
	500	4.88%, 03/16/2015		520
		Sovereign Bancorp, Inc.
	1,000	8.75%, 05/30/2018		1,168
		Sovereign Capital Trust IV
	1,500	7.91%, 06/13/2036		1,470
		Svenska Handelsbanken Ab
	550	4.88%, 06/10/2014 ■		584
		Wachovia Corp.
	1,445	5.25%, 08/01/2014		1,554
		WEA Finance LLC
	250	7.13%, 04/15/2018 ■		297
		Wells Fargo & Co.
	525	3.63%, 04/15/2015		561
				35,011
		Food Manufacturing - 0.2%
		Kellogg Co.
	725	4.00%, 12/15/2020		782
		Kraft Foods, Inc.
	700	4.13%, 02/09/2016		765
				1,547
		Health Care and Social Assistance - 0.5%
		Amgen, Inc.
	600	5.15%, 11/15/2041		625
		CVS Caremark Corp.
	1,150	6.13%, 08/15/2016		1,352
		Express Scripts, Inc.
	195	6.25%, 06/15/2014		214
		Kaiser Permanente
	60	3.50%, 04/01/2022		62
	115	4.88%, 04/01/2042		121
		McKesson Corp.
	80	3.25%, 03/01/2016		86
		Merck & Co., Inc.
	400	4.00%, 06/30/2015		440
				2,900
		Information - 0.4%
		AT&T, Inc.
	825	2.50%, 08/15/2015		861
		BellSouth Telecommunications
	250	7.00%, 12/01/2095		301
		France Telecom S.A.
	250	4.38%, 07/08/2014		266
		SBA Tower Trust
	370	4.25%, 04/15/2015 ■		387
		Verizon Communications, Inc.
	440	3.50%, 11/01/2021		461
	130	4.75%, 11/01/2041		136
				2,412
		Motor Vehicle & Parts Manufacturing - 0.2%
		Daimler Finance NA LLC
	1,000	2.63%, 09/15/2016 ■		1,034
		Petroleum and Coal Products Manufacturing - 0.5%
		Atmos Energy Corp.
	1,160	6.35%, 06/15/2017		1,367
		Motiva Enterprises LLC
	80	5.75%, 01/15/2020 ■		93
		Shell International Finance B.V.
	1,200	4.38%, 03/25/2020		1,387
				2,847
		Pipeline Transportation - 0.2%
		Kinder Morgan Energy Partners L.P.
	1,000	6.95%, 01/15/2038		1,180
		Real Estate, Rental and Leasing - 0.4%
		COX Communications, Inc.
	1,400	5.45%, 12/15/2014		1,552
		ERAC USA Finance Co.
	180	2.25%, 01/10/2014 ■		181
	70	2.75%, 03/15/2017 ■		70
	310	4.50%, 08/16/2021 ■		324
	250	5.63%, 03/15/2042 ■		246
				2,373
		Retail Trade - 0.2%
		AutoZone, Inc.
	355	3.70%, 04/15/2022		361
		Lowe's Co., Inc.
	600	4.63%, 04/15/2020		678
		Staples, Inc.
	460	9.75%, 01/15/2014		521
				1,560
		Soap, Cleaning Compound and Toilet Manufacturing - 0.4%
		Procter & Gamble Co.
	1,817	9.36%, 01/01/2021		2,422
		Utilities - 0.6%
		Consolidated Edison Co. of NY
	655	5.30%, 12/01/2016		765
		Indianapolis Power and Light
	1,500	6.60%, 06/01/2037 ■		1,894

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 11.1% - (continued)
		Utilities - 0.6% - (continued)
		Southern California Edison Co.
$	700	5.55%, 01/15/2037	$	861
				3,520
		Total corporate bonds
		(cost $61,496)	$	67,517
MUNICIPAL BONDS - 1.2%
		General Obligations - 0.4%
		California State GO, Taxable,
$	200	7.55%, 04/01/2039	$	262
		Chicago, IL, Metropolitan Water Reclamation GO,
	130	5.72%, 12/01/2038		164
		Los Angeles, CA, USD GO,
	800	5.75%, 07/01/2034		935
		Oregon State GO,
	1,000	4.76%, 06/30/2028		1,163
				2,524
		Health Care/Services - 0.1%
		University of California, Regents MedCenter Pooled Rev,
	370	6.58%, 05/15/2049		475
		Higher Education (Univ., Dorms, etc.) - 0.1%
		University of California, Build America Bonds Rev,
	370	5.77%, 05/15/2043		440
		Refunded - 0.1%
		Irvine Ranch, CA, Water Dist Joint Powers Agency,
	515	2.61%, 03/15/2014		535
		Tax Allocation - 0.1%
		Dallas, TX, Area Rapid Transit Taxable Sales Tax Rev,
	425	6.00%, 12/01/2044		565
		Transportation - 0.4%
		Bay Area, CA, Toll Auth Bridge Rev,
	575	6.26%, 04/01/2049		766
		Illinois State Toll Highway Auth, Taxable Rev,
	350	6.18%, 01/01/2034		425
		Maryland State Transportation Auth,
	255	5.89%, 07/01/2043		325
		New York and New Jersey PA, Taxable,
	185	5.86%, 12/01/2024		235
		New York and New Jersey PA, Taxable Rev,
	115	6.04%, 12/01/2029		148
		North Texas Tollway Auth Rev,
	630	6.72%, 01/01/2049		818
				2,717
		Total municipal bonds
		(cost $5,977)	$	7,256
U.S. GOVERNMENT AGENCIES - 1.0%
		Federal Home Loan Mortgage Corporation - 0.5%
$	115	4.00%, 03/01/2041	$	122
	2,484	5.00%, 09/01/2035 - 06/01/2041		2,689
				2,811
		Government National Mortgage Association - 0.5%
	731	6.00%, 11/20/2023 - 09/15/2034		829
	961	6.50%, 04/15/2026 - 02/15/2035		1,121
	1,003	7.00%, 11/15/2031 - 11/15/2033		1,185
	193	8.00%, 12/15/2029 - 02/15/2031		230
				3,365
		Total U.S. government agencies
		(cost $5,663)	$	6,176
U.S. GOVERNMENT SECURITIES - 15.7%
Other Direct Federal Obligations - 1.8%
		Federal Financing Corporation - 1.8%
$	3,676	4.40%, 12/06/2013 - 12/27/2013 ○	$	3,635
	5,000	9.80%, 04/06/2018		7,313
				10,948
U.S. Treasury Securities - 13.9%
		U.S. Treasury Bonds - 3.8%
	7,484	4.38%, 11/15/2039 - 05/15/2041		9,381
	5,000	6.00%, 02/15/2026		7,113
	4,775	6.25%, 08/15/2023		6,782
				23,276
		U.S. Treasury Notes - 10.1%
	1,900	0.25%, 01/31/2014 - 04/30/2014		1,900
	2,700	0.63%, 12/31/2012		2,708
	700	0.88%, 01/31/2017		704
	5,400	1.00%, 09/30/2016		5,473
	1,350	1.13%, 12/15/2012		1,358
	11,600	1.25%, 10/31/2015		11,900
	5,400	1.38%, 01/15/2013		5,445
	5,000	1.50%, 06/30/2016		5,176
	6,500	1.88%, 02/28/2014		6,691
	4,935	3.50%, 05/15/2020		5,671
	2,000	3.88%, 05/15/2018 ‡		2,330
	5,000	4.25%, 08/15/2013		5,258
	5,200	4.50%, 05/15/2017		6,142
				60,756
				84,032
		Total U.S. government securities
		(cost $85,641)	$	94,980
		Total long-term investments
		(cost $495,822)	$	583,472
SHORT-TERM INVESTMENTS - 3.1%
Repurchase Agreements - 3.1%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4,671, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $4,765)
$	4,671	0.20%, 04/30/2012	$	4,671

The accompanying notes are an integral part of these financial statements.

9

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount						Market Value ╪
SHORT-TERM INVESTMENTS - 3.1% - (continued)
Repurchase Agreements - 3.1% - (continued)
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $6,258, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $6,383)
$	6,258	0.20%, 04/30/2012			$	6,258
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,472, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $2,521)
	2,472	0.21%, 04/30/2012				2,472
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,047, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $2,088)
	2,047	0.19%, 04/30/2012				2,047
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2, collateralized by U.S. Treasury Note 0.75%, 2013, value of $2)
	2	0.17%, 04/30/2012				2
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,360, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $3,427)
	3,360	0.21%, 04/30/2012				3,360
						18,810
		Total short-term investments
		(cost $18,810)			$	18,810
		Total investments
		(cost $514,632) ▲	99.1	%	$	602,282
		Other assets and liabilities	0.9	%		5,773
		Total net assets	100.0	%	$	608,055

The accompanying notes are an integral part of these financial statements.

10

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $520,449 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	99,593
Unrealized Depreciation		(17,760	)
Net Unrealized Appreciation	$	81,833

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $7,590, which represents 1.2% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

●	Non-income producing.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $12,468, which represents 2.1% of total net assets.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $127 at April 30, 2012.
⌂	The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
08/2011		2,007	Allstar Co.		2,043
06/2007		2,225	Buck Holdings L.P.		1,066

At April 30, 2012, the aggregate value of these securities was $7,590, which represents 1.2% of total net assets.

Shorts Outstanding at April 30, 2012
Description	Principal Amount		Maturity Date		Market Value ╪		Unrealized Appreciation/ Depreciation
FHLMC TBA, 5.00%	$	1,000		05/15/2035	$	1,081	$	(1	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

  The accompanying notes are an integral part of these financial statements.

11

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Municipal Bond Abbreviations:
GO	General Obligations
PA	Port Authority
USD	United School District
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

12

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	76	$	–	$	76	$	–
Common Stocks ‡		407,467		379,916		19,961		7,590
Corporate Bonds		67,517		–		66,118		1,399
Municipal Bonds		7,256		–		7,256		–
U.S. Government Agencies		6,176		–		6,176		–
U.S. Government Securities		94,980		700		94,280		–
Short-Term Investments		18,810		–		18,810		–
Total	$	602,282	$	380,616	$	212,677	$	8,989
Liabilities:
Securities Sold Short	$	1,081	$	–	$	1,081	$	–
Total	$	1,081	$	–	$	1,081	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $3,465 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:
	1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
	2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
	3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of April 30, 2012
Assets:
Common Stocks	$	7,481	$	1,607	$	558	*	$	—	$	—	$	(2,056	)	$	—	$	—	$	7,590
Corporate Bonds		1,364		—		61	†		—		—		(26	)		—		—		1,399
Total	$	8,845	$	1,607	$	619		$	—	$	—	$	(2,082	)	$	—	$	—	$	8,989

*	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $558.
†	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $61.

The accompanying notes are an integral part of these financial statements.

13

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $514,632)	$	602,282
Cash		17
Receivables:
Investment securities sold		5,635
Fund shares sold		348
Dividends and interest		2,310
Other assets		66
Total assets		610,658
Liabilities:
Securities sold short, at market value (proceeds $1,080)		1,081
Payables:
Investment securities purchased		127
Fund shares redeemed		1,123
Investment management fees		68
Administrative fees		—
Distribution fees		37
Accrued expenses		167
Total liabilities		2,603
Net assets	$	608,055
Summary of Net Assets:
Capital stock and paid-in-capital	$	734,031
Undistributed net investment income		718
Accumulated net realized loss		(214,353	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		87,659
Net assets	$	608,055
Shares authorized		910,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$15.97/$16.90
Shares outstanding		31,480
Net assets	$	502,848
Class B: Net asset value per share	$	15.84
Shares outstanding		1,327
Net assets	$	21,028
Class C: Net asset value per share	$	15.98
Shares outstanding		5,031
Net assets	$	80,397
Class R3: Net asset value per share	$	16.14
Shares outstanding		17
Net assets	$	269
Class R4: Net asset value per share	$	16.14
Shares outstanding		85
Net assets	$	1,377
Class R5: Net asset value per share	$	16.17
Shares outstanding		7
Net assets	$	118
Class Y: Net asset value per share	$	16.18
Shares outstanding		125
Net assets	$	2,018

The accompanying notes are an integral part of these financial statements.

14

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	4,341
Interest		3,359
Less: Foreign tax withheld		(61	)
Total investment income		7,639
Expenses:
Investment management fees		2,038
Administrative services fees		2
Transfer agent fees		732
Distribution fees
Class A		614
Class B		126
Class C		396
Class R3		1
Class R4		3
Custodian fees		4
Accounting services fees		54
Registration and filing fees		50
Board of Directors' fees		8
Audit fees		7
Other expenses		69
Total expenses (before waivers and fees paid indirectly)		4,104
Expense waivers		(145	)
Transfer agent fee waivers		(22	)
Commission recapture		(3	)
Total waivers and fees paid indirectly		(170	)
Total expenses, net		3,934
Net Investment Income		3,705
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		7,518
Net realized gain on futures		3
Net realized gain on foreign currency contracts		365
Net realized gain on other foreign currency transactions		12
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		7,898
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		45,439
Net unrealized depreciation of securities sold short		(1	)
Net unrealized depreciation of foreign currency contracts		(117	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		8
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		45,329
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		53,227
Net Increase in Net Assets Resulting from Operations	$	56,932

The accompanying notes are an integral part of these financial statements.

15

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	3,705		$	7,062
Net realized gain on investments, other financial instruments and foreign currency transactions		7,898			47,669
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		45,329			(26,043	)
Net Increase In Net Assets Resulting From Operations		56,932			28,688
Distributions to Shareholders:
From net investment income
Class A		(3,556	)		(6,605	)
Class B		(69	)		(132	)
Class C		(283	)		(445	)
Class R3		(2	)		(2	)
Class R4		(27	)		(63	)
Class R5		(1	)		(2	)
Class Y		(17	)		(30	)
Total distributions		(3,955	)		(7,279	)
Capital Share Transactions:
Class A		(28,722	)		(83,320	)
Class B		(9,518	)		(21,467	)
Class C		(5,231	)		(16,677	)
Class R3		19			73
Class R4		(3,612	)		3,287
Class R5		1			2
Class Y		86			31
Net decrease from capital share transactions		(46,977	)		(118,071	)
Net Increase (Decrease) In Net Assets		6,000			(96,662	)
Net Assets:
Beginning of period		602,055			698,717
End of period	$	608,055		$	602,055
Undistributed (distribution in excess of) net investment income (loss)	$	718		$	968

The accompanying notes are an integral part of these financial statements.

16

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1.  Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Balanced Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2.  Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current

17

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

18

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

19

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3.   Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such

20

investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

In connection with the Fund’s ability to purchase investments on a when-issued or forward commitment basis, the Fund may enter into to-be announced (“TBA”) commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed-upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. The Fund generally enters into TBA commitments with intent to take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. In a TBA roll, the Fund generally purchases or sells the initial TBA commitment prior to the stipulated settlement date and enters into a new TBA commitment for future delivery or receipt of the mortgage-backed securities. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

The Fund may enter into “dollar rolls” in which the Fund sells securities and contracts with the same counterparty to repurchase substantially similar securities (for example, same issuer, coupon and maturity) on a specified future date at an agreed upon price. The Fund gives up the right to receive interest paid on the investments sold. The Fund would benefit to the extent of any differences between the price received for the security and the lower forward price for the future purchase. Dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions are excluded from the Fund’s portfolio turnover rate. The Fund had open dollar roll transactions as of April 30, 2012, as disclosed on the Schedule of Investments, Statement of Assets and Liabilities and the Statement of Operations.

d) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of April 30, 2012.

21

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

4.   Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of April 30, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. As of April 30, 2012, the Fund had no outstanding futures contracts.

22

c) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	3	$	—		$	—	$	—	$	—	$	—	$	3
Net realized gain on foreign currency contracts		—		365			—		—		—		—		365
Total	$	3	$	365		$	—	$	—	$	—	$	—	$	368
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(117	)	$	—	$	—	$	—	$	—	$	(117	)
Total	$	—	$	(117	)	$	—	$	—	$	—	$	—	$	(117	)

5.  Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook

23

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6.   Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	7,279	$	7,383

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	968
Accumulated Capital Losses *		(216,316	)
Unrealized Appreciation †		36,395
Total Accumulated Deficit	$	(178,953	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net

24

realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	71
Accumulated Net Realized Gain (Loss)		(72	)
Capital Stock and Paid-in-Capital		1

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	14,299
2017		202,017
Total	$	216,316

During the year ended October 31, 2011, the Fund utilized $43,932 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7.   Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

25

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.6900	%
On next $500 million		0.6250	%
On next $4 billion		0.5750	%
On next $5 billion		0.5725	%
Over $10 billion		0.5700	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class B	Class C	Class R3		Class R4		Class R5		Class Y
1.18	%	NA	NA	1.40	%	1.10	%	0.80	%	NA

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.18	%
Class B		2.06
Class C		1.92
Class R3		1.40
Class R4		1.10
Class R5		0.80
Class Y		0.75

26

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $178 and contingent deferred sales charges of $9 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $17.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

27

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.07	%		13.15	%
Class B		0.08			12.24
Class C		0.07			12.36
Class Y		0.07			13.65

8.   Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		6		35	%
Class R4		7		8
Class R5		7		100
Class Y		7		6

9.  Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	39,980
Sales Proceeds Excluding U.S. Government Obligations		93,846
Cost of Purchases for U.S. Government Obligations		6,445
Sales Proceeds for U.S. Government Obligations		10,880

28

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,106		224		(3,219	)		—		(1,889	)		1,977		429		(8,017	)		—		(5,611	)
Amount	$	17,003	$	3,411	$	(49,136	)	$	—	$	(28,722	)	$	29,425	$	6,322	$	(119,067	)	$	—	$	(83,320	)
Class B
Shares		22		4		(652	)		—		(626	)		53		8		(1,519	)		—		(1,458	)
Amount	$	329	$	66	$	(9,913	)	$	—	$	(9,518	)	$	788	$	125	$	(22,380	)	$	—	$	(21,467	)
Class C
Shares		112		17		(471	)		—		(342	)		164		28		(1,318	)		—		(1,126	)
Amount	$	1,715	$	264	$	(7,210	)	$	—	$	(5,231	)	$	2,421	$	413	$	(19,511	)	$	—	$	(16,677	)
Class R3
Shares		2		—		—			—		2			6		—		(2	)		—		4
Amount	$	22	$	1	$	(4	)	$	—	$	19		$	100	$	2	$	(29	)	$	—	$	73
Class R4
Shares		10		2		(251	)		—		(239	)		256		4		(35	)		—		225
Amount	$	166	$	27	$	(3,805	)	$	—	$	(3,612	)	$	3,765	$	63	$	(541	)	$	—	$	3,287
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	—	$	1	$	—		$	—	$	1		$	—	$	2	$	—		$	—	$	2
Class Y
Shares		8		1		(3	)		—		6			9		2		(9	)		—		2
Amount	$	122	$	17	$	(53	)	$	—	$	86		$	134	$	30	$	(133	)	$	—	$	31
Total
Shares		1,260		248		(4,596	)		—		(3,088	)		2,465		471		(10,900	)		—		(7,964	)
Amount	$	19,357	$	3,787	$	(70,121	)	$	—	$	(46,977	)	$	36,633	$	6,957	$	(161,661	)	$	—	$	(118,071	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		283	$	4,358
For the Year Ended October 31, 2011		527	$	7,844

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

29

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

30

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31

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Financial Highlights

– Selected Per-Share Data – (A)

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions From Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	14.63	$	0.11	$	–	$	1.34		$	1.45		$	(0.11	)	$	–		$	–	$	(0.11	)	$	1.34		$	15.97
B		14.51		0.04		–		1.33			1.37			(0.04	)		–			–		(0.04	)		1.33			15.84
C		14.64		0.05		–		1.34			1.39			(0.05	)		–			–		(0.05	)		1.34			15.98
R3		14.78		0.09		–		1.37			1.46			(0.10	)		–			–		(0.10	)		1.36			16.14
R4		14.79		0.12		–		1.34			1.46			(0.11	)		–			–		(0.11	)		1.35			16.14
R5		14.81		0.13		–		1.37			1.50			(0.14	)		–			–		(0.14	)		1.36			16.17
Y		14.82		0.14		–		1.36			1.50			(0.14	)		–			–		(0.14	)		1.36			16.18
For the Year Ended October 31, 2011 (G)
A		14.23		0.18		–		0.40			0.58			(0.18	)		–			–		(0.18	)		0.40			14.63
B		14.10		0.05		–		0.41			0.46			(0.05	)		–			–		(0.05	)		0.41			14.51
C		14.24		0.07		–		0.41			0.48			(0.08	)		–			–		(0.08	)		0.40			14.64
R3		14.38		0.15		–		0.41			0.56			(0.16	)		–			–		(0.16	)		0.40			14.78
R4		14.39		0.19		–		0.41			0.60			(0.20	)		–			–		(0.20	)		0.40			14.79
R5		14.40		0.24		–		0.41			0.65			(0.24	)		–			–		(0.24	)		0.41			14.81
Y		14.41		0.25		–		0.41			0.66			(0.25	)		–			–		(0.25	)		0.41			14.82
For the Year Ended October 31, 2010
A		12.67		0.17		–		1.55			1.72			(0.16	)		–			–		(0.16	)		1.56			14.23
B		12.54		0.06		–		1.53			1.59			(0.03	)		–			–		(0.03	)		1.56			14.10
C		12.67		0.07		–		1.56			1.63			(0.06	)		–			–		(0.06	)		1.57			14.24
R3		12.81		0.13		–		1.58			1.71			(0.14	)		–			–		(0.14	)		1.57			14.38
R4		12.81		0.18		–		1.57			1.75			(0.17	)		–			–		(0.17	)		1.58			14.39
R5		12.82		0.21		–		1.58			1.79			(0.21	)		–			–		(0.21	)		1.58			14.40
Y		12.83		0.23		–		1.57			1.80			(0.22	)		–			–		(0.22	)		1.58			14.41
For the Year Ended October 31, 2009 (G)
A		10.80		0.21		–		1.94			2.15			(0.28	)		–			–		(0.28	)		1.87			12.67
B		10.69		0.12		–		1.92			2.04			(0.19	)		–			–		(0.19	)		1.85			12.54
C		10.80		0.12		–		1.94			2.06			(0.19	)		–			–		(0.19	)		1.87			12.67
R3		10.92		0.18		–		1.97			2.15			(0.26	)		–			–		(0.26	)		1.89			12.81
R4		10.92		0.17		–		2.01			2.18			(0.29	)		–			–		(0.29	)		1.89			12.81
R5		10.93		0.24		–		1.97			2.21			(0.32	)		–			–		(0.32	)		1.89			12.82
Y		10.93		0.28		–		1.95			2.23			(0.33	)		–			–		(0.33	)		1.90			12.83
For the Year Ended October 31, 2008
A		18.52		0.26		–		(5.74	)		(5.48	)		(0.25	)		(1.99	)		–		(2.24	)		(7.72	)		10.80
B		18.34		0.15		–		(5.70	)		(5.55	)		(0.11	)		(1.99	)		–		(2.10	)		(7.65	)		10.69
C		18.51		0.16		–		(5.73	)		(5.57	)		(0.15	)		(1.99	)		–		(2.14	)		(7.71	)		10.80
R3		18.70		0.21		–		(5.78	)		(5.57	)		(0.22	)		(1.99	)		–		(2.21	)		(7.78	)		10.92
R4		18.70		0.26		–		(5.78	)		(5.52	)		(0.27	)		(1.99	)		–		(2.26	)		(7.78	)		10.92
R5		18.71		0.31		–		(5.79	)		(5.48	)		(0.31	)		(1.99	)		–		(2.30	)		(7.78	)		10.93
Y		18.71		0.33		–		(5.80	)		(5.47	)		(0.32	)		(1.99	)		–		(2.31	)		(7.78	)		10.93
For the Year Ended October 31, 2007
A		16.74		0.30		0.01		1.87			2.18			(0.31	)		(0.09	)		–		(0.40	)		1.78			18.52
B		16.57		0.16		0.02		1.84			2.02			(0.16	)		(0.09	)		–		(0.25	)		1.77			18.34
C		16.73		0.18		0.01		1.87			2.06			(0.19	)		(0.09	)		–		(0.28	)		1.78			18.51
R3(I)		17.24		0.21		–		1.44			1.65			(0.19	)		–			–		(0.19	)		1.46			18.70
R4(I)		17.24		0.25		–		1.44			1.69			(0.23	)		–			–		(0.23	)		1.46			18.70
R5(I)		17.24		0.31		–		1.43			1.74			(0.27	)		–			–		(0.27	)		1.47			18.71
Y		16.91		0.38		0.01		1.89			2.28			(0.39	)		(0.09	)		–		(0.48	)		1.80			18.71

32

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	9.95	%(E)	$	502,848		1.24	%(F)		1.18	%(F)		1.18	%(F)		1.37	%(F)		6	%
	9.46	(E)		21,028		2.23	(F)		2.06	(F)		2.06	(F)		0.51	(F)		–
	9.55	(E)		80,397		1.92	(F)		1.92	(F)		1.92	(F)		0.63	(F)		–
	9.88	(E)		269		1.55	(F)		1.40	(F)		1.40	(F)		1.14	(F)		–
	9.94	(E)		1,377		1.14	(F)		1.10	(F)		1.10	(F)		1.63	(F)		–
	10.17	(E)		118		0.87	(F)		0.80	(F)		0.80	(F)		1.74	(F)		–
	10.20	(E)		2,018		0.75	(F)		0.75	(F)		0.75	(F)		1.79	(F)		–
	4.10			488,193		1.23			1.18			1.18			1.20			43
	3.24			28,334		2.15			2.03			2.03			0.34			–
	3.33			78,642		1.90			1.90			1.90			0.47			–
	3.87			228		1.52			1.40			1.40			0.98			–
	4.18			4,788		1.14			1.10			1.10			1.29			–
	4.52			107		0.85			0.80			0.80			1.58			–
	4.60			1,763		0.74			0.74			0.74			1.64			–
	13.64			554,735		1.23			1.18			1.18			1.21			62
	12.72			48,096		2.13			2.03			2.03			0.38			–
	12.89			92,526		1.90			1.90			1.90			0.49			–
	13.38			153		1.55			1.42			1.42			0.91			–
	13.72			1,420		1.13			1.12			1.12			1.28			–
	14.06			102		0.85			0.81			0.81			1.51			–
	14.14			1,685		0.73			0.73			0.73			1.66			–
	20.47			580,354		1.32			1.15			1.15			1.90			73
	19.42			73,778		2.25			2.04			2.04			1.06			–
	19.46			98,891		1.98			1.98			1.98			1.08			–
	20.20			13		1.84			1.32			1.32			1.65			–
	20.47			1,275		1.13			1.13			1.13			1.61			–
	20.83			9		0.85			0.83			0.83			2.18			–
	20.98			1,610		0.76			0.76			0.76			2.49			–
	(33.24	)		593,816		1.18			1.18			1.18			1.75			79
	(33.80	)		103,632		2.03			2.00			2.00			0.93			–
	(33.68	)		106,819		1.87			1.87			1.87			1.06			–
	(33.39	)		9		1.57			1.43			1.43			1.49			–
	(33.16	)		113		1.11			1.11			1.11			1.80			–
	(32.96	)		7		0.79			0.79			0.79			2.13			–
	(32.91	)		11,347		0.70			0.70			0.70			2.22			–
	13.23	(H)		1,088,361		1.15			1.10			1.10			1.67			84
	12.32	(H)		248,020		1.96			1.91			1.91			0.85			–
	12.44	(H)		206,799		1.83			1.78			1.78			0.98			–
	9.62	(E)		11		1.45	(F)		1.40	(F)		1.40	(F)		1.38	(F)		–
	9.88	(E)		53		1.11	(F)		1.06	(F)		1.06	(F)		1.68	(F)		–
	10.17	(E)		11		0.85	(F)		0.80	(F)		0.80	(F)		1.98	(F)		–
	13.73	(H)		19,948		0.69			0.64			0.64			2.13			–

33

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Financial Highlights – (continued)

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Not annualized.
(F)	Annualized.
(G)	Per share amounts have been calculated using average shares outstanding method.
(H)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(I)	Commenced operations on December 22, 2006.

34

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

35

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

36

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

37

The Hartford Balanced Fund (The Hartford Advisers Fund)

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,099.50	$	6.16	$	1,000.00	$	1,019.00	$	5.92		1.18	%		182		366
Class B	$	1,000.00	$	1,094.60	$	10.73	$	1,000.00	$	1,014.62	$	10.32		2.06			182		366
Class C	$	1,000.00	$	1,095.50	$	10.00	$	1,000.00	$	1,015.32	$	9.62		1.92			182		366
Class R3	$	1,000.00	$	1,098.80	$	7.31	$	1,000.00	$	1,017.90	$	7.03		1.40			182		366
Class R4	$	1,000.00	$	1,099.40	$	5.74	$	1,000.00	$	1,019.39	$	5.52		1.10			182		366
Class R5	$	1,000.00	$	1,101.70	$	4.18	$	1,000.00	$	1,020.88	$	4.02		0.80			182		366
Class Y	$	1,000.00	$	1,102.00	$	3.90	$	1,000.00	$	1,021.16	$	3.75		0.75			182		366

38

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-B12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Balanced Income Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Balanced Income Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	6
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	27
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	28
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	30
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	31
Notes to Financial Statements (Unaudited)	32
Financial Highlights (Unaudited)	48
Directors and Officers (Unaudited)	50
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	52
Quarterly Portfolio Holdings Information (Unaudited)	52
Expense Example (Unaudited)	53

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Balanced Income Fund inception 07/31/2006 

(sub-advised by Wellington Management Company, LLP)

 Investment objective – Seeks to provide current income with growth of capital as a secondary objective. 

 Performance Overview 7/31/06 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†	1 Year	5 year	Since Inception
Balanced Income A#	8.09%	7.89%	5.29%	6.59%
Balanced Income A##		1.96%	4.10%	5.54%
Balanced Income B#	7.63%	7.00%	4.48%	5.77%
Balanced Income B##		2.00%	4.14%	5.64%
Balanced Income C#	7.68%	7.12%	4.51%	5.79%
Balanced Income C##		6.12%	4.51%	5.79%
Balanced Income I#	8.21%	8.13%	5.40%	6.69%
Balanced Income R3#	8.01%	7.62%	5.41%	6.74%
Balanced Income R4#	8.06%	7.92%	5.52%	6.83%
Balanced Income R5#	8.17%	8.19%	5.63%	6.93%
Balanced Income Y#	8.60%	8.58%	5.72%	7.01%
Balanced Income Fund Blended Index	7.57%	5.77%	3.60%	5.18%
Barclays Capital Corporate Index	3.64%	9.11%	7.08%	7.34%
Russell 1000 Value Index	11.62%	1.03%	-1.73%	1.31%

† Not Annualized

# Without sales charge

## With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 2/26/10. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Balanced Income Fund Blended Index is a blended index comprised of the following indices: Russell 1000 Value Index (45%), Barclays Capital Corporate Index (44%), Barclays Capital U.S. High-Yield Index (5.5%) and JP Morgan EMBI Plus Index (5.5%).

Barclays Capital Corporate Index is an unmanaged index and is the Corporate component of the U.S. Credit Index within the Barclays Capital U.S. Aggregate Bond Index.

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. (The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.)

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

39

The Hartford Balanced Income Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Lucius T. Hill, III	Karen H. Grimes, CFA	Ian R. Link, CFA
Senior Vice President and Fixed Income Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Director and Equity Portfolio Manager
W. Michael Reckmeyer, III, CFA	Scott I. St. John, CFA
Senior Vice President and Equity Portfolio Manager	Vice President and Fixed Income Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Balanced Income Fund returned 8.09%, before sales charge, for the six-month period ended April 30, 2012, outperforming its blended benchmark (45% Russell 1000 Value Index, 44% Barclays Capital Corporate Index, 5.5% Barclays Capital High Yield 2% Issuer Capped Index, and 5.5% JP Morgan EMBI Plus Index) which returned 7.57% for the same period. The Fund outperformed the 6.77% return of the average fund in the Lipper Mixed-Asset Target Allocation Moderate Funds peer group, a group of funds that hold between 40-60% in equity securities and the remainder in bonds, cash, and cash equivalents.

Why did the Fund perform this way?

U.S. equities moved higher in the period as generally improving economic data and growing consumer confidence helped to counter a persistent slump in housing. Investors mostly shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on the improving health of the U.S. economy. Strong corporate earnings news and the US Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, U.S. equities retreated for the first time in five months as disappointing employment and GDP data overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, growing concerns about Spain’s fiscal sustainability, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

The Russell 1000 Value Index rose 11.62% during the period. The Consumer Discretionary (+17%) and Financials (+15%) sectors posted the sharpest gains, while Energy (+3%) and Utilities (+5%) lagged on a relative basis during the period.

Within fixed income markets, corporate bonds, high yield bonds, and emerging markets debt rose during the period. High yield securities and investment grade corporate securities, as measured by the Barclays Capital High Yield (2% issuer cap) and Barclays Capital Corporate indices, gained 6.91% and 3.64% respectively. Emerging markets bonds, as measured by the JP Morgan Emerging Markets Bond Index Plus, rose by 6.87%.

The equity component of the Fund outperformed its benchmark primarily due to stock selection. Stock selection was strongest within Consumer Discretionary, Consumer Staples, and Utilities and was weakest within Health Care and Telecommunication Services. Sector allocation, a fall-out of the bottom-up stock selection process (i.e. stock by stock fundamental research), detracted from the Fund’s benchmark-relative performance, in part due to underweight allocations (i.e. the Fund’s sector position was less than the benchmark position) to Financials and Consumer Discretionary and an overweight allocation to Consumer Staples. A modest cash allocation detracted in an upward trending market.

Among the top contributors to relative returns (i.e. performance of the Fund as measured against the benchmark) in the equity sleeve were Home Depot (Consumer Discretionary), Philip Morris International (Consumer Staples), and BlackRock (Financials). Shares of leading home improvement retailer Home Depot rose after the company posted strong quarterly results and gave a positive outlook for 2012. Shares of Philip Morris International, a tobacco company, benefitted after the company reported better-than-expected quarterly earnings and raised earnings guidance on strong growth in Asia. Shares of financial services firm BlackRock rose along with the broader Financials sector as fears surrounding the European debt crisis and contagion from European banks subsided. BlackRock also beat estimated earnings in the first quarter with strong new asset growth in its iShares business.Top contributors to absolute performance (i.e. total return) for the period included JPMorgan Chase (Financials).

Among the top detractors from relative returns in the equity portion of the fund were Royal Dutch Shell (Energy), Wells Fargo (Financials), and AstraZeneca (Health Care). Shares of Royal Dutch Shell underperformed on a relative basis after the company posted disappointing quarterly earnings in part due to low refining margins and soft chemical earnings. Shares of Wells Fargo, a U.S.-based diversified bank, rose

40

The Hartford Balanced Income Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

during the quarter as the company benefited from not only a positive bank stress test, but also from announcing an increase in its quarterly dividend and plans to increase share repurchase activity. The stock was an overall relative detractor because we initiated a position in the stock towards the end of the period after the stock had already started rising. Shares of AstraZeneca declined as the company posted lower-than-expected sales in the first quarter due to the Seroquel IR patent expiration and the departure of some key Research & Development personnel which caused investors to question the future of the company’s pipeline. Stocks that detracted most from absolute returns also included International Paper (Materials) and Travelers (Financials).

The Fund’s fixed income component outperformed its benchmark for the period due primarily to sector allocation. An overweight to High Yield contributed positively to relative returns as the sector outperformed the blended index. Security selection within Investment Grade Credit and Emerging Market Debt also contributed positively to relative returns. Among investment grade corporates, positive contributions from overweights to financial sectors including Banking and Real Estate Investment Trusts (REITS) were partially offset by an underweight to Industrials. Within the emerging markets debt portion of the Fund, security selection within Venezuela, Brazil, and Russia, achieved through cash bonds and forward contracts, contributed positively to relative results, helping to offset overweights to Indonesia and Argentina, which underperformed during the period.

Asset allocation between equities and fixed income contributed positively to relative results during the period due to an underweight to fixed income and an overweight to equities in an environment where equities outperformed the broad fixed income markets.

What is the outlook?

We believe that there are several positive factors, particularly in the U.S., which indicate support for positive economic growth, but there are also potential offsetting risks that could weigh on the markets. We continue to believe that coordinated, global efforts toward economic recovery are supportive for equity markets. Importantly, we have been encouraged that policymakers around the globe seem to be finally embracing the severity of the sovereign debt crisis and its potential impact on global economic stability. The Greek debt package announced in February illustrates one example of the coordinated effort.

In the U.S., economic reports have been upbeat, with encouraging trends in U.S. housing prices, and a stabilizing labor market, which we believe shows signs of healing. We still consider the U.S. to be well positioned in a global context, but expect its pace of economic acceleration to moderate. The remarkably mild winter weather undoubtedly provided a boost to housing, the service sector, and employment in the early months of 2012. This likely pulled forward some growth from second quarter growth.

Throughout this period we have maintained our focus on investing in companies that we believe have solid balance sheets, above-market growth rates, sustainable dividend yields, and valuations at a discount to the market. Based on bottom-up stock decisions, we ended the period most overweight to Consumer Staples, Materials, and Industrials in the equity portion of the Fund. Our largest equity underweights were to Financials, Consumer Discretionary, and Utilities, relative to the Russell 1000 Value index.

We remain constructive on investment grade corporate bonds and maintain a favorable long-term outlook given strong credit fundamentals, supportive technicals, and attractive valuations. We expect an improving economy in the U.S. for fiscal year 2012, but high oil prices threaten consumer spending. We also expect accommodative monetary policy in the U.S. and Europe. We believe that significant political and regulatory change is still a potential risk to this outlook and that de-leveraging at the government, bank, and consumer levels will limit growth.

Our outlook for High Yield remains solid, and we believe that the limited amount of High Yield maturities through 2013 is supportive of a below average default rate for the next few years. Also, the current yield in the High Yield market remains very attractive relative to other fixed income sectors.

We have a constructive outlook for emerging market (EM) debt, though we remain mindful that many global headwinds remain. We believe that the macroeconomic outlook for most EM countries continues to be strong – growth trends are healthy, fiscal accounts are generally well-managed, reserves continue to rise, and debt burdens are low and stable.

The equity and fixed income managers will continue to work collaboratively to make decisions regarding the Fund’s mix of equities and fixed income. At the end of the period, the Fund had a bias towards equities relative to its blended benchmark.

41

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Equity Securities
Banks (Financials)	3.8	%
Capital Goods (Industrials)	4.2
Commercial & Professional Services (Industrials)	0.5
Consumer Durables & Apparel (Consumer Discretionary)	0.5
Consumer Services (Consumer Discretionary)	0.3
Diversified Financials (Financials)	2.5
Energy (Energy)	5.3
Food & Staples Retailing (Consumer Staples)	0.6
Food, Beverage & Tobacco (Consumer Staples)	4.8
Household & Personal Products (Consumer Staples)	1.3
Insurance (Financials)	3.0
Materials (Materials)	2.0
Media (Consumer Discretionary)	0.5
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)	5.9
Retailing (Consumer Discretionary)	1.9
Semiconductors & Semiconductor Equipment (Information Technology)	3.5
Software & Services (Information Technology)	0.7
Telecommunication Services (Services)	1.9
Utilities (Utilities)	2.9
Total	46.1	%
Fixed Income Securities
Accommodation and Food Services (Services)	0.1	%
Administrative Waste Management and Remediation (Services)	0.1
Agriculture, Forestry, Fishing and Hunting (Consumer Staples)	0.0
Air Transportation (Transportation)	0.0
Airport Revenues (Airport Revenues)	0.0
Arts, Entertainment and Recreation (Services)	3.1
Beverage and Tobacco Product Manufacturing (Consumer Staples)	1.2
Chemical Manufacturing (Basic Materials)	0.6
Computer and Electronic Product Manufacturing (Technology)	0.9
Construction (Consumer Cyclical)	0.1
Fabricated Metal Product Manufacturing (Basic Materials)	0.1
Finance and Insurance (Finance)	18.2
Food Manufacturing (Consumer Staples)	0.5
Food Services (Consumer Cyclical)	0.2
Furniture and Related Product Manufacturing (Consumer Cyclical)	0.0
General Obligations (General Obligations)	0.4
Health Care and Social Assistance (Health Care)	2.4
Information (Technology)	3.1
Machinery Manufacturing (Capital Goods)	0.2
Mining (Basic Materials)	1.0
Miscellaneous (Miscellaneous)	0.0
Miscellaneous Manufacturing (Capital Goods)	0.6
Motor Vehicle and Parts Manufacturing (Consumer Cyclical)	0.4
Nonmetallic Mineral Product Manufacturing (Basic Materials)	0.0
Other Services (Services)	0.1
Paper Manufacturing (Basic Materials)	0.1
Petroleum and Coal Products Manufacturing (Energy)	3.6
Pipeline Transportation (Utilities)	0.6
Primary Metal Manufacturing (Basic Materials)	0.2
Printing and Related Support Activities (Services)	0.1
Professional, Scientific and Technical Services (Services)	0.3
Public Administration (Services)	0.2
Rail Transportation (Transportation)	0.1
Real Estate, Rental and Leasing (Finance)	0.9
Retail Trade (Consumer Cyclical)	1.1
Soap, Cleaning Compound and Toilet Manufacturing (Consumer Staples)	0.3
Transportation (Transportation)	0.1
Transportation Equipment Manufacturing (Transportation)	0.1
Utilities (Utilities)	2.8
Water Transportation (Transportation)	0.0
Wholesale Trade (Consumer Cyclical)	0.4
Total	44.2	%
Foreign Government Obligations	4.3	%
U.S. Government Securities	1.1
Short-Term Investments	3.9
Other Assets and Liabilities	0.4
Total	100.0	%

Distribution by Credit Quality

as of April 30, 2012 

Credit Rating *	Percentage of Net Assets
Aaa / AAA		0.4	%
Aa / AA		2.4
A		16.0
Baa / BBB		20.4
Ba / BB		4.2
B		3.5
Caa / CCC or Lower		1.3
Unrated		0.3
U.S. Government Agencies and Securities		1.1
Non Debt Securities and Other Short-Term Instruments		50.0
Other Assets & Liabilities		0.4
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

42

The Hartford Balanced Income Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 46.0%
		Banks - 3.8%
	225	M&T Bank Corp.	$	19,417
	194	National Bank of Canada		15,122
	473	Wells Fargo & Co.		15,813
				50,352
		Capital Goods - 4.2%
	141	3M Co.		12,634
	195	Eaton Corp.		9,392
	780	General Electric Co.		15,270
	190	Illinois Tool Works, Inc.		10,901
	48	Lockheed Martin Corp.		4,348
	46	Schneider Electric S.A.		2,809
				55,354
		Commercial & Professional Services - 0.5%
	207	Waste Management, Inc.		7,084
		Consumer Durables & Apparel - 0.5%
	206	Mattel, Inc.		6,918
		Consumer Services - 0.3%
	46	McDonald's Corp.		4,505
		Diversified Financials - 2.4%
	72	BlackRock, Inc.		13,769
	412	JP Morgan Chase & Co.		17,700
				31,469
		Energy - 5.3%
	229	Chevron Corp.		24,417
	184	ConocoPhillips Holding Co.		13,156
	117	Exxon Mobil Corp.		10,135
	627	Royal Dutch Shell plc B Shares		22,963
				70,671
		Food & Staples Retailing - 0.6%
	278	Sysco Corp.		8,032
		Food, Beverage & Tobacco - 4.8%
	213	Altria Group, Inc.		6,868
	96	General Mills, Inc.		3,748
	60	H.J. Heinz Co.		3,192
	170	Imperial Tobacco Group plc		6,785
	298	Kraft Foods, Inc.		11,864
	108	PepsiCo, Inc.		7,160
	179	Philip Morris International, Inc.		16,062
	245	Unilever N.V. NY Shares ADR		8,406
				64,085
		Household & Personal Products - 1.3%
	133	Kimberly-Clark Corp.		10,405
	95	Procter & Gamble Co.		6,067
				16,472
		Insurance - 3.0%
	82	ACE Ltd.		6,193
	96	Chubb Corp.		7,046
	658	Marsh & McLennan Cos., Inc.		22,021
	72	Swiss Re Ltd.		4,546
				39,806
		Materials - 2.0%
	231	Dow Chemical Co.		7,815
	133	E.I. DuPont de Nemours & Co.		7,112
	186	International Paper Co.		6,192
	145	Nucor Corp.		5,668
				26,787
		Media - 0.5%
	199	Thomson Reuters Corp.		5,948
		Pharmaceuticals, Biotechnology & Life Sciences - 5.9%
	107	AstraZeneca plc ADR		4,684
	324	Johnson & Johnson		21,104
	682	Merck & Co., Inc.		26,775
	785	Pfizer, Inc.		18,002
	45	Roche Holding AG ☼		8,152
				78,717
		Retailing - 1.9%
	485	Home Depot, Inc.		25,093
		Semiconductors & Semiconductor Equipment - 3.5%
	336	Analog Devices, Inc.		13,100
	593	Intel Corp.		16,852
	165	Linear Technology Corp.		5,391
	385	Maxim Integrated Products, Inc.		11,396
				46,739
		Software & Services - 0.7%
	288	Microsoft Corp.		9,215
		Telecommunication Services - 1.9%
	469	AT&T, Inc.		15,446
	336	Vodafone Group plc ADR		9,364
				24,810
		Utilities - 2.9%
	43	American Electric Power Co., Inc.		1,656
	34	Dominion Resources, Inc.		1,779
	740	National Grid plc		7,992
	86	NextEra Energy, Inc.		5,520
	114	Northeast Utilities		4,173
	33	PG&E Corp.		1,437
	57	PPL Corp.		1,568
	216	UGI Corp.		6,290
	277	Xcel Energy, Inc.		7,491
				37,906
		Total common stocks
		(cost $547,707)	$	609,963
PREFERRED STOCKS - 0.1%
		Diversified Financials - 0.1%
	23	Citigroup Capital XIII	$	599
	25	GMAC Capital Trust I۞		607
				1,206
		Total preferred stocks
		(cost $1,243)	$	1,206
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.9%
		Finance and Insurance - 0.9%
		Banc of America Funding Corp.
$	1,281	0.54%, 05/20/2047 Δ	$	801
	1,589	5.77%, 05/25/2037		1,261

The accompanying notes are an integral part of these financial statements. 

43

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.9% - (continued)
		Finance and Insurance - 0.9% - (continued)
		Bear Stearns Adjustable Rate Mortgage Trust
$	1,535	2.25%, 08/25/2035 Δ	$	1,413
	642	2.40%, 10/25/2035 Δ		553
		Bear Stearns Commercial Mortgage Securities, Inc.
	455	5.20%, 12/11/2038		511
	550	5.54%, 09/11/2041 - 10/12/2041		625
		Commercial Mortgage Pass-Through Certificates
	100	5.75%, 06/10/2046 Δ		113
		Countrywide Asset-Backed Certificates
	2,210	0.48%, 02/25/2037 Δ		607
		Countrywide Home Loans, Inc.
	449	2.97%, 04/20/2036 Δ		218
		CS First Boston Mortgage Securities Corp.
	814	5.50%, 06/25/2035		727
		Fieldstone Mortgage Investment Corp.
	480	0.58%, 04/25/2047 Δ		190
		Indymac Index Mortgage Loan Trust
	512	2.51%, 01/25/2036 Δ		393
	464	2.59%, 08/25/2035 Δ		245
	689	2.81%, 09/25/2036 Δ		408
		JP Morgan Chase Commercial Mortgage Securities Corp.
	275	5.47%, 04/15/2043 Δ		308
		JP Morgan Mortgage Acquisition Corp.
	2,281	0.48%, 08/25/2036 Δ		664
		JP Morgan Mortgage Trust
	632	2.84%, 08/25/2036 Δ		398
		Merrill Lynch Mortgage Investors Trust
	264	2.70%, 07/25/2035 Δ		179
		Merrill Lynch Mortgage Trust
	100	5.05%, 07/12/2038		110
		Morgan Stanley Capital I
	100	5.23%, 09/15/2042		110
		Option One Mortgage Loan Trust
	355	0.49%, 03/25/2037 Δ		130
		Soundview Home Equity Loan Trust, Inc.
	465	0.49%, 06/25/2036 Δ		202
	2,160	0.52%, 05/25/2036 Δ		893
		Structured Adjustable Rate Mortgage Loan Trust
	963	0.54%, 09/25/2034 Δ		721
		Wells Fargo Mortgage Backed Securities Trust
	519	5.19%, 10/25/2035 Δ		498
				12,278
		Total asset & commercial mortgage backed securities
		(cost $12,043)	$	12,278
CORPORATE BONDS - 42.8%
		Accommodation and Food Services - 0.1%
		Caesars Operating Escrow
$	500	8.50%, 02/15/2020 ■	$	515
		Harrah's Operating Co., Inc.
	620	11.25%, 06/01/2017		685
		MGM Mirage, Inc.
	25	9.00%, 03/15/2020		28
	155	11.13%, 11/15/2017		175
		Wynn Las Vegas LLC
	130	5.38%, 03/15/2022 ■		128
	250	7.75%, 08/15/2020		276
				1,807
		Administrative Waste Management and Remediation - 0.1%
		Iron Mountain, Inc.
	360	7.75%, 10/01/2019		392
	525	8.38%, 08/15/2021		572
		Republic Services, Inc.
	595	3.80%, 05/15/2018		646
				1,610
		Agriculture, Forestry, Fishing and Hunting - 0.0%
		American Rock Salt Co. LLC
	80	8.25%, 05/01/2018 ■		70
		Lawson Software
	215	9.38%, 04/01/2019 ■		225
		Southern States Coop, Inc.
	25	11.25%, 05/15/2015 ■		27
		Weyerhaeuser Co.
	110	7.38%, 03/15/2032		120
				442
		Air Transportation - 0.0%
		Continental Airlines, Inc.
	18	5.98%, 04/19/2022		20
	38	6.90%, 04/19/2022		38
				58
		Arts, Entertainment and Recreation - 3.1%
		AMC Entertainment, Inc.
	139	8.00%, 03/01/2014		139
	330	8.75%, 06/01/2019		352
	91	9.75%, 12/01/2020		89
		Bresnan Broadband Holdings LLC
	150	8.00%, 12/15/2018 ■		153
		BSKYB Finance UK plc
	350	6.50%, 10/15/2035 ■		406
		CBS Corp.
	525	3.38%, 03/01/2022		517
	150	5.50%, 05/15/2033		161
	805	8.20%, 05/15/2014		914
	325	8.88%, 05/15/2019		433
		CCO Holdings LLC
	45	6.50%, 04/30/2021		47
	539	7.25%, 10/30/2017		586
	200	7.38%, 06/01/2020		218
	175	7.88%, 04/30/2018		189
	5	8.13%, 04/30/2020		6
		Citycenter Holdings LLC
	365	7.63%, 01/15/2016		387
		Clear Channel Worldwide Holdings, Inc.
	240	9.25%, 12/15/2017		263

The accompanying notes are an integral part of these financial statements.

44

The Hartford Balanced Income Fund

Schedule of Investments

April 30, 2012 (Unaudited) – (continued)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Arts, Entertainment and Recreation - 3.1% - (continued)
		Comcast Corp.
$	400	5.70%, 05/15/2018	$	475
	1,250	6.40%, 05/15/2038		1,516
	980	6.45%, 03/15/2037		1,192
	510	7.05%, 03/15/2033		631
	120	8.38%, 03/15/2013		128
		DirecTV Holdings LLC
	200	3.55%, 03/15/2015		212
	2,100	3.80%, 03/15/2022 ■		2,091
	305	4.60%, 02/15/2021		326
	1,425	4.75%, 10/01/2014		1,544
	325	5.00%, 03/01/2021		355
	146	5.20%, 03/15/2020		162
	175	6.00%, 08/15/2040		187
	400	6.38%, 03/01/2041		448
		Discovery Communications, Inc.
	290	3.70%, 06/01/2015		310
		Equinix, Inc.
	95	7.00%, 07/15/2021		104
	30	8.13%, 03/01/2018		33
		Fidelity National Information Services, Inc.
	280	5.00%, 03/15/2022 ■		280
	95	7.63%, 07/15/2017 ■		104
		First Data Corp.
	670	7.38%, 06/15/2019 ■		685
	161	8.25%, 01/15/2021 ■		159
	36	8.75%, 01/15/2022 ■Þ		35
		Gray Television, Inc.
	270	10.50%, 06/29/2015		283
		Grupo Televisa S.A.
	95	6.63%, 01/15/2040		114
		Isle of Capri Casinos, Inc.
	120	7.75%, 03/15/2019		124
		NBC Universal Media LLC
	1,070	3.65%, 04/30/2015		1,144
	1,350	5.95%, 04/01/2041		1,578
		Net Servicos De Comnicacao S.A.
	100	7.50%, 01/27/2020		115
		News America Holdings, Inc.
	75	7.75%, 12/01/2045		89
	100	8.88%, 04/26/2023		127
		News America, Inc.
	200	6.15%, 02/15/2041		230
	285	6.40%, 12/15/2035		326
	1,450	6.90%, 03/01/2019		1,784
		Peninsula Gaming LLC
	120	8.38%, 08/15/2015		127
		Regal Cinemas Corp.
	195	8.63%, 07/15/2019		214
		Regal Entertainment Group
	120	9.13%, 08/15/2018		133
		Sinclair Television Group
	260	9.25%, 11/01/2017 ■		290
		Time Warner Cable, Inc.
	1,290	4.00%, 09/01/2021		1,339
	400	5.88%, 11/15/2040		441
	625	6.75%, 06/15/2039		754
	300	7.30%, 07/01/2038		381
	970	8.25%, 04/01/2019		1,264
		Time Warner Entertainment Co., L.P.
	30	8.38%, 03/15/2023		41
		Time Warner, Inc.
	600	4.00%, 01/15/2022		630
	300	4.13%, 02/15/2021		315
	1,075	4.88%, 03/15/2020		1,204
	1,500	5.88%, 11/15/2016		1,766
	1,975	6.10%, 07/15/2040		2,249
	350	6.25%, 03/29/2041		407
	75	6.63%, 05/15/2029		90
	1,010	7.63%, 04/15/2031		1,309
		Viacom, Inc.
	305	1.25%, 02/27/2015		306
	215	3.88%, 12/15/2021		225
	450	4.25%, 09/15/2015		491
	470	4.38%, 09/15/2014		506
	795	4.50%, 03/01/2021 - 02/27/2042		838
	340	6.13%, 10/05/2017		409
	1,500	6.88%, 04/30/2036		1,918
		Videotron Ltee
	1,110	5.00%, 07/15/2022 ■		1,107
		Virgin Media Finance plc
	465	5.25%, 02/15/2022		465
		Virgin Media Secured Finance plc
	500	5.25%, 01/15/2021		555
	100	6.50%, 01/15/2018		109
				41,634
		Beverage and Tobacco Product Manufacturing - 1.2%
		Altria Group, Inc.
	550	8.50%, 11/10/2013		612
	340	9.25%, 08/06/2019		464
	1,335	9.70%, 11/10/2018		1,813
	185	10.20%, 02/06/2039		296
		Anheuser-Busch InBev Worldwide, Inc.
	400	1.50%, 07/14/2014		406
	1,825	5.38%, 11/15/2014 - 01/15/2020		2,136
	100	8.00%, 11/15/2039		156
	500	8.20%, 01/15/2039		790
		BAT International Finance plc
	20	8.13%, 11/15/2013 ■		22
	35	9.50%, 11/15/2018 ■		48
		Bottling Group LLC
	300	6.95%, 03/15/2014		335
		Constellation Brands, Inc.
	585	6.00%, 05/01/2022		616
		Diageo Capital plc
	180	5.75%, 10/23/2017		218
		International CCE, Inc.
	500	3.50%, 09/15/2020		520
		Lorillard Tobacco Co.
	1,025	7.00%, 08/04/2041		1,131
	265	8.13%, 06/23/2019		330
		Molson Coors Brewing Co.
	476	2.00%, 05/01/2017 ☼		478
	110	3.50%, 05/01/2022 ☼		111
		PepsiCo, Inc.
	430	0.80%, 08/25/2014		433
	750	7.90%, 11/01/2018		1,018

The accompanying notes are an integral part of these financial statements.

45

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Beverage and Tobacco Product Manufacturing - 1.2% - (continued)
		Pernod-Ricard S.A.
$	190	4.45%, 01/15/2022 ■	$	197
	500	5.50%, 01/15/2042 ■		511
	900	5.75%, 04/07/2021 ■		1,016
		Philip Morris International, Inc.
	400	5.65%, 05/16/2018		479
	400	6.38%, 05/16/2038		517
		Reynolds American, Inc.
	65	7.25%, 06/01/2013		69
	685	7.63%, 06/01/2016		826
	100	7.75%, 06/01/2018		125
				15,673
		Chemical Manufacturing - 0.6%
		Agrium, Inc.
	200	6.75%, 01/15/2019		246
		Celanese US Holdings LLC
	50	6.63%, 10/15/2018		54
		CF Industries Holdings, Inc.
	195	6.88%, 05/01/2018		227
	35	7.13%, 05/01/2020		42
		Cytec Industries, Inc.
	50	6.00%, 10/01/2015		55
		Dow Chemical Co.
	2,850	4.25%, 11/15/2020		3,025
	100	5.90%, 02/15/2015		112
	975	7.60%, 05/15/2014		1,099
		Ecolab, Inc.
	1,285	3.00%, 12/08/2016		1,353
		Ferro Corp.
	20	7.88%, 08/15/2018		20
		Hexion U.S. Finance Corp.
	215	6.63%, 04/15/2020 ■		225
	225	9.00%, 11/15/2020		214
		Ineos Group Holdings plc
	240	8.50%, 02/15/2016 ■		235
		Methanex Corp.
	20	8.75%, 08/15/2012		20
		Momentive Performance
	250	9.00%, 01/15/2021		216
		Yara International ASA
	160	5.25%, 12/15/2014 ■		173
				7,316
		Computer and Electronic Product Manufacturing - 0.9%
		CDW Escrow Corp.
	142	8.50%, 04/01/2019		152
		CDW LLC/CDW Finance
	515	8.00%, 12/15/2018		561
		eAccess Ltd.
	75	8.25%, 04/01/2018 ■		72
		Esterline Technologies Corp.
	265	7.00%, 08/01/2020		294
		Freescale Semiconductor, Inc.
	190	8.05%, 02/01/2020		191
	740	9.25%, 04/15/2018 ■		811
	44	10.75%, 08/01/2020		49
		Hewlett-Packard Co.
	1,700	2.65%, 06/01/2016		1,731
	925	3.00%, 09/15/2016		952
	365	3.75%, 12/01/2020		369
	635	4.30%, 06/01/2021		653
	1,475	4.65%, 12/09/2021		1,559
		Intel Corp.
	1,000	3.30%, 10/01/2021		1,057
		Lockheed Martin Corp.
	210	2.13%, 09/15/2016		215
		Raytheon Co.
	1,250	4.88%, 10/15/2040		1,354
		Seagate HDD Cayman
	350	6.88%, 05/01/2020		376
	51	7.00%, 11/01/2021 ■		55
		Siemens Finance
	100	6.13%, 08/17/2026 ■		125
		Sorenson Communications
	500	10.50%, 02/01/2015 ■		420
		Thermo Fisher Scientific, Inc.
	875	2.25%, 08/15/2016		913
	270	3.20%, 03/01/2016		289
				12,198
		Construction - 0.1%
		Aguila 3 S.A.
	165	7.88%, 01/31/2018 ■		173
		KB Home
	411	8.00%, 03/15/2020		401
		Lennar Corp.
	95	5.60%, 05/31/2015		99
		Pulte Homes, Inc.
	295	5.20%, 02/15/2015		304
				977
		Fabricated Metal Product Manufacturing - 0.1%
		Anixter International, Inc.
	145	5.63%, 05/01/2019		148
		Ball Corp.
	135	5.00%, 03/15/2022		138
	240	5.75%, 05/15/2021		258
		Crown Americas, Inc.
	55	6.25%, 02/01/2021		60
	115	7.63%, 05/15/2017		125
		Masco Corp.
	310	7.13%, 03/15/2020		335
				1,064
		Finance and Insurance - 17.3%
		Abbey National Treasury Services plc
	200	3.88%, 11/10/2014 ■		199
		ABN Amro Bank N.V.
	1,000	4.25%, 02/02/2017 ■		1,012
		ACE Capital Trust II
	90	9.70%, 04/01/2030		123
		ACE INA Holdings, Inc.
	475	2.60%, 11/23/2015		496
		Aegon N.V.
	85	4.63%, 12/01/2015		90
		Allied World Assurance Co., Ltd.
	23	7.50%, 08/01/2016		27

The accompanying notes are an integral part of these financial statements.

46

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Finance and Insurance - 17.3% - (continued)
		Allstate Corp.
$	500	5.55%, 05/09/2035	$	559
		Ally Financial, Inc.
	650	6.75%, 12/01/2014		686
	125	7.50%, 09/15/2020		139
	590	8.00%, 03/15/2020		676
		American Express Centurion Bank
	300	6.00%, 09/13/2017		354
		American Express Co.
	250	7.25%, 05/20/2014		279
	1,550	8.13%, 05/20/2019		2,053
		American Express Credit Corp.
	685	2.38%, 03/24/2017		698
	325	2.75%, 09/15/2015		337
	1,750	2.80%, 09/19/2016		1,814
	700	5.88%, 05/02/2013		735
		American International Group, Inc.
	360	3.65%, 01/15/2014		368
	1,205	3.80%, 03/22/2017		1,244
	250	4.88%, 09/15/2016		267
	100	5.05%, 10/01/2015		107
	375	5.45%, 05/18/2017		406
	1,300	5.85%, 01/16/2018		1,430
	300	6.40%, 12/15/2020		345
	500	8.18%, 05/15/2058		534
		AmeriGas Finance LLC
	240	6.75%, 05/20/2020		245
		Ameriprise Financial, Inc.
	370	5.65%, 11/15/2015		424
		Aon Corp.
	500	3.13%, 05/27/2016		517
	275	5.00%, 09/30/2020		306
		Avalonbay Communities, Inc.
	275	5.70%, 03/15/2017		318
		BAE Systems Holdings, Inc.
	40	4.95%, 06/01/2014 ■		42
		Banco Bradesco S.A.
	250	5.75%, 03/01/2022 ■		254
		Banco de Credito del Peru/Panama
	30	5.38%, 09/16/2020 §		31
	71	6.88%, 09/16/2026 ■		75
		Banco do Brasil
	200	5.88%, 01/26/2022 ■		208
		Bancolombia S.A.
	125	6.13%, 07/26/2020		133
		Bank of America Capital II
	50	8.00%, 12/15/2026		50
		Bank of America Corp.
	900	3.88%, 03/22/2017		898
	2,250	5.63%, 07/01/2020		2,326
	2,230	5.65%, 05/01/2018		2,358
	3,315	5.70%, 01/24/2022		3,480
	540	5.75%, 12/01/2017		573
	2,840	5.88%, 01/05/2021		2,971
	3,760	6.00%, 09/01/2017 - 10/15/2036		3,943
	300	7.38%, 05/15/2014		325
	670	7.63%, 06/01/2019		772
		Bank of Montreal
	1,615	2.50%, 01/11/2017		1,659
		Bank of New York Mellon Corp.
	1,290	1.20%, 02/20/2015		1,298
	850	2.95%, 06/18/2015		896
		Barclays Bank plc
	1,050	5.13%, 01/08/2020		1,106
	910	5.14%, 10/14/2020		870
	2,130	6.05%, 12/04/2017 ■		2,137
		BB&T Corp.
	1,500	3.95%, 03/22/2022		1,541
	200	4.90%, 06/30/2017		221
		Bear Stearns & Co., Inc.
	1,750	5.30%, 10/30/2015		1,920
		BM & F Bovespa
	195	5.50%, 07/16/2020 §		210
		Boston Properties L.P.
	435	3.70%, 11/15/2018		453
		BP Capital Markets plc
	425	1.70%, 12/05/2014		431
	1,675	2.25%, 11/01/2016		1,723
	375	3.13%, 10/01/2015		397
	100	3.88%, 03/10/2015		107
		Branch Banking & Trust
	250	5.63%, 09/15/2016		284
		Brandywine Operating Partnership
	1,100	4.95%, 04/15/2018		1,124
	215	5.70%, 05/01/2017		229
	150	7.50%, 05/15/2015		168
		Capital One Bank
	850	8.80%, 07/15/2019		1,074
		Capital One Financial Corp.
	1,006	2.15%, 03/23/2015		1,013
	500	3.15%, 07/15/2016		517
	500	4.75%, 07/15/2021		539
	1,075	6.15%, 09/01/2016		1,188
	125	6.75%, 09/15/2017		150
	325	7.38%, 05/23/2014		360
		Caterpillar Financial Services Corp.
	2,100	2.05%, 08/01/2016		2,175
		Cigna Corp.
	1,700	4.00%, 02/15/2022		1,755
	800	5.38%, 02/15/2042		847
	900	5.88%, 03/15/2041		1,008
		CIT Group, Inc.
	686	5.25%, 03/15/2018		707
	180	5.50%, 02/15/2019 ■		185
	70	6.63%, 04/01/2018 ■		76
	866	7.00%, 05/02/2017 ■		868

The accompanying notes are an integral part of these financial statements.

47

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Finance and Insurance - 17.3% - (continued)
		Citigroup, Inc.
$	1,250	2.65%, 03/02/2015	$	1,247
	800	4.45%, 01/10/2017		836
	25	4.50%, 01/14/2022		25
	445	4.59%, 12/15/2015		466
	90	4.75%, 05/19/2015		95
	625	5.00%, 09/15/2014		646
	450	5.50%, 08/27/2012		456
	160	5.88%, 01/30/2042		170
	85	6.00%, 10/31/2033		83
	7,555	6.13%, 11/21/2017 - 08/25/2036		8,096
	250	6.63%, 06/15/2032		256
	1,115	6.88%, 03/05/2038		1,298
	270	8.50%, 05/22/2019		336
		CNH Capital LLC
	270	6.25%, 11/01/2016 ■		288
		Community Choice Financial
	455	10.75%, 05/01/2019 ■		463
		CPM Holdings, Inc.
	120	10.63%, 09/01/2014		130
		Credit Acceptance Corp.
	245	9.13%, 02/01/2017		266
		Credit Suisse Guernsey
	2,500	1.63%, 03/06/2015 ■		2,507
		Credit Suisse New York
	1,250	4.38%, 08/05/2020		1,315
	700	5.00%, 05/15/2013		727
		Deutsche Bank AG
	2,002	3.25%, 01/11/2016		2,059
		Discover Financial Services, Inc.
	10	6.45%, 06/12/2017		11
		Dolphin Subsidiary II, Inc.
	460	7.25%, 10/15/2021 ■		511
		Duke Realty L.P.
	895	6.75%, 03/15/2020		1,059
	260	7.38%, 02/15/2015		288
		Equity One, Inc.
	65	6.00%, 09/15/2017		71
		ERP Operating L.P.
	300	5.13%, 03/15/2016		335
		Everest Reinsurance Holdings, Inc.
	70	5.40%, 10/15/2014		73
		Farmers Exchange Capital
	200	7.05%, 07/15/2028 ■		221
		Federal Realty Investment Trust
	55	5.95%, 08/15/2014		60
		Felcor Escrow Holdings
	340	6.75%, 06/01/2019		343
		Fibria Overseas Finance Ltd.
	365	7.50%, 05/04/2020 ■☼		382
		Fifth Third Bancorp
	356	3.63%, 01/25/2016		378
	425	5.45%, 01/15/2017		471
		Ford Motor Credit Co.
	775	4.25%, 02/03/2017		808
	240	5.00%, 05/15/2018		259
	205	6.63%, 08/15/2017		236
	70	7.00%, 10/01/2013		75
	400	8.00%, 12/15/2016		478
	200	8.13%, 01/15/2020		253
		General Electric Capital Corp.
	4,000	2.30%, 04/27/2017		4,006
	1,600	2.95%, 05/09/2016		1,668
	725	3.50%, 06/29/2015		767
	600	4.65%, 10/17/2021		652
	590	5.30%, 02/11/2021		650
	55	5.50%, 01/08/2020		63
	4,600	5.63%, 09/15/2017 - 05/01/2018		5,326
	1,995	5.88%, 01/14/2038		2,231
	90	6.15%, 08/07/2037		104
	705	6.75%, 03/15/2032		859
		Goldman Sachs Group, Inc.
	1,500	3.30%, 05/03/2015		1,499
	1,820	5.25%, 07/27/2021		1,842
	1,500	5.38%, 03/15/2020		1,556
	3,250	5.75%, 01/24/2022		3,394
	75	5.95%, 01/15/2027		74
	2,620	6.25%, 09/01/2017 - 02/01/2041		2,838
	200	6.35%, 02/15/2034		187
	720	6.45%, 05/01/2036		702
	700	6.75%, 10/01/2037		692
	1,505	7.50%, 02/15/2019		1,741
		Guardian Life Insurance Co.
	250	7.38%, 09/30/2039 ■		316
		HCP, Inc.
	640	3.75%, 02/01/2016 - 02/01/2019		649
	1,000	6.70%, 01/30/2018		1,170
	1,125	6.75%, 02/01/2041		1,362
		Health Care Properties
	20	5.65%, 12/15/2013		21
	330	6.00%, 01/30/2017		370
		Health Care REIT, Inc.
	3,000	4.13%, 04/01/2019		3,023
	266	5.25%, 01/15/2022		281
		Host Hotels & Resorts L.P.
	190	6.00%, 11/01/2020		202
		Host Marriott L.P.
	90	6.38%, 03/15/2015		91
	70	6.75%, 06/01/2016		72
		HSBC Bank USA
	3,240	2.38%, 02/13/2015		3,275
	250	6.00%, 08/09/2017		280
		HSBC Holdings plc
	330	3.50%, 06/28/2015 ■		344
	890	4.00%, 03/30/2022		904
	1,665	5.10%, 04/05/2021		1,833
	2,100	6.80%, 06/01/2038		2,372
		HSBC USA, Inc.
	175	5.00%, 09/27/2020		177
		Ineos Finance plc
	190	7.50%, 05/01/2020 ■☼		195
		Itau Unibanco Holding S.A.
	225	5.65%, 03/19/2022 ■		226
	100	5.75%, 01/22/2021 ■		103
		John Deere Capital Corp.
	2,000	1.40%, 03/15/2017		2,005
	1,835	3.15%, 10/15/2021		1,906
	395	3.90%, 07/12/2021		437

The accompanying notes are an integral part of these financial statements.

48

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Finance and Insurance - 17.3% - (continued)
		JP Morgan Chase & Co.
$	600	4.25%, 10/15/2020	$	628
	4,300	4.35%, 08/15/2021		4,502
	500	4.40%, 07/22/2020		530
	2,220	4.63%, 05/10/2021		2,365
	1,070	5.13%, 09/15/2014		1,149
	1,025	5.40%, 01/06/2042		1,107
	1,475	6.00%, 01/15/2018		1,704
	1,325	6.30%, 04/23/2019		1,551
		JP Morgan Chase Capital XXV
	50	6.80%, 10/01/2037		50
		JP Morgan Chase Capital XXVII
	600	7.00%, 11/01/2039		605
		JP Morgan Chase XVII
	50	5.85%, 08/01/2035		50
		Key Bank NA
	250	5.45%, 03/03/2016		278
		Kimco Realty Corp.
	450	4.30%, 02/01/2018		470
	20	5.58%, 11/23/2015		22
		Lazard Group
	80	6.85%, 06/15/2017		88
		Liberty Mutual Group, Inc.
	60	5.75%, 03/15/2014 ■		64
		Liberty Property L.P.
	115	4.75%, 10/01/2020		120
	350	5.50%, 12/15/2016		387
		Lincoln National Corp.
	35	6.15%, 04/07/2036		37
	450	7.00%, 06/15/2040		531
		Lloyds Banking Group plc
	800	4.88%, 01/21/2016		831
	500	6.38%, 01/21/2021		540
	694	7.88%, 11/01/2020 ■☼		606
		Lloyds TSB Bank plc
	985	4.20%, 03/28/2017		999
		Majapahit Holding B.V.
	235	7.75%, 10/17/2016 - 01/20/2020 §		273
		Marsh & McLennan Cos., Inc.
	825	2.30%, 04/01/2017		822
	565	4.80%, 07/15/2021		620
	295	4.85%, 02/15/2013		303
	36	5.75%, 09/15/2015		41
		Massachusetts Mutual Life Insurance Co.
	425	8.88%, 06/01/2039 ■		617
		Massmutual Global Funding
	630	3.13%, 04/14/2016 ■		662
		MBNA Capital
	235	8.28%, 12/01/2026		237
		Merrill Lynch & Co., Inc.
	320	6.40%, 08/28/2017		346
	425	7.75%, 05/14/2038		471
		MetLife Global Funding I
	500	2.50%, 01/11/2013 - 09/29/2015 ■		512
		MetLife Institutional Funding II
	2,500	1.63%, 04/02/2015 ■		2,503
		MetLife, Inc.
	275	6.38%, 06/15/2034		338
	50	7.72%, 02/15/2019		63
		Metropolitan Life Global Funding I
	500	3.13%, 01/11/2016 ■		525
		Morgan Stanley
	1,975	4.75%, 04/01/2014 - 03/22/2017		1,973
	1,200	5.45%, 01/09/2017		1,219
	675	5.50%, 07/28/2021		660
	1,240	5.63%, 09/23/2019		1,225
	816	5.75%, 01/25/2021		806
	900	6.00%, 04/28/2015		942
	2,885	6.63%, 04/01/2018		3,016
		National City Bank
	250	4.63%, 05/01/2013		259
		National City Corp.
	40	4.90%, 01/15/2015		44
	585	6.88%, 05/15/2019		692
		National Money Mart Co.
	115	10.38%, 12/15/2016		129
		National Rural Utilities Cooperative Finance Corp.
	235	1.90%, 11/01/2015		242
		Nationwide Mutual Insurance Co.
	225	9.38%, 08/15/2039 ■		288
		NB Capital Trust IV
	230	8.25%, 04/15/2027		232
		New York Life Global Funding
	800	2.45%, 07/14/2016 ■		829
	200	3.00%, 05/04/2015 ■		211
		Nordea Bank Ab
	1,340	2.25%, 03/20/2015 ■		1,348
	105	3.70%, 11/13/2014 ■		109
	760	4.88%, 05/13/2021 ■		730
		Offshore Group Investments Ltd.
	281	11.50%, 08/01/2015		307
	190	11.50%, 08/01/2015 ■		208
		Pacific Life Insurance Co.
	100	9.25%, 06/15/2039 ■		131
		PNC Funding Corp.
	1,300	5.25%, 11/15/2015		1,444
	190	5.63%, 02/01/2017		212
		Pontis II Ltd.
	265	6.75%, 04/15/2022 ■		277
		Pricoa Global Funding I
	400	5.45%, 06/11/2014 ■		431
		Principal Financial Group, Inc.
	65	7.88%, 05/15/2014		72
	40	8.88%, 05/15/2019		52
		Provident Funding Associates L.P.
	430	10.25%, 04/15/2017 ■		438
		Prudential Financial, Inc.
	170	6.10%, 06/15/2017		199
	265	6.20%, 01/15/2015		293
		Rabobank Nederland Utrec
	1,135	3.88%, 02/08/2022		1,121
		Realty Income Corp.
	185	6.75%, 08/15/2019		217
		Reinsurance Group of America, Inc.
	60	5.63%, 03/15/2017		66

The accompanying notes are an integral part of these financial statements. 

49

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Finance and Insurance - 17.3% - (continued)
		Royal Bank of Scotland plc
$	710	3.95%, 09/21/2015	$	719
	875	4.88%, 08/25/2014 - 03/16/2015		906
	100	5.63%, 08/24/2020		103
	350	6.13%, 01/11/2021		380
		SB Capital (Sberbank)
	1,405	5.72%, 06/16/2021 §		1,423
	320	6.13%, 02/07/2022 ■		330
		Simon Property Group L.P.
	100	4.20%, 02/01/2015		108
	120	4.38%, 03/01/2021		130
	100	5.75%, 12/01/2015		113
	200	6.13%, 05/30/2018		236
		SLM Corp.
	50	5.00%, 04/15/2015		51
	200	5.63%, 08/01/2033		166
	415	6.25%, 01/25/2016		427
	590	7.25%, 01/25/2022		596
	181	8.00%, 03/25/2020		192
	395	8.45%, 06/15/2018		433
		Speedy Cash, Inc.
	116	10.75%, 05/15/2018 ■		121
		Standard Bank plc
	100	8.13%, 12/02/2019		110
		Starwood Hotels & Resort
	60	7.15%, 12/01/2019		72
		State Street Capital Trust IV
	100	1.47%, 06/15/2037 Δ		74
		SunTrust Banks, Inc.
	991	3.50%, 01/20/2017		1,017
	410	3.60%, 04/15/2016		426
		Svenska Handelsbanken Ab
	100	4.88%, 06/10/2014 ■		106
		Teachers Insurance & Annuity Association
	272	6.85%, 12/16/2039 ■		341
		Titlemax
	345	13.25%, 07/15/2015		381
		TMX Finance LLC
	65	13.25%, 07/15/2015		72
		U.S. Bancorp
	1,400	3.00%, 03/15/2022		1,421
		UBS AG London
	1,200	1.88%, 01/23/2015 ■		1,210
		UBS AG Stamford CT
	925	2.25%, 01/28/2014		930
	1,450	5.88%, 07/15/2016		1,533
		UDR, Inc.
	125	4.25%, 06/01/2018		133
		United Dominion Realty Trust, Inc.
	55	6.05%, 06/01/2013		57
		UnitedHealth Group, Inc.
	50	5.80%, 03/15/2036		59
	530	6.00%, 02/15/2018		646
	100	6.63%, 11/15/2037		130
	1,981	6.88%, 02/15/2038		2,654
		Ventas Realty L.P.
	200	3.13%, 11/30/2015		206
	395	4.25%, 03/01/2022		391
	316	4.75%, 06/01/2021		326
		Vnesheconombank
	435	6.80%, 11/22/2025 §		461
	105	6.90%, 07/09/2020 §		116
		VTB Capital S.A.
	390	6.88%, 05/29/2018 §		412
		W.R. Berkley Corp.
	25	5.88%, 02/15/2013		26
		Wachovia Bank NA
	1,250	4.80%, 11/01/2014		1,344
	1,000	5.85%, 02/01/2037		1,123
	1,275	6.60%, 01/15/2038		1,573
		Wachovia Capital Trust III
	325	5.57%, 06/15/2012 ♠Δ		301
		Wachovia Corp.
	755	4.88%, 02/15/2014		796
	300	5.50%, 08/01/2035		316
	670	5.63%, 10/15/2016		754
	50	5.75%, 06/15/2017		58
		Wellpoint, Inc.
	1,000	5.85%, 01/15/2036		1,189
	525	6.00%, 02/15/2014		570
	60	7.00%, 02/15/2019		76
		Wells Fargo & Co.
	1,520	1.25%, 02/13/2015		1,523
	1,000	2.10%, 05/08/2017 ☼		999
	1,175	3.50%, 03/08/2022		1,190
	100	3.63%, 04/15/2015		107
	1,375	3.68%, 06/15/2016		1,475
	800	4.60%, 04/01/2021		879
	750	5.63%, 12/11/2017		880
	500	5.75%, 05/16/2016		568
		Wind Acquisition Finance S.A.
	245	7.25%, 02/15/2018 ■		232
		XL Capital Ltd.
	50	5.25%, 09/15/2014		53
		Xstrata Finance Canada Corp.
	800	3.60%, 01/15/2017 ■		831
				229,555
		Food Manufacturing - 0.5%
		Archer Daniels Midland Co.
	750	4.48%, 03/01/2021		861
		Cargill, Inc.
	517	4.31%, 05/14/2021 ■		563
	300	6.00%, 11/27/2017 ■		358
		Kellogg Co.
	550	7.45%, 04/01/2031		737
		Kraft Foods, Inc.
	800	6.50%, 08/11/2017 - 02/09/2040		993
	1,075	6.75%, 02/19/2014		1,185
	1,000	6.88%, 02/01/2038		1,294
				5,991
		Food Services - 0.2%
		ARAMARK Corp.
	105	8.50%, 02/01/2015		107
		ARAMARK Holdings Corp.
	120	8.63%, 05/01/2016 ■Þ		123

The accompanying notes are an integral part of these financial statements.

50

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Food Services - 0.2% - (continued)
		McDonald's Corp.
$	600	2.63%, 01/15/2022	$	595
	355	3.70%, 02/15/2042		336
	600	5.30%, 03/15/2017		709
	400	6.30%, 10/15/2037		541
				2,411
		Furniture and Related Product Manufacturing - 0.0%
		Masco Corp.
	155	6.13%, 10/03/2016		165
	25	6.50%, 08/15/2032		24
	160	7.75%, 08/01/2029		166
				355
		Health Care and Social Assistance - 2.4%
		Alere, Inc.
	210	7.88%, 02/01/2016		218
	110	9.00%, 05/15/2016		114
		American Renal Holdings, Inc.
	270	8.38%, 05/15/2018		289
		Amgen, Inc.
	700	4.10%, 06/15/2021		747
	635	4.50%, 03/15/2020		701
	390	5.15%, 11/15/2041		406
	500	5.85%, 06/01/2017		593
	425	6.40%, 02/01/2039		508
	225	6.90%, 06/01/2038		285
		Amylin Pharmaceuticals, Inc.
	160	3.00%, 06/15/2014۞		161
		Aristotle Holding, Inc.
	3,500	2.10%, 02/12/2015 ■		3,552
		AstraZeneca plc
	200	5.90%, 09/15/2017		241
	1,000	6.45%, 09/15/2037		1,315
		Biomet, Inc.
	160	10.00%, 10/15/2017		172
	10	10.38%, 10/15/2017 Þ		11
		Bioscrip, Inc.
	170	10.25%, 10/01/2015		184
		Cardinal Health, Inc.
	250	4.00%, 06/15/2015		270
		Community Health Systems, Inc.
	121	8.88%, 07/15/2015		125
		CVS Caremark Corp.
	1,115	3.25%, 05/18/2015		1,186
	1,245	5.75%, 06/01/2017 - 05/15/2041		1,468
	325	6.13%, 09/15/2039		391
	150	6.25%, 06/01/2027		184
	36	6.94%, 01/10/2030		43
		CVS Lease Pass-Through Trust
	17	6.04%, 12/10/2028		19
		Express Scripts, Inc.
	195	3.13%, 05/15/2016		203
	250	6.25%, 06/15/2014		275
		Fresenius Medical Care U.S. Finance II, Inc.
	115	5.63%, 07/31/2019 ■		117
	96	5.88%, 01/31/2022 ■		98
		Fresenius Medical Care US Finance, Inc.
	30	6.50%, 09/15/2018 ■		32
		Gilead Sciences, Inc.
	2,165	3.05%, 12/01/2016		2,289
	1,000	4.40%, 12/01/2021		1,087
		HCA, Inc.
	175	5.88%, 03/15/2022		178
	645	6.38%, 01/15/2015		690
	985	6.50%, 02/15/2016 - 02/15/2020		1,057
	115	7.25%, 09/15/2020		127
		Health Management Associates, Inc.
	365	7.38%, 01/15/2020 ■		380
		HealthSouth Corp.
	350	7.25%, 10/01/2018		371
		IMS Health, Inc.
	255	12.50%, 03/01/2018 ■		300
		Kaiser Permanente
	650	3.50%, 04/01/2022		666
		Life Technologies Corp.
	305	4.40%, 03/01/2015		326
		Medco Health Solutions, Inc.
	525	2.75%, 09/15/2015		542
		Memorial Sloan-Kettering Cancer Center
	695	5.00%, 07/01/2042		738
		Pfizer, Inc.
	1,000	6.20%, 03/15/2019		1,260
	1,450	7.20%, 03/15/2039		2,144
		Radiation Therapy Services, Inc.
	276	8.88%, 01/15/2017 ■☼		273
	390	9.88%, 04/15/2017		313
		Rite Aid Corp.
	75	8.00%, 08/15/2020		87
	60	9.75%, 06/12/2016		67
	125	10.38%, 07/15/2016		132
		Roche Holdings, Inc.
	250	6.00%, 03/01/2019		311
		Sanofi-Aventis S.A.
	1,275	1.63%, 03/28/2014		1,301
		Savient Pharmaceuticals, Inc.
	215	4.75%, 02/01/2018۞		120
		Schering-Plough Corp.
	1,000	6.50%, 12/01/2033		1,379
		Tenet Healthcare Corp.
	315	6.25%, 11/01/2018 ■		328
	200	8.88%, 07/01/2019		224
	130	10.00%, 05/01/2018		150
		Valeant Pharmaceuticals International
	600	6.75%, 08/15/2021 ■		583
				31,331
		Information - 3.1%
		America Movil S.A. de C.V.
	160	5.00%, 03/30/2020		181
		America Movil SAB de C.V.
	620	2.38%, 09/08/2016		633
	255	6.13%, 03/30/2040		306

The accompanying notes are an integral part of these financial statements.

51

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Information - 3.1% - (continued)
		AT&T, Inc.
$	205	3.88%, 08/15/2021	$	221
	475	4.45%, 05/15/2021		533
	1,170	5.35%, 09/01/2040 ╦		1,279
	1,250	5.50%, 02/01/2018		1,474
	90	6.15%, 09/15/2034		106
	1,000	6.30%, 01/15/2038		1,198
	460	6.50%, 09/01/2037		564
		Audatex North America, Inc.
	510	6.75%, 06/15/2018 ■		534
		Beagle Acquisition Corp.
	221	11.00%, 12/31/2019 ■		250
		BellSouth Telecommunications
	153	7.00%, 12/01/2095		184
		CCO Holdings LLC
	500	6.63%, 01/31/2022		523
		Cellco Partnership - Verizon Wireless Capital LLC
	800	5.55%, 02/01/2014		863
	325	8.50%, 11/15/2018		448
		CenturyLink, Inc.
	1,300	5.80%, 03/15/2022		1,289
	850	6.45%, 06/15/2021		884
		CenturyTel, Inc.
	205	6.00%, 04/01/2017		220
		Charter Communications Holdings II LLC
	17	13.50%, 11/30/2016		19
		Comcast Corp.
	500	5.70%, 07/01/2019		595
		Cricket Communications, Inc.
	805	7.75%, 05/15/2016 - 10/15/2020		814
		CSC Holdings LLC
	130	6.75%, 11/15/2021 ■		135
		CSC Holdings, Inc.
	355	7.63%, 07/15/2018		393
		Deutsche Telekom International Finance B.V.
	425	4.88%, 07/08/2014		454
	1,130	4.88%, 03/06/2042 ■		1,065
	670	8.75%, 06/15/2030		922
		DISH DBS Corp.
	430	6.75%, 06/01/2021		471
	235	7.88%, 09/01/2019		272
		Frontier Communications Corp.
	465	7.88%, 04/15/2015		504
	10	8.25%, 05/01/2014		11
		GCI, Inc.
	95	6.75%, 06/01/2021		96
		Google, Inc.
	625	2.13%, 05/19/2016		654
		Harron Communications
	275	9.13%, 04/01/2020 ■		286
		Hughes Satelite Systems
	236	6.50%, 06/15/2019		253
		Intelsat Bermuda Ltd.
	60	11.50%, 02/04/2017 ■Þ		62
	1,117	11.50%, 02/04/2017 Þ		1,164
		Intelsat Jackson Holdings S.A.
	430	7.25%, 04/01/2019		448
	235	7.50%, 04/01/2021		247
	10	8.50%, 11/01/2019		11
		Leap Wireless International, Inc.
	140	4.50%, 07/15/2014۞		131
		Level 3 Escrow, Inc.
	300	8.13%, 07/01/2019 ■		308
		Level 3 Financing, Inc.
	415	8.63%, 07/15/2020 ■		435
		Mediacom Broadband LLC
	315	8.50%, 10/15/2015		324
		Mediacom LLC
	150	7.25%, 02/15/2022 ■		152
	195	9.13%, 08/15/2019		213
		MetroPCS Wireless, Inc.
	340	6.63%, 11/15/2020		327
	315	7.88%, 09/01/2018		323
		Oracle Corp.
	1,000	5.38%, 07/15/2040		1,182
	1,300	5.75%, 04/15/2018		1,588
		Qwest Communications International, Inc.
	100	7.13%, 04/01/2018		107
		SBA Telecommunications
	107	8.00%, 08/15/2016		115
		SBA Tower Trust
	205	4.25%, 04/15/2015 ■		214
		Sprint Nextel Corp.
	420	7.00%, 03/01/2020 ■		428
	465	9.00%, 11/15/2018 ■		512
		Syniverse Holdings, Inc.
	405	9.13%, 01/15/2019		449
		Telecom Italia Capital
	450	7.20%, 07/18/2036		412
	300	7.72%, 06/04/2038		282
		Telefonica Emisiones SAU
	525	2.58%, 04/26/2013		523
	300	3.99%, 02/16/2016		290
	500	5.46%, 02/16/2021		470
		Telefonica Europe B.V.
	440	8.25%, 09/15/2030		450
		Telefonos De Mexico SAB
	100	5.50%, 11/15/2019		115
		Telemar Norte Leste S.A.
	100	5.50%, 10/23/2020 §		104
		UPCB Finance VI Ltd.
	470	6.88%, 01/15/2022 ■		483
		Verizon Communications, Inc.
	1,000	1.95%, 03/28/2014		1,023
	400	4.60%, 04/01/2021		453
	800	4.90%, 09/15/2015		902
	1,125	6.10%, 04/15/2018		1,366
	1,150	6.35%, 04/01/2019		1,424
	970	6.40%, 02/15/2038		1,213
	500	7.35%, 04/01/2039		686
	280	8.75%, 11/01/2018		383
		Verizon Global Funding Corp.
	310	7.75%, 12/01/2030		428
		Vivendi S.A.
	1,335	2.40%, 04/10/2015 ■		1,325

The accompanying notes are an integral part of these financial statements.

52

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Information - 3.1% - (continued)
		Vodafone Group plc
$	1,000	1.63%, 03/20/2017	$	996
		Windstream Corp.
	280	7.50%, 06/01/2022		293
	85	7.75%, 10/15/2020		91
	165	8.13%, 09/01/2018		178
				41,264
		Machinery Manufacturing - 0.2%
		Case New Holland, Inc.
	290	7.88%, 12/01/2017		338
		Danaher Corp.
	410	2.30%, 06/23/2016		429
		Perusahaan Listrik Negara
	200	5.50%, 11/22/2021 ■		206
		Xerox Corp.
	275	4.25%, 02/15/2015		293
	100	6.35%, 05/15/2018		118
	190	6.40%, 03/15/2016		218
	1,100	8.25%, 05/15/2014		1,242
				2,844
		Mining - 1.0%
		Anglo American Capital plc
	200	2.15%, 09/27/2013 ■		202
		Codelco, Inc.
	100	3.75%, 11/04/2020 ■		104
	235	3.88%, 11/03/2021 §		245
		Consol Energy, Inc.
	25	8.25%, 04/01/2020		26
		Falconbridge Ltd.
	75	5.38%, 06/01/2015		82
	75	6.00%, 10/15/2015		84
		FMG Resources Pty Ltd.
	155	6.00%, 04/01/2017 ■		158
	655	7.00%, 11/01/2015 ■		678
	350	8.25%, 11/01/2019 ■		379
		Freeport-McMoRan Copper & Gold, Inc.
	1,910	3.55%, 03/01/2022		1,887
		Inco Ltd.
	30	7.20%, 09/15/2032		34
	45	7.75%, 05/15/2012		45
		Newmont Mining Corp.
	2,800	3.50%, 03/15/2022		2,785
		Peabody Energy Corp.
	425	6.00%, 11/15/2018 ■		431
	280	7.38%, 11/01/2016		310
		Rio Tinto Finance USA Ltd.
	221	1.88%, 11/02/2015		226
	920	2.25%, 09/20/2016		953
	100	3.50%, 11/02/2020		104
	225	4.13%, 05/20/2021		244
	380	8.95%, 05/01/2014		438
		Teck Resources Ltd.
	1,015	3.00%, 03/01/2019		1,014
	1,300	5.20%, 03/01/2042		1,265
	350	10.75%, 05/15/2019		433
		Vale Overseas Ltd.
	795	6.88%, 11/21/2036 - 11/10/2039		949
				13,076
		Miscellaneous Manufacturing - 0.6%
		BE Aerospace, Inc.
	250	5.25%, 04/01/2022		255
	305	6.88%, 10/01/2020		338
		Boeing Co.
	505	2.90%, 08/15/2018		537
	1,000	6.13%, 02/15/2033		1,268
		Bombardier, Inc.
	20	7.50%, 03/15/2018 ■		22
		Goodrich Corp.
	35	6.29%, 07/01/2016		42
		Hutchison Whampoa International Ltd.
	965	3.50%, 01/13/2017 ■		994
	900	5.75%, 09/11/2019 ■		1,015
		L-3 Communications Corp.
	430	3.95%, 11/15/2016		456
		Owens-Brockway
	155	7.38%, 05/15/2016		175
		Reynolds Group Escrow
	205	7.75%, 10/15/2016 ■		217
		Reynolds Group Issuer, Inc.
	270	6.88%, 02/15/2021 ■		278
		Textron, Inc.
	300	6.20%, 03/15/2015		330
		Transdigm, Inc.
	475	7.75%, 12/15/2018		518
		United Technologies Corp.
	950	6.13%, 07/15/2038		1,186
				7,631
		Motor Vehicle and Parts Manufacturing - 0.4%
		Daimler Finance NA LLC
	1,900	1.65%, 04/10/2015 ■		1,906
	600	2.63%, 09/15/2016 ■		620
		DaimlerChrysler NA Holdings Corp.
	370	6.50%, 11/15/2013		401
	100	8.50%, 01/18/2031		148
		Ford Motor Credit Co.
	780	7.45%, 07/16/2031		993
		Fuel Trust
	675	4.21%, 04/15/2016 ■		705
		Meritor, Inc.
	270	8.13%, 09/15/2015		287
	25	10.63%, 03/15/2018		27
		Tenneco, Inc.
	240	7.75%, 08/15/2018		260
		TRW Automotive, Inc.
	435	7.25%, 03/15/2017 ■		496
				5,843
		Nonmetallic Mineral Product Manufacturing - 0.0%
		Rearden G Holdings EINS GmbH
	100	7.88%, 03/30/2020 §		105
		Silgan Holdings, Inc.
	500	5.00%, 04/01/2020 ■		505
				610
		Other Services - 0.1%
		Service Corp. International
	120	6.75%, 04/01/2016		130
	460	7.63%, 10/01/2018		518
				648

The accompanying notes are an integral part of these financial statements.

53

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Paper Manufacturing - 0.1%
		Clearwater Paper Corp.
$	20	7.13%, 11/01/2018	$	21
		Georgia-Pacific LLC
	30	5.40%, 11/01/2020 ■		34
		Kimberly-Clark Corp.
	1,000	6.13%, 08/01/2017		1,225
		Neenah Paper, Inc.
	172	7.38%, 11/15/2014		172
				1,452
		Petroleum and Coal Products Manufacturing - 3.6%
		Alpha Natural Resources, Inc.
	56	6.00%, 06/01/2019		53
	40	6.25%, 06/01/2021		37
		Anadarko Petroleum Corp.
	170	5.75%, 06/15/2014		185
	1,100	5.95%, 09/15/2016		1,272
	1,300	6.45%, 09/15/2036		1,541
	150	6.95%, 06/15/2019		185
	125	7.95%, 06/15/2039		168
		Antero Resources Finance Corp.
	190	7.25%, 08/01/2019 ■		196
	125	9.38%, 12/01/2017		136
		Apache Corp.
	595	1.75%, 04/15/2017		601
		BG Energy Capital plc
	1,800	4.00%, 10/15/2021 ■		1,925
		Canadian Natural Resources Ltd.
	1,430	1.45%, 11/14/2014		1,449
	600	5.70%, 05/15/2017		708
		Chesapeake Energy Corp.
	275	2.50%, 05/15/2037۞		234
	160	6.63%, 08/15/2020		156
	255	6.88%, 11/15/2020		248
		CNOOC Finance 2012 Ltd.
	2,466	3.88%, 05/02/2022 ■☼		2,468
		CNPC HK Overseas Capital Ltd.
	1,900	2.75%, 04/19/2017 ■		1,898
	315	4.50%, 04/28/2021 ■		339
		ConocoPhillips
	1,775	6.50%, 02/01/2039		2,399
	250	7.00%, 03/30/2029		318
		Continental Resources, Inc.
	150	5.00%, 09/15/2022 ■		152
		Devon Energy Corp.
	260	7.95%, 04/15/2032		372
		Devon Financing Corp.
	350	7.88%, 09/30/2031		497
		EnCana Corp.
	725	5.15%, 11/15/2041		687
		Endeavour International
	370	12.00%, 03/01/2018 ■		374
		Ensco plc
	450	4.70%, 03/15/2021		491
		Ferrellgas Partners L.P.
	155	6.50%, 05/01/2021		141
		Gaz Capital S.A.
	105	9.25%, 04/23/2019 §		131
		Harvest Operations Corp.
	520	6.88%, 10/01/2017 ■		549
		Hess Corp.
	150	5.60%, 02/15/2041		163
	500	6.00%, 01/15/2040		562
	185	7.00%, 02/15/2014		204
	45	7.88%, 10/01/2029		60
		Hornbeck Offshore Services, Inc.
	225	5.88%, 04/01/2020 ■		224
		IPIC GMTN Ltd.
	240	5.50%, 03/01/2022 §		251
		KazMunayGas National Co.
	100	11.75%, 01/23/2015 §		122
		Lone Pine Resources, Inc.
	350	10.38%, 02/15/2017 ■		359
		Newfield Exploration Co.
	160	5.75%, 01/30/2022		170
	150	7.13%, 05/15/2018		160
		Nexen, Inc.
	400	6.40%, 05/15/2037		444
	650	7.50%, 07/30/2039		796
		Occidental Petroleum Corp.
	485	3.13%, 02/15/2022		498
		Panhandle Eastern Pipeline
	75	6.20%, 11/01/2017		86
		Pemex Project Funding Master Trust
	730	6.63%, 06/15/2035		856
		Petrobras International Finance Co.
	505	3.50%, 02/06/2017		519
	250	5.38%, 01/27/2021		274
	560	5.75%, 01/20/2020		625
	984	5.88%, 03/01/2018		1,108
	75	6.75%, 01/27/2041		90
	520	7.88%, 03/15/2019		643
		Petroleos de Venezuela S.A.
	745	5.25%, 04/12/2017 §		578
	140	8.50%, 11/02/2017 ■		125
	578	8.50%, 11/02/2017 §		516
	2,155	9.00%, 11/17/2021 §		1,754
		Petroleos Mexicanos
	60	6.50%, 06/02/2041 ■		70
		Petroleum Development Corp.
	20	12.00%, 02/15/2018		22
		Phillips 66
	1,400	2.95%, 05/01/2017 ■		1,437
		Pioneer Natural Resources Co.
	95	5.88%, 07/15/2016		105
	260	6.65%, 03/15/2017		295
	145	6.88%, 05/01/2018		171
		Plains Exploration & Production Co.
	50	6.63%, 05/01/2021		52
	222	6.75%, 02/01/2022		231
		PT Pertamina
	200	6.50%, 05/27/2041 §		212
		PTTEP Canada International Finance Ltd.
	231	5.69%, 04/05/2021 ■		250
		Range Resources Corp.
	430	5.75%, 06/01/2021		451
	15	6.75%, 08/01/2020		16
		Reliance Holdings USA
	255	5.40%, 02/14/2022 ■		256

The accompanying notes are an integral part of these financial statements.

54

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Petroleum and Coal Products Manufacturing - 3.6% - (continued)
		Rosetta Resources, Inc.
$	95	9.50%, 04/15/2018	$	104
		Sempra Energy
	25	6.50%, 06/01/2016		30
	70	8.90%, 11/15/2013		78
		Shell International Finance B.V.
	1,100	6.38%, 12/15/2038		1,501
		Tosco Corp.
	500	8.13%, 02/15/2030		726
		Total Capital International S.A.
	3,065	2.88%, 02/17/2022		3,062
		Transocean, Inc.
	215	4.95%, 11/15/2015		231
	1,260	5.05%, 12/15/2016		1,368
	400	5.25%, 03/15/2013		414
	300	6.00%, 03/15/2018		336
	1,100	6.50%, 11/15/2020		1,263
		Valero Energy Corp.
	410	4.50%, 02/01/2015		441
	310	6.13%, 02/01/2020		360
	195	6.63%, 06/15/2037		211
		Weatherford International Ltd.
	1,500	5.95%, 04/15/2042		1,555
		Williams Partners L.P.
	385	3.80%, 02/15/2015		410
	90	4.13%, 11/15/2020		94
	125	5.25%, 03/15/2020		140
	200	6.30%, 04/15/2040		238
				47,227
		Pipeline Transportation - 0.6%
		DCP Midstream LLC
	600	4.75%, 09/30/2021 ■		648
	250	6.75%, 09/15/2037 ■		304
		El Paso Corp.
	370	6.50%, 09/15/2020		410
	450	7.00%, 06/15/2017		506
	50	7.75%, 01/15/2032		57
		El Paso Natural Gas Co.
	70	5.95%, 04/15/2017		79
	50	7.25%, 06/01/2018		57
		Energy Transfer Equity L.P.
	425	7.50%, 10/15/2020		471
		Enterprise Products Operating LLC
	1,015	5.65%, 04/01/2013		1,057
	500	6.50%, 01/31/2019		606
		Kinder Morgan Energy Partners L.P.
	150	5.00%, 12/15/2013		159
	150	6.55%, 09/15/2040		171
	90	6.95%, 01/15/2038		106
	350	7.30%, 08/15/2033		412
	50	7.75%, 03/15/2032		61
	100	9.00%, 02/01/2019		129
		Kinder Morgan Finance Co.
	110	5.70%, 01/05/2016		115
	275	6.00%, 01/15/2018 ■		289
		Markwest Energy
	135	6.25%, 06/15/2022		142
		NGPL Pipeco LLC
	230	6.51%, 12/15/2012 ■		229
	160	7.12%, 12/15/2017 ■		155
		Plains All American Pipeline L.P.
	890	3.65%, 06/01/2022		895
	100	3.95%, 09/15/2015		107
	125	5.75%, 01/15/2020		145
		TransCanada Pipelines Ltd.
	45	7.63%, 01/15/2039		65
		Transnet Ltd.
	200	4.50%, 02/10/2016 §		209
				7,584
		Primary Metal Manufacturing - 0.2%
		ArcelorMittal
	700	3.75%, 08/05/2015		710
	900	4.50%, 02/25/2017		906
	705	5.50%, 03/01/2021		695
	150	6.13%, 06/01/2018		158
	125	9.00%, 02/15/2015		143
	25	9.85%, 06/01/2019		30
		Novelis, Inc.
	125	8.38%, 12/15/2017		135
		Rio Tinto Alcan, Inc.
	50	6.13%, 12/15/2033		60
				2,837
		Printing and Related Support Activities - 0.1%
		Cenveo Corp.
	208	7.88%, 12/01/2013		190
		Quebecor Media, Inc.
	440	7.75%, 03/15/2016		452
				642
		Professional, Scientific and Technical Services - 0.3%
		Checkout Holdings Corp.
	210	0.62%, 11/15/2015 ■○		83
		Electronic Data Systems Corp.
	40	7.45%, 10/15/2029		49
		IBM Corp.
	1,560	1.95%, 07/22/2016		1,611
	750	7.63%, 10/15/2018		1,008
		Lamar Media Corp.
	95	5.88%, 02/01/2022 ■		98
		SunGard Data Systems, Inc.
	315	7.38%, 11/15/2018		336
	45	7.63%, 11/15/2020		48
	162	10.25%, 08/15/2015		168
				3,401
		Public Administration - 0.2%
		Waste Management, Inc.
	1,800	2.60%, 09/01/2016		1,860
	325	6.13%, 11/30/2039		405
	250	6.38%, 03/11/2015		285
				2,550
		Rail Transportation - 0.1%
		Burlington Northern Santa Fe Corp.
	360	3.05%, 03/15/2022		363
	150	5.75%, 05/01/2040		175
		Canadian Pacific Railway Co.
	700	4.50%, 01/15/2022 ☼		747

The accompanying notes are an integral part of these financial statements.

55

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Rail Transportation - 0.1% - (continued)
		CSX Corp.
$	185	4.25%, 06/01/2021	$	201
		Russian Railways
	370	5.74%, 04/03/2017 §		396
				1,882
		Real Estate, Rental and Leasing - 0.9%
		Air Lease Corp.
	625	5.63%, 04/01/2017 ■		609
		COX Communications, Inc.
	800	5.45%, 12/15/2014		887
	220	6.45%, 12/01/2036 ■		260
	700	8.38%, 03/01/2039 ■		1,005
		Duke Realty L.P.
	15	5.95%, 02/15/2017		17
		ERAC USA Finance Co.
	65	2.25%, 01/10/2014 ■		65
	585	2.75%, 07/01/2013 - 03/15/2017 ■		590
	300	6.38%, 10/15/2017 ■		350
	125	7.00%, 10/15/2037 ■		146
		Hertz Corp.
	275	6.75%, 04/15/2019		287
		International Lease Finance Corp.
	415	5.65%, 06/01/2014		424
	785	5.75%, 05/15/2016		799
	985	5.88%, 04/01/2019		967
	510	6.25%, 05/15/2019		515
	165	6.75%, 09/01/2016 ■		178
	465	7.13%, 09/01/2018 ■		512
		ProLogis L.P.
	460	4.00%, 01/15/2018		472
	175	4.50%, 08/15/2017		184
	250	6.13%, 12/01/2016		281
	95	6.25%, 03/15/2017		108
	400	6.63%, 05/15/2018		458
		Realogy Corp.
	673	7.63%, 01/15/2020 ■		698
		Regency Centers L.P.
	830	5.25%, 08/01/2015		895
	15	5.88%, 06/15/2017		17
		United Rental Financing Escrow Corp.
	65	5.75%, 07/15/2018 ■		67
	570	7.38%, 05/15/2020 ■		599
	135	7.63%, 04/15/2022 ■		143
		United Rentals North America, Inc.
	100	8.38%, 09/15/2020		105
	95	10.88%, 06/15/2016		108
		Westfield Group ADR
	10	5.40%, 10/01/2012 ■		10
				11,756
		Retail Trade - 1.1%
		Affinia Group, Inc.
	45	10.75%, 08/15/2016 ■		49
		AmeriGas Finance LLC
	155	7.00%, 05/20/2022		158
		AutoZone, Inc.
	1,448	3.70%, 04/15/2022		1,474
	500	4.00%, 11/15/2020		530
	700	7.13%, 08/01/2018		872
		Building Materials Corp.
	200	6.75%, 05/01/2021 ■		208
		Easton-Bell Sports, Inc.
	25	9.75%, 12/01/2016		28
		Energy Transfer Partners
	660	5.20%, 02/01/2022		703
	125	6.63%, 10/15/2036		131
	746	8.50%, 04/15/2014		838
		Federated Retail Holdings, Inc.
	110	5.90%, 12/01/2016		126
		Home Depot, Inc.
	1,400	5.88%, 12/16/2036		1,714
		Macys Retails Holdings, Inc.
	20	7.00%, 02/15/2028		23
		May Department Stores
	20	6.70%, 09/15/2028		22
		Michaels Stores, Inc.
	440	7.75%, 11/01/2018		463
		Number Merger Sub, Inc.
	420	11.00%, 12/15/2019 ■		455
		Sally Holdings
	225	6.88%, 11/15/2019 ■		240
		Staples, Inc.
	100	9.75%, 01/15/2014		113
		Target Corp.
	300	5.38%, 05/01/2017		357
		Wal-Mart Stores, Inc.
	600	3.25%, 10/25/2020		639
	375	5.63%, 04/15/2041		457
	1,450	6.20%, 04/15/2038		1,898
	2,800	6.50%, 08/15/2037		3,697
				15,195
		Soap, Cleaning Compound and Toilet Manufacturing - 0.3%
		Colgate - Palmolive Co.
	3,425	2.30%, 05/03/2022		3,365
		Procter & Gamble Co.
	816	1.45%, 08/15/2016		831
		Revlon Consumer Products
	265	9.75%, 11/15/2015		286
				4,482
		Transportation Equipment Manufacturing - 0.1%
		General Dynamics Corp.
	910	2.25%, 07/15/2016		951
		Huntington Ingalls Industries, Inc.
	240	6.88%, 03/15/2018		254
	106	7.13%, 03/15/2021		112
				1,317
		Utilities - 2.8%
		AES (The) Corp.
	160	7.75%, 10/15/2015		180
	295	8.00%, 10/15/2017		336
		AES Panama S.A.
	15	6.35%, 12/21/2016 §		16
		Calpine Corp.
	640	7.25%, 10/15/2017 ■		683
	220	7.50%, 02/15/2021 ■		236
		CenterPoint Energy Houston Electric LLC
	35	7.00%, 03/01/2014		39
		CenterPoint Energy Resources Corp.
	290	4.50%, 01/15/2021		318

The accompanying notes are an integral part of these financial statements.

56

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Utilities - 2.8% - (continued)
		CenterPoint Energy, Inc.
$	30	6.50%, 05/01/2018	$	36
		Centrais Eletricas Brasileiras S.A.
	1,305	5.75%, 10/27/2021 ■		1,419
	535	5.75%, 10/27/2021 §		582
	200	6.88%, 07/30/2019 §		235
		Comision Fed De Electric
	200	5.75%, 02/14/2042 §		203
		Comision Federal de Electricidad
	895	5.75%, 02/14/2042 ■		908
		Commonwealth Edison Co.
	720	3.40%, 09/01/2021		763
	100	5.80%, 03/15/2018		121
		Consolidated Edison Co. of NY
	1,400	4.20%, 03/15/2042		1,439
	140	5.70%, 06/15/2040		176
	700	5.85%, 04/01/2018		856
		Dominion Resources, Inc.
	1,500	1.95%, 08/15/2016		1,527
	10	4.90%, 08/01/2041		11
	900	5.15%, 07/15/2015		1,010
	35	5.20%, 08/15/2019		41
		Duke Energy Corp.
	1,350	3.55%, 09/15/2021		1,409
	500	5.30%, 10/01/2015		572
	1,200	5.65%, 06/15/2013		1,263
		Duke Energy Indiana, Inc.
	225	3.75%, 07/15/2020		244
		E.CL S.A.
	100	5.63%, 01/15/2021 §		108
		Edison International
	1,210	3.75%, 09/15/2017		1,285
		Enel Finance International S.A.
	200	3.88%, 10/07/2014 ■		201
		Entergy Corp.
	115	3.63%, 09/15/2015		117
		Exelon Generation Co. LLC
	325	4.00%, 10/01/2020		335
	270	5.20%, 10/01/2019		304
	125	5.35%, 01/15/2014		134
		Florida Power & Light Co.
	1,300	4.13%, 02/01/2042		1,331
		Georgia Power Co.
	320	4.75%, 09/01/2040		348
		Great Plains Energy, Inc.
	181	4.85%, 06/01/2021		196
		Intergen N.V.
	265	9.00%, 06/30/2017 ■		272
		Ipalco Enterprises, Inc.
	30	7.25%, 04/01/2016 ■		33
		Kansas City Power & Light Co.
	50	7.15%, 04/01/2019		63
		MidAmerican Energy Holdings Co.
	285	5.00%, 02/15/2014		306
	100	5.75%, 04/01/2018		118
	250	5.88%, 10/01/2012		255
	500	5.95%, 05/15/2037		603
		National Power Corp.
	35	9.63%, 05/15/2028		49
		Nevada Power Co.
	100	6.50%, 08/01/2018		124
		NiSource Finance Corp.
	10	5.25%, 09/15/2017		11
	140	6.40%, 03/15/2018		165
		NRG Energy, Inc.
	40	7.38%, 01/15/2017		42
		Oncor Electric Delivery Co.
	700	4.55%, 12/01/2041 ■		641
	500	5.00%, 09/30/2017		552
	615	5.25%, 09/30/2040		623
		Pacific Gas & Electric Co.
	346	3.25%, 09/15/2021		359
	75	3.50%, 10/01/2020		80
	1,400	6.05%, 03/01/2034		1,724
		Pacific Gas & Electric Energy Recovery Funding LLC
	725	8.25%, 10/15/2018		976
		Pacificorp
	840	4.10%, 02/01/2042		839
	1,000	5.50%, 01/15/2019		1,193
	250	6.25%, 10/15/2037		329
		Peco Energy Co.
	20	5.70%, 03/15/2037		24
		Pepco Holdings, Inc.
	230	2.70%, 10/01/2015		235
		PPL Electric Utilities Corp.
	110	5.20%, 07/15/2041		131
		Progress Energy, Inc.
	345	3.15%, 04/01/2022		344
	500	5.63%, 01/15/2016		574
	1,650	7.05%, 03/15/2019		2,078
		PSEG Power LLC
	850	2.75%, 09/15/2016		871
	225	8.63%, 04/15/2031		326
		San Diego Gas & Electric Co.
	285	4.50%, 08/15/2040		311
		Scana Corp.
	500	4.75%, 05/15/2021		533
		Sierra Pacific Power Co.
	100	6.00%, 05/15/2016		117
		Southern California Edison Co.
	925	4.50%, 09/01/2040		1,000
	500	6.00%, 01/15/2034		641
		Southern Co.
	300	2.38%, 09/15/2015		312
		Texas Competitive Electric Co.
	360	11.50%, 10/01/2020 ■		223
		Union Electric Co.
	145	6.40%, 06/15/2017		175
		Virginia Electric & Power Co.
	545	2.95%, 01/15/2022		557
	325	3.45%, 09/01/2022		345
	200	6.35%, 11/30/2037		268
		Xcel Energy, Inc.
	150	4.70%, 05/15/2020		171
				37,575

The accompanying notes are an integral part of these financial statements. 

57

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.8% - (continued)
		Water Transportation - 0.0%
		ACL I Corp.
$	411	10.63%, 02/15/2016 ■Þ	$	400
		Marquette Transport Co.
	225	10.88%, 01/15/2017		239
				639
		Wholesale Trade - 0.4%
		Avnet, Inc.
	50	6.63%, 09/15/2016		57
		Everest Acquisition LLC
	55	6.88%, 05/01/2019 ■		58
	815	9.38%, 05/01/2020 ■		868
		HD Supply, Inc.
	220	8.13%, 04/15/2019 ■		236
		International Paper Co.
	250	4.75%, 02/15/2022		267
	500	7.30%, 11/15/2039		618
		Interpublic Group of Co., Inc.
	120	6.25%, 11/15/2014		131
	20	10.00%, 07/15/2017		23
		J.M. Huber Corp.
	270	9.88%, 11/01/2019 ■		286
		SABMiller Holdings, Inc.
	1,500	2.45%, 01/15/2017 ■		1,536
	1,475	3.75%, 01/15/2022 ■		1,534
				5,614
		Total corporate bonds
		(cost $550,842)	$	568,491
FOREIGN GOVERNMENT OBLIGATIONS - 4.3%
		Argentina - 0.1%
		Argentina (Republic of)
EUR	235	2.26%, 12/31/2038	$	89
	3,590	2.50%, 12/31/2038		1,211
EUR	79	7.82%, 12/31/2033		61
	546	8.28%, 12/31/2033		376
			$	1,737
		Brazil - 0.3%
		Brazil (Republic of)
	954	5.63%, 01/07/2041		1,135
BRL	682	6.00%, 05/15/2015 ◄		381
	651	7.13%, 01/20/2037		916
	770	8.25%, 01/20/2034		1,190
	425	10.13%, 05/15/2027		717
	15	12.25%, 03/06/2030		29
				4,368
		Chile - 0.0%
		Chile (Republic of)
	370	3.25%, 09/14/2021		385
		Colombia - 0.2%
		Colombia (Republic of)
	1,305	7.38%, 01/27/2017 - 09/18/2037		1,658
COP	752,000	7.75%, 04/14/2021		524
COP	10,000	9.85%, 06/28/2027		8
	85	10.38%, 01/28/2033		146
	230	11.75%, 02/25/2020		369
COP	108,000	12.00%, 10/22/2015		77
				2,782
		Croatia - 0.1%
		Croatia (Republic of)
	460	6.25%, 04/27/2017 ■		466
	595	6.38%, 03/24/2021 §		583
				1,049
		Dominican Republic - 0.0%
		Dominican Republic
	202	9.04%, 01/23/2018 §		224
		El Salvador - 0.0%
		El Salvador (Republic of)
	10	8.25%, 04/10/2032 §		11
		Hungary - 0.1%
		Hungary (Republic of)
EUR	25	3.88%, 02/24/2020		26
EUR	505	4.38%, 07/04/2017		581
	95	6.25%, 01/29/2020		91
	40	7.63%, 03/29/2041		38
				736
		Indonesia - 0.5%
		Indonesia (Republic of)
	615	4.88%, 05/05/2021 §		661
	235	5.25%, 01/17/2042 §		241
	525	5.88%, 03/13/2020 §		599
	385	6.63%, 02/17/2037 §		464
	265	6.75%, 03/10/2014 §		284
	1,155	6.88%, 03/09/2017 - 01/17/2018 §		1,352
	290	7.25%, 04/20/2015 §		328
	1,500	7.50%, 01/15/2016 §☼		1,744
	545	7.75%, 01/17/2038 §		738
	360	10.38%, 05/04/2014 §		414
	105	11.63%, 03/04/2019 §		155
				6,980
		Ivory Coast - 0.0%
		Ivory Coast (Republic of)
	100	0.00%, 12/31/2032 ■●		68
	540	0.00%, 12/31/2032 ●§		367
				435
		Korea (Republic of) - 0.0%
		Korea (Republic of)
	110	7.13%, 04/16/2019		138
		Latvia - 0.0%
		Latvia (Republic of)
	385	5.25%, 02/22/2017 ■		396
		Lithuania - 0.0%
		Lithuania (Republic of)
	310	7.38%, 02/11/2020 §		363
		Mexico - 0.4%
		Mexican Bonos De Desarrollo
MXN	8,864	6.50%, 06/10/2021		697
MXN	3,915	8.00%, 06/11/2020		340
		Mexican Bonos Desarr
MXN	9,692	8.00%, 12/17/2015		817

The accompanying notes are an integral part of these financial statements. 

58

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 4.3% - (continued)
		Mexico - 0.4% - (continued)
		United Mexican States
$	540	4.75%, 03/08/2044	$	555
	108	5.63%, 01/15/2017		126
	946	5.75%, 10/12/2110		1,031
	616	5.88%, 01/15/2014 - 02/17/2014		666
	134	6.63%, 03/03/2015		153
	60	7.50%, 04/08/2033		86
				4,471
		Panama - 0.1%
		Panama (Republic of)
	126	6.70%, 01/26/2036		169
	433	7.25%, 03/15/2015		502
				671
		Peru - 0.2%
		Peru (Republic of)
	605	5.63%, 11/18/2050		700
PEN	75	7.84%, 08/12/2020 §		34
	535	8.38%, 05/03/2016		667
	700	8.75%, 11/21/2033		1,122
	25	9.88%, 02/06/2015		31
				2,554
		Philippines - 0.2%
		Philippines (Republic of)
	211	5.00%, 01/13/2037		222
	430	6.38%, 01/15/2032		527
	400	6.50%, 01/20/2020		488
	325	9.50%, 02/02/2030		517
	100	9.88%, 01/15/2019		141
	505	10.63%, 03/16/2025		820
				2,715
		Poland - 0.0%
		Poland (Republic of)
	235	5.00%, 03/23/2022		251
		Qatar - 0.1%
		Qatar (State of)
	160	5.25%, 01/20/2020 §		179
	875	6.40%, 01/20/2040 §		1,047
	260	6.55%, 04/09/2019 §		312
				1,538
		Russia - 0.7%
		Russian Federation
	1,100	3.63%, 04/29/2015 §		1,147
	1,700	5.00%, 04/29/2020 §		1,838
	2,371	7.50%, 03/31/2030 §		2,842
	165	12.75%, 06/24/2028 §		299
		Russian Federation Government
	1,800	3.25%, 04/04/2017 ■☼		1,825
	200	3.63%, 04/29/2015		208
	1,000	5.63%, 04/04/2042 ■		1,059
	30	11.00%, 07/24/2018 §		42
				9,260
		South Africa - 0.0%
		South Africa (Republic of)
	150	4.67%, 01/17/2024		157
	100	6.88%, 05/27/2019		123
				280
		Turkey - 0.7%
		Turkey (Republic of)
	1,285	5.13%, 03/25/2022		1,309
	335	5.63%, 03/30/2021		358
	200	6.00%, 01/14/2041		203
	1,560	6.25%, 09/26/2022		1,727
	370	6.75%, 04/03/2018		422
	594	6.88%, 03/17/2036		673
	970	7.00%, 09/26/2016		1,100
	1,390	7.25%, 03/15/2015		1,547
	1,505	7.50%, 07/14/2017		1,763
				9,102
		Ukraine - 0.1%
		Naftogaz Ukraine
	220	9.50%, 09/30/2014		215
		Ukraine (Government of)
	350	6.25%, 06/17/2016 ■		322
	200	6.25%, 06/17/2016 §		184
	105	6.88%, 09/23/2015 §		100
	200	7.75%, 09/23/2020 §		181
				1,002
		United Arab Emirates - 0.1%
		Emirate of Abu Dhabi
	200	6.75%, 04/08/2019 §		248
		MDC GMTN B.V.
	200	5.50%, 04/20/2021 §		216
				464
		Uruguay - 0.1%
		Uruguay (Republic of)
	405	7.63%, 03/21/2036		569
	245	7.88%, 01/15/2033		346
				915
		Venezuela - 0.3%
		Venezuela (Republic of)
	90	6.00%, 12/09/2020 §		69
	356	7.00%, 12/01/2018 §		306
	420	7.75%, 10/13/2019 §		362
	139	8.25%, 10/13/2024 §		114
	300	9.00%, 05/07/2023 §		260
	1,071	9.25%, 05/07/2028 §		907
	130	9.38%, 01/13/2034		111
	325	11.75%, 10/21/2026 §		322
	1,510	11.95%, 08/05/2031 §		1,506
	215	12.75%, 08/23/2022 §		232
	170	13.63%, 08/15/2018		189
				4,378
		Total foreign government obligations
		(cost $55,673)	$	57,205
MUNICIPAL BONDS - 0.5%
		Airport Revenues - 0.0%
		PA New York and New Jersey,
$	15	4.93%, 10/01/2051	$	17
		General Obligations - 0.4%
		California State GO,
	225	7.30%, 10/01/2039		284
	230	7.60%, 11/01/2040		304
	550	7.63%, 03/01/2040		724

The accompanying notes are an integral part of these financial statements. 

59

Shares or Principal Amount ╬					Market Value ╪
MUNICIPAL BONDS - 0.5% - (continued)
		General Obligations - 0.4% - (continued)
		California State GO, Taxable,
$	2,070	7.55%, 04/01/2039			$	2,710
		Illinois State GO,
	155	5.10%, 06/01/2033				144
	585	5.67%, 03/01/2018				648
						4,814
		Miscellaneous - 0.0%
		California State Public Works Board Lease Rev,
	50	8.36%, 10/01/2034				63
		Transportation - 0.1%
		New Jersey State Turnpike Auth,
	250	7.10%, 01/01/2041				350
		New Jersey State Turnpike Auth, Taxable,
	50	7.41%, 01/01/2040				71
		New York and New Jersey PA, Taxable,
	350	5.86%, 12/01/2024				446
		North Texas Tollway Auth Rev,
	455	6.72%, 01/01/2049				591
						1,458
		Total municipal bonds
		(cost $5,736)			$	6,352
SENIOR FLOATING RATE INTERESTS♦ - 0.0%
		Arts, Entertainment and Recreation - 0.0%
		Kabel Deutschland Holding AG
$	295	4.25%, 01/20/2019			$	295
		Utilities - 0.0%
		Texas Competitive Electric Co.
	599	4.74%, 10/10/2017				330
		Total senior floating rate interests
		(cost $737)			$	625
U.S. GOVERNMENT SECURITIES - 1.1%
U.S. Treasury Securities - 1.1%
		U.S. Treasury Bonds - 0.3%
$	3,000	4.50%, 02/15/2036 ╦‡			$	3,812
		U.S. Treasury Notes - 0.8%
	9,800	3.25%, 12/31/2016 ‡				10,918
	370	3.50%, 05/15/2020				425
						11,343
						15,155
		Total U.S. government securities
		(cost $15,033)			$	15,155
		Total long-term investments
		(cost $1,189,014)			$	1,271,275
SHORT-TERM INVESTMENTS - 3.9%
Repurchase Agreements - 3.9%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $12,726, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $12,981)
$	12,726	0.20%, 04/30/2012			$	12,726
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $17,048, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $17,389)
	17,048	0.20%, 04/30/2012				17,048
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $6,733, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $6,868)
	6,733	0.21%, 04/30/2012				6,733
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $5,576, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $5,688)
	5,576	0.19%, 04/30/2012				5,576
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $7, collateralized by U.S. Treasury Note 0.75%, 2013, value of $7)
	7	0.17%, 04/30/2012				7
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $9,153, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $9,336)
	9,153	0.21%, 04/30/2012				9,153
						51,243
		Total short-term investments
		(cost $51,243)			$	51,243
		Total investments
		(cost $1,240,257) ▲	99.6	%	$	1,322,518
		Other assets and liabilities	0.4	%		4,958
		Total net assets	100.0	%	$	1,327,476

The accompanying notes are an integral part of these financial statements. 

60

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $1,241,053 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	85,208
Unrealized Depreciation		(3,743	)
Net Unrealized Appreciation	$	81,465

●	Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
╦	This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  The Fund has also pledged $80 of cash as collateral in connection with swap contracts.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.
Þ	This security may pay interest in additional principal instead of cash.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
◄	The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.
♦	Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of April 30, 2012.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At April 30, 2012,  the aggregate value of these securities was $88,758, which represents 6.7% of total net assets.
§	These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S.  person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $29,968, which represents 2.3% of total net assets.
۞	Convertible security.
♠	Perpetual maturity security.  Maturity date shown is the first call date.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $8,587 at April 30, 2012.

The accompanying notes are an integral part of these financial statements. 

61

Futures Contracts Outstanding at April 30, 2012

Description	Number of Contracts*		Position		Expiration Date		Market Value ╪		Notional Amount		Unrealized  Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note Future		77		Short		06/20/2012	$	10,185	$	9,954	$	(231	)
U.S. Treasury 5-Year Note Future		30		Short		06/29/2012		3,714		3,659		(55	)
U.S. Treasury CME Ultra Long Term Bond Future		25		Long		06/20/2012		3,945		3,804		141
											$	(145	)

* The number of contracts does not omit 000's.

Cash of $33 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at April 30, 2012.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
BRL	MSC	Sell	$	354	$	391	06/04/2012	$	37
CHF	BCLY	Buy		308		308	05/03/2012		–
CHF	CBK	Buy		306		306	05/02/2012		–
CNY	JPM	Buy		262		261	09/27/2012		1
COP	BOA	Sell		144		142	06/20/2012		(2	)
COP	CBK	Sell		484		482	06/20/2012		(2	)
EUR	BOA	Sell		975		959	06/20/2012		(16	)
EUR	JPM	Buy		41		41	06/20/2012		–
EUR	JPM	Buy		183		185	06/20/2012		(2	)
MXN	DEUT	Sell		305		311	06/20/2012		6
MXN	HSBC	Sell		1,035		1,056	06/20/2012		21
MYR	JPM	Buy		277		274	06/20/2012		3
PEN	CSFB	Sell		32		32	06/20/2012		–
TRY	DEUT	Buy		5		5	06/20/2012		–
								$	46

Credit Default Swap Contracts Outstanding at April 30, 2012

Reference Entity	Counterparty	Notional Amount (a)		Buy/Sell Protection		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)		Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Allstate Corp.	BCLY	$	785		Buy		1.00% / 0.81%	06/20/17	$	(11	)	$	(8	)	$	3
Allstate Corp.	GSC		180		Buy		1.00% / 0.81%	06/20/17		(3	)		(2	)		1
CDS.NA.HY.17	BCLY		6,790		Sell		5.00%	12/20/16		(297	)		(147	)		150
CDX.EM.16	BCLY		1,500		Sell		5.00%	12/20/16		128			166			38
CDX.NA.HY.17	BCLY		9,627		Sell		5.00%	12/20/16		(457	)		(209	)		248
Hungary (Republic of)	GSC		80		Buy		(1.00)% / 5.15%	03/20/17		15			14			(1	)
									$	(625	)	$	(186	)	$	439

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative.  The implied credit spread of a particular entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement.  Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on April 30, 2012.  For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment performance risk.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements. 

62

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays Capital, Inc.
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
Currency Abbreviations:
BRL	Brazilian Real
CHF	Swiss Franc
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
EUR	EURO
MXN	Mexican New Peso
MYR	Malaysian Ringgit
PEN	Peruvian New Sol
TRY	Turkish New Lira
Index Abbreviations:
CDX.EM	Credit Derivatives Index Emerging Markets
CDX.NA.HY	Credit Derivatives Index North American High Yield
Municipal Bond Abbreviations:
GO	General Obligation
PA	Port Authority
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements. 

63

The Hartford Balanced Income Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	12,278	$	–	$	9,592	$	2,686
Common Stocks ‡		609,963		556,716		53,247		–
Corporate Bonds		568,491		–		562,211		6,280
Foreign Government Obligations		57,205		697		56,508		–
Municipal Bonds		6,352		–		6,352		–
Preferred Stocks		1,206		1,206		–		–
Senior Floating Rate Interests		625		–		625		–
U.S. Government Securities		15,155		–		15,155		–
Short-Term Investments		51,243		–		51,243		–
Total	$	1,322,518	$	558,619	$	754,933	$	8,966
Credit Default Swaps *		440		–		440		–
Foreign Currency Contracts *		68		–		68		–
Futures *		141		141		–		–
Total	$	649	$	141	$	508	$	–
Liabilities:
Credit Default Swaps *		1		–		1		–
Foreign Currency Contracts *		22		–		22		–
Futures *		286		286		–		–
Total	$	309	$	286	$	23	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation  (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of April 30, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	—	$	—	$	(37	)†	$	27	$	2,696	$	—		$	—	$	—		$	2,686
Corporate Bonds		186		—		7	‡		—		6,216		(1	)		—		(128	)		6,280
Total	$	186	$	—	$	(30	)	$	27	$	8,912	$	(1	)	$	—	$	(128	)	$	8,966

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(37).

‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $7.

The accompanying notes are an integral part of these financial statements.

64

The Hartford Balanced Income Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,240,257)	$	1,322,518
Cash		132	*,†
Foreign currency on deposit with custodian (cost $–)		—
Unrealized appreciation on foreign currency contracts		68
Unrealized appreciation on swap contracts		440
Receivables:
Investment securities sold		6,369
Fund shares sold		17,660
Dividends and interest		8,662
Variation margin		4
Swap premiums paid		143
Other assets		201
Total assets		1,356,197
Liabilities:
Unrealized depreciation on foreign currency contracts		22
Unrealized depreciation on swap contracts		1
Payables:
Investment securities purchased		26,327
Fund shares redeemed		1,085
Investment management fees		133
Administrative fees		1
Distribution fees		94
Variation margin		10
Accrued expenses		98
Swap premiums received		768
Other liabilities		182
Total liabilities		28,721
Net assets	$	1,327,476
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,236,772
Undistributed net investment income		2,786
Accumulated net realized gain		5,316
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		82,602
Net assets	$	1,327,476

^* Cash of $33 was pledged as initial margin deposit and collateral for open futures contracts at April 30, 2012.

^† Cash of $80 was pledged as collateral for open swap contracts at April 30, 2012.

The accompanying notes are an integral part of these financial statements. 

65

Shares authorized		1,050,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.75/$12.43
Shares outstanding		64,071
Net assets	$	753,078
Class B: Net asset value per share	$	11.70
Shares outstanding		1,166
Net assets	$	13,650
Class C: Net asset value per share	$	11.65
Shares outstanding		31,761
Net assets	$	370,023
Class I: Net asset value per share	$	11.75
Shares outstanding		14,412
Net assets	$	169,365
Class R3: Net asset value per share	$	11.80
Shares outstanding		1,596
Net assets	$	18,825
Class R4: Net asset value per share	$	11.79
Shares outstanding		154
Net assets	$	1,819
Class R5: Net asset value per share	$	11.79
Shares outstanding		11
Net assets	$	129
Class Y: Net asset value per share	$	11.82
Shares outstanding		50
Net assets	$	587

The accompanying notes are an integral part of these financial statements. 

66

The Hartford Balanced Income Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	7,962
Interest		10,286
Less: Foreign tax withheld		(148	)
Total investment income		18,100
Expenses:
Investment management fees		3,119
Administrative services fees		10
Transfer agent fees		522
Distribution fees
Class A		697
Class B		59
Class C		1,217
Class R3		23
Class R4		1
Custodian fees		11
Accounting services fees		94
Registration and filing fees		95
Board of Directors' fees		7
Audit fees		7
Other expenses		60
Total expenses (before waivers and fees paid indirectly)		5,922
Expense waivers		(1,669	)
Commission recapture		(1	)
Total waivers and fees paid indirectly		(1,670	)
Total expenses, net		4,252
Net Investment Income		13,848
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		7,133
Net realized gain on futures		175
Net realized loss on swap contracts		(54	)
Net realized loss on foreign currency contracts		(22	)
Net realized loss on other foreign currency transactions		(50	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		7,182
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		53,201
Net unrealized depreciation of futures		(274	)
Net unrealized appreciation of swap contracts		567
Net unrealized appreciation of foreign currency contracts		37
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		3
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		53,534
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		60,716
Net Increase in Net Assets Resulting from Operations	$	74,564

The accompanying notes are an integral part of these financial statements. 

67

The Hartford Balanced Income Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month
	Period Ended			For the
	April 30, 2012			Year Ended
	(Unaudited)			October 31, 2011
Operations:
Net investment income	$	13,848		$	12,742
Net realized gain on investments, other financial instruments and foreign currency transactions		7,182			4,528
Net unrealized appreciation of investments, other financial instruments and foreign currency transactions		53,534			12,866
Net Increase In Net Assets Resulting From Operations		74,564			30,136
Distributions to Shareholders:
From net investment income
Class A		(7,781	)		(8,300	)
Class B		(120	)		(143	)
Class C		(2,773	)		(2,280	)
Class I		(1,775	)		(1,041	)
Class R3		(109	)		(45	)
Class R4		(11	)		(10	)
Class R5		(2	)		(4	)
Class Y		(3	)		(5	)
Total distributions		(12,574	)		(11,828	)
Capital Share Transactions:
Class A		320,831			204,729
Class B		3,542			4,020
Class C		213,947			83,513
Class I		99,577			42,804
Class R3		12,852			5,193
Class R4		1,307			334
Class R5		2			4
Class Y		436			5
Net increase from capital share transactions		652,494			340,602
Net Increase In Net Assets		714,484			358,910
Net Assets:
Beginning of period		612,992			254,082
End of period	$	1,327,476		$	612,992
Undistributed (distribution in excess of) net investment income (loss)	$	2,786		$	1,512

The accompanying notes are an integral part of these financial statements.

68

The Hartford Balanced Income Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Balanced Income Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

69

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments. 

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date. 

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors. 

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair

70

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

71

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV. 

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

72

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

f) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage

73

loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of April 30, 2012.

74

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

c) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, investments or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the

75

contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of April 30, 2012.

d) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012: 

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	68	$	—	$	—	$	—	$	—	$	68
Unrealized appreciation on swap contracts		—		—		440		—		—		—		440
Variation margin receivable *		4		—		—		—		—		—		4
Total	$	4	$	68	$	440	$	—	$	—	$	—	$	512
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	22	$	—	$	—	$	—	$	—	$	22
Unrealized depreciation on swap contracts		—		—		1		—		—		—		1
Variation margin payable *		10		—		—		—		—		—		10
Total	$	10	$	22	$	1	$	—	$	—	$	—	$	33

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(145) as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012: 

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	175		$	—		$	—		$	—	$	—	$	—	$	175
Net realized loss on swap contracts		—			—			(54	)		—		—		—		(54	)
Net realized loss on foreign currency contracts		—			(22	)		—			—		—		—		(22	)
Total	$	175		$	(22	)	$	(54	)	$	—	$	—	$	—	$	99
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	(274	)	$	—		$	—		$	—	$	—	$	—	$	(274	)
Net change in unrealized appreciation of swap contracts		—			—			567			—		—		—		567
Net change in unrealized appreciation of foreign currency contracts		—			37			—			—		—		—		37
Total	$	(274	)	$	37		$	567		$	—	$	—	$	—	$	330

76

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale

77

adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	11,828	$	4,247

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,542
Accumulated Capital Losses *		(955	)
Unrealized Appreciation †		28,127
Total Accumulated Earnings	$	28,714

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(5	)
Accumulated Net Realized Gain (Loss)		5

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

78

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	955
Total	$	955

During the year ended October 31, 2011, the Fund utilized $4,545 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.700	%
On next $250 million		0.630	%
On next $500 million		0.600	%
On next $1.5 billion		0.570	%
On next $2.5 billion		0.550	%
On next $5 billion		0.530	%
Over $10 billion		0.525	%

79

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $250 million		0.7250	%
On next $250 million		0.7000	%
On next $500 million		0.6750	%
On next $4 billion		0.6500	%
On next $5 billion		0.6475	%
Over $10 billion		0.6450	%

HIFSCO voluntarily agreed to waive management fees of 0.50% of average daily net assets until February 29, 2012.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	0.89	%		1.64	%		1.64	%		0.64	%		1.14	%		0.84	%		0.64	%		0.59	%

From November 1, 2011 through February 29, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	0.75	%		1.50	%		1.50	%		0.50	%		1.00	%		0.70	%		0.40	%		0.35	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

80

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended
	April 30, 2012
Class A		0.73	%
Class B		1.53
Class C		1.48
Class I		0.49
Class R3		1.05
Class R4		0.77
Class R5		0.46
Class Y		0.41

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $9,252 and contingent deferred sales charges of $45 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $86.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect

81

to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

			Percentage
	Shares		of Class
Class R3		11		1	%
Class R4		11		7
Class R5		11		100
Class Y		12		24

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	728,979
Sales Proceeds Excluding U.S. Government Obligations		115,685
Cost of Purchases for U.S. Government Obligations		14,818
Sales Proceeds for U.S. Government Obligations		3,475

82

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011: 

	For the Six-Month Period Ended April 30, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		31,244		648		(3,691	)		—		28,201		23,720		734		(5,482	)		—		18,972
Amount	$	355,378	$	7,395	$	(41,942	)	$	—	$	320,831	$	256,063	$	7,863	$	(59,197	)	$	—	$	204,729
Class B
Shares		439		9		(132	)		—		316		509		13		(149	)		—		373
Amount	$	4,942	$	99	$	(1,499	)	$	—	$	3,542	$	5,481	$	140	$	(1,601	)	$	—	$	4,020
Class C
Shares		20,145		207		(1,404	)		—		18,948		8,989		183		(1,393	)		—		7,779
Amount	$	227,456	$	2,341	$	(15,850	)	$	—	$	213,947	$	96,508	$	1,951	$	(14,946	)	$	—	$	83,513
Class I
Shares		9,804		116		(1,148	)		—		8,772		5,520		86		(1,635	)		—		3,971
Amount	$	111,433	$	1,327	$	(13,183	)	$	—	$	99,577	$	59,430	$	926	$	(17,552	)	$	—	$	42,804
Class R3
Shares		1,319		10		(215	)		—		1,114		1,041		4		(579	)		—		466
Amount	$	15,203	$	109	$	(2,460	)	$	—	$	12,852	$	11,415	$	45	$	(6,267	)	$	—	$	5,193
Class R4
Shares		112		1		(1	)		—		112		41		1		(11	)		—		31
Amount	$	1,309	$	10	$	(12	)	$	—	$	1,307	$	442	$	10	$	(118	)	$	—	$	334
Class R5
Shares		—		—		—			—		—		—		1		—			—		1
Amount	$	—	$	2	$	—		$	—	$	2	$	—	$	4	$	—		$	—	$	4
Class Y
Shares		38		—		—			—		38		—		—		—			—		—
Amount	$	438	$	3	$	(5	)	$	—	$	436	$	—	$	5	$	—		$	—	$	5
Total
Shares		63,101		991		(6,591	)		—		57,501		39,820		1,022		(9,249	)		—		31,593
Amount	$	716,159	$	11,286	$	(74,951	)	$	—	$	652,494	$	429,339	$	10,944	$	(99,681	)	$	—	$	340,602

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		20	$	230
For the Year Ended October 31, 2011		16	$	173

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

83

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

84

The Hartford Balanced Income Fund

Financial Highlights

- Selected Per-Share Date (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income		Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions		Net Increase (Decrease) in Net Asset Value		Net Asset Value  at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	11.02	$	0.18	$	–	$	0.71	$	0.89	$	(0.16)	$	–	$	–	$	(0.16)	$	0.73	$	11.75
B		10.98		0.13		–		0.70		0.83		(0.11)		–		–		(0.11)		0.72		11.70
C		10.94		0.13		–		0.71		0.84		(0.13)		–		–		(0.13)		0.71		11.65
I		11.02		0.19		–		0.71		0.90		(0.17)		–		–		(0.17)		0.73		11.75
R3		11.06		0.15		–		0.73		0.88		(0.14)		–		–		(0.14)		0.74		11.80
R4		11.06		0.17		–		0.72		0.89		(0.16)		–		–		(0.16)		0.73		11.79
R5		11.06		0.20		–		0.70		0.90		(0.17)		–		–		(0.17)		0.73		11.79
Y		11.05		0.19		–		0.75		0.94		(0.17)		–		–		(0.17)		0.77		11.82
For the Year Ended October 31, 2011 (E)
A		10.55		0.37		–		0.44		0.81		(0.34)		–		–		(0.34)		0.47		11.02
B		10.51		0.28		–		0.44		0.72		(0.25)		–		–		(0.25)		0.47		10.98
C		10.48		0.29		–		0.44		0.73		(0.27)		–		–		(0.27)		0.46		10.94
I		10.54		0.39		–		0.45		0.84		(0.36)		–		–		(0.36)		0.48		11.02
R3		10.58		0.32		–		0.46		0.78		(0.30)		–		–		(0.30)		0.48		11.06
R4		10.58		0.37		–		0.44		0.81		(0.33)		–		–		(0.33)		0.48		11.06
R5		10.58		0.41		–		0.44		0.85		(0.37)		–		–		(0.37)		0.48		11.06
Y		10.57		0.42		–		0.43		0.85		(0.37)		–		–		(0.37)		0.48		11.05
For the Year Ended October 31, 2010
A		9.44		0.33		–		1.11		1.44		(0.33)		–		–		(0.33)		1.11		10.55
B		9.40		0.29		–		1.07		1.36		(0.25)		–		–		(0.25)		1.11		10.51
C		9.40		0.26		–		1.10		1.36		(0.28)		–		–		(0.28)		1.08		10.48
I(H)		9.81		0.25		–		0.74		0.99		(0.26)		–		–		(0.26)		0.73		10.54
R3(I)		9.75		0.13		–		0.84		0.97		(0.14)		–		–		(0.14)		0.83		10.58
R4(I)		9.75		0.14		–		0.84		0.98		(0.15)		–		–		(0.15)		0.83		10.58
R5(I)		9.75		0.16		–		0.84		1.00		(0.17)		–		–		(0.17)		0.83		10.58
Y		9.46		0.42		–		1.05		1.47		(0.36)		–		–		(0.36)		1.11		10.57
For the Year Ended October 31, 2009 (E)
A		8.22		0.38		–		1.23		1.61		(0.39)		–		–		(0.39)		1.22		9.44
B		8.20		0.31		–		1.23		1.54		(0.34)		–		–		(0.34)		1.20		9.40
C		8.19		0.31		–		1.23		1.54		(0.33)		–		–		(0.33)		1.21		9.40
Y		8.24		0.42		–		1.22		1.64		(0.42)		–		–		(0.42)		1.22		9.46
For the Year Ended October 31, 2008
A		11.02		0.40		–		(2.75)		(2.35)		(0.41)		(0.04)		–		(0.45)		(2.80)		8.22
B		10.98		0.33		–		(2.74)		(2.41)		(0.33)		(0.04)		–		(0.37)		(2.78)		8.20
C		10.97		0.33		–		(2.74)		(2.41)		(0.33)		(0.04)		–		(0.37)		(2.78)		8.19
Y		11.03		0.44		–		(2.75)		(2.31)		(0.44)		(0.04)		–		(0.48)		(2.79)		8.24
For the Year Ended October 31, 2007
A		10.42		0.34		–		0.59		0.93		(0.33)		–		–		(0.33)		0.60		11.02
B		10.41		0.26		–		0.59		0.85		(0.28)		–		–		(0.28)		0.57		10.98
C		10.41		0.26		–		0.58		0.84		(0.28)		–		–		(0.28)		0.56		10.97
Y		10.42		0.41		–		0.56		0.97		(0.36)		–		–		(0.36)		0.61		11.03

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Not annualized.
(G)	Annualized.
(H)	Commenced operations on February 26, 2010.
(I)	Commenced operations on May 28, 2010.

85

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.09	%(F)	$	753,078		1.09	%(G)		0.73	%(G)		0.73	%(G)		3.15	%(G)		13	%
	7.63	(F)		13,650		1.92	(G)		1.53	(G)		1.53	(G)		2.37	(G)		–
	7.68	(F)		370,023		1.83	(G)		1.48	(G)		1.48	(G)		2.37	(G)		–
	8.21	(F)		169,365		0.85	(G)		0.49	(G)		0.49	(G)		3.36	(G)		–
	8.01	(F)		18,825		1.45	(G)		1.05	(G)		1.05	(G)		2.73	(G)		–
	8.06	(F)		1,819		1.20	(G)		0.77	(G)		0.77	(G)		2.97	(G)		–
	8.17	(F)		129		0.80	(G)		0.46	(G)		0.46	(G)		3.46	(G)		–
	8.60	(F)		587		0.74	(G)		0.41	(G)		0.41	(G)		3.44	(G)		–
	7.78			395,347		1.17			0.67			0.67			3.44			29
	6.96			9,328		2.05			1.50			1.50			2.61			–
	7.05			140,127		1.90			1.40			1.40			2.70			–
	8.11			62,139		0.94			0.44			0.44			3.62			–
	7.45			5,333		1.50			1.00			1.00			2.96			–
	7.82			463		1.22			0.70			0.70			3.37			–
	8.13			119		0.91			0.40			0.40			3.75			–
	8.23			136		0.81			0.31			0.31			3.84			–
	15.55			178,227		1.24			0.74			0.74			3.73			34
	14.69			5,008		2.13			1.50			1.50			3.07			–
	14.66			52,740		1.98			1.48			1.48			2.82			–
	10.23	(F)		17,593		0.99	(G)		0.49	(G)		0.49	(G)		3.52	(G)		–
	10.03	(F)		166		1.58	(G)		1.01	(G)		1.01	(G)		3.03	(G)		–
	10.17	(F)		112		1.28	(G)		0.71	(G)		0.71	(G)		3.40	(G)		–
	10.33	(F)		110		0.96	(G)		0.41	(G)		0.41	(G)		3.70	(G)		–
	15.87			126		0.86			0.35			0.35			4.24			–
	20.29			59,923		1.32			1.19			1.19			4.56			63
	19.37			3,681		2.26			1.90			1.90			3.80			–
	19.44			6,409		2.10			1.94			1.94			3.81			–
	20.67			108		0.94			0.85			0.85			4.96			–
	(22.01	)		36,544		1.25			1.25			1.25			4.10			44
	(22.53	)		1,945		2.14			2.00			2.00			3.35			–
	(22.55	)		4,007		2.04			2.00			2.00			3.34			–
	(21.67	)		90		0.91			0.90			0.90			4.43			–
	9.07			40,501		1.33			1.19			1.19			3.57			27
	8.22			2,280		2.21			2.00			2.00			2.76			–
	8.17			4,256		2.14			2.00			2.00			2.76			–
	9.43			115		1.04			0.90			0.90			3.86			–

86

The Hartford Balanced Income Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

87

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

88

The Hartford Balanced Income Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

89

The Hartford Balanced Income Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,080.90	$	3.78	$	1,000.00	$	1,021.23	$	3.67	0.73	%		182		366
Class B	$	1,000.00	$	1,076.30	$	7.90	$	1,000.00	$	1,017.26	$	7.67	1.53			182		366
Class C	$	1,000.00	$	1,076.80	$	7.63	$	1,000.00	$	1,017.52	$	7.41	1.48			182		366
Class I	$	1,000.00	$	1,082.10	$	2.52	$	1,000.00	$	1,022.44	$	2.45	0.49			182		366
Class R3	$	1,000.00	$	1,080.10	$	5.43	$	1,000.00	$	1,019.64	$	5.28	1.05			182		366
Class R4	$	1,000.00	$	1,080.60	$	3.98	$	1,000.00	$	1,021.03	$	3.87	0.77			182		366
Class R5	$	1,000.00	$	1,081.70	$	2.40	$	1,000.00	$	1,022.56	$	2.33	0.46			182		366
Class Y	$	1,000.00	$	1,086.00	$	2.11	$	1,000.00	$	1,022.84	$	2.05	0.41			182		366

90

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-BI12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Capital Appreciation Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Capital Appreciation Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	9
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	10
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	11
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	12
Notes to Financial Statements (Unaudited)	13
Financial Highlights (Unaudited)	26
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Proxy Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Expense Example (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Capital Appreciation Fund inception 07/22/1996

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of capital. 

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
Capital Appreciation A#		9.61	%		-8.18	%		-1.14	%		6.13	%
Capital Appreciation A##					-13.23	%		-2.25	%		5.53	%
Capital Appreciation B#		9.18	%		-8.93	%		-1.93	%		NA	*
Capital Appreciation B##					-13.44	%		-2.29	%		NA	*
Capital Appreciation C#		9.27	%		-8.83	%		-1.84	%		5.40	%
Capital Appreciation C##					-9.74	%		-1.84	%		5.40	%
Capital Appreciation I#		9.83	%		-7.92	%		-0.84	%		6.31	%
Capital Appreciation R3#		9.51	%		-8.42	%		-1.42	%		6.22	%
Capital Appreciation R4#		9.67	%		-8.15	%		-1.09	%		6.40	%
Capital Appreciation R5#		9.84	%		-7.84	%		-0.81	%		6.57	%
Capital Appreciation Y#		9.88	%		-7.76	%		-0.70	%		6.64	%
Russell 3000 Index		12.74	%		3.40	%		1.25	%		5.17	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.70	%

† Not Annualized

# Without sales charge

## With sales charge

* 10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Capital Appreciation Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Saul J. Pannell, CFA	Frank D. Catrickes, CFA
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Capital Appreciation Fund returned 9.61%, before sales charge, for the six-month period ended April 30, 2012, underperforming its benchmark, the Russell 3000 Index, which returned 12.74% for the same period. The Fund also underperformed the 11.64% return of the average fund in the Lipper Large-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period as generally improving economic data and growing consumer confidence helped to counter a persistent slump in housing. Investors mostly shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on the improving health of the U.S. economy. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, U.S. equities retreated for the first time in five months as disappointing employment and GDP (gross domestic product) data overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, growing concerns about Spain’s fiscal sustainability, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors. All ten sectors in the Russell 3000 Index posted positive returns during the period. Strong performers included the Consumer Discretionary (+17%), Financials (+15%), and Information Technology (+15%) sectors, while the Energy (+4%), and Utilities (+5%) sectors lagged on a relative basis.

The Fund underperformed its benchmark primarily due to security selection. Positive stock selection within the Industrials sector was not enough to offset weak stock selection within the Consumer Discretionary, Telecommunication Services, and Information Technology sectors. Sector allocation, a result of bottom-up stock selection (i.e. stock by stock fundamental research), contributed modestly to benchmark-relative returns due to an overweight position (i.e. the Fund’s sector position was greater than the benchmark position) in the strong-performing Consumer Discretionary sector and an underweight to the weaker performing Utilities sector.

Chesapeake Energy (Energy), Ford Motor Company (Consumer Discretionary), and Goodyear Tire & Rubber (Consumer Discretionary) detracted most from relative returns (i.e. performance of the Fund as measured against the benchmark) during the period. Chesapeake Energy, a U.S.-based producer of natural gas, oil, and natural gas liquids, underperformed due to concerns that increased spending on leaseholds and capital expenditure would not result in higher production as well as concerns regarding the company’s corporate governance. Ford Motor Company designs, manufactures, and services cars and trucks. The company only modestly declined during the period, but our large overweight in a rising market weighed on returns. Goodyear Tire & Rubber, a U.S.-based tire maker with a global distribution network, experienced a slowdown in demand during the fourth quarter due to declining replacement volumes in mature markets and ongoing import challenges in Latin America. Top detractors from absolute performance returns (i.e. total return) also included NII Holdings.

The top contributors to relative performance were JPMorgan Chase (Financials), Dow Chemical (Materials), and American International Group (Financials). JPMorgan, a leading global financial services firm, moved higher along with the broader Financials sector as fears surrounding the European debt crisis and contagion from European banks subsided. Dow Chemical is a diversified manufacturer and supplier of products used primarily as raw materials in the manufacture of customer products and services worldwide. The company reported earnings slightly above consensus estimates and boosted its dividend during the period. American International Group provides insurance products and services for commercial, institutional and individual customers globally. The stock reacted favorably to the company’s progress in implementing its recapitalization plan. Apple (Consumer Discretionary) was among the top contributors to absolute performance (i.e. total return) during the period.

What is the outlook?

While recent monetary policy has been accommodative globally, we believe the European sovereign debt crisis and concerns regarding a slowdown in China continue to influence the investment backdrop.

In this environment we continue to focus our efforts on stock-by-stock fundamental research consistent with the Fund’s opportunistic investment strategy. We continue to seek out

3

The Hartford Capital Appreciation Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

and identify companies that we believe hold the potential for capital appreciation in a moderate growth environment. At the end of the period our bottom-up decisions resulted in overweights in the Industrials, Consumer Discretionary, and Materials sectors and underweights in Consumer Staples, Information Technology, and Utilities sectors relative to the Russell 3000 Index.

Diversification by Industry

as of April 30, 2012

	Percentage of
Industry (Sector)	Net Assets
Equity Securities
Automobiles & Components (Consumer Discretionary)		7.3	%
Banks (Financials)		3.2
Capital Goods (Industrials)		9.0
Consumer Durables & Apparel (Consumer Discretionary)		0.6
Consumer Services (Consumer Discretionary)		2.0
Diversified Financials (Financials)		9.6
Energy (Energy)		8.8
Food, Beverage & Tobacco (Consumer Staples)		1.9
Health Care Equipment & Services (Health Care)		3.5
Insurance (Financials)		3.3
Materials (Materials)		5.5
Media (Consumer Discretionary)		3.6
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		6.7
Real Estate (Financials)		0.1
Retailing (Consumer Discretionary)		6.3
Semiconductors & Semiconductor Equipment (Information Technology)		1.1
Software & Services (Information Technology)		9.4
Technology Hardware & Equipment (Information Technology)		4.2
Telecommunication Services (Services)		1.1
Transportation (Industrials)		10.9
Utilities (Utilities)		0.4
Total		98.5	%
Fixed Income Securities
Finance and Insurance (Finance)		0.4	%
Total		0.4	%
Short-Term Investments		0.2
Other Assets and Liabilities		0.9
Total		100.0	%

Diversification by Country

as of April 30, 2012

	Percentage of
Country	Net Assets
Brazil		1.9	%
Canada		2.1
China		0.2
France		2.1
Hong Kong		0.4
Israel		3.9
Japan		6.4
Jersey		0.7
Malaysia		1.0
Netherlands		1.3
Norway		0.5
South Africa		0.4
South Korea		1.1
Switzerland		0.7
Taiwan		0.9
Thailand		0.3
United Kingdom		3.3
United States		71.7
Short-Term Investments		0.2
Other Assets and Liabilities		0.9
Total		100.0	%

4

The Hartford Capital Appreciation Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.5%
		Automobiles & Components - 7.3%
	50,732	Ford Motor Co. w/ Rights	$	572,251
	13,513	Goodyear Tire & Rubber Co. ●		148,371
	4,883	TRW Automotive Holdings Corp. ●		223,216
				943,838
		Banks - 3.2%
	2,384	Banco Santander Brasil S.A.		19,240
	100	Credicorp Ltd.		13,091
	66,199	Mitsubishi UFJ Financial Group, Inc.		317,856
	2,869	Standard Chartered plc		70,144
				420,331
		Capital Goods - 9.0%
	2,390	Embraer S.A. ADR		82,776
	12,016	General Electric Co.		235,269
	2,464	Honeywell International, Inc.		149,447
	31,122	Itochu Corp.		352,126
	1,931	Pentair, Inc.		83,707
	6,208	Safran S.A.		230,115
	637	Vallourec		38,368
				1,171,808
		Consumer Durables & Apparel - 0.6%
	3,722	Pulte Group, Inc. ●		36,619
	1,851	Sega Sammy Holdings, Inc.		38,845
				75,464
		Consumer Services - 2.0%
	1,255	Ctrip.com International Ltd. ADR ●		27,194
	—	Diamond Resorts LLC ⌂†		100,679
	2,220	Dunkin' Brands Group, Inc.		71,856
	18,989	Genting Berhad		64,725
				264,454
		Diversified Financials - 9.6%
	10,320	Citigroup, Inc.		340,957
	6,738	GAM Holding Ltd.		86,619
	600	Goldman Sachs Group, Inc.		69,090
	19,171	ING Groep N.V. ●		135,249
	14,214	JP Morgan Chase & Co.		610,901
				1,242,816
		Energy - 8.8%
	3,524	Cheniere Energy, Inc. ●		64,517
	13,633	Chesapeake Energy Corp.		251,389
	2,158	Cobalt International Energy ●		57,745
	5,075	ENSCO International plc		277,340
	769	Halliburton Co.		26,312
	3,606	Imperial Oil Ltd.		167,980
	16,391	JX Holdings, Inc.		92,460
	6,124	Petroleo Brasileiro S.A. ADR		144,164
	4,272	Petroleum Geo-Services ●		64,623
				1,146,530
		Food, Beverage & Tobacco - 1.9%
	3,754	Kraft Foods, Inc.		149,660
	4,426	Smithfield Foods, Inc. ●		92,763
				242,423
		Health Care Equipment & Services - 3.5%
	3,590	CIGNA Corp.		165,956
	2,854	Covidien plc		157,610
	1,169	HCA Holdings, Inc.		31,469
	1,732	UnitedHealth Group, Inc.		97,262
				452,297
		Insurance - 3.3%
	3,799	Aflac, Inc.		171,106
	4,959	American International Group, Inc. ●		168,741
	1,621	Aon plc		83,988
				423,835
		Materials - 5.5%
	1,689	AngloGold Ltd. ADR		58,051
	1,115	Cabot Corp.		48,101
	14,074	Dow Chemical Co.		476,840
	12,603	Glencore International plc		87,339
	20,000	PTT Chemical Public Co., Ltd. ●		44,716
	6,530	Sino Forest Corp. Class A ⌂●†		—
				715,047
		Media - 3.6%
	2,335	DirecTV Class A ●		115,064
	25	Harvey Weinstein Co. Holdings Class A-1 ⌂●†∞		—
	4,383	Viacom, Inc. Class B		203,334
	3,630	Walt Disney Co.		156,494
				474,892
		Pharmaceuticals, Biotechnology & Life Sciences - 6.7%
	1,509	Agilent Technologies, Inc.		63,633
	10,353	Excel Medical Fund L.P. ⌂●†Ђ		6,632
	4,156	Gilead Sciences, Inc. ●		216,127
	845	Life Technologies Corp. ●		39,188
	2,478	Shionogi & Co., Ltd.		32,318
	11,153	Teva Pharmaceutical Industries Ltd. ADR		510,134
				868,032
		Real Estate - 0.1%
	1,182	Host Hotels & Resorts, Inc.		19,660
		Retailing - 6.3%
	1,085	Abercrombie & Fitch Co. Class A		54,413
	384	AutoZone, Inc. ●		152,284
	36,752	Buck Holdings L.P. ⌂●†		76,334
	1,427	Family Dollar Stores, Inc.		96,400
	1,954	GameStop Corp. Class A		44,468
	4,322	Liberty Media - Interactive A ●		81,425
	5,259	Lowe's Co., Inc.		165,499
	3,595	TJX Cos., Inc.		149,927
				820,750
		Semiconductors & Semiconductor Equipment - 1.1%
	119	Samsung Electronics Co., Ltd.		145,740
		Software & Services - 9.4%
	8,304	Activision Blizzard, Inc.		106,870
	4,383	eBay, Inc. ●		179,939
	518	Equinix, Inc. ●		85,090
	2,973	Genpact Ltd. ●		49,588
	104	Google, Inc. ●		63,065
	13,283	Microsoft Corp.		425,331
	9,494	Oracle Corp.		279,017
	1,407	Yandex N.V. ●		33,372
				1,222,272
		Technology Hardware & Equipment - 4.2%
	504	Apple, Inc. ●		294,281
	1,878	Cisco Systems, Inc.		37,842
	3,443	EMC Corp. ●		97,134
	35,420	Hon Hai Precision Industry Co., Ltd.		111,367
				540,624

The accompanying notes are an integral part of these financial statements.

5

The Hartford Capital Appreciation Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 98.5% - (continued)
		Telecommunication Services - 1.1%
	8,495	MetroPCS Communications, Inc. ●			$	62,014
	6,065	NII Holdings, Inc. Class B ●				84,881
						146,895
		Transportation - 10.9%
	64,144	AirAsia Berhad				70,375
	1,341	Canadian Pacific Railway Ltd. ADR				103,930
	3,040	CSX Corp.				67,827
	23,534	Delta Air Lines, Inc. ●				257,930
	3,203	FedEx Corp.				282,659
	10,612	Hertz Global Holdings, Inc. ●				163,536
	16,540	JetBlue Airways Corp. ●				78,563
	495	Norfolk Southern Corp.				36,079
	16,092	United Continental Holdings, Inc. ●				352,732
						1,413,631
		Utilities - 0.4%
	15,449	ENN Energy Holdings Ltd.				53,977
		Total common stocks
		(cost $12,139,837)			$	12,805,316
CORPORATE BONDS - 0.4%
		Finance and Insurance - 0.4%
		MBIA Insurance Co.
$	95,840	14.00%, 01/15/2033 ■Δ			$	57,025
		Total corporate bonds
		(cost $95,222)			$	57,025
		Total long-term investments
		(cost $12,235,059)			$	12,862,341
SHORT-TERM INVESTMENTS - 0.2%
Repurchase Agreements - 0.2%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $5,354, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $5,461)
$	5,354	0.20%, 04/30/2012			$	5,354
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $7,173, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $7,316)
	7,173	0.20%, 04/30/2012				7,173
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,833, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $2,890)
	2,833	0.21%, 04/30/2012				2,833
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,346, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $2,393)
	2,346	0.19%, 04/30/2012				2,346
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3, collateralized by U.S. Treasury Note 0.75%, 2013, value of $3)
	3	0.17%, 04/30/2012				3
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,851, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $3,928)
	3,851	0.21%, 04/30/2012				3,851
						21,560
		Total short-term investments
		(cost $21,560)			$	21,560
		Total investments
		(cost $12,256,619) ▲	99.1	%	$	12,883,901
		Other assets and liabilities	0.9	%		114,957
		Total net assets	100.0	%	$	12,998,858

The accompanying notes are an integral part of these financial statements.

6

Note:   Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $12,365,020 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,541,453
Unrealized Depreciation		(1,022,572	)
Net Unrealized Appreciation	$	518,881

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $183,645, which represents 1.4% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing

Δ Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $57,025, which represents 0.4% of total net assets.

∞ Securities exempt from registration under Regulation D of the Securities Act of 1933.  The Fund may only be able to resell these securities if they are subsequently registered or if an exemption from registration under the federal and state securities laws is available.  Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value and percentage of net assets of these securities rounds to zero.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
06/2007		36,752	Buck Holdings L.P.		17,498
07/2011		–	Diamond Resorts LLC		89,870
07/2010 - 03/2012		10,353	Excel Medical Fund L.P.		10,235
10/2005		25	Harvey Weinstein Co. Holdings Class A-1  - Reg D		23,636
01/2010 - 06/2011		6,530	Sino Forest Corp. Class A		111,488

 At April 30, 2012, the aggregate value of these securities was $183,645, which represents 1.4% of total net assets.

Ђ As of April 30, 2012, the Fund has future commitments to purchase an additional $20,980.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized  Appreciation/ (Depreciation)
EUR	BCLY	Sell	$	119,212	$	116,216	12/14/2012	$	(2,996	)
EUR	CBK	Sell		150,412		146,822	12/14/2012		(3,590	)
EUR	DEUT	Sell		150,131		154,068	12/14/2012		(3,937	)
EUR	MSC	Sell		35,030		35,943	12/14/2012		(913	)
EUR	UBS	Sell		46,420		45,209	12/14/2012		(1,211	)
JPY	BCLY	Buy		91,740		87,866	12/14/2012		3,874
JPY	CBK	Buy		91,740		87,884	12/14/2012		3,856
JPY	CSFB	Buy		91,736		87,707	12/14/2012		4,029
JPY	DEUT	Buy		80,943		77,234	12/14/2012		3,709
JPY	DEUT	Sell		270,511		267,739	12/14/2012		(2,772	)
JPY	MSC	Buy		91,736		87,614	12/14/2012		4,122

The accompanying notes are an integral part of these financial statements.

7

The Hartford Capital Appreciation Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Foreign Currency Contracts Outstanding at April 30, 2012 - (continued)

Description	Counterparty	Buy / Sell	Market Value ╪		Contract  Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
JPY	MSC	Sell	$	270,511	$	268,413	12/14/2012	$	(2,098	)
JPY	UBS	Buy		91,727		87,804	12/14/2012		3,923
JPY	UBS	Sell		270,106		268,018	12/14/2012		(2,088	)
								$	3,908

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays Capital, Inc.
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
MSC	Morgan Stanley
UBS	UBS AG
Currency Abbreviations:
EUR	EURO
JPY	Japanese Yen
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

8

The Hartford Capital Appreciation Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles & Components	$	943,838	$	943,838	$	–	$	–
Banks		420,331		32,331		388,000		–
Capital Goods		1,171,808		551,199		620,609		–
Consumer Durables & Apparel		75,464		36,619		38,845		–
Consumer Services		264,454		99,050		64,725		100,679
Diversified Financials		1,242,816		1,020,948		221,868		–
Energy		1,146,530		989,447		157,083		–
Food, Beverage & Tobacco		242,423		242,423		–		–
Health Care Equipment & Services		452,297		452,297		–		–
Insurance		423,835		423,835		–		–
Materials		715,047		627,708		87,339		–
Media		474,892		474,892		–		–
Pharmaceuticals, Biotechnology & Life Sciences		868,032		829,082		32,318		6,632
Real Estate		19,660		19,660		–		–
Retailing		820,750		744,416		–		76,334
Semiconductors & Semiconductor Equipment		145,740		–		145,740		–
Software & Services		1,222,272		1,222,272		–		–
Technology Hardware & Equipment		540,624		429,257		111,367		–
Telecommunication Services		146,895		146,895		–		–
Transportation		1,413,631		1,343,256		70,375		–
Utilities		53,977		–		53,977		–
Total		12,805,316		10,629,425		1,992,246		183,645
Corporate Bonds		57,025		–		57,025		–
Short-Term Investments		21,560		–		21,560		–
Total	$	12,883,901	$	10,629,425	$	2,070,831	$	183,645
Foreign Currency Contracts*		23,513		–		23,513		–
Total	$	23,513	$	–	$	23,513	$	–
Liabilities:
Foreign Currency Contracts*		19,605		–		19,605		–
Total	$	19,605	$	–	$	19,605	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as  of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of April 30, 2012
Assets:
Common Stocks	$	197,135	$	23,999	$	2,693	*	$	—	$	1,281	$	(41,463	)	$	—	$	—	$	183,645
Total	$	197,135	$	23,999	$	2,693		$	—	$	1,281	$	(41,463	)	$	—	$	—	$	183,645

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $2,693.

The accompanying notes are an integral part of these financial statements.

9

The Hartford Capital Appreciation Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $12,256,619)	$	12,883,901
Cash		426
Foreign currency on deposit with custodian (cost $479)		483
Unrealized appreciation on foreign currency contracts		23,513
Receivables:
Investment securities sold		157,805
Fund shares sold		16,354
Dividends and interest		33,247
Other assets		275
Total assets		13,116,004
Liabilities:
Unrealized depreciation on foreign currency contracts		19,605
Payables:
Investment securities purchased		69,349
Fund shares redeemed		23,507
Investment management fees		1,405
Administrative fees		12
Distribution fees		642
Accrued expenses		2,626
Total liabilities		117,146
Net assets	$	12,998,858
Summary of Net Assets:
Capital stock and paid-in-capital	$	13,892,727
Undistributed net investment income		34,332
Accumulated net realized loss		(1,560,095	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		631,894
Net assets	$	12,998,858
Shares authorized		1,615,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$32.88/$34.79
Shares outstanding		167,274
Net assets	$	5,500,210
Class B: Net asset value per share	$	28.93
Shares outstanding		16,747
Net assets	$	484,412
Class C: Net asset value per share	$	29.11
Shares outstanding		65,800
Net assets	$	1,915,341
Class I: Net asset value per share	$	32.91
Shares outstanding		99,603
Net assets	$	3,277,460
Class R3: Net asset value per share	$	34.70
Shares outstanding		3,857
Net assets	$	133,842
Class R4: Net asset value per share	$	35.22
Shares outstanding		5,512
Net assets	$	194,152
Class R5: Net asset value per share	$	35.59
Shares outstanding		5,803
Net assets	$	206,506
Class Y: Net asset value per share	$	35.75
Shares outstanding		36,001
Net assets	$	1,286,935

The accompanying notes are an integral part of these financial statements.

10

The Hartford Capital Appreciation Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	107,991
Interest		6,810
Less: Foreign tax withheld		(4,025	)
Total investment income		110,776
Expenses:
Investment management fees		42,690
Administrative services fees		395
Transfer agent fees		10,607
Distribution fees
Class A		6,890
Class B		2,587
Class C		9,774
Class R3		343
Class R4		261
Custodian fees		133
Accounting services fees		1,061
Registration and filing fees		329
Board of Directors' fees		169
Audit fees		60
Other expenses		1,323
Total expenses (before waivers and fees paid indirectly)		76,622
Expense waivers		(20	)
Transfer agent fee waivers		—
Commission recapture		(157	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(177	)
Total expenses, net		76,445
Net Investment Income		34,331
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		47,344
Net realized loss on foreign currency contracts		(12,979	)
Net realized loss on other foreign currency transactions		(1,803	)
Net Realized Gain on Investments and Foreign Currency Transactions		32,562
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		1,058,494
Net unrealized appreciation of foreign currency contracts		44,345
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		929
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		1,103,768
Net Gain on Investments and Foreign Currency Transactions		1,136,330
Net Increase in Net Assets Resulting from Operations	$	1,170,661

The accompanying notes are an integral part of these financial statements.

11

The Hartford Capital Appreciation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	34,331		$	98,963
Net realized gain on investments and foreign currency transactions		32,562			1,498,121
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		1,103,768			(2,497,872	)
Net Increase (Decrease) In Net Assets Resulting From Operations		1,170,661			(900,788	)
Distributions to Shareholders:
From net investment income
Class A		(96,230	)		—
Class B		(4,952	)		—
Class C		(21,104	)		—
Class I		(64,375	)		—
Class R3		(1,994	)		—
Class R4		(3,660	)		—
Class R5		(4,025	)		—
Class Y		(27,689	)		—
Total distributions		(224,029	)		—
Capital Share Transactions:
Class A		(759,736	)		(2,382,527	)
Class B		(115,232	)		(234,200	)
Class C		(328,975	)		(767,045	)
Class I		(205,360	)		(1,242,070	)
Class R3		(15,123	)		20,562
Class R4		(46,522	)		(33,140	)
Class R5		(12,964	)		(1,199	)
Class Y		(261,015	)		(619,114	)
Net decrease from capital share transactions		(1,744,927	)		(5,258,733	)
Net Decrease In Net Assets		(798,295	)		(6,159,521	)
Net Assets:
Beginning of period		13,797,153			19,956,674
End of period	$	12,998,858		$	13,797,153
Undistributed (distribution in excess of) net investment income (loss)	$	34,332		$	224,030

The accompanying notes are an integral part of these financial statements.

12

The Hartford Capital Appreciation Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Capital Appreciation Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur

13

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally

14

traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding.

15

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its

16

records with a value at least equal to the amount of the commitment. As of April 30, 2012, the Fund had no outstanding when-issued or delayed delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	23,513	$	—	$	—	$	—	$	—	$	23,513
Total	$	—	$	23,513	$	—	$	—	$	—	$	—	$	23,513
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	19,605	$	—	$	—	$	—	$	—	$	19,605
Total	$	—	$	19,605	$	—	$	—	$	—	$	—	$	19,605

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

17

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(12,979	)	$	—	$	—	$	—	$	—	$	(12,979	)
Total	$	—	$	(12,979	)	$	—	$	—	$	—	$	—	$	(12,979	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	44,345		$	—	$	—	$	—	$	—	$	44,345
Total	$	—	$	44,345		$	—	$	—	$	—	$	—	$	44,345

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

18

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Components of Distributable Earnings – The Fund’s components of distributable earnings (deficit) on a tax basis at October 31, 2011, are as follows:

	Amount
Undistributed Ordinary Income	$	224,030
Accumulated Capital Losses *		(1,524,693	)
Unrealized Depreciation †		(539,838	)
Total Accumulated Deficit	$	(1,840,501	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(62,388	)
Accumulated Net Realized Gain (Loss)		62,704
Capital Stock and Paid-in-Capital		(316	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment

19

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	1,524,693
Total	$	1,524,693

During the year ended October 31, 2011, the Fund utilized $1,509,365 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8000	%
On next $500 million		0.7000	%
On next $4 billion		0.6500	%
On next $5 billion		0.6475	%
Over $10 billion		0.6450	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

20

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class B		Class C		Class I			Class R3			Class R4			Class R5			Class Y
1.29	%		NA		NA		1.04	%		1.40	%		1.10	%		0.80	%		NA

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.16	%
Class B		2.01
Class C		1.87
Class I		0.86
Class R3		1.40
Class R4		1.10
Class R5		0.80
Class Y		0.70

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $3,693 and contingent deferred sales charges of $501 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net

21

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $104.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $8. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended  October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.03	%		26.11	%
Class B		0.04			25.10
Class C		0.04			25.23
Class I		0.03			26.45
Class Y		0.03			26.62

8. Affiliate Holdings:

As of October 31, 2011, The Hartford Checks and Balances Fund, an affiliated fund, had ownership of 16,865 Class Y shares of the Fund.

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	4,376,933
Sales Proceeds Excluding U.S. Government Obligations		6,141,889

22

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		7,103		3,110		(34,768	)		—		(24,555	)		24,455		—		(96,070	)		—		(71,615	)
Amount	$	222,692	$	90,076	$	(1,072,504	)	$	—	$	(759,736	)	$	817,803	$	—	$	(3,200,330	)	$	—	$	(2,382,527	)
Class B
Shares		81		176		(4,434	)		—		(4,177	)		311		—		(8,346	)		—		(8,035	)
Amount	$	2,229	$	4,506	$	(121,967	)	$	—	$	(115,232	)	$	9,069	$	—	$	(243,269	)	$	—	$	(234,200	)
Class C
Shares		1,672		686		(14,363	)		—		(12,005	)		6,268		—		(32,717	)		—		(26,449	)
Amount	$	46,347	$	17,632	$	(392,954	)	$	—	$	(328,975	)	$	189,270	$	—	$	(956,315	)	$	—	$	(767,045	)
Class I
Shares		12,888		1,525		(21,108	)		—		(6,695	)		59,038		—		(100,354	)		—		(41,316	)
Amount	$	401,679	$	44,145	$	(651,184	)	$	—	$	(205,360	)	$	2,008,451	$	—	$	(3,250,521	)	$	—	$	(1,242,070	)
Class R3
Shares		398		63		(886	)		—		(425	)		1,414		—		(843	)		—		571
Amount	$	12,990	$	1,945	$	(30,058	)	$	—	$	(15,123	)	$	50,348	$	—	$	(29,786	)	$	—	$	20,562
Class R4
Shares		567		110		(2,039	)		—		(1,362	)		1,617		—		(2,557	)		—		(940	)
Amount	$	18,928	$	3,411	$	(68,861	)	$	—	$	(46,522	)	$	58,014	$	—	$	(91,154	)	$	—	$	(33,140	)
Class R5
Shares		528		127		(1,029	)		—		(374	)		2,932		—		(2,929	)		—		3
Amount	$	17,942	$	3,984	$	(34,890	)	$	—	$	(12,964	)	$	98,009	$	—	$	(99,208	)	$	—	$	(1,199	)
Class Y
Shares		2,078		856		(10,843	)		—		(7,909	)		10,324		—		(28,944	)		—		(18,620	)
Amount	$	69,814	$	26,919	$	(357,748	)	$	—	$	(261,015	)	$	368,490	$	—	$	(987,604	)	$	—	$	(619,114	)
Total
Shares		25,315		6,653		(89,470	)		—		(57,502	)		106,359		—		(272,760	)		—		(166,401	)
Amount	$	792,621	$	192,618	$	(2,730,166	)	$	—	$	(1,744,927	)	$	3,599,454	$	—	$	(8,858,187	)	$	—	$	(5,258,733	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		847	$	26,638
For the Year Ended October 31, 2011		1,082	$	36,097

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

23

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

24

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25

The Hartford Capital Appreciation Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	30.55	$	0.12		$	—	$	2.74		$	2.86		$	(0.53	)	$	—		$	—	$	(0.53	)	$	2.33		$	32.88
B		26.76		(0.15	)		—		2.57			2.42			(0.25	)		—			—		(0.25	)		2.17			28.93
C		26.94		(0.08	)		—		2.54			2.46			(0.29	)		—			—		(0.29	)		2.17			29.11
I		30.61		0.17			—		2.75			2.92			(0.62	)		—			—		(0.62	)		2.30			32.91
R3		32.17		0.03			—		2.97			3.00			(0.47	)		—			—		(0.47	)		2.53			34.70
R4		32.68		0.12			—		2.97			3.09			(0.55	)		—			—		(0.55	)		2.54			35.22
R5		33.09		0.18			—		2.99			3.17			(0.67	)		—			—		(0.67	)		2.50			35.59
Y		33.26		0.35			—		2.84			3.19			(0.70	)		—			—		(0.70	)		2.49			35.75
For the Year Ended October 31, 2011 (G)
A		32.40		0.19			—		(2.04	)		(1.85	)		—			—			—		—			(1.85	)		30.55
B		28.62		(0.08	)		—		(1.78	)		(1.86	)		—			—			—		—			(1.86	)		26.76
C		28.79		(0.05	)		—		(1.80	)		(1.85	)		—			—			—		—			(1.85	)		26.94
I		32.39		0.27			—		(2.05	)		(1.78	)		—			—			—		—			(1.78	)		30.61
R3		34.22		0.10			—		(2.15	)		(2.05	)		—			—			—		—			(2.05	)		32.17
R4		34.66		0.21			—		(2.19	)		(1.98	)		—			—			—		—			(1.98	)		32.68
R5		34.99		0.32			—		(2.22	)		(1.90	)		—			—			—		—			(1.90	)		33.09
Y		35.13		0.36			—		(2.23	)		(1.87	)		—			—			—		—			(1.87	)		33.26
For the Year Ended October 31, 2010 (G)
A		28.02		0.14			—		4.24			4.38			—			—			—		—			4.38			32.40
B		24.95		(0.10	)		—		3.77			3.67			—			—			—		—			3.67			28.62
C		25.07		(0.07	)		—		3.79			3.72			—			—			—		—			3.72			28.79
I		27.94		0.21			—		4.24			4.45			—			—			—		—			4.45			32.39
R3		29.67		0.05			—		4.50			4.55			—			—			—		—			4.55			34.22
R4		29.96		0.16			—		4.54			4.70			—			—			—		—			4.70			34.66
R5		30.15		0.26			—		4.58			4.84			—			—			—		—			4.84			34.99
Y		30.24		0.29			—		4.60			4.89			—			—			—		—			4.89			35.13
For the Year Ended October 31, 2009 (G)
A		23.43		0.14			—		4.76			4.90			(0.31	)		—			—		(0.31	)		4.59			28.02
B		20.77		(0.05	)		—		4.28			4.23			(0.05	)		—			—		(0.05	)		4.18			24.95
C		20.91		(0.03	)		—		4.29			4.26			(0.10	)		—			—		(0.10	)		4.16			25.07
I		23.41		0.14			—		4.82			4.96			(0.43	)		—			—		(0.43	)		4.53			27.94
R3		24.92		0.05			—		5.07			5.12			(0.37	)		—			—		(0.37	)		4.75			29.67
R4		25.08		0.15			—		5.12			5.27			(0.39	)		—			—		(0.39	)		4.88			29.96
R5		25.21		0.20			—		5.17			5.37			(0.43	)		—			—		(0.43	)		4.94			30.15
Y		25.28		0.27			—		5.14			5.41			(0.45	)		—			—		(0.45	)		4.96			30.24
For the Year Ended October 31, 2008 (G)
A		46.08		0.20			—		(19.12	)		(18.92	)		—			(3.73	)		—		(3.73	)		(22.65	)		23.43
B		41.59		(0.09	)		—		(17.00	)		(17.09	)		—			(3.73	)		—		(3.73	)		(20.82	)		20.77
C		41.82		(0.06	)		—		(17.12	)		(17.18	)		—			(3.73	)		—		(3.73	)		(20.91	)		20.91
I		45.90		0.28			—		(19.04	)		(18.76	)		—			(3.73	)		—		(3.73	)		(22.49	)		23.41
R3		48.91		0.09			—		(20.35	)		(20.26	)		—			(3.73	)		—		(3.73	)		(23.99	)		24.92
R4		49.05		0.22			—		(20.46	)		(20.24	)		—			(3.73	)		—		(3.73	)		(23.97	)		25.08
R5		49.15		0.34			—		(20.55	)		(20.21	)		—			(3.73	)		—		(3.73	)		(23.94	)		25.21
Y		49.23		0.36			—		(20.58	)		(20.22	)		—			(3.73	)		—		(3.73	)		(23.95	)		25.28
For the Year Ended October 31, 2007 (G)
A		39.67		0.16			—		9.42			9.58			(0.13	)		(3.04	)		—		(3.17	)		6.41			46.08
B		36.25		(0.15	)		—		8.53			8.38			—			(3.04	)		—		(3.04	)		5.34			41.59
C		36.40		(0.12	)		—		8.58			8.46			—			(3.04	)		—		(3.04	)		5.42			41.82
I		39.69		0.26			—		9.39			9.65			(0.40	)		(3.04	)		—		(3.44	)		6.21			45.90
R3(I)		40.22		0.01			—		8.68			8.69			—			—			—		—			8.69			48.91
R4(I)		40.22		0.02			—		8.81			8.83			—			—			—		—			8.83			49.05
R5(I)		40.22		0.08			—		8.85			8.93			—			—			—		—			8.93			49.15
Y		42.19		0.34			—		10.06			10.40			(0.32	)		(3.04	)		—		(3.36	)		7.04			49.23

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	9.61	%(E)	$	5,500,210		1.16	%(F)		1.16	%(F)		1.16	%(F)		0.55	%(F)		34	%
	9.18	(E)		484,412		2.01	(F)		2.01	(F)		2.01	(F)		(0.31	)(F)		—
	9.27	(E)		1,915,341		1.87	(F)		1.87	(F)		1.87	(F)		(0.17	)(F)		—
	9.83	(E)		3,277,460		0.86	(F)		0.86	(F)		0.86	(F)		0.85	(F)		—
	9.51	(E)		133,842		1.41	(F)		1.40	(F)		1.40	(F)		0.30	(F)		—
	9.67	(E)		194,152		1.11	(F)		1.10	(F)		1.10	(F)		0.60	(F)		—
	9.84	(E)		206,506		0.80	(F)		0.80	(F)		0.80	(F)		0.92	(F)		—
	9.88	(E)		1,286,935		0.70	(F)		0.70	(F)		0.70	(F)		0.99	(F)		—
	(5.71	)		5,859,434		1.12			1.12			1.12			0.55			75
	(6.50	)		559,856		1.95			1.95			1.95			(0.28	)		—
	(6.43	)		2,096,461		1.84			1.84			1.84			(0.16	)		—
	(5.50	)		3,254,198		0.87			0.87			0.87			0.81			—
	(5.99	)		137,767		1.41			1.40			1.40			0.30			—
	(5.71	)		224,653		1.10			1.10			1.10			0.59			—
	(5.43	)		204,417		0.80			0.80			0.80			0.89			—
	(5.32	)		1,460,367		0.70			0.70			0.70			0.98			—
	15.63			8,535,338		1.15			1.15			1.15			0.45			70
	14.71			828,754		1.95			1.95			1.95			(0.36	)		—
	14.84			3,001,079		1.85			1.85			1.85			(0.25	)		—
	15.93			4,781,187		0.88			0.88			0.88			0.70			—
	15.34			126,972		1.42			1.41			1.41			0.17			—
	15.69			270,804		1.10			1.10			1.10			0.49			—
	16.05			215,999		0.80			0.80			0.80			0.79			—
	16.17			2,196,541		0.70			0.70			0.70			0.89			—
	21.40			9,038,634		1.22			1.22			1.22			0.58			77
	20.44			1,027,505		2.07			2.02			2.02			(0.22	)		—
	20.54			2,905,481		1.93			1.93			1.93			(0.15	)		—
	21.84			2,616,775		0.89			0.89			0.89			0.59			—
	21.08			30,633		1.46			1.46			1.46			0.19			—
	21.53			189,912		1.12			1.12			1.12			0.60			—
	21.89			173,619		0.81			0.81			0.81			0.75			—
	22.01			1,474,927		0.72			0.72			0.72			1.05			—
	(44.46	)		8,682,603		1.12			1.12			1.12			0.54			82
	(44.90	)		1,064,188		1.92			1.92			1.92			(0.29	)		—
	(44.86	)		2,637,037		1.84			1.84			1.84			(0.19	)		—
	(44.27	)		438,528		0.81			0.81			0.81			0.87			—
	(44.64	)		7,809		1.46			1.46			1.46			0.28			—
	(44.46	)		75,127		1.12			1.12			1.12			0.60			—
	(44.30	)		35,734		0.83			0.83			0.83			0.93			—
	(44.24	)		1,074,711		0.72			0.72			0.72			0.95			—
	26.15	(H)		13,684,583		1.11			1.11			1.11			0.39			72
	25.15	(H)		2,209,870		1.92			1.92			1.92			(0.40	)		—
	25.28	(H)		4,411,286		1.83			1.83			1.83			(0.32	)		—
	26.49	(H)		156,616		0.79			0.79			0.79			0.65			—
	21.61	(E)		41		1.47	(F)		1.47	(F)		1.47	(F)		0.04	(F)		—
	21.95	(E)		15,618		1.14	(F)		1.14	(F)		1.14	(F)		0.06	(F)		—
	22.20	(E)		1,165		0.85	(F)		0.85	(F)		0.85	(F)		0.25	(F)		—
	26.66	(H)		1,035,754		0.72			0.72			0.72			0.78			—

27

The Hartford Capital Appreciation Fund

Financial Highlights – (continued)

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Not annualized.
(F)	Annualized.
(G)	Per share amounts have been calculated using average shares outstanding method.
(H)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(I)	Commenced operations on December 22, 2006.

28

The Hartford Capital Appreciation Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford Capital Appreciation Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

30

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

31

The Hartford Capital Appreciation Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,096.10	$	6.04	$	1,000.00	$	1,019.10	$	5.82	1.16	%		182		366
Class B	$	1,000.00	$	1,091.80	$	10.43	$	1,000.00	$	1,014.89	$	10.05	2.01			182		366
Class C	$	1,000.00	$	1,092.70	$	9.74	$	1,000.00	$	1,015.56	$	9.38	1.87			182		366
Class I	$	1,000.00	$	1,098.30	$	4.47	$	1,000.00	$	1,020.60	$	4.31	0.86			182		366
Class R3	$	1,000.00	$	1,095.10	$	7.29	$	1,000.00	$	1,017.90	$	7.02	1.40			182		366
Class R4	$	1,000.00	$	1,096.70	$	5.73	$	1,000.00	$	1,019.40	$	5.52	1.10			182		366
Class R5	$	1,000.00	$	1,098.40	$	4.17	$	1,000.00	$	1,020.89	$	4.02	0.80			182		366
Class Y	$	1,000.00	$	1,098.80	$	3.68	$	1,000.00	$	1,021.36	$	3.54	0.70			182		366

32

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-CA12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Capital Appreciation II Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Capital Appreciation II Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at  April 30, 2012 (Unaudited)	12
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	13
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	14
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	15
Notes to Financial Statements (Unaudited)	16
Financial Highlights (Unaudited)	30
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Proxy Voting Records (Unaudited)	35
Quarterly Portfolio Holdings Information (Unaudited)	35
Expense Example (Unaudited)	36

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Capital Appreciation II Fund inception 04/29/2005

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of capital.

Performance Overview 4/29/05 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			Since Inception
Capital Appreciation II A#		10.55	%		-7.33	%		1.01	%		6.78	%
Capital Appreciation II A##					-12.43	%		-0.13	%		5.93	%
Capital Appreciation II B#		10.05	%		-8.12	%		0.21	%		5.94	%
Capital Appreciation II B##					-12.71	%		-0.17	%		5.94	%
Capital Appreciation II C#		10.07	%		-8.01	%		0.28	%		6.03	%
Capital Appreciation II C##					-8.93	%		0.28	%		6.03	%
Capital Appreciation II I#		10.66	%		-7.02	%		1.36	%		7.08	%
Capital Appreciation II R3#		10.40	%		-7.59	%		0.71	%		6.63	%
Capital Appreciation II R4#		10.61	%		-7.21	%		1.07	%		6.91	%
Capital Appreciation II R5#		10.70	%		-7.00	%		1.34	%		7.13	%
Capital Appreciation II Y#		10.77	%		-6.89	%		1.47	%		7.25	%
Russell 3000 Index		12.74	%		3.40	%		1.25	%		5.32	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Capital Appreciation II Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Michael T. Carmen, CFA	Nicholas M. Choumenkovitch	Saul J. Pannell, CFA
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager
Kent M. Stahl, CFA	Frank D. Catrickes, CFA	David W. Palmer, CFA
Senior Vice President and Director, Investments and Risk Management	Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Capital Appreciation Fund II returned 10.55%, before sales charge, for the six-month period ended April 30, 2012, underperforming its benchmark, the Russell 3000 Index, which returned 12.74% for the same period. The Fund also underperformed the 10.62% return of the average fund in the Lipper Multi-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period as generally improving economic data and growing consumer confidence helped to counter a persistent slump in housing. Investors mostly shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on the improving health of the U.S. economy. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, U.S. equities retreated for the first time in five months as disappointing employment and GDP (gross domestic product) data overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, growing concerns about Spain’s fiscal sustainability, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

All ten sectors in the Russell 3000 Index posted positive returns during the period. Strong performers included the Consumer Discretionary (+17%), Financials (+15%), and Information Technology (+15%) sectors, while the Energy (+4%) and Utilities (+5%) sectors lagged on a relative basis.

The Fund underperformed its benchmark primarily due to security selection. Weak stock selection within the Consumer Staples, Telecommunication Services, and Materials sectors more than offset stronger stock selection in the Health Care sector. Sector allocation, a result of the bottom-up stock selection process (i.e. stock by stock fundamental research), contributed positively to benchmark-relative returns. An overweight position (i.e. the Fund’s sector position was greater than the benchmark position) in the stronger-performing Consumer Discretionary and underweight position in the weaker-performing Utilities sectors contributed positively to relative returns.

Chesapeake Energy (Energy), Diamond Foods (Consumer Staples), and Deckers Outdoor (Consumer Discretionary) were the largest detractors from relative and absolute returns. Shares of U.S.-based producer of natural gas, oil, and natural gas liquids company Chesapeake underperformed as Energy stocks declined more than the broad equities market on losses from coal producers and an unexpected increase in crude oil supplies. Packaged food company Diamond Foods’ shares suffered after an investigation into the firm's accounting for certain crop payments necessitated a delay in the closing of the acquisition of Proctor & Gamble's Pringles subsidiary.Shares of Deckers Outdoor, a designer and marketer of fashion-oriented footwear, including the UGG and Teva proprietary brands, fell after the company reported disappointing guidance and margin pressures from higher product costs which led to a reduction in consensus earnings expectations.

The top contributors to relative performance (i.e. performance of the Fund as measured against the benchmark) included Cobalt International Energy (Energy), Regeneron Pharmaceuticals (Health Care), and SXC Health Solutions (Health Care). Oil-focused offshore and deepwater energy exploration and production companyCobalt International Energy saw its shares nearly double in price after favorable test results from its Cameia well in Angola showed potential for a higher quality oil reservoir than had previously been anticipated.Shares of U.S.-based biopharmaceutical company Regeneron moved higher after the company's quarterly results exceeded expectations on strong sales of the firm's recently launched macular degeneration drug Eylea. In addition, Regeneron substantially raised sales guidance for Eylea. Shares of SXC Health Solutions, a pharmacy benefit management company, moved higher following the announcement in April 2012 that the company plans to merge

3

The Hartford Capital Appreciation II Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

with competitor Catalyst Health Solutions.Apple (Information Technology) was also a top contributor to absolute performance (i.e. total return) during the period.

What is the outlook?

While we believe recent monetary policy has been accommodative globally, the European sovereign debt crisis and concerns regarding a slowdown in China continue to influence the investment backdrop.

We continue to focus our efforts on stock-by-stock fundamental research across the Fund’s opportunistic and complementary investment strategies. At the end of the period, the Fund’s largest overweight allocations were to the Consumer Discretionary, Information Technology, and Industrials sectors and largest underweight allocations were to the Consumer Staples, Financials, and Utilities sectors relative to the Russell 3000 benchmark.

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Equity Securities
Automobiles & Components (Consumer Discretionary)		1.6	%
Banks (Financials)		1.6
Capital Goods (Industrials)		8.8
Commercial & Professional Services (Industrials)		0.9
Consumer Durables & Apparel (Consumer Discretionary)		4.0
Consumer Services (Consumer Discretionary)		1.4
Diversified Financials (Financials)		5.1
Energy (Energy)		9.7
Food & Staples Retailing (Consumer Staples)		1.0
Food, Beverage & Tobacco (Consumer Staples)		3.1
Health Care Equipment & Services (Health Care)		5.9
Household & Personal Products (Consumer Staples)		0.3
Insurance (Financials)		3.3
Materials (Materials)		4.2
Media (Consumer Discretionary)		3.5
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		5.8
Real Estate (Financials)		1.4
Retailing (Consumer Discretionary)		8.9
Semiconductors & Semiconductor Equipment (Information Technology)		1.3
Software & Services (Information Technology)		12.8
Technology Hardware & Equipment (Information Technology)		8.1
Telecommunication Services (Services)		0.6
Transportation (Industrials)		4.2
Utilities (Utilities)		0.6
Total		98.1	%
Short-Term Investments		1.8
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Capital Appreciation II Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.1%
		Automobiles & Components - 1.6%
	14	Continental AG	$	1,338
	110	Dana Holding Corp.		1,609
	282	Ford Motor Co. w/ Rights		3,180
	318	Goodyear Tire & Rubber Co. ●		3,491
	330	Modine Manufacturing Co. ●		2,606
	237	Stoneridge, Inc. ●		2,041
	37	Tesla Motors, Inc. ●		1,222
				15,487
		Banks - 1.6%
	16	BNP Paribas		631
	41	PNC Financial Services Group, Inc.		2,745
	365	Wells Fargo & Co.		12,196
				15,572
		Capital Goods - 8.8%
	220	Aecom Technology Corp. ●		4,864
	67	Assa Abloy Ab		1,953
	75	BE Aerospace, Inc. ●		3,528
	55	Belden, Inc.		1,906
	26	Chart Industries, Inc. ●		1,986
	48	Colfax Corp. ●		1,629
	178	DigitalGlobe, Inc. ●		2,190
	11	Fanuc Corp. ☼		1,872
	17	Flowserve Corp.		1,908
	—	Foster Wheeler AG ●		—
	101	General Dynamics Corp.		6,817
	23	Honeywell International, Inc.		1,425
	165	Itochu Corp.		1,863
	32	Joy Global, Inc.		2,286
	29	L-3 Communications Holdings, Inc.		2,118
	60	Lockheed Martin Corp.		5,462
	162	Meritor, Inc. ●		1,058
	92	Northrop Grumman Corp.		5,812
	22	PACCAR, Inc.		941
	20	Pall Corp.		1,184
	107	Pentair, Inc.		4,616
	41	Polypore International, Inc. ●		1,522
	339	Rolls-Royce Holdings plc		4,529
	168	Safran S.A.		6,215
	19	SKF Ab B Shares		457
	28	TransDigm Group, Inc. ●		3,543
	28	Triumph Group, Inc.		1,759
	88	Vinci S.A.		4,104
	50	WESCO International, Inc. ●		3,300
	37	Westport Innovations, Inc. ●		1,163
	13	Zodiac Aerospace		1,481
				83,491
		Commercial & Professional Services - 0.9%
	33	IHS, Inc. ●		3,285
	51	Manpower, Inc.		2,181
	59	Verisk Analytics, Inc. ●		2,893
				8,359
		Consumer Durables & Apparel - 4.0%
	14	Brunswick Corp.		366
	272	D.R. Horton, Inc.		4,449
	80	Deckers Outdoor Corp. ●		4,075
	464	Furniture Brands International, Inc. ●		734
	200	Hanesbrands, Inc. ●		5,639
	54	Jones (The) Group, Inc.		608
	259	Liz Claiborne, Inc. ●		3,477
	122	Mattel, Inc.		4,099
	252	Pulte Group, Inc. ●		2,482
	36	PVH Corp.		3,197
	633	Samsonite International S.A. ●		1,222
	161	Sega Sammy Holdings, Inc.		3,372
	57	Tempur-Pedic International, Inc. ●		3,353
	8	V.F. Corp.		1,262
				38,335
		Consumer Services - 1.4%
	58	DeVry, Inc.		1,858
	76	Dunkin' Brands Group, Inc.		2,475
	43	ITT Educational Services, Inc. ●		2,813
	38	Marriott International, Inc. Class A		1,485
	369	Sands China Ltd. §		1,444
	21	Tim Hortons, Inc.		1,212
	24	Yum! Brands, Inc.		1,760
				13,047
		Diversified Financials - 5.1%
	79	Ameriprise Financial, Inc.		4,298
	645	Bank of America Corp.		5,227
	14	BlackRock, Inc.		2,606
	175	Citigroup, Inc.		5,781
	52	Discover Financial Services, Inc.		1,763
	323	GAM Holding Ltd.		4,149
	37	Goldman Sachs Group, Inc.		4,215
	307	ING Groep N.V. ●		2,164
	206	JP Morgan Chase & Co.		8,871
	131	Justice Holdings Ltd. ⌂●†		1,917
	83	Nasdaq OMX Group, Inc. ●		2,039
	48	NYSE Euronext		1,246
	32	Oaktree Capital ⌂■●†		1,149
	59	Solar Cayman Ltd. ⌂■●†		5
	81	Waddell and Reed Financial, Inc. Class A w/ Rights		2,599
				48,029
		Energy - 9.7%
	96	Anadarko Petroleum Corp.		7,030
	9	Apache Corp.		894
	44	Atwood Oceanics, Inc. ●		1,955
	92	Baker Hughes, Inc.		4,051
	241	BG Group plc		5,691
	105	Cabot Oil & Gas Corp.		3,678
	68	Cameco Corp.		1,509
	31	Cameron International Corp. ●		1,584
	46	Canadian Natural Resources Ltd. ADR		1,585
	461	CGX Energy, Inc. ●		378
	154	Cheniere Energy, Inc. ●		2,819
	138	Chesapeake Energy Corp.		2,542
	300	Cobalt International Energy ●		8,040
	39	Consol Energy, Inc.		1,283
	51	EnCana Corp.		1,060
	83	ENSCO International plc		4,514
	147	Genel Energy plc ●		1,683
	127	Halliburton Co.		4,352
	2	HRT Participacoes em Petroleo S.A. ●		445
	—	Inpex Corp.		1,849
	557	JX Holdings, Inc.		3,142
	298	Karoon Gas Australia Ltd. ●		1,982
	66	Kior, Inc. ●		647

The accompanying notes are an integral part of these financial statements.

5

The Hartford Capital Appreciation II Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.1% - (continued)
		Energy - 9.7% - (continued)
	153	Lone Pine Resources, Inc. ●	$	909
	65	McDermott International, Inc. ●		740
	53	Newfield Exploration Co. ●		1,891
	21	Noble Corp.		788
	68	Occidental Petroleum Corp.		6,161
	181	Petroleum Geo-Services ●		2,739
	16	Pioneer Natural Resources Co.		1,892
	94	Southwestern Energy Co. ●		2,959
	86	Superior Energy Services, Inc. ●		2,310
	108	Tsakos Energy Navigation Ltd.		686
	283	Uranium One, Inc. ●		821
	77	Whiting Petroleum Corp. ●		4,394
	81	Williams Cos., Inc.		2,746
				91,749
		Food & Staples Retailing - 1.0%
	92	CVS Caremark Corp.		4,109
	142	Sysco Corp.		4,102
	29	Walgreen Co.		1,003
				9,214
		Food, Beverage & Tobacco - 3.1%
	111	Archer Daniels Midland Co.		3,410
	38	Diamond Foods, Inc.		794
	32	Dr. Pepper Snapple Group		1,298
	17	Green Mountain Coffee Roasters, Inc. ●		835
	46	Groupe Danone ☼		3,260
	42	Kraft Foods, Inc.		1,681
	14	Lorillard, Inc.		1,826
	177	Maple Leaf Foods, Inc. w/ Rights		2,312
	79	Molson Coors Brewing Co.		3,281
	104	PepsiCo, Inc.		6,838
	179	Smithfield Foods, Inc. ●		3,748
				29,283
		Health Care Equipment & Services - 5.9%
	35	Aetna, Inc.		1,519
	109	Allscripts Healthcare Solutions, Inc. ●		1,209
	1,623	CareView Communications, Inc. ●		2,645
	21	Cie Generale d'Optique Essilor International S.A.		1,820
	116	CIGNA Corp.		5,358
	78	Edwards Lifesciences Corp. ●		6,480
	56	Gen-Probe, Inc. ●		4,601
	61	HCA Holdings, Inc.		1,653
	311	Hologic, Inc. ●		5,955
	14	Humana, Inc.		1,138
	2	Intuitive Surgical, Inc. ●		1,272
	244	Medtronic, Inc.		9,336
	46	St. Jude Medical, Inc.		1,793
	49	SXC Health Solutions Corp. ●		4,480
	34	UnitedHealth Group, Inc.		1,915
	109	Universal Health Services, Inc. Class B		4,673
				55,847
		Household & Personal Products - 0.3%
	23	Energizer Holdings, Inc. ●		1,655
	108	Hengan International Group Co., Ltd.		1,136
				2,791
		Insurance - 3.3%
	144	Aflac, Inc.		6,486
	232	AIA Group Ltd.		821
	103	American International Group, Inc. ●		3,519
	154	Assured Guaranty Ltd.		2,185
	262	Brasil Insurance Participacoes e Administracao S.A.		2,817
	311	China Pacific Insurance		1,007
	18	Everest Re Group Ltd.		1,740
	60	Principal Financial Group, Inc.		1,655
	67	Progressive Corp.		1,431
	46	Reinsurance Group of America, Inc.		2,680
	20	StanCorp Financial Group, Inc.		764
	31	Swiss Re Ltd.		1,945
	168	Unum Group		3,976
				31,026
		Materials - 4.2%
	22	Agrium U.S., Inc.		1,908
	22	Air Liquide ☼		2,773
	28	Akzo Nobel N.V.		1,520
	21	AngloGold Ltd. ADR		729
	74	Barrick Gold Corp.		2,999
	25	Cabot Corp.		1,078
	45	Celanese Corp.		2,190
	41	Detour Gold Corp. ●		1,008
	121	Flotek Industries, Inc. ●		1,649
	2	Givaudan ☼		1,822
	572	Glencore International plc		3,966
	61	Iluka Resources Ltd.		1,071
	162	Louisiana-Pacific Corp. ●		1,462
	110	Methanex Corp. ADR		3,871
	84	Molycorp, Inc. ●		2,263
	25	Mosaic Co.		1,294
	200	Norbord, Inc. ●		2,304
	498	PTT Chemical Public Co., Ltd. ●		1,113
	224	Sandstorm Gold Ltd. ●		408
	41	Sealed Air Corp.		790
	357	Sino Forest Corp. Class A ⌂●†		—
	143	Suncoke Energ, Inc. ●		2,177
	33	Umicore		1,801
				40,196
		Media - 3.5%
	51	AMC Networks, Inc. Class A ●‡		2,154
	33	CBS Corp. Class B		1,084
	241	Comcast Corp. Class A		7,313
	30	DirecTV Class A ●		1,474
	50	Focus Media Holding Ltd. ADR		1,191
	37	Liberty Global, Inc. ●		1,843
	107	Omnicom Group, Inc.		5,486
	54	Time Warner, Inc.		2,019
	115	Viacom, Inc. Class B		5,357
	120	Walt Disney Co.		5,172
				33,093
		Pharmaceuticals, Biotechnology & Life Sciences - 5.8%
	188	Agilent Technologies, Inc.		7,933
	28	Alkermes plc ●		479
	154	Almirall S.A. ☼		1,321
	319	Avanir Pharmaceuticals ●		971
	27	Biogen Idec, Inc. ●		3,656
	70	Bristol-Myers Squibb Co.		2,319
	19	Cubist Pharmaceuticals, Inc. ●		782
	46	Daiichi Sankyo Co., Ltd. ☼		792
	232	Elan Corp. plc ADR ●		3,197

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.1% - (continued)
		Pharmaceuticals, Biotechnology & Life Sciences - 5.8% - (continued)
	142	Gilead Sciences, Inc. ●	$	7,405
	61	Map Pharmaceuticals, Inc. ●		783
	220	Merck & Co., Inc.		8,637
	92	Mylan, Inc. ●		2,006
	261	Novavax, Inc. ●		355
	13	Onyx Pharmaceuticals, Inc. ●		587
	35	Regeneron Pharmaceuticals, Inc. ●		4,679
	20	Roche Holding AG ☼		3,666
	42	Seattle Genetics, Inc. ●		830
	426	TherapeuticsMD, Inc. ●		1,108
	16	Waters Corp. ●		1,312
	170	WuXi PharmaTech Cayman, Inc. ●		2,439
				55,257
		Real Estate - 1.4%
	19	American Tower Corp. REIT		1,226
	129	BR Malls Participacoes S.A.		1,595
	100	CBRE Group, Inc. ●		1,877
	1,560	China Overseas Grand Oceans Group Ltd.		2,087
	88	CubeSmart		1,106
	24	Daito Trust Construction Co., Ltd.		2,122
	10	Unibail-Rodamco SE		1,863
	87	Weyerhaeuser Co.		1,775
				13,651
		Retailing - 8.9%
	66	Abercrombie & Fitch Co. Class A		3,333
	27	Advance Automotive Parts, Inc.		2,442
	727	Allstar Co. ⌂†		1,075
	38	Amazon.com, Inc. ●		8,919
	9	AutoZone, Inc. ●		3,575
	27	Bed Bath & Beyond, Inc. ●		1,893
	3	Big Lots, Inc. ●		103
	1,405	Buck Holdings L.P. ⌂●†		2,918
	58	Buckle (The), Inc.		2,665
	61	CarMax, Inc. ●		1,868
	76	Chico's FAS, Inc.		1,173
	36	Conns, Inc. ●		583
	26	Dollar General Corp. ●		1,210
	14	Dollar Tree, Inc. ●		1,381
	19	DSW, Inc.		1,085
	24	Family Dollar Stores, Inc.		1,593
	4	Fast Retailing Co., Ltd.		782
	66	GameStop Corp. Class A		1,504
	147	GNC Holdings, Inc.		5,727
	71	Kohl's Corp.		3,549
	28	Liberty Media - Interactive A ●		528
	382	Lowe's Co., Inc.		12,007
	17	Lumber Liquidators Holdings, Inc. ●		495
	17	Nordstrom, Inc.		944
	46	PetSmart, Inc.		2,660
	9	Priceline.com, Inc. ●		7,177
	36	Rent-A-Center, Inc.		1,233
	16	Ross Stores, Inc.		961
	112	Target Corp.		6,500
	113	TripAdvisor, Inc. ●		4,231
	14	Williams-Sonoma, Inc.		538
				84,652
		Semiconductors & Semiconductor Equipment - 1.3%
	119	Arm Holdings plc		1,003
	33	Cree, Inc. ●		1,034
	167	Imagination Technologies Group plc ●		1,867
	60	Infineon Technologies AG		595
	264	RF Micro Devices, Inc. ●		1,144
	176	Skyworks Solutions, Inc. ●		4,780
	799	Taiwan Semiconductor Manufacturing Co., Ltd.		2,362
				12,785
		Software & Services - 12.8%
	20	Accenture plc		1,305
	454	Activision Blizzard, Inc.		5,847
	4	ANSYS, Inc. ●		241
	49	Automatic Data Processing, Inc.		2,741
	33	BMC Software, Inc. ●		1,345
	156	Booz Allen Hamilton Holding Corp.		2,673
	550	Cadence Design Systems, Inc. ●		6,414
	31	Check Point Software Technologies Ltd. ADR ●		1,814
	66	Cognizant Technology Solutions Corp. ●		4,845
	81	Concur Technologies, Inc. ●		4,592
	43	DealerTrack Holdings, Inc. ●		1,286
	165	eBay, Inc. ●		6,763
	17	Electronic Arts, Inc. ●		267
	44	Equinix, Inc. ●		7,282
	27	Fiserv, Inc. ●		1,898
	44	Global Payments, Inc.		2,020
	39	IAC/Interactive Corp.		1,886
	109	iGate Corp. ●		2,121
	24	Intuit, Inc.		1,409
	272	Kit Digital, Inc. ●		1,844
	78	LinkedIn Corp. ●		8,445
	3	Mastercard, Inc.		1,221
	373	Microsoft Corp.		11,951
	5	MicroStrategy, Inc. ●		737
	327	Oracle Corp.		9,618
	39	Paychex, Inc.		1,221
	59	Rovi Corp. ●		1,680
	31	Salesforce.com, Inc. ●		4,837
	18	Splunk, Inc.		601
	99	Tibco Software, Inc. ●		3,250
	183	TiVo, Inc. ●		1,977
	94	VeriFone Systems, Inc. ●		4,472
	693	Western Union Co.		12,728
				121,331
		Technology Hardware & Equipment - 8.1%
	70	Acme Packet, Inc. ●		1,973
	37	Apple, Inc. ●		21,740
	69	Arrow Electronics, Inc. ●		2,889
	775	Cisco Systems, Inc.		15,607
	307	EMC Corp. ●		8,667
	167	Finisar Corp. ●		2,764
	327	Flextronics International Ltd. ●		2,178
	68	Harris Corp.		3,115
	599	Hon Hai Precision Industry Co., Ltd.		1,883
	17	Jabil Circuit, Inc.		393
	235	JDS Uniphase Corp. ●		2,849
	341	Juniper Networks, Inc. ●		7,316
	44	NetApp, Inc. ●		1,712

The accompanying notes are an integral part of these financial statements.

7

The Hartford Capital Appreciation II Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
COMMON STOCKS - 98.1% - (continued)
		Technology Hardware & Equipment - 8.1% - (continued)
	25	SanDisk Corp. ●		$	922
	36	Trimble Navigation Ltd. ●			1,930
	25	Universal Display Corp. ●			1,121
					77,059
		Telecommunication Services - 0.6%
	376	Hughes Telematics, Inc. ●			1,504
	259	MetroPCS Communications, Inc. ●			1,894
	197	NII Holdings, Inc. Class B ●			2,757
					6,155
		Transportation - 4.2%
	23	Canadian National Railway Co.			1,920
	17	Canadian Pacific Railway Ltd. ADR			1,316
	20	Copa Holdings S.A. Class A			1,605
	79	Delta Air Lines, Inc. ●			864
	89	Expeditors International of Washington, Inc.			3,544
	31	FedEx Corp.			2,736
	171	Hertz Global Holdings, Inc. ●			2,640
	741	JetBlue Airways Corp. ●			3,519
	84	JSL S.A.			420
	129	Knight Transportation, Inc.			2,113
	1	Kuehne & Nagel International AG			156
	254	Toll Holdings Ltd.			1,542
	323	United Continental Holdings, Inc. ●			7,074
	106	United Parcel Service, Inc. Class B			8,315
	179	US Airways Group, Inc. ●			1,841
					39,605
		Utilities - 0.6%
	38	Entergy Corp.			2,518
	17	ITC Holdings Corp.			1,296
	78	UGI Corp.			2,273
					6,087
		Total common stocks
		(cost $870,560)		$	932,101
WARRANTS - 0.0%
		Pharmaceuticals, Biotechnology & Life Sciences - 0.0%
	13	Novavax, Inc. ⌂●		$	—
		Total warrants
		(cost $–)		$	—
		Total long-term investments
		(cost $870,560)		$	932,101
SHORT-TERM INVESTMENTS - 1.8%
Repurchase Agreements - 1.8%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4,263, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $4,348)
$	4,263	0.20%, 04/30/2012		$	4,263
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $5,710, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $5,824)
	5,710	0.20%, 04/30/2012			5,710
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,255, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $2,300)
	2,255	0.21%, 04/30/2012			2,255
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,868, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $1,905)
	1,868	0.19%, 04/30/2012			1,868
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2, collateralized by U.S. Treasury Note 0.75%, 2013, value of $2)
	2	0.17%, 04/30/2012			2
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,066, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $3,127)
	3,066	0.21%, 04/30/2012			3,066
					17,164
		Total short-term investments
		(cost $17,164)		$	17,164
		Total investments
		(cost $887,724) ▲	99.9%	$	949,265
		Other assets and liabilities	0.1%		1,219
		Total net assets	100.0%	$	950,484

The accompanying notes are an integral part of these financial statements.

8

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $925,828 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	94,774
Unrealized Depreciation		(71,337	)
Net Unrealized Appreciation	$	23,437

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $7,064, which represents 0.7% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $1,154, which represents 0.1% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S.person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $1,444, which represents 0.2% of total net assets.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $308 at April 30, 2012.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
08/2011		727	Allstar Co.		740
06/2007		1,405	Buck Holdings L.P.		677
02/2011		131	Justice Holdings Ltd.		2,096
07/2008		13	Novavax, Inc. Warrants		–
02/2008 - 05/2008		32	Oaktree Capital  - 144A		894
06/2011		357	Sino Forest Corp. Class A		2,362
03/2007		59	Solar Cayman Ltd.  - 144A		17

At April 30, 2012, the aggregate value of these securities was $7,064, which represents 0.7% of total net assets.

The accompanying notes are an integral part of these financial statements.

9

The Hartford Capital Appreciation II Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
AUD	CBK	Sell	$	129	$	129	05/03/2012	$	–
AUD	MSC	Sell		163		162	05/01/2012		(1	)
AUD	MSC	Sell		135		135	05/02/2012		–
CAD	BBH	Buy		559		561	05/01/2012		(2	)
CAD	BBH	Buy		559		559	05/03/2012		–
CAD	BBH	Sell		51		51	05/03/2012		–
CAD	CFSB	Buy		1,546		1,557	05/02/2012		(11	)
CHF	BCLY	Buy		21		21	05/03/2012		–
CHF	BCLY	Sell		129		129	05/03/2012		–
CHF	CBK	Sell		62		62	05/02/2012		–
CHF	MSC	Sell		144		144	05/04/2012		–
EUR	BCLY	Sell		3,123		3,044	12/14/2012		(79	)
EUR	CBK	Buy		200		200	05/03/2012		–
EUR	CBK	Sell		2,243		2,189	12/14/2012		(54	)
EUR	CBK	Sell		144		144	05/02/2012		–
EUR	DEUT	Sell		190		190	05/04/2012		–
EUR	DEUT	Sell		1,385		1,350	12/14/2012		(35	)
EUR	MSC	Buy		8,910		8,877	12/14/2012		33
EUR	MSC	Sell		942		918	12/14/2012		(24	)
EUR	SSG	Sell		238		238	05/02/2012		–
EUR	UBS	Sell		1,217		1,185	12/14/2012		(32	)
GBP	CBK	Sell		582		581	05/01/2012		(1	)
GBP	CBK	Sell		101		101	05/02/2012		–
JPY	BCLY	Buy		723		692	12/14/2012		31
JPY	CBK	Buy		723		693	12/14/2012		30
JPY	CFSB	Buy		5		5	05/07/2012		–
JPY	CFSB	Buy		723		691	12/14/2012		32
JPY	DEUT	Buy		638		609	12/14/2012		29
JPY	DEUT	Sell		2,609		2,582	12/14/2012		(27	)
JPY	JPM	Buy		35		34	05/02/2012		1
JPY	MSC	Buy		723		690	12/14/2012		33
JPY	MSC	Sell		2,613		2,593	12/14/2012		(20	)
JPY	RBC	Sell		293		288	05/01/2012		(5	)
JPY	UBS	Buy		1,630		1,570	12/14/2012		60
JPY	UBS	Sell		2,613		2,593	12/14/2012		(20	)
NOK	CBK	Sell		110		110	05/03/2012		–
SEK	BOA	Sell		96		96	05/04/2012		–
SEK	CBK	Sell		95		95	05/02/2012		–
SEK	CBK	Sell		96		96	05/03/2012		–
								$	(62	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

10

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BBH	Brown Brothers Harriman & Co.
BCLY	Barclays Capital, Inc.
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SSG	State Street Global Markets LLC
UBS	UBS AG
Currency Abbreviations:
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	EURO
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

11

The Hartford Capital Appreciation II Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles & Components	$	15,487	$	14,149	$	1,338	$	–
Banks		15,572		14,941		631		–
Capital Goods		83,491		61,017		22,474		–
Commercial & Professional Services		8,359		8,359		–		–
Consumer Durables & Apparel		38,335		33,741		4,594		–
Consumer Services		13,047		11,603		1,444		–
Diversified Financials		48,029		38,645		6,313		3,071
Energy		91,749		76,346		15,403		–
Food & Staples Retailing		9,214		9,214		–		–
Food, Beverage & Tobacco		29,283		26,023		3,260		–
Health Care Equipment & Services		55,847		54,027		1,820		–
Household & Personal Products		2,791		1,655		1,136		–
Insurance		31,026		27,253		3,773		–
Materials		40,196		27,243		12,953		–
Media		33,093		33,093		–		–
Pharmaceuticals, Biotechnology & Life Sciences		55,257		49,478		5,779		–
Real Estate		13,651		7,579		6,072		–
Retailing		84,652		79,877		782		3,993
Semiconductors & Semiconductor Equipment		12,785		6,958		5,827		–
Software & Services		121,331		121,331		–		–
Technology Hardware & Equipment		77,059		75,176		1,883		–
Telecommunication Services		6,155		6,155		–		–
Transportation		39,605		37,907		1,698		–
Utilities		6,087		6,087		–		–
Total		932,101		827,857		97,180		7,064
Warrants		–		–		–		–
Short-Term Investments		17,164		–		17,164		–
Total	$	949,265	$	827,857	$	114,344	$	7,064
Foreign Currency Contracts*		249		–		249		–
Total	$	249	$	–	$	249	$	–
Liabilities:
Foreign Currency Contracts*		311		–		311		–
Total	$	311	$	–	$	311	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of April 30, 2012
Assets:
Common Stocks	$	9,701	$	974	$	(602	)†	$	–	$	–	$	(1,548	)	$	2,215	$	(3,676	)	$	7,064
Total	$	9,701	$	974	$	(602	)	$	–	$	–	$	(1,548	)	$	2,215	$	(3,676	)	$	7,064

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(602).

The accompanying notes are an integral part of these financial statements.

12

The Hartford Capital Appreciation II Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $887,724)	$	949,265
Cash		20
Foreign currency on deposit with custodian (cost $8)		8
Unrealized appreciation on foreign currency contracts		249
Receivables:
Investment securities sold		20,732
Fund shares sold		989
Dividends and interest		1,042
Other assets		128
Total assets		972,433
Liabilities:
Unrealized depreciation on foreign currency contracts		311
Payables:
Investment securities purchased		19,102
Fund shares redeemed		2,130
Investment management fees		135
Administrative fees		1
Distribution fees		73
Accrued expenses		197
Total liabilities		21,949
Net assets	$	950,484
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,051,801
Distributions in excess of net investment loss		(940	)
Accumulated net realized loss		(161,907	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		61,530
Net assets	$	950,484
Shares authorized		1,000,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$14.15/$14.97
Shares outstanding		32,566
Net assets	$	460,937
Class B: Net asset value per share	$	13.36
Shares outstanding		4,532
Net assets	$	60,548
Class C: Net asset value per share	$	13.44
Shares outstanding		19,087
Net assets	$	256,579
Class I: Net asset value per share	$	14.43
Shares outstanding		6,964
Net assets	$	100,481
Class R3: Net asset value per share	$	14.01
Shares outstanding		1,714
Net assets	$	24,013
Class R4: Net asset value per share	$	14.28
Shares outstanding		792
Net assets	$	11,304
Class R5: Net asset value per share	$	14.49
Shares outstanding		105
Net assets	$	1,516
Class Y: Net asset value per share	$	14.60
Shares outstanding		2,404
Net assets	$	35,106

The accompanying notes are an integral part of these financial statements.

13

The Hartford Capital Appreciation II Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	6,796
Interest		11
Less: Foreign tax withheld		(144	)
Total investment income		6,663
Expenses:
Investment management fees		4,307
Administrative services fees		31
Transfer agent fees		819
Distribution fees
Class A		567
Class B		302
Class C		1,279
Class R3		53
Class R4		16
Custodian fees		29
Accounting services fees		66
Registration and filing fees		76
Board of Directors' fees		12
Audit fees		10
Other expenses		112
Total expenses (before waivers and fees paid indirectly)		7,679
Expense waivers		(185	)
Transfer agent fee waivers		–
Commission recapture		(33	)
Total waivers and fees paid indirectly		(218	)
Total expenses, net		7,461
Net Investment Loss		(798	)
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		8,105
Net realized loss on foreign currency contracts		(400	)
Net realized loss on other foreign currency transactions		(109	)
Net Realized Gain on Investments and Foreign Currency Transactions		7,596
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		85,872
Net unrealized appreciation of foreign currency contracts		529
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		64
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		86,465
Net Gain on Investments and Foreign Currency Transactions		94,061
Net Increase in Net Assets Resulting from Operations	$	93,263

The accompanying notes are an integral part of these financial statements.

14

The Hartford Capital Appreciation II Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment loss	$	(798	)	$	(4,500	)
Net realized gain on investments and foreign currency transactions		7,596			102,882
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		86,465			(109,212	)
Net Increase (Decrease) In Net Assets Resulting From Operations		93,263			(10,830	)
Capital Share Transactions:
Class A		(51,770	)		(44,966	)
Class B		(7,186	)		(10,728	)
Class C		(34,619	)		(40,375	)
Class I		(22,611	)		8,537
Class R3		1,703			7,528
Class R4		(2,450	)		4,068
Class R5		140			534
Class Y		(2,106	)		(15,198	)
Net decrease from capital share transactions		(118,899	)		(90,600	)
Net Decrease In Net Assets		(25,636	)		(101,430	)
Net Assets:
Beginning of period		976,120			1,077,550
End of period	$	950,484		$	976,120
Undistributed (distribution in excess of) net investment income (loss)	$	(940	)	$	(142	)

The accompanying notes are an integral part of these financial statements.

15

The Hartford Capital Appreciation II Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Capital Appreciation II Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

16

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

17

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

18

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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such

19

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

20

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	249	$	—	$	—	$	—	$	—	$	249
Total	$	—	$	249	$	—	$	—	$	—	$	—	$	249
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	311	$	—	$	—	$	—	$	—	$	311
Total	$	—	$	311	$	—	$	—	$	—	$	—	$	311

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(400	)	$	—	$	—	$	—	$	—	$	(400	)
Total	$	—	$	(400	)	$	—	$	—	$	—	$	—	$	(400	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	529		$	—	$	—	$	—	$	—	$	529
Total	$	—	$	529		$	—	$	—	$	—	$	—	$	529

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate

21

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Components of Distributable Earnings – The Fund’s components of distributable earnings (deficit) on a tax basis at October 31, 2011, are as follows:

	Amount
Accumulated Capital Losses *	$	(132,162	)
Unrealized Depreciation †		(62,418	)
Total Accumulated Deficit	$	(194,580	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

22

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	2,644
Accumulated Net Realized Gain (Loss)		492
Capital Stock and Paid-in-Capital		(3,136	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	132,162
Total	$	132,162

During the year ended October 31, 2011, the Fund utilized $110,129 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with

23

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.9500	%
On next $250 million		0.9000	%
On next $500 million		0.8000	%
On next $1.5 billion		0.7500	%
On next $2.5 billion		0.7000	%
On next $5 billion		0.6800	%
Over $10 billion		0.6750	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $250 million		1.0000	%
On next $250 million		0.9500	%
On next $500 million		0.9000	%
On next $4 billion		0.8500	%
On next $5 billion		0.8475	%
Over $10 billion		0.8450	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.25	%		2.00	%		2.00	%		1.00	%		1.35	%		1.05	%		0.95	%		0.90	%

24

From November 1, 2011 through February 29, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.60	%		2.35	%		2.35	%		1.35	%		1.70	%		1.40	%		1.10	%		1.05	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended  April 30, 2012
Class A		1.38	%
Class B		2.19
Class C		2.11
Class I		1.10
Class R3		1.57
Class R4		1.28
Class R5		1.04
Class Y		0.97

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $444 and contingent deferred sales charges of $80 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

25

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $23.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Investment Transactions:

For the six-month period ended April 30, 2012, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	622,003
Sales Proceeds Excluding U.S. Government Obligations		731,672

26

9. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		2,097		—		(6,033	)		—		(3,936	)		8,043		—		(11,464	)		—		(3,421	)
Amount	$	27,909	$	—	$	(79,679	)	$	—	$	(51,770	)	$	111,755	$	—	$	(156,721	)	$	—	$	(44,966	)
Class B
Shares		59		—		(630	)		—		(571	)		264		—		(1,090	)		—		(826	)
Amount	$	737	$	—	$	(7,923	)	$	—	$	(7,186	)	$	3,529	$	—	$	(14,257	)	$	—	$	(10,728	)
Class C
Shares		704		—		(3,462	)		—		(2,758	)		3,162		—		(6,352	)		—		(3,190	)
Amount	$	8,846	$	—	$	(43,465	)	$	—	$	(34,619	)	$	42,278	$	—	$	(82,653	)	$	—	$	(40,375	)
Class I
Shares		1,018		—		(2,692	)		—		(1,674	)		6,016		—		(5,591	)		—		425
Amount	$	13,442	$	—	$	(36,053	)	$	—	$	(22,611	)	$	85,198	$	—	$	(76,661	)	$	—	$	8,537
Class R3
Shares		448		—		(329	)		—		119			972		—		(429	)		—		543
Amount	$	5,963	$	—	$	(4,260	)	$	—	$	1,703		$	13,412	$	—	$	(5,884	)	$	—	$	7,528
Class R4
Shares		195		—		(358	)		—		(163	)		581		—		(277	)		—		304
Amount	$	2,627	$	—	$	(5,077	)	$	—	$	(2,450	)	$	7,791	$	—	$	(3,723	)	$	—	$	4,068
Class R5
Shares		22		—		(13	)		—		9			59		—		(22	)		—		37
Amount	$	322	$	—	$	(182	)	$	—	$	140		$	857	$	—	$	(323	)	$	—	$	534
Class Y
Shares		137		—		(291	)		—		(154	)		810		—		(1,749	)		—		(939	)
Amount	$	1,893	$	—	$	(3,999	)	$	—	$	(2,106	)	$	10,313	$	—	$	(25,511	)	$	—	$	(15,198	)
Total
Shares		4,680		—		(13,808	)		—		(9,128	)		19,907		—		(26,974	)		—		(7,067	)
Amount	$	61,739	$	—	$	(180,638	)	$	—	$	(118,899	)	$	275,133	$	—	$	(365,733	)	$	—	$	(90,600	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		45	$	585
For the Year Ended October 31, 2011		47	$	640

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

27

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

28

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29

The Hartford Capital Appreciation II Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment  Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income		Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	12.80	$	–		$	–	$	1.35		$	1.35		$	–	$	–		$	–	$	–		$	1.35		$	14.15
B		12.14		(0.05	)		–		1.27			1.22			–		–			–		–			1.22			13.36
C		12.21		(0.05	)		–		1.28			1.23			–		–			–		–			1.23			13.44
I		13.04		0.02			–		1.37			1.39			–		–			–		–			1.39			14.43
R3		12.69		(0.01	)		–		1.33			1.32			–		–			–		–			1.32			14.01
R4		12.91		0.01			–		1.36			1.37			–		–			–		–			1.37			14.28
R5		13.09		0.02			–		1.38			1.40			–		–			–		–			1.40			14.49
Y		13.18		0.03			–		1.39			1.42			–		–			–		–			1.42			14.60
For the Year Ended October 31, 2011
A		12.94		(0.03	)		–		(0.11	)		(0.14	)		–		–			–		–			(0.14	)		12.80
B		12.37		(0.14	)		–		(0.09	)		(0.23	)		–		–			–		–			(0.23	)		12.14
C		12.42		(0.12	)		–		(0.09	)		(0.21	)		–		–			–		–			(0.21	)		12.21
I		13.13		0.02			–		(0.11	)		(0.09	)		–		–			–		–			(0.09	)		13.04
R3		12.86		(0.06	)		–		(0.11	)		(0.17	)		–		–			–		–			(0.17	)		12.69
R4		13.04		(0.02	)		–		(0.11	)		(0.13	)		–		–			–		–			(0.13	)		12.91
R5		13.18		0.02			–		(0.11	)		(0.09	)		–		–			–		–			(0.09	)		13.09
Y		13.25		0.03			–		(0.10	)		(0.07	)		–		–			–		–			(0.07	)		13.18
For the Year Ended October 31, 2010
A		10.74		(0.03	)		–		2.23			2.20			–		–			–		–			2.20			12.94
B		10.35		(0.14	)		–		2.16			2.02			–		–			–		–			2.02			12.37
C		10.39		(0.12	)		–		2.15			2.03			–		–			–		–			2.03			12.42
I		10.86		0.02			–		2.25			2.27			–		–			–		–			2.27			13.13
R3		10.71		(0.05	)		–		2.20			2.15			–		–			–		–			2.15			12.86
R4		10.82		(0.02	)		–		2.24			2.22			–		–			–		–			2.22			13.04
R5		10.91		0.02			–		2.25			2.27			–		–			–		–			2.27			13.18
Y		10.96		0.04			–		2.25			2.29			–		–			–		–			2.29			13.25
For the Year Ended October 31, 2009
A		8.73		–			–		2.01			2.01			–		–			–		–			2.01			10.74
B		8.47		(0.06	)		–		1.94			1.88			–		–			–		–			1.88			10.35
C		8.50		(0.06	)		–		1.95			1.89			–		–			–		–			1.89			10.39
I		8.80		0.03			–		2.03			2.06			–		–			–		–			2.06			10.86
R3		8.73		(0.03	)		–		2.01			1.98			–		–			–		–			1.98			10.71
R4		8.79		–			–		2.03			2.03			–		–			–		–			2.03			10.82
R5		8.84		0.02			–		2.05			2.07			–		–			–		–			2.07			10.91
Y		8.86		0.04			–		2.06			2.10			–		–			–		–			2.10			10.96
For the Year Ended October 31, 2008
A		16.95		0.02			–		(7.07	)		(7.05	)		–		(1.17	)		–		(1.17	)		(8.22	)		8.73
B		16.62		(0.09	)		–		(6.89	)		(6.98	)		–		(1.17	)		–		(1.17	)		(8.15	)		8.47
C		16.66		(0.07	)		–		(6.92	)		(6.99	)		–		(1.17	)		–		(1.17	)		(8.16	)		8.50
I		17.02		0.04			–		(7.09	)		(7.05	)		–		(1.17	)		–		(1.17	)		(8.22	)		8.80
R3		17.00		(0.01	)		–		(7.09	)		(7.10	)		–		(1.17	)		–		(1.17	)		(8.27	)		8.73
R4		17.05		0.01			–		(7.10	)		(7.09	)		–		(1.17	)		–		(1.17	)		(8.26	)		8.79
R5		17.10		0.04			–		(7.13	)		(7.09	)		–		(1.17	)		–		(1.17	)		(8.26	)		8.84
Y		17.12		–			–		(7.09	)		(7.09	)		–		(1.17	)		–		(1.17	)		(8.26	)		8.86
For the Year Ended October 31, 2007
A		13.13		–			–		4.13			4.13			–		(0.31	)		–		(0.31	)		3.82			16.95
B		12.99		(0.07	)		–		4.01			3.94			–		(0.31	)		–		(0.31	)		3.63			16.62
C		13.00		(0.06	)		–		4.03			3.97			–		(0.31	)		–		(0.31	)		3.66			16.66
I		13.14		0.02			–		4.17			4.19			–		(0.31	)		–		(0.31	)		3.88			17.02
R3(G)		13.52		(0.03	)		–		3.51			3.48			–		–			–		–			3.48			17.00
R4(G)		13.52		(0.01	)		–		3.54			3.53			–		–			–		–			3.53			17.05
R5(G)		13.52		–			–		3.58			3.58			–		–			–		–			3.58			17.10
Y		13.20		0.06			–		4.17			4.23			–		(0.31	)		–		(0.31	)		3.92			17.12

30

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net  Assets			Portfolio Turnover Rate(D)
	10.55	%(E)	$	460,937		1.43	%(F)		1.39	%(F)		1.39	%(F)		0.04	%(F)		67	%
	10.05	(E)		60,548		2.28	(F)		2.20	(F)		2.20	(F)		(0.77	)(F)		–
	10.07	(E)		256,579		2.14	(F)		2.11	(F)		2.11	(F)		(0.69	)(F)		–
	10.66	(E)		100,481		1.12	(F)		1.10	(F)		1.10	(F)		0.32	(F)		–
	10.40	(E)		24,013		1.71	(F)		1.57	(F)		1.57	(F)		(0.14	)(F)		–
	10.61	(E)		11,304		1.39	(F)		1.28	(F)		1.28	(F)		0.14	(F)		–
	10.70	(E)		1,516		1.11	(F)		1.05	(F)		1.05	(F)		0.38	(F)		–
	10.77	(E)		35,106		0.98	(F)		0.97	(F)		0.97	(F)		0.45	(F)		–
	(1.08	)		467,407		1.41			1.41			1.41			(0.19	)		140
	(1.86	)		61,934		2.25			2.25			2.25			(1.03	)		–
	(1.69	)		266,634		2.13			2.13			2.13			(0.91	)		–
	(0.69	)		112,597		1.11			1.11			1.11			0.12			–
	(1.32	)		20,237		1.72			1.70			1.70			(0.48	)		–
	(1.00	)		12,333		1.40			1.40			1.40			(0.17	)		–
	(0.68	)		1,255		1.11			1.10			1.10			0.13			–
	(0.53	)		33,723		0.99			0.99			0.99			0.23			–
	20.48			516,406		1.44			1.44			1.44			(0.20	)		155
	19.52			73,313		2.28			2.28			2.28			(1.04	)		–
	19.54			310,899		2.15			2.15			2.15			(0.91	)		–
	20.90			107,796		1.11			1.11			1.11			0.13			–
	20.07			13,520		1.74			1.73			1.73			(0.50	)		–
	20.52			8,486		1.40			1.40			1.40			(0.18	)		–
	20.81			777		1.12			1.11			1.11			0.12			–
	20.89			46,353		1.00			1.00			1.00			0.25			–
	23.02			497,959		1.54			1.54			1.54			0.02			168
	22.20			72,940		2.44			2.22			2.22			(0.67	)		–
	22.23			297,280		2.25			2.25			2.25			(0.70	)		–
	23.41			95,280		1.16			1.16			1.16			0.37			–
	22.68			8,057		1.81			1.81			1.81			(0.30	)		–
	23.09			5,308		1.43			1.43			1.43			0.04			–
	23.42			816		1.14			1.14			1.14			0.29			–
	23.70			54,222		1.02			1.02			1.02			0.49			–
	(44.43	)		479,795		1.40			1.40			1.40			0.12			159
	(44.92	)		66,057		2.27			2.27			2.27			(0.75	)		–
	(44.87	)		269,662		2.14			2.14			2.14			(0.62	)		–
	(44.23	)		79,436		1.08			1.08			1.08			0.43			–
	(44.60	)		4,148		1.77			1.77			1.77			(0.28	)		–
	(44.40	)		1,232		1.43			1.43			1.43			0.08			–
	(44.26	)		151		1.16			1.16			1.16			0.37			–
	(44.20	)		21,827		1.01			1.01			1.01			0.51			–
	32.15			821,428		1.44			1.44			1.44			–			102
	31.01			104,908		2.29			2.29			2.29			(0.86	)		–
	31.22			415,688		2.16			2.16			2.16			(0.73	)		–
	32.60			83,905		1.11			1.11			1.11			0.31			–
	25.74	(E)		452		1.85	(F)		1.85	(F)		1.85	(F)		(0.43	)(F)		–
	26.11	(E)		14		1.47	(F)		1.47	(F)		1.47	(F)		(0.06	)(F)		–
	26.48	(E)		136		1.22	(F)		1.22	(F)		1.22	(F)		0.03	(F)		–
	32.75			158		1.02			1.02			1.02			0.44			–

31

The Hartford Capital Appreciation II Fund

Financial Highlights – (continued)

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Not annualized.
(F)	Annualized.
(G)	Commenced operations on December 22, 2006.

32

The Hartford Capital Appreciation II Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

33

The Hartford Capital Appreciation II Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

34

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

35

The Hartford Capital Appreciation II Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current ½ year		Days in the full year
Class A	$	1,000.00	$	1,105.50	$	7.25	$	1,000.00	$	1,017.97	$	6.95	1.39	%		182		366
Class B	$	1,000.00	$	1,100.50	$	11.47	$	1,000.00	$	1,013.94	$	10.99	2.20			182		366
Class C	$	1,000.00	$	1,100.70	$	11.03	$	1,000.00	$	1,014.36	$	10.58	2.11			182		366
Class I	$	1,000.00	$	1,106.60	$	5.76	$	1,000.00	$	1,019.40	$	5.52	1.10			182		366
Class R3	$	1,000.00	$	1,104.00	$	8.23	$	1,000.00	$	1,017.04	$	7.89	1.57			182		366
Class R4	$	1,000.00	$	1,106.10	$	6.70	$	1,000.00	$	1,018.50	$	6.42	1.28			182		366
Class R5	$	1,000.00	$	1,107.00	$	5.47	$	1,000.00	$	1,019.67	$	5.25	1.05			182		366
Class Y	$	1,000.00	$	1,107.70	$	5.08	$	1,000.00	$	1,020.04	$	4.87	0.97			182		366

36

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-CAII12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Checks and Balances Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Checks and Balances Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	4
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	5
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	6
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	7
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	8
Notes to Financial Statements (Unaudited)	9
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Checks and Balances Fund inception 05/31/2007

(advised by Hartford Investment Financial Services, LLC)

Investment objective – Seeks long-term capital appreciation and income.

Performance Overview 5/31/07 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Checks and Balances A#		8.15	%		0.14	%		1.83	%
Checks and Balances A##					-5.36	%		0.67	%
Checks and Balances B#		7.63	%		-0.69	%		1.02	%
Checks and Balances B##					-5.57	%		0.64	%
Checks and Balances C#		7.78	%		-0.63	%		1.08	%
Checks and Balances C##					-1.61	%		1.08	%
Checks and Balances I#		8.17	%		0.30	%		2.06	%
Checks and Balances R3#		7.99	%		-0.27	%		1.59	%
Checks and Balances R4#		8.03	%		0.01	%		1.81	%
Checks and Balances R5#		8.17	%		0.31	%		2.04	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		6.64	%
Russell 3000 Index		12.74	%		3.40	%		0.53	%
S&P 500 Index		12.76	%		4.73	%		0.32	%

† Not Annualized

# Without sales charge

## With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 2/29/08. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 8/29/08. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Checks and Balances Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Manager

Vernon J. Meyer, CFA

Senior Vice President of HIFSCO,

Chairman of the HIFSCO Investment Oversight Committee

How did the Fund perform?

The Class A shares of The Hartford Checks and Balances Fund returned 8.15%, before sales charge, for the six-month period ended April 30, 2012, versus 7.80% for the Lipper Mixed-Asset Target Allocation Growth Funds average, 2.44% for the Barclays Capital U.S. Aggregate Bond Index, 12.76% for the S&P 500 Index, and 12.74% for the Russell 3000 Index, respectively.

Why did the Fund perform this way?

The Fund makes equal allocations of its assets to Class Y shares of certain Hartford Mutual Funds (“Underlying Funds”): The Hartford Capital Appreciation Fund, The Hartford Dividend and Growth Fund, and The Hartford Total Return Bond Fund. The Underlying Funds may invest in a wide variety of instruments which primarily include U.S. and foreign equity securities, fixed income and money market securities. The Fund is not actively managed, and the Fund’s assets will be rebalanced back to one-third in each Underlying Fund as soon as reasonably practicable whenever the Fund’s investment in any single Underlying Fund deviates from the target allocation by more than 5%.

The Fund’s relative performance benefited most from the performance of The Hartford Total Return Bond Fund. The return of The Hartford Capital Appreciation Fund detracted most from relative performance.

What is the outlook?

The Fund will continue to make equal allocations of its assets to the three Underlying Funds. Please rerefer to www.hartfordinvestor.com for the shareholder report for each Underlying Fund.

Composition by Investments

as of April 30, 2012

Fund Name	Percentage of Net Assets
The Hartford Capital Appreciation Fund, Class Y		33.3	%
The Hartford Dividend and Growth Fund, Class Y		33.4
The Hartford Total Return Bond Fund, Class Y		33.3
Other Assets and Liabilities		0.0
Total		100.0	%

3

The Hartford Checks and Balances Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 100.0%
EQUITY FUNDS - 66.7%
	16,865	The Hartford Capital Appreciation Fund, Class Y			$	602,936
	29,059	The Hartford Dividend and Growth Fund, Class Y				604,142
						1,207,078
		Total equity funds
		(cost $1,010,085)			$	1,207,078
FIXED INCOME FUNDS - 33.3%
	54,622	The Hartford Total Return Bond Fund, Class Y			$	602,478
		Total fixed income funds
		(cost $579,805)			$	602,478
		Total investments in affiliated investment companies
		(cost $1,589,890)			$	1,809,556
		Total long-term investments			$	1,809,556
		(cost $1,589,890)
		Total investments
		(cost $1,589,890) ▲	100.0	%	$	1,809,556
		Other assets and liabilities	–	%		48
		Total net assets	100.0	%	$	1,809,604

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $1,658,062 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	219,666
Unrealized Depreciation		(68,172	)
Net Unrealized Appreciation	$	151,494

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Checks and Balances Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	1,809,556	$	1,809,556	$	—	$	—
Total	$	1,809,556	$	1,809,556	$	—	$	—

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Checks and Balances Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $1,589,890)	$	1,809,556
Receivables:
Investment securities sold		972
Fund shares sold		1,373
Dividends and interest		1,462
Other assets		98
Total assets		1,813,461
Liabilities:
Payables:
Investment securities purchased		501
Fund shares redeemed		2,961
Administrative fees		—
Distribution fees		127
Accrued expenses		268
Total liabilities		3,857
Net assets	$	1,809,604
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,665,481
Undistributed net investment income		738
Accumulated net realized loss		(76,281	)
Unrealized appreciation of investments		219,666
Net assets	$	1,809,604
Shares authorized		1,000,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.78/$10.35
Shares outstanding		137,983
Net assets	$	1,349,258
Class B: Net asset value per share	$	9.74
Shares outstanding		12,487
Net assets	$	121,638
Class C: Net asset value per share	$	9.75
Shares outstanding		31,381
Net assets	$	305,831
Class I: Net asset value per share	$	9.78
Shares outstanding		2,207
Net assets	$	21,595
Class R3: Net asset value per share	$	9.76
Shares outstanding		1,029
Net assets	$	10,038
Class R4: Net asset value per share	$	9.77
Shares outstanding		116
Net assets	$	1,128
Class R5: Net asset value per share	$	9.78
Shares outstanding		12
Net assets	$	116

The accompanying notes are an integral part of these financial statements.

6

The Hartford Checks and Balances Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends from underlying affiliated funds	$	30,082
Total investment income		30,082
Expenses:
Administrative services fees		11
Transfer agent fees		1,124
Distribution fees
Class A		1,659
Class B		607
Class C		1,521
Class R3		25
Class R4		1
Custodian fees		—
Accounting services fees		107
Registration and filing fees		86
Board of Directors' fees		22
Audit fees		11
Other expenses		150
Total expenses		5,324
Net Investment Income		24,758
Net Realized Loss on Investments:
Capital gain distribution received from underlying affiliated funds		2,913
Net realized loss on investments in underlying affiliated funds		(11,021	)
Net Realized Loss on Investments		(8,108	)
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		120,977
Net Changes in Unrealized Appreciation of Investments		120,977
Net Gain on Investments		112,869
Net Increase in Net Assets Resulting from Operations	$	137,627

The accompanying notes are an integral part of these financial statements.

7

The Hartford Checks and Balances Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	24,758		$	23,069
Net realized gain (loss) on investments		(8,108	)		2,647
Net unrealized appreciation of investments		120,977			505
Net Increase In Net Assets Resulting From Operations		137,627			26,221
Distributions to Shareholders:
From net investment income
Class A		(19,391	)		(20,476	)
Class B		(1,290	)		(806	)
Class C		(3,334	)		(2,255	)
Class I		(324	)		(364	)
Class R3		(123	)		(81	)
Class R4		(13	)		(10	)
Class R5		(2	)		(2	)
Total from net investment income		(24,477	)		(23,994	)
From net realized gain on investments
Class A		(5,889	)		—
Class B		(545	)		—
Class C		(1,371	)		—
Class I		(90	)		—
Class R3		(41	)		—
Class R4		(4	)		—
Class R5		(1	)		—
Total from net realized gain on investments		(7,941	)		—
Total distributions		(32,418	)		(23,994	)
Capital Share Transactions:
Class A		(66,077	)		(93,397	)
Class B		(8,701	)		(21,167	)
Class C		(22,679	)		(45,940	)
Class I		555			(1,347	)
Class R3		228			7,410
Class R4		249			613
Class R5		2			(9	)
Net decrease from capital share transactions		(96,423	)		(153,837	)
Net Increase (Decrease) In Net Assets		8,786			(151,610	)
Net Assets:
Beginning of period		1,800,818			1,952,428
End of period	$	1,809,604		$	1,800,818
Undistributed (distribution in excess of) net investment income (loss)	$	738		$	457

The accompanying notes are an integral part of these financial statements.

8

The Hartford Checks and Balances Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Checks and Balances Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund, as a “Fund of Funds”, seeks its investment goal through investment in Class Y shares of a combination of Hartford mutual funds (“Underlying Funds”): The Hartford Capital Appreciation Fund, The Hartford Dividend and Growth Fund and The Hartford Total Return Bond Fund. The Fund is managed by Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

9

The Hartford Checks and Balances Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

10

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds in direct proportion to the amount of assets the Fund allocates to each Underlying Fund. The market values of the Underlying Funds may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

11

The Hartford Checks and Balances Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	23,994	$	22,579

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	457
Undistributed Long-Term Capital Gain		7,940
Unrealized Appreciation *		30,517
Total Accumulated Earnings	$	38,914

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund had no reclassifications.

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

During the year ended October 31, 2011, the Fund utilized $2,361 of prior year capital loss carryforwards.

12

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – HIFSCO serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. The Fund is managed by HIFSCO in accordance with the Fund’s investment objective and policies. The Fund does not currently pay any fees to HIFSCO for managing the Fund.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5
	1.25	%		2.00	%		2.00	%		1.00	%		1.40	%		1.10	%		0.80	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $2,701 and contingent deferred sales charges of $170 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for

13

The Hartford Checks and Balances Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $63.  These commissions are in turn paid to sales representatives of the broker/dealers.

d) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		12		10	%
Class R5		12		100

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	129,505
Sales Proceeds Excluding U.S. Government Obligations		231,585

14

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		7,813		2,711		(17,500	)		—		(6,976	)		28,858		2,137		(41,117	)		—		(10,122	)
Amount	$	73,903	$	24,808	$	(164,788	)	$	—	$	(66,077	)	$	275,688	$	20,026	$	(389,111	)	$	—	$	(93,397	)
Class B
Shares		107		196		(1,223	)		—		(920	)		375		83		(2,697	)		—		(2,239	)
Amount	$	1,004	$	1,770	$	(11,475	)	$	—	$	(8,701	)	$	3,545	$	770	$	(25,482	)	$	—	$	(21,167	)
Class C
Shares		1,421		492		(4,322	)		—		(2,409	)		5,177		225		(10,316	)		—		(4,914	)
Amount	$	13,422	$	4,458	$	(40,559	)	$	—	$	(22,679	)	$	49,357	$	2,106	$	(97,403	)	$	—	$	(45,940	)
Class I
Shares		421		36		(401	)		—		56			1,003		28		(1,189	)		—		(158	)
Amount	$	3,990	$	326	$	(3,761	)	$	—	$	555		$	9,666	$	267	$	(11,280	)	$	—	$	(1,347	)
Class R3
Shares		428		18		(418	)		—		28			1,305		9		(553	)		—		761
Amount	$	4,099	$	164	$	(4,035	)	$	—	$	228		$	12,579	$	81	$	(5,250	)	$	—	$	7,410
Class R4
Shares		34		2		(9	)		—		27			86		1		(24	)		—		63
Amount	$	322	$	17	$	(90	)	$	—	$	249		$	828	$	10	$	(225	)	$	—	$	613
Class R5
Shares		—		—		—			—		—			—		—		(1	)		—		(1	)
Amount	$	—	$	2	$	—		$	—	$	2		$	—	$	2	$	(11	)	$	—	$	(9	)
Total
Shares		10,224		3,455		(23,873	)		—		(10,194	)		36,804		2,483		(55,897	)		—		(16,610	)
Amount	$	96,740	$	31,545	$	(224,708	)	$	—	$	(96,423	)	$	351,663	$	23,262	$	(528,762	)	$	—	$	(153,837	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		58	$	545
For the Year Ended October 31, 2011		84	$	802

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

15

The Hartford Checks and Balances Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

16

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17

The Hartford Checks and Balances Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	9.22	$	0.14	$	—	$	0.60		$	0.74		$	(0.14	)	$	(0.04	)	$	—	$	(0.18	)	$	0.56		$	9.78
B		9.19		0.10		—		0.59			0.69			(0.10	)		(0.04	)		—		(0.14	)		0.55			9.74
C		9.19		0.10		—		0.60			0.70			(0.10	)		(0.04	)		—		(0.14	)		0.56			9.75
I		9.23		0.15		—		0.59			0.74			(0.15	)		(0.04	)		—		(0.19	)		0.55			9.78
R3		9.20		0.12		—		0.60			0.72			(0.12	)		(0.04	)		—		(0.16	)		0.56			9.76
R4		9.22		0.13		—		0.60			0.73			(0.14	)		(0.04	)		—		(0.18	)		0.55			9.77
R5		9.23		0.15		—		0.59			0.74			(0.15	)		(0.04	)		—		(0.19	)		0.55			9.78
For the Year Ended October 31, 2011
A		9.22		0.13		—		—			0.13			(0.13	)		—			—		(0.13	)		—			9.22
B		9.18		0.05		—		0.02			0.07			(0.06	)		—			—		(0.06	)		0.01			9.19
C		9.19		0.06		—		—			0.06			(0.06	)		—			—		(0.06	)		—			9.19
I		9.22		0.15		—		0.02			0.17			(0.16	)		—			—		(0.16	)		0.01			9.23
R3		9.21		0.10		—		—			0.10			(0.11	)		—			—		(0.11	)		(0.01	)		9.20
R4		9.21		0.12		—		0.02			0.14			(0.13	)		—			—		(0.13	)		0.01			9.22
R5		9.22		0.15		—		0.02			0.17			(0.16	)		—			—		(0.16	)		0.01			9.23
For the Year Ended October 31, 2010 (G)
A		8.29		0.13		—		0.93			1.06			(0.13	)		—			—		(0.13	)		0.93			9.22
B		8.26		0.06		—		0.92			0.98			(0.06	)		—			—		(0.06	)		0.92			9.18
C		8.26		0.07		—		0.92			0.99			(0.06	)		—			—		(0.06	)		0.93			9.19
I		8.29		0.15		—		0.93			1.08			(0.15	)		—			—		(0.15	)		0.93			9.22
R3		8.29		0.10		—		0.92			1.02			(0.10	)		—			—		(0.10	)		0.92			9.21
R4		8.29		0.14		—		0.91			1.05			(0.13	)		—			—		(0.13	)		0.92			9.21
R5		8.29		0.16		—		0.92			1.08			(0.15	)		—			—		(0.15	)		0.93			9.22
For the Year Ended October 31, 2009
A		7.32		0.19		—		1.03			1.22			(0.20	)		(0.05	)		—		(0.25	)		0.97			8.29
B		7.29		0.13		—		1.04			1.17			(0.15	)		(0.05	)		—		(0.20	)		0.97			8.26
C		7.29		0.13		—		1.04			1.17			(0.15	)		(0.05	)		—		(0.20	)		0.97			8.26
I		7.32		0.21		—		1.03			1.24			(0.22	)		(0.05	)		—		(0.27	)		0.97			8.29
R3		7.31		0.17		—		1.04			1.21			(0.18	)		(0.05	)		—		(0.23	)		0.98			8.29
R4		7.32		0.19		—		1.03			1.22			(0.20	)		(0.05	)		—		(0.25	)		0.97			8.29
R5		7.32		0.21		—		1.03			1.24			(0.22	)		(0.05	)		—		(0.27	)		0.97			8.29
For the Year Ended October 31, 2008
A		10.51		0.21		—		(3.17	)		(2.96	)		(0.23	)		—			—		(0.23	)		(3.19	)		7.32
B		10.49		0.15		—		(3.19	)		(3.04	)		(0.16	)		—			—		(0.16	)		(3.20	)		7.29
C		10.49		0.15		—		(3.18	)		(3.03	)		(0.17	)		—			—		(0.17	)		(3.20	)		7.29
I(H)		9.89		0.14		—		(2.57	)		(2.43	)		(0.14	)		—			—		(0.14	)		(2.57	)		7.32
R3(I)		9.38		0.03		—		(2.06	)		(2.03	)		(0.04	)		—			—		(0.04	)		(2.07	)		7.31
R4(I)		9.38		0.03		—		(2.05	)		(2.02	)		(0.04	)		—			—		(0.04	)		(2.06	)		7.32
R5(I)		9.38		0.03		—		(2.04	)		(2.01	)		(0.05	)		—			—		(0.05	)		(2.06	)		7.32
From May 31, 2007 (commencement of operations), through October 31, 2007
A(J)		10.00		0.05		—		0.51			0.56			(0.05	)		—			—		(0.05	)		0.51			10.51
B(J)		10.00		0.03		—		0.49			0.52			(0.03	)		—			—		(0.03	)		0.49			10.49
C(J)		10.00		0.03		—		0.49			0.52			(0.03	)		—			—		(0.03	)		0.49			10.49

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Expense ratios do not include expenses of the Underlying Funds.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Not annualized.
(F)	Annualized.
(G)	Per share amounts have been calculated using average shares outstanding method.
(H)	Commenced operations on February 29, 2008.
(I)	Commenced operations on August 29, 2008.
(J)	Commenced operations on May 31, 2007.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.15	%(E)	$	1,349,258		0.42	%(F)		0.42	%(F)		0.42	%(F)		2.96	%(F)		7	%
	7.63	(E)		121,638		1.23	(F)		1.23	(F)		1.23	(F)		2.16	(F)		—
	7.78	(E)		305,831		1.16	(F)		1.16	(F)		1.16	(F)		2.22	(F)		—
	8.17	(E)		21,595		0.16	(F)		0.16	(F)		0.16	(F)		3.21	(F)		—
	7.99	(E)		10,038		0.76	(F)		0.76	(F)		0.76	(F)		2.47	(F)		—
	8.03	(E)		1,128		0.47	(F)		0.47	(F)		0.47	(F)		2.74	(F)		—
	8.17	(E)		116		0.16	(F)		0.16	(F)		0.16	(F)		3.19	(F)		—
	1.44			1,337,009		0.41			0.41			0.41			1.36			19
	0.71			123,183		1.21			1.21			1.21			0.55			—
	0.66			310,632		1.16			1.16			1.16			0.61			—
	1.81			19,854		0.15			0.15			0.15			1.61			—
	1.05			9,211		0.76			0.76			0.76			1.00			—
	1.53			822		0.47			0.46			0.46			1.29			—
	1.83			107		0.15			0.15			0.15			1.62			—
	12.85			1,429,438		0.42			0.42			0.42			1.51			19
	11.87			143,627		1.23			1.23			1.23			0.69			—
	12.06			355,504		1.16			1.16			1.16			0.75			—
	13.09			21,297		0.17			0.17			0.17			1.75			—
	12.40			2,206		0.81			0.78			0.78			1.15			—
	12.76			241		0.50			0.47			0.47			1.75			—
	13.13			115		0.16			0.15			0.15			1.76			—
	17.34			1,073,060		0.46			0.46			0.46			2.45			3
	16.56			141,845		1.31			1.23			1.23			1.68			—
	16.56			298,931		1.22			1.22			1.22			1.76			—
	17.68			19,988		0.20			0.20			0.20			2.61			—
	17.18			598		0.87			0.78			0.78			1.46			—
	17.30			112		0.49			0.48			0.48			2.48			—
	17.65			98		0.17			0.17			0.17			2.84			—
	(28.70	)		649,297		0.42			0.41			0.41			2.08			6
	(29.32	)		88,364		1.26			1.23			1.23			1.22			—
	(29.29	)		211,502		1.17			1.17			1.17			1.26			—
	(23.71	)(E)		8,293		0.16	(F)		0.16	(F)		0.16	(F)		2.09	(F)		—
	(21.19	)(E)		80		0.81	(F)		0.80	(F)		0.80	(F)		1.93	(F)		—
	(21.06	)(E)		79		0.51	(F)		0.50	(F)		0.50	(F)		2.23	(F)		—
	(21.04	)(E)		79		0.21	(F)		0.21	(F)		0.21	(F)		2.52	(F)		—
	5.56	(E)		172,572		0.43	(F)		0.43	(F)		0.43	(F)		1.77	(F)		—
	5.24	(E)		19,750		1.26	(F)		1.25	(F)		1.25	(F)		0.96	(F)		—
	5.23	(E)		55,105		1.18	(F)		1.18	(F)		1.18	(F)		1.02	(F)		—

19

The Hartford Checks and Balances Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Checks and Balances Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Checks and Balances Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,081.50	$	2.15	$	1,000.00	$	1,022.80	$	2.09		0.42	%		182		366
Class B	$	1,000.00	$	1,076.30	$	6.32	$	1,000.00	$	1,018.77	$	6.15		1.23			182		366
Class C	$	1,000.00	$	1,077.80	$	6.01	$	1,000.00	$	1,019.08	$	5.84		1.16			182		366
Class I	$	1,000.00	$	1,081.70	$	0.80	$	1,000.00	$	1,024.09	$	0.78		0.16			182		366
Class R3	$	1,000.00	$	1,079.90	$	3.91	$	1,000.00	$	1,021.11	$	3.80		0.76			182		366
Class R4	$	1,000.00	$	1,080.30	$	2.42	$	1,000.00	$	1,022.54	$	2.35		0.47			182		366
Class R5	$	1,000.00	$	1,081.70	$	0.81	$	1,000.00	$	1,024.08	$	0.79		0.16			182		366

23

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-CB12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Conservative Allocation Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Conservative Allocation Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	20
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Expense Example (Unaudited)	26
Approval of Investment Sub-Advisory Agreement (Unaudited)	27

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Conservative Allocation Fund inception 05/28/2004

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks current income and long-term capital appreciation.

Performance Overview 5/28/04 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			Since Inception
Conservative Allocation A#		5.87	%		2.39	%		3.59	%		5.19	%
Conservative Allocation A##					-3.24	%		2.43	%		4.45	%
Conservative Allocation B#		5.44	%		1.55	%		2.78	%		NA	*
Conservative Allocation B##					-3.45	%		2.42	%		NA	*
Conservative Allocation C#		5.49	%		1.64	%		2.84	%		4.46	%
Conservative Allocation C##					0.64	%		2.84	%		4.46	%
Conservative Allocation I#		6.12	%		2.77	%		3.87	%		5.40	%
Conservative Allocation R3#		5.70	%		2.07	%		3.17	%		4.90	%
Conservative Allocation R4#		5.96	%		2.45	%		3.55	%		5.16	%
Conservative Allocation R5#		6.01	%		2.66	%		3.85	%		5.36	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		6.37	%		5.73	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.95	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	Since 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Conservative Allocation Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President
*Appointed as a Porfolio Manager for the Fund as of January 2012.  As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.
Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Richard P. Meagher, CFA and Wendy M. Cromwell, CFA, will serve as the Fund’s Portfolio Managers.  As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class A shares of The Hartford Conservative Allocation Fund returned 5.87% for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target Allocation Conservative Funds category, a group of funds with investment strategies similar to those of the Fund, was 5.05%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 40% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and high yield, among others. Over the period, the structural allocation impact was negative, driven by diversification into international equities. Negative structural allocation measures were partially offset by diversification beyond intermediate bonds and into high yield credit, which outperformed the Barclays Capital U.S. Aggregate Bond Index.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. We expect this process to

3

The Hartford Conservative Allocation Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments

as of April 30, 2012

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		1.4	%
Powershares Emerging Markets Sovereign Debt Portfolio		1.3
State Street Bank Money Market Fund		0.0
The Hartford Alternative Strategies Fund, Class Y		7.6
The Hartford Capital Appreciation Fund, Class Y		0.6
The Hartford Capital Appreciation II Fund, Class Y		0.7
The Hartford Disciplined Equity Fund, Class Y		4.3
The Hartford Dividend and Growth Fund, Class Y		2.4
The Hartford Equity Income Fund, Class Y		6.9
The Hartford Floating Rate Fund, Class Y		3.2
The Hartford Fundamental Growth Fund, Class Y		1.2
The Hartford Global Growth Fund, Class Y		0.3
The Hartford Global Research Fund, Class Y		1.6
The Hartford Growth Fund, Class Y		1.3
The Hartford High Yield Fund, Class Y		0.2
The Hartford Inflation Plus Fund, Class Y		14.4
The Hartford International Opportunities Fund, Class Y		1.2
The Hartford International Small Company Fund, Class Y		1.0
The Hartford International Value Fund, Class Y		2.1
The Hartford MidCap Fund, Class Y		0.7
The Hartford MidCap Value Fund, Class Y		1.0
The Hartford Money Market Fund, Class Y		0.4
The Hartford Short Duration Fund, Class Y		17.4
The Hartford Small Company Fund, Class Y		0.6
The Hartford Small/Mid Cap Equity Fund, Class Y		0.9
The Hartford SmallCap Growth Fund, Class Y		1.2
The Hartford Strategic Income Fund, Class Y		3.8
The Hartford Total Return Bond Fund, Class Y		17.4
The Hartford Value Fund, Class Y		3.9
The Hartford Value Opportunities Fund, Class Y		0.9
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Conservative Allocation Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 97.2%
EQUITY FUNDS - 40.4%
	1,884	The Hartford Alternative Strategies Fund, Class Y			$	21,284
	48	The Hartford Capital Appreciation Fund, Class Y				1,699
	122	The Hartford Capital Appreciation II Fund, Class Y●				1,776
	813	The Hartford Disciplined Equity Fund, Class Y				12,056
	314	The Hartford Dividend and Growth Fund, Class Y				6,525
	1,316	The Hartford Equity Income Fund, Class Y				19,282
	280	The Hartford Fundamental Growth Fund, Class Y				3,398
	47	The Hartford Global Growth Fund, Class Y●				779
	476	The Hartford Global Research Fund, Class Y				4,509
	179	The Hartford Growth Fund, Class Y●				3,560
	227	The Hartford International Opportunities Fund, Class Y				3,385
	205	The Hartford International Small Company Fund, Class Y				2,696
	507	The Hartford International Value Fund, Class Y				5,935
	87	The Hartford MidCap Fund, Class Y				1,964
	210	The Hartford MidCap Value Fund, Class Y				2,717
	74	The Hartford Small Company Fund, Class Y				1,639
	221	The Hartford Small/Mid Cap Equity Fund, Class Y				2,507
	95	The Hartford SmallCap Growth Fund, Class Y●				3,423
	885	The Hartford Value Fund, Class Y				10,893
	180	The Hartford Value Opportunities Fund, Class Y				2,570
						112,597
		Total equity funds
		(cost $96,994)			$	112,597
FIXED INCOME FUNDS - 56.8%
	1,006	The Hartford Floating Rate Fund, Class Y			$	8,913
	98	The Hartford High Yield Fund, Class Y				718
	3,257	The Hartford Inflation Plus Fund, Class Y				40,188
	995	The Hartford Money Market Fund, Class Y●				995
	4,892	The Hartford Short Duration Fund, Class Y				48,428
	1,118	The Hartford Strategic Income Fund, Class Y				10,506
	4,408	The Hartford Total Return Bond Fund, Class Y				48,621
						158,369
		Total fixed income funds
		(cost $151,427)			$	158,369
		Total investments in affiliated investment companies
		(cost $248,421)			$	270,966
EXCHANGE TRADED FUNDS - 2.7%
	142	Powershares DB Commodity Index Tracking Fund ●			$	4,037
	122	Powershares Emerging Markets Sovereign Debt Portfolio				3,487
						7,524
		Total exchange traded funds
		(cost $6,181)			$	7,524
		Total long-term investments (cost $254,602)			$	278,490
SHORT-TERM INVESTMENTS - 0.0%
Investment Pools and Funds - 0.0%
	43	State Street Bank Money Market Fund			$	43
		Total short-term investments
		(cost $43)			$	43
		Total investments
		(cost $254,645) ▲	99.9	%	$	278,533
		Other assets and liabilities	0.1	%		161
		Total net assets	100.0	%	$	278,694

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $256,516 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	24,171
Unrealized Depreciation		(2,154	)
Net Unrealized Appreciation	$	22,017

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Conservative Allocation Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	270,966	$	270,966	$	—	$	—
Exchange Traded Funds		7,524		7,524		—		—
Short-Term Investments		43		43		—		—
Total	$	278,533	$	278,533	$	—	$	—

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Conservative Allocation Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $6,224)	$	7,567
Investments in underlying affiliated funds, at market value (cost $248,421)		270,966
Receivables:
Investment securities sold		182
Fund shares sold		309
Dividends and interest		269
Other assets		66
Total assets		279,359
Liabilities:
Bank overdraft		27
Payables:
Investment securities purchased		191
Fund shares redeemed		384
Investment management fees		7
Administrative fees		1
Distribution fees		21
Accrued expenses		34
Total liabilities		665
Net assets	$	278,694
Summary of Net Assets:
Capital stock and paid-in-capital	$	261,890
Distributions in excess of net investment loss		(734	)
Accumulated net realized loss		(6,350	)
Unrealized appreciation of investments		23,888
Net assets	$	278,694
Shares authorized		400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.20/$11.85
Shares outstanding		15,017
Net assets	$	168,262
Class B: Net asset value per share	$	11.20
Shares outstanding		1,831
Net assets	$	20,512
Class C: Net asset value per share	$	11.19
Shares outstanding		5,293
Net assets	$	59,224
Class I: Net asset value per share	$	11.19
Shares outstanding		116
Net assets	$	1,300
Class R3: Net asset value per share	$	11.23
Shares outstanding		879
Net assets	$	9,880
Class R4: Net asset value per share	$	11.19
Shares outstanding		1,303
Net assets	$	14,574
Class R5: Net asset value per share	$	11.20
Shares outstanding		441
Net assets	$	4,942

The accompanying notes are an integral part of these financial statements.

7

The Hartford Conservative Allocation Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	91
Dividends from underlying affiliated funds		2,946
Total investment income		3,037
Expenses:
Investment management fees		203
Administrative services fees		21
Transfer agent fees		132
Distribution fees
Class A		206
Class B		104
Class C		284
Class R3		21
Class R4		17
Custodian fees		—
Accounting services fees		16
Registration and filing fees		52
Board of Directors' fees		4
Audit fees		6
Other expenses		20
Total expenses		1,086
Net Investment Income		1,951
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		2,512
Net realized gain on investments in underlying affiliated funds		3,178
Net Realized Gain on Investments		5,690
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		7,466
Net unrealized appreciation of investments		231
Net Changes in Unrealized Appreciation of Investments		7,697
Net Gain on Investments		13,387
Net Increase in Net Assets Resulting from Operations	$	15,338

The accompanying notes are an integral part of these financial statements.

8

The Hartford Conservative Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	1,951		$	4,723
Net realized gain on investments		5,690			15,048
Net unrealized appreciation (depreciation) of investments		7,697			(9,584	)
Net Increase In Net Assets Resulting From Operations		15,338			10,187
Distributions to Shareholders:
From net investment income
Class A		(2,015	)		(4,106	)
Class B		(170	)		(384	)
Class C		(482	)		(947	)
Class I		(18	)		(32	)
Class R3		(89	)		(114	)
Class R4		(164	)		(335	)
Class R5		(65	)		(168	)
Total distributions		(3,003	)		(6,086	)
Capital Share Transactions:
Class A		(3,027	)		(2,150	)
Class B		(1,880	)		(2,636	)
Class C		693			2,138
Class I		(8	)		508
Class R3		2,138			3,915
Class R4		828			32
Class R5		(66	)		(1,450	)
Net increase (decrease) from capital share transactions		(1,322	)		357
Net Increase In Net Assets		11,013			4,458
Net Assets:
Beginning of period		267,681			263,223
End of period	$	278,694		$	267,681
Undistributed (distribution in excess of) net investment income (loss)	$	(734	)	$	318

The accompanying notes are an integral part of these financial statements.

9

The Hartford Conservative Allocation Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Conservative Allocation Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

10

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

11

The Hartford Conservative Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

12

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	6,086	$	4,836

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	319
Accumulated Capital Losses *		(10,170	)
Unrealized Appreciation †		14,320
Total Accumulated Earnings	$	4,469

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	1,121
Accumulated Net Realized Gain (Loss)		(1,121	)

13

The Hartford Conservative Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2015	$	177
2016		691
2017		4,395
2018		4,907
Total	$	10,170

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2011, the Fund utilized $14,294 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

14

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5
	1.35	%		2.10	%		2.10	%		1.10	%		1.60	%		1.30	%		1.00	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $431 and contingent deferred sales charges of $21 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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

15

The Hartford Conservative Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $12.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		10		2	%

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	49,445
Sales Proceeds Excluding U.S. Government Obligations		49,238

16

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,587		182		(2,043	)		—		(274	)		3,818		372		(4,379	)		—		(189	)
Amount	$	17,229	$	1,954	$	(22,210	)	$	—	$	(3,027	)	$	41,004	$	3,971	$	(47,125	)	$	—	$	(2,150	)
Class B
Shares		66		15		(253	)		—		(172	)		250		33		(527	)		—		(244	)
Amount	$	717	$	157	$	(2,754	)	$	—	$	(1,880	)	$	2,665	$	354	$	(5,655	)	$	—	$	(2,636	)
Class C
Shares		626		41		(604	)		—		63			1,451		81		(1,335	)		—		197
Amount	$	6,798	$	441	$	(6,546	)	$	—	$	693		$	15,622	$	859	$	(14,343	)	$	—	$	2,138
Class I
Shares		30		1		(32	)		—		(1	)		92		3		(48	)		—		47
Amount	$	326	$	15	$	(349	)	$	—	$	(8	)	$	996	$	28	$	(516	)	$	—	$	508
Class R3
Shares		265		8		(76	)		—		197			422		11		(68	)		—		365
Amount	$	2,867	$	89	$	(818	)	$	—	$	2,138		$	4,533	$	114	$	(732	)	$	—	$	3,915
Class R4
Shares		273		15		(214	)		—		74			336		32		(366	)		—		2
Amount	$	2,998	$	164	$	(2,334	)	$	—	$	828		$	3,642	$	335	$	(3,945	)	$	—	$	32
Class R5
Shares		34		6		(46	)		—		(6	)		549		16		(697	)		—		(132	)
Amount	$	368	$	65	$	(499	)	$	—	$	(66	)	$	5,867	$	168	$	(7,485	)	$	—	$	(1,450	)
Total
Shares		2,881		268		(3,268	)		—		(119	)		6,918		548		(7,420	)		—		46
Amount	$	31,303	$	2,885	$	(35,510	)	$	—	$	(1,322	)	$	74,329	$	5,829	$	(79,801	)	$	—	$	357

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		33	$	363
For the Year Ended October 31, 2011		36	$	388

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

17

The Hartford Conservative Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

18

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19

The Hartford Conservative Allocation Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	10.71	$	0.09	$	—	$	0.53		$	0.62		$	(0.13	)	$	—		$	—	$	(0.13	)	$	0.49		$	11.20
B		10.71		0.05		—		0.53			0.58			(0.09	)		—			—		(0.09	)		0.49			11.20
C		10.70		0.05		—		0.53			0.58			(0.09	)		—			—		(0.09	)		0.49			11.19
I		10.69		0.11		—		0.54			0.65			(0.15	)		—			—		(0.15	)		0.50			11.19
R3		10.74		0.07		—		0.54			0.61			(0.12	)		—			—		(0.12	)		0.49			11.23
R4		10.69		0.09		—		0.54			0.63			(0.13	)		—			—		(0.13	)		0.50			11.19
R5		10.71		0.10		—		0.54			0.64			(0.15	)		—			—		(0.15	)		0.49			11.20
For the Year Ended October 31, 2011
A		10.55		0.21		—		0.22			0.43			(0.27	)		—			—		(0.27	)		0.16			10.71
B		10.55		0.13		—		0.21			0.34			(0.18	)		—			—		(0.18	)		0.16			10.71
C		10.54		0.13		—		0.22			0.35			(0.19	)		—			—		(0.19	)		0.16			10.70
I		10.54		0.23		—		0.22			0.45			(0.30	)		—			—		(0.30	)		0.15			10.69
R3		10.59		0.18		—		0.21			0.39			(0.24	)		—			—		(0.24	)		0.15			10.74
R4		10.54		0.21		—		0.20			0.41			(0.26	)		—			—		(0.26	)		0.15			10.69
R5		10.55		0.23		—		0.23			0.46			(0.30	)		—			—		(0.30	)		0.16			10.71
For the Year Ended October 31, 2010
A		9.57		0.23		—		0.98			1.21			(0.23	)		—			—		(0.23	)		0.98			10.55
B		9.57		0.15		—		0.97			1.12			(0.14	)		—			—		(0.14	)		0.98			10.55
C		9.56		0.15		—		0.98			1.13			(0.15	)		—			—		(0.15	)		0.98			10.54
I		9.56		0.28		—		0.95			1.23			(0.25	)		—			—		(0.25	)		0.98			10.54
R3		9.61		0.18		—		1.00			1.18			(0.20	)		—			—		(0.20	)		0.98			10.59
R4		9.56		0.22		—		0.98			1.20			(0.22	)		—			—		(0.22	)		0.98			10.54
R5		9.57		0.25		—		0.98			1.23			(0.25	)		—			—		(0.25	)		0.98			10.55
For the Year Ended October 31, 2009 (G)
A		8.30		0.25		—		1.28			1.53			(0.26	)		—			—		(0.26	)		1.27			9.57
B		8.30		0.19		—		1.27			1.46			(0.19	)		—			—		(0.19	)		1.27			9.57
C		8.29		0.19		—		1.27			1.46			(0.19	)		—			—		(0.19	)		1.27			9.56
I		8.29		0.26		—		1.29			1.55			(0.28	)		—			—		(0.28	)		1.27			9.56
R3		8.28		0.17		—		1.32			1.49			(0.16	)		—			—		(0.16	)		1.33			9.61
R4		8.29		0.25		—		1.27			1.52			(0.25	)		—			—		(0.25	)		1.27			9.56
R5		8.30		0.26		—		1.29			1.55			(0.28	)		—			—		(0.28	)		1.27			9.57
For the Year Ended October 31, 2008
A		11.63		0.33		—		(2.84	)		(2.51	)		(0.42	)		(0.40	)		—		(0.82	)		(3.33	)		8.30
B		11.62		0.24		—		(2.82	)		(2.58	)		(0.34	)		(0.40	)		—		(0.74	)		(3.32	)		8.30
C		11.62		0.23		—		(2.81	)		(2.58	)		(0.35	)		(0.40	)		—		(0.75	)		(3.33	)		8.29
I		11.61		0.39		—		(2.86	)		(2.47	)		(0.45	)		(0.40	)		—		(0.85	)		(3.32	)		8.29
R3		11.61		0.32		—		(2.86	)		(2.54	)		(0.39	)		(0.40	)		—		(0.79	)		(3.33	)		8.28
R4		11.62		0.34		—		(2.85	)		(2.51	)		(0.42	)		(0.40	)		—		(0.82	)		(3.33	)		8.29
R5		11.63		0.39		—		(2.87	)		(2.48	)		(0.45	)		(0.40	)		—		(0.85	)		(3.33	)		8.30
For the Year Ended October 31, 2007
A		11.16		0.33		—		0.81			1.14			(0.38	)		(0.29	)		—		(0.67	)		0.47			11.63
B		11.16		0.25		—		0.80			1.05			(0.30	)		(0.29	)		—		(0.59	)		0.46			11.62
C		11.15		0.25		—		0.81			1.06			(0.30	)		(0.29	)		—		(0.59	)		0.47			11.62
I		11.16		0.38		—		0.78			1.16			(0.42	)		(0.29	)		—		(0.71	)		0.45			11.61
R3(I)		10.95		0.16		—		0.70			0.86			(0.20	)		—			—		(0.20	)		0.66			11.61
R4(I)		10.95		0.20		—		0.70			0.90			(0.23	)		—			—		(0.23	)		0.67			11.62
R5(I)		10.95		0.24		—		0.68			0.92			(0.24	)		—			—		(0.24	)		0.68			11.63

20

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	5.87	%(E)	$	168,262		0.58	%(F)		0.58	%(F)		0.58	%(F)		1.67	%(F)		18	%
	5.44	(E)		20,512		1.38	(F)		1.38	(F)		1.38	(F)		0.90	(F)		—
	5.49	(E)		59,224		1.32	(F)		1.32	(F)		1.32	(F)		0.93	(F)		—
	6.12	(E)		1,300		0.30	(F)		0.30	(F)		0.30	(F)		1.99	(F)		—
	5.70	(E)		9,880		0.93	(F)		0.93	(F)		0.93	(F)		1.14	(F)		—
	5.96	(E)		14,574		0.62	(F)		0.62	(F)		0.62	(F)		1.60	(F)		—
	6.01	(E)		4,942		0.32	(F)		0.32	(F)		0.32	(F)		1.93	(F)		—
	4.09			163,779		0.58			0.58			0.58			1.99			41
	3.24			21,454		1.37			1.37			1.37			1.20			—
	3.32			55,946		1.32			1.32			1.32			1.23			—
	4.29			1,248		0.30			0.30			0.30			2.16			—
	3.67			7,324		0.93			0.93			0.93			1.48			—
	3.95			13,142		0.62			0.62			0.62			1.93			—
	4.36			4,788		0.32			0.32			0.32			2.30			—
	12.74			163,353		0.58			0.58			0.58			2.26			28
	11.83			23,697		1.38			1.38			1.38			1.48			—
	11.92			53,036		1.33			1.33			1.33			1.51			—
	13.02			741		0.33			0.33			0.33			2.51			—
	12.41			3,357		0.94			0.93			0.93			1.75			—
	12.71			12,932		0.62			0.62			0.62			2.19			—
	13.02			6,107		0.32			0.32			0.32			2.51			—
	18.90			134,824		0.62			0.62			0.62			3.00			20	(H)
	18.01			24,438		1.46			1.38			1.38			2.26			—
	18.04			46,279		1.39			1.38			1.38			2.28			—
	19.19			908		0.36			0.36			0.36			3.17			—
	18.22			680		1.02			1.02			1.02			2.06			—
	18.89			8,078		0.66			0.66			0.66			2.94			—
	19.22			4,895		0.36			0.36			0.36			3.10			—
	(22.99	)		107,922		0.57			0.57			0.57			3.09			27
	(23.55	)		20,703		1.40			1.40			1.40			2.29			—
	(23.57	)		40,054		1.33			1.33			1.33			2.23			—
	(22.73	)		418		0.31			0.31			0.31			4.43			—
	(23.28	)		269		0.97			0.97			0.97			2.01			—
	(23.01	)		4,900		0.63			0.63			0.63			2.21			—
	(22.81	)		2,097		0.34			0.34			0.34			2.84			—
	10.64			121,488		0.59			0.59			0.59			2.91			40
	9.81			25,903		1.42			1.28			1.28			2.25			—
	9.91			46,433		1.35			1.28			1.28			2.17			—
	10.86			1,502		0.27			0.27			0.27			2.64			—
	7.93	(E)		20		1.05	(F)		1.03	(F)		1.03	(F)		1.87	(F)		—
	8.25	(E)		429		0.75	(F)		0.75	(F)		0.75	(F)		2.26	(F)		—
	8.53	(E)		695		0.48	(F)		0.46	(F)		0.46	(F)		2.41	(F)		—

21

The Hartford Conservative Allocation Fund

Financial Highlights – (continued)

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Expense ratios do not include expenses of the Underlying Funds.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Not annualized.
(F)	Annualized.
(G)	Per share amounts have been calculated using average shares outstanding method.
(H)	During the year ended October 31, 2009, The Hartford Conservative Allocation Fund incurred $0.2 million in sales associated with the transition of assets from The Hartford Retirement Income Fund, which merged into the Fund on February 20, 2009.  These sales are excluded from the portfolio turnover rate calculation.
(I)	Commenced operations on December 22, 2006.

22

The Hartford Conservative Allocation Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

23

The Hartford Conservative Allocation Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

24

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

25

The Hartford Conservative Allocation Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,058.70	$	2.96	$	1,000.00	$	1,021.99	$	2.90		0.58	%		182		366
Class B	$	1,000.00	$	1,054.40	$	7.04	$	1,000.00	$	1,018.01	$	6.91		1.38			182		366
Class C	$	1,000.00	$	1,054.90	$	6.74	$	1,000.00	$	1,018.31	$	6.62		1.32			182		366
Class I	$	1,000.00	$	1,061.20	$	1.53	$	1,000.00	$	1,023.38	$	1.50		0.30			182		366
Class R3	$	1,000.00	$	1,057.00	$	4.75	$	1,000.00	$	1,020.24	$	4.67		0.93			182		366
Class R4	$	1,000.00	$	1,059.60	$	3.19	$	1,000.00	$	1,021.76	$	3.13		0.62			182		366
Class R5	$	1,000.00	$	1,060.10	$	1.66	$	1,000.00	$	1,023.25	$	1.63		0.32			182		366

26

The Hartford Conservative Allocation Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Conservative Allocation Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including asset allocation portfolios, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk-balanced approach to construction of target risk asset allocation funds that are designed to provide diversification across different market environments.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the

27

The Hartford Conservative Allocation Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

28

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-CAL12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Disciplined Equity Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Disciplined Equity Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	8
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	9
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	10
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	11
Notes to Financial Statements (Unaudited)	12
Financial Highlights (Unaudited)	24
Directors and Officers (Unaudited)	26
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	28
Quarterly Portfolio Holdings Information (Unaudited)	28
Expense Example (Unaudited)	29

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Disciplined Equity Fund inception 04/30/1998

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of capital.

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
Disciplined Equity A#		12.89	%		3.64	%		0.65	%		3.94	%
Disciplined Equity A##					-2.06	%		-0.48	%		3.35	%
Disciplined Equity B#		12.43	%		2.80	%		0.00	%		NA	*
Disciplined Equity B##					-2.20	%		-0.40	%		NA	*
Disciplined Equity C#		12.47	%		2.81	%		-0.11	%		3.18	%
Disciplined Equity C##					1.81	%		-0.11	%		3.18	%
Disciplined Equity R3#		12.76	%		3.41	%		0.44	%		4.06	%
Disciplined Equity R4#		12.96	%		3.75	%		0.70	%		4.21	%
Disciplined Equity R5#		13.17	%		4.09	%		1.03	%		4.39	%
Disciplined Equity Y#		13.14	%		4.15	%		1.11	%		4.44	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.70	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Disciplined Equity Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Manager

Mammen Chally, CFA

Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Disciplined Equity Fund returned 12.89%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the S&P 500 Index, which returned 12.76% for the same period. The Fund also outperformed the 11.64% return of the average fund in the Lipper Large-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher during the period as generally improving economic data and growing consumer confidence helped to counter a persistent slump in housing. Investors mostly shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on the improving health of the U.S. economy. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, U.S. equities retreated for the first time in five months as disappointing employment and GDP data overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, growing concerns about Spain’s fiscal sustainability, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

The Fund benefitted from strong stock selection in the Health Care, Financials, Consumer Staples, and Industrials sectors. This was partially offset by unfavorable stock selection in the Consumer Discretionary, Information Technology, and Energy sectors. Overall sector positioning, a fallout of the bottom up stock selection process (i.e. stock by stock fundamental research), contributed modestly to benchmark-relative returns during the period. The Fund’s performance benefitted from the use of selected call and put options on names held in the Fund, while a modest cash position detracted from relative performance in an upward-trending market.

The largest contributors to relative performance were Regeneron Pharmaceuticals (Health Care), TJX Companies (Consumer Discretionary), and Ross Stores (Consumer Discretionary). Regeneron Pharmaceuticals, a biotechnology company, performed well after a stronger-than-expected launch of macular degeneration treatment drug Eylea improved investor confidence and sent shares higher. Shares of discount retailers TJX and Ross Stores both benefitted from increasing same-store-sales growth in an environment of rising prices at some full-priced retailers. Our positions in Apple (Information Technology), Philip Morris International (Consumer Staples), and Wells Fargo (Financials) were other top contributors to absolute performance.

The largest detractors from performance relative (i.e. performance of the Fund as measured against the benchmark) to the benchmark were Deckers Outdoor (Consumer Discretionary), Chesapeake Energy (Energy), and Abercrombie & Fitch (Consumer Discretionary). Deckers Outdoor is a designer and marketer of fashion-oriented footwear, including the UGG and Teva proprietary brands. Shares declined after disappointing guidance and margin pressures from higher product costs led to a reduction in consensus earnings expectations. Shares of natural gas and oil, and natural gas liquids producer Chesapeake Energy underperformed on concerns that increased spending on leaseholds and capital expenditures would not result in higher production guidance. Retailer Abercrombie & Fitch reported a disappointing quarter as same store sales turned modestly negative in the European flagships. Oracle Corporation (Information Technology) was also among the top detractors from absolute performance during the period.

What is the outlook?

Economic reports in the U.S. have been encouragingly upbeat, especially in the labor market, which shows clear signs of healing. We still consider the U.S. to be well positioned in a global context, but expect its pace of economic acceleration to moderate. Remarkably mild winter weather provided a boost to housing, the service sector, and employment in the early months of 2012, likely borrowing somewhat from second quarter growth.

The Fund focuses on stock selection as the key driver of returns and uses proprietary fundamental and quantitative research in a disciplined framework to build a portfolio of what we believe to be the most attractive stocks. Sector exposures are residuals from this bottom-up stock selection process and are not explicit management decisions. Based on individual stock decisions, the Fund ended the period most overweight to the Health Care and Information Technology sectors, and most underweight in Financials,

3

The Hartford Disciplined Equity Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

Telecommunication Services, and Energy relative to the S&P 500 Index, the Fund’s benchmark.

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		0.9	%
Banks (Financials)		4.8
Capital Goods (Industrials)		8.8
Commercial & Professional Services (Industrials)		1.8
Consumer Durables & Apparel (Consumer Discretionary)		1.5
Consumer Services (Consumer Discretionary)		1.4
Diversified Financials (Financials)		5.5
Energy (Energy)		9.5
Food & Staples Retailing (Consumer Staples)		3.5
Food, Beverage & Tobacco (Consumer Staples)		6.2
Health Care Equipment & Services (Health Care)		4.0
Household & Personal Products (Consumer Staples)		1.0
Insurance (Financials)		1.7
Materials (Materials)		2.2
Media (Consumer Discretionary)		1.0
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		11.1
Retailing (Consumer Discretionary)		6.6
Semiconductors & Semiconductor Equipment (Information Technology)		0.7
Software & Services (Information Technology)		14.5
Technology Hardware & Equipment (Information Technology)		7.8
Telecommunication Services (Services)		0.6
Utilities (Utilities)		2.9
Short-Term Investments		1.3
Other Assets and Liabilities		0.7
Total		100.0	%

4

The Hartford Disciplined Equity Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.0%
		Automobiles & Components - 0.9%
	159	Ford Motor Co. w/ Rights	$	1,793
		Banks - 4.8%
	51	BB&T Corp.		1,645
	48	PNC Financial Services Group, Inc.		3,172
	135	Wells Fargo & Co.		4,508
				9,325
		Capital Goods - 8.8%
	31	AMETEK, Inc.		1,539
	14	Boeing Co.		1,108
	11	Caterpillar, Inc.		1,108
	20	Cooper Industries plc Class A		1,282
	24	Dover Corp.		1,484
	113	General Electric Co.		2,218
	25	Illinois Tool Works, Inc.		1,437
	12	Parker-Hannifin Corp.		1,038
	16	TransDigm Group, Inc. ●		1,991
	37	United Technologies Corp.		2,992
	5	W.W. Grainger, Inc.		1,118
				17,315
		Commercial & Professional Services - 1.8%
	34	Equifax, Inc. ●		1,575
	29	Towers Watson & Co.		1,867
				3,442
		Consumer Durables & Apparel - 1.5%
	8	Deckers Outdoor Corp. ●		430
	27	PVH Corp. Θ		2,414
				2,844
		Consumer Services - 1.4%
	28	McDonald's Corp.		2,763
		Diversified Financials - 5.5%
	26	Ameriprise Financial, Inc.		1,416
	266	Bank of America Corp.		2,159
	7	BlackRock, Inc.		1,245
	59	Citigroup, Inc.		1,961
	66	JP Morgan Chase & Co.		2,827
	81	SLM Corp.		1,204
				10,812
		Energy - 9.5%
	54	Chesapeake Energy Corp.		997
	20	Chevron Corp.		2,164
	51	Cobalt International Energy ● Θ		1,362
	50	ConocoPhillips Holding Co.		3,606
	45	Exxon Mobil Corp.		3,857
	36	Marathon Oil Corp.		1,062
	21	National Oilwell Varco, Inc.		1,597
	31	Occidental Petroleum Corp.		2,864
	63	WPX Energy, Inc. ●		1,112
				18,621
		Food & Staples Retailing - 3.5%
	22	Costco Wholesale Corp.		1,940
	59	CVS Caremark Corp.		2,645
	63	Walgreen Co.		2,221
				6,806
		Food, Beverage & Tobacco - 6.2%
	70	Altria Group, Inc.		2,253
	16	Lorillard, Inc.		2,163
	45	PepsiCo, Inc.		2,998
	53	Philip Morris International, Inc.		4,747
				12,161
		Health Care Equipment & Services - 4.0%
	29	Covidien plc		1,594
	21	McKesson Corp.		1,908
	26	St. Jude Medical, Inc.		1,005
	58	UnitedHealth Group, Inc.		3,263
				7,770
		Household & Personal Products - 1.0%
	29	Energizer Holdings, Inc. ●		2,055
		Insurance - 1.7%
	20	ACE Ltd.		1,533
	50	MetLife, Inc.		1,785
				3,318
		Materials - 2.2%
	64	Dow Chemical Co.		2,175
	24	Newmont Mining Corp.		1,152
	8	Sherwin-Williams Co.		978
				4,305
		Media - 1.0%
	43	Viacom, Inc. Class B		1,992
		Pharmaceuticals, Biotechnology & Life Sciences - 11.1%
	27	Agilent Technologies, Inc.		1,146
	30	Amgen, Inc.		2,100
	9	Biogen Idec, Inc. ●		1,272
	57	Eli Lilly & Co.		2,372
	67	Forest Laboratories, Inc. ●		2,322
	42	Gilead Sciences, Inc. ●		2,167
	130	Merck & Co., Inc.		5,110
	7	Regeneron Pharmaceuticals, Inc. ●		929
	26	Salix Pharmaceuticals Ltd. ●		1,302
	21	Thermo Fisher Scientific, Inc.		1,193
	26	Watson Pharmaceuticals, Inc. ●Θ		1,937
				21,850
		Retailing - 6.6%
	34	Abercrombie & Fitch Co. Class A		1,695
	15	Amazon.com, Inc. ●Θ		3,576
	73	Lowe's Co., Inc.		2,305
	37	Ross Stores, Inc.		2,295
	74	TJX Cos., Inc.		3,100
				12,971
		Semiconductors & Semiconductor Equipment - 0.7%
	41	Avago Technologies Ltd.		1,405
		Software & Services - 14.5%
	47	Accenture plc		3,020
	135	Activision Blizzard, Inc.		1,736
	58	eBay, Inc. ●Θ		2,388
	13	Factset Research Systems, Inc.		1,383
	4	Google, Inc. ●		2,518
	37	Intuit, Inc.		2,127
	3	Mastercard, Inc. Θ		1,515
	168	Microsoft Corp.		5,386
	121	Oracle Corp.		3,552
	15	Teradata Corp. ●		1,059

The accompanying notes are an integral part of these financial statements.

5

The Hartford Disciplined Equity Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 98.0% - (continued)
		Software & Services - 14.5% - (continued)
	56	VeriSign, Inc. Θ			$	2,292
	77	Western Union Co.				1,418
						28,394
		Technology Hardware & Equipment - 7.8%
	14	Apple, Inc. ●				8,407
	129	Cisco Systems, Inc.				2,606
	89	EMC Corp. ●				2,515
	28	Qualcomm, Inc.				1,817
						15,345
		Telecommunication Services - 0.6%
	36	AT&T, Inc.				1,183
		Utilities - 2.9%
	44	American Electric Power Co., Inc.				1,727
	21	NextEra Energy, Inc.				1,321
	96	Xcel Energy, Inc.				2,600
						5,648
		Total common stocks
		(cost $155,432)			$	192,118
		Total long-term investments
		(cost $155,432)			$	192,118
SHORT-TERM INVESTMENTS - 1.3%
Repurchase Agreements - 1.3%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $615, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $627)
$	615	0.20%, 04/30/2012			$	615
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $823, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $840)
	823	0.20%, 04/30/2012				823
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $325, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $332)
	325	0.21%, 04/30/2012				325
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $269, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $275)
	269	0.19%, 04/30/2012				269
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $-, collateralized by U.S. Treasury Note 0.75%, 2013, value of $-)
	–	0.17%, 04/30/2012				–
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $442, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $451)
	442	0.21%, 04/30/2012			$	442
						2,474
		Total short-term investments
		(cost $2,474)			$	2,474
		Total investments
		(cost $157,906) ▲	99.3	%	$	194,592
		Other assets and liabilities	0.7	%		1,356
		Total net assets	100.0	%	$	195,948

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $158,063 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	39,745
Unrealized Depreciation		(3,216	)
Net Unrealized Appreciation	$	36,529

● Non-income producing.

The accompanying notes are an integral part of these financial statements.

6

Θ At April 30, 2012, this security, or a portion of this security, is designated to cover written call options in the table below:

Description	Option Type	Exercise  Price/ Rate		Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
Amazon.com, Inc. Option	Equity	$	215.00	05/19/2012		10	$	18	$	2	$	(16	)
Cobalt International Energy Option	Equity	$	37.50	05/19/2012		64		1		4		3
eBay, Inc. Option	Equity	$	37.00	05/19/2012		56		23		5		(18	)
Mastercard, Inc. Option	Equity	$	440.00	05/19/2012		5		12		9		(3	)
PVH Corp. Option	Equity	$	95.00	05/19/2012		22		1		4		3
VeriSign, Inc. Option	Equity	$	45.00	06/16/2012		46		1		2		1
Watson Pharmaceuticals, Inc. Option	Equity	$	75.00	05/19/2012		29		5		4		(1	)
							$	61	$	30	$	(31	)

* The number of contracts does not omit 000's.

Written Put Option Contracts Outstanding at April 30, 2012

Description	Option Type	Exercise Price/ Rate		Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
Marathon Oil Corp. Option	Equity	$	27.00	05/19/2012		64	$	1	$	2	$	1
Mastercard, Inc. Option	Equity	$	400.00	05/19/2012		4		1		2		1
Newmont Mining Corp. Option	Equity	$	41.00	06/16/2012		41		1		2		1
Parker-Hannifin Corp. Option	Equity	$	75.00	05/19/2012		23		—		2		2
							$	3	$	8	$	5

* The number of contracts does not omit 000's.

Cash of $445 was pledged as collateral for open written put option contracts at April 30, 2012.

Futures Contracts Outstanding at April 30, 2012
Description	Number of Contracts*	Position	Expiration Date		Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 (E-Mini) Future	29	Long	06/15/2012	$	2,021	$	2,017	$	4

* The number of contracts does not omit 000's.

Cash of $102 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at April 30, 2012.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Index Abbreviations:
S&P	Standard & Poors Index
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford Disciplined Equity Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	192,118	$	192,118	$	—	$	—
Short-Term Investments		2,474		—		2,474		—
Total	$	194,592	$	192,118	$	2,474	$	—
Futures *		4		4		—		—
Written Options *		12		12		—		—
Total	$	16	$	16	$	—	$	—
Liabilities:
Written Options *		38		38		—		—
Total	$	38	$	38	$	—	$	—

♦	For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements. 

8

The Hartford Disciplined Equity Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $157,906)	$	194,592
Cash		549	*†
Receivables:
Investment securities sold		912
Fund shares sold		12
Dividends and interest		144
Other assets		68
Total assets		196,277
Liabilities:
Payables:
Fund shares redeemed		189
Investment management fees		24
Administrative fees		—
Distribution fees		6
Variation margin		7
Accrued expenses		39
Written options (proceeds $38)		64
Total liabilities		329
Net assets	$	195,948
Summary of Net Assets:
Capital stock and paid-in-capital	$	206,383
Undistributed net investment income		361
Accumulated net realized loss		(47,460	)
Unrealized appreciation of investments		36,664
Net assets	$	195,948
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$14.38/$15.22
Shares outstanding		5,921
Net assets	$	85,142
Class B: Net asset value per share	$	13.57
Shares outstanding		240
Net assets	$	3,261
Class C: Net asset value per share	$	13.53
Shares outstanding		927
Net assets	$	12,551
Class R3: Net asset value per share	$	14.67
Shares outstanding		14
Net assets	$	199
Class R4: Net asset value per share	$	14.70
Shares outstanding		11
Net assets	$	156
Class R5: Net asset value per share	$	14.81
Shares outstanding		9
Net assets	$	137
Class Y: Net asset value per share	$	14.82
Shares outstanding		6,377
Net assets	$	94,502

* Cash of  $445 was designated to cover open put options written at April 30, 2012.

† Cash of $102 was pledged as initial margin deposit and collateral for open futures contracts at April 30, 2012.

The accompanying notes are an integral part of these financial statements.

9

The Hartford Disciplined Equity Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:.
Dividends	$	1,625
Interest		3
Total investment income		1,628
Expenses:
Investment management fees		683
Administrative services fees		—
Transfer agent fees		159
Distribution fees
Class A		102
Class B		18
Class C		60
Class R3		—
Class R4		—
Custodian fees		3
Accounting services fees		15
Registration and filing fees		44
Board of Directors' fees		2
Audit fees		6
Other expenses		16
Total expenses (before waivers and fees paid indirectly)		1,108
Expense waivers		(16	)
Transfer agent fee waivers		(19	)
Commission recapture		(3	)
Total waivers and fees paid indirectly		(38	)
Total expenses, net		1,070
Net Investment Income		558
Net Realized Gain on Investments and Other Financial Instruments:
Net realized gain on investments in securities		6,174
Net realized gain on futures		684
Net realized gain on written options		90
Net Realized Gain on Investments and Other Financial Instruments		6,948
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		15,561
Net unrealized depreciation of futures		(265	)
Net unrealized depreciation of written options		(39	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		15,257
Net Gain on Investments and Other Financial Instruments		22,205
Net Increase in Net Assets Resulting from Operations	$	22,763

 The accompanying notes are an integral part of these financial statements.

10

The Hartford Disciplined Equity Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	558		$	894
Net realized gain on investments and other financial instruments		6,948			7,797
Net unrealized appreciation of investments and other financial instruments		15,257			2,209
Net Increase In Net Assets Resulting From Operations		22,763			10,900
Distributions to Shareholders:
From net investment income
Class A		(200	)		(152	)
Class B		—			(4	)
Class C		—			(7	)
Class R3		(1	)		—
Class R4		—			—
Class R5		(1	)		—
Class Y		(598	)		(115	)
Total distributions		(800	)		(278	)
Capital Share Transactions:
Class A		(5,134	)		(7,442	)
Class B		(1,191	)		(2,164	)
Class C		(97	)		(1,054	)
Class R3		9			42
Class R4		5			21
Class R5		6			3
Class Y		11,953			23,469
Net increase from capital share transactions		5,551			12,875
Net Increase In Net Assets		27,514			23,497
Net Assets:
Beginning of period		168,434			144,937
End of period	$	195,948		$	168,434
Undistributed (distribution in excess of) net investment income (loss)	$	361		$	603

 The accompanying notes are an integral part of these financial statements. 

11

The Hartford Disciplined Equity Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Disciplined Equity Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current

12

or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

13

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

14

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of April 30, 2012.

b) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not

15

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund had no outstanding purchased options contracts as of April 30, 2012. Transactions involving written options contracts for the Fund during the six-month period ended April 30, 2012, are summarized below:

Options Contract Activity During the Six-Month Period Ended April 30, 2012: 

Call Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		154		$	25
Written		1,498			114
Expired		(773	)		(47	)
Closed		(491	)		(51	)
Exercised		(156	)		(11	)
End of Period		232		$	30

Put Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		218		$	13
Written		1,628			72
Expired		(1,542	)		(63	)
Closed		(141	)		(11	)
Exercised		(31	)		(3	)
End of Period		132		$	8

* The number of contracts does not omit 000's.

c) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Liabilities:
Variation margin payable *	$	—	$	—	$	—	$	7	$	—	$	—	$	7
Written options, market value		—		—		—		64		—		—		64
Total	$	—	$	—	$	—	$	71	$	—	$	—	$	71

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $4 as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

16

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—	$	—	$	684		$	—	$	—	$	684
Net realized gain on written options		—		—		—		90			—		—		90
Total	$	—	$	—	$	—	$	774		$	—	$	—	$	774
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	—	$	—	$	—	$	(265	)	$	—	$	—	$	(265	)
Net change in unrealized depreciation of written options		—		—		—		(39	)		—		—		(39	)
Total	$	—	$	—	$	—	$	(304	)	$	—	$	—	$	(304	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

17

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	291	$	2,952

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	603
Accumulated Capital Losses *		(53,982	)
Unrealized Appreciation †		20,981
Total Accumulated Deficit	$	(32,398	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(55	)
Accumulated Net Realized Gain (Loss)		106
Capital Stock and Paid-in-Capital		(51	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

18

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	20,786
2017		33,196
Total	$	53,982

During the year ended October 31, 2011, the Fund utilized $7,976 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $500 million		0.6750	%
On next $4 billion		0.6250	%
On next $5 billion		0.6225	%
Over $10 billion		0.6200	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016	%
On next $5 billion		0.014	%
Over $10 billion		0.012	%

19

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class R3			Class R4			Class R5			Class Y
	1.35	%		2.10	%		2.10	%		1.50	%		1.20	%		0.90	%		0.85	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.35	%
Class B		2.10
Class C		2.07
Class R3		1.50
Class R4		1.20
Class R5		0.90
Class Y		0.84

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $69 and contingent deferred sales charges of $4 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For

20

Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $4.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.08	%		13.78	%
Class B		0.08			13.05
Class C		0.08			12.98
Class Y		0.07			14.37

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		7		50	%
Class R4		9		82
Class R5		9		100

21

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	50,637
Sales Proceeds Excluding U.S. Government Obligations		43,727

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		441		16		(836	)		—		(379	)		751		12		(1,349	)		—		(586	)
Amount	$	5,775	$	196	$	(11,105	)	$	—	$	(5,134	)	$	9,711	$	149	$	(17,302	)	$	—	$	(7,442	)
Class B
Shares		14		—		(107	)		—		(93	)		22		—		(199	)		—		(177	)
Amount	$	182	$	—	$	(1,373	)	$	—	$	(1,191	)	$	264	$	3	$	(2,431	)	$	—	$	(2,164	)
Class C
Shares		128		—		(133	)		—		(5	)		108		1		(198	)		—		(89	)
Amount	$	1,548	$	—	$	(1,645	)	$	—	$	(97	)	$	1,321	$	7	$	(2,382	)	$	—	$	(1,054	)
Class R3
Shares		3		—		(2	)		—		1			5		—		(1	)		—		4
Amount	$	37	$	—	$	(28	)	$	—	$	9		$	47	$	—	$	(5	)	$	—	$	42
Class R4
Shares		1		—		—			—		1			1		—		—			—		1
Amount	$	5	$	—	$	—		$	—	$	5		$	21	$	—	$	—		$	—	$	21
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	5	$	1	$	—		$	—	$	6		$	3	$	—	$	—		$	—	$	3
Class Y
Shares		900		46		(48	)		—		898			2,590		9		(826	)		—		1,773
Amount	$	12,067	$	598	$	(712	)	$	—	$	11,953		$	34,494	$	115	$	(11,140	)	$	—	$	23,469
Total
Shares		1,487		62		(1,126	)		—		423			3,477		22		(2,573	)		—		926
Amount	$	19,619	$	795	$	(14,863	)	$	—	$	5,551		$	45,861	$	274	$	(33,260	)	$	—	$	12,875

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		36	$	494
For the Year Ended October 31, 2011		78	$	1,009

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment

22

fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

23

The Hartford Disciplined Equity Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	12.77	$	0.03		$	—	$	1.61		$	1.64		$	(0.03	)	$	—	$	—	$	(0.03	)	$	1.61		$	14.38
B		12.07		(0.03	)		—		1.53			1.50			—			—		—		—			1.50			13.57
C		12.03		(0.02	)		—		1.52			1.50			—			—		—		—			1.50			13.53
R3		13.05		0.02			—		1.64			1.66			(0.04	)		—		—		(0.04	)		1.62			14.67
R4		13.07		0.04			—		1.65			1.69			(0.06	)		—		—		(0.06	)		1.63			14.70
R5		13.18		0.06			—		1.66			1.72			(0.09	)		—		—		(0.09	)		1.63			14.81
Y		13.20		0.06			—		1.66			1.72			(0.10	)		—		—		(0.10	)		1.62			14.82
For the Year Ended October 31, 2011 (G)
A		11.90		0.07			—		0.82			0.89			(0.02	)		—		—		(0.02	)		0.87			12.77
B		11.32		(0.03	)		—		0.79			0.76			(0.01	)		—		—		(0.01	)		0.75			12.07
C		11.28		(0.03	)		—		0.79			0.76			(0.01	)		—		—		(0.01	)		0.75			12.03
R3		12.18		0.04			—		0.85			0.89			(0.02	)		—		—		(0.02	)		0.87			13.05
R4		12.16		0.08			—		0.86			0.94			(0.03	)		—		—		(0.03	)		0.91			13.07
R5		12.24		0.13			—		0.84			0.97			(0.03	)		—		—		(0.03	)		0.94			13.18
Y		12.25		0.13			—		0.85			0.98			(0.03	)		—		—		(0.03	)		0.95			13.20
For the Year Ended October 31, 2010 (G)
A		10.44		0.08			—		1.58			1.66			(0.20	)		—		—		(0.20	)		1.46			11.90
B		9.89		—			—		1.50			1.50			(0.07	)		—		—		(0.07	)		1.43			11.32
C		9.84		—			—		1.49			1.49			(0.05	)		—		—		(0.05	)		1.44			11.28
R3		10.71		0.05			—		1.63			1.68			(0.21	)		—		—		(0.21	)		1.47			12.18
R4		10.68		0.09			—		1.61			1.70			(0.22	)		—		—		(0.22	)		1.48			12.16
R5		10.75		0.12			—		1.65			1.77			(0.28	)		—		—		(0.28	)		1.49			12.24
Y		10.76		0.14			—		1.64			1.78			(0.29	)		—		—		(0.29	)		1.49			12.25
For the Year Ended October 31, 2009 (G)
A		9.31		0.12			—		1.06			1.18			(0.05	)		—		—		(0.05	)		1.13			10.44
B		8.80		0.08			—		1.01			1.09			—			—		—		—			1.09			9.89
C		8.80		0.04			—		1.00			1.04			—			—		—		—			1.04			9.84
R3		9.56		0.09			—		1.11			1.20			(0.05	)		—		—		(0.05	)		1.15			10.71
R4		9.60		0.10			—		1.09			1.19			(0.11	)		—		—		(0.11	)		1.08			10.68
R5		9.62		0.14			—		1.10			1.24			(0.11	)		—		—		(0.11	)		1.13			10.75
Y		9.64		0.15			—		1.09			1.24			(0.12	)		—		—		(0.12	)		1.12			10.76
For the Year Ended October 31, 2008
A		14.91		0.05			—		(5.63	)		(5.58	)		(0.02	)		—		—		(0.02	)		(5.60	)		9.31
B		14.16		(0.05	)		—		(5.31	)		(5.36	)		—			—		—		—			(5.36	)		8.80
C		14.17		(0.06	)		—		(5.31	)		(5.37	)		—			—		—		—			(5.37	)		8.80
R3		15.33		0.01			—		(5.78	)		(5.77	)		—			—		—		—			(5.77	)		9.56
R4		15.37		0.06			—		(5.79	)		(5.73	)		(0.04	)		—		—		(0.04	)		(5.77	)		9.60
R5		15.41		0.10			—		(5.81	)		(5.71	)		(0.08	)		—		—		(0.08	)		(5.79	)		9.62
Y		15.43		0.12			—		(5.81	)		(5.69	)		(0.10	)		—		—		(0.10	)		(5.79	)		9.64
For the Year Ended October 31, 2007
A		13.19		0.04			0.01		1.77			1.82			(0.10	)		—		—		(0.10	)		1.72			14.91
B		12.53		(0.07	)		0.01		1.70			1.64			(0.01	)		—		—		(0.01	)		1.63			14.16
C		12.54		(0.07	)		0.01		1.70			1.64			(0.01	)		—		—		(0.01	)		1.63			14.17
R3(I)		13.89		—			—		1.44			1.44			—			—		—		—			1.44			15.33
R4(I)		13.89		0.03			—		1.45			1.48			—			—		—		—			1.48			15.37
R5(I)		13.89		0.07			—		1.45			1.52			—			—		—		—			1.52			15.41
Y		13.58		0.19			0.01		1.75			1.95			(0.10	)		—		—		(0.10	)		1.85			15.43

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Not annualized.
(F)	Annualized.
(G)	Per share amounts have been calculated using average shares outstanding method.
(H)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(I)	Commenced operations on December 22, 2006.

24

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
12.89	%(E)	$	85,142		1.42	%(F)		1.35	%(F)		1.35	%(F)		0.45	%(F)		25	%
12.43	(E)		3,261		2.49	(F)		2.10	(F)		2.10	(F)		(0.29)	(F)		—
12.47	(E)		12,551		2.07	(F)		2.07	(F)		2.07	(F)		(0.28)	(F)		—
12.76	(E)		199		1.66	(F)		1.50	(F)		1.50	(F)		0.29	(F)		—
12.96	(E)		156		1.28	(F)		1.20	(F)		1.20	(F)		0.59	(F)		—
13.17	(E)		137		0.97	(F)		0.90	(F)		0.90	(F)		0.89	(F)		—
13.14	(E)		94,502		0.85	(F)		0.85	(F)		0.85	(F)		0.94	(F)		—
7.50			80,470		1.44			1.35			1.35			0.51			56
6.69			4,020		2.42			2.10			2.10			(0.21	)		—
6.72			11,221		2.10			2.09			2.09			(0.23	)		—
7.30			165		1.65			1.50			1.50			0.34			—
7.70			134		1.28			1.20			1.20			0.64			—
7.94			117		0.96			0.90			0.90			0.96			—
8.03			72,307		0.86			0.85			0.85			0.98			—
16.00			81,949		1.47			1.35			1.35			0.71			41
15.18			5,770		2.46			2.10			2.10			(0.04	)		—
15.18			11,519		2.12			2.10			2.10			(0.04	)		—
15.77			113		1.66			1.55			1.55			0.47			—
16.01			105		1.25			1.23			1.23			0.82			—
16.55			105		0.95			0.92			0.92			1.09			—
16.63			45,376		0.85			0.85			0.85			1.21			—
12.82			85,080		1.58			1.17			1.17			1.27			59
12.39			8,165		2.65			1.60			1.60			0.86			—
11.82			12,025		2.22			2.03			2.03			0.41			—
12.65			20		2.04			1.38			1.38			0.98			—
12.65			55		1.29			1.29			1.29			1.09			—
13.12			8		0.95			0.95			0.95			1.47			—
13.13			62,100		0.86			0.86			0.86			1.57			—
(37.46)			92,476		1.44			1.40			1.40			0.36			69
(37.85)			11,931		2.39			1.95			1.95			(0.18	)		—
(37.90)			13,691		2.13			2.13			2.13			(0.36	)		—
(37.64)			11		1.87			1.65			1.65			0.12			—
(37.37)			8		1.28			1.28			1.28			0.48			—
(37.23)			7		0.99			0.99			0.99			0.77			—
(37.09)			67,966		0.89			0.89			0.89			0.88			—
13.87	(H)		177,170		1.40			1.40			1.40			0.32			72
13.14	(H)		29,968		2.31			2.08			2.08			(0.35	)		—
13.07	(H)		26,479		2.09			2.09			2.09			(0.37	)		—
10.37	(E)		11		1.65	(F)		1.65	(F)		1.65	(F)		(0.03	)(F)		—
10.66	(E)		11		1.34	(F)		1.34	(F)		1.34	(F)		0.28	(F)		—
10.94	(E)		11		1.05	(F)		1.05	(F)		1.05	(F)		0.57	(F)		—
14.45	(H)		111,098		0.88			0.88			0.88			0.86			—

25

The Hartford Disciplined Equity Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

26

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

27

The Hartford Disciplined Equity Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

28

The Hartford Disciplined Equity Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,128.90	$	7.15	$	1,000.00	$	1,018.15	$	6.77	1.35	%		182		366
Class B	$	1,000.00	$	1,124.30	$	11.08	$	1,000.00	$	1,014.43	$	10.51	2.10			182		366
Class C	$	1,000.00	$	1,124.70	$	10.94	$	1,000.00	$	1,014.57	$	10.37	2.07			182		366
Class R3	$	1,000.00	$	1,127.60	$	7.93	$	1,000.00	$	1,017.41	$	7.52	1.50			182		366
Class R4	$	1,000.00	$	1,129.60	$	6.36	$	1,000.00	$	1,018.89	$	6.03	1.20			182		366
Class R5	$	1,000.00	$	1,131.70	$	4.77	$	1,000.00	$	1,020.39	$	4.52	0.90			182		366
Class Y	$	1,000.00	$	1,131.40	$	4.48	$	1,000.00	$	1,020.66	$	4.25	0.85			182		366

29

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-DE12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Diversified International Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Diversified International Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	13
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	15
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	16
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	17
Notes to Financial Statements (Unaudited)	18
Financial Highlights (Unaudited)	30
Directors and Officers (Unaudited)	32
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	34
Quarterly Portfolio Holdings Information (Unaudited)	34
Expense Example (Unaudited)	35

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Diversified International Fund inception 06/30/2008

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 6/30/08 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Diversified International A#		4.94	%		-11.85	%		-3.97	%
Diversified International A##					-16.70	%		-5.38	%
Diversified International B#		4.55	%		-12.38	%		-4.64	%
Diversified International B##					-16.76	%		-5.39	%
Diversified International C#		4.68	%		-12.39	%		-4.65	%
Diversified International C##					-13.27	%		-4.65	%
Diversified International I#		5.14	%		-11.50	%		-3.59	%
Diversified International R3#		4.80	%		-12.06	%		-4.19	%
Diversified International R4#		5.02	%		-11.75	%		-3.93	%
Diversified International R5#		5.10	%		-11.44	%		-3.66	%
Diversified International Y#		5.16	%		-11.48	%		-3.59	%
MSCI All Country World ex USA Index		2.97	%		-12.48	%		-2.26	%

† Not Annualized

# Without sales charge

## With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

MSCI All Country World ex USA 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 index is calculated to exclude companies and share classes which cannot be freely purchased by foreigners.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Diversified International Fund

Manager Discussion

April 30, 2012 (Unaudited) 

Portfolio Managers
Cheryl M. Duckworth, CFA	Kent M. Stahl, CFA	Jean-Marc Berteaux	Theodore B.P. Jayne, CFA
Senior Vice President and Associate Director of Global Industry Research	Senior Vice President and Director of Investments and Risk Management	Senior Vice President and Equity Portfolio Manager	Director and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Diversified International Fund returned 4.94%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the MSCI All Country World ex USA Index, which returned 2.97% for the same period. The Fund underperformed the 6.01% return of the average fund in the Lipper International Multi-Cap Growth peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period as investors generally shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic data. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, global equities retreated for the first time in five months as growing concerns about Spain’s fiscal sustainability overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, a lackluster U.S. labor report, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors. Seven out of ten sectors within the MSCI All Country World ex USA Index posted positive returns for the period. The Consumer Staples (+9%), Health Care (+8%), and Consumer Discretionary (+7%) sectors posted the largest gains while the Telecommunication Services (-3%), Materials (-3%), and Utilities (-3%) sectors lagged on a relative basis.

Security selection was the primary driver of relative outperformance versus the benchmark during the period. Stock selection was strongest within Materials, Utilities, and Industrials. This was partially offset by weaker selection in the Health Care, Information Technology, and Consumer Discretionary sectors. Sector positioning contributed positively to benchmark-relative returns, largely due to overweight (i.e. the Fund’s sector position was greater than the benchmark position) positions in Consumer Discretionary and Information Technology and an underweight position in Telecommunication Services.

Top contributors to relative performance (i.e. performance of the Fund as measured against the benchmark) during the period included Methanex (Materials), Greatview Aseptic Packaging Company (Materials), and Telefonica (Telecommunication Services). Shares of Methanex, a global methanol producer and supplier, climbed based on strong earnings due to low natural gas prices which have allowed the company to produce methanol at lower cost. Chinese food packaging company Greatview Aseptic Packaging continues to gain market share in China in an already growing dairy industry, and the ramping up of its German plant is going well. Not owning benchmark component Telefonica helped relative returns. Shares of Spain's biggest telecommunications company fell as first-quarter operating income fell short of analyst projections. CEMIG (Utilities) was also among the top contributors to relative and absolute (i.e. total return) performance.

The largest detractors from relative returns were NII Holdings (Telecommunication Services), Peugeot (Consumer Discretionary), and Huabao International Holdings (Materials). Shares of NII Holdings, a wireless telecommunications services company that operates primarily in Latin America, dropped after the company reported weak quarterly earnings and revised its outlook downward. France-based automobile manufacturer Peugeot’s stock retreated after the company issued a full-year profit warning based on weakening prices in France. Shares of Huabao, a holding company specializing in the production and distribution of tobacco flavorings in the People’s Republic of China, underperformed following a negative pattern of insider selling and fears of fraud. Ctrip.com International (Consumer Discretionary) was also among the top detractors from absolute returns.

What is the outlook?

The Fund is comprised of multiple specialized portfolios, each of which is run independently from the others. Collectively these strategies seek to offer a diverse set of exposures to non-U.S. stocks across industries, regions, and market caps. The Fund ended the period most overweight the Consumer Discretionary, Information Technology, and Industrials sectors and most underweight the Financials, Materials, and Energy sectors relative to its benchmark. On a regional basis, the Fund was most overweight Europe and

3

The Hartford Diversified International Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

most underweight North America, primarily Canada, at period-end.

Diversification by Industry 

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		5.1	%
Banks (Financials)		7.5
Capital Goods (Industrials)		8.2
Commercial & Professional Services (Industrials)		2.0
Consumer Durables & Apparel (Consumer Discretionary)		3.3
Consumer Services (Consumer Discretionary)		2.1
Diversified Financials (Financials)		2.8
Energy (Energy)		9.1
Food & Staples Retailing (Consumer Staples)		1.7
Food, Beverage & Tobacco (Consumer Staples)		5.6
Health Care Equipment & Services (Health Care)		0.9
Household & Personal Products (Consumer Staples)		0.7
Insurance (Financials)		4.1
Materials (Materials)		9.2
Media (Consumer Discretionary)		1.5
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		5.7
Real Estate (Financials)		2.2
Retailing (Consumer Discretionary)		3.2
Semiconductors & Semiconductor Equipment (Information Technology)		4.4
Software & Services (Information Technology)		3.8
Technology Hardware & Equipment (Information Technology)		1.8
Telecommunication Services (Services)		4.5
Transportation (Industrials)		3.5
Utilities (Utilities)		2.2
Short-Term Investments		3.9
Other Assets and Liabilities		1.0
Total		100.0	%

4

The Hartford Diversified International Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted) 

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 94.3%
		Argentina - 0.0%
	1	YPF Sociedad Anonima ADR	$	10
		Australia - 2.1%
	19	Aquarius Platinum Ltd.		40
	3	Aston Resources Ltd. ⌂●†		34
	4	Caltex Australia Ltd.		61
	11	Dexus Property Group		10
	4	Domino's Pizza Enterprises Ltd.		40
	6	Energy Resources of Australia Ltd.		9
	9	Karoon Gas Australia Ltd. ●		62
	1	Monadelphous Group Ltd.		25
	6	Myer Holdings Ltd.		16
	10	NRW Holdings Ltd.		42
	2	Perseus Mining Ltd. ●		6
	4	Transurban Group		22
	4	Westfield Group		36
	11	Whitehaven Coal Ltd.		58
	1	Woolworths Ltd.		36
				497
		Austria - 0.1%
	—	Osterreichische Post AG		10
	—	Vienna Insurance Group		7
				17
		Belgium - 1.5%
	42	Ageas		76
	5	AGFA Gevaert N.V. ●		11
	1	Anheuser-Busch InBev N.V.		67
	—	Delhaize-Le Lion S.A.		17
	1	Nyrstar N.V. - Strip VVPR ●		—
	4	UCB S.A.		179
				350
		Brazil - 3.6%
	5	Banco do Estado do Rio Grande do Sul S.A.		39
	15	Banco Santander Brasil S.A.		122
	3	BR Malls Participacoes S.A.		43
	8	BR Properties S.A.		94
	10	Brasil Insurance Participacoes e Administracao S.A.		112
	2	Braskem S.A.		17
	1	BTG Investments L.P. ☼		11
	3	CCR S.A.		24
	1	Cia de Saneamento Basico do Estado de Sao Paulo		47
	—	Cia de Saneamento Basico do Estado de Sao Paulo ADR		8
	1	Cia Hering		27
	1	Embraer S.A. ADR		32
	2	GOL Linhas Aereas Inteligentes S.A. ADR		9
	1	Iochpe-Maxion S.A.		24
	2	Localiza Rent a Car S.A.		36
	4	Petroleo Brasileiro S.A. ADR		94
	2	Raia Drogasil S.A.		25
	1	Santos Brasil Participacoes S.A.		22
	1	Totvs S.A.		21
	2	Ultrapar Participacoes S.A.		34
	1	Valid Solucoes S.A.		14
				855
		British Virgin Islands - 0.0%
	1	Arcos Dorados Holdings, Inc.		9
		Canada - 3.3%
	3	Advantage Oil & Gas Ltd. ●		10
	2	Barrick Gold Corp.		79
	2	CGI Group, Inc. Class A ●		34
	—	Constellation Software, Inc.		29
	2	EcoSynthetix, Inc. ●		7
	1	EnCana Corp.		25
	2	First Quantum Minerals Ltd.		31
	3	Imperial Oil Ltd.		143
	8	Methanex Corp.		286
	1	Northern Dynasty Minerals Ltd. ●		8
	2	Pacific Rubiales Energy Corp.		59
	1	Painted Pony Petroleum Ltd.		10
	2	Progress Energy Resources Co.		23
	1	Thomson Reuters Corp.		37
	3	Uranium Participation Corp. ●		15
				796
		Chile - 0.1%
	—	Sociedad Quimica Y Minera de Chile S.A.		25
		China - 3.0%
	16	BBMG Corp.		13
	26	Bosideng International Holdings Ltd.		8
	61	China Construction Bank		47
	6	China Pacific Insurance		21
	51	China Shanshui Cement Group		41
	11	China Shenhua Energy Co., Ltd.		46
	7	CITIC Securities Co., Ltd. ●		14
	3	Ctrip.com International Ltd. ADR ●		64
	39	Dongfeng Motor Group Co., Ltd.		76
	2	Focus Media Holding Ltd. ADR		57
	2	Giant Interactive Group, Inc. ADR		11
	12	Golden Eagle Retail Group Ltd.		31
	14	Great Wall Automobile Holdings Co., Ltd. ●		30
	219	Greatview Aseptic Packaging ●		119
	89	Maoye International Holdings		21
	—	New Oriental Education & Technology Group, Inc. ADR ●		9
	2	Perfect World Co., Ltd. ADR ●		20
	57	Sinotrans Ltd.		10
	1	Sohu.com, Inc. ●		37
	5	Stella International		12
	1	Tencent Holdings Ltd.		26
				713
		Colombia - 1.0%
	11	Almacenes Exito S.A.		177
	3	Cementos Argos S.A.		23
	1	Ecopetrol S.A. ADR		38
				238
		Denmark - 0.4%
	—	Carlsberg A/S Class B		32
	3	DSV A/S		57
	—	H. Lundbeck A/S		9
				98

The accompanying notes are an integral part of these financial statements. 

5

The Hartford Diversified International Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 94.3% - (continued)
		Egypt - 0.0%
	11	Orascom Telecom Media and Technology Holding SAE ●§	$	12
		Finland - 0.5%
	—	Kone Oyj Class B		21
	2	Outotec Oyj		91
				112
		France - 8.5%
	3	Alcatel-Lucent ●		5
	1	Alten Ltd.		22
	4	BNP Paribas		179
	—	Bureau Veritas S.A.		32
	2	Capital Gemini S.A.		64
	—	Cie Generale d'Optique Essilor International S.A.		19
	—	Ciments Francais S.A.		6
	6	Club Mediterranee ●		119
	1	Compagnie De Saint-Gobain		30
	—	Dassault Systemes S.A.		24
	—	Devoteam S.A.		4
	—	Edenred		10
	1	France Telecom S.A.		17
	4	Gaz de France ⌂		92
	1	GFI Informatique		4
	4	Groupe Danone		254
	1	Lagardere S.C.A.		24
	1	Legrand S.A.		28
	1	LVMH Moet Hennessy Louis Vuitton S.A.		117
	1	Michelin (C.G.D.E.) Class B		86
	11	Peugeot S.A.		133
	3	Renault S.A.		119
	3	Safran S.A. ☼		112
	—	Sanofi-Aventis S.A. ☼		15
	1	Schneider Electric S.A.		89
	2	Societe Generale Class A		54
	—	Sodexo		23
	1	Thales S.A.		30
	2	Total S.A.		108
	1	Vallourec		55
	2	Vinci S.A.		105
	2	Vivendi S.A.		28
	—	Zodiac Aerospace		32
				2,039
		Germany - 5.1%
	—	Adidas AG		27
	—	Aixtron SE		9
	—	Allianz SE		35
	1	BASF SE		104
	—	Bertrandt AG		15
	1	Brenntag AG		63
	—	Continental AG		20
	1	Daimler AG		34
	2	Deutsche Lufthansa AG		31
	3	Deutsche Post AG		53
	3	E.On AG		64
	—	ElringKlinger AG		13
	—	Fresenius Medical Care AG & Co.		12
	—	Fresenius SE & Co. KGaA		10
	1	GEA Group AG		34
	—	Gerresheimer AG		13
	2	GSW Immobilien AG ●		51
	2	GSW Immobilien AG Rights		2
	—	HeidelbergCement AG		22
	—	Hugo Boss AG		54
	9	Infineon Technologies AG		89
	—	Linde AG		37
	—	MTU Aero Engines Holdings AG		19
	—	Pfeiffer Vacuum Technology AG		9
	—	Rational AG		9
	1	RWE AG		32
	—	Salzgitter AG		24
	2	SAP AG		141
	1	Siemens AG		72
	5	ThyssenKrupp AG		117
				1,215
		Greece - 0.0%
	2	JUMBO S.A.		7
	1	Opap S.A.		7
				14
		Hong Kong - 5.1%
	27	AAC Technologies Holdings, Inc.		80
	48	AIA Group Ltd.		170
	22	AMVIG Holdings Ltd.		12
	13	ASM Pacific Technology		170
	18	Cathay Pacific Airways Ltd.		30
	80	China High Precision Automation Group Ltd. ⌂†		11
	1	China Mobile Ltd. ADR		33
	13	China Overseas Grand Oceans Group Ltd.		17
	19	China Unicom Ltd.		33
	13	Clear Media Ltd. ●		8
	3	Dah Sing Financial Group		11
	24	Daphne International Holdings Ltd.		34
	16	Esprit Holdings Ltd.		33
	56	Golden Meditech Co., Ltd. ●		7
	105	Guangdong Investment Ltd.		77
	220	Huabao International Holdings Ltd. ⌂†		71
	50	Intime Department Store		63
	5	Lifestyle International		11
	3	Link REIT		10
	29	MGM China Holdings Ltd.		54
	6	Minth Group Ltd.		8
	12	NagaCorp Ltd.		6
	13	Nine Dragons Paper Holdings		11
	9	Samsonite International S.A. ●		18
	10	Shanghai Industrial Holdings Ltd.		32
	18	Shangri-La Asia Ltd.		37
	35	Techtronic Industries Co., Ltd.		42
	32	Vinda International Holdings Ltd.		57
	32	Xingda International Holdings		14
	28	Zhongsheng Group Holdings		55
				1,215
		India - 0.7%
	5	Bharti Televentures		31
	1	Canara Bank Ltd.		7
	1	Corp. Bank		9
	1	Grasim Industries Ltd.		31
	4	Indian Overseas Bank		7

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 94.3% - (continued)
		India - 0.7% - (continued)
	4	Karnataka Bank Ltd.	$	8
	5	Reliance Industries Ltd.		72
				165
		Indonesia - 0.9%
	41	Harum Energy Tbk P.T.		32
	109	Perusahaan Perkebunan London Sumatra Indonesia Tbk		34
	85	PT Bank Negara Indonesia Tbk		37
	13	PT Gudang Garam Tbk		80
	30	Semen Gresik Tbk		39
				222
		Ireland - 1.0%
	14	AER Lingus Group plc ●		18
	7	Elan Corp. plc ADR ●		101
	5	Experian plc		75
	4	Grafton Group plc		19
	3	Smurfit Kappa Group plc ●		28
				241
		Israel - 0.9%
	1	Orbotech Ltd. ●		12
	4	Teva Pharmaceutical Industries Ltd. ADR		197
				209
		Italy - 1.1%
	2	Banche Popolari Unite Scpa		9
	1	Brunello Cucinelli S.p.A.		19
	2	Buzzi Unicem S.p.A.		21
	1	Eni S.p.A.		32
	3	Finmeccanica S.p.A. ☼		13
	10	Intesa Sanpaolo		15
	2	Italcementi S.p.A.		14
	14	Maire Tecnimont S.p.A.		12
	3	Mondadori (Arnoldo) Editore S.p.A.		5
	4	Salvatore Ferragamo Italia S.p.A. ●		88
	7	Saras S.p.A.		8
	6	Unicredit S.p.A.		23
				259
		Japan - 14.3%
	3	Acom Co., Ltd.		62
	1	AEON Delight Co., Ltd.		16
	2	Aizawa Securities Co., Ltd.		5
	1	Alfresa Holdings Corp.		28
	1	Alpha Systems, Inc.		9
	3	Amada Co., Ltd.		20
	—	Benesse Holdings, Inc.		21
	5	Bridgestone Corp.		114
	1	Canon, Inc.		45
	1	Cawachi Ltd.		19
	1	Chubu Steel Plate Co., Ltd.		8
	—	Cyberagent, Inc. ☼		71
	5	Daiichi Sankyo Co., Ltd.		88
	1	Daito Trust Construction Co., Ltd.		78
	2	DeNa Co., Ltd. ☼		70
	1	Don Quijote Co.		46
	—	Doshisha Co., Ltd.		6
	1	DTS Corp.		15
	1	East Japan Railway Co.		37
	2	Eighteenth (The) Bank Ltd.		6
	4	Eisai Co., Ltd.		156
	—	En-Japan, Inc.		10
	1	Exedy Corp.		22
	—	FamilyMart Co., Ltd.		13
	—	Fast Retailing Co., Ltd.		19
	2	Fuji Photo Film Co., Ltd.		37
	1	Fujimi, Inc.		11
	1	Fukuyama Transporting Co., Ltd.		5
	—	Gendai Agency, Inc.		8
	2	Higashi-Nippon Bank Ltd.		4
	—	Hitachi Transport System Ltd.		6
	3	Hosiden Corp.		18
	—	Inpex Corp. ☼		46
	5	Isuzu Motors Ltd.		29
	1	Japan Digital Laboratory Co., Ltd.		9
	1	Japan Petroleum Exploration Co., Ltd.		23
	—	Japan Tobacco, Inc.		17
	15	JX Holdings, Inc.		85
	3	Kakaku.com, Inc.		107
	2	Komatsu Ltd.		49
	2	Komori Corp.		17
	2	Konami Corp.		51
	1	K's Holdings Corp. ☼		36
	—	M3, Inc.		37
	1	Medipal Holdings Corp.		11
	1	Meitec Corp.		16
	2	Mimasu Semiconductor Industry Co., Ltd.		14
	1	Miraial Co., Ltd.		13
	5	Mitsubishi Chemical Holdings		26
	2	Mitsubishi Electric Corp.		15
	3	Mitsubishi Estate Co., Ltd.		44
	4	Mitsubishi Gas Chemical Co.		23
	52	Mitsubishi UFJ Financial Group, Inc.		250
	1	Mitsui Fudosan Co., Ltd.		15
	1	Nabtesco Corp.		21
	2	NEXT Co., Ltd.		11
	1	Nichii Gakkan Co.		8
	—	Nidec Corp.		29
	2	Nishimatsuya Chain Co., Ltd.		18
	3	Nissan Motor Co., Ltd.		26
	—	Nitto Denko Corp.		16
	2	NSD Co., Ltd.		16
	3	Oita Bank Ltd.		9
	1	Ono Pharmaceutical Co., Ltd.		42
	—	Opt, Inc.		7
	—	Pal Co., Ltd.		19
	—	Pigeon Corp.		7
	—	Point, Inc.		16
	1	Pola Orbis Holdings, Inc.		27
	—	Proto Corp.		10
	—	Rakuten, Inc.		59
	1	Roland Corp.		13
	—	Ryohin Keikaku Co., Ltd.		5
	3	Sega Sammy Holdings, Inc.		70
	3	Seino Holdings Corp.		18
	—	Septeni Holdings Co., Ltd.		5
	3	Shin-Etsu Polymer Co., Ltd.		12
	2	Shinkawa Ltd.		13
	2	Shinko Electric Industries Co., Ltd.		22
	11	Shionogi & Co., Ltd.		138
	—	Simplex Holdings, Inc.		10

The accompanying notes are an integral part of these financial statements.

7

The Hartford Diversified International Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 94.3% - (continued)
		Japan - 14.3% - (continued)
	—	SMC Corp.	$	28
	1	Softbank Corp.		16
	2	Sohgo Security Services Co., Ltd.		18
	3	Stanley Electric Co., Ltd.		45
	7	Sumco Corp.		70
	2	Sumitomo Corp.		21
	1	Sumitomo Metal Mining Co., Ltd.		13
	1	Sumitomo Mitsui Financial Group, Inc.		32
	—	Suzuken Co., Ltd.		9
	2	T&D Holdings, Inc.		22
	3	Tochigi (The) Bank Ltd.		10
	—	Toei Animation Co., Ltd.		5
	3	Tokai Rika Co., Ltd.		52
	1	Tokio Marine Holdings, Inc.		24
	9	Tokyo Electric Power Co., Inc.		22
	1	Tokyo Electron Ltd.		28
	12	Tokyo Gas Co., Ltd.		58
	1	Tokyo Seimitsu Co., Ltd.		12
	3	Toyoda Gosei Co., Ltd.		57
	2	Toyota Boshoku Corp.		24
	3	Toyota Motor Corp.		113
	1	Tri-Stage, Inc.		6
	—	Tsuruha Holdings, Inc.		6
	—	West Japan Railway Co.		12
	2	Yamanashi (The) Chuo Bank Ltd.		8
	2	Yamato Kogyo Co.		50
	1	Zuken, Inc.		8
				3,422
		Jersey - 0.4%
	16	Glencore International plc		109
		Malaysia - 1.0%
	162	AirAsia Berhad		177
	35	Axiata Group Berhad		61
				238
		Mexico - 1.7%
	7	America Movil SAB de C.V. ADR ‡		185
	2	Cemex S.A. de C.V. ADR ●		18
	16	Empresas ICA S.A.B. de C.V. ●		29
	7	Grupo Financiero Banorte S.A.B. de C.V.		35
	10	Grupo Mexico SAB de CV		30
	11	Grupo Modelo S.A.B.		80
	10	Wal-Mart de Mexico SAB de CV		27
				404
		Netherlands - 2.6%
	11	AerCap Holdings N.V. ●		124
	1	Akzo Nobel N.V.		31
	3	ASML Holding N.V.		131
	—	Delta Lloyd N.V.		5
	—	European Aeronautic Defence and Space Co. N.V. ☼		18
	—	Fugro N.V. - CVA		25
	23	ING Groep N.V. ●		163
	—	Koninklijke Boskalis Westminster N.V.		13
	2	Koninklijke Philips Electronics N.V.		45
	1	Royal Dutch Shell plc B Shares		19
	1	Unilever N.V. CVA		29
	1	Wolters Kluwer N.V. ⌂		10
	—	Ziggo N.V. ●		9
				622
		Norway - 1.8%
	—	Kongsberg Gruppen ASA		8
	8	Petroleum Geo-Services ●		123
	4	Statoil ASA		99
	2	Storebrand ASA		10
	11	Telenor ASA		198
				438
		Panama - 0.7%
	2	Copa Holdings S.A. Class A		164
		Papua New Guinea - 0.5%
	2	New Britain Palm Oil Ltd.		29
	12	Oil Search Ltd.		94
				123
		Peru - 0.4%
	26	Alicorp S.A.		71
	4	Gran Y Montero S.A.		15
				86
		Philippines - 0.3%
	184	Robinsons Land Corp.		75
		Poland - 0.0%
	1	Warsaw Stock Exchange		8
		Portugal - 0.3%
	2	GALP Energia SGPS		26
	1	Jeronimo Martins ●		17
	6	Portugal Telecom SGPS S.A.		34
				77
		Russia - 0.4%
	4	Mining and Metallurgical Co. Norilsk Nickel ADR		76
	1	Sberbank of Russia ADR ●		13
				89
		Singapore - 0.9%
	50	China Minzhong Food Corp., Ltd. ●		34
	15	Hutchinson Port Holdings Trust		11
	1	Jardine Cycle & Carriage Ltd.		30
	13	Oversea-Chinese Banking Corp., Ltd.		94
	18	StarHub Ltd.		46
				215
		South Africa - 0.2%
	1	Naspers Ltd. ☼		44
	7	Raubex Group Ltd.		13
				57
		South Korea - 4.4%
	—	Amorepacific Corp.		33
	—	CJ Home Shopping		32
	—	Daewoo International Corp.		7
	—	Daum Communications Corp.		31
	1	Fila Korea Ltd.		41
	—	GS Holdings Corp.		10
	—	GS Home Shopping, Inc.		18
	4	Hana Financial Holdings		138
	—	Himart Co., Ltd. ⌂†		14
	1	Hotel Shilla Co., Ltd.		36

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 94.3% - (continued)
		South Korea - 4.4% - (continued)
	—	Hyundai Home Shopping Network Corp.	$	44
	1	Hyundai Motor Co., Ltd.		181
	1	KB Financial Group, Inc.		36
	1	KT Corp. ADR		19
	—	KT&G Corp.		12
	—	LG Corp.		13
	1	LIG Insurance Co., Ltd. ●		13
	—	Lotte Shopping Co.		17
	—	Mando Corp.		44
	—	NHN Corp.		38
	—	Orion Corp.		35
	—	Samsung Electronics Co., Ltd.		139
	—	Samsung Engineering Co., Ltd.		27
	—	Samsung Fire & Marine Insurance Co., Ltd. ●		17
	—	SK Telecom Co., Ltd.		49
				1,044
		Spain - 0.9%
	3	Almirall S.A.		29
	1	Industria de Diseno Textil S.A.		50
	7	Repsol YPF S.A.		132
				211
		Sweden - 1.7%
	2	Alfa Laval Ab		42
	3	Assa Abloy Ab		89
	2	Atlas Copco Ab		44
	1	Axis Communications AB		15
	1	Electrolux Ab Series B ☼		27
	2	Sandvik AB		35
	2	SKF Ab B Shares		59
	1	Swedish Match Ab		36
	4	Tele2 Ab B Shares		70
				417
		Switzerland - 3.8%
	2	ABB Ltd. ADR		27
	2	Adecco S.A.		89
	—	Belimon Holding AG		4
	1	Cie Financiere Richemont S.A.		44
	—	Galenica AG		31
	2	GAM Holding Ltd.		20
	—	Julius Baer Group Ltd.		12
	—	Kuehne & Nagel International AG		11
	—	Lindt & Spruengli AG		13
	2	Micronas Semiconductor Holding AG		17
	—	Panalpina Welttransport Holding AG		17
	1	Roche Holding AG		145
	—	SGS S.A.		29
	—	Swatch Group AG		45
	3	Swiss Re Ltd.		207
	—	Tecan Group AG		13
	3	Temenos Group AG ●		63
	10	UBS AG		128
				915
		Taiwan - 1.2%
	12	Chroma Ate, Inc.		27
	16	Hon Hai Precision Industry Co., Ltd.		50
	12	Synnex Technology International Corp.		29
	30	Taiwan Semiconductor Manufacturing Co., Ltd.		88
	3	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		53
	10	Wistron Corp.		15
	22	WPG Holdings Co., Ltd.		30
				292
		Thailand - 1.1%
	191	Asian Property Development Public Co., Ltd.		43
	48	Bank of Ayudhya plc		44
	18	Bank of Ayudhya plc "Non Voting Depository Shares"		16
	8	Kasikornbank Public Co., Ltd.		42
	29	PTT Chemical Public Co., Ltd. ●		64
	17	Total Access Communication Public Co., Ltd.		47
				256
		Turkey - 0.2%
	2	Tupras-Turkiye Petrol Rafinerileri A.S.		40
		United Kingdom - 15.4%
	4	Anglo American plc		152
	13	Arm Holdings plc		111
	1	AstraZeneca plc		51
	3	AstraZeneca plc ADR		127
	3	Babcock International Group plc		36
	14	BAE Systems plc		67
	49	Barclays Bank plc ADR		172
	9	BG Group plc		209
	31	BP plc		227
	5	British American Tobacco plc		275
	9	Britvic plc		58
	3	Burberry Group plc		65
	6	Cairn Energy plc		34
	5	Capita plc		58
	3	Catlin Group Ltd.		20
	6	Compass Group plc		58
	1	Croda International plc		20
	4	CSR plc		15
	2	easyJet plc		17
	1	ENSCO International plc		60
	4	Fresnillo plc		104
	2	GlaxoSmithKline plc		51
	3	Hammerson plc		21
	12	Hays plc		17
	11	Home Retail Group		19
	17	HSBC Holdings plc		156
	5	ICAP plc		29
	5	Imperial Tobacco Group plc		196
	11	International Consolidated Airlines Group S.A. ●		30
	1	Intertek Group plc		24
	1	Jardine Lloyd Thompson Group plc		11
	13	Lancashire Holdings Ltd.		174
	20	Logica plc		25
	4	Marks & Spencer Group plc		26
	6	Mothercare plc		17
	6	NMC Health plc		22
	3	Paragon Group Companies plc		10
	5	Persimmon plc		55
	4	Prudential plc		48
	1	Reckitt Benckiser Group plc		39

The accompanying notes are an integral part of these financial statements.

9

The Hartford Diversified International Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 94.3% - (continued)
		United Kingdom - 15.4% - (continued)
	6	Redrow plc ●			$	12
	1	Redrow plc Rights ⌂				—
	1	Renishaw plc				18
	3	Rexam plc				20
	2	Rio Tinto plc				89
	4	Rolls-Royce Holdings plc				55
	—	Rotork plc				10
	1	Serco Group plc				8
	4	Severn Trent plc				115
	11	SIG plc				19
	2	Smith & Nephew plc				17
	1	Spectris plc				42
	—	Spirax-Sarco Engineering plc				17
	5	Standard Chartered plc				117
	13	Tesco plc				66
	23	Thomas Cook Group plc				8
	3	Tui Travel plc				8
	—	Victrex plc				6
	54	Vodafone Group plc				149
						3,682
		United States - 1.2%
	5	AuRico Gold, Inc. ●				45
	—	Credicorp Ltd.				31
	1	EZchip Semiconductor Ltd. ●				36
	1	Hisoft Technology International Ltd. ●				20
	1	Liberty Global, Inc. ●				51
	—	Netease.com, Inc. ●				23
	4	NII Holdings, Inc. Class B ●				61
	1	NXP Semiconductors N.V. ●				17
	2	Sinovac Biotech Ltd. ●				5
						289
		Total common stocks
		(cost $21,659)			$	22,584
EXCHANGE TRADED FUNDS - 0.8%
		United States - 0.8%
	5	iShares MSCI ACWI Index Fund			$	197
		Total exchange traded funds
		(cost $199)			$	197
		Total long-term investments
		(cost $21,858)			$	22,781
SHORT-TERM INVESTMENTS - 3.9%
		Repurchase Agreements - 3.9%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $233, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $238)
$	233	0.20%, 04/30/2012			$	233
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $312, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $318)
	312	0.20%, 04/30/2012				312
		Deutsche Bank Securities TriParty Joint |Repurchase Agreement (maturing on 05/01/2012 in the amount of $123, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $126)
	123	0.21%, 04/30/2012				123
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $102, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $104)
	102	0.19%, 04/30/2012				102
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $-, collateralized by U.S. Treasury Note 0.75%, 2013, value of $-)
	—	0.17%, 04/30/2012				—
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $168, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $171)
	168	0.21%, 04/30/2012				168
						938
		Total short-term investments
		(cost $938)			$	938
		Total investments
		(cost $22,796) ▲	99.0	%	$	23,719
		Other assets and liabilities	1.0	%		233
		Total net assets	100.0	%	$	23,952

The accompanying notes are an integral part of these financial statements.

10

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $23,205 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,323
Unrealized Depreciation		(1,809	)
Net Unrealized Appreciation	$	514

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $130, which represents 0.5% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $12, which represents 0.1% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
06/2011 - 12/2011		3	Aston Resources Ltd.		30
09/2011 - 10/2011		80	China High Precision Automation Group Ltd.		31
06/2009 - 03/2012		4	Gaz de France		125
03/2012		–	Himart Co., Ltd.		15
04/2011 - 04/2012		220	Huabao International Holdings Ltd.		156
04/2012		1	Redrow plc Rights		–
02/2010		1	Wolters Kluwer N.V.		11

At April 30, 2012, the aggregate value of these securities was $232, which represents 1.0% of total net assets.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $132 at April 30, 2012.

The accompanying notes are an integral part of these financial statements. 

11

The Hartford Diversified International Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
AUD	MSC	Sell	$	53	$	53	05/01/2012	$	–
CAD	BBH	Sell		1		1	05/03/2012		–
DKK	CBK	Buy		5		5	05/02/2012		–
EUR	CBK	Sell		61		61	05/03/2012		–
EUR	CBK	Buy		15		15	05/03/2012		–
EUR	DEUT	Buy		20		20	05/03/2012		–
EUR	DEUT	Buy		4		4	05/04/2012		–
EUR	DEUT	Sell		3		3	05/03/2012		–
EUR	JPM	Buy		10		10	05/02/2012		–
EUR	SSG	Buy		13		13	05/02/2012		–
GBP	CBK	Sell		3		3	05/01/2012		–
GBP	CBK	Buy		17		17	05/02/2012		–
GBP	CBK	Buy		54		54	05/01/2012		–
GBP	DEUT	Sell		18		18	05/03/2012		–
HKD	CSFB	Buy		10		10	05/03/2012		–
HKD	CSFB	Sell		105		105	05/03/2012		–
JPY	BCLY	Sell		59		58	05/24/2012		(1	)
JPY	BCLY	Sell		65		64	07/20/2012		(1	)
JPY	BOA	Sell		52		54	08/15/2012		2
JPY	CSFB	Sell		21		21	05/07/2012		–
JPY	CSFB	Buy		28		28	05/07/2012		–
JPY	DEUT	Sell		172		169	10/18/2012		(3	)
JPY	JPM	Sell		123		129	08/01/2012		6
JPY	JPM	Sell		3		3	05/02/2012		–
JPY	MSC	Buy		59		57	05/24/2012		2
JPY	RBC	Sell		8		8	05/01/2012		–
JPY	UBS	Sell		29		31	05/07/2012		2
SEK	BOA	Buy		27		27	05/04/2012		–
SEK	CBK	Sell		8		8	05/03/2012		–
ZAR	DEUT	Buy		14		14	05/04/2012		–
								$	7

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BBH	Brown Brothers Harriman & Co.
BCLY	Barclays Capital, Inc.
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SSG	State Street Global Markets LLC
UBS	UBS AG
Currency Abbreviations:
AUD	Australian Dollar
CAD	Canadian Dollar
DKK	Denmark Krone
EUR	EURO
GBP	British Pound
HKD	Hong Kong Dollar

JPY	Japanese Yen
SEK	Swedish Krona
ZAR	South African Rand
Index Abbreviations:
ACWI	All Country World Index
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

12

The Hartford Diversified International Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Argentina	$	10	$	10	$	–	$	–
Australia		497		–		497		–
Austria		17		–		17		–
Belgium		350		67		283		–
Brazil		855		855		–		–
British Virgin Islands		9		9		–		–
Canada		796		796		–		–
Chile		25		25		–		–
China		713		198		515		–
Colombia		238		238		–		–
Denmark		98		–		98		–
Egypt		12		12		–		–
Finland		112		–		112		–
France		2,039		–		2,039		–
Germany		1,215		–		1,215		–
Greece		14		–		14		–
Hong Kong		1,215		33		1,100		82
India		165		–		165		–
Indonesia		222		–		222		–
Ireland		241		101		140		–
Israel		209		209		–		–
Italy		259		19		240		–
Japan		3,422		8		3,414		–
Jersey		109		–		109		–
Malaysia		238		–		238		–
Mexico		404		404		–		–
Netherlands		622		264		358		–
Norway		438		–		438		–
Panama		164		164		–		–
Papua New Guinea		123		29		94		–
Peru		86		86		–		–
Philippines		75		–		75		–
Poland		8		–		8		–
Portugal		77		–		77		–
Russia		89		76		13		–
Singapore		215		11		204		–
South Africa		57		13		44		–
South Korea		1,044		64		966		14
Spain		211		–		211		–
Sweden		417		–		417		–
Switzerland		915		40		875		–
Taiwan		292		53		239		–
Thailand		256		240		16		–
Turkey		40		–		40		–
United Kingdom		3,682		209		3,473		–
United States		289		289		–		–
Total		22,584		4,522		17,966		96
Exchange Traded Funds		197		197		–		–
Short-Term Investments		938		–		938		–
Total	$	23,719	$	4,719	$	18,904	$	96
Foreign Currency Contracts*		12		–		12		–
Total	$	12	$	–	$	12	$	–
Liabilities:
Foreign Currency Contracts*		5		–		5		–
Total	$	5	$	–	$	5	$	–

The accompanying notes are an integral part of these financial statements.

13

The Hartford Diversified International Fund

Investment Valuation Hierarchy Level Summary – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

♦ For the six-month period ended April 30, 2012, investments valued at $240 were transferred from Level 1 to Level 2, and investments valued at $354 were transferred from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of April 30, 2012
Assets:
Common Stocks	$	14	$	(12	)	$	(53	)†	$	—	$	100	$	(11	)	$	61	$	(3	)	$	96
Total	$	14	$	(12	)	$	(53	)	$	—	$	100	$	(11	)	$	61	$	(3	)	$	96

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(53).

The accompanying notes are an integral part of these financial statements.

14

The Hartford Diversified International Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $22,796)	$	23,719
Cash		1
Unrealized appreciation on foreign currency contracts		12
Receivables:
Investment securities sold		425
Fund shares sold		2
Dividends and interest		113
Other assets		43
Total assets		24,315
Liabilities:
Unrealized depreciation on foreign currency contracts		5
Bank overdraft — foreign cash		4
Payables:
Investment securities purchased		317
Fund shares redeemed		12
Investment management fees		4
Administrative fees		—
Distribution fees		1
Accrued expenses		20
Total liabilities		363
Net assets	$	23,952
Summary of Net Assets:
Capital stock and paid-in-capital	$	26,605
Undistributed net investment income		100
Accumulated net realized loss		(3,685	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		932
Net assets	$	23,952
Shares authorized		525,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$8.31/$8.79
Shares outstanding		1,034
Net assets	$	8,595
Class B: Net asset value per share	$	8.28
Shares outstanding		145
Net assets	$	1,202
Class C: Net asset value per share	$	8.27
Shares outstanding		206
Net assets	$	1,706
Class I: Net asset value per share	$	8.34
Shares outstanding		124
Net assets	$	1,033
Class R3: Net asset value per share	$	8.32
Shares outstanding		115
Net assets	$	958
Class R4: Net asset value per share	$	8.33
Shares outstanding		108
Net assets	$	897
Class R5: Net asset value per share	$	8.34
Shares outstanding		104
Net assets	$	867
Class Y: Net asset value per share	$	8.34
Shares outstanding		1,042
Net assets	$	8,694

The accompanying notes are an integral part of these financial statements.

15

The Hartford Diversified International Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	316
Interest		—
Less: Foreign tax withheld		(26	)
Total investment income		290
Expenses:
Investment management fees		102
Administrative services fees		2
Transfer agent fees		10
Distribution fees
Class A		10
Class B		6
Class C		8
Class R3		2
Class R4		1
Custodian fees		26
Accounting services fees		2
Registration and filing fees		45
Board of Directors' fees		1
Audit fees		11
Other expenses		7
Total expenses (before waivers and fees paid indirectly)		233
Expense waivers		(81	)
Commission recapture		—
Total waivers and fees paid indirectly		(81	)
Total expenses, net		152
Net Investment Income		138
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(305	)
Net realized gain on foreign currency contracts		—
Net realized gain on other foreign currency transactions		6
Net Realized Loss on Investments and Foreign Currency Transactions		(299	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		1,286
Net unrealized appreciation of foreign currency contracts		2
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		1
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		1,289
Net Gain on Investments and Foreign Currency Transactions		990
Net Increase in Net Assets Resulting from Operations	$	1,128

The accompanying notes are an integral part of these financial statements. 

16

The Hartford Diversified International Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	138		$	226
Net realized gain (loss) on investments and foreign currency transactions		(299	)		1,110
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		1,289			(2,536	)
Net Increase (Decrease) In Net Assets Resulting From Operations		1,128			(1,200	)
Distributions to Shareholders:
From net investment income
Class A		(58	)		(71	)
Class B		—			(2	)
Class C		—			(3	)
Class I		(11	)		(11	)
Class R3		(4	)		(6	)
Class R4		(7	)		(7	)
Class R5		(9	)		(9	)
Class Y		(96	)		(101	)
Total distributions		(185	)		(210	)
Capital Share Transactions:
Class A		125			655
Class B		7			39
Class C		121			164
Class I		52			127
Class R3		28			39
Class R4		2			35
Class R5		9			9
Class Y		96			101
Net increase from capital share transactions		440			1,169
Net Increase (Decrease) In Net Assets		1,383			(241	)
Net Assets:
Beginning of period		22,569			22,810
End of period	$	23,952		$	22,569
Undistributed (distribution in excess of) net investment income (loss)	$	100		$	147

The accompanying notes are an integral part of these financial statements.

17

The Hartford Diversified International Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Diversified International Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Classes R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

18

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current

19

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

20

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

21

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	12	$	—	$	—	$	—	$	—	$	12
Total	$	—	$	12	$	—	$	—	$	—	$	—	$	12
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	5	$	—	$	—	$	—	$	—	$	5
Total	$	—	$	5	$	—	$	—	$	—	$	—	$	5

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

22

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	2	$	—	$	—	$	—	$	—	$	2
Total	$	—	$	2	$	—	$	—	$	—	$	—	$	2

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend

23

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011			For the Year Ended October 31, 2010
Ordinary Income	$	210	$	200

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	152
Accumulated Capital Losses *		(2,977	)
Unrealized Depreciation †		(771	)
Total Accumulated Deficit	$	(3,596	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(1	)
Accumulated Net Realized Gain (Loss)		2
Capital Stock and Paid-in-Capital		(1	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

24

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2018	$	2,977
Total	$	2,977

During the year ended October 31, 2011, the Fund utilized $1,148 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000	%
On next $4.5 billion		0.8500	%
On next $5 billion		0.8475	%
Over $10 billion		0.8450	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

25

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.45	%		2.20	%		2.20	%		1.20	%		1.65	%		1.35	%		1.05	%		1.00	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.43	%
Class B		2.13
Class C		2.15
Class I		1.02
Class R3		1.65
Class R4		1.35
Class R5		1.05
Class Y		1.00

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $17 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For

26

Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares rounds to zero.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		412		40	%
Class B		101		70
Class C		101		49
Class I		104		84
Class R3		102		89
Class R4		103		95
Class R5		104		100
Class Y		1,042		100

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	9,661
Sales Proceeds Excluding U.S. Government Obligations		9,853

27

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger			Net Increase (Decrease) of  Shares
Class A
Shares		95		8		(88	)		—		15		238		8		(173	)		—		73
Amount	$	762	$	58	$	(695	)	$	—	$	125	$	2,080	$	71	$	(1,496	)	$	—	$	655
Class B
Shares		4		—		(3	)		—		1		14		—		(10	)		—		4
Amount	$	31	$	—	$	(24	)	$	—	$	7	$	122	$	2	$	(85	)	$	—	$	39
Class C
Shares		29		—		(14	)		—		15		49		—		(31	)		—		18
Amount	$	231	$	—	$	(110	)	$	—	$	121	$	417	$	3	$	(256	)	$	—	$	164
Class I
Shares		6		1		—			—		7		18		1		(5	)		—		14
Amount	$	44	$	11	$	(3	)	$	—	$	52	$	160	$	11	$	(44	)	$	—	$	127
Class R3
Shares		3		—		—			—		3		8		—		(3	)		—		5
Amount	$	24	$	4	$	—		$	—	$	28	$	59	$	6	$	(26	)	$	—	$	39
Class R4
Shares		1		1		(1	)		—		1		4		1		(2	)		—		3
Amount	$	9	$	7	$	(14	)	$	—	$	2	$	44	$	7	$	(16	)	$	—	$	35
Class R5
Shares		—		1		—			—		1		—		1		—			—		1
Amount	$	—	$	9	$	—		$	—	$	9	$	—	$	9	$	—		$	—	$	9
Class Y
Shares		1		13		(1	)		—		13		—		11		—			—		11
Amount	$	4	$	96	$	(4	)	$	—	$	96	$	—	$	101	$	—		$	—	$	101
Total
Shares		139		24		(107	)		—		56		331		22		(224	)		—		129
Amount	$	1,105	$	185	$	(850	)	$	—	$	440	$	2,882	$	210	$	(1,923	)	$	—	$	1,169

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares			Dollars
For the Six-Month Period Ended April 30, 2012		1	$	9
For the Year Ended October 31, 2011		1	$	8

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

28

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

29

The Hartford Diversified International Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	7.98	$	0.04		$	–	$	0.35		$	0.39		$	(0.06	)	$	–	$	–	$	(0.06	)	$	0.33		$	8.31
B		7.92		0.02			–		0.34			0.36			–			–		–		–			0.36			8.28
C		7.90		0.02			–		0.35			0.37			–			–		–		–			0.37			8.27
I		8.03		0.06			–		0.34			0.40			(0.09	)		–		–		(0.09	)		0.31			8.34
R3		7.98		0.04			–		0.34			0.38			(0.04	)		–		–		(0.04	)		0.34			8.32
R4		8.00		0.05			–		0.34			0.39			(0.06	)		–		–		(0.06	)		0.33			8.33
R5		8.03		0.06			–		0.34			0.40			(0.09	)		–		–		(0.09	)		0.31			8.34
Y		8.03		0.06			–		0.34			0.40			(0.09	)		–		–		(0.09	)		0.31			8.34
For the Year Ended October 31, 2011 (E)
A		8.46		0.07			–		(0.48	)		(0.41	)		(0.07	)		–		–		(0.07	)		(0.48	)		7.98
B		8.39		0.01			–		(0.47	)		(0.46	)		(0.01	)		–		–		(0.01	)		(0.47	)		7.92
C		8.39		0.01			–		(0.48	)		(0.47	)		(0.02	)		–		–		(0.02	)		(0.49	)		7.90
I		8.50		0.11			–		(0.48	)		(0.37	)		(0.10	)		–		–		(0.10	)		(0.47	)		8.03
R3		8.46		0.05			–		(0.48	)		(0.43	)		(0.05	)		–		–		(0.05	)		(0.48	)		7.98
R4		8.48		0.08			–		(0.49	)		(0.41	)		(0.07	)		–		–		(0.07	)		(0.48	)		8.00
R5		8.49		0.10			–		(0.47	)		(0.37	)		(0.09	)		–		–		(0.09	)		(0.46	)		8.03
Y		8.50		0.11			–		(0.48	)		(0.37	)		(0.10	)		–		–		(0.10	)		(0.47	)		8.03
For the Year Ended October 31, 2010 (E)
A		7.35		0.05			–		1.14			1.19			(0.08	)		–		–		(0.08	)		1.11			8.46
B		7.31		(0.01	)		–		1.13			1.12			(0.04	)		–		–		(0.04	)		1.08			8.39
C		7.31		(0.01	)		–		1.13			1.12			(0.04	)		–		–		(0.04	)		1.08			8.39
I		7.38		0.07			–		1.15			1.22			(0.10	)		–		–		(0.10	)		1.12			8.50
R3		7.35		0.02			–		1.15			1.17			(0.06	)		–		–		(0.06	)		1.11			8.46
R4		7.36		0.04			–		1.16			1.20			(0.08	)		–		–		(0.08	)		1.12			8.48
R5		7.37		0.06			–		1.15			1.21			(0.09	)		–		–		(0.09	)		1.12			8.49
Y		7.38		0.07			–		1.15			1.22			(0.10	)		–		–		(0.10	)		1.12			8.50
For the Year Ended October 31, 2009 (E)
A		5.88		0.06			–		1.43			1.49			(0.02	)		–		–		(0.02	)		1.47			7.35
B		5.87		0.02			–		1.42			1.44			–			–		–		–			1.44			7.31
C		5.87		0.02			–		1.42			1.44			–			–		–		–			1.44			7.31
I		5.89		0.10			–		1.41			1.51			(0.02	)		–		–		(0.02	)		1.49			7.38
R3		5.87		0.06			–		1.42			1.48			–			–		–		–			1.48			7.35
R4		5.88		0.07			–		1.42			1.49			(0.01	)		–		–		(0.01	)		1.48			7.36
R5		5.88		0.09			–		1.42			1.51			(0.02	)		–		–		(0.02	)		1.49			7.37
Y		5.89		0.10			–		1.42			1.52			(0.03	)		–		–		(0.03	)		1.49			7.38
From June 30, 2008 (commencement of operations), through October 31, 2008
A(H)		10.00		0.01			–		(4.13	)		(4.12	)		–			–		–		–			(4.12	)		5.88
B(H)		10.00		(0.01	)		–		(4.12	)		(4.13	)		–			–		–		–			(4.13	)		5.87
C(H)		10.00		(0.01	)		–		(4.12	)		(4.13	)		–			–		–		–			(4.13	)		5.87
I(H)		10.00		0.01			–		(4.12	)		(4.11	)		–			–		–		–			(4.11	)		5.89
R3(H)		10.00		–			–		(4.13	)		(4.13	)		–			–		–		–			(4.13	)		5.87
R4(H)		10.00		–			–		(4.12	)		(4.12	)		–			–		–		–			(4.12	)		5.88
R5(H)		10.00		0.01			–		(4.13	)		(4.12	)		–			–		–		–			(4.12	)		5.88
Y(H)		10.00		0.01			–		(4.12	)		(4.11	)		–			–		–		–			(4.11	)		5.89

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Not annualized.
(G)	Annualized.
(H)	Commenced operations on June 30, 2008.

30

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of  Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	4.94	%(F)	$	8,595		2.14	%(G)		1.43	%(G)		1.43	%(G)		1.11	%(G)		43	%
	4.55	(F)		1,202		2.84	(G)		2.13	(G)		2.13	(G)		0.40	(G)		–
	4.68	(F)		1,706		2.86	(G)		2.15	(G)		2.15	(G)		0.40	(G)		–
	5.14	(F)		1,033		1.73	(G)		1.02	(G)		1.02	(G)		1.51	(G)		–
	4.80	(F)		958		2.43	(G)		1.65	(G)		1.65	(G)		0.91	(G)		–
	5.02	(F)		897		2.12	(G)		1.35	(G)		1.35	(G)		1.19	(G)		–
	5.10	(F)		867		1.80	(G)		1.05	(G)		1.05	(G)		1.50	(G)		–
	5.16	(F)		8,694		1.71	(G)		1.00	(G)		1.00	(G)		1.55	(G)		–
	(4.87	)		8,137		2.01			1.41			1.41			0.84			89
	(5.47	)		1,141		2.72			2.12			2.12			0.14			–
	(5.67	)		1,513		2.75			2.15			2.15			0.13			–
	(4.43	)		941		1.61			1.01			1.01			1.26			–
	(5.10	)		890		2.31			1.65			1.65			0.60			–
	(4.87	)		859		2.01			1.35			1.35			0.91			–
	(4.40	)		824		1.70			1.05			1.05			1.21			–
	(4.44	)		8,264		1.60			1.00			1.00			1.26			–
	16.31			8,005		2.29			1.58			1.58			0.58			155
	15.36			1,177		3.01			2.32			2.32			(0.18	)		–
	15.43			1,452		3.05			2.33			2.33			(0.20	)		–
	16.69			880		1.90			1.21			1.21			0.90			–
	16.02			906		2.59			1.81			1.81			0.30			–
	16.38			877		2.29			1.55			1.55			0.57			–
	16.61			863		1.99			1.28			1.28			0.83			–
	16.69			8,650		1.89			1.20			1.20			0.92			–
	25.40			8,740		3.10			1.65			1.65			0.99			161
	24.53			989		3.80			2.40			2.40			0.34			–
	24.53			1,127		3.80			2.40			2.40			0.36			–
	25.84			755		2.70			1.30			1.30			1.55			–
	25.26			735		3.39			1.90			1.90			0.96			–
	25.43			745		3.09			1.65			1.65			1.20			–
	25.81			740		2.80			1.40			1.40			1.46			–
	25.86			7,408		2.70			1.30			1.30			1.55			–
	(41.20	)(F)		2,528		2.01	(G)		1.57	(G)		1.57	(G)		0.26	(G)		67
	(41.30	)(F)		591		2.74	(G)		2.31	(G)		2.31	(G)		(0.48	)(G)		–
	(41.30	)(F)		611		2.75	(G)		2.32	(G)		2.32	(G)		(0.49	)(G)		–
	(41.10	)(F)		589		1.74	(G)		1.30	(G)		1.30	(G)		0.53	(G)		–
	(41.30	)(F)		588		2.44	(G)		1.90	(G)		1.90	(G)		(0.07	)(G)		–
	(41.20	)(F)		588		2.14	(G)		1.65	(G)		1.65	(G)		0.18	(G)		–
	(41.20	)(F)		588		1.84	(G)		1.40	(G)		1.40	(G)		0.43	(G)		–
	(41.10	)(F)		5,886		1.74	(G)		1.30	(G)		1.30	(G)		0.52	(G)		–

31

The Hartford Diversified International Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

32

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

33

The Hartford Diversified International Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

34

The Hartford Diversified International Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,049.40	$	7.29	$	1,000.00	$	1,017.75	$	7.17		1.43	%		182		366
Class B	$	1,000.00	$	1,045.50	$	10.83	$	1,000.00	$	1,014.27	$	10.67		2.13			182		366
Class C	$	1,000.00	$	1,046.80	$	10.94	$	1,000.00	$	1,014.17	$	10.77		2.15			182		366
Class I	$	1,000.00	$	1,051.40	$	5.20	$	1,000.00	$	1,019.79	$	5.12		1.02			182		366
Class R3	$	1,000.00	$	1,048.00	$	8.40	$	1,000.00	$	1,016.66	$	8.27		1.65			182		366
Class R4	$	1,000.00	$	1,050.20	$	6.88	$	1,000.00	$	1,018.15	$	6.77		1.35			182		366
Class R5	$	1,000.00	$	1,051.00	$	5.35	$	1,000.00	$	1,019.64	$	5.27		1.05			182		366
Class Y	$	1,000.00	$	1,051.60	$	5.10	$	1,000.00	$	1,019.89	$	5.02		1.00			182		366

35

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-DI12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Dividend and Growth Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Dividend and Growth Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	8
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	9
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	10
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	11
Notes to Financial Statements (Unaudited)	12
Financial Highlights (Unaudited)	24
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Proxy Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Expense Example (Unaudited)	30

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Dividend and Growth Fund inception 07/22/1996

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks a high level of current income consistent with growth of capital.

Performance Overview 4/30/02 - 4/30/12 

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
Dividend & Growth A#		11.09	%		0.90	%		1.22	%		5.48	%
Dividend & Growth A##					-4.65	%		0.08	%		4.89	%
Dividend & Growth B#		10.57	%		-0.02	%		0.35	%		NA	*
Dividend & Growth B##					-4.98	%		-0.02	%		NA	*
Dividend & Growth C#		10.65	%		0.17	%		0.48	%		4.73	%
Dividend & Growth C##					-0.82	%		0.48	%		4.73	%
Dividend & Growth I#		11.17	%		1.15	%		1.54	%		5.67	%
Dividend & Growth R3#		10.93	%		0.60	%		0.91	%		5.55	%
Dividend & Growth R4#		11.09	%		0.94	%		1.27	%		5.75	%
Dividend & Growth R5#		11.22	%		1.23	%		1.56	%		5.91	%
Dividend & Growth Y#		11.32	%		1.32	%		1.66	%		5.97	%
Russell 1000 Value Index		11.62	%		1.03	%		-1.73	%		4.83	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.70	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. (The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.)

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Dividend and Growth Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward P. Bousa, CFA	Donald J. Kilbride	Matthew G. Baker
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Dividend and Growth Fund returned 11.09%, before sales charge, for the six-month period ended April 30, 2012, underperforming its benchmark, the S&P 500 Index, which returned 12.76% for the same period. The Fund outperformed the 10.04% return of the average fund in the Lipper Equity Income Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities rebounded significantly during the period. Better-than-expected corporate earnings, generally improving economic data, and improved consumer confidence pointed to a soft but sustainable recovery. Consumer confidence climbed to a one-year high as solid job growth and rising stock prices helped to keep Americans optimistic in the face of surging gasoline prices.

Overall equity market performance was positive for the period across all market capitalizations: large cap equities (+12.8%), mid caps (+12.5%), and small caps (+11.0%) all rose as represented by the S&P 500, S&P 400 MidCap, and Russell 2000 Indices, respectively. During the six-month period all ten sectors within the S&P 500 Index posted positive returns, led by Consumer Discretionary (+18%), Information Technology (+16%), and Financials (+16%). Energy (+4%), Utilities (+5%), and Materials (+8%) lagged on a relative basis.

The Fund’s underperformance relative to the S&P 500 was primarily due to weak stock selection in Energy and Health Care, which more than offset strong stock selection in the Financials and Consumer Staples sectors. Sector allocation detracted from results, largely due to an underweight (i.e. the Fund’s sector position was less than the benchmark position) to the outperforming Information Technology sector. A modest cash position also detracted from relative results in an upward-trending market.

The Fund’s top detractors from benchmark-relative performance included Apple (Information Technology), Ultra Petroleum (Energy), and Baker Hughes (Energy). Apple, a designer, manufacturer, and retailer of a range of interconnected computing devices and personal electronic products moved higher after the company reported better-than-expected revenue and earnings led by robust sales of the iPhone 4S. Not owning the stock hurt performance during the period. Shares of Ultra Petroleum, an independent energy company engaged in the exploration and production of natural gas, declined during the quarter as U.S. natural gas prices declined precipitously. This past winter was among the warmest on record, which resulted in very weak demand for natural gas as a heating fuel. Baker Hughes, an oil field services provider, saw reduced pricing, under-utilization, and logistics issues at its recently-acquired pressure pumping subsidiary. Top absolute detractors also included Barrick Gold, a Canadian based gold exploration and mining company.

The Fund’s top contributors to benchmark-relative performance during the period were Wells Fargo (Financials), Lowe’s Companies (Consumer Discretionary), and Oracle (Information Technology). Wells Fargo, a leading U.S. bank, benefited from not only a positive bank stress test result, but also from announcing an increase in its quarterly dividend and plans to increase share repurchase activity. Lowe’s Companies, a home improvement retailer, saw its shares rise due to signs of a recovery in its repair and remodel business. Also, new in-store merchandising concepts and operating practices led to positive customer feedback and shopping experiences. Oracle is an enterprise software company that develops, manufactures, markets, distributes, and services database and middleware software, applications software, and hardware systems worldwide. We initiated a position during the period after the company missed estimates and the stock declined meaningfully, providing a buying opportunity. We were able to avoid the decline and shares subsequently rose. Contributors to absolute results also included Comcast.

What is the outlook?

Economic data in the United States has improved in recent months. A strengthening job market and improved consumer confidence appear to be helping to offset a stagnant housing market. While economic growth is likely to remain tepid in 2012, this is discounted in valuations, in our view. We believe the biggest risk to U.S. markets remains a cataclysmic liquidity event in Europe that severely impacts global economic growth and confidence. We view this as a low probability event. We expect a continued modest economic expansion in the U.S., underpinned by falling inflation and

3

The Hartford Dividend and Growth Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

only modest fiscal restraint. The likelihood of a European recession is increasing, but we believe the U.S. can withstand this and continue its slow recovery.

Our investment discipline is focused on investing in areas of strong demand and avoiding areas of oversupply. At the end of the period, our largest overweights were to Financials, Health Care, and Industrials, while we remained underweight in Information Technology, Consumer Staples, and Materials, relative to the benchmark.

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		1.6	%
Banks (Financials)		6.5
Capital Goods (Industrials)		7.8
Commercial & Professional Services (Industrials)		1.0
Diversified Financials (Financials)		6.7
Energy (Energy)		11.7
Food & Staples Retailing (Consumer Staples)		1.0
Food, Beverage & Tobacco (Consumer Staples)		5.0
Health Care Equipment & Services (Health Care)		3.1
Household & Personal Products (Consumer Staples)		1.5
Insurance (Financials)		5.0
Materials (Materials)		2.0
Media (Consumer Discretionary)		5.3
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		11.2
Retailing (Consumer Discretionary)		3.2
Semiconductors & Semiconductor Equipment (Information Technology)		3.0
Software & Services (Information Technology)		8.7
Technology Hardware & Equipment (Information Technology)		3.1
Telecommunication Services (Services)		3.1
Transportation (Industrials)		2.8
Utilities (Utilities)		4.4
Short-Term Investments		2.5
Other Assets and Liabilities		(0.2	)
Total		100.0	%

4

The Hartford Dividend and Growth Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.7%
		Automobiles & Components - 1.6%
	4,281	Ford Motor Co. w/ Rights	$	48,284
	1,884	Johnson Controls, Inc.		60,215
				108,499
		Banks - 6.5%
	1,705	PNC Financial Services Group, Inc.		113,082
	2,108	US Bancorp		67,805
	7,568	Wells Fargo & Co.		253,004
				433,891
		Capital Goods - 7.8%
	1,170	Cooper Industries plc Class A		73,194
	946	Deere & Co.		77,946
	927	General Dynamics Corp.		62,575
	4,867	General Electric Co.		95,302
	1,289	Honeywell International, Inc.		78,203
	259	Lockheed Martin Corp.		23,432
	1,209	Raytheon Co.		65,428
	450	Siemens AG ADR		41,810
				517,890
		Commercial & Professional Services - 1.0%
	1,841	Waste Management, Inc.		62,945
		Diversified Financials - 6.7%
	1,105	Ameriprise Financial, Inc.		59,917
	3,896	Bank of America Corp.		31,595
	321	BlackRock, Inc.		61,516
	343	Goldman Sachs Group, Inc.		39,548
	4,056	JP Morgan Chase & Co.		174,305
	1,645	NYSE Euronext		42,354
	166	State Street Corp.		7,665
	2,209	UBS AG ADR		27,328
				444,228
		Energy - 11.7%
	1,295	Anadarko Petroleum Corp.		94,785
	1,363	Baker Hughes, Inc.		60,131
	1,088	Chesapeake Energy Corp.		20,061
	1,514	Chevron Corp.		161,369
	2,970	EnCana Corp. ADR		62,182
	2,683	Exxon Mobil Corp.		231,667
	698	Occidental Petroleum Corp.		63,635
	1,228	Total S.A. ADR		59,101
	1,299	Ultra Petroleum Corp. ●		25,676
				778,607
		Food & Staples Retailing - 1.0%
	1,531	CVS Caremark Corp.		68,327
		Food, Beverage & Tobacco - 5.0%
	514	Anheuser-Busch InBev N.V.		37,305
	692	General Mills, Inc.		26,920
	1,774	PepsiCo, Inc.		117,097
	1,090	Philip Morris International, Inc.		97,591
	1,644	Unilever N.V. NY Shares ADR		56,478
				335,391
		Health Care Equipment & Services - 3.1%
	1,748	Cardinal Health, Inc.		73,871
	2,503	Medtronic, Inc.		95,619
	618	UnitedHealth Group, Inc.		34,723
				204,213
		Household & Personal Products - 1.5%
	1,515	Procter & Gamble Co.		96,410
		Insurance - 5.0%
	1,298	ACE Ltd.		98,616
	808	Chubb Corp.		59,049
	334	Marsh & McLennan Cos., Inc.		11,159
	1,617	MetLife, Inc.		58,263
	1,623	Principal Financial Group, Inc.		44,903
	1,025	Prudential Financial, Inc.		62,047
				334,037
		Materials - 2.0%
	81	Agrium U.S., Inc.		7,154
	1,209	Barrick Gold Corp.		48,880
	2,367	Dow Chemical Co.		80,177
				136,211
		Media - 5.3%
	4,964	Comcast Corp. Class A		150,566
	754	Omnicom Group, Inc.		38,708
	1,792	Time Warner, Inc.		67,118
	411	Viacom, Inc. Class B		19,089
	1,869	Walt Disney Co.		80,590
				356,071
		Pharmaceuticals, Biotechnology & Life Sciences - 11.2%
	1,160	AstraZeneca plc ADR		50,928
	1,272	Bristol-Myers Squibb Co.		42,460
	3,054	Eli Lilly & Co.		126,422
	1,969	Johnson & Johnson		128,169
	4,304	Merck & Co., Inc.		168,893
	7,597	Pfizer, Inc.		174,193
	1,163	Teva Pharmaceutical Industries Ltd. ADR		53,188
				744,253
		Retailing - 3.2%
	2,495	Buck Holdings L.P. ⌂●†		5,181
	893	J.C. Penney Co., Inc.		32,184
	3,115	Lowe's Co., Inc.		98,032
	1,386	Target Corp.		80,305
				215,702
		Semiconductors & Semiconductor Equipment - 3.0%
	3,079	Intel Corp.		87,432
	2,203	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		34,329
	2,397	Texas Instruments, Inc.		76,547
				198,308
		Software & Services - 8.7%
	788	Accenture plc		51,204
	1,126	Automatic Data Processing, Inc.		62,645
	1,940	eBay, Inc. ●		79,620
	785	IBM Corp.		162,516
	5,710	Microsoft Corp.		182,831
	1,458	Oracle Corp.		42,860
				581,676
		Technology Hardware & Equipment - 3.1%
	1,228	Avnet, Inc. ●		44,299
	4,273	Cisco Systems, Inc.		86,092
	1,200	Qualcomm, Inc.		76,576
				206,967
		Telecommunication Services - 3.1%
	6,309	AT&T, Inc.		207,629

The accompanying notes are an integral part of these financial statements.  

5

The Hartford Dividend and Growth Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.7% - (continued)
		Transportation - 2.8%
	783	FedEx Corp.	$	69,118
	506	Norfolk Southern Corp.		36,924
	1,026	United Parcel Service, Inc. Class B		80,197
				186,239
		Utilities - 4.4%
	1,441	Dominion Resources, Inc.		75,216
	1,365	Exelon Corp.		53,268
	1,135	NextEra Energy, Inc.		73,012
	1,119	PG&E Corp.		49,424
	1,656	Xcel Energy, Inc.		44,811
				295,731
		Total common stocks
		(cost $5,465,210)	$	6,513,225
		Total long-term investments
		(cost $5,465,210)	$	6,513,225
SHORT-TERM INVESTMENTS - 2.5%
	Repurchase Agreements - 2.5%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $40,736, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $41,550)
$	40,736	0.20%, 04/30/2012	$	40,736
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $54,571, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $55,662)
	54,570	0.20%, 04/30/2012		54,570
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $21,553, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $21,984)
	21,553	0.21%, 04/30/2012		21,553
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $17,849, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $18,206)
	17,849	0.19%, 04/30/2012		17,849
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $21, collateralized by U.S. Treasury Note 0.75%, 2013, value of $21)
	21	0.17%, 04/30/2012		21
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $29,299, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $29,885)
	29,299	0.21%, 04/30/2012		29,299
				164,028
		Total short-term investments
		(cost $164,028)	$	164,028

Total investments
(cost $5,629,238) ▲	100.2	%	$	6,677,253
Other assets and liabilities	(0.2	)%		(13,119	)
Total net assets	100.0	%	$	6,664,134

The accompanying notes are an integral part of these financial statements.

6

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $5,665,916 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,188,389
Unrealized Depreciation		(177,052	)
Net Unrealized Appreciation	$	1,011,337

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $5,181, which represents 0.1% of total net assets.

● Non-income producing.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
06/2007		2,495	Buck Holdings L.P.		1,195

At April 30, 2012, the aggregate value of these securities was $5,181, which represents 0.1% of total net assets.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford Dividend and Growth Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	6,513,225	$	6,508,044	$	–	$	5,181
Short-Term Investments		164,028		–		164,028		–
Total	$	6,677,253	$	6,508,044	$	164,028	$	5,181

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of April 30, 2012
Assets:
Common Stocks	$	6,363	$	1,802	$	(678	)*	$	—	$	—	$	(2,306	)	$	—	$	—	$	5,181
Total	$	6,363	$	1,802	$	(678	)	$	—	$	—	$	(2,306	)	$	—	$	—	$	5,181

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(678).

The accompanying notes are an integral part of these financial statements.

8

The Hartford Dividend and Growth Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $5,629,238)	$	6,677,253
Cash		24
Receivables:
Investment securities sold		4,859
Fund shares sold		9,120
Dividends and interest		9,264
Other assets		198
Total assets		6,700,718
Liabilities:
Payables:
Investment securities purchased		26,808
Fund shares redeemed		8,008
Investment management fees		666
Administrative fees		8
Distribution fees		209
Accrued expenses		885
Total liabilities		36,584
Net assets	$	6,664,134
Summary of Net Assets:
Capital stock and paid-in-capital	$	5,734,834
Undistributed net investment income		9,619
Accumulated net realized loss		(128,334	)
Unrealized appreciation of investments		1,048,015
Net assets	$	6,664,134
Shares authorized		900,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$20.49/$21.68
Shares outstanding		146,431
Net assets	$	3,000,174
Class B: Net asset value per share	$	20.16
Shares outstanding		6,176
Net assets	$	124,510
Class C: Net asset value per share	$	20.08
Shares outstanding		16,916
Net assets	$	339,604
Class I: Net asset value per share	$	20.42
Shares outstanding		80,879
Net assets	$	1,651,817
Class R3: Net asset value per share	$	20.65
Shares outstanding		3,457
Net assets	$	71,398
Class R4: Net asset value per share	$	20.74
Shares outstanding		5,279
Net assets	$	109,468
Class R5: Net asset value per share	$	20.78
Shares outstanding		6,873
Net assets	$	142,804
Class Y: Net asset value per share	$	20.79
Shares outstanding		58,895
Net assets	$	1,224,359

The accompanying notes are an integral part of these financial statements.

9

The Hartford Dividend and Growth Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	90,969
Interest		119
Less: Foreign tax withheld		(1,327	)
Total investment income		89,761
Expenses:
Investment management fees		19,322
Administrative services fees		196
Transfer agent fees		4,200
Distribution fees
Class A		3,591
Class B		660
Class C		1,612
Class R3		160
Class R4		117
Custodian fees		3
Accounting services fees		428
Registration and filing fees		186
Board of Directors' fees		71
Audit fees		24
Other expenses		473
Total expenses (before waivers and fees paid indirectly)		31,043
Expense waivers		(7	)
Transfer agent fee waivers		(50	)
Commission recapture		(8	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(65	)
Total expenses, net		30,978
Net Investment Income		58,783
Net Realized Gain on Investments:
Net realized gain on investments in securities		100,156
Net Realized Gain on Investments		100,156
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		507,879
Net Changes in Unrealized Appreciation of Investments		507,879
Net Gain on Investments and Foreign Currency Transactions		608,035
Net Increase in Net Assets Resulting from Operations	$	666,818

The accompanying notes are an integral part of these financial statements.

10

The Hartford Dividend and Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	58,783		$	91,137
Net realized gain on investments and foreign currency transactions		100,156			288,347
Net unrealized appreciation (depreciation) of investments		507,879			(80,550	)
Net Increase In Net Assets Resulting From Operations		666,818			298,934
Distributions to Shareholders:
From net investment income
Class A		(25,950	)		(39,884	)
Class B		(627	)		(725	)
Class C		(1,813	)		(2,088	)
Class I		(16,016	)		(22,078	)
Class R3		(495	)		(555	)
Class R4		(856	)		(1,069	)
Class R5		(1,312	)		(1,360	)
Class Y		(12,672	)		(19,263	)
Total distributions		(59,741	)		(87,022	)
Capital Share Transactions:
Class A		(68,573	)		(171,276	)
Class B		(25,261	)		(53,899	)
Class C		(1,220	)		(16,870	)
Class I		76,777			261,047
Class R3		7,542			23,187
Class R4		20,967			19,940
Class R5		29,676			33,945
Class Y		756			56,218
Net increase from capital share transactions		40,664			152,292
Net Increase In Net Assets		647,741			364,204
Net Assets:
Beginning of period		6,016,393			5,652,189
End of period	$	6,664,134		$	6,016,393
Undistributed (distribution in excess of) net investment income (loss)	$	9,619		$	10,577

The accompanying notes are an integral part of these financial statements. 

11

The Hartford Dividend and Growth Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Dividend and Growth Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or

12

independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

13

The Hartford Dividend and Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

14

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

4. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

5. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute

15

The Hartford Dividend and Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	October 31, 2011		October 31, 2010
Ordinary Income	$	87,022	$	76,389

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	10,577
Accumulated Capital Losses *		(191,812	)
Unrealized Appreciation †		503,458
Total Accumulated Earnings	$	322,223

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(91	)
Accumulated Net Realized Gain (Loss)		91

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses

16

for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2015	$	70,968
2016		19,011
2017		101,833
Total	$	191,812

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2011, the Fund utilized $288,644 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $500 million		0.6500	%
On next $1.5 billion		0.6000	%
On next $2.5 billion		0.5950	%
On next $5 billion		0.5900	%
Over $10 billion		0.5850	%

17

The Hartford Dividend and Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $500 million		0.6500	%
On next $4 billion		0.6000	%
On next $5 billion		0.5975	%
Over $10 billion		0.5950	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B		Class C		Class I			Class R3			Class R4			Class R5			Class Y
	1.25	%		NA		NA		1.00	%		1.35	%		1.05	%		0.75	%		NA

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.08	%
Class B		1.95
Class C		1.82
Class I		0.80
Class R3		1.35
Class R4		1.05
Class R5		0.75
Class Y		0.65

18

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $3,644 and contingent deferred sales charges of $84 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $50.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $3. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

19

The Hartford Dividend and Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.03	%		16.17	%
Class B		0.03			15.19
Class C		0.03			15.39
Class I		0.03			16.64
Class Y		0.03			16.65

7. Affiliate Holdings:

As of October 31, 2011, The Hartford Checks and Balances Fund, an affiliated fund, had ownership of 29,059 Class Y shares of the Fund.

8. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	806,610
Sales Proceeds Excluding U.S. Government Obligations		750,751

20

9. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		9,496		1,294		(14,322	)		—		(3,532	)		22,026		2,071		(33,146	)		—		(9,049	)
Amount	$	185,039	$	25,337	$	(278,949	)	$	—	$	(68,573	)	$	421,852	$	38,913	$	(632,041	)	$	—	$	(171,276	)
Class B
Shares		186		32		(1,524	)		—		(1,306	)		396		38		(3,301	)		—		(2,867	)
Amount	$	3,577	$	601	$	(29,439	)	$	—	$	(25,261	)	$	7,406	$	694	$	(61,999	)	$	—	$	(53,899	)
Class C
Shares		1,514		88		(1,668	)		—		(66	)		2,878		105		(3,907	)		—		(924	)
Amount	$	28,909	$	1,683	$	(31,812	)	$	—	$	(1,220	)	$	53,819	$	1,924	$	(72,613	)	$	—	$	(16,870	)
Class I
Shares		10,569		783		(7,450	)		—		3,902			23,792		1,139		(11,128	)		—		13,803
Amount	$	206,337	$	15,312	$	(144,872	)	$	—	$	76,777		$	450,650	$	21,290	$	(210,893	)	$	—	$	261,047
Class R3
Shares		696		23		(336	)		—		383			1,699		28		(530	)		—		1,197
Amount	$	13,698	$	457	$	(6,613	)	$	—	$	7,542		$	32,899	$	514	$	(10,226	)	$	—	$	23,187
Class R4
Shares		1,641		31		(615	)		—		1,057			2,702		37		(1,697	)		—		1,042
Amount	$	32,519	$	615	$	(12,167	)	$	—	$	20,967		$	52,256	$	711	$	(33,027	)	$	—	$	19,940
Class R5
Shares		2,116		50		(659	)		—		1,507			5,619		69		(3,919	)		—		1,769
Amount	$	41,730	$	988	$	(13,042	)	$	—	$	29,676		$	102,262	$	1,302	$	(69,619	)	$	—	$	33,945
Class Y
Shares		6,053		573		(6,576	)		—		50			12,922		896		(10,977	)		—		2,841
Amount	$	119,983	$	11,419	$	(130,646	)	$	—	$	756		$	250,848	$	17,071	$	(211,701	)	$	—	$	56,218
Total
Shares		32,271		2,874		(33,150	)		—		1,995			72,034		4,383		(68,605	)		—		7,812
Amount	$	631,792	$	56,412	$	(647,540	)	$	—	$	40,664		$	1,371,992	$	82,419	$	(1,302,119	)	$	—	$	152,292

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		498	$	9,792
For the Year Ended October 31, 2011		805	$	15,391

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

21

The Hartford Dividend and Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

22

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23

The Hartford Dividend and Growth Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	18.61	$	0.17	$	–	$	1.89		$	2.06		$	(0.18	)	$	–		$	–	$	(0.18	)	$	1.88		$	20.49
B		18.32		0.09		–		1.84			1.93			(0.09	)		–			–		(0.09	)		1.84			20.16
C		18.25		0.10		–		1.84			1.94			(0.11	)		–			–		(0.11	)		1.83			20.08
I		18.56		0.20		–		1.86			2.06			(0.20	)		–			–		(0.20	)		1.86			20.42
R3		18.76		0.14		–		1.90			2.04			(0.15	)		–			–		(0.15	)		1.89			20.65
R4		18.84		0.17		–		1.91			2.08			(0.18	)		–			–		(0.18	)		1.90			20.74
R5		18.88		0.20		–		1.91			2.11			(0.21	)		–			–		(0.21	)		1.90			20.78
Y		18.88		0.22		–		1.91			2.13			(0.22	)		–			–		(0.22	)		1.91			20.79
For the Year Ended October 31, 2011 (G)
A		17.93		0.27		–		0.67			0.94			(0.26	)		–			–		(0.26	)		0.68			18.61
B		17.64		0.10		–		0.66			0.76			(0.08	)		–			–		(0.08	)		0.68			18.32
C		17.58		0.13		–		0.66			0.79			(0.12	)		–			–		(0.12	)		0.67			18.25
I		17.87		0.32		–		0.68			1.00			(0.31	)		–			–		(0.31	)		0.69			18.56
R3		18.08		0.22		–		0.67			0.89			(0.21	)		–			–		(0.21	)		0.68			18.76
R4		18.14		0.28		–		0.69			0.97			(0.27	)		–			–		(0.27	)		0.70			18.84
R5		18.18		0.34		–		0.68			1.02			(0.32	)		–			–		(0.32	)		0.70			18.88
Y		18.18		0.36		–		0.68			1.04			(0.34	)		–			–		(0.34	)		0.70			18.88
For the Year Ended October 31, 2010
A		16.03		0.25		–		1.90			2.15			(0.25	)		–			–		(0.25	)		1.90			17.93
B		15.76		0.11		–		1.86			1.97			(0.09	)		–			–		(0.09	)		1.88			17.64
C		15.72		0.12		–		1.86			1.98			(0.12	)		–			–		(0.12	)		1.86			17.58
I		15.98		0.29		–		1.90			2.19			(0.30	)		–			–		(0.30	)		1.89			17.87
R3		16.18		0.19		–		1.93			2.12			(0.22	)		–			–		(0.22	)		1.90			18.08
R4		16.22		0.25		–		1.93			2.18			(0.26	)		–			–		(0.26	)		1.92			18.14
R5		16.24		0.29		–		1.96			2.25			(0.31	)		–			–		(0.31	)		1.94			18.18
Y		16.25		0.32		–		1.93			2.25			(0.32	)		–			–		(0.32	)		1.93			18.18
For the Year Ended October 31, 2009
A		14.56		0.26		–		1.47			1.73			(0.26	)		–			–		(0.26	)		1.47			16.03
B		14.32		0.14		–		1.44			1.58			(0.14	)		–			–		(0.14	)		1.44			15.76
C		14.28		0.15		–		1.45			1.60			(0.16	)		–			–		(0.16	)		1.44			15.72
I		14.52		0.33		–		1.44			1.77			(0.31	)		–			–		(0.31	)		1.46			15.98
R3		14.71		0.25		–		1.46			1.71			(0.24	)		–			–		(0.24	)		1.47			16.18
R4		14.73		0.28		–		1.48			1.76			(0.27	)		–			–		(0.27	)		1.49			16.22
R5		14.75		0.33		–		1.47			1.80			(0.31	)		–			–		(0.31	)		1.49			16.24
Y		14.75		0.35		–		1.48			1.83			(0.33	)		–			–		(0.33	)		1.50			16.25
For the Year Ended October 31, 2008
A		23.12		0.31		–		(7.32	)		(7.01	)		(0.31	)		(1.24	)		–		(1.55	)		(8.56	)		14.56
B		22.76		0.14		–		(7.21	)		(7.07	)		(0.13	)		(1.24	)		–		(1.37	)		(8.44	)		14.32
C		22.72		0.17		–		(7.21	)		(7.04	)		(0.16	)		(1.24	)		–		(1.40	)		(8.44	)		14.28
I		23.07		0.34		–		(7.27	)		(6.93	)		(0.38	)		(1.24	)		–		(1.62	)		(8.55	)		14.52
R3		23.37		0.23		–		(7.40	)		(7.17	)		(0.25	)		(1.24	)		–		(1.49	)		(8.66	)		14.71
R4		23.39		0.32		–		(7.42	)		(7.10	)		(0.32	)		(1.24	)		–		(1.56	)		(8.66	)		14.73
R5		23.41		0.35		–		(7.40	)		(7.05	)		(0.37	)		(1.24	)		–		(1.61	)		(8.66	)		14.75
Y		23.41		0.37		–		(7.40	)		(7.03	)		(0.39	)		(1.24	)		–		(1.63	)		(8.66	)		14.75
For the Year Ended October 31, 2007
A		21.48		0.29		0.01		2.95			3.25			(0.27	)		(1.34	)		–		(1.61	)		1.64			23.12
B		21.17		0.11		0.01		2.90			3.02			(0.09	)		(1.34	)		–		(1.43	)		1.59			22.76
C		21.13		0.13		0.01		2.91			3.05			(0.12	)		(1.34	)		–		(1.46	)		1.59			22.72
I		21.46		0.36		–		2.98			3.34			(0.39	)		(1.34	)		–		(1.73	)		1.61			23.07
R3(J)		21.14		0.15		–		2.25			2.40			(0.17	)		–			–		(0.17	)		2.23			23.37
R4(J)		21.14		0.21		–		2.26			2.47			(0.22	)		–			–		(0.22	)		2.25			23.39
R5(J)		21.14		0.26		–		2.26			2.52			(0.25	)		–			–		(0.25	)		2.27			23.41
Y		21.72		0.37		–		3.02			3.39			(0.36	)		(1.34	)		–		(1.70	)		1.69			23.41

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	11.09	%(E)	$	3,000,174		1.08	%(F)		1.08	%(F)		1.08	%(F)		1.78	%(F)		12	%
	10.57	(E)		124,510		2.03	(F)		1.95	(F)		1.95	(F)		0.93	(F)		–
	10.65	(E)		339,604		1.82	(F)		1.82	(F)		1.82	(F)		1.03	(F)		–
	11.17	(E)		1,651,817		0.80	(F)		0.80	(F)		0.80	(F)		2.05	(F)		–
	10.93	(E)		71,398		1.36	(F)		1.35	(F)		1.35	(F)		1.49	(F)		–
	11.09	(E)		109,468		1.05	(F)		1.05	(F)		1.05	(F)		1.77	(F)		–
	11.22	(E)		142,804		0.75	(F)		0.75	(F)		0.75	(F)		2.07	(F)		–
	11.32	(E)		1,224,359		0.65	(F)		0.65	(F)		0.65	(F)		2.20	(F)		–
	5.22			2,791,444		1.08			1.08			1.08			1.42			30
	4.32			137,071		2.01			1.96			1.96			0.55			–
	4.49			309,846		1.83			1.83			1.83			0.68			–
	5.60			1,428,333		0.80			0.80			0.80			1.69			–
	4.94			57,684		1.37			1.35			1.35			1.14			–
	5.32			79,535		1.06			1.05			1.05			1.43			–
	5.62			101,281		0.76			0.75			0.75			1.75			–
	5.71			1,111,199		0.66			0.66			0.66			1.84			–
	13.46			2,850,636		1.11			1.11			1.11			1.46			33
	12.54			182,506		2.02			1.97			1.97			0.63			–
	12.65			314,729		1.85			1.85			1.85			0.71			–
	13.78			1,129,059		0.82			0.82			0.82			1.71			–
	13.15			33,933		1.39			1.38			1.38			1.06			–
	13.51			57,684		1.07			1.06			1.06			1.46			–
	13.93			65,379		0.78			0.78			0.78			0.81			–
	13.96			1,018,263		0.67			0.67			0.67			1.88			–
	12.17			2,635,571		1.17			1.17			1.17			1.88			33	(H)
	11.22			236,026		2.14			1.99			1.99			1.10			–
	11.37			286,465		1.92			1.92			1.92			1.13			–
	12.52			658,690		0.85			0.85			0.85			1.96			–
	11.84			5,171		1.47			1.47			1.47			1.26			–
	12.27			19,372		1.09			1.09			1.09			1.85			–
	12.55			1,947		0.80			0.80			0.80			2.07			–
	12.73			746,004		0.69			0.69			0.69			2.30			–
	(32.24	)		2,214,358		1.09			1.09			1.09			1.62			36
	(32.85	)		222,732		1.97			1.97			1.97			0.73			–
	(32.80	)		221,895		1.83			1.83			1.83			0.87			–
	(32.02	)		167,989		0.82			0.82			0.82			1.77			–
	(32.53	)		455		1.58			1.50			1.50			1.16			–
	(32.25	)		8,410		1.09			1.09			1.09			1.63			–
	(32.06	)		310		0.80			0.80			0.80			1.94			–
	(31.99	)		494,110		0.69			0.69			0.69			2.01			–
	16.20	(I)		3,236,757		1.09			1.09			1.09			1.35			24
	15.22	(I)		395,552		1.95			1.95			1.95			0.50			–
	15.42	(I)		365,443		1.82			1.82			1.82			0.62			–
	16.67	(I)		1,899		0.77			0.77			0.77			1.50			–
	11.38	(E)		177		1.40	(F)		1.40	(F)		1.40	(F)		0.63	(F)		–
	11.70	(E)		1,994		1.09	(F)		1.09	(F)		1.09	(F)		0.72	(F)		–
	11.99	(E)		193		0.82	(F)		0.82	(F)		0.82	(F)		0.98	(F)		–
	16.68	(I)		255,138		0.69			0.69			0.69			1.72			–

25

The Hartford Dividend and Growth Fund

Financial Highlights – (continued)

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Per share amounts have been calculated using average shares outstanding method.

(H) During the year ended October 31, 2009, The Hartford Dividend and Growth Fund incurred $236.4 million in sales associated with the transition of assets from The Hartford Stock Fund, which merged into the Fund on October 2, 2009.  These sales are excluded from the portfolio turnover rate calculation.

(I) Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

(J) Commenced operations on December 22, 2006.

26

The Hartford Dividend and Growth Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford Dividend and Growth Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

28

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

29

The Hartford Dividend and Growth Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current ½ year		Days in the full year
Class A	$	1,000.00	$	1,110.90	$	5.66	$	1,000.00	$	1,019.50	$	5.41		1.08	%		182		366
Class B	$	1,000.00	$	1,105.70	$	10.21	$	1,000.00	$	1,015.16	$	9.77		1.95			182		366
Class C	$	1,000.00	$	1,106.50	$	9.54	$	1,000.00	$	1,015.81	$	9.13		1.82			182		366
Class I	$	1,000.00	$	1,111.70	$	4.19	$	1,000.00	$	1,020.89	$	4.01		0.80			182		366
Class R3	$	1,000.00	$	1,109.30	$	7.08	$	1,000.00	$	1,018.15	$	6.78		1.35			182		366
Class R4	$	1,000.00	$	1,110.90	$	5.51	$	1,000.00	$	1,019.64	$	5.27		1.05			182		366
Class R5	$	1,000.00	$	1,112.20	$	3.94	$	1,000.00	$	1,021.13	$	3.77		0.75			182		366
Class Y	$	1,000.00	$	1,113.20	$	3.43	$	1,000.00	$	1,021.61	$	3.28		0.65			182		366

30

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-DG12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Emerging Markets Local Debt Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Emerging Markets Local Debt Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	6
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	18
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	19
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	20
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Period May 31, 2011, (commencement of operations) through October 31, 2011	21
Notes to Financial Statements (Unaudited)	22
Financial Highlights (Unaudited)	36
Directors and Officers (Unaudited)	38
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	40
Quarterly Portfolio Holdings Information (Unaudited)	40
Expense Example (Unaudited)	41

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Emerging Markets Local Debt Fund inception 05/31/2011

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks capital appreciation and  income. 

Performance Overview 5/31/11 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			Since Inception
Emerging Markets Local Debt A#		5.68	%		-1.05	%
Emerging Markets Local Debt A##					-5.50	%
Emerging Markets Local Debt C#		5.29	%		-1.80	%
Emerging Markets Local Debt C##					-2.76	%
Emerging Markets Local Debt I#		5.71	%		-0.92	%
Emerging Markets Local Debt R3#		5.50	%		-1.46	%
Emerging Markets Local Debt R4#		5.66	%		-1.20	%
Emerging Markets Local Debt R5#		5.92	%		-0.83	%
Emerging Markets Local Debt Y#		5.62	%		-1.09	%
JP Morgan GBI Emerging Markets Global Diversified Index		4.05	%		0.93	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Class C reflects a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

JP Morgan GBI Emerging Markets Global Diversified Index tracks local currency bonds issued by Emerging Markets governments. It is an investable index that includes only those countries that are directly accessible by most of the international investor base. The index excludes countries with explicit capital controls, but does not factor in regulatory/tax hurdles in assessing eligibility.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Emerging Markets Local Debt Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Ricardo Adrogué, PhD	James W. Valone, CFA	Tieu-Bich Nguyen, CFA
Vice President and Fixed Income Portfolio Manager	Senior Vice President, Fixed Income Portfolio Manager and Co-Director of Fixed Income	Senior Vice President and Fixed Income Credit Analyst

How did the Fund perform?

The Class A shares of The Hartford Emerging Markets Local Debt Fund returned 5.68%, before sales charges, for the six-month period ended April 30, 2012, outperforming its benchmark, the JP Morgan Government Bond Index – Emerging Markets Global Diversified, which returned 4.05% for the same period. The Fund underperformed the 5.77% return of the average fund in the Lipper Emerging Markets Debt Funds peer group, a group of funds that seek either current income or total return by investing at least 65% of total assets in emerging market debt securities, where "emerging market" is defined by a country's GNP (gross national product) per capita or other economic measures.

Why did the Fund perform this way?

The JP Morgan Government Bond Index – Emerging Markets Global Diversified (GBI-EMGD) produced a 4.05% return for the period. The bulk of the local market’s positive returns were driven by coupon income and modest declines in local interest rates. Currency markets have been volatile during the period; weakness in the fourth quarter of 2011, caused by increased risk aversion in the markets due to on-going concerns over the European sovereign crisis, was followed by a strong rebound in early 2012 and a weakness again in March and April. Africa was the best performing region in the Index (6.9%) while Asia lagged (2.0%). From a country perspective, Philippines (11.6%), Colombia (11.6%) and Peru (8.9%) were the best performers in the Index while Brazil (-2.8%), Thailand (-0.5%), and Indonesia (2.2%) lagged. A number of emerging markets (EM) central banks lowered interest rates in this period, in response to cooling growth and declining inflation pressures, including Brazil, Chile, the Philippines, Indonesia, Thailand, and Russia. On the other hand, the National Bank of Colombia and the National Bank of Hungary hiked rates during the period.

Emerging market corporate debt finished the period with a return of 5.13% as measured by the JP Morgan CEMBI Broad Diversified Index. As with the emerging market local sovereign debt market, most of the strength came from the first quarter of 2012.

During the period, both currency and interest rate positioning contributed positively to relative performance (i.e. performance of the Fund as measured against the benchmark). A strategic allocation to corporate bonds away from local sovereign bonds also contributed to relative performance as corporate bonds, when translated from USD (U.S. dollars) into local EM currencies, outperformed the local bond component of the JP Morgan GBI - EMGD Index, particularly in the first quarter of 2012. Our security selection of the corporate bonds in the Fund versus the market (as measured by the JP Morgan CEMBI Broad Diversified Index) was positive for the period, although this was outweighed by the negative contribution from country allocation.

Our interest rate and credit positioning is primarily implemented through cash bond positions and derivatives such as interest rate and total return swaps, and credit default swap contracts. We use local currency denominated cash bonds and currency forwards (deliverable and non-deliverable) to express our views on currency.

Our positioning in Brazil, the Ivory Coast, and the Czech Republic helped relative performance. In Brazil, an overweight duration position focused on shorter-dated sovereign issues contributed to performance. Our underweight currency positioning in the Brazilian real at the beginning of the period was accretive to relative performance during the period. Growth indicators are cooling and the central bank has begun to ease rates to offset negative growth trends, which we expect to continue. Long term inflation trends remain a concern, however, so we favor the front end of the curve. We remain defensive on the Brazilian currency given its vulnerabilities to a weak global environment.

An allocation to a long-dated external sovereign issue in Ivory Coast contributed to performance. In January 2012, the Ivorian Finance Minister announced it would resume contractual payments of its debt in June 2012 although the timing of the settlement of the three missed coupons remains uncertain.

A short position in the Czech Koruna based on our concern over the country’s sensitivity to the eurozone debt crisis added to relative performance.

Detractors from relative performance included our positioning in Indonesia, Argentina, and Russia. Our lack of interest rate exposure in Indonesia based on inflation concerns in the country detracted from relative returns during the period, outweighing the positive contribution from underweight

3

The Hartford Emerging Markets Local Debt Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

currency positioning. We continue to find yields too low in Indonesia relative to inflation risks. Strong regional growth trends should continue to be supportive of the currency on the longer term, though we remain defensive given the broader market vulnerabilities.

A short position in the Argentine peso based on our concern over the country’s sensitivity to global cyclical pressures detracted from performance.

An underweight duration exposure in Russia focused on longer-dated local debt proved unfavorable. Since inception of the portfolio, we have added exposure in this market via the few euroclearable issues available to us. Many of the local sovereign bonds held in the index were not accessible due to restrictions placed on foreign investment. The impact this has on relative performance has grown as Russia’s index weight has increased to 9.4%. Recent changes to regulation should make local market investing in Russia more readily accessible over time, although additional work with the Fund’s custodian bank is required. During the period, bonds rallied as the result of a decline in inflation. We do not believe that this decline will persist, and we also consider valuations to be tight.

What is the outlook?

We believe that the macroeconomic outlook for most EM countries continues to be strong; growth trends are healthy, inflation is moderating, fiscal accounts are generally well-managed, and debt burdens seem low and stable. Reserve balances have declined at the margin, but the overall external liquidity position is sound. Political risk generally remains country specific and centered around elections. Although we believe recent actions by Argentina's government to nationalize a major oil company are clearly negative, we do not expect other major EM countries to follow a similar path. Rather, the primary risks to emerging markets continue to come largely from the developed world. At the start of 2012, markets were well-supported by improving global growth indicators and a successful long term refinancing operations (LTRO) program that slowed the pace of deleveraging from European banks. This in turn eased concerns about potential capital outflows from emerging markets. As we look ahead, however, we expect European concerns to return to the forefront. Growth indicators in Western Europe, including Germany, have softened in the face of fiscal tightening, and a third wave of LTRO funding appears unlikely at the present time. We believe the ability of Spain and Italy to conduct successful auctions will be an important indicator of market sentiment. On a more positive note, we remain constructive on the outlook for the U.S. and China. For the U.S., we continue to expect low but positive growth trends, which, combined with the Federal Reserve on hold, should be supportive for EM broadly and for Latin America in particular. Recent PMI (purchasing managers index) results for China have also moved higher, reinforcing our view that a soft landing is the most likely outcome for the country this year, which should also be supportive for growth in the broader Asian region.

We believe that the current market environment should generally be favorable for emerging markets interest rates, and as a result we have extended our overweight in duration at the overall portfolio level. Inflation pressures should be contained by relatively soft global growth trends. Real interest rates in EM, on average, are higher than developed market real yields, giving many central banks room to lower policy rates if they have a need to boost their domestic economies. In the Fund’s portfolio, we continue to express this view primarily via overweight duration positions in those markets where economic activity is declining and nominal yields are high, such as Brazil, Hungary, and Israel. Some markets, however, appear to understate inflation risks, and as a result we are underweight duration in countries such as Mexico, South Africa, Turkey, and much of Asia. In the Czech Republic, we pay fixed rates in recognition of the fact that, should growth surprise on the upside, rates are too low, but if European events push growth lower, the central bank will likely have less flexibility to lower rates than other, higher yielding markets in the EMEA (Europe, Middle East and Africa) region that are subject to similar cyclical pressures.

On the currency front, our largest overweights (i.e. the Fund’s position was greater than the benchmark position) are concentrated in Latin America, particularly in Chilean peso, Mexican peso, and Peru new sol, which all appear to be undervalued and should all benefit from relatively stronger U.S. growth prospects and steady export demand. We remain neutral on Brazilian real, where valuations appear closer to fair value and outflow risks have dissipated. We continue to like currencies in Asia, such as Indian rupee and Korean won, which should also benefit from positive long-term structural trends. Asian currency underweights are concentrated in Indonesian rupiah and Philippines peso, where valuations appear more stretched. We remain defensive in Eastern Europe, which remains vulnerable to ongoing uncertainty in Western Europe. Without another round of LTRO funding, growth pressures and a heavy election calendar may keep European currencies somewhat volatile in the month ahead. We remain underweight Croatia kuna, Czech koruna, and the Hungarian forint. We still find the Russian ruble to be overvalued, fully reflecting high oil prices, and find better value in Mexican peso, the Norwegian krone, and the Nigerian naira.

Finally, we continue to hold a small collection of opportunistic positions in the portfolio that should allow us to

4

take tactical advantage of attractive valuations and/or improving fundamental trends in some higher beta markets. In Africa, we have modest exposure to external debt in post-default Ivory Coast, and expect further price appreciation over time as the government moves to restoring missed coupon payments. We also find local debt in Nigeria, taken on an unhedged basis, to provide relatively high yields and the potential for currency appreciation. Over the course of the first quarter of 2012 we have modestly added to exposure in a basket of Western European countries - namely Ireland, Portugal, and Greece – where we believe current valuations understate the potential for fundamental improvement in the months ahead. We continue to express a negative view on the Argentine peso where we believe balance of payment pressures continue to mount. In all cases, opportunistic position sizes are relatively modest as we recognize the potential volatility inherent in these types of issuers over short time horizons, but believe that over time, the upside potential in these issuers outweighs the downside risk.

Distribution by Credit Quality 

as of April 30, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		0.4	%
Aa / AA		0.5
A		22.0
Baa / BBB		29.3
Ba / BB		14.0
B		2.0
Caa / CCC or Lower		1.0
Unrated		10.9
Non Debt Securities and Other Short-Term Instruments		18.6
Other Assets & Liabilities		1.3
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of April 30, 2012 

Industry	Percentage of Net Assets
Fixed Income Securities
Agriculture, Forestry, Fishing and Hunting	0.2	%
Arts, Entertainment and Recreation	0.5
Beverage and Tobacco Product Manufacturing	0.5
Chemical Manufacturing	0.4
Construction	1.0
Fabricated Metal Product Manufacturing	0.2
Finance and Insurance	11.3
Food Manufacturing	0.6
Information	1.6
Mining	1.7
Miscellaneous Manufacturing	0.6
Nonmetallic Mineral Product Manufacturing	0.4
Petroleum and Coal Products Manufacturing	5.0
Pipeline Transportation	0.2
Rail Transportation	0.5
Retail Trade	0.1
Transportation Equipment Manufacturing	0.1
Truck Transportation	0.3
Utilities	4.2
Water Transportation	0.3
Wholesale Trade	0.3
Total	30.0	%
Foreign Government Obligations	50.1
Short-Term Investments	18.6
Other Assets and Liabilities	1.3
Total	100.0	%

5

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 30.0%
		Austria - 0.2%
		OGX Austria GmbH
$	200	8.38%, 04/01/2022 ■	$	204
		Belgium - 0.3%
		International Bank for Reconstruction & Development
NGN	44,000	14.50%, 03/28/2013		280
		Brazil - 3.3%
		Banco Bradesco S.A.
	200	5.75%, 03/01/2022 ■		203
		Banco do Brasil
	200	5.88%, 01/26/2022 §		208
	100	8.50%, 10/20/2020 §♠		115
		BFF International Ltd.
	230	7.25%, 01/28/2020 §		263
		Brasil Telecom S.A.
BRL	300	9.75%, 09/15/2016 ■		166
		Centrais Eletricas Brasileiras S.A.
	200	5.75%, 10/27/2021 ■		217
		Globo Comunicacao e Participacoes S.A.
	225	6.25%, 07/20/2015 §♠		240
		Itau Unibanco Holding S.A.
	200	5.65%, 03/19/2022 ■		201
	200	6.20%, 12/21/2021 ■		209
		Petrobras International Finance Co.
	140	7.88%, 03/15/2019		173
		RBS-Zero Hora Editora Journalistica
BRL	575	11.25%, 06/15/2017 §		299
		Telemar Norte Leste S.A.
	100	5.50%, 10/23/2020 §		104
		Vale Overseas Ltd.
	190	4.63%, 09/15/2020		201
		Votorantim Cimentos S.A.
	200	7.25%, 04/05/2041 §		203
				2,802
		British Virgin Islands - 1.3%
		CLP Power Hong Kong Ltd.
	100	4.75%, 03/19/2020 §		107
		Fita International Ltd.
	125	7.00%, 02/10/2020		129
		FPT Finance Ltd.
	240	6.38%, 09/28/2020 §		250
		Hong Kong Electric Finance Ltd.
	225	4.25%, 12/14/2020 §		235
		Mega Advance Investments
	200	5.00%, 05/12/2021 §		211
		QGOG Atlantic/Alaskan Rigs
	191	5.25%, 07/30/2018 ■		192
				1,124
		Canada - 0.4%
		Pacific Rubiales Energy Corp.
	143	7.25%, 12/12/2021 ■		156
		PTTEP Canada International Finance Ltd.
	200	5.69%, 04/05/2021 §		216
				372
		Cayman Islands - 0.2%
		Alliance Global Group, Inc.
	100	6.50%, 08/18/2017		105
		UOB Cayman Ltd.
	100	5.80%, 03/15/2016 §♠		101
				206
		Chile - 0.7%
		AES Gener S.A.
	105	5.25%, 08/15/2021 ■		110
	110	5.25%, 08/15/2021 §		116
		Automotores Gildemeister
	100	8.25%, 05/24/2021 ■		106
		E.CL S.A.
	200	5.63%, 01/15/2021 §		216
				548
		China - 0.5%
		China Shanshui Cement Group
	200	10.50%, 04/27/2017 ■		202
		MCC Holding Corp., Ltd.
	200	4.88%, 07/29/2016 §		201
				403
		Colombia - 2.1%
		Banco de Bogota S.A.
	200	5.00%, 01/15/2017 §		208
		Bancolombia S.A.
	190	6.13%, 07/26/2020		201
		Ecopetrol S.A.
	160	7.63%, 07/23/2019		201
		Emgesa S.A.
COP	981,000	8.75%, 01/25/2021 §		620
		Empresa de Energia de Bogota
	235	6.13%, 11/10/2021 §		248
		Empresas Public Medellin
COP	448,000	8.38%, 02/01/2021 §		273
				1,751
		Hong Kong - 1.5%
		Bank of China Hong Kong
	100	5.55%, 02/11/2020 §		107
		Bank of East Asia
	200	6.38%, 05/04/2022 §		213
		CNPC HK Overseas Capital Ltd.
	260	3.95%, 04/19/2022 ■		262
		Hutchison Whampoa International Ltd.
	200	4.63%, 01/13/2022 ■		208
	120	5.75%, 09/11/2019 §		135
	125	6.00%, 10/28/2015 §♠		127
		Zijin International Finance Co. Ltd.
	230	4.25%, 06/30/2016 §		236
				1,288
		India - 0.1%
		NTPC Ltd.
	110	5.88%, 03/02/2016		118
		Ireland - 0.7%
		Bank of Ireland
EUR	80	4.00%, 01/28/2015		94
		MTS International Funding Ltd.
	135	8.63%, 06/22/2020 §		155
		Vnesheconombank
	320	6.90%, 07/09/2020 §		353
				602

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 30.0% - (continued)
		Israel - 0.3%
		Israel Electric Corp., Ltd.
$	200	9.38%, 01/28/2020 §	$	226
		Kazakhstan - 0.6%
		Kazatomprom Natsionalnaya
	275	6.25%, 05/20/2015 §		297
		KazMunayGas National Co.
	215	7.00%, 05/05/2020 §		246
				543
		Kuwait - 0.3%
		Kuwait Projects Co.
	210	8.88%, 10/17/2016 §		237
		Luxembourg - 1.6%
		ALROSA Finance S.A.
	200	7.75%, 11/03/2020 §		213
		European Investment Bank
ZAR	475	8.76%, 12/31/2018 ○		37
		Gaz Capital S.A.
	220	9.25%, 04/23/2019 §		274
		SB Capital (Sberbank)
	400	5.72%, 06/16/2021 §		405
		VTB Capital S.A.
	220	6.88%, 05/29/2018 §		232
		Yasar Holdings S.A. Via Willow No 2
	200	9.63%, 10/07/2015 §		201
				1,362
		Malaysia - 0.8%
		Axiata SPV1 (Labuan) Ltd.
	100	5.38%, 04/28/2020		107
		Hong Leong Bank
	200	3.75%, 03/17/2016		205
		Petronas Capital Ltd.
	210	5.25%, 08/12/2019 §		239
		Public Bank Bhd
	120	6.84%, 08/22/2036		122
				673
		Mexico - 1.8%
		Axtel SAB de CV
	135	9.00%, 09/22/2019 §		105
		Controladora Mabe S.A. de C.V.
	200	7.88%, 10/28/2019 §		215
		Corporacion GEO SAB de CV
	245	8.88%, 03/27/2022 ■		249
		Desarrolladora Homex S.A.
	100	7.50%, 09/28/2015		101
	135	9.75%, 03/25/2020 §		140
		Empresas ICA SAB de CV
	90	8.90%, 02/04/2021 §		89
		Grupo Bimbo S.A.B.
	105	4.50%, 01/25/2022 ■		109
		Petroleos Mexicanos
	195	6.50%, 06/02/2041		226
		Sigma Alimentos S.A.
	150	5.63%, 04/14/2018 §		159
		Telefonos De Mexico SAB
	100	5.50%, 01/27/2015		110
				1,503
		Netherlands - 1.0%
		GTB Finance B.V.
	200	7.50%, 05/19/2016 §		207
		Indo Energy Finance
	200	7.00%, 05/07/2018 §		205
		Listrindo Capital B.V.
	200	6.95%, 02/21/2019 ■		208
		VimpelCom Holdings B.V.
	200	7.50%, 03/01/2022 §		194
				814
		Panama - 0.1%
		AES Panama S.A.
	115	6.35%, 12/21/2016 §		124
		Peru - 0.6%
		Banco de Credito del Peru/Panama
	190	6.88%, 09/16/2026 ■		201
	115	6.88%, 09/16/2026 §		122
		Corporacion Jose R. Lindley S.A.
	87	6.75%, 11/23/2021 ■		93
	115	6.75%, 11/23/2021 §		123
				539
		Philippines - 0.2%
		SM Investments Corp.
	130	5.50%, 10/13/2017		131
		Qatar - 0.6%
		Nakilat, Inc.
	233	6.27%, 12/31/2033 §		255
		Ras Laffan Liquefied Natural Gas Co., Ltd.
	250	5.84%, 09/30/2027 §		268
				523
		Republic of Guatemala - 0.3%
		Central American Bottling Corp.
	205	6.75%, 02/09/2022 ■		212
	35	6.75%, 02/09/2022 §		36
				248
		Russia - 1.1%
		Russian Agricultural Bank OJSC
RUB	13,800	8.70%, 03/17/2016 §		482
		Russian Railways
	380	5.74%, 04/03/2017 §		406
				888
		Singapore - 1.3%
		DBS Bank Ltd.
	120	5.00%, 11/15/2019 §		125
		DBS Group Holdings Ltd.
	450	3.63%, 09/21/2022 ■		448
		Olam International Ltd.
	130	7.50%, 08/12/2020		131
		Oversea-Chinese Banking Corp., Ltd.
	250	3.75%, 11/15/2022		249
		Sinochem Overseas Capital Co.
	120	6.30%, 11/12/2040 §		119
				1,072
		South Africa - 0.7%
		Consol Glass Ltd.
EUR	100	7.63%, 04/15/2014 §		135

The accompanying notes are an integral part of these financial statements.

7

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 30.0% - (continued)
		South Africa - 0.7% - (continued)
		Eskom Holdings Ltd.
ZAR	900	10.01%, 12/31/2018 ○	$	64
ZAR	2,060	10.63%, 08/18/2027 ○		54
ZAR	700	10.73%, 12/31/2032 ○		11
		Gold Fields Orogen Holding Ltd.
	200	4.88%, 10/07/2020 §		189
		Transnet Ltd.
ZAR	1,000	10.00%, 03/30/2029		133
				586
		South Korea - 1.7%
		Export-Import Bank of Korea
	200	5.00%, 04/11/2022		215
		Korea Development Bank
	400	3.88%, 05/04/2017		415
		Korea Hydro and Nuclear Power Co.
	100	6.25%, 06/17/2014 §		108
		Korea National Oil Corp.
	245	3.13%, 04/03/2017 ■		246
		KT Corp.
	200	3.88%, 01/20/2017 §		207
		Shinhan Bank
	125	6.82%, 09/20/2036		128
		Woori Bank
	130	6.21%, 05/02/2037 §		130
				1,449
		Thailand - 2.1%
		Bangkok Bank PCL/Hong Kong
	235	4.80%, 10/18/2020 §		240
		Bank of Thailand
THB	12,630	2.35%, 10/21/2012		409
THB	3,265	2.48%, 07/16/2012		106
THB	13,730	2.82%, 12/23/2012		445
THB	8,575	3.33%, 05/12/2014		278
THB	8,214	3.40%, 09/08/2014		267
				1,745
		United Arab Emirates - 1.5%
		Abu Dhabi National Energy Co.
	230	5.88%, 12/13/2021 §		248
		Dolphin Energy Ltd.
	200	5.50%, 12/15/2021 ■		213
		DP World Ltd.
	130	6.85%, 07/02/2037 §		125
		Dubai Electricity & Water Authority
	175	7.38%, 10/21/2020 §		188
		IPIC GMTN Ltd.
	250	5.00%, 11/15/2020 §		260
		Taqa Abu Dhabi National Energy
	200	5.88%, 12/13/2021 ■		215
				1,249
		United Kingdom - 0.7%
		Berau Coal Energy PT
	200	7.25%, 03/13/2017 ■		199
		European Bank for Reconstruction & Development
ZAR	550	8.76%, 12/31/2020 ○		38
		Standard Bank plc
	200	8.13%, 12/02/2019		219
		Vedanta Resources plc
$	170	9.50%, 07/18/2018 §		175
				631
		United States - 1.3%
		MCE Finance Ltd.
	165	10.25%, 05/15/2018		186
		NII Capital Corp.
	115	7.63%, 04/01/2021		107
	75	8.88%, 12/15/2019		75
		Reliance Holdings USA, Inc.
	250	4.50%, 10/19/2020 §		241
	250	5.40%, 02/14/2022 §		251
		Schahin II Finance Co. SPV Ltd.
	260	5.88%, 09/25/2022 ■		260
				1,120
		Venezuela - 0.1%
		Petroleos de Venezuela S.A.
	85	9.00%, 11/17/2021 §		69
		Total corporate bonds
		(cost $25,119)	$	25,430
FOREIGN GOVERNMENT OBLIGATIONS - 50.1%
		Brazil - 3.4%
		Brazil (Republic of)
BRL	868	6.00%, 08/15/2050 ◄	$	556
BRL	3,445	10.00%, 01/01/2014 - 01/01/2021		1,779
		Brazil Notas do Tesouro Nacional Serie F
BRL	959	10.00%, 01/01/2015		510
				2,845
		Chile - 0.8%
		Bonos del Banco Central de Chile en Pesos
CLP	350,000	6.00%, 02/01/2016		722
		Colombia - 2.5%
		Colombia (Republic of)
COP	811,909	4.25%, 05/17/2017 ■		970
COP	1,656,300	7.50%, 08/26/2026		953
COP	225,078	10.00%, 07/24/2024 ■		157
				2,080
		Greece - 0.8%
		Hellenic Republic
EUR	1,059	2.00%, 02/24/2026 - 02/24/2042 ☼		256
		Hellenic Republic Government Bond
EUR	1,897	2.00%, 02/24/2034 - 02/24/2037 ☼		444
				700
		Hungary - 7.3%
		Hungary (Republic of)
HUF	164,520	5.50%, 02/12/2014 - 02/12/2016		718
HUF	260,880	6.00%, 11/24/2023		1,022
HUF	175,800	6.50%, 06/24/2019		739
HUF	386,920	6.75%, 08/22/2014 - 10/22/2028		1,671
HUF	184,140	7.00%, 06/24/2022		790
HUF	204,320	7.50%, 10/24/2013 - 11/12/2020		911
HUF	70,150	8.00%, 02/12/2015		324
				6,175

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 50.1% - (continued)
		Ireland - 0.5%
		Ireland (Republic of)
EUR	200	5.00%, 10/18/2020	$	234
EUR	200	5.40%, 03/13/2025		233
				467
		Israel - 1.4%
		Israel (Government of)
ILS	790	4.25%, 08/31/2016		216
ILS	235	5.00%, 01/31/2020		65
ILS	1,220	5.50%, 01/31/2022		344
ILS	205	6.00%, 02/28/2019		60
ILS	1,705	6.25%, 10/30/2026		507
				1,192
		Ivory Coast - 1.4%
		Ivory Coast (Republic of)
	1,810	0.00%, 12/31/2032 ●§		1,231
		Malaysia - 5.7%
		Malaysia Government Bond
MYR	2,620	2.51%, 08/27/2012		864
MYR	340	3.46%, 07/31/2013		113
MYR	2,470	3.74%, 02/27/2015		828
MYR	2,715	4.01%, 09/15/2017		926
MYR	1,040	4.16%, 07/15/2021		360
MYR	680	4.23%, 06/30/2031		229
MYR	1,110	4.24%, 02/07/2018		383
MYR	605	4.26%, 09/15/2016		208
MYR	1,115	4.38%, 11/29/2019		391
MYR	1,465	4.39%, 04/15/2026		513
				4,815
		Mexico - 4.4%
		Mexican Bonos
MXN	795	7.50%, 06/03/2027		65
MXN	840	8.50%, 05/31/2029		75
		Mexican Bonos De Desarrollo
MXN	2,430	8.50%, 11/18/2038		210
MXN	5,764	9.00%, 12/20/2012		454
		Mexican Udibonos
MXN	1,028	3.50%, 12/14/2017 ◄		86
MXN	11,190	4.00%, 11/15/2040 ◄		925
MXN	22,020	4.50%, 12/18/2014 - 11/22/2035 ◄		1,881
				3,696
		Nigeria - 0.3%
		Nigeria Government
NGN	63,223	7.00%, 10/23/2019 ■		264
		Peru - 3.5%
		Peru (Republic of)
PEN	101	6.95%, 08/12/2031 ■		43
PEN	915	8.60%, 08/12/2017 §		413
		Peru Bono Soberano
PEN	25	7.84%, 08/12/2020		11
		Peruvian Government International Bond
PEN	2,650	6.85%, 02/12/2042 §		1,092
PEN	1,860	6.90%, 08/12/2037 §		779
PEN	1,339	8.20%, 08/12/2026 §		638
				2,976
		Poland - 5.6%
		Poland Government Bond
PLN	1,625	5.00%, 04/25/2016 ╦		518
PLN	4,705	5.25%, 04/25/2013 - 10/25/2020 ╦‡		1,498
PLN	1,220	5.50%, 10/25/2019		394
PLN	6,560	5.75%, 04/25/2014 - 04/25/2029 ╦		2,125
PLN	710	6.25%, 10/24/2015		236
				4,771
		Portugal - 0.7%
		Obrigacoes do Tesouro
EUR	290	3.85%, 04/15/2021		238
		Portugal (Republic of)
EUR	355	3.35%, 10/15/2015		364
				602
		Russia - 1.3%
		Russian Federation Government
RUB	30,000	7.85%, 03/10/2018 §		1,065
		South Africa - 4.2%
		South Africa (Republic of)
ZAR	9,427	6.25%, 03/31/2036		906
ZAR	6,670	6.50%, 02/28/2041		652
ZAR	3,575	6.75%, 03/31/2021		433
ZAR	4,090	7.00%, 02/28/2031		449
ZAR	1,885	8.00%, 12/21/2018		251
ZAR	3,520	8.25%, 09/15/2017		478
ZAR	2,360	10.50%, 12/21/2026		363
				3,532
		South Korea - 0.6%
		Korea (Republic of)
KRW	414,580	4.00%, 09/10/2015		372
KRW	195,180	5.25%, 09/10/2015		182
				554
		Thailand - 0.1%
		Thailand Government
THB	3,185	4.13%, 11/01/2012		104
		Turkey - 4.6%
		Turkey Government Bond
TRY	2,140	4.00%, 04/29/2015 ◄		1,266
TRY	580	8.00%, 10/09/2013		324
TRY	985	8.27%, 08/08/2012 ○		547
TRY	1,815	10.00%, 01/09/2013 - 04/10/2013		1,038
TRY	1,315	11.46%, 11/07/2012 ○		713
				3,888
		United Arab Emirates - 0.3%
		MDC GMTN B.V.
	200	5.50%, 04/20/2021 §		216
		Uruguay - 0.7%
		Uruguay (Republic of)
UYU	10,390	4.38%, 12/15/2028 ◄		591
		Total foreign government obligations
		(cost $41,514)	$	42,486
		Total long-term investments (cost $66,633)	$	67,916

The accompanying notes are an integral part of these financial statements.

9

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬					Market Value ╪
SHORT-TERM INVESTMENTS - 18.6%
		Repurchase Agreements - 18.6%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,905, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $3,983)
$	3,905	0.20%, 04/30/2012			$	3,905
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $5,231, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $5,336)
	5,231	0.20%, 04/30/2012				5,231
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,066, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $2,107)
	2,066	0.21%, 04/30/2012				2,066
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,711, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $1,745)
	1,711	0.19%, 04/30/2012				1,711
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2, collateralized by U.S. Treasury Note 0.75%, 2013, value of $2)
	2	0.17%, 04/30/2012				2
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,809, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $2,865)
	2,809	0.21%, 04/30/2012				2,809
						15,724
		Total short-term investments
		(cost $15,724)			$	15,724
		Total investments
		(cost $82,357) ▲	98.7	%	$	83,640
		Other assets and liabilities	1.3	%		1,103
		Total net assets	100.0	%	$	84,743

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

The accompanying notes are an integral part of these financial statements.

10

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $82,395 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,059
Unrealized Depreciation		(814	)
Net Unrealized Appreciation	$	1,245

●	Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $6,523, which represents 7.7% of total net assets.
§	These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $19,704, which represents 23.3% of total net assets.
♠	Perpetual maturity security.  Maturity date shown is the first call date.
◄	The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $128 at April 30, 2012.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.
╦	This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
ARS	BOA	Sell	$	1,546	$	1,514	06/04/2012	$	(32	)
AUD	CSFB	Buy		819		820	06/20/2012		(1	)
AUD	NAB	Sell		57		57	06/20/2012		–
AUD	WEST	Sell		762		762	06/20/2012		–
BRL	BOA	Buy		1,158		1,247	05/08/2012		(89	)
BRL	HSBC	Sell		517		536	06/04/2012		19
BRL	JPM	Buy		406		430	06/04/2012		(24	)
BRL	MSC	Buy		79		82	05/08/2012		(3	)
BRL	MSC	Buy		4,887		5,391	06/04/2012		(504	)
BRL	MSC	Sell		1,613		1,779	06/04/2012		166
BRL	RBC	Buy		42		42	06/04/2012		–
BRL	UBS	Buy		49		51	06/04/2012		(2	)
CAD	JPM	Sell		40		39	06/20/2012		(1	)
CAD	RBC	Sell		779		777	06/20/2012		(2	)
CLP	BOA	Buy		586		579	06/20/2012		7
CLP	CBK	Sell		42		42	06/20/2012		–
CLP	CBK	Sell		320		318	06/20/2012		(2	)
CLP	CSFB	Buy		109		109	06/20/2012		–
CLP	CSFB	Sell		115		115	06/20/2012		–
CLP	CSFB	Buy		42		42	06/20/2012		–
CLP	CSFB	Sell		167		166	06/20/2012		(1	)
CLP	UBS	Buy		517		514	06/20/2012		3
CLP	UBS	Sell		341		339	06/20/2012		(2	)
CNY	DEUT	Buy		946		948	05/14/2012		(2	)

The accompanying notes are an integral part of these financial statements.

11

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Foreign Currency Contracts Outstanding at April 30, 2012 - (continued)

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
CNY	DEUT	Sell	$	820	$	824	11/14/2014	$	4
CNY	JPM	Buy		732		716	11/14/2014		16
CNY	JPM	Sell		1,788		1,801	11/14/2014		13
CNY	JPM	Buy		946		950	05/14/2012		(4	)
COP	BOA	Buy		160		159	05/08/2012		1
COP	BOA	Sell		560		549	05/08/2012		(11	)
COP	CBK	Buy		65		64	05/08/2012		1
COP	CBK	Buy		2,494		2,489	06/20/2012		5
COP	CBK	Sell		660		659	06/20/2012		(1	)
COP	CSFB	Sell		368		366	06/20/2012		(2	)
COP	MSC	Buy		99		98	05/08/2012		1
COP	UBS	Sell		551		551	06/20/2012		–
CZK	BOA	Sell		24		24	06/20/2012		–
CZK	DEUT	Sell		793		798	06/20/2012		5
EUR	BOA	Buy		531		533	06/20/2012		(2	)
EUR	BOA	Sell		2,308		2,271	06/20/2012		(37	)
EUR	CBK	Sell		582		584	05/07/2012		2
EUR	CBK	Sell		388		391	02/07/2013		3
EUR	CBK	Sell		106		105	05/07/2012		(1	)
EUR	CBK	Sell		289		286	02/07/2013		(3	)
EUR	CSFB	Buy		113		113	05/03/2012		–
EUR	CSFB	Buy		140		141	06/20/2012		(1	)
EUR	CSFB	Sell		841		841	06/20/2012		–
EUR	CSFB	Sell		112		112	06/20/2012		–
EUR	JPM	Buy		937		940	06/20/2012		(3	)
EUR	JPM	Sell		23		23	06/20/2012		–
EUR	JPM	Sell		596		601	06/20/2012		5
EUR	MSC	Sell		83		82	06/20/2012		(1	)
EUR	UBS	Buy		17		17	05/02/2012		–
EUR	UBS	Sell		134		134	06/20/2012		–
EUR	WEST	Sell		289		286	06/20/2012		(3	)
HRK	CSFB	Sell		155		150	05/10/2012		(5	)
HRK	JPM	Sell		688		672	05/10/2012		(16	)
HRK	JPM	Sell		807		802	06/29/2012		(5	)
HUF	BOA	Buy		84		80	06/20/2012		4
HUF	BOA	Sell		748		720	06/20/2012		(28	)
HUF	CSFB	Buy		80		76	06/20/2012		4
HUF	CSFB	Sell		300		300	06/20/2012		–
HUF	CSFB	Sell		146		139	06/20/2012		(7	)
HUF	JPM	Buy		51		48	06/20/2012		3
HUF	UBS	Buy		2,292		2,210	06/20/2012		82
HUF	UBS	Sell		3,657		3,523	06/20/2012		(134	)
IDR	CBK	Buy		1,375		1,378	05/21/2012		(3	)
IDR	JPM	Buy		3,438		3,447	05/21/2012		(9	)
IDR	MSC	Buy		2,063		2,069	05/21/2012		(6	)
IDR	SCB	Buy		227		227	05/21/2012		–
IDR	UBS	Buy		438		448	05/08/2012		(10	)
ILS	CBK	Sell		1,185		1,177	06/20/2012		(8	)
ILS	GSC	Buy		7		7	05/02/2012		–
INR	JPM	Buy		1,569		1,591	07/25/2012		(22	)
INR	SCB	Buy		74		74	07/25/2012		–
ISK	CBK	Buy		673		715	02/07/2013		(42	)
KRW	JPM	Buy		815		814	06/20/2012		1
KRW	JPM	Buy		55		55	06/20/2012		–
KRW	JPM	Sell		564		564	06/20/2012		–
MXN	BCLY	Buy		154		158	06/20/2012		(4	)
MXN	BCLY	Buy		203		201	06/20/2012		2
MXN	BOA	Buy		95		96	06/20/2012		(1	)

The accompanying notes are an integral part of these financial statements.

12

Foreign Currency Contracts Outstanding at April 30, 2012 - (continued)

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
MXN	CSFB	Sell	$	6	$	6	06/20/2012	$	–
MXN	GSC	Buy		47		48	06/20/2012		(1	)
MXN	HSBC	Buy		6,550		6,684	06/20/2012		(134	)
MXN	HSBC	Sell		990		1,010	06/20/2012		20
MXN	MSC	Buy		124		122	06/20/2012		2
MXN	RBC	Buy		84		84	06/20/2012		–
MYR	BCLY	Buy		148		146	06/20/2012		2
MYR	CSFB	Buy		86		86	06/20/2012		–
MYR	JPM	Buy		4,664		4,613	06/20/2012		51
MYR	JPM	Sell		1,660		1,642	06/20/2012		(18	)
MYR	WEST	Buy		296		292	06/20/2012		4
NOK	JPM	Buy		841		841	06/20/2012		–
NZD	CSFB	Sell		718		731	05/29/2012		13
NZD	HSBC	Sell		78		77	05/29/2012		(1	)
NZD	JPM	Sell		41		41	05/29/2012		–
PEN	BOA	Buy		1,187		1,177	06/20/2012		10
PEN	CSFB	Buy		1,896		1,872	06/20/2012		24
PEN	CSFB	Sell		2,475		2,443	06/20/2012		(32	)
PEN	MSC	Buy		83		82	06/20/2012		1
PHP	CSFB	Sell		25		25	06/20/2012		–
PHP	CSFB	Sell		396		389	06/20/2012		(7	)
PLN	BOA	Buy		170		168	06/20/2012		2
PLN	BOA	Sell		63		63	06/20/2012		–
PLN	BOA	Buy		158		159	06/20/2012		(1	)
PLN	CSFB	Buy		314		318	06/20/2012		(4	)
PLN	CSFB	Sell		1		1	06/20/2012		–
PLN	GSC	Buy		4,419		4,434	06/20/2012		(15	)
PLN	GSC	Sell		1,900		1,906	06/20/2012		6
PLN	JPM	Buy		82		81	06/20/2012		1
PLN	JPM	Buy		255		255	06/20/2012		–
PLN	JPM	Sell		85		84	06/20/2012		(1	)
PLN	UBS	Buy		80		79	06/20/2012		1
PLN	WEST	Buy		100		100	06/20/2012		–
RON	JPM	Sell		779		779	07/19/2012		–
RUB	JPM	Buy		4,125		4,081	06/20/2012		44
RUB	JPM	Buy		184		184	06/20/2012		–
RUB	JPM	Sell		361		357	06/20/2012		(4	)
SGD	JPM	Sell		16		16	06/20/2012		–
SGD	SCB	Buy		28		28	06/20/2012		–
THB	BCLY	Buy		330		329	06/20/2012		1
THB	BCLY	Buy		2,617		2,552	07/23/2012		65
THB	BCLY	Sell		343		341	05/08/2012		(2	)
THB	BCLY	Sell		960		956	06/20/2012		(4	)
THB	BCLY	Buy		175		175	07/23/2012		–
THB	HSBC	Buy		350		350	07/23/2012		–
THB	JPM	Buy		1,664		1,667	06/20/2012		(3	)
THB	JPM	Buy		344		341	05/08/2012		3
THB	SCB	Buy		41		41	06/20/2012		–
THB	UBS	Buy		220		216	07/23/2012		4
TND	CBK	Buy		841		858	05/07/2012		(17	)
TRY	BOA	Buy		245		236	06/20/2012		9
TRY	DEUT	Buy		5,069		4,893	06/20/2012		176
TRY	DEUT	Sell		927		894	06/20/2012		(33	)
TRY	JPM	Buy		82		80	06/20/2012		2
ZAR	BOA	Buy		80		79	06/20/2012		1
ZAR	BOA	Buy		154		156	06/20/2012		(2	)
ZAR	JPM	Buy		298		290	06/20/2012		8
ZAR	UBS	Sell		372		378	06/20/2012		6

The accompanying notes are an integral part of these financial statements.

13

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Foreign Currency Contracts Outstanding at April 30, 2012 - (continued)

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
ZAR	UBS	Buy	$	4,134	$	4,209	06/20/2012	$	(75	)
ZAR	WEST	Buy		137		137	06/20/2012		–
								$	(585	)

Credit Default Swap Contracts Outstanding at April 30, 2012
Reference Entity	Counterparty	Notional Amount (a)		Buy/Sell Protection	(Pay)/Receive Fixed Rate / Implied Credit Spread (b)	Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
CDX.EM.16	BOA	$	1,190	Sell	5.00%	12/20/16	$	114		$	131		$	17
Croatia (Republic of)	BCLY		135	Buy	(1.00)% / 1.35%	03/20/17		22			20			(2	)
Croatia (Republic of)	DEUT		135	Buy	(1.00)% / 4.35%	03/20/17		22			20			(2	)
Croatia (Republic of)	DEUT		50	Buy	(1.00)% / 4.40%	06/20/17		8			8			–
Croatia (Republic of)	GSC		325	Buy	(1.00)% / 4.35%	03/20/17		52			46			(6	)
Hungary (Republic of)	DEUT		210	Sell	1.00% / 5.12%	12/20/16		(44	)		(35	)		9
Hungary (Republic of)	DEUT		210	Sell	1.00% / 5.17%	06/20/17		(40	)		(38	)		2
Hungary (Republic of)	GSC		655	Sell	1.00% / 5.12%	12/20/16		(136	)		(107	)		29
Hungary (Republic of)	GSC		280	Sell	1.00% / 5.15%	03/20/17		(60	)		(48	)		12
Ireland (Republic of)	BCLY		270	Sell	1.00% / 5.72%	03/20/17		(50	)		(49	)		1
Ireland (Republic of)	DEUT		135	Sell	1.00% / 5.72%	03/20/17		(25	)		(25	)		–
Ireland (Republic of)	GSC		190	Sell	1.00% / 5.72%	03/20/17		(36	)		(35	)		1
							$	(173	)	$	(112	)	$	61

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on April 30, 2012. For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

Cross Currency Swap Contracts Outstanding at April 30, 2012

Counterparty

Payments made by Fund

Payments received by Fund

Notional Amount of Currency Received

Notional Amount of Currency Paid

Expiration Date (a)

Upfront Premiums Paid/ (Received)

Market Value ╪

Unrealized Appreciation/ (Depreciation)

DEUT

6.70% Fixed TRY

3M LIBOR USD

$

217

$

–

01/17/22

$

–

$

–

$

–

DEUT

6.80% Fixed TRY

3M LIBOR USD

436

–

01/17/22

–

–

–

DEUT

6.85% Fixed TRY

3M LIBOR USD

219

–

01/17/22

–

(1

)

(1

)

$

–

$

(1

)

$

(1

)

(a)      At the expiration date, the notional amount of the currency received will be exchanged back for the notional amount of the currency paid.

The accompanying notes are an integral part of these financial statements.

14

Interest Rate Swap Contracts Outstanding at April 30, 2012

Counterparty

Payments made by Fund

Payments received by Fund

Notional Amount

Expiration Date

Upfront Premiums Paid/ (Received)

Market Value ╪

Unrealized Appreciation/ (Depreciation)

BCLY

3.57% Fixed

KRW CD KSDA

$

147

08/12/21

$

–

$

–

$

–

BCLY

3.64% Fixed

KRW CD KSDA

827

12/29/21

–

(2

)

(2

)

BCLY

3.69% Fixed

KRW CD KSDA

88

08/12/31

–

–

–

BCLY

4.13% Fixed

KRW CD KSDA

335

06/01/21

–

(14

)

(14

)

BCLY

4.80% Fixed

WIBOR PLN 6M

57

11/10/26

–

–

–

BCLY

4.81% Fixed

WIBOR PLN 6M

114

11/08/26

–

(1

)

(1

)

BCLY

4.81% Fixed

WIBOR PLN 6M

57

11/10/26

–

–

–

BCLY

4.83% Fixed

WIBOR PLN 6M

143

11/14/26

–

(1

)

(1

)

BCLY

6.03% Fixed

Float JIBAR 3M

598

08/05/13

–

(2

)

(2

)

BCLY*

Float 3M TELBOR

4.11% Fixed

588

02/02/22

–

(13

)

(13

)

BCLY

SORF6M

2.28% Fixed

93

12/29/21

–

3

3

BOA

SORF6M

2.17% Fixed

444

04/04/22

–

5

5

CBK

1.69% Fixed

CZK PRIBOR Reference Banks 6M

331

03/05/17

–

2

2

CBK

5.11% Fixed

MXIBTIIE

668

02/05/15

–

(1

)

(1

)

CBK

BZDIOVRA

10.33% Fixed

867

01/02/14

–

24

24

CBK

BZDIOVRA

10.81% Fixed

765

01/04/21

–

25

25

CBK

BZDIOVRA

12.29% Fixed

58

01/02/14

–

4

4

CSI

BZDIOVRA

12.09% Fixed

76

01/02/17

–

9

9

DEUT

2.12% Fixed

CZK PRIBOR Reference Banks 6M

164

10/06/21

–

–

–

DEUT

3.40% Fixed

KRW CD KSDA

479

09/16/21

–

8

8

DEUT

3.55% Fixed

KRW CD KSDA

448

02/06/22

–

2

2

DEUT

3.71% Fixed

KRW CD KSDA

295

08/11/21

–

(2

)

(2

)

DEUT

3.71% Fixed

KRW CD KSDA

243

11/03/31

–

–

–

DEUT

3.79% Fixed

KRW CD KSDA

708

04/03/22

–

(9

)

(9

)

DEUT

3.97% Fixed

KRW CD KSDA

96

06/21/21

–

(3

)

(3

)

DEUT

4.00% Fixed

KRW CD KSDA

110

06/20/21

–

(3

)

(3

)

DEUT

5.25% Fixed

MXIBTIIE

1,058

11/26/15

–

(2

)

(2

)

DEUT

5.44% Fixed

MXIBTIIE

367

10/21/16

–

(1

)

(1

)

DEUT

5.80% Fixed

Float JIBAR 3M

2,364

12/08/13

–

1

1

DEUT

6.11% Fixed

Float JIBAR 3M

796

02/03/15

–

2

2

DEUT

8.90% Fixed

BZDIOVRA

4,518

01/02/13

–

(17

)

(17

)

DEUT

9.21% Fixed

BZDIOVRA

1,481

01/02/13

–

(8

)

(8

)

DEUT

BZDIOVRA

10.00% Fixed

4,525

01/02/15

–

88

88

DEUT

BZDIOVRA

10.07% Fixed

1,582

01/02/15

–

34

34

DEUT

BZDIOVRA

10.49% Fixed

345

01/02/17

–

10

10

DEUT

BZDIOVRA

10.50% Fixed

175

01/02/17

–

5

5

DEUT

BZDIOVRA

10.51% Fixed

444

01/02/17

–

14

14

DEUT

BZDIOVRA

10.53% Fixed

363

01/02/17

–

12

12

DEUT

BZDIOVRA

10.55% Fixed

363

01/02/17

–

12

12

DEUT

BZDIOVRA

10.58% Fixed

173

01/04/21

–

2

2

DEUT

BZDIOVRA

10.61% Fixed

182

01/02/17

–

7

7

DEUT

BZDIOVRA

10.61% Fixed

96

01/04/21

–

1

1

DEUT

BZDIOVRA

10.64% Fixed

134

01/04/21

–

2

2

DEUT

BZDIOVRA

10.66% Fixed

91

01/04/21

–

2

2

DEUT

BZDIOVRA

12.31% Fixed

437

01/02/14

–

32

32

DEUT*

Float 3M TELBOR

4.13% Fixed

588

02/02/22

–

(12

)

(12

)

DEUT

KRW CD KSDA

3.50% Fixed

55

08/10/16

–

–

–

DEUT

KRW CD KSDA

3.55% Fixed

4,334

04/02/15

–

10

10

DEUT

Malaysia IB Offer Rate 3M

3.13% Fixed

1,477

12/08/14

–

(5

)

(5

)

DEUT

MXIBTIIE

7.42% Fixed

83

10/03/31

–

–

–

DEUT

SORF6M

1.84% Fixed

578

02/06/22

–

(9

)

(9

)

DEUT

SORF6M

2.21% Fixed

465

12/12/21

–

10

10

DEUT

Thailand 6M

3.23% Fixed

459

11/07/16

–

(7

)

(7

)

The accompanying notes are an integral part of these financial statements.

15

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Interest Rate Swap Contracts Outstanding at April 30, 2012 - (continued)

Counterparty	Payments made by Fund	Payments received by Fund	Notional Amount		Expiration Date		Upfront Premiums Paid/ (Received)		Market Value ╪			Unrealized Appreciation/ (Depreciation)
DEUT	Thailand 6M	3.31% Fixed	$	103		09/09/16	$	–	$	(1	)	$	(1	)
GSC	1.64% Fixed	CZK PRIBOR Reference Banks 6M		2,440		02/10/17		–		17			17
GSC	1.80% Fixed	CZK PRIBOR Reference Banks 6M		590		04/06/17		–		(1	)		(1	)
GSC	5.19% Fixed	Float JIBAR 3M		670		10/07/14		–		3			3
GSC	5.49% Fixed	MXIBTIIE		1,101		10/25/16		–		(4	)		(4	)
GSC	6.12% Fixed	Float JIBAR 3M		797		02/03/15		–		1			1
GSC	9.48% Fixed	BZDIOVRA		1,470		01/02/13		–		(11	)		(11	)
GSC	BZDIOVRA	10.22% Fixed		818		01/02/15		–		21			21
GSC	BZDIOVRA	12.28% Fixed		30		01/02/15		–		3			3
GSC	BZDIOVRA	12.31% Fixed		65		01/02/14		–		5			5
GSC	MXIBTIIE	7.45% Fixed		251		10/07/31		–		–			–
GSC	WIBOR PLN 6M	5.00% Fixed		2,063		04/19/14		–		2			2
JPM	1.69% Fixed	CZK PRIBOR Reference Banks 6M		520		01/02/17		–		2			2
JPM	1.69% Fixed	CZK PRIBOR Reference Banks 6M		791		03/05/17		–		4			4
JPM	1.72% Fixed	CZK PRIBOR Reference Banks 6M		1,542		11/04/16		–		1			1
JPM	4.13% Fixed	KRW CD KSDA		328		06/21/31		–		(19	)		(19	)
JPM	7.78% Fixed	MXIBTIIE		983		04/09/15		–		6			6
JPM	BZDIOVRA	10.34% Fixed		1,455		01/02/14		–		38			38
JPM*	Float 3M TELBOR	2.78% Fixed		3,207		04/04/14		–		2			2
JPM*	Float 3M TELBOR	4.24% Fixed		219		01/02/22		–		(2	)		(2	)
JPM*	Float 3M TELBOR	4.43% Fixed		734		04/27/22		–		9			9
JPM*	Float 3M TELBOR	4.49% Fixed		434		09/23/21		–		5			5
JPM	MXIBTIIE	8.33% Fixed		720		09/24/21		–		24			24
JPM	Pay 1.68% Fixed	CZK PRIBOR Reference Banks 6M		567		03/05/17		–		3			3
JPM	SORF6M	1.90% Fixed		554		02/10/22		–		(5	)		(5	)
JPM	SORF6M	1.93% Fixed		578		02/02/22		–		(4	)		(4	)
JPM	WIBOR PLN 6M	4.79% Fixed		534		01/02/17		–		(3	)		(3	)
JPM	WIBOR PLN 6M	4.84% Fixed		487		11/04/16		–		(2	)		(2	)
MSC	2.20% Fixed	CZK PRIBOR Reference Banks 6M		376		01/02/22		–		(1	)		(1	)
MSC	2.23% Fixed	CZK PRIBOR Reference Banks 6M		589		09/16/21		–		(5	)		(5	)
MSC	2.34% Fixed	CZK PRIBOR Reference Banks 6M		336		09/16/21		–		(6	)		(6	)
MSC	6.20% Fixed	Float JIBAR 3M		229		12/29/14		–		–			–
MSC*	Float 3M TELBOR	2.72% Fixed		1,402		01/23/15		–		(8	)		(8	)
MSC*	Float 3M TELBOR	3.24% Fixed		1,133		02/20/17		–		(8	)		(8	)
MSC*	Float 3M TELBOR	3.46% Fixed		284		03/05/17		–		1			1
MSC*	Float 3M TELBOR	4.33% Fixed		179		02/10/22		–		(1	)		(1	)
							$	–	$	280		$	280

* The aggregate net value of investments valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors at April 30, 2012, was $(27), which rounds to zero percent of total net assets.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

16

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays Capital, Inc.
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
CSI	Credit Suisse International
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
NAB	National Australia Bank
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
UBS	UBS AG
WEST	Westpac International
Currency Abbreviations:
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
EUR	EURO
HRK	Croatian Kuna
HUF	Hungarian Forint
IDR	Indonesian New Rupiah
ILS	Israeli New Shekel
INR	Indian Rupee
ISK	Iceland Krona
KRW	South Korean Won
MXN	Mexican New Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Phillipine Peso
PLN	Polish New Zloty
RON	New Romanian Leu
RUB	New Ruble
SGD	Singapore Dollar
THB	Thai Bhat
TND	Tunisia Dinar
TRY	Turkish New Lira
UYU	Uruguayan Peso
ZAR	South African Rand
Index Abbreviations:
CDX.EM	Credit Derivatives Emerging Markets Index
GSCI	Goldman Sachs Commodity Index
S&P	Standard & Poors Index
Other Abbreviations:
BZDIOVRA	Brazil Cetip Interbank Deposit Rate
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
IB	International Bank
JIBAR	Johannesburg Interbank Agreed Rate
KSDA	Korea Securities Dealers Association
LIBOR	London Interbank Offered Rate
MXIBTIIE	Mexico Interbank Equilibrium Interest Rate
PRIBOR	Prague Interbank Offered Rate
TELBOR	Tel Aviv Interbank Offered Rate
WIBOR	Warsaw Interbank Offered Rate
SORF6M	Singapore Swap Offer Rate Fixing 6 Month

The accompanying notes are an integral part of these financial statements.

17

The Hartford Emerging Markets Local Debt Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Corporate Bonds		25,430		–		25,430		–
Foreign Government Obligations		42,486		–		41,095		1,391
Short-Term Investments		15,724		–		15,724		–
Total	$	83,640	$	–	$	82,249	$	1,391
Credit Default Swaps *		71		–		71		–
Cross Currency Swaps *		–		–		–		–
Foreign Currency Contracts *		803		–		803		–
Interest Rate Swaps *		473		–		464		9
Total	$	1,347	$	–	$	1,338	$	9
Liabilities:
Credit Default Swaps *		10		–		10		–
Cross Currency Swaps *		1		–		1		–
Foreign Currency Contracts *		1,388		–		1,388		–
Interest Rate Swaps *		193		–		172		21
Total	$	1,592	$	–	$	1,571	$	21

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of April 30, 2012
Assets:
Foreign Government Obligations	$	1,535		$	(10	)	$	150	†	$	(46	)	$	242	$	(126	)	$	—	$	(354	)	$	1,391
Short-Term Investments		130			—			—			—			—		—			—		(130	)		—
Total	$	1,665		$	(10	)	$	150		$	(46	)	$	242	$	(126	)	$	—	$	(484	)	$	1,391
Swaps‡	$	3		$	—		$	6	§	$	—		$	—	$	—		$	—	$	—		$	9
Total	$	3		$	—		$	6		$	—		$	—	$	—		$	—	$	—		$	9
Liabilities:
Swaps‡	$	(17	)	$	—		$	(4	)§	$	—		$	—	$	—		$	—	$	—		$	(21	)
Total	$	(17	)	$	—		$	(4	)	$	—		$	—	$	—		$	—	$	—		$	(21	)

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $145.

‡ Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/ depreciation on the investment.

§ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $2.

The accompanying notes are an integral part of these financial statements.

18

The Hartford Emerging Markets Local Debt Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $82,357)	$	83,640
Cash		466
Unrealized appreciation on foreign currency contracts		803
Unrealized appreciation on swap contracts		544
Receivables:
Investment securities sold		210
Fund shares sold		615
Dividends and interest		1,170
Swap premiums paid		218
Other assets		123
Total assets		87,789
Liabilities:
Unrealized depreciation on foreign currency contracts		1,388
Unrealized depreciation on swap contracts		204
Bank overdraft — foreign cash		441
Payables:
Investment securities purchased		590
Fund shares redeemed		2
Investment management fees		14
Administrative fees		—
Distribution fees		1
Accrued expenses		12
Swap premiums received		391
Other liabilities		3
Total liabilities		3,046
Net assets	$	84,743
Summary of Net Assets:
Capital stock and paid-in-capital	$	84,381
Undistributed net investment income		401
Accumulated net realized loss		(1,083	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		1,044
Net assets	$	84,743
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.62/$10.07
Shares outstanding		1,607
Net assets	$	15,465
Class C: Net asset value per share	$	9.61
Shares outstanding		383
Net assets	$	3,684
Class I: Net asset value per share	$	9.61
Shares outstanding		2,157
Net assets	$	20,737
Class R3: Net asset value per share	$	9.61
Shares outstanding		207
Net assets	$	1,994
Class R4: Net asset value per share	$	9.61
Shares outstanding		206
Net assets	$	1,977
Class R5: Net asset value per share	$	9.62
Shares outstanding		206
Net assets	$	1,983
Class Y: Net asset value per share	$	9.59
Shares outstanding		4,057
Net assets	$	38,903

The accompanying notes are an integral part of these financial statements.

19

The Hartford Emerging Markets Local Debt Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Interest	$	1,673
Less: Foreign tax withheld		(5	)
Total investment income		1,668
Expenses:
Investment management fees		333
Administrative services fees		4
Transfer agent fees		8
Distribution fees
Class A		20
Class C		19
Class R3		5
Class R4		2
Custodian fees		32
Accounting services fees		6
Registration and filing fees		67
Board of Directors' fees		1
Audit fees		5
Other expenses		6
Total expenses (before waivers)		508
Expense waivers		(151	)
Total waivers		(151	)
Total expenses, net		357
Net Investment Income		1,311
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		48
Net realized loss on swap contracts		(61	)
Net realized gain on foreign currency contracts		903
Net realized loss on other foreign currency transactions		(563	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		327
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		2,599
Net unrealized appreciation of swap contracts		366
Net unrealized depreciation of foreign currency contracts		(180	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		19
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		2,804
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		3,131
Net Increase in Net Assets Resulting from Operations	$	4,442

The accompanying notes are an integral part of these financial statements.

20

The Hartford Emerging Markets Local Debt Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Period May 31, 2011*  through  October 31, 2011
Operations:
Net investment income	$	1,311		$	563
Net realized gain (loss) on investments, other financial instruments and foreign currency transactions		327			(1,493	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		2,804			(1,760	)
Net Increase (Decrease) In Net Assets Resulting From Operations		4,442			(2,690	)
Distributions to Shareholders:
From net investment income
Class A		(242	)		(129	)
Class C		(42	)		(25	)
Class I		(219	)		(56	)
Class R3		(25	)		(19	)
Class R4		(28	)		(21	)
Class R5		(30	)		(24	)
Class Y		(429	)		(108	)
Total from net investment income		(1,015	)		(382	)
From tax return of capital
Class A		—			(23	)
Class C		—			(5	)
Class I		—			(10	)
Class R3		—			(4	)
Class R4		—			(4	)
Class R5		—			(4	)
Class Y		—			(20	)
Total from tax return of capital		—			(70	)
Total distributions		(1,015	)		(452	)
Capital Share Transactions:
Class A		(3,135	)		19,127
Class C		(622	)		4,471
Class I		11,200			9,368
Class R3		26			2,044
Class R4		27			2,025
Class R5		30			2,028
Class Y		23,786			14,083
Net increase from capital share transactions		31,312			53,146
Net Increase In Net Assets		34,739			50,004
Net Assets:
Beginning of period		50,004			—
End of period	$	84,743		$	50,004
Undistributed (distribution in excess of) net investment income (loss)	$	401		$	105

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

21

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Emerging Markets Local Debt Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a non-diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may

22

cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other

23

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

24

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. As of March 2012, dividends from net investment income are declared and paid monthly. Prior to March 2012, dividends were declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

25

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

d) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, investments or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or

26

disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Cross Currency Swap Agreements – The Fund may enter into cross currency swap agreements to gain or mitigate exposure on currency risk. Cross currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rate terms in the two currencies at the inception of the contract. The terms of cross currency swap agreements may extend for many years. The Fund, as shown on the Schedule of Investments, had outstanding cross currency swaps as of April 30, 2012.

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of April 30, 2012.

Interest Rate Swap Agreements – The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. In a typical interest rate swap, one party agrees to make regular payments equal to a

27

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

floating interest rate, based on a specified interest rate benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) or index (e.g., U.S. Consumer Price Index), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap agreement is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayments rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the agreement’s remaining life, to the extent that the amount is positive. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) or by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. The Fund, as shown on the Schedule of Investments, had outstanding interest rate swaps as of April 30, 2012.

c) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	803	$	—	$	—	$	—	$	—	$	803
Unrealized appreciation on swap contracts		473		—		71		—		—		—		544
Total	$	473	$	803	$	71	$	—	$	—	$	—	$	1,347
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	1,388	$	—	$	—	$	—	$	—	$	1,388
Unrealized depreciation on swap contracts		193		1		10		—		—		—		204
Total	$	193	$	1,389	$	10	$	—	$	—	$	—	$	1,592

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

28

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on swap contracts	$	(68	)	$	(4	)	$	11	$	—	$	—	$	—	$	(61	)
Net realized gain on foreign currency contracts		—			903			—		—		—		—		903
Total	$	(68	)	$	899		$	11	$	—	$	—	$	—	$	842
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of swap contracts	$	308		$	(1	)	$	59	$	—	$	—	$	—	$	366
Net change in unrealized depreciation of foreign currency contracts		—			(180	)		—		—		—		—		(180	)
Total	$	308		$	(181	)	$	59	$	—	$	—	$	—	$	186

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages

29

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011 *
Ordinary Income	$	382
Tax Return of Capital		70

* The Fund commenced operations on May 31, 2011

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses	$	(1,921	)
Unrealized Depreciation *		(1,144	)
Total Accumulated Deficit	$	(3,065	)

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the period

30

May 31, 2011, (commencement of operations) through October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(76	)
Accumulated Net Realized Gain (Loss)		83
Capital Stock and Paid-in-Capital		(7	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

	Amount
Short Term Capital Loss Carryforward	$	1,172
Long Term Capital Loss Carryforward		749
Total	$	1,921

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the six-month period ended April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		1.0000	%
On next $250 million		0.9500	%
On next $4.5 billion		0.9000	%
On next $5 billion		0.8975	%
Over $10 billion		0.8950	%

31

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

HIFSCO contractually agreed to waive investment management fees of 0.10% of average daily net assets until February 28, 2014.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.25	%		2.00	%		1.00	%		1.55	%		1.25	%		0.95	%		0.90	%

d) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $19 and contingent deferred sales charges of $1 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $1.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For

32

providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		617		38	%
Class C		204		53
Class I		206		10
Class R3		205		99
Class R4		206		100
Class R5		206		100
Class Y		928		23

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	43,907
Sales Proceeds Excluding U.S. Government Obligations		19,577

33

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the period May 31, 2011, (commencement of operations) through October 31, 2011

	For the Six-Month Period Ended April 30, 2012												For the Period Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		371		26		(726	)		—		(329	)		2,311		15		(390	)		—		1,936
Amount	$	3,494	$	238	$	(6,867	)	$	—	$	(3,135	)	$	22,652	$	145	$	(3,670	)	$	—	$	19,127
Class C
Shares		23		5		(97	)		—		(69	)		465		3		(16	)		—		452
Amount	$	216	$	42	$	(880	)	$	—	$	(622	)	$	4,593	$	30	$	(152	)	$	—	$	4,471
Class I
Shares		1,275		24		(106	)		—		1,193			1,306		7		(349	)		—		964
Amount	$	11,967	$	219	$	(986	)	$	—	$	11,200		$	12,375	$	66	$	(3,073	)	$	—	$	9,368
Class R3
Shares		—		3		—			—		3			202		2		—			—		204
Amount	$	1	$	25	$	—		$	—	$	26		$	2,021	$	23	$	—		$	—	$	2,044
Class R4
Shares		—		3		—			—		3			200		3		—			—		203
Amount	$	—	$	27	$	—		$	—	$	27		$	2,000	$	25	$	—		$	—	$	2,025
Class R5
Shares		—		3		—			—		3			200		3		—			—		203
Amount	$	—	$	30	$	—		$	—	$	30		$	2,000	$	28	$	—		$	—	$	2,028
Class Y
Shares		2,933		47		(378	)		—		2,602			1,442		13		—			—		1,455
Amount	$	26,665	$	429	$	(3,308	)	$	—	$	23,786		$	13,955	$	128	$	—		$	—	$	14,083
Total
Shares		4,602		111		(1,307	)		—		3,406			6,126		46		(755	)		—		5,417
Amount	$	42,343	$	1,010	$	(12,041	)	$	—	$	31,312		$	59,596	$	445	$	(6,895	)	$	—	$	53,146

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

34

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

35

The Hartford Emerging Markets Local Debt Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital			Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (D)
A	$	9.24	$	0.17	$	–	$	0.35		$	0.52		$	(0.14	)	$	–	$	–		$	(0.14	)	$	0.38		$	9.62
C		9.24		0.14		–		0.33			0.47			(0.10	)		–		–			(0.10	)		0.37			9.61
I		9.23		0.19		–		0.34			0.53			(0.15	)		–		–			(0.15	)		0.38			9.61
R3		9.24		0.16		–		0.33			0.49			(0.12	)		–		–			(0.12	)		0.37			9.61
R4		9.24		0.17		–		0.33			0.50			(0.13	)		–		–			(0.13	)		0.37			9.61
R5		9.24		0.19		–		0.34			0.53			(0.15	)		–		–			(0.15	)		0.38			9.62
Y		9.21		0.19		–		0.34			0.53			(0.15	)		–		–			(0.15	)		0.38			9.59
From May 31, 2011 (commencement of operations), through October 31, 2011
A(G)		10.00		0.01		–		(0.77	)		(0.76	)		0.02			–		(0.02	)		–			(0.76	)		9.24
C(G)		10.00		0.11		–		(0.77	)		(0.66	)		(0.08	)		–		(0.02	)		(0.10	)		(0.76	)		9.24
I(G)		10.00		0.14		–		(0.77	)		(0.63	)		(0.12	)		–		(0.02	)		(0.14	)		(0.77	)		9.23
R3(G)		10.00		0.14		–		(0.79	)		(0.65	)		(0.09	)		–		(0.02	)		(0.11	)		(0.76	)		9.24
R4(G)		10.00		0.15		–		(0.78	)		(0.63	)		(0.11	)		–		(0.02	)		(0.13	)		(0.76	)		9.24
R5(G)		10.00		0.16		–		(0.78	)		(0.62	)		(0.12	)		–		(0.02	)		(0.14	)		(0.76	)		9.24
Y(G)		10.00		0.15		–		(0.80	)		(0.65	)		(0.12	)		–		(0.02	)		(0.14	)		(0.79	)		9.21

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(D) Per share amounts have been calculated using average shares outstanding method.

(E) Not annualized.

(F) Annualized.

(G) Commenced operations on May 31, 2011.

36

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	5.68	%(E)	$	15,465		1.66	%(F)		1.20	%(F)		1.20	%(F)		3.81	%(F)		38	%
	5.29	(E)		3,684		2.40	(F)		1.94	(F)		1.94	(F)		3.06	(F)		–
	5.71	(E)		20,737		1.39	(F)		0.93	(F)		0.93	(F)		4.07	(F)		–
	5.50	(E)		1,994		2.05	(F)		1.55	(F)		1.55	(F)		3.46	(F)		–
	5.66	(E)		1,977		1.75	(F)		1.25	(F)		1.25	(F)		3.76	(F)		–
	5.92	(E)		1,983		1.45	(F)		0.95	(F)		0.95	(F)		4.06	(F)		–
	5.62	(E)		38,903		1.36	(F)		0.90	(F)		0.90	(F)		4.10	(F)		–
	(6.37	)(E)		17,895		1.66	(F)		1.20	(F)		1.20	(F)		3.77	(F)		61
	(6.64	)(E)		4,178		2.40	(F)		1.94	(F)		1.94	(F)		3.00	(F)		–
	(6.37	)(E)		8,900		1.52	(F)		1.00	(F)		1.00	(F)		3.86	(F)		–
	(6.50	)(E)		1,888		2.05	(F)		1.55	(F)		1.55	(F)		3.48	(F)		–
	(6.39	)(E)		1,872		1.75	(F)		1.25	(F)		1.25	(F)		3.78	(F)		–
	(6.28	)(E)		1,874		1.45	(F)		0.95	(F)		0.95	(F)		4.08	(F)		–
	(6.56	)(E)		13,397		1.36	(F)		0.90	(F)		0.90	(F)		4.13	(F)		–

37

The Hartford Emerging Markets Local Debt Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

38

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

39

The Hartford Emerging Markets Local Debt Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

40

The Hartford Emerging Markets Local Debt Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized  expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,056.80	$	6.14	$	1,000.00	$	1,018.90	$	6.02		1.20	%		182		366
Class C	$	1,000.00	$	1,052.90	$	9.90	$	1,000.00	$	1,015.22	$	9.72		1.94			182		366
Class I	$	1,000.00	$	1,057.10	$	4.76	$	1,000.00	$	1,020.24	$	4.67		0.93			182		366
Class R3	$	1,000.00	$	1,055.00	$	7.92	$	1,000.00	$	1,017.16	$	7.77		1.55			182		366
Class R4	$	1,000.00	$	1,056.60	$	6.39	$	1,000.00	$	1,018.65	$	6.27		1.25			182		366
Class R5	$	1,000.00	$	1,059.20	$	4.86	$	1,000.00	$	1,020.14	$	4.77		0.95			182		366
Class Y	$	1,000.00	$	1,056.20	$	4.60	$	1,000.00	$	1,020.39	$	4.52		0.90			182		366

41

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-EMLD12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Emerging Markets Research Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Emerging Markets Research Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30,2012 (Unaudited)	9
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	10
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	11
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and for the Period May 31, 2011, (commencement of operations) through October 31, 2011	12
Notes to Financial Statements (Unaudited)	13
Financial Highlights (Unaudited)	26
Directors and Officers (Unaudited)	28
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	30
Quarterly Portfolio Holdings Information (Unaudited)	30
Expense Example (Unaudited)	31

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Emerging Markets Research Fund inception 05/31/2011

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation. 

Performance Overview 5/31/11 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			Since Inception
Emerging Markets Research  A#		3.32	%		-15.07	%
Emerging Markets Research  A##					-19.74	%
Emerging Markets Research  C#		2.80	%		-15.70	%
Emerging Markets Research  C##					-16.54	%
Emerging Markets Research  I#		3.49	%		-14.83	%
Emerging Markets Research  R3#		3.05	%		-15.40	%
Emerging Markets Research  R4#		3.28	%		-15.10	%
Emerging Markets Research  R5#		3.46	%		-14.85	%
Emerging Markets Research  Y#		3.49	%		-14.83	%
MSCI Emerging Markets Index		4.02	%		-10.01	%

† Not Annualized

# Without sales charge

## With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Class C reflects a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets, consisting of 24 emerging market country indices. This index is unmanaged and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Emerging Markets Research Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Manager

Cheryl M. Duckworth, CFA

Senior Vice President and Associate Director of Global Industry Research

How did the Fund perform?

The Class A shares of the Hartford Emerging Markets Research Fund returned 3.32%, before sales charges, for the six-month period ended April 30, 2012, underperforming its benchmark, the MSCI Emerging Markets Index, which returned 4.02% for the same period. The Fund trailed the average fund in Lipper’s Emerging Markets Equity Funds peer group 4.99%, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period as investors generally shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic data. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, global equities retreated for the first time in five months as growing concerns about Spain’s fiscal sustainability overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, a lackluster U.S. labor report, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors. Within Emerging Markets, equities indexes in all three regions – Europe, the Middle East, and Africa (EMEA), Latin America, and Asia – rose during the period. Within the benchmark, nine of the ten sectors posted positive returns for the period. Information Technology (+16%) and Consumer Staples (+12%) performed the best, while Materials (-6%) was the only sector to post a decline.

The Fund’s underperformance relative to the MSCI Emerging Markets Index was driven by a combination of security selection and sector allocation. Strong stock selection in Financials, Utilities, and Industrials, was more than offset by weaker selection in Energy, Telecommunication Services, and Information Technology. Sector positioning also slightly detracted from returns, due mostly to a slight underweight (i.e. the Fund’s sector position was less than the benchmark position) in Information Technology.

Top detractors from the Fund’s relative performance (i.e. performance of the Fund as measured against the benchmark) were Reliance Industries (Energy), YPF SA (Energy), and Spreadtrum Communications (Information Technology). Reliance Industries is one of the largest global players in refining, commodity chemicals, and polyester. Additionally, the company is the second largest gas producer in India and has a dominant exploration position through some 230,000 square kilometers of exploration acreage. They reported annual results in April and though earnings were in line with expectations, revenue and EBITDA (earnings before income tax, depreciation and amortization) and fell sequentially during the fourth quarter due to a decline in refining margins, as well as modestly lower contributions to earnings from exploration and production. The stock also felt pressure from macro concerns in India. Shares of YPF SA, an Argentina-based integrated oil and gas company, also declined during the period. The company was nationalized by the Argentine government and we subsequently eliminated the position. Shares of Spreadtrum Communications, China's leading supplier of handset baseband chips for the mobile phone market, declined over the quarter amid questions of product competitiveness and pricing. We eliminated our position. Our position in Taiwan-based smartphone manufacturer HTC Corp. (Information Technology) also detracted from the Fund’s absolute performance results during the period.

SABESP (Utilities), Bank of Ayudhya (Financials), and China Overseas Grand Oceans (Financials) were the top contributors to benchmark-relative performance during the period. SABESP is the water utility for the state of Sao Paolo in Brazil. We consider this is a highly stable business that commands a high multiple. Shares outperformed during the period due to anticipated changes in the tariff methodology proposed by Brazilian regulators that should be favorable for the company. Bank of Ayudhya is the fifth largest bank in Thailand and the number one consumer finance lender. We purchased this stock early in the period when Thailand bank stocks were under pressure due to worries about the economic dislocation from flooding in the country. These worries abated later in the period and the stock price rose sharply. China Overseas Grand Oceans is a niche China homebuilder operating in 3rd tier cities, and we believe has the strongest balance sheet amongst its peers. Shares of the company benefitted from positive long-term growth prospects in spite of slowing growth in the Chinese economy. The company is one of a few who may benefit from policy tightening as they have a strong balance sheet and their cost of capital is very low allowing them to expand and take market share in an operating environment that could pose meaningful challenges for smaller competitors. Samsung Electronics (Information

3

The Hartford Emerging Markets Research Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

Technology) also contributed to the Fund’s absolute performance (i.e. total return).

What is the outlook?

The near-term outlook for the global economy is cautious, with Europe an area of heightened political and economic concern. We believe the cyclical slowdown in China will be felt by the rest of the world at a time when Europe is in recession, and the U.S. is expected to moderate. The U.S. economy has shown some strength recently, but its fiscal imbalances leave it vulnerable to setbacks. We expect global consumers will be forced to cope with higher energy prices. The challenging macroeconomic and political backdrop and uncertain outlook should result in an elevated level of market volatility throughout the upcoming year.

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		3.1	%
Banks (Financials)		14.8
Capital Goods (Industrials)		3.9
Consumer Durables & Apparel (Consumer Discretionary)		1.0
Consumer Services (Consumer Discretionary)		0.7
Diversified Financials (Financials)		5.1
Energy (Energy)		15.7
Food & Staples Retailing (Consumer Staples)		0.6
Food, Beverage & Tobacco (Consumer Staples)		4.7
Health Care Equipment & Services (Health Care)		0.4
Household & Personal Products (Consumer Staples)		1.1
Insurance (Financials)		4.2
Materials (Materials)		12.8
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		0.5
Real Estate (Financials)		1.9
Retailing (Consumer Discretionary)		2.2
Semiconductors & Semiconductor Equipment (Information Technology)		8.5
Software & Services (Information Technology)		1.6
Technology Hardware & Equipment (Information Technology)		3.5
Telecommunication Services (Services)		6.6
Transportation (Industrials)		0.6
Utilities (Utilities)		5.0
Short-Term Investments		0.8
Other Assets and Liabilities		0.7
Total		100.0	%

4

The Hartford Emerging Markets Research Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 94.1%
		Argentina - 0.5%
	1	Mercadolibre, Inc.	$	130
		Australia - 2.6%
	111	CGA Mining Ltd. ●		242
	146	Perseus Mining Ltd. ●		392
				634
		Brazil - 11.4%
	21	Banco Santander Brasil S.A.		169
	10	BR Malls Participacoes S.A.		123
	25	Braskem S.A.		176
	6	Cia de Saneamento Basico do Estado de Sao Paulo ADR		507
	1	Cia. Hering		35
	1	Localiza Rent a Car S.A.		24
	2	Lojas Americanas S.A.		22
	84	Petroleo Brasileiro S. A.		932
	12	Souza Cruz S.A.		185
	—	Telefonica Brasil S.A. ☼		11
	27	Vale S.A. SP ADR		595
				2,779
		British Virgin Islands - 0.2%
	3	Arcos Dorados Holdings, Inc.		47
		Chile - 0.7%
	18	S.A.C.I. Falabella		176
		China - 9.6%
	424	China Construction Bank		329
	141	China Pacific Insurance		455
	214	China Railway Group Ltd.		84
	92	China Shenhua Energy Co., Ltd.		406
	170	China Shipping Development		110
	13	Golden Eagle Retail Group Ltd.		34
	307	Greatview Aseptic Packaging ●		167
	468	Industrial and Commercial Bank of China		311
	80	Shandong Weigao Group Medical Polymer Co., Ltd.		92
	35	Stella International		92
	8	Tencent Holdings Ltd.		263
				2,343
		Egypt - 0.3%
	55	Orascom Telecom Media and Technology Holding SAE ●§		62
		Hong Kong - 16.2%
	198	AMVIG Holdings Ltd.		111
	17	ASM Pacific Technology		224
	301	China Metal Recycling Holdings Ltd.		343
	658	China Modern Dairy Holdings Ltd. ●		186
	130	China Overseas Grand Oceans Group Ltd.		173
	138	China Taiping Insurance ●		287
	86	China Unicom Ltd.		150
	353	CNOOC Ltd.		745
	34	Daphne International Holdings Ltd.		48
	98	ENN Energy Holdings Ltd.		342
	8	Galaxy Entertainment Group Ltd. ●		25
	518	Guangdong Investment Ltd.		380
	16	Hengan International Group Co., Ltd.		169
	523	Huabao International Holdings Ltd. ⌂†		170
	46	Intime Department Store		58
	288	Leoch International Technology Ltd.		72
	26	MGM China Holdings Ltd.		48
	118	NagaCorp Ltd.		55
	126	Shun Tak Holdings Ltd.		52
	4	Sino Forest Corp. Class A ⌂●†		—
	60	Vinda International Holdings Ltd.		107
	111	Zhongsheng Group Holdings		219
				3,964
		India - 7.1%
	68	Bharti Televentures		402
	4	Dr. Reddy's Laboratories Ltd. ADR		118
	101	Gujarat NRE Coke Ltd.		39
	52	ITC Ltd. ■		242
	27	Nava Bharat Ventures Ltd.		107
	3	Reliance Industries Ltd.		46
	27	Reliance Industries Ltd. GDR ■		772
				1,726
		Indonesia - 0.6%
	2	P.T. Telekomunikasi Indonesia ADR		58
	16	PT Gudang Garam Tbk		100
				158
		Kenya (Republic of) - 0.2%
	1,471	Safaricom Ltd.		58
		Malaysia - 3.1%
	62	AMMB Holdings Berhad		127
	47	Axiata Group Berhad		83
	13	British American Tobacco		231
	119	UMW Holdings Berhad		307
				748
		Mexico - 3.0%
	23	America Movil SAB de C.V. ADR ‡		624
	42	Wal-Mart de Mexico SAB de CV		119
				743
		Philippines - 1.6%
	83	Metropolitan Bank and Trust		179
	1	Philippine Long Distance Telephone Co. ADR		73
	58	Puregold Price Club, Inc. ●		33
	264	Robinsons Land Corp.		108
				393
		Poland - 1.0%
	5	Bank Pekao S.A.		247
		Russia - 0.9%
	16	Sberbank of Russia ADR ●		211
		Singapore - 0.9%
	312	China Minzhong Food Corp., Ltd. ●		210
		South Africa - 3.4%
	19	Discovery Holdings Ltd.		123
	50	FirstRand Ltd.		161
	39	Global Stock - Model		167
	8	Sasol Ltd.		375
				826
		South Korea - 15.2%
	3	Daewoo Shipbuilding & Marine Engineering Co., Ltd.		84

The accompanying notes are an integral part of these financial statements.

5

The Hartford Emerging Market Research Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 94.1% - (continued)
		South Korea - 15.2% - (continued)
	9	GS Holdings Corp.	$	446
	19	Hana Financial Holdings		662
	1	Hyundai Motor Co., Ltd.		364
	10	KB Financial Group, Inc.		346
	1	Kia Motors Corp.		74
	2	LG Chem Ltd. ■		277
	—	LG Household and Healthcare Ltd.		81
	—	Samsung Electronics Co., Ltd.		250
	1	Samsung Electronics Co., Ltd. GDR §		859
	5	Shinhan Financial Group Co., Ltd.		178
	3	Woongjin Coway Co., Ltd.		93
				3,714
		Taiwan - 8.8%
	63	Advantech Co., Ltd.		212
	31	AirTac International Group		177
	78	Chroma Ate, Inc.		176
	154	Far Eastern New Century Corp.		173
	23	Hiwin Technologies Corp.		216
	106	Hon Hai Precision Industry Co., Ltd.		333
	52	Synnex Technology International Corp.		121
	253	Taiwan Semiconductor Manufacturing Co., Ltd.		748
				2,156
		Thailand - 5.2%
	44	Bangkok Bank plc		278
	455	Bank of Ayudhya plc		416
	34	Central Pattana Public Co., Ltd.		55
	234	PTT Chemical Public Co., Ltd. ●		524
				1,273
		Turkey - 1.2%
	5	Tupras-Turkiye Petrol Rafinerileri A.S.		108
	49	Turkiye Garanti Bankasi A.S.		180
				288
		United States - 0.4%
	7	NII Holdings, Inc. Class B ●		101
		Total common stocks
		(cost $23,591)	$	22,987
PREFERRED STOCKS - 0.5%
		Brazil - 0.5%
	7	Banco Itau Holding	$	116
		Total preferred stocks
		(cost $165)	$	116
EXCHANGE TRADED FUNDS - 3.9%
		United States - 3.9%
	22	Vanguard MSCI Emerging Markets ETF	$	954
		Total exchange traded funds
		(cost $930)	$	954
		Total long-term investments (cost $24,686)	$	24,057
SHORT-TERM INVESTMENTS - 0.8%
		Repurchase Agreements - 0.8%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $48, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $49)
$	48	0.20%, 04/30/2012	$	48
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $64, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $65)
	64	0.20%, 04/30/2012		64
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $25, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $26)
	25	0.21%, 04/30/2012		25
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $21, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $21)
	21	0.19%, 04/30/2012		21
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $-, collateralized by U.S. Treasury Note 0.75%, 2013, value of $-)
	—	0.17%, 04/30/2012		—
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $34, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $35)
	34	0.21%, 04/30/2012		34
				192
		Total short-term investments
		(cost $192)	$	192

Total investments
(cost $24,878) ▲	99.3	%	$	24,249
Other assets and liabilities	0.7	%		163
Total net assets	100.0	%	$	24,412

The accompanying notes are an integral part of these financial statements.

6

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $25,033 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,596
Unrealized Depreciation		(2,380	)
Net Unrealized Depreciation	$	(784	)

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $170, which represents 0.7% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $1,291, which represents 5.3% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $921, which represents 3.8% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
05/2011-12/2011		523	Huabao International Holdings Ltd.		443
05/2011		4	Sino Forest Corp. Class A		78

At April 30, 2012, the aggregate value of these securities was $170, which represents 0.7% of total net assets.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $11 at April 30, 2012.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
HKD	CSFB	Sell	$	55	$	55	05/03/2012	$	–

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Emerging Market Research Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
CSFB	Credit Suisse First Boston Corp.
Currency Abbreviations:
HKD	Hong Kong Dollar
Other Abbreviations:
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
MSCI	Morgan Stanley Capital International

The accompanying notes are an integral part of these financial statements.

8

The Hartford Emerging Markets Research Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Argentina	$	130	$	130	$	–	$	–
Australia		634		242		392		–
Brazil		2,779		2,779		–		–
British Virgin Islands		47		47		–		–
Chile		176		176		–		–
China		2,343		–		2,343		–
Egypt		62		62		–		–
Hong Kong		3,964		–		3,794		170
India		1,726		1,132		594		–
Indonesia		158		58		100		–
Kenya (Republic of)		58		58		–		–
Malaysia		748		–		748		–
Mexico		743		743		–		–
Philippines		393		73		320		–
Poland		247		–		247		–
Russia		211		–		211		–
Singapore		210		–		210		–
South Africa		826		–		826		–
South Korea		3,714		1,333		2,381		–
Taiwan		2,156		–		2,156		–
Thailand		1,273		1,197		76		–
Turkey		288		–		288		–
United States		101		101		–		–
Total		22,987		8,131		14,686		170
Exchange Traded Funds		954		954		–		–
Preferred Stocks		116		116		–		–
Short-Term Investments		192		–		192		–
Total	$	24,249	$	9,201	$	14,878	$	170
Foreign Currency Contracts*		–		–		–		–
Total	$	–	$	–	$	–	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $102 were transferred from Level 1 to Level 2, and investments valued at $264 were transferred from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales		Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of April 30, 2012
Assets:
Common Stocks	$	4	$	—	$	(136	)†	$	—	$	120	$	—	$	182	$	—	$	170
Total	$	4	$	—	$	(136	)	$	—	$	120	$	—	$	182	$	—	$	170

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(136).

The accompanying notes are an integral part of these financial statements.

9

The Hartford Emerging Markets Research Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $24,878)	$	24,249
Foreign currency on deposit with custodian (cost $15)		15
Unrealized appreciation on foreign currency contracts		—
Receivables:
Investment securities sold		288
Fund shares sold		6
Dividends and interest		71
Other assets		101
Total assets		24,730
Liabilities:
Bank overdraft		3
Payables:
Investment securities purchased		301
Investment management fees		5
Administrative fees		—
Distribution fees		1
Accrued expenses		8
Total liabilities		318
Net assets	$	24,412
Summary of Net Assets:
Capital stock and paid-in-capital	$	28,284
Undistributed net investment income		9
Accumulated net realized loss		(3,251	)
Unrealized depreciation of investments and the translation of assets and liabilities denominated in foreign currency		(630	)
Net assets	$	24,412
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$8.49/$8.98
Shares outstanding		903
Net assets	$	7,664
Class C: Net asset value per share	$	8.43
Shares outstanding		240
Net assets	$	2,024
Class I: Net asset value per share	$	8.50
Shares outstanding		228
Net assets	$	1,938
Class R3: Net asset value per share	$	8.46
Shares outstanding		204
Net assets	$	1,724
Class R4: Net asset value per share	$	8.49
Shares outstanding		200
Net assets	$	1,697
Class R5: Net asset value per share	$	8.50
Shares outstanding		200
Net assets	$	1,702
Class Y: Net asset value per share	$	8.50
Shares outstanding		902
Net assets	$	7,663

The accompanying notes are an integral part of these financial statements.

10

The Hartford Emerging Markets Research Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	237
Interest		3
Less: Foreign tax withheld		(17	)
Total investment income		223
Expenses:
Investment management fees		137
Administrative services fees		4
Transfer agent fees		3
Distribution fees
Class A		8
Class C		10
Class R3		4
Class R4		2
Custodian fees		7
Accounting services fees		2
Registration and filing fees		63
Board of Directors' fees		1
Audit fees		5
Other expenses		8
Total expenses (before waivers and fees paid indirectly)		254
Expense waivers		(86	)
Commission recapture		—
Total waivers and fees paid indirectly		(86	)
Total expenses, net		168
Net Investment Income		55
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(1,448	)
Net realized loss on foreign currency contracts		(20	)
Net realized gain on other foreign currency transactions		7
Net Realized Loss on Investments and Foreign Currency Transactions		(1,461	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		2,114
Net unrealized appreciation of foreign currency contracts		—
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		2,114
Net Gain on Investments and Foreign Currency Transactions		653
Net Increase in Net Assets Resulting from Operations	$	708

The accompanying notes are an integral part of these financial statements.

11

The Hartford Emerging Markets Research Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Period May 31, 2011*  through  October 31, 2011
Operations:
Net investment income (loss)	$	55		$	(15	)
Net realized loss on investments and foreign currency transactions		(1,461	)		(1,808	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		2,114			(2,744	)
Net Increase (Decrease) In Net Assets Resulting From Operations		708			(4,567	)
Distributions to Shareholders:
From net investment income
Class A		(2	)		—
Class I		(3	)		—
Class R5		(3	)		—
Class Y		(14	)		—
Total distributions		(22	)		—
Capital Share Transactions:
Class A		1,546			7,095
Class C		61			2,292
Class I		181			2,069
Class R3		32			2,000
Class R4		—			2,000
Class R5		3			2,000
Class Y		14			9,000
Net increase from capital share transactions		1,837			26,456
Net Increase In Net Assets		2,523			21,889
Net Assets:
Beginning of period		21,889			—
End of period	$	24,412		$	21,889
Undistributed (distribution in excess of) net investment income (loss)	$	9		$	(24	)

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

12

The Hartford Emerging Markets Research Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Emerging Markets Research Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the

13

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of

14

these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the

15

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

16

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

Risk Exposure Category

Interest Rate Contracts

Foreign Exchange Contracts

Credit Contracts

Equity Contracts

Commodity Contracts

Other Contracts

Total

Assets:

Unrealized appreciation on foreign currency contracts

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Total

$

—

$

—

$

—

$

—

$

—

$

—

$

—

The volume of derivative activity was minimal during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(20	)	$	—	$	—	$	—	$	—	$	(20	)
Total	$	—	$	(20	)	$	—	$	—	$	—	$	—	$	(20	)

17

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Components of Distributable Earnings – The Fund’s components of distributable earnings (deficit) on a tax basis at October 31, 2011, are as follows:

	Amount
Accumulated Capital Losses	$	(1,659	)
Unrealized Depreciation *		(2,899	)
Total Accumulated Deficit	$	(4,558	)

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

18

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the period ended May 31, 2011, (commencement of operations) through October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(9	)
Accumulated Net Realized Gain (Loss)		18
Capital Stock and Paid-in-Capital		(9	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2010 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

	Amount
Short Term Capital Loss Carryforward	$	1,633
Long Term Capital Loss Carryforward		12
Total	$	1,645

As of October 31, 2011, the Fund elected to defer the following post-December losses:
	Amount
Ordinary Income	$	14

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

19

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		1.2000	%
On next $250 million		1.1500	%
On next $500 million		1.1000	%
On next $4 billion		1.0750	%
On next $5 billion		1.0725	%
Over $10 billion		1.0700	%

HIFSCO has contractually agreed to waive investment management fees of 0.10% of average daily net assets until February 28, 2014.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.65	%		2.40	%		1.40	%		1.85	%		1.55	%		1.25	%		1.20	%

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

20

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six-Month Period Ended April 30, 2012
Class A		1.53	%
Class C		2.24
Class I		1.21
Class R3		1.85
Class R4		1.55
Class R5		1.25
Class Y		1.20

e) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $24 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $1.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

21

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		600		66	%
Class C		200		83
Class I		200		88
Class R3		200		98
Class R4		200		100
Class R5		200		100
Class Y		902		100

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	13,244
Sales Proceeds Excluding U.S. Government Obligations		11,446

22

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and for the period May 31, 2011, (commencement of operations) through October 31, 2011:

	For the Six-Month Period Ended April 30, 2012											For the Period Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		213		—		(31	)		—		182		743		—		(22	)		—		721
Amount	$	1,792	$	2	$	(248	)	$	—	$	1,546	$	7,282	$	—	$	(187	)	$	—	$	7,095
Class C
Shares		18		—		(11	)		—		7		233		—		—			—		233
Amount	$	157	$	—	$	(96	)	$	—	$	61	$	2,292	$	—	$	—		$	—	$	2,292
Class I
Shares		21		—		—			—		21		207		—		—			—		207
Amount	$	182	$	3	$	(4	)	$	—	$	181	$	2,069	$	—	$	—		$	—	$	2,069
Class R3
Shares		4		—		—			—		4		200		—		—			—		200
Amount	$	34	$	—	$	(2	)	$	—	$	32	$	2,000	$	—	$	—		$	—	$	2,000
Class R4
Shares		—		—		—			—		—		200		—		—			—		200
Amount	$	—	$	—	$	—		$	—	$	—	$	2,000	$	—	$	—		$	—	$	2,000
Class R5
Shares		—		—		—			—		—		200		—		—			—		200
Amount	$	—	$	3	$	—		$	—	$	3	$	2,000	$	—	$	—		$	—	$	2,000
Class Y
Shares		—		2		—			—		2		900		—		—			—		900
Amount	$	—	$	14	$	—		$	—	$	14	$	9,000	$	—	$	—		$	—	$	9,000
Total
Shares		256		2		(42	)		—		216		2,683		—		(22	)		—		2,661
Amount	$	2,165	$	22	$	(350	)	$	—	$	1,837	$	26,643	$	—	$	(187	)	$	—	$	26,456

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford

23

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

24

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25

The Hartford Emerging Markets Research Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	8.22	$	0.02		$	–	$	0.25		$	0.27		$	–		$	–	$	–	$	–		$	0.27		$	8.49
C		8.20		(0.01	)		–		0.24			0.23			–			–		–		–			0.23			8.43
I		8.23		0.03			–		0.26			0.29			(0.02	)		–		–		(0.02	)		0.27			8.50
R3		8.21		–			–		0.25			0.25			–			–		–		–			0.25			8.46
R4		8.22		0.02			–		0.25			0.27			–			–		–		–			0.27			8.49
R5		8.23		0.03			–		0.25			0.28			(0.01	)		–		–		(0.01	)		0.27			8.50
Y		8.23		0.03			–		0.26			0.29			(0.02	)		–		–		(0.02	)		0.27			8.50
From May 31, 2011 (commencement of operations), through October 31, 2011
A(G)		10.00		(0.01	)		–		(1.77	)		(1.78	)		–			–		–		–			(1.78	)		8.22
C(G)		10.00		(0.03	)		–		(1.77	)		(1.80	)		–			–		–		–			(1.80	)		8.20
I(G)		10.00		–			–		(1.77	)		(1.77	)		–			–		–		–			(1.77	)		8.23
R3(G)		10.00		(0.02	)		–		(1.77	)		(1.79	)		–			–		–		–			(1.79	)		8.21
R4(G)		10.00		(0.01	)		–		(1.77	)		(1.78	)		–			–		–		–			(1.78	)		8.22
R5(G)		10.00		–			–		(1.77	)		(1.77	)		–			–		–		–			(1.77	)		8.23
Y(G)		10.00		–			–		(1.77	)		(1.77	)		–			–		–		–			(1.77	)		8.23

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Commenced operations on May 31, 2011.

26

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
3.32	%(E)	$	7,664		2.28	%(F)		1.53	%(F)		1.53	%(F)		0.45	%(F)		51	%
2.80	(E)		2,024		2.99	(F)		2.24	(F)		2.24	(F)		(0.32	)(F)		–
3.49	(E)		1,938		1.96	(F)		1.21	(F)		1.21	(F)		0.73	(F)		–
3.05	(E)		1,724		2.65	(F)		1.85	(F)		1.85	(F)		0.09	(F)		–
3.28	(E)		1,697		2.35	(F)		1.55	(F)		1.55	(F)		0.39	(F)		–
3.46	(E)		1,702		2.05	(F)		1.25	(F)		1.25	(F)		0.69	(F)		–
3.49	(E)		7,663		1.95	(F)		1.20	(F)		1.20	(F)		0.74	(F)		–
(17.80	)(E)		5,931		1.97	(F)		1.48	(F)		1.47	(F)		(0.19	)(F)		39
(18.00	)(E)		1,909		2.71	(F)		2.22	(F)		2.20	(F)		(0.93	)(F)		–
(17.70	)(E)		1,708		1.69	(F)		1.20	(F)		1.19	(F)		0.06	(F)		–
(17.90	)(E)		1,642		2.38	(F)		1.85	(F)		1.83	(F)		(0.59	)(F)		–
(17.80	)(E)		1,644		2.08	(F)		1.55	(F)		1.53	(F)		(0.29	)(F)		–
(17.70	)(E)		1,646		1.78	(F)		1.25	(F)		1.23	(F)		0.00	(F)		–
(17.70	)(E)		7,409		1.69	(F)		1.20	(F)		1.19	(F)		0.05	(F)		–

27

The Hartford Emerging Markets Research Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

28

The Hartford Emerging Markets Research Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

29

The Hartford Emerging Markets Research Fund

Directors and Officers (Unaudited) – (continued)

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

30

The Hartford Emerging Markets Research Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,033.20	$	7.73	$	1,000.00	$	1,017.26	$	7.67		1.53	%		182		366
Class C	$	1,000.00	$	1,028.00	$	11.29	$	1,000.00	$	1,013.72	$	11.22		2.24			182		366
Class I	$	1,000.00	$	1,034.90	$	6.12	$	1,000.00	$	1,018.85	$	6.07		1.21			182		366
Class R3	$	1,000.00	$	1,030.50	$	9.34	$	1,000.00	$	1,015.67	$	9.27		1.85			182		366
Class R4	$	1,000.00	$	1,032.80	$	7.83	$	1,000.00	$	1,017.16	$	7.77		1.55			182		366
Class R5	$	1,000.00	$	1,034.60	$	6.32	$	1,000.00	$	1,018.65	$	6.27		1.25			182		366
Class Y	$	1,000.00	$	1,034.90	$	6.07	$	1,000.00	$	1,018.90	$	6.02		1.20			182		366

31

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-EMR12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Equity Growth Allocation Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Equity Growth Allocation Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	20
Directors and Officers (Unaudited)	22
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	24
Quarterly Portfolio Holdings Information (Unaudited)	24
Expense Example (Unaudited)	25

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Equity Growth Allocation Fund inception 05/28/2004

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 5/28/04 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			Since Inception
Equity Growth Allocation A#		9.87	%		-3.93	%		-0.01	%		5.03	%
Equity Growth Allocation A##					-9.21	%		-1.13	%		4.28	%
Equity Growth Allocation B#		9.44	%		-4.74	%		-0.76	%		NA	*
Equity Growth Allocation B##					-9.50	%		-1.12	%		NA	*
Equity Growth Allocation C#		9.45	%		-4.60	%		-0.72	%		4.29	%
Equity Growth Allocation C##					-5.55	%		-0.72	%		4.29	%
Equity Growth Allocation I#		10.05	%		-3.63	%		0.37	%		5.30	%
Equity Growth Allocation R3#		9.75	%		-4.22	%		-0.24	%		4.85	%
Equity Growth Allocation R4#		9.94	%		-3.83	%		0.06	%		5.07	%
Equity Growth Allocation R5#		10.08	%		-3.53	%		0.36	%		5.29	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.95	%

† Not Annualized

# Without sales charge

## With sales charge

* Since 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Equity Growth Allocation Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President

*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.

How did the Fund perform?

The Class A shares of The Hartford Equity Growth Allocation Fund returned 9.87%, before sales charges, for the six-month period ending April 30, 2012. In comparison, its benchmark, the S&P 500 Index, returned 12.76%, while the average return for the Multi-Cap Core Funds category, a group of funds with investment strategies similar to those of the Fund, was 10.62%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

There are two main drivers of the fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of S&P 500 stocks and into a more traditionally diversified portfolio with exposure to small-cap stocks and international stocks. Over the period, the structural allocation impact was negative, as both smaller-cap and international stocks underperformed domestic large-cap stocks.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. From a Smart Strategic perspective, the Fund was benefited from an overweight to domestic large-caps, which outperformed both mid- and small-caps.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. We expect this process to cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in

3

The Hartford Equity Growth Allocation Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc. (the “Company”) approved a Form of Agreement and Plan of Reorganization (the “Reorganization Agreement”) that provides for the reorganization of The Hartford Equity Growth Allocation Fund (“Equity Growth Allocation Fund”), a series of the Company, into The Hartford Growth Allocation Fund (“Growth Allocation Fund”), another series of the Company (the “Reorganization”). The Reorganization does not require shareholder approval.  The Reorganization occurred on May 25, 2012.

Composition by Investments

as of April 30, 2012

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		3.6	%
SPDR Dow Jones International Real Estate		0.6
SPDR Dow Jones REIT		0.7
The Hartford Alternative Strategies Fund, Class Y		11.6
The Hartford Capital Appreciation Fund, Class Y		3.9
The Hartford Capital Appreciation II Fund, Class Y		1.3
The Hartford Disciplined Equity Fund, Class Y		7.0
The Hartford Dividend and Growth Fund, Class Y		1.3
The Hartford Equity Income Fund, Class Y		11.0
The Hartford Fundamental Growth Fund, Class Y		2.0
The Hartford Global Growth Fund, Class Y		1.4
The Hartford Global Research Fund, Class Y		3.6
The Hartford Growth Fund, Class Y		2.9
The Hartford Growth Opportunities Fund, Class Y		1.4
The Hartford International Opportunities Fund, Class Y		1.3
The Hartford International Small Company Fund, Class Y		5.2
The Hartford International Value Fund, Class Y		4.5
The Hartford MidCap Fund, Class Y		0.2
The Hartford MidCap Value Fund, Class Y		1.9
The Hartford Small Company Fund, Class Y		1.3
The Hartford Small/Mid Cap Equity Fund, Class Y		4.9
The Hartford SmallCap Growth Fund, Class Y		8.2
The Hartford Value Fund, Class Y		16.4
The Hartford Value Opportunities Fund, Class Y		2.1
Vanguard MSCI Emerging Markets ETF		1.7
Other Assets and Liabilities	0.0
Total	100.0		%

4

The Hartford Equity Growth Allocation Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 93.4%
EQUITY FUNDS - 93.4%
	2,353	The Hartford Alternative Strategies Fund, Class Y			$	26,594
	251	The Hartford Capital Appreciation Fund, Class Y				8,957
	209	The Hartford Capital Appreciation II Fund, Class Y●				3,050
	1,081	The Hartford Disciplined Equity Fund, Class Y				16,027
	149	The Hartford Dividend and Growth Fund, Class Y				3,098
	1,728	The Hartford Equity Income Fund, Class Y				25,316
	379	The Hartford Fundamental Growth Fund, Class Y				4,599
	189	The Hartford Global Growth Fund, Class Y●				3,156
	885	The Hartford Global Research Fund, Class Y				8,383
	334	The Hartford Growth Fund, Class Y●				6,638
	105	The Hartford Growth Opportunities Fund, Class Y●				3,221
	199	The Hartford International Opportunities Fund, Class Y				2,962
	912	The Hartford International Small Company Fund, Class Y				11,977
	892	The Hartford International Value Fund, Class Y				10,435
	19	The Hartford MidCap Fund, Class Y				435
	338	The Hartford MidCap Value Fund, Class Y				4,376
	138	The Hartford Small Company Fund, Class Y				3,083
	997	The Hartford Small/Mid Cap Equity Fund, Class Y				11,335
	520	The Hartford SmallCap Growth Fund, Class Y●				18,781
	3,071	The Hartford Value Fund, Class Y				37,798
	336	The Hartford Value Opportunities Fund, Class Y				4,800
						215,021
		Total equity funds
		(cost $187,983)			$	215,021
		Total investments in affiliated investment companies
		(cost $187,983)			$	215,021
EXCHANGE TRADED FUNDS - 6.6%
	294	Powershares DB Commodity Index Tracking Fund ●			$	8,345
	35	SPDR Dow Jones International Real Estate				1,323
	22	SPDR Dow Jones REIT				1,575
	92	Vanguard MSCI Emerging Markets ETF				3,929
						15,172
		Total exchange traded funds
		(cost $12,813)			$	15,172
		Total long-term investments
		(cost $200,796)			$	230,193
		Total investments
		(cost $200,796) ▲	100.0	%	$	230,193
		Other assets and liabilities	—	%		(13	)
		Total net assets	100.0	%	$	230,180

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $203,150 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	32,056
Unrealized Depreciation		(5,013	)
Net Unrealized Appreciation	$	27,043

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Equity Growth Allocation Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	215,021	$	215,021	$	–	$	–
Exchange Traded Funds		15,172		15,172		–		–
Total	$	230,193	$	230,193	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Equity Growth Allocation Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $12,813)	$	15,172
Investments in underlying affiliated funds, at market value (cost $187,983)		215,021
Receivables:
Investment securities sold		142
Fund shares sold		217
Other assets		60
Total assets		230,612
Liabilities:
Payables:
Investment securities purchased		97
Fund shares redeemed		257
Investment management fees		6
Administrative fees		—
Distribution fees		19
Accrued expenses		53
Total liabilities		432
Net assets	$	230,180
Summary of Net Assets:
Capital stock and paid-in-capital	$	232,794
Undistributed net investment income		577
Accumulated net realized loss		(32,588	)
Unrealized appreciation of investments		29,397
Net assets	$	230,180

Shares authorized		400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$12.39/$13.11
Shares outstanding		11,045
Net assets	$	136,813
Class B: Net asset value per share	$	12.06
Shares outstanding		2,136
Net assets	$	25,758
Class C: Net asset value per share	$	12.04
Shares outstanding		4,164
Net assets	$	50,129
Class I: Net asset value per share	$	12.43
Shares outstanding		62
Net assets	$	771
Class R3: Net asset value per share	$	12.27
Shares outstanding		412
Net assets	$	5,058
Class R4: Net asset value per share	$	12.34
Shares outstanding		634
Net assets	$	7,825
Class R5: Net asset value per share	$	12.43
Shares outstanding		308
Net assets	$	3,826

The accompanying notes are an integral part of these financial statements.

7

The Hartford Equity Growth Allocation Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	130
Dividends from underlying affiliated funds		1,562
Total investment income		1,692
Expenses:
Investment management fees		168
Administrative services fees		13
Transfer agent fees		225
Distribution fees
Class A		165
Class B		128
Class C		244
Class R3		12
Class R4		10
Custodian fees		—
Accounting services fees		13
Registration and filing fees		47
Board of Directors' fees		3
Audit fees		5
Other expenses		22
Total expenses		1,055
Net Investment Income		637
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		757
Net realized gain on investments in underlying affiliated funds		1,772
Net Realized Gain on Investments		2,529
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		17,289
Net unrealized appreciation of investments		566
Net Changes in Unrealized Appreciation of Investments		17,855
Net Gain on Investments		20,384
Net Increase in Net Assets Resulting from Operations	$	21,021

The accompanying notes are an integral part of these financial statements.

8

The Hartford Equity Growth Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income (loss)	$	637		$	(255	)
Net realized gain on investments		2,529			8,053
Net unrealized appreciation (depreciation) of investments		17,855			(855	)
Net Increase In Net Assets Resulting From Operations		21,021			6,943
Distributions to Shareholders:
From net investment income
Class A		(31	)		—
Class I		(2	)		—
Class R4		(10	)		—
Class R5		(17	)		—
Total distributions		(60	)		—
Capital Share Transactions:
Class A		(6,553	)		(9,103	)
Class B		(2,469	)		(5,180	)
Class C		(2,803	)		(6,634	)
Class I		124			(263	)
Class R3		619			335
Class R4		(243	)		309
Class R5		(407	)		(388	)
Net decrease from capital share transactions		(11,732	)		(20,924	)
Net Increase (Decrease) In Net Assets		9,229			(13,981	)
Net Assets:
Beginning of period		220,951			234,932
End of period	$	230,180		$	220,951
Undistributed (distribution in excess of) net investment income (loss)	$	577		$	—

The accompanying notes are an integral part of these financial statements.

9

The Hartford Equity Growth Allocation Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Equity Growth Allocation Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

10

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

11

The Hartford Equity Growth Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012.

12

Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	—	$	313

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis are as follows:

	Amount
Accumulated Capital Losses *	$	(32,763	)
Unrealized Appreciation †		9,188
Total Accumulated Deficit	$	(23,575	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	255
Accumulated Net Realized Gain (Loss)		55
Capital Stock and Paid-in-Capital		(310	)

13

The Hartford Equity Growth Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	22,185
2018		10,578
Total	$	32,763

During the year ended October 31, 2011, the Fund utilized $9,623 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

14

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5
1.60	%	2.35	%	2.35	%	1.35	%	1.75	%	1.45	%	1.15	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $238 and contingent deferred sales charges of $21 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $17.  These commissions are in turn paid to sales representatives of the broker/dealers.

15

The Hartford Equity Growth Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		1	%
Class R5		10		3

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	19,113
Sales Proceeds Excluding U.S. Government Obligations		29,664

16

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		769		3		(1,333	)		—		(561	)		1,819		—		(2,608	)		—		(789	)
Amount	$	9,021	$	31	$	(15,605	)	$	—	$	(6,553	)	$	21,471	$	—	$	(30,574	)	$	—	$	(9,103	)
Class B
Shares		15		—		(229	)		—		(214	)		44		—		(490	)		—		(446	)
Amount	$	166	$	—	$	(2,635	)	$	—	$	(2,469	)	$	496	$	—	$	(5,676	)	$	—	$	(5,180	)
Class C
Shares		285		—		(526	)		—		(241	)		664		—		(1,242	)		—		(578	)
Amount	$	3,266	$	—	$	(6,069	)	$	—	$	(2,803	)	$	7,697	$	—	$	(14,331	)	$	—	$	(6,634	)
Class I
Shares		14		—		(4	)		—		10			39		—		(61	)		—		(22	)
Amount	$	166	$	2	$	(44	)	$	—	$	124		$	467	$	—	$	(730	)	$	—	$	(263	)
Class R3
Shares		175		—		(111	)		—		64			142		—		(119	)		—		23
Amount	$	1,947	$	—	$	(1,328	)	$	—	$	619		$	1,696	$	—	$	(1,361	)	$	—	$	335
Class R4
Shares		163		1		(184	)		—		(20	)		208		—		(177	)		—		31
Amount	$	1,909	$	10	$	(2,162	)	$	—	$	(243	)	$	2,396	$	—	$	(2,087	)	$	—	$	309
Class R5
Shares		27		2		(61	)		—		(32	)		79		—		(112	)		—		(33	)
Amount	$	313	$	17	$	(737	)	$	—	$	(407	)	$	943	$	—	$	(1,331	)	$	—	$	(388	)
Total
Shares		1,448		6		(2,448	)		—		(994	)		2,995		—		(4,809	)		—		(1,814	)
Amount	$	16,788	$	60	$	(28,580	)	$	—	$	(11,732	)	$	35,166	$	—	$	(56,090	)	$	—	$	(20,924	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		23	$	276
For the Year Ended October 31, 2011		40	$	475

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford

17

The Hartford Equity Growth Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At a meeting held on March 27, 2012, the Board of Directors of the Company approved a Form of Agreement and Plan of Reorganization that provides for the reorganization of the Fund into The Hartford Growth Allocation Fund. The reorganization does not require shareholder approval and is expected to occur on or about May 25, 2012.

18

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19

The Hartford Equity Growth Allocation Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	11.28	$	0.05		$	–	$	1.06		$	1.11		$	–		$	–		$	–	$	–		$	1.11		$	12.39
B		11.02		–			–		1.04			1.04			–			–			–		–			1.04			12.06
C		11.00		0.01			–		1.03			1.04			–			–			–		–			1.04			12.04
I		11.34		0.06			–		1.08			1.14			(0.05	)		–			–		(0.05	)		1.09			12.43
R3		11.18		0.03			–		1.06			1.09			–			–			–		–			1.09			12.27
R4		11.24		0.05			–		1.07			1.12			(0.02	)		–			–		(0.02	)		1.10			12.34
R5		11.34		0.07			–		1.07			1.14			(0.05	)		–			–		(0.05	)		1.09			12.43
For the Year Ended October 31, 2011
A		10.96		0.02			–		0.30			0.32			–			–			–		–			0.32			11.28
B		10.80		(0.08	)		–		0.30			0.22			–			–			–		–			0.22			11.02
C		10.76		(0.07	)		–		0.31			0.24			–			–			–		–			0.24			11.00
I		10.98		0.09			–		0.27			0.36			–			–			–		–			0.36			11.34
R3		10.89		(0.01	)		–		0.30			0.29			–			–			–		–			0.29			11.18
R4		10.92		0.02			–		0.30			0.32			–			–			–		–			0.32			11.24
R5		10.98		0.06			–		0.30			0.36			–			–			–		–			0.36			11.34
For the Year Ended October 31, 2010 (G)
A		9.35		0.02			–		1.61			1.63			(0.02	)		–			–		(0.02	)		1.61			10.96
B		9.27		(0.06	)		–		1.59			1.53			–			–			–		–			1.53			10.80
C		9.23		(0.05	)		–		1.58			1.53			–			–			–		–			1.53			10.76
I		9.36		0.07			–		1.60			1.67			(0.05	)		–			–		(0.05	)		1.62			10.98
R3		9.31		(0.01	)		–		1.60			1.59			(0.01	)		–			–		(0.01	)		1.58			10.89
R4		9.32		0.03			–		1.60			1.63			(0.03	)		–			–		(0.03	)		1.60			10.92
R5		9.36		0.07			–		1.60			1.67			(0.05	)		–			–		(0.05	)		1.62			10.98
For the Year Ended October 31, 2009 (G)
A		8.29		0.08			–		1.14			1.22			(0.08	)		(0.08	)		–		(0.16	)		1.06			9.35
B		8.19		0.03			–		1.13			1.16			–			(0.08	)		–		(0.08	)		1.08			9.27
C		8.19		0.04			–		1.10			1.14			(0.02	)		(0.08	)		–		(0.10	)		1.04			9.23
I		8.31		0.89			–		0.36			1.25			(0.12	)		(0.08	)		–		(0.20	)		1.05			9.36
R3		8.25		0.06			–		1.14			1.20			(0.06	)		(0.08	)		–		(0.14	)		1.06			9.31
R4		8.27		0.07			–		1.15			1.22			(0.09	)		(0.08	)		–		(0.17	)		1.05			9.32
R5		8.31		0.10			–		1.15			1.25			(0.12	)		(0.08	)		–		(0.20	)		1.05			9.36
For the Year Ended October 31, 2008 (G)
A		15.55		0.01			–		(5.82	)		(5.81	)		(0.55	)		(0.90	)		–		(1.45	)		(7.26	)		8.29
B		15.40		(0.09	)		–		(5.76	)		(5.85	)		(0.46	)		(0.90	)		–		(1.36	)		(7.21	)		8.19
C		15.39		(0.08	)		–		(5.76	)		(5.84	)		(0.46	)		(0.90	)		–		(1.36	)		(7.20	)		8.19
I		15.59		(0.03	)		–		(5.75	)		(5.78	)		(0.60	)		(0.90	)		–		(1.50	)		(7.28	)		8.31
R3		15.52		(0.02	)		–		(5.80	)		(5.82	)		(0.55	)		(0.90	)		–		(1.45	)		(7.27	)		8.25
R4		15.56		(0.05	)		–		(5.74	)		(5.79	)		(0.60	)		(0.90	)		–		(1.50	)		(7.29	)		8.27
R5		15.60		(0.03	)		–		(5.76	)		(5.79	)		(0.60	)		(0.90	)		–		(1.50	)		(7.29	)		8.31
For the Year Ended October 31, 2007
A		13.21		0.03			–		2.83			2.86			(0.24	)		(0.28	)		–		(0.52	)		2.34			15.55
B		13.10		(0.07	)		–		2.81			2.74			(0.16	)		(0.28	)		–		(0.44	)		2.30			15.40
C		13.10		(0.07	)		–		2.80			2.73			(0.16	)		(0.28	)		–		(0.44	)		2.29			15.39
I		13.22		0.19			–		2.71			2.90			(0.25	)		(0.28	)		–		(0.53	)		2.37			15.59
R3(H)		13.24		(0.05	)		–		2.33			2.28			–			–			–		–			2.28			15.52
R4(H)		13.24		(0.02	)		–		2.34			2.32			–			–			–		–			2.32			15.56
R5(H)		13.24		(0.01	)		–		2.37			2.36			–			–			–		–			2.36			15.60

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Expense ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Per share amounts have been calculated using average shares outstanding method.

(H) Commenced operations on December 22, 2006.

20

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	9.87	%(E)	$	136,813		0.70	%(F)		0.70	%(F)		0.70	%(F)		0.81	%(F)		8	%
	9.44	(E)		25,758		1.51	(F)		1.51	(F)		1.51	(F)		0.02	(F)		–
	9.45	(E)		50,129		1.42	(F)		1.42	(F)		1.42	(F)		0.10	(F)		–
	10.05	(E)		771		0.34	(F)		0.34	(F)		0.34	(F)		1.06	(F)		–
	9.75	(E)		5,058		0.94	(F)		0.94	(F)		0.94	(F)		0.56	(F)		–
	9.94	(E)		7,825		0.63	(F)		0.63	(F)		0.63	(F)		0.85	(F)		–
	10.08	(E)		3,826		0.33	(F)		0.33	(F)		0.33	(F)		1.21	(F)		–
	2.92			130,913		0.69			0.69			0.69			0.15			35
	2.04			25,905		1.50			1.50			1.50			(0.65	)		–
	2.23			48,453		1.41			1.41			1.41			(0.57	)		–
	3.28			585		0.32			0.32			0.32			0.62			–
	2.66			3,893		0.93			0.93			0.93			(0.12	)		–
	2.93			7,347		0.63			0.63			0.63			0.23			–
	3.28			3,855		0.33			0.33			0.33			0.51			–
	17.45			135,854		0.70			0.70			0.70			0.22			24
	16.50			30,196		1.52			1.52			1.52			(0.60	)		–
	16.58			53,634		1.43			1.43			1.43			(0.51	)		–
	17.87			808		0.32			0.32			0.32			0.65			–
	17.04			3,543		0.93			0.93			0.93			(0.07	)		–
	17.50			6,806		0.63			0.63			0.63			0.30			–
	17.93			4,091		0.32			0.32			0.32			0.67			–
	15.20			123,640		0.79			0.72			0.72			1.03			26
	14.51			30,159		1.68			1.34			1.34			0.41			–
	14.33			50,218		1.53			1.47			1.47			0.56			–
	15.77			626		0.28			0.28			0.28			9.91			–
	15.05			933		0.96			0.96			0.96			0.76			–
	15.40			4,482		0.65			0.65			0.65			0.82			–
	15.73			5,704		0.34			0.34			0.34			1.26			–
	(40.92	)		113,006		0.69			0.68			0.68			0.05			10
	(41.40	)		28,322		1.52			1.49			1.49			(0.72	)		–
	(41.35	)		45,209		1.43			1.43			1.43			(0.66	)		–
	(40.73	)		668		0.30			0.30			0.30			(0.29	)		–
	(41.10	)		699		0.95			0.95			0.95			(0.13	)		–
	(40.92	)		2,389		0.64			0.64			0.64			(0.40	)		–
	(40.78	)		1,526		0.34			0.34			0.34			(0.26	)		–
	22.39			173,379		0.69			0.69			0.69			(0.06	)		37
	21.58			47,743		1.52			1.37			1.37			(0.72	)		–
	21.50			74,047		1.42			1.37			1.37			(0.72	)		–
	22.75			64		0.39			0.37			0.37			(0.15	)		–
	17.22	(E)		952		0.97	(F)		0.96	(F)		0.96	(F)		(0.91	)(F)		–
	17.52	(E)		456		0.71	(F)		0.69	(F)		0.69	(F)		(0.64	)(F)		–
	17.82	(E)		77		0.42	(F)		0.38	(F)		0.38	(F)		(0.33	)(F)		–

21

The Hartford Equity Growth Allocation Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

22

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

23

The Hartford Equity Growth Allocation Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

24

The Hartford Equity Growth Allocation Fund

Expense Example (Unaudited) 

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,098.70	$	3.64	$	1,000.00	$	1,021.39	$	3.51	0.70	%		182		366
Class B	$	1,000.00	$	1,094.40	$	7.88	$	1,000.00	$	1,017.34	$	7.59	1.51			182		366
Class C	$	1,000.00	$	1,094.50	$	7.39	$	1,000.00	$	1,017.80	$	7.12	1.42			182		366
Class I	$	1,000.00	$	1,100.50	$	1.78	$	1,000.00	$	1,023.17	$	1.72	0.34			182		366
Class R3	$	1,000.00	$	1,097.50	$	4.89	$	1,000.00	$	1,020.20	$	4.71	0.94			182		366
Class R4	$	1,000.00	$	1,099.40	$	3.30	$	1,000.00	$	1,021.72	$	3.18	0.63			182		366
Class R5	$	1,000.00	$	1,100.80	$	1.74	$	1,000.00	$	1,023.21	$	1.68	0.33			182		366

25

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-EGA12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Equity Income Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Equity Income Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	7
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	8
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	9
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	10
Notes to Financial Statements (Unaudited)	11
Financial Highlights (Unaudited)	22
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Expense Example (Unaudited)	28

The views expressed in the Fund’s Manager Discussion under “Why did the Fund perform this way?” and “What is the outlook?” are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Equity Income Fund inception 08/28/2003
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks a high level of current income consistent with growth of capital.

Performance Overview 8/28/03 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†	1 Year	5 year	Since Inception
Equity Income A#	13.65%	7.03%	2.50%	7.46%
Equity Income A##		1.15%	1.35%	6.77%
Equity Income B#	13.11%	6.03%	1.68%	NA*
Equity Income B##		1.03%	1.30%	NA*
Equity Income C#	13.24%	6.24%	1.77%	6.71%
Equity Income C##		5.24%	1.77%	6.71%
Equity Income I#	13.78%	7.30%	2.80%	7.65%
Equity Income R3#	13.50%	6.69%	2.19%	7.47%
Equity Income R4#	13.63%	7.02%	2.51%	7.67%
Equity Income R5#	13.82%	7.32%	2.83%	7.88%
Equity Income Y#	13.93%	7.47%	2.95%	7.96%
Russell 1000 Value Index	11.62%	1.03%	-1.73%	6.08%

† Not Annualized

# Without sales charge

## With sales charge

* Since 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

The benchmark inception return is as of 8/31/03.

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. (The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.)

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Equity Income Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Karen H. Grimes, CFA	W. Michael Reckmeyer, III, CFA	Ian R. Link, CFA
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Director and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Equity Income Fund returned 13.65%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the Russell 1000 Value Index, which returned 11.62% for the same period.  The Fund outperformed the 10.04% return of the average fund in the Lipper Equity Income Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period as investors generally shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic data. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, global equities retreated for the first time in five months as growing concerns about Spain’s fiscal sustainability overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, a lackluster U.S. labor report, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

During the period all ten sectors within the Russell 1000 Value Index posted positive absolute returns, with Consumer Discretionary (+17%), Financials (+15%), and Industrials (+15%) performing the best. Energy (+3%) and Utilities (+5%) lagged the index on a relative basis during the period.

Overall, the Fund’s outperformance versus the benchmark was driven by strong security selection, primarily within the Consumer Discretionary and Financials sectors. This more than offset weak stock selection within Health Care and Telecommunication Services. Sector allocation, driven by our bottom-up stock selection process (i.e. stock by stock fundamental research), detracted from relative returns during the period, primarily due to an underweight (i.e. the Fund’s sector position was less than the benchmark position) to Financials and Consumer Discretionary. A modest cash position in an upward trending market also detracted from relative performance.

Top contributors to relative returns (i.e. performance of the Fund as measured against the benchmark) included Home Depot (Consumer Discretionary), Lowe’s (Consumer Discretionary), and Philip Morris (Consumer Staples). Home Depot, a leading home improvement retailer, outperformed during the period after the company posted strong results and gave a positive outlook for 2012. Shares of Lowe’s, also a leading home improvement retailer, rose during the period. Strong sales in cross geographies (MA and FL) and product categories (indoor and outdoor) show that strength is being driven by more than just good weather. Philip Morris, the largest tobacco company in the world, has high profit margins and strong cash flow. The stock outperformed after the company reported better-than-expected quarterly earnings with strong results across all divisions. Top absolute contributors (i.e. total return) for the period also included Wells Fargo (Financials).

Top detractors from benchmark-relative returns were AstraZeneca (Health Care), Royal Dutch Shell (Energy), and Occidental Petroleum (Energy). Shares of AstraZeneca, a U.K.-based global biopharmaceutical company, declined during the period due to concerns that shortcomings from the AstraZeneca research lab would have detrimental effects on the company’s future earnings. Royal Dutch Shell, one of the world’s largest integrated oil and gas producers, lagged during the period. Shares underperformed after the company posted disappointing earnings in part due to low refining margins and soft chemical earnings. Shares of Occidental Petroleum, a large-cap energy producer, were volatile during the period. The stock performed well at the end of 2011 as earnings topped expectations on higher-than-expected oil and gas production and sales. However, the company underperformed during the first quarter of 2012 as natural gas prices touched 10 year lows. Stocks that detracted most from absolute returns also included International Paper (Materials) and Republic Services (Industrials).

What is the outlook?

Economic data in the United States has improved in recent months. We believe a strengthening job market and improved consumer confidence are helping to offset a stagnant housing market. While economic growth is likely to remain tepid in 2012, this is discounted in valuations, in our view. We feel that the biggest risk to U.S. markets remains a cataclysmic liquidity event in Europe that severely impacts global

3

The Hartford Equity Income Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

economic growth and confidence. We view this as a low probability event. We expect a continued modest economic expansion in the U.S., underpinned by falling inflation and only modest fiscal restraint. The likelihood of a European recession is increasing, but we believe the U.S. can withstand this and continue its slow recovery.

Throughout this period, we have maintained our focus on investing in companies that we believe have solid balance sheets, above-market growth rates, sustainable dividend yields, and valuations at a discount to the market. Based on bottom-up stock decisions, we ended the period most overweight in Consumer Staples, Industrials, and Materials. Our largest underweights were in Financials, Utilities, and Telecommunication Services relative to the Russell 1000 Value Index.

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Banks (Financials)		9.4	%
Capital Goods (Industrials)		11.4
Commercial & Professional Services (Industrials)		0.9
Consumer Durables & Apparel (Consumer Discretionary)		0.9
Consumer Services (Consumer Discretionary)		0.3
Diversified Financials (Financials)		4.2
Energy (Energy)		11.7
Food & Staples Retailing (Consumer Staples)		1.2
Food, Beverage & Tobacco (Consumer Staples)		8.5
Household & Personal Products (Consumer Staples)		2.0
Insurance (Financials)		7.6
Materials (Materials)		3.8
Media (Consumer Discretionary)		1.0
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		11.5
Retailing (Consumer Discretionary)		5.8
Semiconductors & Semiconductor Equipment (Information Technology)		6.5
Software & Services (Information Technology)		1.8
Telecommunication Services (Services)		3.4
Utilities (Utilities)		5.7
Short-Term Investments		1.7
Other Assets and Liabilities		0.7
Total		100.0	%

4

The Hartford Equity Income Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.6%
		Banks - 9.4%
	696	BB&T Corp.	$	22,307
	226	M&T Bank Corp.		19,520
	598	PNC Financial Services Group, Inc.		39,667
	603	US Bancorp		19,409
	1,543	Wells Fargo & Co.		51,596
				152,499
		Capital Goods - 11.4%
	439	3M Co.		39,196
	500	Eaton Corp.		24,067
	1,530	General Electric Co.		29,962
	444	Illinois Tool Works, Inc.		25,500
	50	Lockheed Martin Corp.		4,559
	121	Schneider Electric S.A.		7,446
	341	Stanley Black & Decker, Inc.		24,930
	531	Tyco International Ltd.		29,823
				185,483
		Commercial & Professional Services - 0.9%
	404	Waste Management, Inc.		13,830
		Consumer Durables & Apparel - 0.9%
	446	Mattel, Inc.		14,976
		Consumer Services - 0.3%
	99	Darden Restaurants, Inc.		4,972
		Diversified Financials - 4.2%
	122	BlackRock, Inc.		23,354
	1,067	JP Morgan Chase & Co.		45,842
				69,196
		Energy - 11.7%
	620	Chevron Corp.		66,074
	247	ConocoPhillips Holding Co.		17,680
	589	Exxon Mobil Corp.		50,852
	315	Occidental Petroleum Corp.		28,711
	756	Royal Dutch Shell plc B Shares		27,668
				190,985
		Food & Staples Retailing - 1.2%
	582	Sysco Corp.		16,807
	75	Walgreen Co.		2,621
				19,428
		Food, Beverage & Tobacco - 8.5%
	472	Altria Group, Inc.		15,192
	507	General Mills, Inc.		19,721
	786	Kraft Foods, Inc.		31,333
	390	PepsiCo, Inc.		25,753
	319	Philip Morris International, Inc.		28,535
	536	Unilever N.V. NY Shares ADR		18,425
				138,959
		Household & Personal Products - 2.0%
	315	Kimberly-Clark Corp.		24,692
	135	Procter & Gamble Co.		8,607
				33,299
		Insurance - 7.6%
	440	ACE Ltd.		33,392
	442	Chubb Corp.		32,329
	1,383	Marsh & McLennan Cos., Inc.		46,267
	179	Swiss Re Ltd.		11,245
				123,233
		Materials - 3.8%
	523	Dow Chemical Co.		17,727
	299	E.I. DuPont de Nemours & Co.		15,958
	453	International Paper Co.		15,090
	317	Nucor Corp.		12,416
				61,191
		Media - 1.0%
	537	Thomson Reuters Corp.		16,019
		Pharmaceuticals, Biotechnology & Life Sciences - 11.5%
	195	AstraZeneca plc ADR		8,542
	792	Johnson & Johnson		51,532
	1,534	Merck & Co., Inc.		60,182
	2,217	Pfizer, Inc.		50,835
	90	Roche Holding AG		16,485
				187,576
		Retailing - 5.8%
	1,047	Home Depot, Inc.		54,242
	127	Kohl's Corp.		6,372
	1,077	Lowe's Co., Inc.		33,891
				94,505
		Semiconductors & Semiconductor Equipment - 6.5%
	831	Analog Devices, Inc.		32,379
	1,378	Intel Corp.		39,137
	632	Maxim Integrated Products, Inc.		18,698
	449	Xilinx, Inc.		16,329
				106,543
		Software & Services - 1.8%
	931	Microsoft Corp.		29,825
		Telecommunication Services - 3.4%
	1,151	AT&T, Inc.		37,894
	610	Vodafone Group plc ADR		16,986
				54,880
		Utilities - 5.7%
	137	American Electric Power Co., Inc.		5,312
	95	Dominion Resources, Inc.		4,964
	1,528	National Grid plc		16,500
	210	NextEra Energy, Inc.		13,483
	326	Northeast Utilities		12,005
	135	PPL Corp.		3,693
	617	UGI Corp.		17,990
	727	Xcel Energy, Inc.		19,679
				93,626
		Total common stocks
		(cost $1,333,986)	$	1,591,025
		Total long-term investments
		(cost $1,333,986)	$	1,591,025

The accompanying notes are an integral part of these financial statements.

5

The Hartford Equity Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 1.7%
Repurchase Agreements - 1.7%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $6,804, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $6,941)
$	6,804	0.20%, 04/30/2012			$	6,804
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $9,115, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $9,298)
	9,115	0.20%, 04/30/2012				9,115
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,600, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $3,672)
	3,600	0.21%, 04/30/2012				3,600
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,982, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $3,041)
	2,982	0.19%, 04/30/2012				2,982
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4, collateralized by U.S. Treasury Note 0.75%, 2013, value of $4)
	4	0.17%, 04/30/2012				4
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4,894, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $4,992)
	4,894	0.21%, 04/30/2012				4,894
						27,399
		Total short-term investments
		(cost $27,399)			$	27,399
		Total investments
		(cost $1,361,385) ▲	99.3	%	$	1,618,424
		Other assets and liabilities	0.7	%		11,458
		Total net assets	100.0	%	$	1,629,882

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $1,367,197 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	270,340
Unrealized Depreciation		(19,113	)
Net Unrealized Appreciation	$	251,227

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)

Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

6

The Hartford Equity Income Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	1,591,025	$	1,511,681	$	79,344	$	–
Short-Term Investments		27,399		–		27,399		–
Total	$	1,618,424	$	1,511,681	$	106,743	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level. Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Equity Income Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,361,385)	$	1,618,424
Cash		—
Foreign currency on deposit with custodian (cost $–)		—
Receivables:
Investment securities sold		6,416
Fund shares sold		7,631
Dividends and interest		1,956
Other assets		105
Total assets		1,634,532
Liabilities:
Payables:
Investment securities purchased		2,381
Fund shares redeemed		1,853
Investment management fees		174
Administrative fees		1
Distribution fees		70
Accrued expenses		171
Total liabilities		4,650
Net assets	$	1,629,882
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,421,919
Undistributed net investment income		2,545
Accumulated net realized loss		(51,623	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		257,041
Net assets	$	1,629,882
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$14.55/$15.40
Shares outstanding		73,432
Net assets	$	1,068,334
Class B: Net asset value per share	$	14.52
Shares outstanding		2,023
Net assets	$	29,386
Class C: Net asset value per share	$	14.52
Shares outstanding		8,326
Net assets	$	120,876
Class I: Net asset value per share	$	14.50
Shares outstanding		9,441
Net assets	$	136,861
Class R3: Net asset value per share	$	14.58
Shares outstanding		961
Net assets	$	14,010
Class R4: Net asset value per share	$	14.59
Shares outstanding		1,143
Net assets	$	16,676
Class R5: Net asset value per share	$	14.62
Shares outstanding		271
Net assets	$	3,963
Class Y: Net asset value per share	$	14.65
Shares outstanding		16,372
Net assets	$	239,776

The accompanying notes are an integral part of these financial statements.

8

The Hartford Equity Income Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	23,025
Interest		24
Less: Foreign tax withheld		(171	)
Total investment income		22,878
Expenses:
Investment management fees		4,807
Administrative services fees		18
Transfer agent fees		861
Distribution fees
Class A		1,185
Class B		147
Class C		481
Class R3		25
Class R4		12
Custodian fees		3
Accounting services fees		84
Registration and filing fees		92
Board of Directors' fees		15
Audit fees		9
Other expenses		94
Total expenses (before waivers and fees paid indirectly)		7,833
Expense waivers		(3	)
Commission recapture		(1	)
Total waivers and fees paid indirectly		(4	)
Total expenses, net		7,829
Net Investment Income		15,049
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		18,492
Net realized gain on foreign currency contracts		170
Net realized loss on other foreign currency transactions		(150	)
Net Realized Gain on Investments and Foreign Currency Transactions		18,512
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		145,739
Net unrealized appreciation of foreign currency contracts		1
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		2
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		145,742
Net Gain on Investments and Foreign Currency Transactions		164,254
Net Increase in Net Assets Resulting from Operations	$	179,303

The accompanying notes are an integral part of these financial statements.

9

The Hartford Equity Income Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	15,049		$	20,022
Net realized gain on investments and foreign currency transactions		18,512			28,086
Net unrealized appreciation of investments and foreign currency transactions		145,742			42,205
Net Increase In Net Assets Resulting From Operations		179,303			90,313
Distributions to Shareholders:
From net investment income
Class A		(9,585	)		(14,715	)
Class B		(167	)		(304	)
Class C		(666	)		(822	)
Class I		(1,122	)		(870	)
Class R3		(91	)		(68	)
Class R4		(89	)		(87	)
Class R5		(33	)		(30	)
Class Y		(2,445	)		(2,378	)
Total distributions		(14,198	)		(19,274	)
Capital Share Transactions:
Class A		129,634			53,258
Class B		(3,175	)		(4,393	)
Class C		30,902			16,954
Class I		72,641			35,540
Class R3		6,142			4,838
Class R4		9,894			2,612
Class R5		1,027			1,792
Class Y		36,953			100,265
Net increase from capital share transactions		284,018			210,866
Net Increase In Net Assets		449,123			281,905
Net Assets:
Beginning of period		1,180,759			898,854
End of period	$	1,629,882		$	1,180,759
Undistributed (distribution in excess of) net investment income (loss)	$	2,545		$	1,694

The accompanying notes are an integral part of these financial statements.

10

The Hartford Equity Income Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Equity Income Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

11

The Hartford Equity Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other

12

assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a

13

The Hartford Equity Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of April 30, 2012, the Fund had no outstanding when-issued or delayed delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

14

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of April 30, 2012.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	170	$	—	$	—	$	—	$	—	$	170
Total	$	—	$	170	$	—	$	—	$	—	$	—	$	170
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Total	$	—	$	1	$	—	$	—	$	—	$	—	$	1

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

15

The Hartford Equity Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	19,274	$	14,391

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,694
Accumulated Capital Losses *		(64,322	)
Unrealized Appreciation †		105,486
Total Accumulated Earnings	$	42,858

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(235	)
Accumulated Net Realized Gain (Loss)		235

16

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	64,322
Total	$	64,322

During the year ended October 31, 2011, the Fund utilized $27,912 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.7500	%
On next $250 million		0.7000	%
On next $500 million		0.6500	%
On next $1.5 billion		0.6000	%
On next $2.5 billion		0.5900	%
Over $5 billion		0.5875	%

17

The Hartford Equity Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $500 million		0.7000	%
On next $4 billion		0.6500	%
On next $5 billion		0.6475	%
Over $10 billion		0.6450	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.25	%		2.00	%		2.00	%		1.00	%		1.50	%		1.20	%		0.90	%		0.85	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended  April 30, 2012
Class A		1.13	%
Class B		2.00
Class C		1.85
Class I		0.82
Class R3		1.44
Class R4		1.14
Class R5		0.84
Class Y		0.73

18

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $2,963 and contingent deferred sales charges of $23 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $18.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		9		3	%

19

The Hartford Equity Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	367,436
Sales Proceeds Excluding U.S. Government Obligations		83,375

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		15,513		676		(6,681	)		—		9,508			17,418		1,128		(14,399	)		—		4,147
Amount	$	211,855	$	9,384	$	(91,605	)	$	—	$	129,634		$	224,240	$	14,411	$	(185,393	)	$	—	$	53,258
Class B
Shares		251		12		(492	)		—		(229	)		364		23		(729	)		—		(342	)
Amount	$	3,429	$	159	$	(6,763	)	$	—	$	(3,175	)	$	4,676	$	292	$	(9,361	)	$	—	$	(4,393	)
Class C
Shares		2,806		44		(621	)		—		2,229			2,509		58		(1,265	)		—		1,302
Amount	$	38,802	$	608	$	(8,508	)	$	—	$	30,902		$	32,328	$	737	$	(16,111	)	$	—	$	16,954
Class I
Shares		6,727		70		(1,467	)		—		5,330			4,348		50		(1,664	)		—		2,734
Amount	$	91,985	$	970	$	(20,314	)	$	—	$	72,641		$	55,880	$	629	$	(20,969	)	$	—	$	35,540
Class R3
Shares		501		6		(63	)		—		444			435		5		(66	)		—		374
Amount	$	6,942	$	87	$	(887	)	$	—	$	6,142		$	5,641	$	61	$	(864	)	$	—	$	4,838
Class R4
Shares		858		3		(154	)		—		707			350		4		(161	)		—		193
Amount	$	11,957	$	43	$	(2,106	)	$	—	$	9,894		$	4,632	$	49	$	(2,069	)	$	—	$	2,612
Class R5
Shares		91		2		(22	)		—		71			148		2		(8	)		—		142
Amount	$	1,299	$	33	$	(305	)	$	—	$	1,027		$	1,868	$	30	$	(106	)	$	—	$	1,792
Class Y
Shares		2,812		168		(325	)		—		2,655			7,871		181		(295	)		—		7,757
Amount	$	39,063	$	2,346	$	(4,456	)	$	—	$	36,953		$	101,644	$	2,316	$	(3,695	)	$	—	$	100,265
Total
Shares		29,559		981		(9,825	)		—		20,715			33,443		1,451		(18,587	)		—		16,307
Amount	$	405,332	$	13,630	$	(134,944	)	$	—	$	284,018		$	430,909	$	18,525	$	(238,568	)	$	—	$	210,866

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		123	$	1,692
For the Year Ended October 31, 2011		61	$	780

20

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

The Hartford Equity Income Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	12.93	$	0.15	$	–	$	1.61		$	1.76		$	(0.14	)	$	–		$	–	$	(0.14	)	$	1.62		$	14.55
B		12.91		0.09		–		1.60			1.69			(0.08	)		–			–		(0.08	)		1.61			14.52
C		12.91		0.10		–		1.60			1.70			(0.09	)		–			–		(0.09	)		1.61			14.52
I		12.89		0.16		–		1.61			1.77			(0.16	)		–			–		(0.16	)		1.61			14.50
R3		12.96		0.12		–		1.62			1.74			(0.12	)		–			–		(0.12	)		1.62			14.58
R4		12.97		0.14		–		1.62			1.76			(0.14	)		–			–		(0.14	)		1.62			14.59
R5		12.99		0.17		–		1.62			1.79			(0.16	)		–			–		(0.16	)		1.63			14.62
Y		13.01		0.18		–		1.62			1.80			(0.16	)		–			–		(0.16	)		1.64			14.65
For the Year Ended October 31, 2011 (E)
A		11.99		0.25		–		0.93			1.18			(0.24	)		–			–		(0.24	)		0.94			12.93
B		11.97		0.14		–		0.93			1.07			(0.13	)		–			–		(0.13	)		0.94			12.91
C		11.97		0.15		–		0.94			1.09			(0.15	)		–			–		(0.15	)		0.94			12.91
I		11.95		0.28		–		0.94			1.22			(0.28	)		–			–		(0.28	)		0.94			12.89
R3		12.03		0.20		–		0.94			1.14			(0.21	)		–			–		(0.21	)		0.93			12.96
R4		12.03		0.25		–		0.93			1.18			(0.24	)		–			–		(0.24	)		0.94			12.97
R5		12.05		0.27		–		0.95			1.22			(0.28	)		–			–		(0.28	)		0.94			12.99
Y		12.06		0.29		–		0.95			1.24			(0.29	)		–			–		(0.29	)		0.95			13.01
For the Year Ended October 31, 2010
A		10.74		0.21		–		1.24			1.45			(0.20	)		–			–		(0.20	)		1.25			11.99
B		10.72		0.13		–		1.23			1.36			(0.11	)		–			–		(0.11	)		1.25			11.97
C		10.73		0.13		–		1.23			1.36			(0.12	)		–			–		(0.12	)		1.24			11.97
I		10.72		0.23		–		1.23			1.46			(0.23	)		–			–		(0.23	)		1.23			11.95
R3		10.78		0.15		–		1.27			1.42			(0.17	)		–			–		(0.17	)		1.25			12.03
R4		10.78		0.21		–		1.24			1.45			(0.20	)		–			–		(0.20	)		1.25			12.03
R5		10.79		0.21		–		1.29			1.50			(0.24	)		–			–		(0.24	)		1.26			12.05
Y		10.81		0.26		–		1.24			1.50			(0.25	)		–			–		(0.25	)		1.25			12.06
For the Year Ended October 31, 2009 (E)
A		10.35		0.24		–		0.41			0.65			(0.26	)		–			–		(0.26	)		0.39			10.74
B		10.33		0.18		–		0.40			0.58			(0.19	)		–			–		(0.19	)		0.39			10.72
C		10.34		0.17		–		0.41			0.58			(0.19	)		–			–		(0.19	)		0.39			10.73
I		10.33		0.22		–		0.46			0.68			(0.29	)		–			–		(0.29	)		0.39			10.72
R3		10.39		0.15		–		0.47			0.62			(0.23	)		–			–		(0.23	)		0.39			10.78
R4		10.40		0.18		–		0.47			0.65			(0.27	)		–			–		(0.27	)		0.38			10.78
R5		10.40		0.28		–		0.40			0.68			(0.29	)		–			–		(0.29	)		0.39			10.79
Y		10.40		0.29		–		0.42			0.71			(0.30	)		–			–		(0.30	)		0.41			10.81
For the Year Ended October 31, 2008
A		15.16		0.32		–		(4.42	)		(4.10	)		(0.31	)		(0.40	)		–		(0.71	)		(4.81	)		10.35
B		15.12		0.21		–		(4.41	)		(4.20	)		(0.19	)		(0.40	)		–		(0.59	)		(4.79	)		10.33
C		15.14		0.23		–		(4.42	)		(4.19	)		(0.21	)		(0.40	)		–		(0.61	)		(4.80	)		10.34
I		15.12		0.35		–		(4.39	)		(4.04	)		(0.35	)		(0.40	)		–		(0.75	)		(4.79	)		10.33
R3		15.21		0.27		–		(4.41	)		(4.14	)		(0.28	)		(0.40	)		–		(0.68	)		(4.82	)		10.39
R4		15.22		0.32		–		(4.43	)		(4.11	)		(0.31	)		(0.40	)		–		(0.71	)		(4.82	)		10.40
R5		15.22		0.36		–		(4.43	)		(4.07	)		(0.35	)		(0.40	)		–		(0.75	)		(4.82	)		10.40
Y		15.23		0.39		–		(4.46	)		(4.07	)		(0.36	)		(0.40	)		–		(0.76	)		(4.83	)		10.40
For the Year Ended October 31, 2007
A		14.00		0.27		–		1.69			1.96			(0.26	)		(0.54	)		–		(0.80	)		1.16			15.16
B		13.97		0.16		–		1.67			1.83			(0.14	)		(0.54	)		–		(0.68	)		1.15			15.12
C		13.99		0.18		–		1.67			1.85			(0.16	)		(0.54	)		–		(0.70	)		1.15			15.14
I		13.99		0.31		–		1.69			2.00			(0.33	)		(0.54	)		–		(0.87	)		1.13			15.12
R3(H)		13.97		0.17		–		1.24			1.41			(0.17	)		–			–		(0.17	)		1.24			15.21
R4(H)		13.97		0.23		–		1.22			1.45			(0.20	)		–			–		(0.20	)		1.25			15.22
R5(H)		13.97		0.27		–		1.21			1.48			(0.23	)		–			–		(0.23	)		1.25			15.22
Y		14.07		0.31		–		1.72			2.03			(0.33	)		(0.54	)		–		(0.87	)		1.16			15.23

22

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	13.65	%(F)	$	1,068,334		1.13	%(G)		1.13	%(G)		1.13	%(G)		2.15	%(G)		6	%
	13.11	(F)		29,386		2.02	(G)		2.00	(G)		2.00	(G)		1.31	(G)		–
	13.24	(F)		120,876		1.85	(G)		1.85	(G)		1.85	(G)		1.40	(G)		–
	13.78	(F)		136,861		0.82	(G)		0.82	(G)		0.82	(G)		2.39	(G)		–
	13.50	(F)		14,010		1.44	(G)		1.44	(G)		1.44	(G)		1.78	(G)		–
	13.63	(F)		16,676		1.14	(G)		1.14	(G)		1.14	(G)		2.01	(G)		–
	13.82	(F)		3,963		0.84	(G)		0.84	(G)		0.84	(G)		2.42	(G)		–
	13.93	(F)		239,776		0.73	(G)		0.73	(G)		0.73	(G)		2.55	(G)		–
	9.87			826,555		1.17			1.17			1.17			1.93			18
	8.94			29,071		2.05			2.00			2.00			1.11			–
	9.13			78,710		1.89			1.89			1.89			1.20			–
	10.24			52,965		0.88			0.88			0.88			2.21			–
	9.49			6,694		1.50			1.50			1.50			1.57			–
	9.87			5,651		1.18			1.18			1.18			1.92			–
	10.16			2,597		0.88			0.88			0.88			2.11			–
	10.33			178,516		0.77			0.77			0.77			2.28			–
	13.63			716,700		1.20			1.20			1.20			1.86			27
	12.73			31,038		2.08			2.00			2.00			1.07			–
	12.75			57,416		1.92			1.92			1.92			1.13			–
	13.76			16,462		0.93			0.93			0.93			2.06			–
	13.28			1,719		1.55			1.55			1.55			1.37			–
	13.59			2,926		1.20			1.20			1.20			1.80			–
	14.06			694		0.87			0.87			0.87			1.70			–
	14.01			71,899		0.79			0.79			0.79			2.27			–
	6.62			639,106		1.26			1.25			1.25			2.51			37
	5.91			34,086		2.19			1.92			1.92			1.86			–
	5.85			47,708		1.98			1.98			1.98			1.79			–
	6.98			5,946		0.96			0.96			0.96			2.28			–
	6.31			506		1.63			1.60			1.60			1.62			–
	6.58			1,456		1.21			1.21			1.21			1.84			–
	6.96			8		0.89			0.89			0.89			2.88			–
	7.22			59,703		0.81			0.81			0.81			3.00			–
	(28.08	)		563,703		1.19			1.14			1.14			2.49			53
	(28.67	)		32,097		2.06			2.00			2.00			1.63			–
	(28.61	)		43,493		1.92			1.87			1.87			1.76			–
	(27.80	)		1,449		0.90			0.85			0.85			2.80			–
	(28.26	)		78		1.55			1.50			1.50			2.14			–
	(28.03	)		8		1.18			1.13			1.13			2.50			–
	(27.82	)		8		0.90			0.85			0.85			2.78			–
	(27.80	)		62,258		0.80			0.75			0.75			2.90			–
	14.68			758,905		1.22			1.12			1.12			1.93			20
	13.69			52,424		2.07			1.97			1.97			1.09			–
	13.80			72,690		1.94			1.84			1.84			1.23			–
	14.96			907		0.92			0.82			0.82			2.18			–
	10.11	(F)		95		1.60	(G)		1.50	(G)		1.50	(G)		1.51	(G)		–
	10.44	(F)		11		1.28	(G)		1.18	(G)		1.18	(G)		1.84	(G)		–
	10.67	(F)		11		0.99	(G)		0.89	(G)		0.89	(G)		2.13	(G)		–
	15.12			130,262		0.83			0.73			0.73			2.30			–

23

The Hartford Equity Income Fund

Financial Highlights – (continued)

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Commenced operations on December 22, 2006.

24

The Hartford Equity Income Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

25

The Hartford Equity Income Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

26

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

27

The Hartford Equity Income Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,136.50	$	6.01	$	1,000.00	$	1,019.24	$	5.68		1.13	%		182		366
Class B	$	1,000.00	$	1,131.10	$	10.60	$	1,000.00	$	1,014.92	$	10.02		2.00			182		366
Class C	$	1,000.00	$	1,132.40	$	9.83	$	1,000.00	$	1,015.65	$	9.29		1.85			182		366
Class I	$	1,000.00	$	1,137.80	$	4.36	$	1,000.00	$	1,020.78	$	4.12		0.82			182		366
Class R3	$	1,000.00	$	1,135.00	$	7.67	$	1,000.00	$	1,017.68	$	7.24		1.44			182		366
Class R4	$	1,000.00	$	1,136.30	$	6.03	$	1,000.00	$	1,019.22	$	5.70		1.14			182		366
Class R5	$	1,000.00	$	1,138.20	$	4.44	$	1,000.00	$	1,020.71	$	4.20		0.84			182		366
Class Y	$	1,000.00	$	1,139.30	$	3.89	$	1,000.00	$	1,021.22	$	3.68		0.73			182		366

28

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-EI12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Floating Rate Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Floating Rate Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	14
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	15
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	16
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	17
Notes to Financial Statements (Unaudited)	18
Financial Highlights (Unaudited)	34
Directors and Officers (Unaudited)	37
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	39
Quarterly Portfolio Holdings Information (Unaudited)	39
Expense Example (Unaudited)	40
Approval of Investment Sub-Advisory Agreement (Unaudited)	41

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Floating Rate Fund inception 04/29/2005

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to provide high current  income, and long-term total return.

Performance Overview 4/29/05 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			Since Inception
Floating Rate A#		5.19	%		3.66	%		2.93	%		4.01	%
Floating Rate A##					0.55	%		2.30	%		3.56	%
Floating Rate B#		4.79	%		2.86	%		2.14	%		3.20	%
Floating Rate B##					-2.07	%		1.82	%		3.20	%
Floating Rate C#		4.80	%		2.89	%		2.16	%		3.23	%
Floating Rate C##					1.90	%		2.16	%		3.23	%
Floating Rate I#		5.19	%		3.79	%		3.18	%		4.23	%
Floating Rate R3#		4.91	%		3.37	%		2.69	%		3.87	%
Floating Rate R4#		5.18	%		3.64	%		2.91	%		4.05	%
Floating Rate R5#		5.33	%		3.94	%		3.11	%		4.22	%
Floating Rate Y#		5.36	%		4.00	%		3.25	%		4.31	%
Credit Suisse Leveraged Loan Index		4.42	%		2.82	%		3.65	%		4.59	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. On or about May 18, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the United States dollar-denominated leveraged loan market.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Floating Rate Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Michael Bacevich	Francesco Ossino
Vice President and Fixed Income Portfolio Manager	Vice President and Fixed Income Portfolio Manager
As of April 23, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  At the end of a transition period of approximately 4 weeks ending on or about May 18, 2012, Hartford Investment Management Company will cease serving as a sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Floating Rate Fund returned 5.19%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the Credit Suisse Leveraged Loan Index, which returned 4.42% for the same period. The Fund also outperformed the 4.62% return of the average fund in the Lipper Loan Participation Funds peer group, a group of funds with investment strategies similar to the Fund.

Why did the Fund perform this way?

Within fixed income markets, corporate bonds, high yield bonds, and bank loan debt rose during the period. High yield securities and investment grade corporate securities, as measured by the Barclays Capital High Yield (2% issuer cap) and Barclays Capital Corporate indices, gained 6.91% and 3.64% respectively. Bank loan bonds, as measured by the Credit Suisse Leveraged Loan Index, rose by 4.42%. Positive investor sentiment across capital markets, coupled with strong technical conditions in the loan market, fueled the rally.  The same positive macro factors, better than expected economic data, and earnings momentum drove risk assets, including loans, higher than lower risk assets such as U.S. Treasuries or corporate bonds.

The Fund benefited from the announcement by a number of credits, such as Realogy, First Data, and Nuveen, to amend and extend their existing loans and partially repay loan debt with new bonds. This helped lead to the Fund’s outperformance. In addition, our underweight (i.e. the Fund’s sector position was less than the benchmark position) to the Healthcare sector helped performance relative to the benchmark.     

On April 23, 2012, Wellington Management Company, LLP (Wellington) became sub-adviser of the Fund replacing Hartford Investment Management Company. The Fund’s portfolio managers (Michael Bachevich and Francesco Ossino) became employees of Wellington and continued their roles as portfolio managers of the Fund.

What is the outlook?

We believe the outlook for Bank Loans remains somewhat mixed. On one hand, the credit fundamentals of the Bank Loan market continue to be positive. As of the end of April, the bank loan default rate by principal amount and by issuer count increased but remains near historical lows (0.56% and 0.93% respectively on a trailing 12-month basis). Supportive of a continued low Bank Loan default rate is the lack of maturities through 2013 (only $40 billion in Bank Loans were scheduled to mature through 2013 as of February 29^th, 2012). Technical factors of the Bank Loan market have improved following a challenging start to the year. During the month of April, Bank Loan mutual funds reported an aggregate inflow of $1.16 billion. This inflow follows an aggregate outflow of $254 million during the first quarter and $7.7 billion over the final 22 weeks of 2011 for these same Bank Loan mutual funds. Additionally, with the Federal Reserve now stating it intends to keep interest rates low through 2014, it is likely that the floating-rate feature of bank loans has lost its near-term appeal. One silver lining to the Bank Loan technical picture is that collateralized loan obligation (CLO) issuance is heating up again, with $5.1 billion issued in April, the most since November 2007, bringing the total issuance to $10.5 billion year-to-date. While not back to pre-crisis levels, JP Morgan estimates that CLO issuance in 2012 ($20 billion) will be comparable to that of 2008 (total issuance of $23 billion).

While we are concerned about negative global economic trends, we believe current bank loan valuations, in the 9^th decile (81st percentile) of historical levels, already price in a lot of bad news. We continue to look for situations where the negative technicals are creating the most dislocation. These situations normally include new issues that have to be priced at premium yields in order to clear the market and the more liquid loans that have been pushed lower as retail mutual funds sell what they can to meet redemptions.

We continue to find the near-historical wide spreads an attractive entry point into the Bank Loan market. We remain positive on Bank Loans due to what we believe are positive credit fundamentals, a lack of maturities, their limited interest rate sensitivity, and the pricing in of the Federal Reserve’s announcement that short-term rates would be low for a considerable time period. At the end of the period, the Fund had an allocation of approximately 4.9% net cash, and 7.9% High Yield bonds, with the balance in Bank Loans.

3

The Hartford Floating Rate Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited) 

Distribution by Credit Quality

as of April 30, 2012

Credit Rating *	Percentage of Net Assets
Baa / BBB		0.7	%
Ba / BB		26.6
B		52.4
Caa / CCC or Lower		4.8
Unrated		10.6
Non Debt Securities and Other Short-Term Instruments		5.0
Other Assets & Liabilities		(0.1	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of April 30, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		1.9	%
Administrative Waste Management and Remediation		5.6
Agriculture, Construction, Mining and Machinery		2.9
Agriculture, Forestry, Fishing and Hunting		0.6
Air Transportation		3.0
Arts, Entertainment and Recreation		8.1
Chemical Manufacturing		3.2
Computer and Electronic Product Manufacturing		0.8
Construction		0.6
Educational Services		0.3
Finance and Insurance		8.6
Food Manufacturing		3.9
Food Services		0.2
Health Care and Social Assistance		9.9
Information		15.6
Media		0.2
Mining		0.6
Miscellaneous Manufacturing		1.9
Motor Vehicle and Parts Manufacturing		3.6
Nonmetallic Mineral Product Manufacturing		0.2
Other Services		0.4
Paper Manufacturing		0.1
Petroleum and Coal Products Manufacturing		2.0
Pipeline Transportation		0.1
Plastics and Rubber Products Manufacturing		0.5
Primary Metal Manufacturing		0.5
Professional, Scientific and Technical Services		2.2
Real Estate, Rental and Leasing		2.5
Retail Trade		7.7
Services		0.3
Soap, Cleaning Compound and Toilet Manufacturing		0.5
Textile Product Mills		0.4
Transit and Ground Passenger Transportation		0.9
Truck Transportation		0.7
Utilities		3.0
Wholesale Trade		1.6
Total		95.1	%
Equity Securities
Consumer Durables & Apparel		0.0
Energy		0.0
Media		0.0
Total		0.0	%
Short-Term Investments		5.0
Other Assets and Liabilities		(0.1	)
Total		100.0	%

4

The Hartford Floating Rate Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 7.9%
		Accommodation and Food Services - 0.1%
		MGM Mirage, Inc.
$	6,500	11.13%, 11/15/2017 ‡	$	7,361
		Administrative Waste Management and Remediation - 0.2%
		Energy Solutions, Inc. LLC
	7,653	10.75%, 08/15/2018		7,940
		TransUnion LLC
	3,000	11.38%, 06/15/2018		3,562
				11,502
		Agriculture, Forestry, Fishing and Hunting - 0.2%
		American Seafood Group LLC
	4,232	10.75%, 05/15/2016 ■		3,830
		Cengage Learning ACQ, Inc.
	6,130	11.50%, 04/15/2020 ■		6,452
				10,282
		Air Transportation - 0.2%
		Delta Air Lines, Inc.
	6,348	9.50%, 09/15/2014 ■		6,745
		United Air Lines, Inc.
	5,000	9.88%, 08/01/2013 ■		5,225
				11,970
		Arts, Entertainment and Recreation - 0.6%
		Bresnan Broadband Holdings LLC
	6,915	8.00%, 12/15/2018 ■		7,053
		Chester Downs and Marina LLC
	5,189	9.25%, 02/01/2020 ■		5,461
		Citycenter Holdings LLC
	6,000	7.63%, 01/15/2016		6,360
		Echostar DBS Corp.
	6,000	7.13%, 02/01/2016 ‡		6,645
		FireKeepers Development Authority
	7,645	13.88%, 05/01/2015 ■		8,448
		XM Satellite Radio, Inc.
	1,000	7.63%, 11/01/2018 ■		1,090
	1,500	13.00%, 08/01/2013 ■		1,697
				36,754
		Chemical Manufacturing - 0.2%
		Hexion U.S. Finance Corp.
	2,326	6.63%, 04/15/2020 ■		2,431
		LyondellBasell Industries N.V.
	8,892	5.00%, 04/15/2019 ■		9,181
				11,612
		Finance and Insurance - 1.4%
		AmeriGas Finance LLC
	6,750	6.75%, 05/20/2020 ‡		6,902
		CIT Group, Inc.
	10,000	4.75%, 02/15/2015 ■		10,200
		Ford Motor Credit Co.
	11,427	3.88%, 01/15/2015 ‡		11,843
	12,000	6.63%, 08/15/2017 ‡		13,793
		Host Marriott L.P.
	2,000	6.75%, 06/01/2016		2,055
		Hub International Holdings, Inc.
	4,000	9.00%, 12/15/2014 ■		4,070
		Ineos Finance plc
	1,645	7.50%, 05/01/2020 ■☼		1,690
	6,689	8.38%, 02/15/2019 ■		7,174
		Offshore Group Investments Ltd.
	4,972	11.50%, 08/01/2015		5,438
	786	11.50%, 08/01/2015 ■		860
		Provident Funding Associates L.P.
	8,126	10.25%, 04/15/2017 ■		8,268
		SLM Corp.
	8,129	6.00%, 01/25/2017 ‡		8,271
				80,564
		Food Manufacturing - 0.3%
		JBS USA LLC
	1,422	11.63%, 05/01/2014		1,636
		Pinnacle Foods Finance LLC
	7,600	9.25%, 04/01/2015		7,790
		Post Holdings, Inc.
	1,382	7.38%, 02/15/2022 ■		1,437
		Smithfield Foods, Inc.
	7,000	10.00%, 07/15/2014 ‡		8,190
				19,053
		Food Services - 0.2%
		ARAMARK Holdings Corp.
	8,556	8.63%, 05/01/2016 ■Þ		8,759
		Health Care and Social Assistance - 0.7%
		Alere, Inc.
	4,790	7.88%, 02/01/2016		4,988
		Amerigroup Corp.
	4,913	7.50%, 11/15/2019		5,355
		Fresenius Medical Care
	3,000	5.63%, 07/31/2019 ■		3,052
		HCA, Inc.
	10,000	7.25%, 09/15/2020		11,075
		Valeant Pharmaceuticals International
	7,000	6.50%, 07/15/2016 ■		7,254
	3,000	6.88%, 12/01/2018 ■		3,090
		Warner Chilcott, Inc.
	6,071	7.75%, 09/15/2018		6,633
				41,447
		Information - 0.9%
		Avaya, Inc.
	10,320	7.00%, 04/01/2019 ■		10,320
		Frontier Communications Corp.
	2,000	7.88%, 04/15/2015		2,170
	4,000	8.25%, 04/15/2017		4,310
		Intelsat Jackson Holdings Ltd.
	6,000	8.50%, 11/01/2019		6,615
		Level 3 Financing, Inc.
	10,926	4.51%, 02/15/2015 Δ		10,557
	3,000	10.00%, 02/01/2018		3,285
		UPCB Finance VI Ltd.
	3,752	6.88%, 01/15/2022 ■		3,855
		Windstream Corp.
	6,500	7.88%, 11/01/2017		7,183
				48,295
		Mining - 0.3%
		FMG Resources Pty Ltd.
	5,000	8.25%, 11/01/2019 ■		5,412
		Peabody Energy Corp.
	10,000	6.00%, 11/15/2018 ■		10,150
				15,562

The accompanying notes are an integral part of these financial statements.

5

The Hartford Floating Rate Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 7.9% - (continued)
		Miscellaneous Manufacturing - 0.3%
		Reynolds Group Escrow
$	3,000	7.75%, 10/15/2016 ■	$	3,173
		Reynolds Group Issuer, Inc.
	8,182	7.13%, 04/15/2019 ■		8,550
	3,000	7.88%, 08/15/2019 ■		3,240
				14,963
		Motor Vehicle and Parts Manufacturing - 0.2%
		American Axle & Manufacturing Holdings, Inc.
	8,608	9.25%, 01/15/2017 ■		9,576
		Nonmetallic Mineral Product Manufacturing - 0.2%
		Ardagh Packaging Finance
	11,097	7.38%, 10/15/2017 ■		12,012
		Paper Manufacturing - 0.1%
		Mercer International, Inc.
	4,812	9.50%, 12/01/2017		4,980
		Petroleum and Coal Products Manufacturing - 0.2%
		Chesapeake Energy Corp.
	4,899	6.78%, 03/15/2019		4,764
	6,333	6.88%, 08/15/2018		6,270
		Plains Exploration & Production Co.
	2,915	6.13%, 06/15/2019		2,944
				13,978
		Plastics and Rubber Products Manufacturing - 0.1%
		Sealed Air Corp.
	4,146	8.13%, 09/15/2019 ■		4,633
		Primary Metal Manufacturing - 0.1%
		Novelis, Inc.
	6,973	8.75%, 12/15/2020		7,688
		Professional, Scientific and Technical Services - 0.2%
		Affinion Group, Inc.
	15,039	11.50%, 10/15/2015		13,310
		Real Estate, Rental and Leasing - 0.2%
		Ashtead Capital, Inc.
	9,603	9.00%, 08/15/2016 ■		10,023
		United Rental Financing Escrow Corp.
	905	5.75%, 07/15/2018 ■		935
				10,958
		Retail Trade - 0.2%
		Nebraska Book Co.
	5,000	10.00%, 08/15/2012 Ψ		3,450
		Toys R Us, Inc.
	8,000	7.38%, 09/01/2016 ■		8,140
				11,590
		Soap, Cleaning Compound and Toilet Manufacturing - 0.2%
		Yankee Acquisition Corp.
	195	8.50%, 02/15/2015		200
	3,500	9.75%, 02/15/2017		3,658
		Yankee Candle Co.
	4,632	10.25%, 02/15/2016 Þ		4,736
				8,594
		Utilities - 0.4%
		Calpine Corp.
	10,000	7.25%, 10/15/2017 ■		10,675
		NRG Energy, Inc.
	10,750	7.63%, 01/15/2018		10,884
				21,559
		Wholesale Trade - 0.2%
		Everest Acquisition LLC
	2,890	6.88%, 05/01/2019 ■		3,034
		Spectrum Brands, Inc.
	9,100	9.50%, 06/15/2018		10,306
				13,340
		Total corporate bonds
		(cost $440,664)	$	450,342
SENIOR FLOATING RATE INTERESTS ♦ - 87.2%
		Accommodation and Food Services - 1.8%
		Caesars Entertainment Operating Co., Inc.
$	29,234	9.50%, 10/31/2016	$	30,008
		Harrah's Operating Co., Inc., Term B-1 Loans
	51,000	3.24%, 01/28/2015		48,408
		Las Vegas Sands LLC, Extended Delayed Draw Term Loan
	4,658	2.85%, 11/23/2016		4,588
		Las Vegas Sands LLC, Extended Delayed Draw Term Loan 2
	1,270	2.85%, 11/23/2015		1,251
		Las Vegas Sands LLC, Extended Term Loan
	20,672	2.85%, 11/23/2016		20,362
				104,617
		Administrative Waste Management and Remediation - 5.4%
		Acosta, Inc.
	41,140	4.75%, 03/01/2018		41,101
		Affinion Group, Inc., Tranche B Term Loan
	73,707	5.00%, 10/09/2016		69,984
		Energy Solutions, Inc.
	23,683	6.25%, 08/12/2016		23,802
		InVentiv Health, Inc., 1st Lien Consolidated Term Loan
	16,313	6.50%, 08/04/2016		15,375
		InVentiv Health, Inc., Term Loan B2
	15,438	6.75%, 05/15/2018		14,608
		Ipreo Holdings LLC
	11,940	8.00%, 08/05/2017		11,910
		Nana Development Corp.
	19,250	6.50%, 07/22/2016		18,841
		NexTag, Inc.
	8,881	7.00%, 01/28/2016		8,600
		Ozburn-Hessey Holding Co. LLC
	10,102	8.25%, 04/08/2016		8,848
		Servicemaster Co., Delayed Draw Term Loan
	3,540	2.80%, 07/24/2014		3,499
		Servicemaster Co., Term Loan B
	40,469	2.80%, 07/24/2014		39,999
		SI Organization, Inc.
	10,863	4.50%, 11/19/2016		10,516

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 87.2% - (continued)
		Administrative Waste Management and Remediation - 5.4% - (continued)
		Synagro Technologies, Inc.
$	17,395	2.25%, 03/28/2014	$	15,667
		TransUnion LLC
	16,563	4.75%, 02/10/2018		16,718
		Volume Services America, Inc.
	9,602	10.50%, 09/16/2016		9,623
				309,091
		Agriculture, Construction, Mining and Machinery - 2.9%
		Capital Safety Group Ltd.
	12,000	6.25%, 01/15/2019		12,105
		Intelligrated, Inc.
	11,610	7.50%, 02/18/2017		11,551
		Kion Group GMBH, Facility B
	16,801	3.49%, 12/23/2014		15,352
		Kion Group GMBH, Facility C
	16,801	3.99%, 12/23/2015		15,436
		Nortek, Inc.
	17,362	5.25%, 04/26/2017		17,417
		Veyance Technologies, Inc.
	70,480	2.74%, 07/31/2014		68,013
	27,650	5.99%, 07/31/2015		25,905
				165,779
		Agriculture, Forestry, Fishing and Hunting - 0.4%
		Milk Specialties Co.
	9,825	8.50%, 12/23/2017		9,850
		WM Bolthouse Farms, Inc.
	11,875	9.50%, 08/11/2016		11,927
				21,777
		Air Transportation - 2.8%
		AWAS Aviation Holdings LLC
	7,513	5.25%, 06/10/2016		7,563
		Delta Air Lines, Inc., New Term Loan
	4,082	4.25%, 03/07/2016		3,985
		Delta Air Lines, Inc., Term Loan
	38,887	5.50%, 04/20/2017		38,926
		Macquarie Aircraft Leasing Finance S.A., First Lien Term Loan
	11,087	1.74%, 11/29/2013		10,976
		Macquarie Aircraft Leasing Finance S.A., Second Lien Term Loan
	10,735	4.24%, 11/29/2013		10,574
		United Air Lines, Inc.
	56,418	2.25%, 02/01/2014		55,737
		US Airways Group, Inc.
	34,581	2.74%, 03/23/2014		32,981
				160,742
		Arts, Entertainment and Recreation - 7.5%
		24 Hour Fitness Worldwide, Inc.
	39,349	7.50%, 04/15/2016		39,693
		Busch Entertainment Corp.
	9,750	4.00%, 08/17/2017		9,758
		Caribe Information Investments, Inc.
	4,984	10.00%, 11/18/2014		3,215
		Cengage Learning, Inc.
	34,662	5.74%, 07/31/2017 ☼		30,416
		Cenveo, Inc.
	14,796	6.25%, 12/21/2016		14,803
		Cequel Communication LLC
	18,947	4.00%, 02/09/2019		18,744
		Clear Channel Communications, Inc.
	59,628	3.89%, 11/13/2015		48,058
		Clubcorp Club Operations, Inc.
	19,239	6.00%, 11/30/2016		19,335
		Cumulus Media, Inc., Second Lien Term Loan
	4,000	7.50%, 09/16/2019		4,062
		Cumulus Media, Inc., Term Loan B
	40,911	5.75%, 09/17/2018		41,203
		Dex Media West LLC
	10,111	7.25%, 10/24/2014		6,500
		F & W Publications, Inc., New Term Loan
	3,490	7.75%, 06/09/2014		3,237
		F & W Publications, Inc., Second Lien Term Loan
	1,969	15.00%, 12/09/2014 Þ		1,132
		Gatehouse Media Operating, Inc., Delayed Draw Term Loan
	3,262	2.24%, 08/05/2014		974
		Gatehouse Media Operating, Inc., Initial Term Loan
	11,695	2.24%, 08/05/2014		3,491
		Golden Nugget, Inc., Delayed Draw Term Loan
	3,099	3.24%, 06/22/2014 Þ		2,955
		Golden Nugget, Inc., Term Facility
	5,504	3.24%, 06/22/2014 Þ		5,248
		Kabel Deutschland Holding AG
	16,619	4.25%, 01/20/2019		16,598
		Penton Media, Inc.
	8,829	5.00%, 08/01/2014 Þ		6,968
		Pinnacle Entertainment
	7,619	4.75%, 10/16/2018		7,625
		Pittsburgh Gaming Holdings L.P.
	11,905	12.00%, 06/30/2015		12,411
		R.H. Donnelley, Inc.
	5,068	9.00%, 10/24/2014		2,382
		San Juan Cable LLC
	19,726	6.00%, 06/09/2017		19,301
		Sinclair Television Group
	16,465	4.00%, 10/28/2016		16,474
		Six Flags Theme Parks, Inc.
	8,000	4.25%, 12/20/2018		8,011
		Univision Communications, Inc.
	92,577	4.49%, 03/31/2017		86,457
				429,051
		Chemical Manufacturing - 3.0%
		Hexion Specialty Chemicals, Tranche C-1B Term Loan Ext
	66,084	4.07%, 05/05/2015		65,393
		Hexion Specialty Chemicals, Tranche C-2B Term Loan Ext
	27,288	4.07%, 05/05/2015		27,002
		Hexion Specialty Chemicals, Tranche C-4B Term Loan Ext
	2,547	4.31%, 05/05/2015		2,490

The accompanying notes are an integral part of these financial statements.

7

The Hartford Floating Rate Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 87.2% - (continued)
		Chemical Manufacturing - 3.0% - (continued)
		Hexion Specialty Chemicals, Tranche C-5B Term Loan Ext
$	953	4.25%, 05/05/2015	$	929
		Hexion Specialty Chemicals, Tranche C-6B Term Loan Ext
EUR	1,795	4.76%, 05/05/2015		2,310
		Ineos Group, New Term Loan C-2
	3,586	8.00%, 12/16/2014		3,720
		Ineos Holdings Ltd.
	8,850	5.47%, 04/27/2018 ☼ ◊		8,883
		Norit N.V., Inc.
	11,816	6.75%, 07/10/2017		11,904
		Univar, Inc.
	36,361	5.00%, 06/30/2017		36,415
		Utex Industries, Inc.
	11,947	7.00%, 12/15/2016		11,910
				170,956
		Computer and Electronic Product Manufacturing - 0.8%
		API Technologies Corp.
	7,440	8.75%, 06/01/2016		7,403
		Eastman Kodak Co.
	2,904	8.50%, 07/26/2013		2,952
		Freescale Semiconductor, Inc.
	20,164	4.49%, 12/01/2016		19,753
		SRA International, Inc.
	15,630	6.50%, 07/20/2018		15,630
				45,738
		Construction - 0.6%
		Brock Holdings, Inc.
	16,838	6.01%, 03/16/2017		16,722
	5,798	10.00%, 03/16/2018		5,634
		Summit Materials LLC
	10,000	6.00%, 01/30/2019		10,072
				32,428
		Educational Services - 0.3%
		Meritas Schools Holdings LLC, Second Lien Term Loan
	5,000	11.50%, 01/29/2018		4,999
		Meritas Schools Holdings LLC, Term Loan B
	9,250	7.50%, 07/29/2017		9,158
				14,157
		Finance and Insurance - 7.2%
		Asurion Corp.
	4,864	11.00%, 08/16/2019		4,990
		Asurion Corp., Second Lien Term Loan
	22,130	9.00%, 05/24/2019		22,438
		Asurion Corp., Term Loan
	56,664	5.50%, 05/24/2018		56,681
		BNY Convergex Group LLC, 1st Lien Eze Borrower Term Loan Committment
	4,960	5.00%, 12/17/2016		4,933
		BNY Convergex Group LLC, 1st Lien Top Borrower Term Loan Committment
	11,263	5.00%, 12/17/2016		11,202
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	1,440	8.75%, 12/17/2017		1,424
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	3,432	8.75%, 12/17/2017		3,394
		Capital Automotive L.P.
	17,820	5.25%, 03/11/2017		17,743
		Chrysler Group LLC
	58,158	6.00%, 05/24/2017		59,164
		Evertec, Inc.
	7,746	5.25%, 09/30/2016		7,749
		Fortress Investment Group LLC
	9,984	5.75%, 10/07/2015		9,984
		HMSC Corp.
	7,499	2.49%, 04/03/2014		6,430
		Hub International Holdings, Inc., Delayed Draw Term Loan
	2,508	5.51%, 06/12/2014		2,501
		Hub International Holdings, Inc., Initial Term Loan
	11,850	5.51%, 06/14/2014		11,818
		Hub International Holdings, Inc., Term Loan B Add-On
	13,395	7.76%, 06/13/2014		13,428
		Interactive Data Corp.
	21,022	4.50%, 02/11/2018		21,032
		Nuveen Investments, Inc.
	36,202	5.97%, 05/13/2017		36,201
	13,919	7.25%, 05/13/2017		13,985
	22,560	8.25%, 02/23/2019		23,011
		Nuveen Investments, Inc., Extended First Lien Term Loan
	37,142	5.97%, 05/13/2017		37,134
		Ocwen Financial Corp.
	15,478	7.00%, 09/01/2016		15,594
		Springleaf Financial Funding Co.
	33,000	5.50%, 05/10/2017		31,261
				412,097
		Food Manufacturing - 3.6%
		American Seafood Group LLC
	15,574	4.25%, 03/16/2018		15,094
		Dean Foods Co., Extended Term Loan
	5,925	3.24%, 04/02/2016		5,896
		Dean Foods Co., Term B 2017 Extended
	3,940	3.49%, 04/02/2017		3,927
		Dean Foods Co., Term Loan B
	13,779	1.74%, 03/29/2014		13,713
		Del Monte Corp.
	55,635	4.50%, 03/08/2018		55,248
		Dole Food Co., Inc., Term Loan B2
	7,526	5.04%, 07/08/2018		7,555
		Dole Food Co., Inc., Term Loan C2
	13,468	5.03%, 07/08/2018		13,519
		JBS USA LLC
	16,446	4.25%, 05/25/2018		16,425
		Pinnacle Foods
	30,497	2.77%, 03/30/2014		30,468
		Roundy's Supermarkets, Inc.
	29,628	5.75%, 02/13/2019		29,896

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 87.2% - (continued)
		Food Manufacturing - 3.6% - (continued)
		Shearer's Foods, Inc.
$	11,636	7.50%, 03/31/2015	$	10,472
				202,213
		Health Care and Social Assistance - 9.2%
		Accentcare, Inc.
	7,072	6.50%, 12/22/2016		6,506
		Alere, Inc.
	31,848	4.75%, 06/30/2017		31,748
		Ardent Health Services LLC, Term Loan
	19,875	6.50%, 09/15/2015		19,759
		ATI Holdings LLC
	10,963	7.50%, 03/14/2016		10,653
		Community Health Systems, Inc., Term Loan B
	47,994	3.29%, 07/25/2014		47,554
		DJO Finance LLC
	10,079	5.24%, 11/01/2016		10,059
	10,179	6.25%, 09/15/2017		10,195
		Gentiva Health Services, Inc.
	12,721	6.50%, 08/17/2016		12,081
		Grifols, Inc.
	18,769	4.50%, 06/01/2017		18,769
		Harrington Holdings, Inc.
	10,291	6.75%, 10/01/2016		10,298
		HCA, Inc., Tranche B-2 Term Loan
	42,805	3.72%, 03/31/2017		42,170
		HCA, Inc., Tranche B-3 Term Loan
	25,094	3.49%, 05/01/2018		24,675
		IASIS Healthcare Capital Corp.
	17,820	5.00%, 05/03/2018		17,856
		Immucor, Inc.
	12,388	7.25%, 08/17/2018		12,504
		Insight Pharmaceuticals LLC
	7,935	7.51%, 08/25/2016		7,829
		Kindred HealthCare, Inc.
	13,375	5.25%, 06/01/2018		12,857
		Kinetic Concepts, Inc.
	14,963	7.00%, 05/04/2018		15,262
		MedAssets, Inc.
	11,860	5.25%, 11/16/2016		11,921
		Medpace, Inc.
	11,910	6.50%, 06/17/2017		11,553
		Multiplan, Inc.
	35,281	4.75%, 08/26/2017		35,171
		NBTY, Inc.
	33,466	4.25%, 10/01/2017		33,488
		Pharmaceutical Product Development, Inc.
	14,535	6.25%, 11/18/2018		14,674
		Physician Oncology Services, Delayed Draw Term Commitment
	816	6.25%, 01/31/2017		784
		Physician Oncology Services, Term Loan
	6,719	6.25%, 01/31/2017		6,451
		Select Medical Corp.
	10,771	5.50%, 06/01/2018		10,455
		Surgery Center Holdings, Inc.
	9,838	6.50%, 02/06/2017		9,346
		United Surgical Partners International, Inc., Extended Term Loan B
	10,064	6.00%, 04/30/2017		10,018
		United Surgical Partners International, Inc., Term Loan B
	10,000	6.00%, 04/03/2019		10,004
		US Healthworks, Inc.
	11,910	6.25%, 06/15/2016		11,701
		Valeant Pharmaceuticals International
	14,775	3.75%, 02/02/2019		14,701
		Warner Chilcott Corp., Term Loan B-1
	15,422	4.25%, 03/15/2018		15,439
		Warner Chilcott Corp., Term Loan B-2
	7,711	4.25%, 03/15/2018		7,719
		Warner Chilcott Corp., Term Loan B-3
	10,603	4.25%, 03/15/2018		10,614
				524,814
		Information - 14.7%
		Alaska Communication Systems Holdings, Inc.
	10,813	5.50%, 10/21/2016		9,917
		Ascend Learning LLC
	12,704	7.00%, 12/06/2016		12,710
		Aspect Software, Inc.
	11,665	6.25%, 05/07/2016		11,651
		Avaya, Inc., Existing Term B-1 Loan
	13,401	3.24%, 10/24/2014		13,157
		Avaya, Inc., Term B-3 Loan
	26,820	4.99%, 10/26/2017		25,960
		Blackboard, Inc.
	29,676	7.50%, 10/04/2018		29,438
		CDW Corp.
	56,267	4.00%, 07/15/2017		55,248
		Ceridian Corp.
	18,204	3.24%, 11/09/2014		17,404
		Charter Communications Operating LLC
	11,700	4.00%, 05/15/2019		11,654
		Charter Communications Operating LLC, Term C Loan Extended
	31,425	3.72%, 09/06/2016		31,420
		Crown Castle International Corp.
	14,963	4.00%, 01/31/2019		14,964
		Eagle Parent, Inc.
	46,538	5.00%, 05/16/2018		46,529
		Emdeon, Inc.
	2,075	5.00%, 11/02/2018		2,091
	12,177	6.75%, 11/02/2018		12,281
		First Data Corp., Extended 1st Lien Term Loan
	96,764	4.24%, 03/23/2018		88,191
		First Data Corp., Initial Tranche B-1 Term Loan
	21,954	2.99%, 09/24/2014		20,985
		Intelsat Jackson Holdings Ltd.
	43,026	5.25%, 04/02/2018		43,228
		Intelsat Ltd.
	35,926	3.24%, 02/01/2014		35,422
		Lawson Software, Inc.
	34,300	6.25%, 04/15/2018		34,729
		Level 3 Communications Corp.
	12,900	5.75%, 09/01/2018		13,074

The accompanying notes are an integral part of these financial statements.

9

The Hartford Floating Rate Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 87.2% - (continued)
		Information - 14.7% - (continued)
		Level 3 Communications Corp., Tranche A Term Loan
$	81,513	2.65%, 03/01/2014	$	80,901
		Mediacom Broadband LLC, Term Loan E
	9,933	4.50%, 10/23/2017		9,883
		Mediacom Broadband LLC, Tranche F Term Loan
	16,010	4.50%, 10/23/2017		15,943
		Metro PCS Wireless, Inc., Term Loan B3
	4,424	4.00%, 03/17/2018		4,377
		Metro PCS Wireless, Inc., Tranche B-2 Term Loan
	6,590	4.07%, 11/03/2016		6,565
		NDS Group plc
	18,315	4.00%, 03/12/2018		18,304
		Northland Communications Corp.
	9,838	7.75%, 12/30/2016		9,493
		Property Data U.S., Inc.
	19,847	7.00%, 01/04/2017		18,557
		SkillSoft Corp.
	14,133	6.50%, 05/26/2017 - 05/31/2017		14,172
		Sunquest Information Systems, Inc.
	9,925	6.25%, 12/16/2016		9,913
		Telesat Canada
	14,875	4.25%, 03/26/2019		14,850
		TransFirst Holdings, Inc., Second Lien Term Loan
	1,079	6.24%, 06/12/2015 Þ		1,008
		TransFirst Holdings, Inc., Term Loan
	14,827	2.99%, 06/12/2014		14,426
		TWCC Holding Corp.
	12,993	4.25%, 02/11/2017		13,023
		UPC Financing Partnership
	12,750	4.75%, 12/31/2017		12,778
		West Corp., Term Loan B-4
	12,283	4.60%, 07/15/2016		12,313
		West Corp., Term Loan B-5
	7,552	4.49%, 07/15/2016		7,571
		WideOpenWest Finance LLC, First Lien Term Loan
	19,510	2.74%, 07/01/2014		19,327
		WideOpenWest Finance LLC, Second Lien Term Loan
	9,975	6.49%, 06/29/2015 Þ		9,875
		WideOpenWest Finance LLC, Term Loan B Add-On
	14,519	6.74%, 06/28/2014		14,495
				837,827
		Media - 0.2%
		PRIMEDIA, Inc.
	15,733	7.50%, 01/13/2018		13,971
		Mining - 0.3%
		American Gilsonite Co.
	7,814	7.25%, 12/10/2015		7,658
		Phoenix Services LLC
	7,782	9.00%, 01/24/2018		7,859
				15,517
		Miscellaneous Manufacturing - 1.6%
		DAE Aviation Holdings, Inc., Term Loan B1
	7,622	5.47%, 09/27/2014		7,641
		DAE Aviation Holdings, Inc., Term Loan B2
	6,739	5.47%, 09/27/2014		6,756
		Provo Craft and Novelty, Inc.
	9,583	8.50%, 03/22/2016		3,833
		Reynolds Group Holdings, Inc.
	21,654	6.50%, 08/09/2018		21,939
		Sequa Corp.
	47,031	3.72%, 12/03/2014		46,535
	5,686	6.25%, 12/03/2014		5,702
				92,406
		Motor Vehicle and Parts Manufacturing - 3.4%
		Allison Transmission Holdings, Inc.
	33,331	2.74%, 08/07/2014		33,225
		AM General LLC, LC Facility Deposits
	657	3.24%, 09/30/2012		627
		AM General LLC, Term B Facility
	9,661	3.24%, 09/30/2013		9,227
		Federal Mogul Corp., Tranche B Term Loan
	48,446	2.18%, 12/27/2014		46,888
		Federal Mogul Corp., Tranche C Term Loan
	17,797	2.18%, 12/27/2015		17,225
		General Motors Co.
	31,965	0.38%, 10/27/2015 ◊☼		28,629
		Pinafore LLC
	29,053	4.25%, 09/29/2016		29,132
		Schaeffler AG
	14,815	6.00%, 01/27/2017		14,863
		Stackpole Powertrain International USA LLC
	10,945	7.50%, 08/02/2017		10,959
				190,775
		Other Services - 0.4%
		Husky Injection Molding Systems
	21,587	6.55%, 06/29/2018		21,735
		Petroleum and Coal Products Manufacturing - 1.8%
		Dynegy Midwest Generation LLC
	18,174	9.25%, 08/05/2016		18,560
		Dynegy Power LLC
	39,536	9.25%, 08/05/2016		41,340
		Walter Energy, Inc.
	16,288	4.00%, 04/02/2018		16,261
		Western Refining, Inc.
	14,963	7.50%, 03/15/2017		15,140
		Willbros Group, Inc.
	10,882	9.50%, 06/30/2014		10,828
				102,129
		Pipeline Transportation - 0.1%
		El Paso Corp.
	5,747	6.27%, 04/10/2018 ◊☼		5,806
		Plastics and Rubber Products Manufacturing - 0.4%
		Kranson Industries, Inc.
	7,690	5.51%, 04/30/2018 ◊☼		7,613
		Styron Corp.
	17,323	6.00%, 08/02/2017		16,154
				23,767

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 87.2% - (continued)
		Primary Metal Manufacturing - 0.4%
		Novelis, Inc.
$	24,039	4.00%, 03/10/2017	$	24,024
		Professional, Scientific and Technical Services - 2.0%
		Advantage Sales & Marketing, Inc., Second Lien Term Loan
	10,472	9.25%, 06/18/2018		10,454
		Advantage Sales & Marketing, Inc., Term Loan B
	27,631	5.25%, 12/18/2017		27,555
		Decision Resources, Inc.
	10,858	7.75%, 12/28/2016		10,749
		Engineering Solutions & Products, Inc.
	6,635	7.75%, 04/21/2017		4,976
		IMG Worldwide, Inc.
	11,826	5.50%, 06/16/2016		11,796
		MoneyGram International, Inc., Term Loan B
	15,256	4.25%, 11/18/2017		15,233
		MoneyGram International, Inc., Term Loan B1
	2,388	4.25%, 11/18/2017		2,384
		RBS International Direct Marketing
	14,850	9.25%, 03/23/2017		8,910
		SunGard Data Systems, Inc.
	10,855	3.95%, 02/28/2016		10,869
	8,553	3.99%, 02/28/2017		8,568
				111,494
		Real Estate, Rental and Leasing - 2.3%
		LNR Properties Corp.
	22,533	4.75%, 04/29/2016		22,627
		Realogy Corp., Credit Linked Deposit
	1,539	3.24%, 10/05/2013		1,454
		Realogy Corp., Extended 1st Lien Term Loan B
	103,681	4.77%, 10/10/2016		96,386
		Realogy Corp., Extended Credit Linked Deposit
	12,523	4.49%, 10/10/2016		11,642
				132,109
		Retail Trade - 7.5%
		99 Cents Only Stores
	14,000	5.25%, 01/11/2019		14,027
		Academy Ltd.
	24,688	6.00%, 08/03/2018		24,911
		Armored Automotive
	11,835	6.00%, 11/05/2016		11,769
		Atrium Companies, Inc.
	14,276	11.00%, 04/30/2016		13,794
		BJ's Wholesale Club, Inc.
	19,419	5.25%, 09/28/2018		19,550
	8,826	10.00%, 03/31/2019		9,113
		Burlington Coat Factory Warehouse Corp.
	28,300	6.25%, 02/23/2017		28,291
		Easton-Bell Sports, Inc.
	12,220	11.50%, 12/31/2015 Þ		12,098
		Fairway Food Market, Inc.
	9,900	7.50%, 03/03/2017		9,783
		Great Atlantic & Pacific Tea Co., Inc.
	17,002	11.00%, 02/16/2017		17,363
		Gyboree Corp.
	26,695	5.00%, 02/23/2018		25,656
		Hillman Group, Inc.
	20,814	5.00%, 05/28/2016		20,814
		Michaels Stores, Inc., B-2 Term Loan
	31,469	5.00%, 07/31/2016		31,634
		Michaels Stores, Inc., B-3 Term Loan
	21,793	5.00%, 07/31/2016		21,907
		Michaels Stores, Inc., Term B Loan
	11,478	4.25%, 02/25/2018		11,478
		Nebraska Book Co., Inc.
	16,100	8.75%, 06/29/2012		16,041
		Neiman Marcus Group, Inc.
	53,610	4.75%, 05/16/2018		53,621
		Rite Aid Corp., Tranche 5 Term Loan
	16,547	4.50%, 03/03/2018		16,438
		Sports Authority, Inc.
	28,556	7.50%, 11/16/2017		27,651
		Sprouts Farmers Market LLC
	11,756	6.00%, 04/18/2018		11,638
		Toys R Us, Inc.
	9,613	5.75%, 05/25/2018		9,385
		Toys R Us, Inc., Initial Loan
	14,021	6.00%, 09/01/2016		14,001
		Weight Watchers International, Inc.
	7,441	4.00%, 03/15/2019		7,437
				428,400
		Services - 0.3%
		Clarke American Corp.
	17,956	2.77%, 02/28/2014		17,193
		Soap, Cleaning Compound and Toilet Manufacturing - 0.3%
		Revlon Consumer Products Corp.
	11,761	4.75%, 11/19/2017		11,763
		Yankee Candle Co.
	7,385	5.25%, 03/14/2019		7,430
				19,193
		Textile Product Mills - 0.4%
		Levi Strauss & Co.
	23,768	2.49%, 03/09/2014		23,203
		Transit and Ground Passenger Transportation - 0.9%
		Emergency Medical Services Corp.
	48,554	5.25%, 05/25/2018		48,684
		Truck Transportation - 0.7%
		Nexeo Solutions LLC
	9,875	5.00%, 10/01/2017		9,661
		Swift Transportation Co., Inc.
	30,458	5.00%, 12/15/2017		30,629
				40,290
		Utilities - 2.6%
		AES (The) Corp.
	15,803	4.25%, 05/28/2018		15,816
		BRSP LLC
	21,453	7.50%, 06/24/2014		21,506
		Calpine Corp. Term Loan
	39,588	4.50%, 04/01/2018		39,620

The accompanying notes are an integral part of these financial statements.

11

The Hartford Floating Rate Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬					Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 87.2% - (continued)
		Utilities - 2.6% - (continued)
		Energy Transfer Equity L.P.
$	16,717	3.75%, 05/08/2018			$	16,516
		Star West Generation LLC
	26,308	6.00%, 05/17/2018				25,913
		Texas Competitive Electric Co.
	34,498	4.74%, 10/10/2017				18,997
		TPF Generation Holdings LLC, LC Facility Deposits
	791	2.47%, 12/15/2013				782
		TPF Generation Holdings LLC, Second Lien Term Loan
	6,592	4.72%, 12/21/2014				6,386
						145,536
		Wholesale Trade - 1.4%
		HD Supply, Inc.
	29,500	7.25%, 09/26/2017				29,578
		Reynolds Consumer Products, Inc.
	46,810	6.50%, 02/09/2018				47,212
						76,790
		Total senior floating rate interests
		(cost $4,979,874)			$	4,964,309
COMMON STOCKS - 0.0%
		Consumer Durables & Apparel - 0.0%
	3	Provo Craft and Novelty, Inc. ●†			$	—
		Energy - 0.0%
	418,220	KCA Deutag ⌂●†				1,965
		Media - 0.0%
	12	Caribe Media, Inc. ●				—
	16	F & W Publications, Inc. ●				2
						2
		Total common stocks
		(cost $5,669)			$	1,967
WARRANTS - 0.0%
		Media - 0.0%
	19	Cumulus Media, Inc. ⌂			$	47
	6	F & W Publications, Inc.				1
						48
		Total warrants
		(cost $1)			$	48
		Total long-term investments (cost $5,426,208)			$	5,416,666
SHORT-TERM INVESTMENTS - 5.0%
		Investment Pools and Funds - 5.0%
	282,401	JP Morgan U.S. Government Money Market Fund			$	282,401
		Total short-term investments
		(cost $282,401)			$	282,401
		Total investments
		(cost $5,708,609) ▲	100.1	%	$	5,699,067
		Other assets and liabilities	(0.1	)%		(3,775	)
		Total net assets	100.0	%	$	5,695,292

The accompanying notes are an integral part of these financial statements.

12

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $5,710,098 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	74,775
Unrealized Depreciation		(85,806	)
Net Unrealized Depreciation	$	(11,031	)

†	These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $1,965, which rounds to zero percent of total net assets.
●	Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.
Þ	This security may pay interest in additional principal instead of cash.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $217,195, which represents 3.8% of total net assets.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $58,924 at April 30, 2012.
◊	The interest rate disclosed for these securities represents an estimated average coupon as of April 30, 2012.
Ψ	The company is in bankruptcy.  The investment held by the fund is current with respect to interest payments.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.
♦	Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of April 30, 2012.
⌂	The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
07/2009		19	Cumulus Media, Inc. Warrants	$	–
03/2011		418,220	KCA Deutag	$	5,668

At April 30, 2012, the aggregate value of these securities was $2,012, which rounds to zero percent of total net assets. 

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Currency Abbreviations:
EUR	EURO

The accompanying notes are an integral part of these financial statements.

13

The Hartford Floating Rate Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	1,967	$	–	$	2	$	1,965
Corporate Bonds		450,342		–		450,342		–
Senior Floating Rate Interests		4,964,309		–		4,964,309		–
Warrants		48		–		48		–
Short-Term Investments		282,401		282,401		–		–
Total	$	5,699,067	$	282,401	$	5,414,701	$	1,965

♦	For the six-month period ended April 30, 2012, investments valued at $58 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:
	1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
	2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
	3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales		Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of April 30, 2012
Assets:
Common Stocks	$	3,639	$	—	$	(1,674	)†	$	—	$	—	$	—	$	—	$	—	$	1,965
Warrants		—		—		—			—		—		—		—		—		—
Total	$	3,639	$	—	$	(1,674	)	$	—	$	—	$	—	$	—	$	—	$	1,965

*	Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:
	1)	Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).
	2)	Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).
	3)	Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).
†	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(1,674).

The accompanying notes are an integral part of these financial statements.

14

The Hartford Floating Rate Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $5,708,609)	$	5,699,067
Cash		689
Receivables:
Investment securities sold		44,119
Fund shares sold		15,845
Dividends and interest		31,781
Other assets		346
Total assets		5,791,847
Liabilities:
Payables:
Investment securities purchased		75,285
Fund shares redeemed		14,620
Investment management fees		556
Dividends		5,164
Administrative fees		1
Distribution fees		414
Accrued expenses		515
Total liabilities		96,555
Net assets	$	5,695,292
Summary of Net Assets:
Capital stock and paid-in-capital	$	6,192,263
Undistributed net investment income		3,072
Accumulated net realized loss		(490,501	)
Unrealized depreciation of investments		(9,542	)
Net assets	$	5,695,292
Shares authorized		3,150,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$8.87/$9.14
Shares outstanding		201,341
Net assets	$	1,785,187
Class B: Net asset value per share	$	8.86
Shares outstanding		4,306
Net assets	$	38,133
Class C: Net asset value per share	$	8.86
Shares outstanding		230,370
Net assets	$	2,040,327
Class I: Net asset value per share	$	8.87
Shares outstanding		190,892
Net assets	$	1,694,110
Class R3: Net asset value per share	$	8.88
Shares outstanding		1,420
Net assets	$	12,614
Class R4: Net asset value per share	$	8.86
Shares outstanding		753
Net assets	$	6,667
Class R5: Net asset value per share	$	8.87
Shares outstanding		1,186
Net assets	$	10,516
Class Y: Net asset value per share	$	8.86
Shares outstanding		12,164
Net assets	$	107,738

The accompanying notes are an integral part of these financial statements.

15

The Hartford Floating Rate Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	4
Interest		166,966
Total investment income		166,970
Expenses:
Investment management fees		16,942
Administrative services fees		21
Transfer agent fees		2,175
Distribution fees
Class A		2,236
Class B		195
Class C		10,146
Class R3		29
Class R4		7
Custodian fees		6
Accounting services fees		557
Registration and filing fees		342
Board of Directors' fees		74
Audit fees		26
Other expenses		343
Total expenses (before waivers and fees paid indirectly)		33,099
Expense waivers		(23	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(23	)
Total expenses, net		33,076
Net Investment Income		133,894
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		4,740
Net realized gain on swap contracts		1,563
Net realized gain on foreign currency contracts		—
Net realized gain on other foreign currency transactions		—
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		6,303
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		137,343
Net unrealized depreciation of swap contracts		(235	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		137,108
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		143,411
Net Increase in Net Assets Resulting from Operations	$	277,305

The accompanying notes are an integral part of these financial statements.

16

The Hartford Floating Rate Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	133,894		$	297,530
Net realized gain on investments, other financial instruments and foreign currency transactions		6,303			52,389
Net unrealized appreciation (depreciation) of investments and other financial instruments		137,108			(244,729	)
Net Increase In Net Assets Resulting From Operations		277,305			105,190
Distributions to Shareholders:
From net investment income
Class A		(43,809	)		(105,528	)
Class B		(808	)		(1,851	)
Class C		(42,171	)		(91,201	)
Class I		(41,913	)		(90,980	)
Class R3		(267	)		(470	)
Class R4		(144	)		(230	)
Class R5		(242	)		(560	)
Class Y		(2,939	)		(7,153	)
Total distributions		(132,293	)		(297,973	)
Capital Share Transactions:
Class A		(232,709	)		195,568
Class B		(3,872	)		(5,042	)
Class C		(118,149	)		220,582
Class I		82,440			429,534
Class R3		1,051			3,981
Class R4		462			3,869
Class R5		2,373			(2,760	)
Class Y		(11,175	)		18,914
Net increase (decrease) from capital share transactions		(279,579	)		864,646
Net Increase (Decrease) In Net Assets		(134,567	)		671,863
Net Assets:
Beginning of period		5,829,859			5,157,996
End of period	$	5,695,292		$	5,829,859
Undistributed (distribution in excess of) net investment income (loss)	$	3,072		$	1,471

The accompanying notes are an integral part of these financial statements.

17

The Hartford Floating Rate Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Floating Rate Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 3.00%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

18

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

19

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange

20

rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of April 30, 2012.

21

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States

22

Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund had no outstanding mortgage related and other asset backed securities as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of April 30, 2012.

b) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, investments or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be

23

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund had no outstanding credit default swaps as of April 30, 2012. 

c) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the six-month period ended April 30, 2012.

24

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on swap contracts	$	—	$	—	$	1,563		$	—	$	—	$	—	$	1,563
Net realized gain on foreign currency contracts		—		—		—			—		—		—		—
Total	$	—	$	—	$	1,563		$	—	$	—	$	—	$	1,563
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of swap contracts	$	—	$	—	$	(235	)	$	—	$	—	$	—	$	(235	)
Total	$	—	$	—	$	(235	)	$	—	$	—	$	—	$	(235	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and

25

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	298,104	$	214,954

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	7,137
Accumulated Capital Losses *		(495,316	)
Unrealized Depreciation †		(148,138	)
Total Accumulated Deficit	$	(636,317	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

26

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(244	)
Accumulated Net Realized Gain (Loss)		245
Capital Stock and Paid-in-Capital		(1	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	223,256
2017		272,060
Total	$	495,316

During the year ended October 31, 2011, the Fund utilized $51,118 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective April 23, 2012, HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement

27

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. For a brief transition period beginning April 23, 2012, Wellington Management and Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s prior sub-adviser, will each serve as a sub-adviser for the Fund. After such transition period, Hartford Investment Management will no longer serve as a sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.6500	%
On next $2 billion		0.6000	%
On next $2.5 billion		0.5900	%
On next $5 billion		0.5800	%
Over $10 billion		0.5700	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through April 22, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.6500	%
On next $4.5 billion		0.6000	%
On next $5 billion		0.5800	%
Over $10 billion		0.5700	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.00	%		1.75	%		1.75	%		0.75	%		1.25	%		1.00	%		0.70	%		0.70	%

d) Fees Paid Indirectly - The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in the non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts are included in the Statement of Operations.

28

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. Had the fees paid indirectly been included, the annualized expense ratio for the periods listed below would have been as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		0.98	%
Class B		1.75
Class C		1.73
Class I		0.73
Class R3		1.25
Class R4		1.00
Class R5		0.70
Class Y		0.65

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $854 and contingent deferred sales charges of $313 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $25.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $3. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with

29

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,263,487
Sales Proceeds Excluding U.S. Government Obligations		1,476,091

9. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		29,748		4,327		(61,040	)		—		(26,965	)		161,333		10,015		(151,875	)		—		19,473
Amount	$	259,277	$	37,760	$	(529,746	)	$	—	$	(232,709	)	$	1,431,148	$	88,151	$	(1,323,731	)	$	—	$	195,568
Class B
Shares		105		69		(619	)		—		(445	)		770		151		(1,508	)		—		(587	)
Amount	$	917	$	600	$	(5,389	)	$	—	$	(3,872	)	$	6,811	$	1,327	$	(13,180	)	$	—	$	(5,042	)
Class C
Shares		16,602		3,759		(34,032	)		—		(13,671	)		92,229		7,652		(76,787	)		—		23,094
Amount	$	144,854	$	32,771	$	(295,774	)	$	—	$	(118,149	)	$	819,143	$	67,242	$	(665,803	)	$	—	$	220,582
Class I
Shares		53,236		3,255		(47,036	)		—		9,455			186,388		6,879		(148,169	)		—		45,098
Amount	$	463,526	$	28,452	$	(409,538	)	$	—	$	82,440		$	1,656,198	$	60,655	$	(1,287,319	)	$	—	$	429,534
Class R3
Shares		276		30		(187	)		—		119			765		53		(378	)		—		440
Amount	$	2,421	$	262	$	(1,632	)	$	—	$	1,051		$	6,778	$	465	$	(3,262	)	$	—	$	3,981
Class R4
Shares		271		16		(235	)		—		52			536		25		(126	)		—		435
Amount	$	2,381	$	136	$	(2,055	)	$	—	$	462		$	4,744	$	224	$	(1,099	)	$	—	$	3,869
Class R5
Shares		346		26		(98	)		—		274			775		62		(1,167	)		—		(330	)
Amount	$	3,002	$	229	$	(858	)	$	—	$	2,373		$	6,825	$	543	$	(10,128	)	$	—	$	(2,760	)
Class Y
Shares		2,594		115		(3,986	)		—		(1,277	)		10,649		311		(9,055	)		—		1,905
Amount	$	22,527	$	1,002	$	(34,704	)	$	—	$	(11,175	)	$	94,732	$	2,746	$	(78,564	)	$	—	$	18,914
Total
Shares		103,178		11,597		(147,233	)		—		(32,458	)		453,445		25,148		(389,065	)		—		89,528
Amount	$	898,905	$	101,212	$	(1,279,696	)	$	—	$	(279,579	)	$	4,026,379	$	221,353	$	(3,383,086	)	$	—	$	864,646

30

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		40	$	349
For the Year Ended October 31, 2011		109	$	955

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

In July 2007, the Fund and more than 60 other lenders (known collectively as the “Transeastern Lenders”) accepted the payoff of a guarantee from Tousa, Inc. (“Tousa”), a Florida homebuilder. In order to fund the payoff, Tousa borrowed money from certain new lenders and secured the loan by granting liens to the new lenders on the assets of certain Tousa subsidiaries (the “Subsidiaries”). Tousa entered bankruptcy in January of 2008. In July, 2008, a committee of creditors of the Subsidiaries (the “Committee”) brought suit against the Transeastern Lenders, alleging that the Subsidiaries had received no benefit in return for the liens on their assets, that the Subsidiaries were co-borrowers on the loan from the new lenders, and that the Transeastern Lenders received the value of the liens when the Transeastern Lenders accepted the payoff. The Subsidiaries sought the avoidance of their liens and the return of the value of those liens to the bankruptcy estate. On October 13, 2009, the bankruptcy court in the Southern District of Florida ruled in favor of the Committee, avoided the liens, and ordered the Transeastern Lenders to return the payoff amount to the bankruptcy estate. The Transeastern Lenders, together with the Fund, appealed the decision to the district court. On February 11, 2011, the District Court ruled in favor of the Treaseastern Lenders and the Fund and quashed the bankruptcy court opinion. The Committee has appealed to the Eleventh Circuit. If the Eleventh

31

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Circuit reinstates the bankruptcy court opinion, the Fund would be liable for approximately $3.02 million. Management of the Fund believes resolution of this matter will not have a material impact on the Fund’s financial statements.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

32

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33

The Hartford Floating Rate Fund

Financial Highlights

 - Selected Per-Share Data (A) - 

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	8.64	$	0.22	$	–	$	0.22		$	0.44		$	(0.21	)	$	–	$	–	$	(0.21	)	$	0.23		$	8.87
B		8.63		0.18		–		0.23			0.41			(0.18	)		–		–		(0.18	)		0.23			8.86
C		8.63		0.18		–		0.23			0.41			(0.18	)		–		–		(0.18	)		0.23			8.86
I		8.65		0.23		–		0.21			0.44			(0.22	)		–		–		(0.22	)		0.22			8.87
R3		8.66		0.21		–		0.21			0.42			(0.20	)		–		–		(0.20	)		0.22			8.88
R4		8.63		0.21		–		0.23			0.44			(0.21	)		–		–		(0.21	)		0.23			8.86
R5		8.64		0.23		–		0.22			0.45			(0.22	)		–		–		(0.22	)		0.23			8.87
Y		8.63		0.23		–		0.23			0.46			(0.23	)		–		–		(0.23	)		0.23			8.86
For the Year Ended October 31, 2011
A		8.81		0.42		–		(0.16	)		0.26			(0.43	)		–		–		(0.43	)		(0.17	)		8.64
B		8.81		0.35		–		(0.17	)		0.18			(0.36	)		–		–		(0.36	)		(0.18	)		8.63
C		8.81		0.36		–		(0.18	)		0.18			(0.36	)		–		–		(0.36	)		(0.18	)		8.63
I		8.82		0.45		–		(0.17	)		0.28			(0.45	)		–		–		(0.45	)		(0.17	)		8.65
R3		8.83		0.40		–		(0.17	)		0.23			(0.40	)		–		–		(0.40	)		(0.17	)		8.66
R4		8.81		0.42		–		(0.18	)		0.24			(0.42	)		–		–		(0.42	)		(0.18	)		8.63
R5		8.82		0.44		–		(0.17	)		0.27			(0.45	)		–		–		(0.45	)		(0.18	)		8.64
Y		8.80		0.45		–		(0.17	)		0.28			(0.45	)		–		–		(0.45	)		(0.17	)		8.63
For the Year Ended October 31, 2010
A		8.30		0.46		–		0.51			0.97			(0.46	)		–		–		(0.46	)		0.51			8.81
B		8.30		0.40		–		0.50			0.90			(0.39	)		–		–		(0.39	)		0.51			8.81
C		8.29		0.40		–		0.52			0.92			(0.40	)		–		–		(0.40	)		0.52			8.81
I		8.31		0.48		–		0.51			0.99			(0.48	)		–		–		(0.48	)		0.51			8.82
R3		8.31		0.44		–		0.52			0.96			(0.44	)		–		–		(0.44	)		0.52			8.83
R4		8.30		0.46		–		0.51			0.97			(0.46	)		–		–		(0.46	)		0.51			8.81
R5		8.30		0.48		–		0.51			0.99			(0.47	)		–		–		(0.47	)		0.52			8.82
Y		8.29		0.49		–		0.51			1.00			(0.49	)		–		–		(0.49	)		0.51			8.80
For the Year Ended October 31, 2009
A		7.13		0.42		–		1.19			1.61			(0.44	)		–		–		(0.44	)		1.17			8.30
B		7.13		0.37		–		1.19			1.56			(0.39	)		–		–		(0.39	)		1.17			8.30
C		7.13		0.36		–		1.19			1.55			(0.39	)		–		–		(0.39	)		1.16			8.29
I		7.13		0.43		–		1.21			1.64			(0.46	)		–		–		(0.46	)		1.18			8.31
R3		7.14		0.40		–		1.19			1.59			(0.42	)		–		–		(0.42	)		1.17			8.31
R4		7.13		0.42		–		1.19			1.61			(0.44	)		–		–		(0.44	)		1.17			8.30
R5		7.15		0.48		–		1.12			1.60			(0.45	)		–		–		(0.45	)		1.15			8.30
Y		7.13		0.45		–		1.17			1.62			(0.46	)		–		–		(0.46	)		1.16			8.29
For the Year Ended October 31, 2008
A		9.79		0.55		–		(2.68	)		(2.13	)		(0.53	)		–		–		(0.53	)		(2.66	)		7.13
B		9.79		0.47		–		(2.67	)		(2.20	)		(0.46	)		–		–		(0.46	)		(2.66	)		7.13
C		9.78		0.47		–		(2.66	)		(2.19	)		(0.46	)		–		–		(0.46	)		(2.65	)		7.13
I		9.79		0.57		–		(2.68	)		(2.11	)		(0.55	)		–		–		(0.55	)		(2.66	)		7.13
R3		9.79		0.52		–		(2.66	)		(2.14	)		(0.51	)		–		–		(0.51	)		(2.65	)		7.14
R4		9.78		0.54		–		(2.66	)		(2.12	)		(0.53	)		–		–		(0.53	)		(2.65	)		7.13
R5		9.81		0.56		–		(2.68	)		(2.12	)		(0.54	)		–		–		(0.54	)		(2.66	)		7.15
Y		9.78		0.57		–		(2.66	)		(2.09	)		(0.56	)		–		–		(0.56	)		(2.65	)		7.13
For the Year Ended October 31, 2007
A		10.11		0.66		–		(0.31	)		0.35			(0.67	)		–		–		(0.67	)		(0.32	)		9.79
B		10.11		0.58		–		(0.31	)		0.27			(0.59	)		–		–		(0.59	)		(0.32	)		9.79
C		10.11		0.59		–		(0.32	)		0.27			(0.60	)		–		–		(0.60	)		(0.33	)		9.78
I		10.11		0.70		–		(0.32	)		0.38			(0.70	)		–		–		(0.70	)		(0.32	)		9.79
R3(G)		10.09		0.54		–		(0.31	)		0.23			(0.53	)		–		–		(0.53	)		(0.30	)		9.79
R4(G)		10.09		0.56		–		(0.32	)		0.24			(0.55	)		–		–		(0.55	)		(0.31	)		9.78
R5(G)		10.09		0.58		–		(0.29	)		0.29			(0.57	)		–		–		(0.57	)		(0.28	)		9.81
Y		10.11		0.69		–		(0.32	)		0.37			(0.70	)		–		–		(0.70	)		(0.33	)		9.78

34

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	5.19	%(E)	$	1,785,187		0.98	%(F)		0.98	%(F)		0.98	%(F)		4.97	%(F)		23	%
	4.79	(E)		38,133		1.81	(F)		1.75	(F)		1.75	(F)		4.19	(F)		–
	4.80	(E)		2,040,327		1.73	(F)		1.73	(F)		1.73	(F)		4.20	(F)		–
	5.19	(E)		1,694,110		0.73	(F)		0.73	(F)		0.73	(F)		5.20	(F)		–
	4.91	(E)		12,614		1.38	(F)		1.25	(F)		1.25	(F)		4.76	(F)		–
	5.18	(E)		6,667		1.07	(F)		1.00	(F)		1.00	(F)		4.94	(F)		–
	5.33	(E)		10,516		0.77	(F)		0.70	(F)		0.70	(F)		5.24	(F)		–
	5.36	(E)		107,738		0.65	(F)		0.65	(F)		0.65	(F)		5.27	(F)		–
	2.91			1,972,548		0.97			0.97			0.97			4.79			96
	2.00			41,006		1.79			1.75			1.75			4.01			–
	2.03			2,106,199		1.72			1.72			1.72			4.05			–
	3.16			1,568,922		0.72			0.72			0.72			5.03			–
	2.62			11,257		1.37			1.25			1.25			4.52			–
	2.76			6,048		1.06			1.00			1.00			4.78			–
	3.07			7,882		0.75			0.70			0.70			5.04			–
	3.24			115,997		0.65			0.65			0.65			5.11			–
	11.97			1,840,478		0.97			0.97			0.97			5.40			63
	11.11			47,006		1.78			1.75			1.75			4.64			–
	11.27			1,945,470		1.72			1.72			1.72			4.65			–
	12.22			1,202,589		0.74			0.74			0.74			5.62			–
	11.75			7,598		1.38			1.25			1.25			5.11			–
	11.93			2,339		1.07			1.00			1.00			5.37			–
	12.25			10,956		0.79			0.74			0.74			5.46			–
	12.35			101,560		0.65			0.65			0.65			5.73			–
	23.65			1,277,011		1.00			1.00			1.00			5.69			55
	22.60			47,635		1.84			1.75			1.75			5.00			–
	22.60			1,204,826		1.76			1.75			1.75			4.99			–
	23.93			594,705		0.74			0.74			0.74			5.94			–
	23.17			2,863		1.41			1.25			1.25			5.36			–
	23.50			1,367		1.10			1.00			1.00			5.70			–
	23.32			26		0.97			0.85			0.85			5.99			–
	23.87			87,907		0.68			0.68			0.68			6.12			–
	(22.71	)		728,882		0.99			0.99			0.99			6.02			18
	(23.30	)		40,440		1.81			1.75			1.75			5.23			–
	(23.24	)		876,501		1.75			1.75			1.75			5.25			–
	(22.51	)		171,007		0.74			0.74			0.74			6.28			–
	(22.80	)		544		1.45			1.25			1.25			5.63			–
	(22.63	)		515		1.15			1.00			1.00			5.71			–
	(22.55	)		90		0.86			0.85			0.85			6.24			–
	(22.39	)		98,315		0.69			0.69			0.69			6.23			–
	3.54			1,996,644		0.96			0.96			0.96			6.61			62
	2.72			71,403		1.80			1.75			1.75			5.84			–
	2.67			1,870,911		1.74			1.74			1.74			5.86			–
	3.84			406,906		0.71			0.71			0.71			6.88			–
	2.31	(E)		285		1.75	(F)		1.25	(F)		1.25	(F)		6.59	(F)		–
	2.42	(E)		10		1.18	(F)		1.00	(F)		1.00	(F)		6.58	(F)		–
	2.90	(E)		205		0.86	(F)		0.85	(F)		0.85	(F)		6.81	(F)		–
	3.73			104,762		0.68			0.68			0.68			6.92			–

35

The Hartford Floating Rate Fund

Financial Highlights – (continued)

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Commenced operations on December 22, 2006.

36

The Hartford Floating Rate Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

37

The Hartford Floating Rate Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

38

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

39

The Hartford Floating Rate Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning  Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the  period October 31, 2011 through April 30, 2012		Annualized  expense  ratio		Days in the current 1/2 year		Days in the  full year
Class A	$	1,000.00	$	1,051.90	$	4.98	$	1,000.00	$	1,020.01	$	4.90	0.98	%		182		366
Class B	$	1,000.00	$	1,047.90	$	8.91	$	1,000.00	$	1,016.16	$	8.77	1.75			182		366
Class C	$	1,000.00	$	1,048.00	$	8.79	$	1,000.00	$	1,016.27	$	8.66	1.73			182		366
Class I	$	1,000.00	$	1,051.90	$	3.73	$	1,000.00	$	1,021.22	$	3.68	0.73			182		366
Class R3	$	1,000.00	$	1,049.10	$	6.37	$	1,000.00	$	1,018.65	$	6.28	1.25			182		366
Class R4	$	1,000.00	$	1,051.80	$	5.11	$	1,000.00	$	1,019.89	$	5.03	1.00			182		366
Class R5	$	1,000.00	$	1,053.30	$	3.57	$	1,000.00	$	1,021.38	$	3.52	0.70			182		366
Class Y	$	1,000.00	$	1,053.60	$	3.33	$	1,000.00	$	1,021.62	$	3.28	0.65			182		366

40

The Hartford Floating Rate Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors present, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Floating Rate Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on April 23, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with a member of the current portfolio management team, who would become an employee of Wellington Management and would continue in his current role as portfolio manager for the Fund after the sub-adviser change, regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s fixed income capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality fixed income manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global fixed income capabilities, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that during the past ten years, Wellington Management had been committed to supporting the growth of its fixed income teams by allocating additional resources, personnel and technology to these teams, and also noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including fixed income mutual funds, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk management systems, noting that they are embedded within the firm’s fixed income process.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered that the Fund’s current portfolio managers would become employees of Wellington Management and would continue in their current roles as portfolio managers for the Fund after the sub-adviser change. The Board also considered Wellington Management’s investment philosophy and process, the fact that the portfolio managers’ overall investment philosophy and process was expected to remain substantially the same once they become employees of Wellington Management, while drawing

41

The Hartford Floating Rate Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

upon Wellington Management’s investment research capabilities and resources, trade execution capabilities and experience, which would become available to support the current portfolio managers once they become employees of Wellington Management.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

Given that the current portfolio managers would continue in their current roles after the sub-adviser change, the Board considered the performance of the Fund for various periods ending February 29, 2012. HIFSCO and Wellington Management also provided additional information about the broad range of the investment experience of the current portfolio managers as well as the investment professionals that would support the current portfolio managers and their investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add an additional breakpoint to the Fund’s contractual management fee schedule with HIFSCO that would result in a management fee reduction at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

42

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add an additional breakpoint to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

43

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-FR12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Floating Rate High Income Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Floating Rate High Income Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Satements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	10
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	11
Statement of Operations for the Six-Month Period Ended April 30, 2012, (Unaduited)	12
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and for the Period September 30, 2011, (commencement of operations) through October 31, 2011	13
Notes to Financial Statements (Unaudited)	14
Financial Highlights (Unaudited)	26
Directors and Officers (Unaudited)	28
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	30
Quarterly Portfolio Holdings Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Sub-Advisory Agreement (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Floating Rate High Income Fund inception 09/30/2011

(sub-advised by Wellington Management Company, LLP)  

Investment objective – Seeks to provide high current income, and long-term total return.

Performance Overview 9/30/11 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			Since Inception
Floating Rate High Income A#		6.18	%		8.57	%
Floating Rate High Income A##					5.31	%
Floating Rate High Income C#		5.78	%		8.09	%
Floating Rate High Income C##					7.09	%
Floating Rate High Income I#		6.30	%		8.71	%
Floating Rate High Income R3#		5.90	%		8.26	%
Floating Rate High Income R4#		6.06	%		8.44	%
Floating Rate High Income R5#		6.21	%		8.63	%
Floating Rate High Income Y#		6.21	%		8.63	%
Credit Suisse Leveraged Loan Index		4.42	%		7.12	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Class C reflects a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. On or about May 18, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the United States dollar-denominated leveraged loan market.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Floating Rate High Income Fund

Manager Discussion

April 30, 2012 (Unaudited) 

Portfolio Managers
Michael Bacevich	Francesco Ossino
Vice President and Fixed Income Portfolio Manager	Vice President and Fixed Income Portfolio Manager
As of April 23, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  At the end of a transition period of approximately 4 weeks ending on or about May 18, 2012, Hartford Investment Management Company will cease serving as a sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Floating Rate High Income Fund returned 6.18%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the Credit Suisse Leveraged Loan Index, which returned 4.42% for the same period. The Fund also outperformed the 4.62% return of the average fund in the Lipper Loan Participation Funds peer group, a group of funds with investment strategies similar to the Fund.

Why did the Fund perform this way?

Within fixed-income markets, corporate bonds, high yield bonds, and bank loan debt rose during the period. High yield securities and investment grade corporate securities, as measured by the Barclays Capital High Yield (2% issuer cap) and Barclays Capital Corporate indices, gained 6.91% and 3.64% respectively. Bank loan bonds, as measured by the Credit Suisse Leveraged Loan Index, rose by 4.42%. Positive investor sentiment across capital markets, coupled with strong technical conditions in the loan market, fueled the rally.  The same positive macro factors, better than expected economic data, and earnings momentum drove risk assets, including loans, higher than lower risk assets such as U.S. Treasuries or corporate bonds.

The Fund benefited from the announcement by a number of credit securities, such as Realogy, First Data, and Nuveen, to amend and extend their existing loans and partially repay loan debt with new bonds. This helped lead to the Fund’s outperformance relative to the benchmark. 

On April 23, 2012, Wellington Management Company, LLP (Wellington) became sub-adviser of the Fund replacing Hartford Investment Management Company. The Fund’s portfolio managers (Michael Bachevich and Francesco Ossino) became employees of Wellington and continued their roles as portfolio managers of the Fund.

What is the outlook?

The outlook for Bank Loans remains somewhat mixed. On one hand, the credit fundamentals of the Bank Loan market continue to be positive. As of the end of April, the bank loan default rate by principal amount and by issuer count increased but remains near historical lows (0.56% and 0.93% respectively on a trailing 12-month basis). Supportive of a continued low Bank Loan default rate is the lack of maturities through 2013 (only $40 billion in Bank Loans were scheduled to mature through 2013 as of February 29^th, 2012). Technical factors of the Bank Loan market have improved following a challenging start to the year. During the month of April, Bank Loan mutual funds reported an aggregate inflow of $1.16 billion. This inflow follows an aggregate outflow of $254 million during the first quarter and $7.7 billion over the final 22 weeks of 2011 for these same Bank Loan mutual funds. Additionally, with the Federal Reserve now stating it intends to keep interest rates low through 2014, the floating-rate feature of bank loans has lost its near-term appeal. One silver lining to the Bank Loan technical picture is that collateralized loan obligations (CLO) issuance is heating up again, with $5.1 billion issued in April, the most since November 2007, bringing the total issuance to $10.5 billion year-to-date. While not back to pre-crisis levels, JP Morgan estimates that CLO issuance in 2012 ($20 billion) will be comparable to that of 2008 (total issuance of $23 billion).

While we are concerned about negative global economic trends, we believe current bank loan valuations, in the 9^th decile (81st percentile) of historical levels, already price in a lot of bad news. We continue to look for situations where the negative technicals are creating the most dislocation. These situations normally include new issues that have to be priced at premium yields in order to clear the market and the more liquid loans that have been pushed lower as retail mutual funds sell what they can to meet redemptions.

We continue to find the near-historical wide spreads an attractive entry point into the Bank Loan market. We remain positive on Bank Loans due to the positive credit fundamentals, a lack of maturities, their limited interest rate sensitivity, and the apparent pricing in of the Federal Reserve’s announcement that short-term rates would be low for a considerable time period. At the end of the period, the Fund had an allocation of approximately 3.6% net cash, and 15.9% High Yield bonds, with the balance in Bank Loans.

3

The Hartford Floating Rate High Income Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited) 

Distribution by Credit Quality

as of April 30, 2012

Credit Rating *	Percentage of Net Assets
Ba / BB		15.0	%
B		53.7
Caa / CCC or Lower		12.2
Unrated		15.5
Non Debt Securities and Other Short-Term Instruments		4.2
Other Assets & Liabilities		(0.6	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of April 30, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		1.9	%
Administrative Waste Management and Remediation		5.0
Agriculture, Construction, Mining and Machinery		4.7
Agriculture, Forestry, Fishing and Hunting		0.8
Air Transportation		2.9
Arts, Entertainment and Recreation		15.1
Chemical Manufacturing		3.4
Computer and Electronic Product Manufacturing		0.6
Construction		1.7
Finance and Insurance		8.7
Food Manufacturing		2.3
Health Care and Social Assistance		4.6
Information		12.9
Media		0.2
Mining		0.7
Miscellaneous Manufacturing		1.2
Motor Vehicle and Parts Manufacturing		0.8
Nonmetallic Mineral Product Manufacturing		0.7
Other Services		0.4
Petroleum and Coal Products Manufacturing		2.6
Pipeline Transportation		0.2
Plastics and Rubber Products Manufacturing		0.4
Professional, Scientific and Technical Services		1.5
Real Estate, Rental and Leasing		3.9
Retail Trade		11.5
Soap, Cleaning Compound and Toilet Manufacturing		0.9
Textile Product Mills		1.2
Transit and Ground Passenger Transportation		0.7
Truck Transportation		1.1
Utilities		2.2
Wholesale Trade		1.6
Total		96.4	%
Short-Term Investments		4.2
Other Assets and Liabilities		(0.6	)
Total		100.0	%

4

The Hartford Floating Rate High Income Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 15.9%
		Administrative Waste Management and Remediation - 0.4%
		Energy Solutions, Inc. LLC
$	200	10.75%, 08/15/2018	$	208
		Agriculture, Forestry, Fishing and Hunting - 0.3%
		Cengage Learning ACQ, Inc.
	190	11.50%, 04/15/2020 ■		200
		Arts, Entertainment and Recreation - 1.6%
		Cenveo, Inc.
	215	8.88%, 02/01/2018 ‡		198
		Chester Downs and Marina LLC
	340	9.25%, 02/01/2020 ■		358
		Downstream Development Authority
	118	10.50%, 07/01/2019 ■		123
		FireKeepers Development Authority
	200	13.88%, 05/01/2015 ■		221
				900
		Chemical Manufacturing - 1.0%
		Hexion Specialty Chemicals
	300	8.88%, 02/01/2018 ‡		314
		Hexion U.S. Finance Corp.
	58	6.63%, 04/15/2020 ■		61
		LyondellBasell Industries N.V.
	220	5.00%, 04/15/2019 ■		227
				602
		Finance and Insurance - 2.0%
		AmeriGas Finance LLC
	250	6.75%, 05/20/2020 ‡		256
		Ford Motor Credit Co.
	200	6.63%, 08/15/2017 ‡		230
		Ineos Finance plc
	400	8.38%, 02/15/2019 ■		429
		Offshore Group Investments Ltd.
	200	11.50%, 08/01/2015 ‡		219
	26	11.50%, 08/01/2015 ■		28
				1,162
		Food Manufacturing - 1.1%
		JBS USA LLC
	210	8.25%, 02/01/2020 ■		213
	150	11.63%, 05/01/2014 ‡		172
		Pinnacle Foods Finance LLC
	200	9.25%, 04/01/2015		205
		Post Holdings, Inc.
	28	7.38%, 02/15/2022 ■		29
				619
		Health Care and Social Assistance - 0.4%
		Valeant Pharmaceuticals International
	200	6.50%, 07/15/2016 ■		207
		Information - 2.5%
		Avaya, Inc.
	180	7.00%, 04/01/2019 ■		180
		Frontier Communications Corp.
	300	8.25%, 04/15/2017 ‡		323
		Level 3 Financing, Inc.
	350	4.51%, 02/15/2015 ‡Δ		338
	300	10.00%, 02/01/2018		329
		UPCB Finance VI Ltd.
	248	6.88%, 01/15/2022 ■		255
				1,425
		Mining - 0.5%
		FMG Resources Pty Ltd.
	250	8.25%, 11/01/2019 ■		271
		Miscellaneous Manufacturing - 0.4%
		Reynolds Group Escrow
	250	7.75%, 10/15/2016 ■		264
		Nonmetallic Mineral Product Manufacturing - 0.7%
		Ardagh Packaging Finance
	400	7.38%, 10/15/2017 ■‡		433
		Petroleum and Coal Products Manufacturing - 0.6%
		Chesapeake Energy Corp.
	200	6.88%, 08/15/2018 ‡		198
		Plains Exploration & Production Co.
	145	6.13%, 06/15/2019 ‡		146
				344
		Plastics and Rubber Products Manufacturing - 0.4%
		Sealed Air Corp.
	200	8.13%, 09/15/2019 ■		223
		Professional, Scientific and Technical Services - 0.3%
		Affinion Group, Inc.
	200	11.50%, 10/15/2015		177
		Real Estate, Rental and Leasing - 0.9%
		Realogy Corp.
	215	7.63%, 01/15/2020 ■		223
		United Rental Financing Escrow Corp.
	317	5.75%, 07/15/2018 ■		327
				550
		Soap, Cleaning Compound and Toilet Manufacturing - 0.7%
		Yankee Candle Co.
	400	10.25%, 02/15/2016 Þ		409
		Truck Transportation - 0.4%
		Swift Services Holdings, Inc.
	200	10.00%, 11/15/2018		219
		Utilities - 1.4%
		Calpine Corp.
	500	7.25%, 10/15/2017 ■		534
		NRG Energy, Inc.
	250	7.63%, 01/15/2018		253
				787
		Wholesale Trade - 0.3%
		Everest Acquisition LLC
	72	6.88%, 05/01/2019 ■		76
		Spectrum Brands, Inc.
	100	9.50%, 06/15/2018 ‡		113
				189
		Total corporate bonds
		(cost $8,866)	$	9,189

The accompanying notes are an integral part of these financial statements.

5

The Hartford Floating Rate High Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 80.5%
		Accommodation and Food Services - 1.9%
		Caesars Entertainment Operating Co., Inc.
$	1,046	9.50%, 10/31/2016	$	1,074
		Administrative Waste Management and Remediation - 4.6%
		Affinion Group, Inc., Tranche B Term Loan
	727	5.00%, 10/09/2016		690
		InVentiv Health, Inc., Term Loan B2
	349	6.75%, 05/15/2018		330
		Nana Development Corp.
	925	6.50%, 07/22/2016		906
		Synagro Technologies, Inc.
	523	2.25%, 03/28/2014		471
		Volume Services America, Inc.
	248	10.50%, 09/16/2016		249
				2,646
		Agriculture, Construction, Mining and Machinery - 4.7%
		Capital Safety Group Ltd.
	430	6.25%, 01/15/2019		434
		Kion Group GMBH, Facility B
	321	3.49%, 12/23/2014		293
		Kion Group GMBH, Facility C
	321	3.99%, 12/23/2015		295
		Nortek, Inc.
	324	5.25%, 04/26/2017		325
		Veyance Technologies, Inc.
	1,063	2.74%, 07/31/2014		1,026
	350	5.99%, 07/31/2015		328
				2,701
		Agriculture, Forestry, Fishing and Hunting - 0.5%
		Milk Specialties Co.
	150	8.50%, 12/23/2017		150
		WM Bolthouse Farms, Inc.
	125	9.50%, 08/11/2016		125
				275
		Air Transportation - 2.9%
		Delta Air Lines, Inc., Term Loan
	348	5.50%, 04/20/2017		348
		Macquarie Aircraft Leasing Finance S.A., Second Lien Term Loan
	253	4.24%, 11/29/2013		250
		US Airways Group, Inc.
	1,133	2.74%, 03/23/2014		1,080
				1,678
		Arts, Entertainment and Recreation - 13.5%
		24 Hour Fitness Worldwide, Inc.
	855	7.50%, 04/15/2016		863
		Busch Entertainment Corp.
	250	4.00%, 08/17/2017		250
		Cengage Learning, Inc.
	586	5.74%, 07/31/2017 ☼		515
		Cenveo, Inc.
	206	6.25%, 12/21/2016		206
		Cequel Communication LLC
	555	4.00%, 02/09/2019◊☼		549
		Clear Channel Communications, Inc.
	592	3.89%, 11/13/2015		477
		Clubcorp Club Operations, Inc.
	496	6.00%, 11/30/2016		499
		Cumulus Media, Inc., Term Loan B
	125	5.75%, 09/17/2018		126
		Golden Nugget, Inc.
	559	3.24%, 06/22/2014 Þ		534
		Kabel Deutschland Holding AG
	1,381	4.25%, 01/20/2019 ☼		1,379
		Pinnacle Entertainment
	381	4.75%, 10/16/2018		381
		Pittsburgh Gaming Holdings L.P.
	995	12.00%, 06/30/2015		1,037
		San Juan Cable LLC
	124	6.00%, 06/09/2017		121
		Univision Communications, Inc.
	920	4.49%, 03/31/2017		859
				7,796
		Chemical Manufacturing - 2.4%
		Hexion Specialty Chemicals
	248	4.07%, 05/05/2015		245
		Ineos Group
EUR	260	8.00%, 12/16/2014		362
		Ineos Holdings Ltd.
	135	5.47%, 04/27/2018 ◊☼		135
		Norit N.V., Inc.
	124	6.75%, 07/10/2017		125
		Univar, Inc.
	298	5.00%, 06/30/2017		299
		Utex Industries, Inc.
	240	7.00%, 12/15/2016		240
				1,406
		Computer and Electronic Product Manufacturing - 0.6%
		Eastman Kodak Co.
	17	8.50%, 07/26/2013		17
		SRA International, Inc.
	313	6.50%, 07/20/2018		313
				330
		Construction - 1.7%
		Brock Holdings, Inc.
	481	6.01%, 03/16/2017		478
	502	10.00%, 03/16/2018		488
				966
		Finance and Insurance - 6.7%
		Asurion Corp.
	136	11.00%, 08/16/2019		139
		Asurion Corp., Second Lien Term Loan
	699	9.00%, 05/24/2019		709
		Asurion Corp., Term Loan
	72	5.50%, 05/24/2018		72
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	74	8.75%, 12/17/2017		73
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	176	8.75%, 12/17/2017		174
		Chrysler Group LLC
	598	6.00%, 05/24/2017		609
		Evertec, Inc.
	299	5.25%, 09/30/2016		299

The accompanying notes are an integral part of these financial statements. 

6

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 80.5% - (continued)
		Finance and Insurance - 6.7% - (continued)
		Hub International Holdings, Inc., Term Loan B Add-On
$	248	7.76%, 06/13/2014	$	249
		Nuveen Investments, Inc.
	81	7.25%, 05/13/2017		81
	1,440	8.25%, 02/23/2019		1,469
				3,874
		Food Manufacturing - 1.2%
		Del Monte Corp.
	224	4.50%, 03/08/2018		222
		Roundy's Supermarkets, Inc.
	372	5.75%, 02/13/2019		375
		Shearer's Foods, Inc.
	124	7.50%, 03/31/2015		112
				709
		Health Care and Social Assistance - 4.2%
		Alere, Inc.
	286	4.75%, 06/30/2017		285
		Ardent Health Services LLC, Term Loan
	124	6.50%, 09/15/2015		123
		DJO Finance LLC
	321	6.25%, 09/15/2017		322
		Harrington Holdings, Inc.
	250	6.75%, 10/01/2016		250
		Immucor, Inc.
	299	7.25%, 08/17/2018		301
		Medpace, Inc.
	249	6.50%, 06/17/2017		241
		Multiplan, Inc.
	480	4.75%, 08/26/2017		479
		Pharmaceutical Product Development, Inc.
	428	6.25%, 11/18/2018		432
				2,433
		Information - 10.4%
		Ascend Learning LLC
	124	7.00%, 12/06/2016		124
		Aspect Software, Inc.
	234	6.25%, 05/07/2016		234
		Avaya, Inc., Term B-3 Loan
	499	4.99%, 10/26/2017		483
		Blackboard, Inc.
	249	7.50%, 10/04/2018		248
		Charter Communications Operating LLC
	300	4.00%, 05/15/2019		299
		Eagle Parent, Inc.
	423	5.00%, 05/16/2018		423
		Emdeon, Inc.
	415	5.00%, 11/02/2018 ☼		418
		First Data Corp.
	428	5.24%, 03/24/2017		408
		First Data Corp., Extended 1st Lien Term Loan
	1,150	4.24%, 03/23/2018 ☼		1,048
		Intelsat Ltd.
	475	3.24%, 02/01/2014		468
		Lawson Software, Inc.
	700	6.25%, 04/15/2018		709
		Level 3 Communications Corp.
	100	5.75%, 09/01/2018		101
		Property Data U.S., Inc.
	544	7.00%, 01/04/2017		508
		SkillSoft Corp.
	270	6.50%, 05/26/2017 - 05/31/2017		271
		Telesat Canada
	125	4.25%, 03/26/2019		125
		WideOpenWest Finance LLC, Second Lien Term Loan
	125	6.49%, 06/29/2015 Þ		124
				5,991
		Media - 0.2%
		PRIMEDIA, Inc.
	154	7.50%, 01/13/2018		137
		Mining - 0.2%
		Phoenix Services LLC
	119	9.00%, 01/24/2018		120
				120
		Miscellaneous Manufacturing - 0.8%
		DAE Aviation Holdings, Inc.
	134	5.47%, 09/27/2014		134
		Sequa Corp.
	299	6.25%, 12/03/2014		300
				434
		Motor Vehicle and Parts Manufacturing - 0.8%
		Schaeffler AG
	185	6.00%, 01/27/2017		186
		Stackpole Powertrain International USA LLC
	249	7.50%, 08/02/2017		249
				435
		Other Services - 0.4%
		Husky Injection Molding Systems
	248	6.55%, 06/29/2018		250
		Petroleum and Coal Products Manufacturing - 2.0%
		Dynegy Midwest Generation LLC
	498	9.25%, 08/05/2016		508
		Western Refining, Inc.
	123	7.50%, 03/15/2017		125
		Willbros Group, Inc.
	530	9.50%, 06/30/2014		527
				1,160
		Pipeline Transportation - 0.2%
		El Paso Corp.
	117	6.27%, 04/10/2018 ◊☼		118
		Professional, Scientific and Technical Services - 1.2%
		Advantage Sales & Marketing, Inc., Second Lien Term Loan
	350	9.25%, 06/18/2018		350
		Advantage Sales & Marketing, Inc., Term Loan B
	349	5.25%, 12/18/2017		348
				698
		Real Estate, Rental and Leasing - 3.0%
		Realogy Corp.
	125	3.24%, 10/05/2013		118

The accompanying notes are an integral part of these financial statements. 

7

The Hartford Floating Rate High Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬					Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 80.5% - (continued)
		Real Estate, Rental and Leasing - 3.0% - (continued)
		Realogy Corp., Extended 1st Lien Term Loan B
$	1,599	4.77%, 10/10/2016 ☼			$	1,487
		Realogy Corp., Extended Credit Linked Deposit
	125	4.49%, 10/10/2016 ☼				117
						1,722
		Retail Trade - 11.5%
		Academy Ltd.
	249	6.00%, 08/03/2018				252
		BJ's Wholesale Club, Inc.
	486	5.25%, 09/28/2018				489
	174	10.00%, 03/31/2019				180
		Burlington Coat Factory Warehouse Corp.
	120	6.25%, 02/23/2017				120
		Easton-Bell Sports, Inc.
	17	11.50%, 12/31/2015 Þ				17
		Great Atlantic & Pacific Tea Co., Inc.
	1,337	11.00%, 02/16/2017				1,365
		Gyboree Corp.
	224	5.00%, 02/23/2018				216
		Nebraska Book Co., Inc.
	830	8.75%, 06/29/2012				827
		Rite Aid Corp., Tranche 5 Term Loan
	1,655	4.50%, 03/03/2018				1,644
		Sports Authority, Inc.
	699	7.50%, 11/16/2017				677
		Sprouts Farmers Market LLC
	124	6.00%, 04/18/2018				123
		Toys R Us, Inc.
	387	5.75%, 05/25/2018				378
		Toys R Us, Inc., Initial Loan
	249	6.00%, 09/01/2016				248
		Weight Watchers International, Inc.
	59	4.00%, 03/15/2019				59
						6,595
		Soap, Cleaning Compound and Toilet Manufacturing - 0.2%
		Yankee Candle Co.
	115	5.25%, 03/14/2019				116
		Textile Product Mills - 1.2%
		Levi Strauss & Co.
	675	2.49%, 03/09/2014				659
		Transit and Ground Passenger Transportation - 0.7%
		Emergency Medical Services Corp.
	421	5.25%, 05/25/2018				422
		Truck Transportation - 0.7%
		Swift Transportation Co., Inc.
	407	5.00%, 12/15/2017				409
		Utilities - 0.8%
		BRSP LLC
	197	7.50%, 06/24/2014				197
		Energy Transfer Equity L.P.
	283	3.75%, 05/08/2018				280
						477
		Wholesale Trade - 1.3%
		HD Supply, Inc.
	500	7.25%, 09/26/2017				501
		Reynolds Consumer Products, Inc.
	245	6.50%, 02/09/2018				248
						749
		Total senior floating rate interests
		(cost $45,464)			$	46,380
		Total long-term investments
		(cost $54,330)			$	55,569
SHORT-TERM INVESTMENTS - 4.2%
Investment Pools and Funds - 4.2%
	2,420	JP Morgan U.S. Government Money Market Fund			$	2,420
		Total short-term investments
		(cost $2,420)			$	2,420
		Total investments
		(cost $56,750) ▲	100.6	%	$	57,989
		Other assets and liabilities	(0.6	)%		(351	)
		Total net assets	100.0	%	$	57,638

The accompanying notes are an integral part of these financial statements. 

8

The Hartford Floating Rate High Income Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲	Also represents cost for tax purposes.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $4,882, which represents 8.5% of total net assets.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $2,882 at April 30, 2012.
◊	The interest rate disclosed for these securities represents an estimated average coupon as of April 30, 2012.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.
Þ	This security may pay interest in additional principal instead of cash.
♦	Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of April 30, 2012.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
EUR	MSC	Sell	$	364	$	361	05/18/2012	$	(3	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
MSC	Morgan Stanley
Currency Abbreviations:
EUR	EURO

The accompanying notes are an integral part of these financial statements.

9

The Hartford Floating Rate High Income Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Corporate Bonds		9,189		–		9,189		–
Senior Floating Rate Interests		46,380		–		46,380		–
Short-Term Investments		2,420		2,420		–		–
Total	$	57,989	$	2,420	$	55,569	$	–
Liabilities:
Foreign Currency Contracts *		3		–		3		–
Total	$	3	$	–	$	3	$	–

♦	For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

10

The Hartford Floating Rate High Income Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $56,750)	$	57,989
Cash		1,415
Receivables:
Investment securities sold		334
Fund shares sold		639
Dividends and interest		396
Other assets		94
Total assets		60,867
Liabilities:
Unrealized depreciation on foreign currency contracts		3
Payables:
Investment securities purchased		3,200
Fund shares redeemed		1
Investment management fees		7
Dividends		7
Administrative fees		—
Distribution fees		3
Accrued expenses		8
Total liabilities		3,229
Net assets	$	57,638
Summary of Net Assets:
Capital stock and paid-in-capital	$	56,038
Undistributed net investment income		18
Accumulated net realized gain		346
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		1,236
Net assets	$	57,638
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.47/$10.79
Shares outstanding		2,412
Net assets	$	25,253
Class C: Net asset value per share	$	10.47
Shares outstanding		997
Net assets	$	10,443
Class I: Net asset value per share	$	10.47
Shares outstanding		538
Net assets	$	5,636
Class R3: Net asset value per share	$	10.46
Shares outstanding		207
Net assets	$	2,166
Class R4: Net asset value per share	$	10.46
Shares outstanding		207
Net assets	$	2,169
Class R5: Net asset value per share	$	10.46
Shares outstanding		210
Net assets	$	2,198
Class Y: Net asset value per share	$	10.46
Shares outstanding		934
Net assets	$	9,773

The accompanying notes are an integral part of these financial statements.

11

The Hartford Floating Rate High Income Fund

Statement of Operations

For the Six Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	—
Interest		1,432
Total investment income		1,432
Expenses:
Investment management fees		133
Administrative services fees		5
Transfer agent fees		6
Distribution fees
Class A		16
Class C		28
Class R3		5
Class R4		3
Custodian fees		2
Accounting services fees		4
Registration and filing fees		52
Board of Directors' fees		—
Audit fees		5
Other expenses		7
Total expenses (before waivers)		266
Expense waivers		(67	)
Total waivers		(67	)
Total expenses, net		199
Net Investment Income		1,233
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		361
Net realized loss on foreign currency contracts		(34	)
Net realized gain on other foreign currency transactions		1
Net Realized Gain on Investments and Foreign Currency Transactions		328
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		730
Net unrealized appreciation of foreign currency contracts		15
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		17
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		762
Net Gain on Investments and Foreign Currency Transactions		1,090
Net Increase in Net Assets Resulting from Operations	$	2,323

The accompanying notes are an integral part of these financial statements.

12

The Hartford Floating Rate High Income Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Period September 30, 2011* through October 31, 2011
Operations:
Net investment income	$	1,233		$	94
Net realized gain on investments and foreign currency transactions		328			21
Net unrealized appreciation of investments and foreign currency transactions		762			474
Net Increase In Net Assets Resulting From Operations		2,323			589
Distributions to Shareholders:
From net investment income
Class A		(413	)		(16	)
Class C		(160	)		(4	)
Class I		(130	)		(6	)
Class R3		(67	)		(4	)
Class R4		(71	)		(5	)
Class R5		(74	)		(6	)
Class Y		(331	)		(25	)
Total distributions		(1,246	)		(66	)
Capital Share Transactions:
Class A		18,019			6,722
Class C		7,172			3,053
Class I		2,907			2,563
Class R3		67			2,004
Class R4		71			2,005
Class R5		98			2,006
Class Y		332			9,019
Net increase from capital share transactions		28,666			27,372
Net Increase In Net Assets		29,743			27,895
Net Assets:
Beginning of period		27,895			—
End of period	$	57,638		$	27,895
Undistributed (distribution in excess of) net investment income (loss)	$	18		$	31

*  Commencement of operations.

The accompanying notes are an integral part of these financial statements.

13

The Hartford Floating Rate High Income Fund

Notes to the Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1.   Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Floating Rate High Income Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a non-diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 3.00%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2.   Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may

14

cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

15

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

16

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid

17

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

4.   Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies

18

relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	3	$	—	$	—	$	—	$	—	$	3
Total	$	—	$	3	$	—	$	—	$	—	$	—	$	3

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(34	)	$	—	$	—	$	—	$	—	$	(34	)
Total	$	—	$	(34	)	$	—	$	—	$	—	$	—	$	(34	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	15		$	—	$	—	$	—	$	—	$	15
Total	$	—	$	15		$	—	$	—	$	—	$	—	$	15

5.   Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and

19

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011 *
Ordinary Income	$	66

*  The Fund commenced operations on September 30, 2011

20

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	31
Unrealized Appreciation *		492
Total Accumulated Earnings	$	523

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	3
Accumulated Net Realized Gain (Loss)		(3	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7.   Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective April 23, 2012, HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement

21

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. For a brief transition period beginning April 23, 2012, Wellington Management and Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s prior sub-adviser, will each serve as a sub-adviser for the Fund. After such transition period, Hartford Investment Management will no longer serve as a sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7000	%
On next $2.0 billion		0.6500	%
On next $2.5 billion		0.6400	%
On next $5 billion		0.6300	%
Over $10 billion		0.6200	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through April 22, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.7000	%
On next $4.5 billion		0.6500	%
On next $5 billion		0.6300	%
Over $10 billion		0.6200	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class C		Class I		Class R3		Class R4		Class R5		Class Y
1.05	%	1.80	%	0.80	%	1.35	%	1.05	%	0.75	%	0.75	%

d) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $61 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

22

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $7.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		622		26	%
Class C		206		21
Class I		208		39
Class R3		207		100
Class R4		207		100
Class R5		208		99
Class Y		934		100

23

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)
April 30, 2012 (Unaudited)
(000’s Omitted)

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	39,711
Sales Proceeds Excluding U.S. Government Obligations		13,471

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and for the period September 30, 2011, (commencement of operations) through October 31.2011:

	For the Six-Month Period Ended April 30, 2012											For the Period Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed		Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,769		39		(68	)		—		1,740		671		1		—		—		672
Amount	$	18,322	$	400	$	(703	)	$	—	$	18,019	$	6,706	$	16	$	—	$	—	$	6,722
Class C
Shares		703		15		(25	)		—		693		304		—		—		—		304
Amount	$	7,272	$	154	$	(254	)	$	—	$	7,172	$	3,049	$	4	$	—	$	—	$	3,053
Class I
Shares		282		13		(13	)		—		282		255		1		—		—		256
Amount	$	2,911	$	129	$	(133	)	$	—	$	2,907	$	2,557	$	6	$	—	$	—	$	2,563
Class R3
Shares		—		7		—			—		7		200		—		—		—		200
Amount	$	—	$	67	$	—		$	—	$	67	$	2,000	$	4	$	—	$	—	$	2,004
Class R4
Shares		—		7		—			—		7		200		—		—		—		200
Amount	$	—	$	71	$	—		$	—	$	71	$	2,000	$	5	$	—	$	—	$	2,005
Class R5
Shares		2		7		—			—		9		200		1		—		—		201
Amount	$	24	$	74	$	—		$	—	$	98	$	2,000	$	6	$	—	$	—	$	2,006
Class Y
Shares		—		32		—			—		32		899		3		—		—		902
Amount	$	1	$	331	$	—		$	—	$	332	$	8,994	$	25	$	—	$	—	$	9,019
Total
Shares		2,756		120		(106	)		—		2,770		2,729		6		—		—		2,735
Amount	$	28,530	$	1,226	$	(1,090	)	$	—	$	28,666	$	27,306	$	66	$	—	$	—	$	27,372

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

24

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

25

The Hartford Floating Rate High Income Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value		Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	10.20	$	0.34	$	–	$	0.28	$	0.62	$	(0.35	)	$	–	$	–	$	(0.35	)	$	0.27	$	10.47
C		10.20		0.30		–		0.28		0.58		(0.31	)		–		–		(0.31	)		0.27		10.47
I		10.20		0.35		–		0.28		0.63		(0.36	)		–		–		(0.36	)		0.27		10.47
R3		10.20		0.32		–		0.27		0.59		(0.33	)		–		–		(0.33	)		0.26		10.46
R4		10.20		0.34		–		0.27		0.61		(0.35	)		–		–		(0.35	)		0.26		10.46
R5		10.20		0.35		–		0.27		0.62		(0.36	)		–		–		(0.36	)		0.26		10.46
Y		10.20		0.35		–		0.27		0.62		(0.36	)		–		–		(0.36	)		0.26		10.46
From September 30, 2011 (commencement of operations), through October 31, 2011  (F)
A(G)		10.00		0.03		–		0.20		0.23		(0.03	)		–		–		(0.03	)		0.20		10.20
C(G)		10.00		0.03		–		0.19		0.22		(0.02	)		–		–		(0.02	)		0.20		10.20
I(G)		10.00		0.04		–		0.19		0.23		(0.03	)		–		–		(0.03	)		0.20		10.20
R3(G)		10.00		0.03		–		0.19		0.22		(0.02	)		–		–		(0.02	)		0.20		10.20
R4(G)		10.00		0.03		–		0.20		0.23		(0.03	)		–		–		(0.03	)		0.20		10.20
R5(G)		10.00		0.04		–		0.19		0.23		(0.03	)		–		–		(0.03	)		0.20		10.20
Y(G)		10.00		0.04		–		0.19		0.23		(0.03	)		–		–		(0.03	)		0.20		10.20

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(D) Not annualized.

(E) Annualized.

(F) Per share amounts have been calculated using average shares outstanding method.

(G) Commenced operations on September 30, 2011.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	6.18	%(D)	$	25,253		1.37	%(E)		1.05	%(E)		1.05	%(E)		6.45	%(E)		36	%
	5.78	(D)		10,443		2.14	(E)		1.80	(E)		1.80	(E)		5.74	(E)		–
	6.30	(D)		5,636		1.16	(E)		0.80	(E)		0.80	(E)		6.77	(E)		–
	5.90	(D)		2,166		1.78	(E)		1.35	(E)		1.35	(E)		6.28	(E)		–
	6.06	(D)		2,169		1.47	(E)		1.05	(E)		1.05	(E)		6.58	(E)		–
	6.21	(D)		2,198		1.17	(E)		0.75	(E)		0.75	(E)		6.88	(E)		–
	6.21	(D)		9,773		1.08	(E)		0.75	(E)		0.75	(E)		6.88	(E)		–
	2.25	(D)		6,855		1.29	(E)		1.00	(E)		1.00	(E)		4.72	(E)		0
	2.19	(D)		3,101		2.07	(E)		1.78	(E)		1.78	(E)		4.21	(E)		–
	2.28	(D)		2,611		1.05	(E)		0.76	(E)		0.76	(E)		5.10	(E)		–
	2.22	(D)		2,044		1.74	(E)		1.35	(E)		1.35	(E)		4.25	(E)		–
	2.25	(D)		2,044		1.44	(E)		1.05	(E)		1.05	(E)		4.55	(E)		–
	2.28	(D)		2,045		1.14	(E)		0.75	(E)		0.75	(E)		4.85	(E)		–
	2.27	(D)		9,195		1.04	(E)		0.75	(E)		0.75	(E)		4.85	(E)		–

27

The Hartford Floating Rate High Income Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

28

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

29

The Hartford Floating Rate High Income Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

30

The Hartford Floating Rate High Income Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,061.80	$	5.38	$	1,000.00	$	1,019.64	$	5.38		1.05	%		182		366
Class C	$	1,000.00	$	1,057.80	$	9.21	$	1,000.00	$	1,015.91	$	9.02		1.80			182		366
Class I	$	1,000.00	$	1,063.00	$	4.11	$	1,000.00	$	1,020.88	$	4.02		0.80			182		366
Class R3	$	1,000.00	$	1,059.00	$	6.91	$	1,000.00	$	1,018.15	$	6.77		1.35			182		366
Class R4	$	1,000.00	$	1,060.60	$	5.38	$	1,000.00	$	1,019.64	$	5.27		1.05			182		366
Class R5	$	1,000.00	$	1,062.10	$	3.85	$	1,000.00	$	1,021.13	$	3.77		0.75			182		366
Class Y	$	1,000.00	$	1,062.10	$	3.85	$	1,000.00	$	1,021.13	$	3.77		0.75			182		366

31

The Hartford Floating Rate High Income Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors present, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Floating Rate High Income Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on April 23, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with a member of the current portfolio management team, who would become an employee of Wellington Management and would continue in his current role as portfolio manager for the Fund after the sub-adviser change, regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s fixed income capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality fixed income manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global fixed income capabilities, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that during the past ten years, Wellington Management had been committed to supporting the growth of its fixed income teams by allocating additional resources, personnel and technology to these teams, and also noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including fixed income mutual funds, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk management systems, noting that they are embedded within the firm’s fixed income process.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered that the Fund’s current portfolio managers would become employees of Wellington Management and would continue in their current roles as portfolio managers for the Fund after the sub-adviser change. The Board also considered Wellington Management’s investment philosophy and process, the fact that the portfolio managers’ overall investment philosophy and process was expected to remain substantially the same once they become employees of Wellington Management, while drawing

32

upon Wellington Management’s investment research capabilities and resources, trade execution capabilities and experience, which would become available to support the current portfolio managers once they become employees of Wellington Management.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

Given that the current portfolio managers would continue in their current roles after the sub-adviser change, the Board considered the performance of the Fund since its inception on September 30, 2011 through February 29, 2012. HIFSCO and Wellington Management also provided additional information about the broad range of the investment experience of the current portfolio managers as well as the investment professionals that would support the current portfolio managers and their investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add an additional breakpoint to the Fund’s contractual management fee schedule with HIFSCO that would result in a management fee reduction at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

33

The Hartford Floating Rate High Income Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add an additional breakpoint to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

34

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-FRHI12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Fundamental Growth Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Fundamental Growth Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	7
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	8
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	9
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and For the Year Ended October 31, 2011	10
Notes to Financial Statements (Unaudited)	11
Financial Highlights (Unaudited)	22
Directors and Officers (Unaudited)	24
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	26
Quarterly Portfolio Holdings Information (Unaudited)	26
Expense Example (Unaudited)	27

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Fundamental Growth Fund inception 05/24/2001

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.  

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
Fundamental Growth A#		11.40	%		0.21	%		2.50	%		4.39	%
Fundamental Growth A##					-5.30	%		1.35	%		3.80	%
Fundamental Growth B#		11.08	%		-0.59	%		1.77	%		NA	*
Fundamental Growth B##					-5.37	%		1.42	%		NA	*
Fundamental Growth C#		11.09	%		-0.50	%		1.75	%		3.63	%
Fundamental Growth C##					-1.46	%		1.75	%		3.63	%
Fundamental Growth I#		11.69	%		0.59	%		2.65	%		4.47	%
Fundamental Growth R3#		11.40	%		0.04	%		2.75	%		4.74	%
Fundamental Growth R4#		11.53	%		0.28	%		2.86	%		4.80	%
Fundamental Growth R5#		11.63	%		0.58	%		2.97	%		4.86	%
Fundamental Growth Y#		11.77	%		0.71	%		3.01	%		4.88	%
Russell 1000 Growth Index		14.13	%		7.26	%		4.11	%		5.16	%

† Not Annualized

# Without sales charge

## With sales charge

* 10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Includes the Fund's performance when it invested primarily, prior to 3/30/07, in equity securities, typically 20-40 large capitalization companies.

Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. (The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization.)

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Fundamental Growth Fund

Manager Discussion (Unaudited)

April 30, 2012

Portfolio Manager

Francis J. Boggan, CFA

Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Fundamental Growth Fund returned 11.40%, before sales charge, for the six-month period ended April 30, 2012, underperforming its benchmark, the Russell 1000 Growth Index, which returned 14.13% for the same period. The Fund also underperformed the 12.80% return of the average fund in the Lipper Large-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period; generally improving economic data and growing consumer confidence helped to counter a persistent slump in housing. For most of the period, investors mostly shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on the improving health of the U.S. economy. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetite for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, U.S. equities retreated for the first time in five months as disappointing employment and GDP data overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, growing concerns about Spain’s fiscal sustainability, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

In this environment, Growth stocks (+14.1%) outperformed Value stocks (+11.6%), as measured by the Russell 1000 Growth and Russell 1000 Value indexes, respectively. Within the Russell 1000 Growth Index, all ten broad economic sectors posted positive returns. Consumer Discretionary (+17%), Information Technology (+17%), and Health Care (+16%) had the strongest returns while Materials (+10%), Energy (+5%), and Utilities (+4%) lagged on a relative basis.

The Fund underperformed the benchmark during the period primarily due to weak security selection. Stock selection was weakest within the Materials, Health Care, and Financials sectors, which more than offset positive selection within Consumer Staples. Sector allocation, which is a result of bottom-up stock selection (i.e. stock by stock fundamental research), added modestly to relative results, in part due to an overweight allocation (i.e. the Fund’s sector position was greater than the benchmark position) to Information Technology and an underweight allocation to Materials.

Top detractors from relative performance (i.e. performance of the Fund as measured against the benchmark) included Barrick Gold (Materials), Joy Global (Industrials), and Aflac (Financials). Shares of Canada-based gold exploration and mining company Barrick Gold declined based on worse-than-expected earnings results and cost guidance. Shares of U.S.-based coal and ore mining equipment manufacturer Joy Global moved sharply lower after U.S. natural gas prices and weaker U.S. coal demand became a headwind. Shares of U.S.-based life and health insurance provider Aflac underperformed as the company reported lower-than-expected fourth-quarter results due to higher Information Technology and Advertising spending. In addition, concerns about margins on the company's Japanese products weighed on shares. Oracle Corporation (Information Technology) was also among the top detractors from absolute performance (i.e. total return).

Top contributors to relative performance included Priceline.com (Consumer Discretionary), Wesco International (Industrials), and Visa (Information Technology). Shares of Priceline.com, a leading online travel booking and services company, rose after the company announced better-than-expected earnings results and guidance; strong international booking growth as well as net revenue growth drove improving margins. Shares of Wesco International, an industrial distributor, rose after the company announced solid fourth-quarter results. Shares of payment technology company Visa climbed based on strong reported card use both in the U.S. and internationally. Apple (Information Technology) was among the top contributors to absolute performance.

What is the outlook?

We expect to see moderation of the high volatility that characterized the markets in late 2011. We believe that barring a catastrophic liquidity event in Europe, we have started to return to an environment where fundamentals once again matter. We continue to remain true to our process, focusing on what we believe are high quality companies with attractive valuations, solid fundamentals, and strong balance sheets. From a sector perspective, our greater-than-benchmark weight in Information Technology favors Technology Hardware. Our holdings are exposed to several strong product cycles and

3

The Hartford Fundamental Growth Fund

Manager Discussion (Unaudited) – (continued)

April 30, 2012

emerging product categories. We are underweight to more defensively oriented sectors, such as Consumer Staples, where we see fewer attractive earnings growth opportunities relative to current valuations.

The Fund seeks to add value through bottom-up security selection, with a goal of creating a diversified portfolio of high-quality growth companies with attractive valuations. At the end of the period, the Fund was most overweight to Information Technology, Financials, and Consumer Discretionary and most underweight to Consumer Staples, Materials, and Telecommunication Services relative to the Russell 1000 Growth Index.

Diversification by Industry
as of April 30, 2012
Industry (Sector)	Percentage of Net Assets
Capital Goods (Industrials)		10.8	%
Commercial & Professional Services (Industrials)		1.4
Consumer Durables & Apparel (Consumer Discretionary)		1.2
Consumer Services (Consumer Discretionary)		5.6
Diversified Financials (Financials)		3.5
Energy (Energy)		10.4
Food & Staples Retailing (Consumer Staples)		0.9
Food, Beverage & Tobacco (Consumer Staples)		3.7
Health Care Equipment & Services (Health Care)		5.1
Insurance (Financials)		4.9
Materials (Materials)		1.9
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		4.8
Retailing (Consumer Discretionary)		9.7
Software & Services (Information Technology)		18.5
Technology Hardware & Equipment (Information Technology)		15.7
Transportation (Industrials)		1.1
Short-Term Investments		0.2
Other Assets and Liabilities		0.6
Total		100.0	%

4

The Hartford Fundamental Growth Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.2%
		Capital Goods - 10.8%
	15	Boeing Co.	$	1,167
	18	Caterpillar, Inc.		1,798
	13	Cummins, Inc.		1,483
	34	Deere & Co.		2,776
	12	Flowserve Corp.		1,425
	39	Joy Global, Inc.		2,788
	48	WESCO International, Inc. ●		3,187
				14,624
		Commercial & Professional Services - 1.4%
	46	Manpower, Inc.		1,938
		Consumer Durables & Apparel - 1.2%
	18	Deckers Outdoor Corp. ●		898
	13	Tempur-Pedic International, Inc. ●		747
				1,645
		Consumer Services - 5.6%
	53	ITT Educational Services, Inc. ●		3,486
	31	Las Vegas Sands Corp.		1,709
	7	McDonald's Corp.		682
	30	Starbucks Corp.		1,721
				7,598
		Diversified Financials - 3.5%
	31	Ameriprise Financial, Inc.		1,681
	95	Waddell and Reed Financial, Inc. Class A w/ Rights		3,041
				4,722
		Energy - 10.4%
	34	Atwood Oceanics, Inc. ●		1,507
	33	Cameron International Corp. ●		1,676
	37	Cobalt International Energy ●		987
	29	Exxon Mobil Corp.		2,530
	21	Halliburton Co.		702
	19	National Oilwell Varco, Inc.		1,439
	53	Newfield Exploration Co. ●		1,885
	61	Whiting Petroleum Corp. ●		3,489
				14,215
		Food & Staples Retailing - 0.9%
	34	Walgreen Co.		1,185
		Food, Beverage & Tobacco - 3.7%
	13	Green Mountain Coffee Roasters, Inc. ●		653
	19	PepsiCo, Inc.		1,241
	35	Philip Morris International, Inc.		3,124
				5,018
		Health Care Equipment & Services - 5.1%
	52	CIGNA Corp.		2,423
	5	Express Scripts Holding Co. ●		262
	48	St. Jude Medical, Inc.		1,851
	43	UnitedHealth Group, Inc.		2,414
				6,950
		Insurance - 4.9%
	89	Aflac, Inc.		4,026
	185	Assured Guaranty Ltd.		2,617
				6,643
		Materials - 1.9%
	64	Barrick Gold Corp.		2,588
		Pharmaceuticals, Biotechnology & Life Sciences - 4.8%
	42	Celgene Corp. ●		3,092
	74	Teva Pharmaceutical Industries Ltd. ADR		3,389
				6,481
		Retailing - 9.7%
	29	Advance Automotive Parts, Inc.		2,653
	5	Amazon.com, Inc. ●		1,183
	46	Buckle (The), Inc.		2,124
	29	Dollar General Corp. ●		1,357
	54	Lowe's Co., Inc.		1,712
	4	Priceline.com, Inc. ●		2,739
	22	Ross Stores, Inc.		1,380
				13,148
		Software & Services - 18.5%
	20	Accenture plc		1,273
	11	Baidu, Inc. ADR ●		1,433
	69	eBay, Inc. ●		2,828
	21	Global Payments, Inc.		966
	5	Google, Inc. ●		3,117
	20	IBM Corp.		4,162
	42	iGate Corp. ●		815
	121	Microsoft Corp.		3,878
	57	Oracle Corp.		1,667
	28	Visa, Inc.		3,407
	89	Western Union Co.		1,630
				25,176
		Technology Hardware & Equipment - 15.7%
	17	Apple, Inc. ●		10,107
	60	Arrow Electronics, Inc. ●		2,536
	108	Cisco Systems, Inc.		2,178
	128	EMC Corp. ●		3,614
	58	Finisar Corp. ●		950
	32	Qualcomm, Inc.		2,011
				21,396
		Transportation - 1.1%
	19	United Parcel Service, Inc. Class B		1,508
		Total common stocks
		(cost $117,540)	$	134,835
		Total long-term investments
		(cost $117,540)	$	134,835
SHORT-TERM INVESTMENTS - 0.2%
	Repurchase Agreements - 0.2%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $83, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $84)
$	83	0.20%, 04/30/2012	$	83
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $111, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $113)
	111	0.20%, 04/30/2012		111

The accompanying notes are an integral part of these financial statements.

5

The Hartford Fundamental Growth Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 0.2% - (continued)
Repurchase Agreements - 0.2% - (continued)
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $44, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $45)
$	44	0.21%, 04/30/2012			$	44
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $36, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $37)
	36	0.19%, 04/30/2012				36
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $-, collateralized by U.S. Treasury Note 0.75%, 2013, value of $-)
	—	0.17%, 04/30/2012				—
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $59, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $61)
	59	0.21%, 04/30/2012				59
						333
		Total short-term investments
		(cost $333)			$	333
		Total investments
		(cost $117,873) ▲	99.4	%	$	135,168
		Other assets and liabilities	0.6	%		771
		Total net assets	100.0	%	$	135,939

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $121,193 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	19,271
Unrealized Depreciation		(5,296	)
Net Unrealized Appreciation	$	13,975

● Non-income producing.  

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

6

The Hartford Fundamental Growth Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	134,835	$	134,835	$	–	$	–
Short-Term Investments		333		–		333		–
Total	$	135,168	$	134,835	$	333	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Fundamental Growth Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $117,873)	$	135,168
Cash		3
Foreign currency on deposit with custodian (cost $–)		—
Receivables:
Investment securities sold		1,560
Fund shares sold		67
Dividends and interest		65
Other assets		72
Total assets		136,935
Liabilities:
Payables:
Investment securities purchased		884
Fund shares redeemed		72
Investment management fees		17
Administrative fees		—
Distribution fees		3
Accrued expenses		20
Total liabilities		996
Net assets	$	135,939
Summary of Net Assets:
Capital stock and paid-in-capital	$	121,350
Undistributed net investment income		42
Accumulated net realized loss		(2,748	)
Unrealized appreciation of investments		17,295
Net assets	$	135,939
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.63/$12.31
Shares outstanding		2,754
Net assets	$	32,030
Class B: Net asset value per share	$	10.73
Shares outstanding		125
Net assets	$	1,344
Class C: Net asset value per share	$	10.72
Shares outstanding		746
Net assets	$	7,997
Class I: Net asset value per share	$	11.68
Shares outstanding		51
Net assets	$	599
Class R3: Net asset value per share	$	12.02
Shares outstanding		28
Net assets	$	336
Class R4: Net asset value per share	$	12.09
Shares outstanding		10
Net assets	$	124
Class R5: Net asset value per share	$	12.11
Shares outstanding		10
Net assets	$	125
Class Y: Net asset value per share	$	12.13
Shares outstanding		7,701
Net assets	$	93,384

The accompanying notes are an integral part of these financial statements.

8

The Hartford Fundamental Growth Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	678
Interest		2
Less: Foreign tax withheld		(6	)
Total investment income		674
Expenses:
Investment management fees		437
Administrative services fees		—
Transfer agent fees		50
Distribution fees
Class A		37
Class B		7
Class C		39
Class R3		1
Class R4		—
Custodian fees		3
Accounting services fees		6
Registration and filing fees		48
Board of Directors' fees		2
Audit fees		5
Other expenses		14
Total expenses (before waivers and fees paid indirectly)		649
Expense waivers		(28	)
Transfer agent fee waivers		(1	)
Commission recapture		—
Total waivers and fees paid indirectly		(29	)
Total expenses, net		620
Net Investment Income		54
Net Realized Gain on Investments:
Net realized gain on investments in securities		572
Net Realized Gain on Investments		572
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		12,516
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		12,516
Net Gain on Investments and Foreign Currency Transactions		13,088
Net Increase in Net Assets Resulting from Operations	$	13,142

The accompanying notes are an integral part of these financial statements.

9

The Hartford Fundamental Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	54		$	294
Net realized gain on investments		572			10,634
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		12,516			(11,630	)
Net Increase (Decrease) In Net Assets Resulting From Operations		13,142			(702	)
Distributions to Shareholders:
From net investment income
Class A		(3	)		—
Class B		—			—
Class C		(1	)		—
Class I		(2	)		—
Class R3		—			—
Class R4		—			—
Class R5		(1	)		—
Class Y		(298	)		—
Total from net investment income		(305	)		—
From net realized gain on investments
Class A		(971	)		—
Class B		(56	)		—
Class C		(265	)		—
Class I		(18	)		—
Class R3		(5	)		—
Class R4		(4	)		—
Class R5		(4	)		—
Class Y		(2,101	)		—
Total from net realized gain on investments		(3,424	)		—
Total distributions		(3,729	)		—
Capital Share Transactions:
Class A		653			(8,486	)
Class B		(337	)		(764	)
Class C		4			(1,619	)
Class I		7			457
Class R3		174			39
Class R4		4			—
Class R5		4			—
Class Y		20,725			(35,922	)
Net increase (decrease) from capital share transactions		21,234			(46,295	)
Net Increase (Decrease) In Net Assets		30,647			(46,997	)
Net Assets:
Beginning of period		105,292			152,289
End of period	$	135,939		$	105,292
Undistributed (distribution in excess of) net investment income (loss)	$	42		$	293

The accompanying notes are an integral part of these financial statements.

10

The Hartford Fundamental Growth Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Fundamental Growth Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

11

The Hartford Fundamental Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of

12

these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

13

The Hartford Fundamental Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of April 30, 2012, the Fund had no outstanding when-issued or delayed delivery investments.

4. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related

14

to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

5. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	—	$	43

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis are as follows:

	Amount
Undistributed Ordinary Income	$	293
Undistributed Long-Term Capital Gain		3,424
Unrealized Appreciation *		1,459
Total Accumulated Earnings	$	5,176

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net

15

The Hartford Fundamental Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(1	)
Accumulated Net Realized Gain (Loss)		(7	)
Capital Stock and Paid-in-Capital		8

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

During the year ended October 31, 2011, the Fund utilized $8,336 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $4.5 billion		0.7000	%
On next $5 billion		0.6975	%
Over $10 billion		0.6950	%

16

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
All Assets		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.30	%		2.05	%		2.05	%		1.05	%		1.50	%		1.20	%		0.90	%		0.85	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended  April 30, 2012
Class A		1.30	%
Class B		2.05
Class C		2.05
Class I		1.00
Class R3		1.50
Class R4		1.20
Class R5		0.90
Class Y		0.85

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $51 and contingent deferred sales charges of $1 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B

17

The Hartford Fundamental Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

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 services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $1.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended  October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.28	%		26.24	%
Class B		0.29			25.34
Class C		0.29			25.32
Class Y		0.28			26.83

18

7. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		10		36	%
Class R4		10		100
Class R5		10		100

8. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	71,214
Sales Proceeds Excluding U.S. Government Obligations		52,560

9. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		350		96		(380	)		—		66			655		—		(1,399	)		—		(744	)
Amount	$	3,860	$	938	$	(4,145	)	$	—	$	653		$	7,358	$	—	$	(15,844	)	$	—	$	(8,486	)
Class B
Shares		13		6		(51	)		—		(32	)		15		—		(88	)		—		(73	)
Amount	$	127	$	54	$	(518	)	$	—	$	(337	)	$	155	$	—	$	(919	)	$	—	$	(764	)
Class C
Shares		86		27		(105	)		—		8			116		—		(270	)		—		(154	)
Amount	$	855	$	243	$	(1,094	)	$	—	$	4		$	1,203	$	—	$	(2,822	)	$	—	$	(1,619	)
Class I
Shares		8		—		(7	)		—		1			60		—		(24	)		—		36
Amount	$	81	$	5	$	(79	)	$	—	$	7		$	698	$	—	$	(241	)	$	—	$	457
Class R3
Shares		15		—		(1	)		—		14			4		—		—			—		4
Amount	$	184	$	5	$	(15	)	$	—	$	174		$	39	$	—	$	—		$	—	$	39
Class R4
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	—	$	4	$	—		$	—	$	4		$	—	$	—	$	—		$	—	$	—
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	—	$	4	$	—		$	—	$	4		$	—	$	—	$	—		$	—	$	—
Class Y
Shares		2,245		234		(649	)		—		1,830			1,768		—		(5,275	)		—		(3,507	)
Amount	$	25,844	$	2,400	$	(7,519	)	$	—	$	20,725		$	20,175	$	—	$	(56,097	)	$	—	$	(35,922	)
Total
Shares		2,717		363		(1,193	)		—		1,887			2,618		—		(7,056	)		—		(4,438	)
Amount	$	30,951	$	3,653	$	(13,370	)	$	—	$	21,234		$	29,628	$	—	$	(75,923	)	$	—	$	(46,295	)

19

The Hartford Fundamental Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		18	$	205
For the Year Ended October 31, 2011		26	$	292

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

20

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21

The Hartford Fundamental Growth Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	10.83	$	(0.01	)	$	–	$	1.17		$	1.16		$	–		$	(0.36	)	$	–	$	(0.36	)	$	0.80		$	11.63
B		10.05		(0.04	)		–		1.08			1.04			–			(0.36	)		–		(0.36	)		0.68			10.73
C		10.04		(0.04	)		–		1.08			1.04			–			(0.36	)		–		(0.36	)		0.68			10.72
I		10.88		0.01			–		1.19			1.20			(0.04	)		(0.36	)		–		(0.40	)		0.80			11.68
R3		11.18		(0.02	)		–		1.22			1.20			–			(0.36	)		–		(0.36	)		0.84			12.02
R4		11.23		–			–		1.22			1.22			–			(0.36	)		–		(0.36	)		0.86			12.09
R5		11.28		0.02			–		1.22			1.24			(0.05	)		(0.36	)		–		(0.41	)		0.83			12.11
Y		11.29		0.02			–		1.23			1.25			(0.05	)		(0.36	)		–		(0.41	)		0.84			12.13
For the Year Ended October 31, 2011
A		10.68		(0.01	)		–		0.16			0.15			–			–			–		–			0.15			10.83
B		9.99		(0.10	)		–		0.16			0.06			–			–			–		–			0.06			10.05
C		9.98		(0.09	)		–		0.15			0.06			–			–			–		–			0.06			10.04
I		10.70		0.02			–		0.16			0.18			–			–			–		–			0.18			10.88
R3		11.05		(0.02	)		–		0.15			0.13			–			–			–		–			0.13			11.18
R4		11.07		–			–		0.16			0.16			–			–			–		–			0.16			11.23
R5		11.08		0.04			–		0.16			0.20			–			–			–		–			0.20			11.28
Y		11.09		0.07			–		0.13			0.20			–			–			–		–			0.20			11.29
For the Year Ended October 31, 2010 (E)
A		9.08		(0.02	)		–		1.62			1.60			–			–			–		–			1.60			10.68
B		8.56		(0.09	)		–		1.52			1.43			–			–			–		–			1.43			9.99
C		8.55		(0.09	)		–		1.52			1.43			–			–			–		–			1.43			9.98
I(H)		9.72		–			–		0.98			0.98			–			–			–		–			0.98			10.70
R3(H)		10.07		(0.03	)		–		1.01			0.98			–			–			–		–			0.98			11.05
R4(H)		10.07		(0.01	)		–		1.01			1.00			–			–			–		–			1.00			11.07
R5(H)		10.07		–			–		1.01			1.01			–			–			–		–			1.01			11.08
Y		9.41		0.03			–		1.68			1.71			(0.03	)		–			–		(0.03	)		1.68			11.09
For the Year Ended October 31, 2009
A		7.57		0.01			–		1.50			1.51			–			–			–		–			1.51			9.08
B		7.18		(0.03	)		–		1.41			1.38			–			–			–		–			1.38			8.56
C		7.18		(0.05	)		–		1.42			1.37			–			–			–		–			1.37			8.55
Y		7.82		0.05			–		1.54			1.59			–			–			–		–			1.59			9.41
For the Year Ended October 31, 2008
A		13.95		(0.01	)		–		(4.85	)		(4.86	)		–			(1.52	)		–		(1.52	)		(6.38	)		7.57
B		13.40		(0.09	)		–		(4.61	)		(4.70	)		–			(1.52	)		–		(1.52	)		(6.22	)		7.18
C		13.41		(0.09	)		–		(4.62	)		(4.71	)		–			(1.52	)		–		(1.52	)		(6.23	)		7.18
Y		14.27		–			–		(4.93	)		(4.93	)		–			(1.52	)		–		(1.52	)		(6.45	)		7.82
For the Year Ended October 31, 2007
A		11.02		(0.04	)		0.04		2.93			2.93			–			–			–		–			2.93			13.95
B		10.66		(0.14	)		0.04		2.84			2.74			–			–			–		–			2.74			13.40
C		10.67		(0.13	)		0.04		2.83			2.74			–			–			–		–			2.74			13.41
Y		11.22		0.02			0.04		2.99			3.05			–			–			–		–			3.05			14.27

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Commenced operations on May 28, 2010.

(I) Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

22

-Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	11.40	%(F)	$	32,030		1.38	%(G)		1.30	%(G)		1.30	%(G)		(0.13	)%(G)		45	%
	11.08	(F)		1,344		2.34	(G)		2.05	(G)		2.05	(G)		(0.86	)(G)		–
	11.09	(F)		7,997		2.09	(G)		2.05	(G)		2.05	(G)		(0.88	)(G)		–
	11.69	(F)		599		1.03	(G)		1.00	(G)		1.00	(G)		0.17	(G)		–
	11.40	(F)		336		1.62	(G)		1.50	(G)		1.50	(G)		(0.42	)(G)		–
	11.53	(F)		124		1.34	(G)		1.20	(G)		1.20	(G)		(0.03	)(G)		–
	11.63	(F)		125		1.00	(G)		0.90	(G)		0.90	(G)		0.27	(G)		–
	11.77	(F)		93,384		0.88	(G)		0.85	(G)		0.85	(G)		0.30	(G)		–
	1.40			29,093		1.35			1.30			1.30			(0.06	)		95
	0.60			1,578		2.29			2.05			2.05			(0.80	)		–
	0.60			7,408		2.07			2.05			2.05			(0.80	)		–
	1.68			546		1.02			1.00			1.00			0.22			–
	1.18			151		1.62			1.50			1.50			(0.26	)		–
	1.45			111		1.31			1.20			1.20			0.04			–
	1.81			112		0.98			0.90			0.90			0.34			–
	1.80			66,293		0.87			0.85			0.85			0.39			–
	17.62			36,651		1.45			1.40			1.40			(0.18	)		91
	16.71			2,300		2.39			2.16			2.16			(0.91	)		–
	16.73			8,902		2.16			2.15			2.15			(0.93	)		–
	10.08	(F)		153		0.89	(G)		0.89	(G)		0.89	(G)		0.08	(G)		–
	9.73	(F)		110		1.59	(G)		1.53	(G)		1.53	(G)		(0.53	)(G)		–
	9.93	(F)		110		1.29	(G)		1.23	(G)		1.23	(G)		(0.23	)(G)		–
	10.03	(F)		110		0.98	(G)		0.93	(G)		0.93	(G)		0.07	(G)		–
	18.17			103,953		0.91			0.91			0.91			0.28			–
	19.95			27,915		1.63			1.40			1.40			0.15			113
	19.22			3,943		2.58			1.95			1.95			(0.33	)		–
	19.08			8,103		2.36			2.17			2.17			(0.61	)		–
	20.34			14,000		1.04			1.04			1.04			0.56			–
	(38.66	)		23,989		1.48			1.45			1.45			(0.06	)		110
	(39.11	)		6,254		2.30			2.19			2.19			(0.80	)		–
	(39.16	)		8,276		2.21			2.20			2.20			(0.81	)		–
	(38.24	)		10,872		0.96			0.96			0.96			0.36			–
	26.59	(I)		39,831		1.50			1.47			1.47			(0.30	)		159
	25.70	(I)		12,307		2.30			2.22			2.22			(1.04	)		–
	25.68	(I)		13,703		2.22			2.20			2.20			(1.04	)		–
	27.18	(I)		390		1.02			1.02			1.02			0.17			–

23

The Hartford Fundamental Growth Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

24

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

25

The Hartford Fundamental Growth Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

26

The Hartford Fundamental Growth Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized  expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,114.00	$	6.83	$	1,000.00	$	1,018.40	$	6.52		1.30	%		182		366
Class B	$	1,000.00	$	1,110.80	$	10.75	$	1,000.00	$	1,014.68	$	10.26		2.05			182		366
Class C	$	1,000.00	$	1,110.90	$	10.75	$	1,000.00	$	1,014.67	$	10.26		2.05			182		366
Class I	$	1,000.00	$	1,116.90	$	5.25	$	1,000.00	$	1,019.91	$	5.01		1.00			182		366
Class R3	$	1,000.00	$	1,114.00	$	7.88	$	1,000.00	$	1,017.41	$	7.52		1.50			182		366
Class R4	$	1,000.00	$	1,115.30	$	6.31	$	1,000.00	$	1,018.90	$	6.02		1.20			182		366
Class R5	$	1,000.00	$	1,116.30	$	4.74	$	1,000.00	$	1,020.39	$	4.52		0.90			182		366
Class Y	$	1,000.00	$	1,117.70	$	4.48	$	1,000.00	$	1,020.64	$	4.27		0.85			182		366

27

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-FG12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Global All-Asset Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Global All-Asset Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Consolidated Schedule of Investments at April 30, 2012 (Unaudited)	5
Consolidated Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	20
Consolidated Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	22
Consolidated Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	24
Consolidated Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	25
Notes to Consolidated Financial Statements (Unaudited)	26
Consolidated Financial Highlights (Unaudited)	42
Directors and Officers (Unaudited)	44
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	46
Quarterly Portfolio Holdings Information (Unaudited)	46
Expense Example (Unaudited)	47

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Global All-Asset Fund inception 05/28/2010
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to provide long-term total return.

Performance Overview 5/28/10 – 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)  

	6 Month†			1 Year			Since Inception
Global All-Asset A#		4.70	%		-5.92	%		6.31	%
Global All-Asset A##					-11.10	%		3.23	%
Global All-Asset C#		4.37	%		-6.55	%		5.54	%
Global All-Asset C##					-7.48	%		5.54	%
Global All-Asset I#		4.92	%		-5.62	%		6.60	%
Global All-Asset R3#		4.67	%		-6.13	%		6.04	%
Global All-Asset R4#		4.79	%		-5.91	%		6.33	%
Global All-Asset R5#		4.85	%		-5.67	%		6.61	%
Global All-Asset Y#		4.91	%		-5.61	%		6.66	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		6.24	%
MSCI All Country World Index		7.36	%		-5.21	%		12.17	%
MSCI World Index		7.87	%		-4.07	%		12.71	%

† Not Annualized

# Without sales charge

## With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Class C reflects a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global-developed market equity performance. The index consists of 23 developed-market country indices, including the United States. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

The Fund changed its benchmark from the MSCI World Index to the MSCI All Country World Index because the Fund’s investment manager believes that the MSCI All Country World Index better reflects the investment universe available to the Fund’s portfolio managers.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Global All-Asset Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Scott M. Elliot	Stephen A. Gorman, CFA	Brian M. Garvey
Senior Vice President and Asset Allocaiton Portfolio Manager	Vice President and Director of Tactical Asset Allocation	Vice President and Asset Allocation Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Global All-Asset Fund returned 4.70%, before sales charge, for the six-month period ending April 30, 2012, versus the returns of 7.87%, 7.36% and 2.44% for the MSCI World Index, the MSCI All Country World Index and the Barclays Capital U.S. Aggregate Bond Index, respectively. The Fund outperformed the 3.16% return of the average fund in the Lipper Global Flexible Portfolio Funds peer group, a group of funds that allocate investments across various asset classes with at least 25% in securities traded outside of the U.S.

Why did the Fund perform this way?

Global equities moved higher during the period as investors shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic and earnings data. The U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 also buoyed investors’ appetite for risk. The Greek debt restructuring deal added to investor optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, global equities retreated for the first time in five months as increased political uncertainty in Europe overshadowed continued strength in corporate earnings. In addition, a lackluster U.S. labor report and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors. Equities ended the period up 7.36% as measured by the MSCI All Country World Index.

Fixed income markets rose 2.44% over the six-month period ended April 30, 2012, as measured by the Barclays Capital U.S. Aggregate Bond Index. During the period, the U.S. Treasury curve flattened as short-term Treasury yields rose while intermediate and long-dated yields fell, reflecting heightened volatility amid uncertainty over the sovereign debt situation in Europe. Despite this uncertainty, all risk segments of the fixed income market outperformed duration-equivalent Treasuries for the period. Much of this outperformance came during the first quarter of 2012 due to improving U.S. economic data and positive developments out of Europe.

The Fund uses multiple levers to generate investment performance. It can invest in equities and fixed income, as well as undertake opportunistic investments in additional asset classes, such as currencies and commodities. The Fund’s underperformance during the period was primarily due to overweight allocations (i.e. the Fund’s position was greater than the benchmark position) to commodities, achieved through future contracts and cash. Additionally, the performance of the Fund's equity portion lagged that of the broad equity market. Our underweight to fixed income benefited the Fund, as did security selection within the asset class. Long Swedish krona and short Japanese yen positions, achieved via cash and derivative instruments, were additive.

Equity underperformance versus its benchmark was due primarily to security selection within Industrials, Consumer Discretionary, and Materials. From a regional perspective, selection within North America (U.S. and Canada) and Europe (Germany and Italy) hurt relative returns (i.e. performance of the Fund as measured against the benchmark).

The fixed income portion of the Fund outperformed its benchmark during the period. Security selection, as well as an overweight allocation to emerging market debt and bank loans, contributed positively to relative returns. Within emerging market debt, exposure to corporate cash bonds, credit default swaps, and inflation linked cash bonds were the primary contributors to relative performance. The Fund’s bank loan exposure, via credit default swaps, boosted relative results, while the Fund’s overweight exposure to high yield, achieved via Exchange Traded Funds and credit default swaps, hurt relative performance.

During the period we maintained an out-of-benchmark exposure to commodities, achieved through futures positions in cotton, cattle, gold, silver, and natural gas. This commodities exposure detracted from relative returns as commodities underperformed the Fund’s benchmark.

What is the outlook?

We believe macroeconomic data indicates a gradual economic recovery, although performance by region varies. U.S. data seems to be strongest, while emerging markets continue to decelerate and Europe struggles with austerity measures and uneven performance among its larger economies. Central banks remain biased towards low policy rates, even where inflation is rising. However, yields are near record lows and improving macro data may create pressure for higher yields in 2012.

3

The Hartford Global All-Asset Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

Aggregating these trends, we continue to expect weaker than normal trend growth globally. Ongoing discussions on sovereign debt and structural issues in Europe will likely remain a focus and could drive markets in the short term. Pessimism on China is rising, affecting both commodities and natural resource equities. We may be nearing an evolution in Chinese demand from infrastructure and housing investment towards consumption. This would reduce materials intensity, but could benefit areas more sensitive to consumer demand.

While it is always challenging to forecast short-term movements in economic data and asset prices, we remain convinced that we are entering a period characterized by a structural increase in global inflation. Emerging markets remain the most prominent source of inflationary pressures due to increased wage, regulatory, and transportation costs and the burgeoning demand of a rapidly growing, and wealthier, middle class. These pressures are likely to filter back to developed economies through both higher import costs and, for some time at least, higher commodity costs. Real interest rates remain negative across many emerging and developed markets. These factors support the view that global inflation will trend higher in the coming years until there is a globally-coordinated attempt to raise interest rates. We see this as unlikely given the still-fragile state of the global economy as it deleverages.

Despite being tactically overbought, we believe equities represent good value and are likely the best asset class going forward. We believe emerging market equities are more at risk, partly due to a ten year period of outperformance and risk of a structural slowdown in China. Some commodities, particularly industrial metals, could struggle with this slowdown, together with a reorientation away from infrastructure towards consumption. Developed market sovereign bonds appear unattractive due to quantitative easing and the inflation risk described above. In our view, these should be viewed as risky investments. We favor emerging markets debt, both nominal and inflation-linked.

We seek to provide long-term total return by investing in a diverse portfolio of securities and derivative instruments across a broad range of countries and asset categories.At the end of the period the Fund was underweight in fixed income, neutral to equities, and overweight in commodities and cash relative to its benchmark.

Diversification by Country

as of April 30, 2012

	Percentage of
Country	Net Assets
Australia		1.2	%
Bahrain		0.0
Belgium		0.1
Brazil		1.3
British Virgin Islands		0.1
Canada		0.9
Chile		0.2
China		1.5
Colombia		0.4
Croatia		0.2
Denmark		0.1
Finland		0.2
France		1.1
Germany		1.1
Greece		0.1
Hong Kong		2.1
India		0.4
Indonesia		0.2
Ireland		0.3
Israel		0.1
Italy		1.0
Japan		5.2
Kuwait		0.1
Luxembourg		0.4
Malaysia		0.1
Mauritius		0.0
Mexico		1.4
Netherlands		0.7
New Zealand		0.7
Nigeria		0.2
Norway		1.6
Peru		0.1
Qatar		0.1
Russia		0.3
Singapore		0.4
South Africa		0.3
South Korea		2.2
Spain		0.3
Sweden		1.1
Switzerland		1.1
Taiwan		0.6
Thailand		0.1
Turkey		0.1
United Arab Emirates		0.1
United Kingdom		2.8
Uruguay		0.1
United States		34.5
Short-Term Investments		35.4
Other Assets and Liabilities		(2.6	)
Total		100.0	%

4

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.1%
		Automobiles & Components - 1.2%
	33	Astra International TBK	$	253
	4	Bayerische Motoren Werke (BMW) AG		395
	3	BorgWarner, Inc. ●		262
	12	Bridgestone Corp.		295
	2	Continental AG		214
	11	Daimler AG		583
	9	Denso Corp.		294
	524	Dongfeng Motor Group Co., Ltd.		1,025
	27	Exedy Corp.		748
	29	Ford Motor Co. w/ Rights		330
	10	General Motors Co. ●		226
	22	Honda Motor Co., Ltd.		802
	3	Hyundai Motor Co., Ltd.		800
	5	Kia Motors Corp.		344
	3	Michelin (C.G.D.E.) Class B		209
	214	Minth Group Ltd.		270
	125	Nissan Motor Co., Ltd.		1,301
	32	Stanley Electric Co., Ltd.		496
	39	Tata Motors Ltd.		230
	42	Toyota Motor Corp.		1,724
				10,801
		Banks - 5.0%
	35	Australia & New Zealand Banking Group Ltd.		863
	53	Banco Bilbao Vizcaya Argentaria S.A.		358
	54	Banco Bilbao Vizcaya Argentaria S.A. Rights		8
	28	Banco Bradesco S.A.		446
	107	Banco Santander Brasil S.A. ‡		861
	89	Banco Santander Central Hispano S.A.		556
	21	Bancolombia S.A.		352
	7	Bancolombia S.A. ADR ‡		497
	37	Bangkok Bank plc		235
	205	Bank Central Asia PT		178
	807	Bank of China Ltd.		336
	43	Bank of East Asia		160
	4	Bank of Montreal		258
	7	Bank of Nova Scotia		389
	133	Barclays Bank plc ADR		472
	9	BB&T Corp.		283
	11	BNP Paribas		433
	87	BOC Hong Kong Holdings Ltd.		269
	715	China Construction Bank		555
	21	Commonwealth Bank of Australia		1,116
	37	DBS Group Holdings Ltd.		412
	17	DnB ASA		186
	19	Fifth Third Bancorp		270
	40	Fukuoka Financial Group, Inc.		168
	59	Hana Financial Holdings		2,006
	18	Hang Seng Bank Ltd.		248
	22	HDFC Bank Ltd.		225
	13	Housing Development Finance Corp. Ltd.		167
	194	HSBC Holdings plc		1,751
	757	Industrial and Commercial Bank of China		503
	115	Intesa Sanpaolo		175
	45	Itausa - Investimentos Itau S.A. ⌂		214
	1	Itausa - Investimentos Itau S.A. Rights		—
	29	KB Financial Group, Inc.		971
	607	Lloyds Banking Group plc ●		305
	289	Mega Financial Holding Co.		227
	390	Mitsubishi UFJ Financial Group, Inc.		1,871
	257	Mizuho Financial Group, Inc.		405
	30	National Australia Bank Ltd.		791
	39	Nordea Bank Ab		341
	49	Oversea-Chinese Banking Corp., Ltd.		354
	6	PNC Financial Services Group, Inc.		390
	237	PT Bank Rakyat Indonesia		170
	8	Royal Bank of Canada		488
	7	Shinhan Financial Group Co., Ltd.		251
	10	Societe Generale Class A		230
	21	Standard Bank Group Ltd.		308
	29	Standard Chartered plc		706
	17	Sumitomo Mitsui Financial Group, Inc.		551
	12	SunTrust Banks, Inc.		280
	8	Svenska Handelsbanken Ab Class A		265
	13	Swedbank Ab		208
	5	Toronto-Dominion Bank		423
	49	Turkiye Garanti Bankasi A.S.		181
	43	Unicredit S.p.A.		172
	27	United Overseas Bank Ltd.		425
	165	US Bancorp		5,299
	364	Wells Fargo & Co.		12,184
	41	Westpac Banking Corp.		963
				43,709
		Capital Goods - 4.6%
	10	3M Co.		921
	32	ABB Ltd. ADR		580
	2	Acs Actividades Cons Y Serv		38
	2	AGCO Corp. ●‡		81
	103	Amada Co., Ltd.		699
	26	Asahi Glass Co., Ltd.		202
	9	Atlas Copco Ab B Shares		191
	53	BAE Systems plc		252
	122	Beijing Enterprises Holdings Ltd.		678
	92	Belden, Inc. ‡		3,203
	37	Bharat Heavy Electricals Ltd.		157
	9	Boeing Co. ‡		713
	82	Carlisle Cos., Inc. ‡		4,537
	12	Caterpillar, Inc. ‡		1,227
	9	Compagnie De Saint-Gobain		379
	4	Cooper Industries plc Class A		266
	2	Cummins, Inc.		259
	10	Daewoo International Corp.		283
	7	Danaher Corp. ‡		400
	6	Deere & Co.		518
	5	Eaton Corp.		244
	12	Emerson Electric Co.		636
	6	European Aeronautic Defence and Space Co. N.V.		235
	2	Fanuc Corp.		351
	7	Fastenal Co.		340
	28	Fiat Industrial S.p.A. ●		318
	1	Flowserve Corp.		61
	4	Fluor Corp.		256
	70	GATX Corp. ‡		2,997
	1	Geberit AG		114
	120	General Electric Co.		2,353
	2	Goodrich Corp.		260

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.1% - (continued)
		Capital Goods - 4.6% - (continued)
	11	Honeywell International, Inc.	$	657
	36	Hutchison Whampoa Ltd.		349
	1	Hyundai Heavy Industries		224
	5	Illinois Tool Works, Inc.		281
	7	Ingersoll-Rand plc		294
	27	Itochu Corp.		304
	3	Joy Global, Inc.		197
	29	Keppel Corp., Ltd.		259
	15	Komatsu Ltd.		428
	18	Koninklijke Philips Electronics N.V.		368
	20	Kubota Corp.		194
	—	L-3 Communications Holdings, Inc.		35
	7	Larsen & Toubro Ltd.		160
	5	Legrand S.A.		173
	12	LG Corp.		595
	—	Lockheed Martin Corp.		40
	2	LS Corp.		163
	4	Metso Oyj		178
	22	Mitsubishi Corp.		468
	90	Mitsubishi Electric Corp.		786
	56	Mitsubishi Heavy Industries Ltd.		256
	22	Mitsui & Co., Ltd.		336
	3	Nidec Corp.		240
	3	Parker-Hannifin Corp.		260
	9	Pentair, Inc.		400
	2	Precision Castparts Corp.		270
	2	Raytheon Co.		134
	3	Rockwell Automation, Inc.		247
	28	Rolls-Royce Holdings plc		374
	3	Samsung C&T Corp.		224
	1	Samsung Engineering Co., Ltd.		189
	21	Sandvik AB		331
	10	Scania Ab		198
	6	Schneider Electric S.A.		398
	334	Shanghai Industrial Holdings Ltd.		1,112
	11	Siemens AG		991
	7	SMC Corp.		1,187
	49	Sumitomo Corp.		702
	17	Sumitomo Electric Industries Ltd.		228
	293	TECO Electric & Machinery Co., Ltd.		214
	4	Titan International, Inc.		112
	5	Toyota Tsusho Corp.		94
	6	Tyco International Ltd.		336
	11	United Technologies Corp.		907
	59	United Tractors		188
	1	Vallourec		34
	9	Vinci S.A.		398
	583	Walsin Lihwa Corp.		169
				40,431
		Commercial & Professional Services - 0.4%
	187	ACCO Brands Corp. ●‡		1,974
	2	Adecco S.A.		82
	24	Brambles Ltd.		178
	7	Cintas Corp.		268
	21	Experian plc		325
	4	Secom Co., Ltd.		174
	7	Waste Management, Inc.		252
				3,253
		Consumer Durables & Apparel - 1.3%
	4	Adidas AG		298
	806	Bosideng International Holdings Ltd.		232
	5	Cie Financiere Richemont S.A.		302
	4	Coach, Inc.		262
	3	LVMH Moet Hennessy Louis Vuitton S.A.		482
	203	Mattel, Inc.		6,804
	3	NIKE, Inc. Class B		351
	7	Nikon Corp.		197
	36	Panasonic Corp.		279
	57	Sega Sammy Holdings, Inc.		1,185
	16	Sony Corp.		264
	1	Swatch Group AG		258
	11	Toll Brothers, Inc. ●		283
				11,197
		Consumer Services - 0.6%
	15	Benesse Holdings, Inc.		725
	8	Carnival Corp.		263
	1	Chipotle Mexican Grill, Inc. ●		290
	30	Compass Group plc		309
	5	Darden Restaurants, Inc.		266
	58	Genting Berhad		196
	5	Las Vegas Sands Corp.		280
	10	McDonald's Corp.		972
	279	MGM China Holdings Ltd.		515
	11	New Oriental Education & Technology Group, Inc. ADR ●		299
	8	Starbucks Corp.		452
	5	Starwood Hotels & Resorts		270
	2	Wynn Resorts Ltd.		305
	6	Yum! Brands, Inc.		407
				5,549
		Diversified Financials - 2.0%
	11	Acom Co., Ltd.		247
	11	American Express Co. ‡		664
	5	Ameriprise Financial, Inc.		259
	163	Bank of America Corp. ‡		1,320
	13	Bank of New York Mellon Corp.		297
	40	BM & F Bovespa S.A.		221
	6	Capital One Financial Corp.		323
	29	Citigroup, Inc.		958
	1	CME Group, Inc.		250
	12	Credit Suisse Group AG		290
	11	Deutsche Bank AG		466
	4	Deutsche Boerse AG		220
	9	Discover Financial Services, Inc.		307
	10	Eaton Vance Corp.		256
	218	Fubon Financial Holding Co., Ltd		226
	17	Goldman Sachs Group, Inc.		1,919
	6	Groupe Bruxelles Lambert S.A.		449
	19	Grupo de Inversiones Suramericana		351
	19	Hong Kong Exchanges & Clearing Ltd.		306
	37	ING Groep N.V. ●		258
	11	Invesco Ltd.		268
	125	JP Morgan Chase & Co.		5,393
	10	Legg Mason, Inc.		251
	16	Morgan Stanley		271
	60	Nomura Holdings, Inc.		247
	3	ORIX Corp.		248
	6	State Street Corp.		288

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.1% - (continued)
		Diversified Financials - 2.0% - (continued)
	4	T. Rowe Price Group, Inc.	$	281
	45	UBS AG		559
				17,393
		Energy - 6.0%
	12	Anadarko Petroleum Corp. ‡		906
	4	Apache Corp.		394
	6	Baker Hughes, Inc.		246
	38	BG Group plc		899
	202	BP plc		1,456
	5	Cameron International Corp. ●		235
	10	Canadian Natural Resources Ltd.		342
	30	Canadian Natural Resources Ltd. ADR ‡		1,034
	12	Chesapeake Energy Corp.		217
	30	Chevron Corp. ‡		3,152
	259	China Petroleum & Chemical Corp. Class H		275
	204	China Shenhua Energy Co., Ltd.		899
	188	CNOOC Ltd.		398
	12	ConocoPhillips Holding Co. ‡		845
	5	Devon Energy Corp.		316
	8	Ecopetrol S.A. ADR ‡		521
	48	El Paso Corp. ‡		1,437
	24	Enbridge, Inc.		1,018
	28	Eni S.p.A.		625
	30	EOG Resources, Inc. ‡		3,302
	102	Exxon Mobil Corp.		8,792
	6	GS Holdings Corp.		309
	10	Halliburton Co.		353
	4	Hess Corp.		218
	—	Inpex Corp. ☼		2,436
	203	JX Holdings, Inc.		1,146
	54	Karoon Gas Australia Ltd. ●		357
	11	Kinder Morgan Management LLC ●		875
	370	Kunlun Energy Co., Ltd.		649
	7	Lukoil ADR		421
	8	Marathon Oil Corp.		231
	6	Marathon Petroleum Corp.		244
	5	National Oilwell Varco, Inc.		350
	122	OAO Gazprom Class S ADR		1,414
	14	Occidental Petroleum Corp.		1,288
	20	OGX Petroleo e Gas Participacoes S.A. ●		141
	17	Origin Energy Ltd.		230
	12	Pacific Rubiales Energy Corp.		357
	7	Peabody Energy Corp.		213
	25	Petrobras		289
	308	PetroChina Co., Ltd.		460
	55	Petroleo Brasileiro S. A.		604
	20	PTT Public Co. Ltd.		224
	20	Reliance Industries Ltd.		286
	11	Repsol YPF S.A.		221
	22	Royal Dutch Shell plc		793
	39	Royal Dutch Shell plc B Shares		1,428
	8	Sasol Ltd.		360
	13	Schlumberger Ltd. ╦		955
	119	Scorpio Tankers, Inc. ●		803
	15	Seacor Holdings, Inc. ●		1,431
	17	Statoil ASA		456
	11	Suncor Energy, Inc.		364
	25	Total S.A.		1,196
	5	Transocean Ltd.		251
	13	Tullow Oil plc		337
	10	Valero Energy Corp.		255
	28	Whiting Petroleum Corp. ●		1,601
	37	Williams Cos., Inc.		1,266
	10	Woodside Petroleum Ltd.		344
				52,465
		Finance - 0.0%
	3	Canadian Imperial Bank of Commerce		221
		Food & Staples Retailing - 0.7%
	42	Almacenes Exito S.A.		679
	10	Carrefour S.A.		195
	5	Costco Wholesale Corp.		421
	13	CVS Caremark Corp.		593
	10	FamilyMart Co., Ltd.		454
	19	Koninklijke Ahold N.V.		242
	52	Olam International Ltd.		95
	12	Seven & I Holdings Co., Ltd.		378
	113	Tesco plc		584
	10	Walgreen Co.		340
	103	Wal-Mart de Mexico SAB de CV		294
	17	Wal-Mart Stores, Inc.		1,000
	17	Wesfarmers Ltd.		548
	17	Woolworths Ltd.		471
				6,294
		Food, Beverage & Tobacco - 2.9%
	21	Adecoagro S.A. ●		187
	21	Altria Group, Inc.		679
	10	Anheuser-Busch InBev N.V.		704
	31	Archer Daniels Midland Co. ‡		969
	9	Asahi Group Holdings Ltd.		205
	2	Asian Bamboo AG		36
	442	Asian Citrus Holdings Ltd.		263
	9	Associated British Foods plc		176
	27	British American Tobacco plc		1,380
	12	Bunge Ltd. Finance Corp.		753
	162	Charoen Pokphand Foods Ltd.		214
	258	China Agri-Industries Holdings		189
	119	China Green Holdings Ltd.		35
	196	China Modern Dairy Holdings Ltd. ●		56
	—	Cia de Bebidas das Americas Rights		—
	15	Coca-Cola Amatil Ltd.		188
	21	Coca-Cola Co. ‡		1,586
	8	Corn Products International, Inc.		481
	26	Cosan Ltd.		356
	27	Diageo Capital plc		686
	150	First Resources Ltd.		227
	48	Fomento Economico Mexicano, S.A. de C.V.		387
	10	General Mills, Inc.		386
	673	Golden Agri Resources Ltd.		398
	20	GrainCorp Ltd.		193
	7	Groupe Danone		460
	39	Grupo Modelo S.A.B.		275
	4	Heineken N.V.		244
	14	Imperial Tobacco Group plc		543
	122	IOI Corp. Bhd		211
	45	ITC Ltd.		209
	—	Japan Tobacco, Inc.		377
	7	Kernel Holding S.A.		155
	20	Kraft Foods, Inc.		799
	8	KT&G Corp.		582

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.1% - (continued)
		Food, Beverage & Tobacco - 2.9% - (continued)
	2	Lorillard, Inc.	$	310
	5	Maple Leaf Foods, Inc. w/ Rights		62
	3	Mead Johnson Nutrition Co.		295
	39	Nestle S.A.		2,416
	15	PepsiCo, Inc.		1,003
	12	Perdigao S.A.		212
	3	Pernod-Ricard		300
	17	Philip Morris International, Inc. ╦		1,487
	33	Post Holdings, Inc. ●		983
	29	Ralcorp Holdings, Inc. ●		2,104
	10	SABMiller plc		434
	5	Smithfield Foods, Inc. ●		109
	5	Tyson Foods, Inc. Class A		92
	22	Unilever N.V. CVA		768
	129	Uni-President Enterprises Corp.		199
	76	Wilmar International Ltd.		297
				25,660
		Health Care Equipment & Services - 0.7%
	6	Aetna, Inc.		259
	6	Baxter International, Inc.		318
	4	Cie Generale d'Optique Essilor International S.A.		316
	6	CIGNA Corp.		290
	5	Covidien plc		272
	10	Express Scripts Holding Co. ●		532
	3	Fresenius Medical Care AG & Co.		241
	2	Fresenius SE & Co. KGaA		189
	3	Humana, Inc.		246
	1	Intuitive Surgical, Inc. ●		305
	4	McKesson Corp.		346
	10	Medtronic, Inc.		385
	20	Nichii Gakkan Co.		267
	6	St. Jude Medical, Inc.		232
	1	Synthes, Inc.		189
	4	Terumo Corp.		164
	12	UnitedHealth Group, Inc.		651
	5	Wellpoint, Inc.		361
	4	Zimmer Holdings, Inc.		262
				5,825
		Household & Personal Products - 0.7%
	5	Colgate-Palmolive Co.		499
	5	Estee Lauder Co., Inc.		295
	5	Henkel AG & Co. KGaA		310
	4	Herbalife Ltd.		308
	11	Kao Corp.		289
	5	Kimberly-Clark Corp.		362
	3	L'Oreal S.A.		397
	6	Pigeon Corp.		255
	30	Pola Orbis Holdings, Inc.		922
	24	Procter & Gamble Co.		1,521
	6	Reckitt Benckiser Group plc		344
	11	Shiseido Co., Ltd.		195
				5,697
		Insurance - 2.0%
	4	ACE Ltd.		318
	6	Aflac, Inc.		250
	427	AIA Group Ltd.		1,510
	8	Alleghany Corp. ●‡		2,863
	5	Allianz SE		587
	8	Allstate Corp.		281
	57	Amp Ltd.		252
	16	Assicurazioni Generali		219
	42	Aviva plc		210
	16	AXA S.A.		233
	24	Berkshire Hathaway, Inc. Class B ●		1,935
	128	China Life Insurance Co., Ltd.		342
	215	China Pacific Insurance		696
	5	Chubb Corp.		346
	14	Cincinnati Financial Corp.		499
	33	LIG Insurance Co., Ltd. ●		675
	11	Lincoln National Corp.		269
	11	MetLife, Inc.		401
	3	Muenchener Rueckversicherungs NPV		399
	34	Ping An Insurance (Group) Co.		279
	10	Principal Financial Group, Inc.		266
	6	Prudential Financial, Inc.		354
	33	Prudential plc		408
	10	Sampo Oyj Class A		254
	4	Samsung Fire & Marine Insurance Co., Ltd. ●		787
	28	Suncorp-Metway Ltd.		238
	4	Swiss Re Ltd.		259
	46	Tokio Marine Holdings, Inc.		1,175
	8	Torchmark Corp.		368
	6	Travelers Cos., Inc.		385
	2	Zurich Financial Services AG		377
				17,435
		Materials - 3.4%
	9	Agrium, Inc.		813
	4	Air Liquide		495
	4	Akzo Nobel N.V.		196
	17	Anglo American plc		663
	7	AngloGold Ashanti		235
	12	ArcelorMittal		217
	11	Ball Corp.		459
	6	Barrick Gold Corp.		226
	11	BASF SE		943
	535	BBMG Corp.		458
	39	BHP Billiton Ltd.		1,438
	19	BHP Billiton plc		625
	5	Celanese Corp.		244
	37	Cementos Argos S.A.		257
	5	CF Industries Holdings, Inc. ‡		1,009
	100	China Bluechemical Ltd.		71
	19	Companhia Sider·rgica Nacional		159
	4	Compania De Minas Buenaventur ADR		171
	13	CRH plc		264
	15	Deltic Timber Corp. ‡		922
	15	Dow Chemical Co.		511
	10	E.I. DuPont de Nemours & Co.		520
	4	Ecolab, Inc.		269
	82	Formosa Chemicals & Fibre Corp.		237
	91	Formosa Plastic Corp.		258
	10	Freeport-McMoRan Copper & Gold, Inc.		379
	21	Gerdau S.A.		194
	14	Gold Fields Ltd.		174
	7	Goldcorp, Inc.		269
	76	Graphic Packaging Holding Co. ●		409
	73	Grupo Mexico SAB de CV		226

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.1% - (continued)
		Materials - 3.4% - (continued)
	4	Holcim Ltd.	$	245
	2,502	Huabao International Holdings Ltd. ⌂†		811
	11	Impala Platinum Holdings Ltd.		211
	135	Incitec Pivot Ltd.		455
	4	Industrias Penoles S.A.B. de C.V.		172
	22	Inversiones Argos S.A.		211
	24	Israel Chemicals Ltd.		270
	5	Johnson Matthey plc		183
	3	LG Chem Ltd.		244
	2	Linde AG		411
	10	Mining and Metallurgical Co. Norilsk Nickel ADR		173
	122	Mitsubishi Gas Chemical Co.		799
	21	Monsanto Co.		1,591
	18	Mosaic Co.		966
	117	Nan Ya Plastics Corp.		240
	10	Newcrest Mining Ltd.		283
	90	Nippon Steel Corp.		223
	7	Orica Ltd.		190
	1	Posco Ltd.		367
	24	Potash Corp. of Saskatchewan, Inc.		999
	7	Rio Tinto Ltd.		506
	14	Rio Tinto plc		803
	6	Shin-Etsu Chemical Co., Ltd.		340
	17	Silgan Holdings, Inc. ╦		752
	121	Sinofert Holdings Ltd.		26
	4	Sociedad Qufmica y Minera de Chile		207
	23	Stora Enso Oyj Class R		160
	55	Sumitomo Metal Mining Co., Ltd. ☼		721
	3	Syngenta AG		878
	30	Toray Industries, Inc.		230
	6	Uralkali §		213
	41	Vale S.A.		891
	1,085	Xingda International Holdings		469
	25	Xstrata plc		474
	26	Yamato Kogyo Co. ☼		751
				29,776
		Media - 1.8%
	110	Arbitron, Inc. ‡		4,187
	19	British Sky Broadcasting Group plc		210
	9	CBS Corp. Class B		293
	27	Comcast Corp. Class A		827
	7	DirecTV Class A ●		359
	82	Focus Media Holding Ltd. ADR		1,971
	5	Liberty Global, Inc. ●		270
	82	Liberty Global, Inc. Class C ●		3,945
	6	McGraw-Hill Cos., Inc.		280
	6	Naspers Ltd.		337
	23	News Corp. Class A		459
	14	Pearson plc		257
	22	Reed Elsevier Capital, Inc.		186
	4	Time Warner Cable, Inc.		316
	11	Time Warner, Inc.		427
	6	Viacom, Inc. Class B		294
	17	Walt Disney Co.		736
	17	WPP plc		237
				15,591
		Pharmaceuticals, Biotechnology & Life Sciences - 2.1%
	14	Abbott Laboratories		898
	6	Agilent Technologies, Inc. ‡		242
	4	Allergan, Inc.		347
	8	Amgen, Inc.		536
	9	Astellas Pharma, Inc.		367
	15	AstraZeneca plc		645
	9	Bayer AG		622
	2	Biogen Idec, Inc. ●		286
	17	Bristol-Myers Squibb Co.		563
	4	Celgene Corp. ●‡		311
	15	Daiichi Sankyo Co., Ltd.		259
	6	Eisai Co., Ltd.		220
	13	Elan Corp. plc ●		183
	11	Eli Lilly & Co.		465
	7	Gilead Sciences, Inc. ●		370
	55	GlaxoSmithKline plc		1,265
	25	Johnson & Johnson		1,643
	28	Merck & Co., Inc.		1,115
	12	Mylan, Inc. ●		252
	27	Novartis AG		1,471
	5	Novo Nordisk A/S		783
	3	Perrigo Co.		279
	72	Pfizer, Inc.		1,659
	7	Roche Holding AG		1,302
	13	Sanofi-Aventis S.A.		971
	9	Shire plc		298
	13	Takeda Pharmaceutical Co., Ltd.		567
	12	Teva Pharmaceutical Industries Ltd.		542
				18,461
		Real Estate - 0.7%
	5	American Tower Corp. REIT		299
	28	Cheung Kong Holdings Ltd.		375
	5	Equity Residential Properties Trust		315
	4	Federal Realty Investment Trust		424
	6	HCP, Inc.		255
	30	Henderson Land Development Co., Ltd.		169
	15	Host Hotels & Resorts, Inc.		253
	10	Liberty Property Trust		354
	57	Link REIT		236
	20	Mitsubishi Estate Co., Ltd.		356
	43	Mitsui Fudosan Co., Ltd.		794
	8	ProLogis, Inc.		280
	9	Regency Centers Corp.		389
	4	Simon Property Group, Inc.		589
	28	Sun Hung Kai Properties Ltd.		333
	1	Unibail-Rodamco SE		260
	33	Westfield Group		319
	32	Wharf Holdings Ltd.		187
				6,187
		Retailing - 1.5%
	4	Amazon.com, Inc. ●‡		835
	4	Bed Bath & Beyond, Inc. ●		297
	116	Belle International Holdings Ltd. §		226
	3	Dollar Tree, Inc. ●		307
	13	Don Quijote Co.		477
	11	Hennes & Mauritz Ab		364
	10	Himart Co., Ltd. ⌂†		494
	15	Home Depot, Inc.		790
	12	Hyundai Home Shopping Network Corp.		1,459
	3	Industria de Diseno Textil S.A.		240
	549	Intime Department Store		690

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.1% - (continued)
		Retailing - 1.5% - (continued)
	39	Kingfisher plc	$	183
	5	Kohl's Corp.		262
	42	K's Holdings Corp. ☼		1,251
	95	Li & Fung Ltd.		202
	6	Limited Brands, Inc.		288
	19	Lojas Americanas S.A.		177
	2	Lotte Shopping Co.		587
	14	Lowe's Co., Inc.		427
	7	Macy's, Inc.		297
	2,933	Maoye International Holdings		695
	1	Pinault-Printemps-Redoute S.A.		232
	1	Priceline.com, Inc. ●		466
	—	Rakuten, Inc.		302
	6	Target Corp.		371
	4	Tiffany & Co.		274
	8	TJX Cos., Inc.		348
	50	Woolworths Holdings Ltd.		313
				12,854
		Semiconductors & Semiconductor Equipment - 1.4%
	6	Altera Corp.		229
	21	Arm Holdings plc		173
	5	ASML Holding N.V.		267
	7	Broadcom Corp. Class A		252
	10	Hynix Semiconductor, Inc.		242
	22	Infineon Technologies AG		217
	46	Intel Corp.		1,310
	5	KLA-Tencor Corp.		265
	6	Lam Research Corp. ●		250
	149	Maxim Integrated Products, Inc.		4,396
	22	MediaTek, Inc.		192
	2	Samsung Electronics Co., Ltd.		2,600
	422	Taiwan Semiconductor Manufacturing Co., Ltd.		1,248
	10	Texas Instruments, Inc.		320
	4	Tokyo Electron Ltd.		198
	402	United Microelectronics Corp.		210
				12,369
		Software & Services - 3.0%
	7	Accenture plc		436
	8	Adobe Systems, Inc. ●‡		274
	4	Citrix Systems, Inc. ●		313
	4	Cognizant Technology Solutions Corp. ●		270
	11	Daum Communications Corp.		1,055
	38	DeNa Co., Ltd. ☼		1,196
	12	eBay, Inc. ●		485
	62	Fiserv, Inc. ●		4,386
	68	Giant Interactive Group, Inc. ADR		363
	2	Google, Inc. ●		1,477
	11	IBM Corp.		2,300
	5	Infosys Technologies Ltd.		236
	5	Intuit, Inc.		262
	9	Kakaku.com, Inc.		292
	22	Konami Corp.		645
	1	Mastercard, Inc.		481
	69	Microsoft Corp.		2,217
	13	Netease.com, Inc. ●		784
	2	Nintendo Co., Ltd.		221
	38	Oracle Corp.		1,128
	55	Perfect World Co., Ltd. ADR ●		672
	5	Red Hat, Inc. ●		322
	2	Salesforce.com, Inc. ●		329
	11	SAP AG		749
	25	Sohu.com, Inc. ●		1,273
	8	Tata Consultancy Services		191
	13	Tencent Holdings Ltd.		408
	5	Visa, Inc.		633
	3	VMware, Inc. ●		302
	26	Websense, Inc. ●		537
	65	Western Union Co.		1,186
	16	Yahoo!, Inc. ●		256
				25,679
		Technology Hardware & Equipment - 2.0%
	9	Apple, Inc. ●‡		5,084
	14	Canon, Inc.		634
	50	Cisco Systems, Inc. ‡		1,016
	19	Corning, Inc.		271
	17	Dell, Inc. ●		284
	25	Diebold, Inc.		986
	23	EMC Corp. ●		639
	67	Fuji Photo Film Co., Ltd.		1,429
	20	Hewlett-Packard Co.		496
	14	High Technology Computer Corp.		211
	73	Hitachi Ltd.		464
	144	Hon Hai Precision Industry Co., Ltd.		453
	10	Hoya Pentax HD Corp.		221
	12	Juniper Networks, Inc. ●		247
	3	Kyocera Corp.		265
	7	L.G. Philips LCD Co., Ltd.		154
	3	Murata Manufacturing Co., Ltd.		177
	7	NetApp, Inc. ●		255
	45	Nokia Oyj		163
	15	Qualcomm, Inc. ╦		950
	6	SanDisk Corp. ●		207
	7	TE Connectivity Ltd.		270
	43	Telefonaktiebolaget LM Ericsson		422
	75	Toshiba Corp.		305
	345	Wistron Corp.		515
	777	WPG Holdings Co., Ltd.		1,055
				17,173
		Telecommunication Services - 1.8%
	38	Advanced Info Service Public Co., Ltd.		224
	534	America Movil, S.A.B. de C.V.		713
	70	AT&T, Inc. ‡		2,320
	186	Axiata Group Berhad		326
	25	Bharti Televentures		148
	94	BT Group plc		323
	8	CenturyLink, Inc.		291
	88	China Mobile Ltd.		971
	118	China Unicom Ltd.		206
	37	Deutsche Telekom AG		422
	28	Elisa Oyj		621
	34	France Telecom S.A.		470
	—	KDDI Corp.		249
	27	Koninklijke (Royal) KPN N.V.		241
	18	MTN Group Ltd.		323
	—	NTT DoCoMo, Inc.		352
	237	PT Telekomunikasi Indonesia Tbk		218
	8	SBA Communications Corp. ●		404

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.1% - (continued)
		Telecommunication Services - 1.8% - (continued)
	146	Singapore Telecommunications Ltd.	$	367
	7	SK Telecom Co., Ltd.		837
	29	Softbank Corp.		879
	50	Telefonica S.A.		729
	45	Telenor ASA		819
	47	Telia Ab		314
	93	Telstra Corp., Ltd.		343
	27	Verizon Communications, Inc.		1,078
	14	Vivendi S.A.		257
	520	Vodafone Group plc		1,441
				15,886
		Transportation - 0.8%
	1	Aeroports de Paris		87
	11	Asciano Group		55
	8	Canadian National Railway Co.		717
	—	Central Japan Railway Co.		274
	29	CSX Corp.		636
	5	Deutsche Lufthansa AG		68
	6	Deutsche Post AG		108
	6	East Japan Railway Co.		357
	3	FedEx Corp.		291
	24	Hankyu Hanshin Holdings, Inc.		114
	—	Hutchinson Port Holdings Trust		—
	31	Keio Corp.		226
	47	Kintetsu Corp.		165
	10	LAN Airlines S.A.		278
	24	Nippon Yusen		72
	6	Norfolk Southern Corp.		406
	60	Seino Holdings Corp.		416
	33	Tobu Railway Co., Ltd.		166
	35	Transurban Group		212
	137	Turk Hava Yollari Anonim Ortakligi ●		210
	9	Union Pacific Corp.		1,046
	12	United Parcel Service, Inc. Class B		903
	4	West Japan Railway Co.		175
				6,982
		Utilities - 2.5%
	12	AGL Energy Ltd.		185
	9	Ameren Corp.		290
	15	Centrais Eletricas Brasileiras S.A.		175
	73	Centrica plc		364
	144	Cheung Kong Infrastructure		853
	12	Chubu Electric Power Co., Inc.		203
	20	Cia de Saneamento Basico do Estado de Sao Paulo		783
	36	CLP Holdings Ltd.		309
	16	Companhia Energetica de Minas Gerais		312
	20	E.On AG		449
	15	Electricite de France		310
	176	Empresa Nacional del Petroleo		321
	99	Enel S.p.A.		324
	205	ENN Energy Holdings Ltd.		716
	9	Exelon Corp.		355
	9	Fortum Corp. ●		190
	18	Gaz de France ⌂		424
	2,031	Guangdong Investment Ltd.		1,490
	87	Hong Kong & China Gas		221
	316	Huaneng Power International, Inc.		187
	58	Iberdrola S.A.		271
	10	Integrys Energy Group, Inc.		553
	34	Interconexion Electrica S.A.		217
	15	Kansai Electric Power Co., Inc.		219
	9	Korea Electric Power Corp. ●		172
	144	National Grid plc		1,553
	13	NextEra Energy, Inc.		856
	16	NiSource, Inc.		397
	52	NTPC Ltd.		161
	3	Oneok, Inc.		285
	114	Osaka Gas Co., Ltd.		461
	16	PG&E Corp.		685
	14	Pinnacle West Capital Corp.		673
	24	Power Assets Holdings Ltd.		180
	89	Power Grid Corp. of India Ltd.		187
	6	RWE AG		237
	48	Scottish & Southern Energy		1,033
	34	Severn Trent plc		931
	171	Snam S.p.A.		812
	28	Suez Environment S.A.		390
	123	Tenaga Nasional Bhd		261
	47	Tokyo Gas Co., Ltd.		227
	38	Tractebel Energia S.A.		653
	25	UGI Corp.		733
	18	United Utilities Group plc		176
	19	Wisconsin Energy Corp.		700
				21,484
		Total common stocks
		(cost $416,580)	$	428,372
PREFERRED STOCKS - 0.3%
		Automobiles & Components - 0.0%
	2	Volkswagen AG N.V.	$	384
		Banks - 0.1%
	32	Banco Itau Holding		509
		Food, Beverage & Tobacco - 0.1%
	12	Cia de Bebidas das Ame		505
		Utilities - 0.1%
	26	Cia Paranaense de Energie		662
		Total preferred stocks
		(cost $2,015)	$	2,060
EXCHANGE TRADED FUNDS - 2.7%
		Other Investment Pools and Funds - 2.7%
	348	Financial Select Sector SPDR	$	5,362
	115	Health Care Select Sector SPDR Fund		4,304
	315	iShares MSCI Canada Index Fund		8,936
	12	iShares Nasdaq Biotechnology Index Fund		1,450
	97	SPDR Barclays Capital Convertible Securities		3,771
		Total exchange traded funds
		(cost $24,422)	$	23,823

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 3.4%
		Agriculture, Forestry, Fishing and Hunting - 0.1%
		Celulosa Arauco Constitucion
$	296	7.25%, 07/29/2019	$	350
		MHP S.A
	455	10.25%, 04/29/2015 §		444
				794
		Arts, Entertainment and Recreation - 0.1%
		Grupo Televisa S.A
	557	6.63%, 03/18/2025		679
		MCE Finance Ltd.
	420	10.25%, 05/15/2018		474
				1,153
		Computer and Electronic Product Manufacturing - 0.1%
		Hynix Semiconductor, Inc.
	435	7.88%, 06/27/2017 ■		452
		Construction - 0.3%
		Country Garden Holdings Co.
	542	11.25%, 04/22/2017 ■		546
		Empresas ICA SAB de CV
	382	8.90%, 02/04/2021 §		378
		Hong Kong Land Finance
	340	4.50%, 10/07/2025		332
		Hutchison Whampoa Ltd.
	482	6.00%, 10/28/2015 ■♠		491
		Odebrecht Finance Ltd.
	492	7.50%, 09/14/2015 §♠		508
		Shimao Property Holding Ltd.
	320	9.65%, 08/03/2017		280
				2,535
		Finance and Insurance - 1.2%
		Akbank T.A.S
	787	5.13%, 07/22/2015 §		789
		Banco de Credito del Peru/Panama
	791	5.38%, 09/16/2020 §		809
		Bancolombia S.A
	662	6.13%, 07/26/2020		702
		Bangkok Bank PCL/Hong Kong
	347	4.80%, 10/18/2020 §		354
		Bank of China Hong Kong
	542	5.55%, 02/11/2020 ■		580
		Bank of East Asia
	352	6.13%, 07/16/2020		375
		Bank of Moscow
	612	6.70%, 03/11/2015 §		635
		BBK
	315	4.50%, 10/28/2015 §		307
		BES Investimento do Brasil S.A
	766	5.63%, 03/25/2015 §		714
		CBQ Finance Ltd.
	364	7.50%, 11/18/2019 ■		428
		Fibria Overseas Finance Ltd
	632	7.50%, 05/04/2020 §		662
		HSBK Europe B.V
	752	7.25%, 05/03/2017 §		759
		ICBC Asia Ltd.
	500	5.13%, 11/30/2020 §		517
		ICICI Bank Ltd.
	200	5.75%, 11/16/2020 §		197
		Kuwait Projects Co.
	437	8.88%, 10/17/2016 §		493
		Myriad International Holdings B.V
	326	6.38%, 07/28/2017 ■		360
		Noble Group Ltd.
	271	6.75%, 01/29/2020 ■		266
		PCCW-HKT Capital Ltd.
	300	4.25%, 02/24/2016		311
		Standard Bank plc
	255	8.13%, 12/02/2019		279
		Swire Pacific MTN Financing Ltd.
	340	5.50%, 08/19/2019		376
		VTB Capital S.A
	569	6.88%, 05/29/2018 §		600
				10,513
		Food Manufacturing - 0.1%
		Grupo Bimbo S.A.B
	733	4.88%, 06/30/2020 §		790
		JBS Finance II Ltd.
	225	8.25%, 01/29/2018 ■		220
				1,010
		Information - 0.2%
		America Movil S.A. de C.V
	715	5.00%, 03/30/2020 ‡		808
		Indosat Palapa Co. B.V
	455	7.38%, 07/29/2020 §		500
		MTS International Funding Ltd.
	175	8.63%, 06/22/2020 §		201
		NII Capital Corp.
	417	10.00%, 08/15/2016		467
				1,976
		Mining - 0.4%
		Adaro Indonesia PT
	557	7.63%, 10/22/2019 §		607
		Alrosa Finance S.A
	690	8.88%, 11/17/2014 §		762
		Anglogold Holdings plc
	499	5.38%, 04/15/2020		522
		Bumi Investment Pte Ltd.
	608	10.75%, 10/06/2017 §		654
		Vedanta Resources plc
	693	9.50%, 07/18/2018 §		712
				3,257
		Nonmetallic Mineral Product Manufacturing - 0.1%
		Cemex Finance LLC
	520	9.50%, 12/14/2016 §		512
		Paper Manufacturing - 0.1%
		Inversiones CMPC S.A
	427	6.13%, 11/05/2019 ■		479
		Petroleum and Coal Products Manufacturing - 0.1%
		BW Group Ltd.
	525	6.63%, 06/28/2017 §		514
		Gazprom Bank
	539	6.50%, 09/23/2015		574
				1,088

The accompanying notes are an integral part of these financial statements.

12

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 3.4% - (continued)
		Pipeline Transportation - 0.1%
		Korea Gas Corp.
$	685	4.25%, 11/02/2020 ■	$	701
		Primary Metal Manufacturing - 0.3%
		China Oriental Group Co.
	573	8.00%, 08/18/2015 ■		523
		CSN Islands XII
	614	7.00%, 09/23/2015 §♠		619
		Evraz Group S.A
	416	9.50%, 04/24/2018 §		453
		Posco
	802	4.25%, 10/28/2020 ■		806
		Severstal
	462	6.70%, 10/25/2017 §		465
				2,866
		Truck Transportation - 0.0%
		BFF International Ltd.
	175	7.25%, 01/28/2020 §		200
		Utilities - 0.2%
		Colbun S.A
	239	6.00%, 01/21/2020 ■		256
		Hong Kong Electric Finance Ltd.
	755	4.25%, 12/14/2020 §		787
		Taqa Abu Dhabi National Energy Co.
	263	5.88%, 10/27/2016 ■		289
				1,332
		Water Transportation - 0.0%
		DP World Ltd.
	400	6.85%, 07/02/2037 ■		385
		Wholesale Trade - 0.0%
		Li & Fung Ltd.
	318	5.25%, 05/13/2020 §		340
		Total corporate bonds
		(cost $29,251)	$	29,593
FOREIGN GOVERNMENT OBLIGATIONS - 4.9%
		Croatia - 0.2%
		Croatia (Republic of)
$	1,610	6.38%, 03/24/2021 §	$	1,578
		Greece - 0.0%
		Hellenic Republic Government Bond
EUR	2,000	2.00%, 02/24/2034 – 02/24/2037 ☼		469
			$	469
		India - 0.1%
		Bank Of India London
	625	4.75%, 09/30/2015 §		637
		Italy - 0.7%
		Italy Buoni Poliennali del Tesoro
EUR	4,600	4.75%, 05/01/2017		6,124
		Mexico - 0.8%
		Mexican Udibonos
MXN	18,086	4.00%, 11/15/2040		1,495
MXN	61,563	4.50%, 11/22/2035 ◄		5,496
				6,991
		New Zealand - 0.7%
		New Zealand (Government of)
NZD	4,725	4.50%, 02/15/2016		6,337
		Nigeria - 0.1%
		Nigeria Treasury Bond
NGN	155,049	10.70%, 05/30/2018 §		828
		Norway - 1.3%
		Norway (Kingdom of)
NOK	24,500	3.75%, 05/25/2021		4,864
		Norwegian Government
NOK	34,225	4.25%, 05/19/2017		6,729
				11,593
		South Korea - 0.1%
		Korea (Republic of)
KRW	959,278	2.75%, 06/10/2020 ◄		968
		Sweden - 0.8%
		Swedish Government
SEK	30,731	3.50%, 12/01/2028		6,924
		Uruguay - 0.1%
		Uruguay (Republic of)
UYU	10,089	4.25%, 04/05/2027		561
		Total foreign government obligations
		(cost $42,504)	$	43,010
U.S. GOVERNMENT AGENCIES - 6.7%
		Federal National Mortgage Association - 5.6%
$	8,000	4.50%, 05/15/2041 ☼	$	8,565
	15,500	5.00%, 05/15/2040 ☼		16,832
	12,300	5.50%, 05/15/2039 ☼		13,450
	9,500	6.00%, 05/15/2040 ☼		10,502
				49,349
		Government National Mortgage Association - 1.1%
	8,245	5.50%, 10/15/2035 – 12/15/2039		9,219
		Total U.S. government agencies
		(cost $58,267)	$	58,568
		Total long-term investments
		(cost $573,039)	$	585,426
SHORT-TERM INVESTMENTS - 35.5%
Repurchase Agreements - 35.4%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $76,705, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $78,239)
$	76,705	0.20%, 04/30/2012	$	76,705

The accompanying notes are an integral part of these financial statements.

13

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬						Market Value ╪
SHORT-TERM INVESTMENTS - 35.5% - (continued)
Repurchase Agreements - 35.4% - (continued)
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $102,756, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $104,810)
$	102,755	0.20%, 04/30/2012			$	102,755
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $40,585, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $41,396)
	40,584	0.21%, 04/30/2012				40,584
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $33,609, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $34,282)
	33,609	0.19%, 04/30/2012				33,609
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $39, collateralized by U.S. Treasury Note 0.75%, 2013, value of $40)
	39	0.17%, 04/30/2012				39
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $55,170, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $56,273)
	55,170	0.21%, 04/30/2012				55,170
						308,862
Treasury Bills - Nigeria - 0.1%
NGN	166,647	15.06%, 6/28/2012 ○§				1,032
		Total short-term investments
		(cost $309,892)			$	309,894
		Total investments
		(cost $882,931) ▲	102.6	%	$	895,320
		Other assets and liabilities	(2.6	)%		(22,846	)
		Total net assets	100.0	%	$	872,474

The accompanying notes are an integral part of these financial statements.

14

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

The consolidated schedule of investments includes investments held by The Hartford Cayman Global All-Asset Fund, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund, which primarily invests in commodity-related instruments. The Fund may invest up to 25% of its total assets in the Subsidiary. As of April 30, 2012, the Fund invested 1.3% of its total assets in the Subsidiary.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $889,237 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	31,301
Unrealized Depreciation		(25,218	)
Net Unrealized Appreciation	$	6,083

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $1,305, which represents 0.1% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.  

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $6,782, which represents 0.8% of total net assets.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $50,041 at April 30, 2012.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $20,796, which represents 2.4% of total net assets.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

♠ Perpetual maturity security.  Maturity date shown is the first call date.

◄ The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  The Fund has also pledged $560 of cash as collateral in connection with swap contracts.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
11/2010 - 11/2011		18	Gaz de France		666
03/2012 - 04/2012		10	Himart Co., Ltd.		528
12/2011 - 04/2012		2,502	Huabao International Holdings Ltd.		1,474
01/2012		45	Itausa - Investimentos Itau S.A.		270

At April 30, 2012, the aggregate value of these securities was $1,943, which represents 0.2% of total net assets.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

The accompanying notes are an integral part of these financial statements.

15

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Futures Contracts Outstanding at April 30, 2012

Description	Number of Contracts*	Position		Expiration   Date		Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
Amsterdam Index Future	23		Short		05/18/2012	$	1,856	$	1,862	$	6
Australian 10-Year Bond Future	194		Long		06/15/2012		24,220		24,220		–
Australian SPI 200 Index Future	39		Short		06/21/2012		4,467		4,366		(101	)
CAC 40 10 EURO Future	13		Short		05/18/2012		544		549		5
Canadian Government 10-Year Bond Future	206		Short		06/20/2012		27,537		27,484		(53	)
Euro-BUND Future	346		Long		06/07/2012		64,619		64,145		474
FTSE 100 Index Future	88		Long		06/15/2012		8,162		8,203		(41	)
FTSE/MIB Index Future	29		Long		06/15/2012		2,755		2,762		(7	)
German Stock Exchange Future	160		Long		06/15/2012		35,872		36,809		(937	)
Hang Seng Index Future	9		Short		05/30/2012		1,215		1,194		(21	)
IBEX 35 Index Future	61		Long		05/18/2012		5,549		5,788		(239	)
Japan 10-Year Bond Future	22		Short		06/11/2012		39,437		39,311		(126	)
KOSPI2 Index Future	55		Long		06/14/2012		6,451		6,515		(64	)
Live Cattle Future	45		Long		08/31/2012		2,092		2,288		(196	)
Live Cattle Future	224		Long		06/29/2012		10,228		11,376		(1,148	)
Long Gilt Future	188		Short		06/27/2012		35,273		35,210		(63	)
MSCI Singapore Index Future	65		Short		05/30/2012		3,580		3,563		(17	)
MSCI Taiwan Stock Index Future	34		Long		05/30/2012		909		914		(5	)
NIKKEI 225 Index Future	28		Long		06/07/2012		3,332		3,420		(88	)
Russell 2000 Mini Future	85		Long		06/15/2012		6,927		6,923		4
S&P 500 (E-Mini) Future	100		Long		06/15/2012		6,968		6,799		169
S&P/TSX 60 Index Future	24		Short		06/14/2012		3,394		3,437		43
Stockholm Stock Exchange Future	392		Long		05/18/2012		6,109		5,958		151
U.S. Treasury 10-Year Note Future	541		Long		06/20/2012		71,564		71,095		469
U.S. Treasury 2-Year Note Future	19		Long		06/29/2012		4,190		4,184		6
U.S. Treasury 30-Year Bond Future	5		Long		06/20/2012		714		712		2
U.S. Treasury 5-Year Note Future	66		Long		06/29/2012		8,171		8,141		30
U.S. Treasury CME Ultra Long Term Bond Future	76		Long		06/20/2012		11,994		11,872		122
										$	(1,625	)

*      The number of contracts does not omit 000's.

Cash of $14,605 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at April 30, 2012.

The accompanying notes are an integral part of these financial statements.

16

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
AUD	CBA	Sell	$	10,274	$	10,242	05/31/2012	$	(32	)
AUD	CBK	Sell		3,890		3,890	05/31/2012		–
AUD	CBK	Sell		6,223		6,204	05/31/2012		(19	)
AUD	GSC	Buy		5,338		5,292	07/19/2012		46
AUD	JPM	Sell		2,490		2,489	05/31/2012		(1	)
AUD	RBC	Buy		13,410		13,313	05/31/2012		97
AUD	SSG	Sell		3,801		3,799	05/31/2012		(2	)
CAD	BBH	Sell		79		79	05/03/2012		–
CAD	BMO	Buy		3,310		3,311	05/31/2012		(1	)
CAD	BMO	Sell		3,385		3,402	05/31/2012		17
CAD	DEUT	Sell		3,384		3,399	05/31/2012		15
CAD	GSC	Sell		13,494		13,589	05/31/2012		95
CAD	JPM	Buy		3,310		3,311	05/31/2012		(1	)
CAD	RBC	Buy		6,621		6,623	05/31/2012		(2	)
CAD	RBC	Buy		27,031		26,950	05/31/2012		81
CAD	RBC	Sell		3,384		3,400	05/31/2012		16
CAD	RBC	Buy		6,454		6,414	07/19/2012		40
CAD	SSG	Sell		3,385		3,401	05/31/2012		16
CHF	CSFB	Sell		13,516		13,397	05/31/2012		(119	)
CHF	DEUT	Buy		7,721		7,648	07/19/2012		73
CHF	MSC	Sell		219		219	05/04/2012		–
CLP	CSFB	Buy		3,039		3,031	05/31/2012		8
CNY	CBK	Sell		447		441	07/27/2012		(6	)
CNY	DEUT	Buy		2,263		2,236	07/27/2012		27
CNY	JPM	Buy		2,982		2,891	07/27/2012		91
CNY	JPM	Sell		4,384		4,408	07/27/2012		24
CNY	JPM	Buy		10,717		10,673	12/07/2012		44
CNY	JPM	Sell		2,945		2,950	09/06/2013		5
CNY	JPM	Sell		413		408	07/27/2012		(5	)
CNY	JPM	Buy		9,751		9,792	12/07/2012		(41	)
CNY	JPM	Sell		20,469		20,165	12/07/2012		(304	)
CNY	JPM	Buy		2,945		3,004	09/06/2013		(59	)
EUR	BCLY	Buy		3,277		3,280	06/20/2012		(3	)
EUR	BCLY	Sell		6,416		6,466	06/20/2012		50
EUR	BOA	Sell		3,277		3,224	06/20/2012		(53	)
EUR	CBK	Sell		188		188	06/20/2012		–
EUR	CSFB	Sell		173		173	06/20/2012		–
EUR	CSFB	Buy		173		173	05/03/2012		–
EUR	DEUT	Sell		223		223	05/03/2012		–
EUR	DEUT	Sell		444		444	05/04/2012		–
EUR	JPM	Buy		13,468		13,421	05/31/2012		47
EUR	JPM	Buy		21,300		21,130	07/19/2012		170
GBP	DEUT	Sell		586		586	05/03/2012		–
GBP	GSC	Sell		15,844		15,751	05/31/2012		(93	)
GBP	WEST	Buy		26,088		25,451	07/19/2012		637
HKD	CSFB	Buy		53		53	05/03/2012		–
HKD	SSG	Sell		221		221	05/02/2012		–
ILS	UBS	Sell		13		13	05/02/2012		–
JPY	BCLY	Sell		42,114		41,462	05/31/2012		(652	)
JPY	BCLY	Sell		1,618		1,593	07/19/2012		(25	)
JPY	CSFB	Sell		503		498	05/07/2012		(5	)
JPY	RBC	Sell		282		277	05/01/2012		(5	)
MXN	BCLY	Buy		1,719		1,707	06/20/2012		12
MXN	DEUT	Sell		51		51	05/04/2012		–
MXN	RBC	Buy		1,697		1,739	06/20/2012		(42	)
MXN	RBC	Sell		8,508		8,457	07/19/2012		(51	)
MXN	RBC	Buy		1,618		1,608	07/19/2012		10
NOK	CBK	Buy		414		408	07/19/2012		6

The accompanying notes are an integral part of these financial statements.

17

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Foreign Currency Contracts Outstanding at April 30, 2012 - (continued)

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
NOK	GSC	Sell	$	11,705	$	11,524	06/20/2012	$	(181	)
NOK	JPM	Sell		21		21	05/04/2012		–
NZD	CBK	Sell		6,421		6,342	06/20/2012		(79	)
SEK	BCLY	Sell		4,404		4,358	06/20/2012		(46	)
SEK	JPM	Buy		4,302		4,240	07/19/2012		62
								$	(138	)

Credit Default Swap Contracts Outstanding at April 30, 2012

Reference Entity	Counterparty	Notional Amount (a)		Buy/Sell Protection	(Pay)/Receive Fixed Rate			Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
CDX.EM.17	GSC	$	38,900	Sell		5.00	%	06/20/17	$	5,096		$	4,511		$	(585	)
CDX.NA.HY.16	GSC		1,795	Sell		5.00	%	06/20/16		37			(2	)		(39	)
CDX.NA.HY.16	MSC		8,342	Sell		5.00	%	06/20/16		230			(11	)		(241	)
CDX.NA.HY.17	JPM		6,693	Sell		5.00	%	12/20/16		(486	)		(146	)		340
CMBX.NA.AAA.2	MSC		5,475	Sell		0.07	%	03/15/49		(166	)		(308	)		(142	)
LCDX.NA.15	GSC		6,111	Sell		2.50	%	12/20/15		61			16			(45	)
LCDX.NA.17	BCLY		12,544	Sell		2.50	%	12/20/16		(928	)		(55	)		873
									$	3,844		$	4,005		$	161

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Interest Rate Swap Contracts Outstanding at April 30, 2012 

Counterparty	Payments made by Fund	Payments received by Fund	Notional Amount		Expiration Date		Upfront Premiums Paid/ (Received)		Market Value ╪			Unrealized Appreciation/ (Depreciation)
BCLY	1.19% Fixed	CHF LIBOR 6M	$	15,149		02/13/22	$	–	$	(210	)	$	(210	)
BCLY	CLPUF	2.41% Fixed		1,480		04/04/22		–		(2	)		(2	)
GSC	1.10% Fixed	CHF LIBOR 6M		1,003		04/16/22		–		(3	)		(3	)
GSC	1.14% Fixed	CHF LIBOR 6M		16,438		04/24/22		–		(116	)		(116	)
GSC	CLICP Camara	2.35% Fixed		1,570		04/16/22		–		(12	)		(12	)
							$	–	$	(343	)	$	(343	)

╪ See Significant Accounting Policies of accompanying Notes to Consolidated Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

18

GLOSSARY: (abbreviations used in preceding Consolidated Schedule of Investments)
Counterparty Abbreviations:
BBH	Brown Brothers Harriman & Co.
BCLY	Barclays Capital, Inc.
BMO	Bank of Montreal
BOA	Banc of America Securities LLC
CBA	Commonwealth Band of Australia
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SSG	State Street Global Markets LLC
UBS	UBS AG
WEST	Westpac International
Currency Abbreviations:
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Yuan Renminbi
EUR	EURO
GBP	British Pound
HKD	Hong Kong Dollar
ILS	Israeli New Shekel
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican New Peso
NGN	Nigerian Naira
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
UYU	Uruguayan Peso
Index Abbreviations:
CDX.EM	Credit Derivatives Emerging Markets Index
CDX.NA.HY	Credit Derivatives North American High Yield Index
CMBX.NA	Markit Commercial Mortgage Backed North American Index
LCDX.NA	Credit Derivatives North American Loan Index
S&P	Standard & Poors Index
TSX	Toronto Stock Exchange
Other Abbreviations:
ADR	American Depositary Receipt
CLICP	Sinacofi Chile Interbank Offered Rate
CLPUF	Chilean Unidada de Fomentos Rate
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
IB	International Bank
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
SPDR	Standard & Poor's Depositary Receipt

The accompanying notes are an integral part of these financial statements.

19

The Hartford Global All-Asset Fund

Consolidated Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles & Components	$	10,801	$	818	$	9,983	$	–
Banks		43,709		22,877		20,832		–
Capital Goods		40,431		24,022		16,409		–
Commercial & Professional Services		3,253		2,494		759		–
Consumer Durables & Apparel		11,197		7,700		3,497		–
Consumer Services		5,549		3,804		1,745		–
Diversified Financials		17,393		14,167		3,226		–
Energy		52,465		36,654		15,811		–
Finance		221		221		–		–
Food & Staples Retailing		6,294		3,327		2,967		–
Food, Beverage & Tobacco		25,660		15,259		10,401		–
Health Care Equipment & Services		5,825		4,459		1,366		–
Household & Personal Products		5,697		2,985		2,712		–
Insurance		17,435		8,535		8,900		–
Materials		29,776		13,212		15,753		811
Media		15,591		14,364		1,227		–
Pharmaceuticals, Biotechnology & Life Sciences		18,461		8,966		9,495		–
Real Estate		6,187		3,158		3,029		–
Retailing		12,854		5,139		7,221		494
Semiconductors & Semiconductor Equipment		12,369		7,289		5,080		–
Software & Services		25,679		20,686		4,993		–
Technology Hardware & Equipment		17,173		10,705		6,468		–
Telecommunication Services		15,886		5,030		10,856		–
Transportation		6,982		4,277		2,705		–
Utilities		21,484		7,988		13,496		–
Total		428,372		248,136		178,931		1,305
Corporate Bonds		29,593		–		29,593		–
Exchange Traded Funds		23,823		23,823		–		–
Foreign Government Obligations		43,010		–		42,182		828
Preferred Stocks		2,060		1,676		384		–
U.S. Government Agencies		58,568		–		58,568		–
Short-Term Investments		309,894		–		308,862		1,032
Total	$	895,320	$	273,635	$	618,520	$	3,165
Credit Default Swaps*		1,213		–		1,213		–
Foreign Currency Contracts*		1,689		–		1,689		–
Futures*		1,481		1,481		–		–
Total	$	4,383	$	1,481	$	2,902	$	–
Liabilities:
Credit Default Swaps*		1,052		–		910		142
Foreign Currency Contracts*		1,827		–		1,827		–
Futures*		3,106		3,106		–		–
Interest Rate Swaps*		343		–		343		–
Total	$	6,328	$	3,106	$	3,080	$	142

♦ For the six-month period ended April 30, 2012, investments valued at $297 were transferred from Level 1 to Level 2, and investments valued at $2,457 were transferred from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Consolidated Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

20

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of April 30, 2012
Assets:
Common Stocks	$	3		$	17		$	(722	)†	$	—	$	2,002	$	(178	)	$	183	$	—	$	1,305
Foreign Government Obligations		322			(126	)		124	‡		4		778		(274	)		—		—		828
Short-Term Investments		—			—			3	§		29		1,000		—			—		—		1,032
Total	$	325		$	(109	)	$	(595	)	$	33	$	3,780	$	(452	)	$	183	$	—	$	3,165
Liabilities:
Swaps**	$	(221	)	$	—	††	$	79	‡‡	$	—	$	—	$	—		$	—	$	—	$	(142	)
Total	$	(221	)	$	—		$	79		$	—	$	—	$	—		$	—	$	—	$	(142	)

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(698).

‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $49.

§ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $3.

** Derivative instruments not reflected in the Consolidated Schedule of Investments are valued at the unrealized appreciation/ depreciation on the investment.

†† The realized gain (loss) earned for swaps during the period ended April 30, 2012 rounds to zero.

‡‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $79.

The accompanying notes are an integral part of these financial statements.

21

The Hartford Global All-Asset Fund

Consolidated Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $882,931)	$	895,320
Cash		15,188	*,†
Foreign currency on deposit with custodian (cost $97)		97
Unrealized appreciation on foreign currency contracts		1,689
Unrealized appreciation on swap contracts		1,213
Receivables:
Investment securities sold		24,262
Fund shares sold		1,878
Dividends and interest		2,871
Variation margin		722
Swap premiums paid		5,424
Other assets		157
Total assets		948,821
Liabilities:
Unrealized depreciation on foreign currency contracts		1,827
Unrealized depreciation on swap contracts		1,395
Payables:
Investment securities purchased		68,184
Fund shares redeemed		2,023
Investment management fees		126
Administrative fees		—
Distribution fees		47
Variation margin		950
Accrued expenses		142
Swap premiums received		1,580
Other liabilities		73
Total liabilities		76,347
Net assets	$	872,474
Summary of Net Assets:
Capital stock and paid-in-capital	$	885,480
Undistributed net investment income		1,394
Accumulated net realized loss		(24,873	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		10,473
Net assets	$	872,474

^* Cash of $14,605 was pledged as initial margin deposit and collateral for open futures contracts at April 30, 2012.

^† Cash of $560 was pledged as collateral for open swap contracts at April 30, 2012.

The accompanying notes are an integral part of these financial statements.

22

Shares authorized		700,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.06/$11.70
Shares outstanding		29,878
Net assets	$	330,506
Class C: Net asset value per share	$	10.99
Shares outstanding		18,410
Net assets	$	202,316
Class I: Net asset value per share	$	11.08
Shares outstanding		20,292
Net assets	$	224,845
Class R3: Net asset value per share	$	11.07
Shares outstanding		343
Net assets	$	3,796
Class R4: Net asset value per share	$	11.15
Shares outstanding		99
Net assets	$	1,102
Class R5: Net asset value per share	$	11.08
Shares outstanding		222
Net assets	$	2,456
Class Y: Net asset value per share	$	11.08
Shares outstanding		9,695
Net assets	$	107,453

The accompanying notes are an integral part of these financial statements.

23

The Hartford Global All-Asset Fund

Consolidated Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	5,382
Interest		1,708
Less: Foreign tax withheld		(307	)
Total investment income		6,783
Expenses:
Investment management fees		4,190
Administrative services fees		5
Transfer agent fees		474
Distribution fees
Class A		423
Class C		1,036
Class R3		8
Class R4		1
Custodian fees		65
Accounting services fees		112
Registration and filing fees		97
Board of Directors' fees		11
Audit fees		16
Other expenses		73
Total expenses (before waivers and fees paid indirectly)		6,511
Expense waivers		(1,590	)
Commission recapture		—
Custodian fee offset		—
Total waivers and fees paid indirectly		(1,590	)
Total expenses, net		4,921
Net Investment Income		1,862
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(5,939	)
Net realized gain on futures		8,885
Net realized gain on swap contracts		909
Net realized loss on foreign currency contracts		(103	)
Net realized loss on other foreign currency transactions		(1,113	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		2,639
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		39,597
Net unrealized depreciation of futures		(5,392	)
Net unrealized appreciation of swap contracts		1,965
Net unrealized appreciation of foreign currency contracts		468
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		42
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		36,680
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		39,319
Net Increase in Net Assets Resulting from Operations	$	41,181

The accompanying notes are an integral part of these financial statements.

24

The Hartford Global All-Asset Fund

Consolidated Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended     April 30, 2012     (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	1,862		$	1,496
Net realized gain (loss) on investments, other financial instruments and foreign currency transactions		2,639			(21,923	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		36,679			(32,825	)
Net Increase (Decrease) In Net Assets Resulting From Operations		41,180			(53,252	)
Distributions to Shareholders:
From net investment income
Class A		(2,063	)		(449	)
Class C		—			(114	)
Class I		(2,277	)		(356	)
Class R3		(10	)		—
Class R4		—			(3	)
Class R5		(23	)		(7	)
Class Y		(1,047	)		(33	)
Total from net investment income		(5,420	)		(962	)
From net realized gain on investments
Class A		—			(1,004	)
Class C		—			(502	)
Class I		—			(689	)
Class R3		—			(18	)
Class R4		—			(18	)
Class R5		—			(18	)
Class Y		—			(81	)
Total from net realized gain on investments		—			(2,330	)
Total distributions		(5,420	)		(3,292	)
Capital Share Transactions:
Class A		(55,883	)		305,345
Class C		(23,069	)		184,749
Class I		(47,214	)		212,067
Class R3		500			1,289
Class R4		(145	)		(701	)
Class R5		20			215
Class Y		90,246			3,214
Net increase (decrease) from capital share transactions		(35,545	)		706,178
Net Increase In Net Assets		215			649,634
Net Assets:
Beginning of period		872,259			222,625
End of period	$	872,474		$	872,259
Undistributed (distribution in excess of) net investment income (loss)	$	1,394		$	4,952

The accompanying notes are an integral part of these financial statements.

25

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements

April 30, 2012  (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Global All-Asset Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at

26

the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

27

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Consolidated Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Consolidated Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a

28

class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

g) Basis for Consolidation – The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund. The subsidiary is organized under the laws of the Cayman Islands and is consolidated in the Fund’s financial statements. All intercompany balances, revenues, and expenses have been eliminated in consolidation. The subsidiary acts as an investment vehicle in order to enter into certain investments for the Fund consistent with the investment objectives and policies specified in the Prospectus and Statement of Additional Information.

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Consolidated Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

29

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Consolidated Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

d) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive the principal amount until maturity.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Consolidated Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Consolidated Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Consolidated Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Consolidated Schedule of Investments as of April 30, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the

30

Consolidated Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding futures contracts as of April 30, 2012.

c) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, investments or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Consolidated Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Consolidated Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Consolidated Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Consolidated Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Consolidated Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Consolidated Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

31

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Consolidated Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding credit default swaps as of April 30, 2012.

Interest Rate Swap Agreements – The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) or index (e.g., U.S. Consumer Price Index), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Consolidated Statement of Operations. When the interest rate swap agreement is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayments rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the agreement’s remaining life, to the extent that the amount is positive. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty (although such amounts are presented on a gross basis within the Consolidated Statement of Assets and Liabilities, as applicable) or by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding interest rate swaps as of April 30, 2012.

32

e) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	1,689	$	—	$	—	$	—	$	—	$	1,689
Unrealized appreciation on swap contracts		—		—		1,213		—		—		—		1,213
Variation margin receivable *		296		—		—		298		128		—		722
Total	$	296	$	1,689	$	1,213	$	298	$	128	$	—	$	3,624
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	1,827	$	—	$	—	$	—	$	—	$	1,827
Unrealized depreciation on swap contracts		343		—		1,052		—		—		—		1,395
Variation margin payable *		123		—		—		827		—		—		950
Total	$	466	$	1,827	$	1,052	$	827	$	—	$	—	$	4,172

* Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(1,625) as reported in the Consolidated Schedule of Investments.

The ratio of futures contracts to net assets at April 30, 2012, was 30.67% compared to the six-month average ratio of 20.57% during the six-month period ended April 30, 2012. The volumn of the other derivatives that are presented in the Consolidated Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Consolidated Statement of Operations for

the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts			Commodity Contracts			Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on futures	$	4,091		$	—		$	—	$	9,689		$	(4,895	)	$	—	$	8,885
Net realized gain (loss) on swap contracts		(395	)		—			1,304		—			—			—		909
Net realized loss on foreign currency contracts		—			(103	)		—		—			—			—		(103	)
Total	$	3,696		$	(103	)	$	1,304	$	9,689		$	(4,895	)	$	—	$	9,691
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of futures	$	1,006		$	—		$	—	$	(5,903	)	$	(495	)	$	—	$	(5,392	)
Net change in unrealized appreciation (depreciation) of swap contracts		(343	)		—			2,308		—			—			—		1,965
Net change in unrealized appreciation of foreign currency contracts		—			468			—		—			—			—		468
Total	$	663		$	468		$	2,308	$	(5,903	)	$	(495	)	$	—	$	(2,959	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less

33

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Consolidated Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

34

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010 *
Ordinary Income	$	2,677	$	—
Long-Term Capital Gains ‡		615		—

* The Fund commenced operations on May 28, 2010

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	4,573
Accumulated Capital Losses *		(18,759	)
Unrealized Depreciation †		(34,580	)
Total Accumulated Deficit	$	(48,766	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Consolidated Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	3,803
Accumulated Net Realized Gain (Loss)		(4,871	)
Capital Stock and Paid-in-Capital		1,068

35

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2019	$	18,759
Total	$	18,759

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.9500	%
On next $250 million		0.9000	%
On next $500 million		0.8000	%
On next $1.5 billion		0.7300	%
On next $2.5 billion		0.7000	%
On next $5 billion		0.6600	%
Over $10 billion		0.6550	%

36

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.9500	%
On next $500 million		0.9000	%
On next $4 billion		0.8500	%
On next $5 billion		0.8475	%
Over $10 billion		0.8450	%

HIFSCO voluntarily agreed to waive management fees of 0.40% of average daily net assets until February 29, 2012.

HIFSCO has contractually agreed to waive the management fee in an amount equal to the management fee paid to it by the Fund’s wholly owned Cayman Islands subsidiary fund. This waiver will remain in effect for as long as the Fund remains invested in that subsidiary fund.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.025	%
On next $5 billion		0.020	%
Over $10 billion		0.015	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.15	%		1.90	%		0.90	%		1.40	%		1.10	%		0.90	%		0.85	%

From November 1, 2011 through February 29, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.05	%		1.80	%		0.80	%		1.30	%		1.00	%		0.70	%		0.65	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Consolidated Statement of Operations.

37

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.04	%
Class C		1.78
Class I		0.76
Class R3		1.33
Class R4		1.03
Class R5		0.76
Class Y		0.69

e) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $707 and contingent deferred sales charges of $71 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $26.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Consolidated Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total

38

administrative services fees are shown on the Consolidated Schedule of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		51		15	%
Class R4		52		53
Class R5		204		92
Class Y		97		1

9. Investment Transactions:

For the six-month period ended April 30, 2012, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	970,040
Sales Proceeds Excluding U.S. Government Obligations		1,005,358

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		2,973		185		(8,403	)		—		(5,245	)		38,990		123		(12,389	)		—		26,724
Amount	$	31,686	$	1,899	$	(89,468	)	$	—	$	(55,883	)	$	440,877	$	1,360	$	(136,892	)	$	—	$	305,345
Class C
Shares		2,012		—		(4,174	)		—		(2,162	)		19,496		37		(3,217	)		—		16,316
Amount	$	21,396	$	—	$	(44,465	)	$	—	$	(23,069	)	$	219,349	$	407	$	(35,007	)	$	—	$	184,749
Class I
Shares		5,226		153		(9,814	)		—		(4,435	)		28,170		62		(9,524	)		—		18,708
Amount	$	55,753	$	1,564	$	(104,531	)	$	—	$	(47,214	)	$	315,855	$	685	$	(104,473	)	$	—	$	212,067
Class R3
Shares		83		1		(37	)		—		47			270		2		(177	)		—		95
Amount	$	879	$	9	$	(388	)	$	—	$	500		$	3,062	$	18	$	(1,791	)	$	—	$	1,289
Class R4
Shares		11		—		(25	)		—		(14	)		156		2		(245	)		—		(87	)
Amount	$	118	$	—	$	(263	)	$	—	$	(145	)	$	1,773	$	21	$	(2,495	)	$	—	$	(701	)
Class R5
Shares		31		3		(31	)		—		3			17		2		—			—		19
Amount	$	324	$	23	$	(327	)	$	—	$	20		$	192	$	24	$	(1	)	$	—	$	215
Class Y
Shares		8,922		91		(463	)		—		8,550			1,049		10		(814	)		—		245
Amount	$	94,363	$	934	$	(5,051	)	$	—	$	90,246		$	12,100	$	114	$	(9,000	)	$	—	$	3,214
Total
Shares		19,258		433		(22,947	)		—		(3,256	)		88,148		238		(26,366	)		—		62,020
Amount	$	204,519	$	4,429	$	(244,493	)	$	—	$	(35,545	)	$	993,208	$	2,629	$	(289,659	)	$	—	$	706,178

39

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

40

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41

The Hartford Global All-Asset Fund

Consolidated Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	10.63	$	0.03		$	–	$	0.46		$	0.49		$	(0.06	)	$	–		$	–	$	(0.06	)	$	0.43		$	11.06
C		10.53		(0.01	)		–		0.47			0.46			–			–			–		–			0.46			10.99
I		10.66		0.04			–		0.48			0.52			(0.10	)		–			–		(0.10	)		0.42			11.08
R3		10.61		0.01			–		0.48			0.49			(0.03	)		–			–		(0.03	)		0.46			11.07
R4		10.64		0.03			–		0.48			0.51			–			–			–		–			0.51			11.15
R5		10.67		0.04			–		0.47			0.51			(0.10	)		–			–		(0.10	)		0.41			11.08
Y		10.67		0.04			–		0.48			0.52			(0.11	)		–			–		(0.11	)		0.41			11.08
For the Year Ended October 31, 2011 (E)
A		11.04		0.03			–		(0.32	)		(0.29	)		(0.03	)		(0.09	)		–		(0.12	)		(0.41	)		10.63
C		11.00		(0.05	)		–		(0.32	)		(0.37	)		(0.01	)		(0.09	)		–		(0.10	)		(0.47	)		10.53
I		11.05		0.06			–		(0.32	)		(0.26	)		(0.04	)		(0.09	)		–		(0.13	)		(0.39	)		10.66
R3		11.02		0.01			–		(0.33	)		(0.32	)		–			(0.09	)		–		(0.09	)		(0.41	)		10.61
R4		11.04		0.06			–		(0.36	)		(0.30	)		(0.01	)		(0.09	)		–		(0.10	)		(0.40	)		10.64
R5		11.05		0.08			–		(0.34	)		(0.26	)		(0.03	)		(0.09	)		–		(0.12	)		(0.38	)		10.67
Y		11.05		0.08			–		(0.33	)		(0.25	)		(0.04	)		(0.09	)		–		(0.13	)		(0.38	)		10.67
From May 28, 2010 (commencement of operations), through October 31, 2010  (E)
A(H)		10.00		(0.01	)		–		1.05			1.04			–			–			–		–			1.04			11.04
C(H)		10.00		(0.04	)		–		1.04			1.00			–			–			–		–			1.00			11.00
I(H)		10.00		–			–		1.05			1.05			–			–			–		–			1.05			11.05
R3(H)		10.00		(0.01	)		–		1.03			1.02			–			–			–		–			1.02			11.02
R4(H)		10.00		0.01			–		1.03			1.04			–			–			–		–			1.04			11.04
R5(H)		10.00		0.02			–		1.03			1.05			–			–			–		–			1.05			11.05
Y(H)		10.00		0.01			–		1.04			1.05			–			–			–		–			1.05			11.05

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Consolidated Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Commenced operations on May 28, 2010.

42

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	4.70	%(F)	$	330,506		1.40	%(G)		1.04	%(G)		1.04	%(G)		0.48	%(G)		61	%
	4.37	(F)		202,316		2.14	(G)		1.78	(G)		1.78	(G)		(0.26	)(G)		–
	4.92	(F)		224,845		1.11	(G)		0.76	(G)		0.76	(G)		0.74	(G)		–
	4.67	(F)		3,796		1.75	(G)		1.33	(G)		1.33	(G)		0.22	(G)		–
	4.79	(F)		1,102		1.44	(G)		1.03	(G)		1.03	(G)		0.61	(G)		–
	4.85	(F)		2,456		1.12	(G)		0.76	(G)		0.76	(G)		0.76	(G)		–
	4.91	(F)		107,453		1.03	(G)		0.69	(G)		0.69	(G)		0.79	(G)		–
	(2.67	)		373,186		1.45			1.02			1.02			0.31			206
	(3.36	)		216,578		2.19			1.75			1.75			(0.43	)		–
	(2.44	)		263,596		1.17			0.73			0.73			0.57			–
	(2.93	)		3,140		1.79			1.30			1.30			0.09			–
	(2.71	)		1,205		1.49			1.00			1.00			0.50			–
	(2.36	)		2,335		1.19			0.70			0.70			0.74			–
	(2.34	)		12,219		1.08			0.65			0.65			0.76			–
	10.40	(F)		92,704		1.51	(G)		0.95	(G)		0.95	(G)		(0.16	)(G)		37
	10.00	(F)		46,828		2.26	(G)		1.70	(G)		1.70	(G)		(0.92	)(G)		–
	10.50	(F)		66,511		1.24	(G)		0.68	(G)		0.68	(G)		(0.01	)(G)		–
	10.20	(F)		2,216		1.91	(G)		1.31	(G)		1.31	(G)		(0.18	)(G)		–
	10.40	(F)		2,208		1.61	(G)		1.01	(G)		1.01	(G)		0.12	(G)		–
	10.50	(F)		2,210		1.31	(G)		0.71	(G)		0.71	(G)		0.42	(G)		–
	10.50	(F)		9,948		1.22	(G)		0.66	(G)		0.66	(G)		0.47	(G)		–

43

The Hartford Global All-Asset Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Consolidated Schedule of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

44

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

45

The Hartford Global All-Asset Fund

Directors and Officers (Unaudited) - continued

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

46

The Hartford Global All-Asset Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).  

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,047.00	$	5.29	$	1,000.00	$	1,019.69	$	5.22		1.04	%		182		366
Class C	$	1,000.00	$	1,043.70	$	9.04	$	1,000.00	$	1,016.01	$	8.92		1.78			182		366
Class I	$	1,000.00	$	1,049.20	$	3.87	$	1,000.00	$	1,021.08	$	3.82		0.76			182		366
Class R3	$	1,000.00	$	1,046.70	$	6.77	$	1,000.00	$	1,018.25	$	6.67		1.33			182		366
Class R4	$	1,000.00	$	1,047.90	$	5.24	$	1,000.00	$	1,019.74	$	5.17		1.03			182		366
Class R5	$	1,000.00	$	1,048.50	$	3.87	$	1,000.00	$	1,021.08	$	3.82		0.76			182		366
Class Y	$	1,000.00	$	1,049.10	$	3.52	$	1,000.00	$	1,021.43	$	3.47		0.69			182		366

47

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-GAA12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

The Hartford Global Enhanced Dividend Fund

Table of Contents

Fund Performance (Unaudited)	2
Diversification by Country at April 30, 2012 (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	4
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	10
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	11
Statement of Operations for Six-Month Period Ended April 30, 2012 (Unaudited)	12
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	13
Notes to Financial Statements (Unaudited)	14
Financial Highlights (Unaudited)	24
Directors and Officers (Unaudited)	26
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	28
Quarterly Portfolio Holdings Information (Unaudited)	28
Expense Example (Unaudited)	29

The views expressed in the Fund’s Manager Discussion under “Why did the Fund perform this way?” and “What is the outlook?” are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Global Enhanced Dividend Fund inception 11/30/2007
(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks a high level of current income. Capital appreciation is a secondary objective.

Performance Overview 11/30/07 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†	1 Year	Since Inception
Global Enhanced Dividend A#	7.43%	2.30%	-1.61%
Global Enhanced Dividend A##		-3.32%	-2.86%
Global Enhanced Dividend C#	7.05%	1.67%	-2.34%
Global Enhanced Dividend C##		0.71%	-2.34%
Global Enhanced Dividend I#	7.55%	2.56%	-1.38%
Global Enhanced Dividend R3#	7.20%	1.84%	-2.06%
Global Enhanced Dividend R4#	7.35%	2.29%	-1.75%
Global Enhanced Dividend R5#	7.50%	2.46%	-1.47%
Global Enhanced Dividend Y#	7.55%	2.56%	-1.38%
MSCI World Value Index	6.49%	-6.83%	-3.34%

† Not Annualized

# Without sales charge

## With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Class C reflects a contingent deferred sales charge.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

MSCI World Value Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance (excluding the U.S. and Canada) of the value securities within the MSCI EAFE Index.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

Portfolio Managers
Paul Bukowski, CFA	Kurt Cubbage, CFA
Senior Vice President	Vice President

2

The Hartford Global Enhanced Dividend Fund

Diversification by Country

April 30, 2012 (Unaudited)

(000’s Omitted)

Diversification by Country - Long Positions

as of April 30, 2012

Country	Percentage of Net Assets
Argentina		0.2	%
Australia		1.2
Belgium		0.5
Brazil		1.3
Canada		5.0
Chile		0.8
China		0.6
Finland		1.0
France		4.2
Germany		1.1
Hong Kong		1.0
Israel		0.5
Italy		1.8
Japan		6.9
Luxembourg		0.6
Mexico		0.5
Netherlands		2.8
New Zealand		0.8
Norway		1.3
Philippines		0.3
South Africa		0.5
South Korea		0.3
Spain		0.6
Switzerland		2.7
Taiwan		1.7
United Kingdom		11.1
United States		86.5
Short-Term Investments		2.5
Total Long Positions		138.3
Short Positions		(38.5	)
Other Assets and Liabilities		0.2
Total		100.0	%

Diversification by Country - Securities Sold Short

as of April 30, 2012

Country	Percentage of Net Assets
Canada		0.5	%
China		0.1
France		0.2
India		0.3
Ireland		0.3
Mexico		0.4
United Kingdom		0.4
United States		36.3
Total		38.5	%

3

The Hartford Global Enhanced Dividend Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
LONG POSITIONS - 138.3%
COMMON STOCKS - 135.8%
		Automobiles & Components - 0.7%
	1	Thor Industries, Inc. ‡	$	20
	—	Toyota Motor Corp. ADR ‡		39
				59
		Banks - 12.5%
	—	Banco de Chile ADR ‡		43
	2	Banco Santander S.A. ADR ‡		12
	—	Bank of Hawaii Corp. ‡		16
	1	Bank of Montreal ‡		55
	3	Barclays Bank plc ADR ‡		49
	1	BB&T Corp. ‡		42
	1	Canadian Imperial Bank of Commerce ‡		41
	1	CNB Financial Corp. ‡		9
	1	First Financial Bancorp ‡		22
	2	FirstMerit Corp. ‡		28
	2	FNB Corp. ‡		28
	—	Hancock Holding Co. ‡		6
	—	Iberiabank Corp. ‡		6
	—	M&T Bank Corp. ‡		23
	36	Mitsubishi UFJ Financial Group, Inc. ADR ‡		171
	14	Mizuho Financial Group, Inc. ADR ‡		44
	2	New York Community Bancorp, Inc. ‡		21
	—	Park National Corp. ‡		23
	1	Royal Bank of Canada ‡		76
	—	Shinhan Financial Group Co., Ltd. ADR ‡		13
	—	Southside Bancshares, Inc. ‡		9
	1	Toronto-Dominion Bank ADR ‡		113
	—	Trustmark Corp. ‡		7
	3	US Bancorp ‡		85
	2	Wells Fargo & Co. ‡		72
	1	Westpac Banking Corp. ADR ‡		109
				1,123
		Capital Goods - 9.9%
	1	3M Co. ‡		119
	1	ABB Ltd. ADR ‡		23
	4	Aircastle Ltd. ‡		43
	1	Boeing Co. ‡		46
	—	Crane Co. ‡		15
	—	Eaton Corp. ‡		22
	—	Emerson Electric Co. ‡		22
	2	General Electric Co. ‡		35
	—	Honeywell International, Inc. ‡		28
	1	Hubbell, Inc. Class B ‡		47
	—	Huntington Ingalls Industries, Inc. ●‡		2
	—	Illinois Tool Works, Inc. ‡		10
	4	Koninklijke Philips Electronics N.V. ‡		85
	1	Lockheed Martin Corp. ‡		98
	—	National Presto Industries, Inc. ‡		22
	—	Northrop Grumman Corp. ‡		24
	1	Raytheon Co. ‡		49
	1	Rockwell Automation, Inc. ‡		53
	—	Stanley Black & Decker, Inc. ‡		26
	2	TAL International Group, Inc. ‡		74
	1	Textainer Group Holdings Ltd. ‡		48
				891
		Commercial & Professional Services - 3.2%
	1	Avery Dennison Corp. ‡		27
	2	Deluxe Corp. ‡		50
	6	Pitney Bowes, Inc. ‡		105
	6	R.R. Donnelley & Sons Co. ‡		72
	1	Waste Management, Inc. ‡		36
				290
		Consumer Durables & Apparel - 2.0%
	1	Garmin Ltd. ‡		50
	2	Leggett & Platt, Inc. ‡		41
	1	Movado Group ‡		24
	1	Sony Corp. ADR ‡		14
	—	V.F. Corp. ‡		49
				178
		Consumer Services - 4.7%
	2	Domino’s Pizza, Inc. ‡		85
	3	Intercontinental Hotels Group plc ‡		71
	3	McDonald’s Corp. ‡		270
				426
		Diversified Financials - 6.5%
	—	Administradora de Fondos de Pensiones Provida S.A. ‡		26
	6	Ares Capital Corp. ‡		88
	3	BGC Partners, Inc. ‡		23
	—	BlackRock, Inc. ‡		50
	—	CME Group, Inc. ‡		21
	—	Diamond Hill Investment Group ‡		20
	—	Eaton Vance Corp. ‡		12
	1	Epoch Holding Corp. ‡		25
	2	JP Morgan Chase & Co. ‡		76
	1	LPL Investment Holdings, Inc. ●‡		43
	1	Main Street Capital Corp. ‡		26
	1	Nelnet, Inc. ‡		32
	3	NYSE Euronext ‡		78
	1	Orix Corp. ADR ‡		47
	2	PennantPark Investment Corp. ‡		21
				588
		Energy - 16.2%
	—	Cenovus Energy, Inc. ‡		13
	1	Chevron Corp. ‡		129
	—	China Petroleum & Chemical Corp. ADR ‡		30
	—	CNOOC Ltd. ADR ‡		25
	1	ConocoPhillips Holding Co. ‡		41
	1	Diamond Offshore Drilling, Inc. ‡		80
	3	Enerplus Resources Fund ‡		59
	3	Eni S.p.A. ADR ‡		133
	1	Exxon Mobil Corp. ‡		124
	1	HollyFrontier Corp. ‡		26
	—	Knightsbridge Tankers Ltd. ADR ‡		4
	—	PetroChina Co., Ltd. ADR ‡		24
	2	Repsol-YPF S.A. ADR ‡		40
	2	Royal Dutch Shell plc ADR ‡		125
	1	Sasol Ltd. ADR ‡		48
	2	Ship Finance International Ltd. ‡		29
	2	Spectra Energy Corp. ‡		64
	4	Statoilhydro ASA ADR ‡		113
	1	Teekay Tankers Ltd. ‡		8
	6	Total S.A. ADR ‡		276
	1	Transcanada Corp. ‡		48
	—	WSP Holdings Ltd. ●‡		1
	1	YPF Sociedad Anonima ADR ‡		19
				1,459

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount			Market Value ╪
LONG POSITIONS - 138.3% - (continued)
COMMON STOCKS - 135.8% - (continued)
		Food & Staples Retailing - 0.6%
	2	Supervalu, Inc. ‡	$	14
	1	Sysco Corp. ‡		37
				51
		Food, Beverage & Tobacco - 9.0%
	1	Anheuser-Busch InBev N.V. ‡		44
	1	British American Tobacco plc ‡		90
	1	Coca-Cola Co. ‡		76
	—	Diageo plc ADR ‡		36
	1	H.J. Heinz Co. ‡		37
	2	Kraft Foods, Inc. ‡		91
	1	Lorillard, Inc. ‡		139
	—	PepsiCo, Inc. ‡		18
	1	Philip Morris International, Inc. ‡		94
	1	Reynolds American, Inc. ‡		43
	3	Unilever N.V. NY Shares ADR ‡		118
	1	Vector Group Ltd. ‡		25
				811
		Insurance - 4.3%
	1	Aflac, Inc. ‡		23
	2	Allstate Corp. ‡		50
	3	Aviva plc ‡		27
	6	Axa ADR ‡		84
	—	Axis Capital Holdings Ltd. ‡		11
	1	Chubb Corp. ‡		51
	2	Manualife Financial Corp. ‡		23
	3	Prudential Financial, Inc. ‡		72
	1	Sun Life Financial ‡		24
	—	Travelers Cos., Inc. ‡		19
				384
		Materials - 6.1%
	1	ArcelorMittal ADR ‡		21
	5	Boise, Inc. ‡		38
	1	Dow Chemical Co. ‡		23
	2	E.I. DuPont de Nemours & Co. ‡		87
	2	Freeport-McMoRan Copper & Gold, Inc. ‡		64
	1	MeadWestvaco Corp. ‡		28
	4	Noranda Aluminium Holding Corp. ‡		43
	—	Nucor Corp. ‡		18
	2	RPM International, Inc. ‡		63
	1	Southern Copper Corp. ‡		25
	1	Syngenta AG ADR ‡		46
	1	Ternium S.A. ADR ‡		30
	2	Vale S.A. SP ADR ‡		42
	1	Worthington Industries, Inc. ‡		26
				554
		Media - 1.8%
	2	Cinemark Holdings, Inc. ‡		52
	1	McGraw-Hill Cos., Inc. ‡		28
	2	Pearson plc ‡		44
	1	Reed Elsevier N.V. ‡		21
	2	Regal Entertainment Group ‡		21
				166
		Pharmaceuticals, Biotechnology & Life Sciences - 13.8%
	2	Abbott Laboratories ‡		145
	4	Eli Lilly & Co. ‡		181
	4	GlaxoSmithKline plc ADR ‡		180
	2	Johnson & Johnson ‡		148
	5	Merck & Co., Inc. ‡		191
	3	Novartis AG ADR ‡		171
	10	PDL Biopharma, Inc. ‡		65
	7	Pfizer, Inc. ‡		159
				1,240
		Real Estate - 6.9%
	2	American Capital Agency Corp. ‡		50
	4	Anworth Mortgage Asset Corp. ‡		27
	2	Capstead Mortgage Corp. ‡		24
	15	Chimera Investment Corp. ‡		43
	1	CommonWealth REIT ‡		24
	2	CYS Investments, Inc. ‡		23
	2	Duke Realty, Inc. ‡		24
	—	Entertainment Properties Trust ‡		12
	1	Government Properties Income Trust ‡		26
	1	HCP, Inc. ‡		23
	—	Health Care, Inc. ‡		20
	2	Hospitality Properties Trust ‡		44
	2	Medical Properties Trust, Inc. ‡		18
	—	National Health Investors, Inc. ‡		23
	2	National Retail Properties, Inc. ‡		46
	1	Potlatch Corp. ‡		18
	3	Resource Capital Corp. ‡		15
	1	Senior Housing Properties Trust ‡		19
	—	Sun Communities, Inc. ‡		19
	2	Two Harbors Investment Corp. ‡		23
	1	UDR, Inc. ‡		32
	1	Ventas, Inc. ‡		57
	1	Weyerhaeuser Co. ‡		16
				626
		Retailing - 2.7%
	1	Buckle (The), Inc. ‡		50
	1	DSW, Inc. ‡		50
	2	Foot Locker, Inc. ‡		48
	—	Genuine Parts Co. ‡		28
	—	Home Depot, Inc. ‡		13
	—	J.C. Penney Co., Inc. ‡		11
	2	Nutri/System, Inc. ‡		23
	—	Winmark Corp. ‡		22
				245
		Semiconductors & Semiconductor Equipment - 4.8%
	1	Analog Devices, Inc. ‡		25
	1	ASML Holding N.V. ADR ‡		26
	1	Cabot Microelectronics Corp. ‡		45
	2	Intel Corp. ‡		68
	2	Intersil Corp. ‡		24
	1	Linear Technology Corp. ‡		18
	1	Maxim Integrated Products, Inc. ‡		32
	1	Microchip Technology, Inc. ‡		45
	10	Taiwan Semiconductor Manufacturing Co., Ltd. ADR ‡		150
				433
		Software & Services - 4.1%
	—	AOL, Inc. ●‡		4
	4	Earthlink, Inc. ‡		35
	13	iPass, Inc. ●‡		33
	1	North American Equity ‡		7
	3	Paychex, Inc. ‡		93

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global Enhanced Dividend Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
LONG POSITIONS - 138.3% - (continued)
COMMON STOCKS - 135.8% - (continued)
		Software & Services - 4.1% - (continued)
	1	S.p.A. ADR ‡			$	81
	4	United Online, Inc. ‡				18
	2	VeriSign, Inc. ‡				101
						372
		Technology Hardware & Equipment - 4.7%
	1	Anixter International, Inc. ●‡				49
	5	Canon, Inc. ADR ‡				204
	1	Fujifilm Holdings Corp. ‡				13
	—	Hitachi Ltd. ‡				29
	1	Molex, Inc. ‡				31
	25	Nokia Corp. ADR ‡				93
	1	PC Connection, Inc. ‡				6
						425
		Telecommunication Services - 11.1%
	2	Alaska Communications Systems Group, Inc. ‡				5
	3	AT&T, Inc. ‡				108
	1	China Mobile Ltd. ADR ‡				44
	1	Chorus Ltd. ADR ●‡				15
	1	Consolidated Communications Holdings, Inc. ‡				22
	2	Deutsche Telekom AG ADR ‡				21
	1	France Telecom S.A. ADR ‡				17
	7	Frontier Communications Corp. ‡				29
	3	Hutchison Telecommunications ADR ‡				23
	1	Lumos Networks Corp. ‡				10
	1	Nippon Telegraph & Telephone Corp. ADR ‡				19
	1	NTELOS Holdings Corp. ‡				22
	2	NTT Docomo, Inc. ‡				40
	4	Oi S.A. ADR ‡				71
	7	Partner Communications Co., Ltd. ADR ‡				49
	1	Philippine Long Distance Telephone Co. ADR ‡				30
	1	SK Telecom Co., Ltd. ADR ‡				17
	5	Telecom Corp. of New Zealand Ltd. ADR ‡				58
	3	Telecom Italia S.p.A. ADR ‡				31
	1	USA Mobility, Inc. ‡				15
	4	Verizon Communications, Inc. ‡				143
	8	Vodafone Group plc ADR ‡				214
						1,003
		Transportation - 0.8%
	1	Grupo Aeroportuario del Pacifico SAB de CV ADR ‡				43
	1	Universal Truckload Services ‡				13
	1	Werner Enterprises, Inc. ‡				20
						76
		Utilities - 9.4%
	—	AGL Resources, Inc. ‡				19
	1	Alliant Energy Corp. ‡				50
	2	Ameren Corp. ‡				80
	1	American Electric Power Co., Inc. ‡				40
	1	DTE Energy Co. ‡				55
	4	Duke Energy Corp. ‡				88
	1	Exelon Corp. ‡				38
	1	FirstEnergy Corp. ‡				46
	2	National Grid plc ‡				95
	3	Pepco Holdings, Inc. ‡				55
	2	Pinnacle West Capital Corp. ‡				101
	1	PPL Corp. ‡				39
	1	SCANA Corp. ‡				41
	1	Southern Co. ‡				42
	2	TECO Energy, Inc. ‡				30
	1	Vectren Corp. ‡				28
						847
		Total common stocks
		(cost $11,149)			$	12,247
		Total long-term investments
		(cost $11,149)			$	12,247
SHORT-TERM INVESTMENTS - 2.5%
		Investment Pools and Funds - 2.5%
	221	State Street Bank U.S. Government Money Market Fund			$	221
		Total short-term investments
		(cost $221)			$	221
		Total long positions
		(cost $11,370) ▲	138.3	%	$	12,468
		Securities sold short
		(proceeds $2,849)▲	(38.5	)%		(3,476	)
		Other assets and liabilities	0.2	%		26
		Total net assets	100.0	%	$	9,018

Shares or Principal Amount			Market Value ╪
SECURITIES SOLD SHORT – 38.5%
COMMON STOCK – 38.5%
		Automobiles & Components - 0.7%
	1	Dana Holding Corp.	$	19
	3	Exide Technologies●		9
	1	Tenneco Automotive, Inc.●		37
				65
		Banks - 1.0%
	1	CIT Group, Inc.●		24
	1	Signature Bank●		35
	1	Texas Capital Bankshares, Inc.●		27
				86
		Capital Goods - 3.5%
	—	AAR Corp.		7
	1	Aecom Technology Corp.●		17
	—	Ceradyne, Inc.		10
	1	EMCOR Group, Inc.		24
	2	Empresas ICA S.A.B. de C.V.●		18
	—	Enpro Industries, Inc.●		14
	—	ESCO Technologies, Inc.		11
	1	Gardner Denver Machinery, Inc.		34
	1	General Cable Corp.●		19
	—	Rush Enterprises, Inc.●		8
	—	Seaboard Corp.●		26
	1	Spirit Aerosystems Holdings, Inc.●		35
	1	Tecumseh Products Co. Class A●		3
	1	Textron, Inc.		19
	—	Titan Machinery, Inc.●		17
	—	TransDigm Group, Inc.●		28

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
SECURITIES SOLD SHORT – 38.5% - (continued)
COMMON STOCK – 38.5% - (continued)
		Capital Goods - 3.5% - (continued)
	1	Trimas Corp.●	$	26
				316
		Commercial & Professional Services - 1.6%
	1	Geo Group, Inc.●		23
	2	KAR Auction Services, Inc.●		30
	1	Kforce, Inc.●		8
	1	Korn/Ferry International●		9
	—	Mobile Mini, Inc.●		7
	1	Navigant Consulting, Inc.●		10
	—	Stericycle, Inc.●		19
	—	Sykes Enterprises, Inc.●		7
	1	Waste Connections, Inc.		30
				143
		Consumer Durables & Apparel - 2.1%
	1	Desarrolladora Homex SAB de CV●		14
	1	Hanesbrands, Inc.●		30
	1	La-Z-Boy, Inc.●		12
	1	Mohawk Industries, Inc.●		37
	1	Pulte Group, Inc.●		10
	2	Toll Brothers, Inc.●		57
	—	Under Armour, Inc. Class A●		23
	—	Universal Electronics, Inc.●		7
				190
		Consumer Services - 0.9%
	2	Denny’s Corp.●		9
	1	Grand Canyon Education, Inc.●		11
	1	Jack in the Box, Inc.●		25
	2	Lakes Entertainment, Inc.●		5
	—	Peet’s Coffee & Tea, Inc.●		14
	1	Scientific Games Corp. Class A●		15
	1	Sonic Corp.●		5
				84
		Energy - 2.7%
	—	Bill Barrett Corp.●		7
	—	Bristow Group, Inc.		9
	—	Carrizo Oil & Gas, Inc.●		10
	1	Cobalt International Energy●		33
	—	Continental Resources, Inc.●		17
	1	Denbury Resources, Inc.●		24
	1	Forest Oil Corp.●		7
	4	Hercules Offshore, Inc.●		21
	1	Key Energy Services, Inc.●		12
	4	Parker Drilling Co.●		22
	—	Plains Exploration & Production Co.●		20
	3	Sandridge Energy, Inc.●		27
	1	Southwestern Energy Co.●		17
	1	TETRA Technologies, Inc.●		9
	—	Ultra Petroleum Corp.●		9
				244
		Food & Staples Retailing - 0.5%
	1	United Natural Foods, Inc.●		48
		Food, Beverage & Tobacco - 1.6%
	3	Alliance One International, Inc.●		9
	2	Dole Food Co., Inc.●		17
	1	Green Mountain Coffee Roasters, Inc.●		31
	1	Hain Celestial Group, Inc.●		54
	2	Pilgrim’s Pride Corp.●		11
	1	Smithfield Foods, Inc.●		20
				142
		Health Care Equipment & Services - 1.1%
	1	Alere, Inc.●		22
	1	Boston Scientific Corp.●		6
	1	Brookdale Senior Living, Inc.●		18
	—	Heartware International, Inc.●		11
	—	Insulet Corp.●		8
	—	Masimo Corp.●		9
	4	Tenet Healthcare Corp.●		20
	—	VCA Antech, Inc.●		9
				103
		Household & Personal Products - 0.2%
	—	Energizer Holdings, Inc.●		7
	2	Harbinger Group, Inc.●		10
				17
		Materials - 1.6%
	—	Agnico Eagle Mines Ltd.		9
	1	Calgon Carbon Corp.●		18
	—	Deltic Timber Corp.		14
	1	Intrepid Potash, Inc.●		30
	1	Owens-Illinois, Inc.●		16
	2	Sterlite Industries Ltd.		18
	11	Taseko Mines Ltd.●		39
				144
		Media - 1.1%
	2	CTC Media, Inc.		21
	—	Digital Generation, Inc.●		3
	1	DirecTV Class A●		26
	1	DISH Network Corp.		25
	1	DreamWorks Animation SKG, Inc.●		23
				98
		Pharmaceuticals, Biotechnology & Life Sciences - 1.3%
	4	BioMimetic Therapeutics, Inc.●		11
	2	Corcept Therapeutics, Inc.●		7
	2	Elan Corp. plc ADR●		31
	1	Salix Pharmaceuticals Ltd.●		42
	—	Thermo Fisher Scientific, Inc.		21
	1	Xenoport, Inc.●		4
				116
		Real Estate - 1.5%
	1	American Tower Corp. REIT		44
	1	Douglas Emmett, Inc.		33
	2	Host Hotels & Resorts, Inc.		34
	4	Strategic Hotels & Resorts, Inc.●		28
				139
		Retailing - 1.8%
	1	ANN, Inc.●		24
	1	CarMax, Inc.●		21
	1	Coldwater Creek, Inc.●		1
	1	Collective Brands, Inc.●		11
	1	Liberty Media - Interactive A●		20
	2	OfficeMax, Inc.●		8
	—	O’Reilly Automotive, Inc.●		37
	1	Rent-A-Center, Inc.		24

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global Enhanced Dividend Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SECURITIES SOLD SHORT – 38.5% - (continued)
COMMON STOCK – 38.5% - (continued)
		Retailing - 1.8% - (continued)
	2	Saks, Inc.●			$	18
						164
		Semiconductors & Semiconductor Equipment - 2.0%
	1	Applied Micro Circuits Corp.●				6
	1	Arm Holdings plc				37
	—	Cavium, Inc.●				11
	2	Lattice Semiconductor Corp.●				9
	3	LSI Corp.●				27
	6	MEMC Electronic Materials, Inc.●				22
	1	Microsemi Corp.●				20
	—	Monolithic Power Systems, Inc.●				9
	—	NVE Corp.●				8
	1	PMC - Sierra, Inc.●				10
	1	Rambus, Inc.●				4
	3	RF Micro Devices, Inc.●				12
	3	Semiconductor Manufacturing International Corp. ADR●				8
						183
		Software & Services - 3.3%
	1	Ariba, Inc.●				34
	—	Cognizant Technology Solutions Corp.●				24
	1	CoreLogic, Inc.●				19
	—	EPIQ Systems, Inc.				5
	1	Euronet Worldwide, Inc.●				20
	—	Informatica Corp.●				17
	1	Parametric Technology Corp.●				12
	—	QLIK Technologies, Inc.●				11
	1	Red Hat, Inc.●				40
	1	Sapient Corp.				17
	1	SS&C Technologies Holdings, Inc.●				14
	1	Synopsys, Inc.●				21
	1	TeleTech Holdings, Inc.●				14
	—	Tyler Corp.●				18
	1	Valueclick, Inc.●				19
	—	VeriFone Systems, Inc.●				17
						302
		Technology Hardware & Equipment - 2.8%
	14	Alcatel - Lucent ADR●				21
	1	Arris Group, Inc.●				10
	1	Aruba Networks, Inc.●				16
	1	Ciena Corp.●				9
	—	Cognex Corp.				13
	1	Finisar Corp.●				12
	1	Ingram Micro, Inc.●				14
	1	Intermec, Inc.●				7
	—	Itron, Inc.●				7
	1	Ixia●				9
	—	Loral Space & Communications, Inc.●				12
	—	Maxwell Technologies, Inc.●				5
	—	Plexus Corp.●				12
	2	Sanmina-Sci Corp.●				19
	—	Scansource, Inc.●				9
	—	SYNNEX Corp.●				16
	3	Tellabs, Inc.				10
	1	Trimble Navigation Ltd.●				42
	1	TTM Technologies, Inc.●				8
						251
		Telecommunication Services - 3.4%
	3	Cbeyond, Inc.●				16
	1	Crown Castle International Corp.●				65
	4	Leap Wireless International, Inc.●				21
	13	Mahanagar Telephone Nigam Ltd.●				12
	1	Neutral Tandem, Inc.●				8
	1	NII Holdings, Inc. Class B●				15
	1	Premiere Global Services, Inc.●				9
	1	SBA Communications Corp.●				70
	9	Sprint Nextel Corp.●				22
	1	TW Telecom, Inc.●				30
	1	US Cellular Corp.●				34
						302
		Transportation - 0.6%
	1	Atlas Air Worldwide Holdings, Inc.●				29
	1	Hertz Global Holdings, Inc.●				19
	1	JetBlue Airways Corp.●				7
						55
		Utilities - 3.2%
	2	Calpine Corp.●				39
	1	El Paso Electric Co.				38
	—	FirstEnergy Corp.				16
	6	GenOn Energy, Inc.●				14
	1	MDU Resources Group, Inc.				30
	—	National Fuel Gas Co.				12
	—	Northwest Natural Gas Co.				20
	1	NRG Energy, Inc.●				18
	1	Ormat Technologies, Inc.				12
	1	PG&E Corp.				25
	—	South Jersey Industries, Inc.				16
	—	Southwest Gas Corp.				19
	1	Wisconsin Energy Corp.				25
						284
		Total common stock
		(proceeds $2,849)			$	3,476
		Total securities sold short
		(proceeds $2,849)	38.5	%	$	3,476

The accompanying notes are an integral part of these financial statements.

8

The Hartford Global Enhanced Dividend Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a third party pricing service methodology approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities (net proceeds received from securities sold short) for federal income tax purposes was $8,578 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,362
Unrealized Depreciation		(1,948	)
Net Unrealized Appreciation	$	414

● Non-income producing.

‡ This security, or a portion of this security, is held in a segregated account to cover the Fund’s short position.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Enhanced Dividend Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	12,247	$	12,232	$	15	$	–
Short-Term Investments		221		221		–		–
Total	$	12,468	$	12,453	$	15	$	–
Liabilities:
Securities Sold Short - Common Stock ‡	$	3,476	$	3,476	$	–	$	–
Total	$	3,476	$	3,476	$	–	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $7 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

10

The Hartford Global Enhanced Dividend Fund

Statement of Assets and Liabilities

April 30, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $11,370)	$	12,468
Cash		1
Foreign currency on deposit with custodian (cost $–)		—
Receivables:
Dividends and interest		28
Other assets		1
Total assets		12,498
Liabilities:
Securities sold short, at market value (proceeds $2,849)		3,476
Payables:
Investment management fees		1
Administrative fees		—
Distribution fees		1
Dividends on securities sold short		—
Accrued expenses		2
Total liabilities		3,480
Net assets	$	9,018
Summary of Net Assets:
Capital stock and paid-in-capital	$	12,024
Undistributed net investment income		38
Accumulated net realized loss		(3,515	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		471
Net assets	$	9,018

Shares authorized		650,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$7.08/$7.49
Shares outstanding		1,039
Net assets	$	7,352
Class C: Net asset value per share	$	7.07
Shares outstanding		38
Net assets	$	270
Class I: Net asset value per share	$	7.08
Shares outstanding		40
Net assets	$	282
Class R3: Net asset value per share	$	7.07
Shares outstanding		39
Net assets	$	274
Class R4: Net asset value per share	$	7.08
Shares outstanding		39
Net assets	$	277
Class R5: Net asset value per share	$	7.08
Shares outstanding		40
Net assets	$	281
Class Y: Net asset value per share	$	7.08
Shares outstanding		40
Net assets	$	282

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global Enhanced Dividend Fund

Statement of Operations

For the Six Month Period Ended April 30, 2012  (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	337
Interest		—
Less: Foreign tax withheld		(17	)
Total investment income		320
Expenses:
Investment management fees		43
Administrative services fees		1
Distribution fees
Class A		9
Class C		1
Class R3		1
Class R4		—
Custodian fees		2
Accounting services fees		1
Registration and filing fees		—
Board of Directors’ fees		—
Dividend and interest expense on securities sold short		7
Audit fees		4
Short position fees		11
Other expenses		2
Total expenses (before waivers)		82
Expense waivers		(43	)
Total waivers		(43	)
Total expenses, net		39
Net Investment Income		281
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		204
Net realized gain on other foreign currency transactions		—
Net Realized Gain on Investments and Foreign Currency Transactions		204
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		204
Net unrealized depreciation of securities sold short		(67	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		137
Net Gain on Investments and Foreign Currency Transactions		341
Net Increase in Net Assets Resulting from Operations	$	622

The accompanying notes are an integral part of these financial statements.

12

The Hartford Global Enhanced Dividend Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	281		$	454
Net realized gain (loss) on investments and foreign currency transactions		204			(273	)
Net unrealized appreciation of investments and foreign currency transactions		137			239
Net Increase In Net Assets Resulting From Operations		622			420
Distributions to Shareholders:
From net investment income
Class A		(187	)		(418	)
Class C		(6	)		(14	)
Class I		(8	)		(17	)
Class R3		(6	)		(14	)
Class R4		(7	)		(15	)
Class R5		(7	)		(16	)
Class Y		(8	)		(17	)
Total distributions		(229	)		(511	)
Capital Share Transactions:
Class A		187			418
Class C		6			14
Class I		8			17
Class R3		6			14
Class R4		7			15
Class R5		7			16
Class Y		8			17
Net increase from capital share transactions		229			511
Net Increase In Net Assets		622			420
Net Assets:
Beginning of period		8,396			7,976
End of period	$	9,018		$	8,396
Undistributed (distribution in excess of) net investment income (loss)	$	38		$	(14	)

The accompanying notes are an integral part of these financial statements.

13

The Hartford Global Enhanced Dividend Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Global Enhanced Dividend Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund’s shares were not offered to the public for the period from November 30, 2007 through April 30, 2012.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the

14

foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

15

The Hartford Global Enhanced Dividend Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year.

16

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Securities Sold Short – As part of its principal investment strategy, the Fund will enter into short sales. In a short sale, the Fund sells a borrowed security (typically from a broker or other institution). The Fund may not always be able to borrow the security at a particular time or at an acceptable price. Thus, there is a risk that the Fund may be unable to implement its investment strategy due to the lack of available stocks or for other reasons. After selling the borrowed security, the Fund is obligated to “cover” the short sale by purchasing the security and returning the security to the lender. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. Because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. In certain cases, purchasing a security to cover a short position can itself cause the price of the security to rise further, thereby exacerbating the loss.

Short sales also involve other costs. The Fund must normally repay to the lender an amount equal to any dividends that accrue while the security is on loan. In addition, to borrow the security, the Fund may be required to pay a premium. The Fund also will incur transaction costs in executing short sales. The amount of any gain for the Fund resulting from a short sale will be decreased, and the amount of any loss will be increased, by the amount of the premiums, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. Until the Fund replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets to cover the Fund’s short position. Investments held in a segregated account cannot be sold while the position they are covering is outstanding, unless they are replaced with similar securities. Additionally, the Fund must maintain sufficient liquid assets (less any additional collateral held by the broker) to cover the short sale obligation. This may limit the Fund’s investment flexibility, as well as its ability to meet redemption or other current obligations.

Dividends declared on short positions existing on the record date are recorded on the ex-dividend date as an expense on the Statement of Operations.

4. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for

17

The Hartford Global Enhanced Dividend Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

5. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	511	$	403

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	35
Accumulated Capital Losses *		(3,711	)
Unrealized Appreciation †		277
Total Accumulated Deficit	$	(3,399	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

18

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(8	)
Accumulated Net Realized Gain (Loss)		8

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	448
2017		2,897
2018		95
2019		271
Total	$	3,711

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective

19

The Hartford Global Enhanced Dividend Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		1.00	%
On next $500 million		0.95	%
On next $4 billion		0.90	%
On next $5 billion		0.88	%
Over $10 billion		0.87	%

HIFSCO has voluntarily agreed to waive 100% of the management fees.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses, short position expenses and extraordinary expenses as follows:

Class A			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.60	%		2.35	%		1.35	%		1.85	%		1.60	%		1.35	%		1.25	%

d) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO had no revenue from front-end load sales charges or contingent deferred sales charges.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

20

For the six-month period ended April 30, 2012, the Fund had no sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund’s shares.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

7. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		1,039		100	%
Class C		38		100
Class I		40		100
Class R3		39		100
Class R4		39		100
Class R5		40		100
Class Y		40		100

8. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	2,361
Sales Proceeds Excluding U.S. Government Obligations		2,210

21

The Hartford Global Enhanced Dividend Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

9. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012										For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed		Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed		Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		—		28		—		—		28		—		63		—		—		63
Amount	$	—	$	187	$	—	$	—	$	187	$	—	$	418	$	—	$	—	$	418
Class C
Shares		—		1		—		—		1		—		2		—		—		2
Amount	$	—	$	6	$	—	$	—	$	6	$	—	$	14	$	—	$	—	$	14
Class I
Shares		—		1		—		—		1		—		3		—		—		3
Amount	$	—	$	8	$	—	$	—	$	8	$	—	$	17	$	—	$	—	$	17
Class R3
Shares		—		1		—		—		1		—		2		—		—		2
Amount	$	—	$	6	$	—	$	—	$	6	$	—	$	14	$	—	$	—	$	14
Class R4
Shares		—		1		—		—		1		—		2		—		—		2
Amount	$	—	$	7	$	—	$	—	$	7	$	—	$	15	$	—	$	—	$	15
Class R5
Shares		—		1		—		—		1		—		3		—		—		3
Amount	$	—	$	7	$	—	$	—	$	7	$	—	$	16	$	—	$	—	$	16
Class Y
Shares		—		1		—		—		1		—		3		—		—		3
Amount	$	—	$	8	$	—	$	—	$	8	$	—	$	17	$	—	$	—	$	17
Total
Shares		—		34		—		—		34		—		78		—		—		78
Amount	$	—	$	229	$	—	$	—	$	229	$	—	$	511	$	—	$	—	$	511

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and

22

restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

14. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved the liquidation of the Fund. The liquidation took place on May 18, 2012.

23

The Hartford Global Enhanced Dividend Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	6.77	$	0.23	$	–	$	0.26		$	0.49		$	(0.18	)	$	–	$	–	$	(0.18	)	$	0.31		$	7.08
C		6.76		0.20		–		0.27			0.47			(0.16	)		–		–		(0.16	)		0.31			7.07
I		6.77		0.23		–		0.27			0.50			(0.19	)		–		–		(0.19	)		0.31			7.08
R3		6.76		0.21		–		0.27			0.48			(0.17	)		–		–		(0.17	)		0.31			7.07
R4		6.77		0.22		–		0.27			0.49			(0.18	)		–		–		(0.18	)		0.31			7.08
R5		6.77		0.23		–		0.27			0.50			(0.19	)		–		–		(0.19	)		0.31			7.08
Y		6.77		0.23		–		0.27			0.50			(0.19	)		–		–		(0.19	)		0.31			7.08
For the Year Ended October 31, 2011
A		6.85		0.38		–		(0.03	)		0.35			(0.43	)		–		–		(0.43	)		(0.08	)		6.77
C		6.84		0.33		–		(0.03	)		0.30			(0.38	)		–		–		(0.38	)		(0.08	)		6.76
I		6.86		0.40		–		(0.04	)		0.36			(0.45	)		–		–		(0.45	)		(0.09	)		6.77
R3		6.85		0.35		–		(0.04	)		0.31			(0.40	)		–		–		(0.40	)		(0.09	)		6.76
R4		6.85		0.37		–		(0.03	)		0.34			(0.42	)		–		–		(0.42	)		(0.08	)		6.77
R5		6.86		0.39		–		(0.04	)		0.35			(0.44	)		–		–		(0.44	)		(0.09	)		6.77
Y		6.86		0.40		–		(0.04	)		0.36			(0.45	)		–		–		(0.45	)		(0.09	)		6.77
For the Year Ended October 31, 2010
A		6.42		0.39		–		0.40			0.79			(0.36	)		–		–		(0.36	)		0.43			6.85
C		6.41		0.34		–		0.40			0.74			(0.31	)		–		–		(0.31	)		0.43			6.84
I		6.43		0.40		–		0.41			0.81			(0.38	)		–		–		(0.38	)		0.43			6.86
R3		6.42		0.36		–		0.40			0.76			(0.33	)		–		–		(0.33	)		0.43			6.85
R4		6.42		0.38		–		0.40			0.78			(0.35	)		–		–		(0.35	)		0.43			6.85
R5		6.43		0.40		–		0.40			0.80			(0.37	)		–		–		(0.37	)		0.43			6.86
Y		6.43		0.40		–		0.41			0.81			(0.38	)		–		–		(0.38	)		0.43			6.86
For the Year Ended October 31, 2009
A		6.34		0.35		–		0.09			0.44			(0.36	)		–		–		(0.36	)		0.08			6.42
C		6.33		0.31		–		0.09			0.40			(0.32	)		–		–		(0.32	)		0.08			6.41
I		6.34		0.36		–		0.11			0.47			(0.38	)		–		–		(0.38	)		0.09			6.43
R3		6.34		0.32		–		0.10			0.42			(0.34	)		–		–		(0.34	)		0.08			6.42
R4		6.34		0.34		–		0.09			0.43			(0.35	)		–		–		(0.35	)		0.08			6.42
R5		6.34		0.36		–		0.10			0.46			(0.37	)		–		–		(0.37	)		0.09			6.43
Y		6.34		0.36		–		0.11			0.47			(0.38	)		–		–		(0.38	)		0.09			6.43
From November 30, 2007 (commencement of operations), through October 31, 2008
A(F)		10.00		0.74		–		(3.84	)		(3.10	)		(0.56	)		–		–		(0.56	)		(3.66	)		6.34
C(F)		10.00		0.68		–		(3.84	)		(3.16	)		(0.51	)		–		–		(0.51	)		(3.67	)		6.33
I(F)		10.00		0.76		–		(3.84	)		(3.08	)		(0.58	)		–		–		(0.58	)		(3.66	)		6.34
R3(F)		10.00		0.71		–		(3.84	)		(3.13	)		(0.53	)		–		–		(0.53	)		(3.66	)		6.34
R4(F)		10.00		0.73		–		(3.84	)		(3.11	)		(0.55	)		–		–		(0.55	)		(3.66	)		6.34
R5(F)		10.00		0.75		–		(3.84	)		(3.09	)		(0.57	)		–		–		(0.57	)		(3.66	)		6.34
Y(F)		10.00		0.76		–		(3.84	)		(3.08	)		(0.58	)		–		–		(0.58	)		(3.66	)		6.34

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(D) Not annualized.

(E) Annualized.

(F) Commenced operations on November 30, 2007.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	7.43	%(D)	$	7,352		1.89	%(E)		0.89	%(E)		0.47	%(E)		6.55	%(E)		26	%
	7.05	(D)		270		2.64	(E)		1.64	(E)		1.22	(E)		5.78	(E)		–
	7.55	(D)		282		1.64	(E)		0.64	(E)		0.22	(E)		6.81	(E)		–
	7.20	(D)		274		2.34	(E)		1.34	(E)		0.92	(E)		6.09	(E)		–
	7.35	(D)		277		2.04	(E)		1.04	(E)		0.62	(E)		6.40	(E)		–
	7.50	(D)		281		1.74	(E)		0.74	(E)		0.32	(E)		6.71	(E)		–
	7.55	(D)		282		1.64	(E)		0.64	(E)		0.22	(E)		6.81	(E)		–
	5.36			6,844		1.91			0.91			0.50			5.53			12
	4.56			252		2.66			1.66			1.25			4.76			–
	5.47			263		1.66			0.66			0.25			5.79			–
	4.73			255		2.36			1.36			0.95			5.10			–
	5.20			258		2.06			1.06			0.65			5.37			–
	5.37			261		1.76			0.76			0.35			5.68			–
	5.47			263		1.66			0.66			0.25			5.79			–
	12.69			6,500		1.69			0.69			0.32			5.92			36
	11.87			241		2.44			1.44			1.07			5.17			–
	12.95			249		1.44			0.44			0.07			6.17			–
	12.19			243		2.14			1.14			0.77			5.47			–
	12.52			246		1.84			0.84			0.47			5.77			–
	12.84			248		1.54			0.54			0.17			6.07			–
	12.95			249		1.44			0.44			0.07			6.17			–
	7.90			5,767		2.33			1.33			0.88			6.21			46
	7.12			216		3.08			2.08			1.63			5.46			–
	8.33			220		2.08			1.08			0.63			6.45			–
	7.42			217		2.78			1.78			1.33			5.76			–
	7.74			218		2.48			1.48			1.03			6.06			–
	8.22			220		2.18			1.18			0.73			6.35			–
	8.33			220		2.08			1.08			0.63			6.45			–
	(32.37	)(D)		5,343		2.09	(E)		1.09	(E)		0.58	(E)		9.20	(E)		70
	(32.86	)(D)		202		2.84	(E)		1.84	(E)		1.33	(E)		8.45	(E)		–
	(32.24	)(D)		203		1.84	(E)		0.84	(E)		0.33	(E)		9.45	(E)		–
	(32.60	)(D)		202		2.54	(E)		1.54	(E)		1.03	(E)		8.75	(E)		–
	(32.44	)(D)		203		2.24	(E)		1.24	(E)		0.73	(E)		9.05	(E)		–
	(32.29	)(D)		203		1.94	(E)		0.94	(E)		0.43	(E)		9.35	(E)		–
	(32.24	)(D)		203		1.84	(E)		0.84	(E)		0.33	(E)		9.45	(E)		–

25

The Hartford Global Enhanced Dividend Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

26

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

27

The Hartford Global Enhanced Dividend Fund

Directors and Officers (Unaudited) – (continued)

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

28

The Hartford Global Enhanced Dividend Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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 (excluding costs incurred in executing short sales) 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 (excluding costs incurred in executing short sales) and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,074.30	$	2.42	$	1,000.00	$	1,022.53	$	2.36		0.47	%		182		366
Class C	$	1,000.00	$	1,070.50	$	6.28	$	1,000.00	$	1,018.80	$	6.12		1.22			182		366
Class I	$	1,000.00	$	1,075.50	$	1.14	$	1,000.00	$	1,023.77	$	1.11		0.22			182		366
Class R3	$	1,000.00	$	1,072.00	$	4.74	$	1,000.00	$	1,020.29	$	4.62		0.92			182		366
Class R4	$	1,000.00	$	1,073.50	$	3.20	$	1,000.00	$	1,021.78	$	3.12		0.62			182		366
Class R5	$	1,000.00	$	1,075.00	$	1.65	$	1,000.00	$	1,023.27	$	1.61		0.32			182		366
Class Y	$	1,000.00	$	1,075.50	$	1.14	$	1,000.00	$	1,023.77	$	1.11		0.22			182		366

29

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Global Growth Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Global Growth Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	8
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	9
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	10
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	11
Notes to Financial Statements (Unaudited)	12
Financial Highlights (Unaudited)	24
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Expense Example (Unaudited)	30

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Global Growth Fund inception 09/30/1998

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of captial.

Performance Overview 4/30/02 - 4/30/12

 

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†	1 Year	5 year	10 year
Global Growth A#	11.28%	-6.86%	-2.71%	3.37%
Global Growth A##		-11.98%	-3.80%	2.79%
Global Growth B#	10.81%	-7.56%	-3.34%	NA*
Global Growth B##		-12.18%	-3.68%	NA*
Global Growth C#	10.82%	-7.56%	-3.46%	2.63%
Global Growth C##		-8.49%	-3.46%	2.63%
Global Growth R3#	11.20%	-6.94%	-2.94%	3.53%
Global Growth R4#	11.36%	-6.66%	-2.73%	3.65%
Global Growth R5#	11.52%	-6.44%	-2.36%	3.86%
Global Growth Y#	11.59%	-6.35%	-2.25%	3.93%
MSCI World Growth Index	9.23%	-1.31%	0.80%	5.52%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

MSCI World Growth Index is a broad-based unmanaged market capitalization-weighted total return index which measures the performance of growth securities in 23 developed-country global equity markets including the United States, Canada, Europe, Australia, New Zealand and the Far East.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Global Growth Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Manager

Matthew D. Hudson, CFA

Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Global Growth Fund returned 11.28%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the MSCI World Growth Index, which returned 9.23% for the same period. The Fund also outperformed the 9.70% return of the average fund in the Lipper Global Large-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the fund.

Why did the Fund perform this way?

The market environment during the initial months of 2012 was a sharp contrast to that of 2011. In November and December of 2011, macroeconomic fears and investors’ desire for safety continued to dominate equity markets. The best performing stocks during this period were concentrated within the traditionally defensive Utilities, Consumer Staples, and Health Care sectors. In this environment, investors craved low volatility, safety stocks and the fundamentals of many solid companies were largely ignored. Year-to-date 2012 saw a reversal, particularly during the first quarter. We have seen greater differentiation among stocks as investors refocus on fundamentals thus far in 2012.

During the first three months of 2012, global equities moved higher as investors generally looked past lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic data. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates low until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal in February added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, however, global equities retreated as growing concerns about Spain’s fiscal sustainability overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, a lackluster U.S. labor report, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

Growth stocks (+9.2%) outperformed value stocks (+6.5%) during the six-month period, as measured by the MSCI World Growth Index and the MSCI World Value Index, respectively. Within the MSCI World Growth Index, eight sectors posted positive returns. Information Technology (+15%), Health Care (+14%), and Consumer Discretionary (+13%) performed the best, while the Energy (+2%), Materials (-3%), and Utilities (-4%) sectors lagged on a relative basis.

Broad-based, strong stock selection over the past six months drove outperformance. Among sectors, positive security selection in the Consumer Discretionary, Health Care, and Financials sectors contributed the most to relative performance, more than offsetting unfavorable security selection within Consumer Staples, Information Technology, and Energy. Sector allocation, a result of the bottom up investment process (i.e. stock by stock fundamental research), added modestly to relative performance due primarily to an overweight position (i.e. the Fund’s sector position was greater than the benchmark position) in Information Technology and an underweight in Materials.

Regeneron Pharmaceuticals (Health Care), Priceline.com (Consumer Discretionary), and Samsung Electronics (Information Technology) were the leading contributors to benchmark-relative performance. Shares of Regeneron Pharmaceuticals, a U.S.-based biopharmaceutical company, rose after the company's quarterly results exceeded expectations on strong sales of the firm's recently launched macular degeneration drug Eylea. In addition, the company substantially raised sales guidance for Eylea. Shares of Priceline.com, a leading online travel booking and services company, moved higher after the company announced better-than-expected earnings results and guidance; strong international booking growth as well as net revenue growth drove improving margins. Shares of Samsung Electronics, the largest South Korean diversified manufacturer of consumer and industrial electronic, information technology, and telecommunications equipment, moved higher due to improved DRAM (dynamic random access memory) pricing through the second half of 2011. In addition, the company's handset sales volumes continued to beat market expectations. Top absolute contributors (i.e. total return) included Apple (Information Technology).

The top detractors from the Fund’s absolute and relative performance were Chesapeake Energy (Energy), Oracle (Information Technology), and HTC (Information Technology). Shares of natural gas and oil, and natural gas liquids producer Chesapeake Energy moved lower during the period, particularly in April. Concerns that prolonged weak gas prices may negatively impact their cash flow weighted on the stock. In addition, headline news suggested that

3

The Hartford Global Growth Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

Chesapeake suffers from a pattern of poor corporate governance, weighing on the stock price. Shares of Oracle, an enterprise software company that develops, manufactures, markets, distributes, and services database and middleware software, applications software, and hardware systems worldwide, headed lower after the company missed earnings expectations due to poor sales execution. Shares of HTC, a Taiwan-based manufacturer of smartphones, fell as the company missed an important product cycle in the second half of 2011.

What is the outlook?

Globally, we believe macroeconomic data continues to indicate a gradual economic recovery, although performance by region varies. From a regional perspective, we believe that the U.S. economy appears more favorably positioned in a global context. We also recognize that the U.S. is not immune to growth setbacks and will have to address its fiscal imbalances in the coming years. In Europe, while significant fiscal and economic challenges remain, in general the region appears to be incrementally more stable compared to its recent past. Within emerging markets, we see mixed stages of economic recovery and development.

Throughout this time, we have been consistent in our investment process, selecting stocks based on intense bottom-up research, diligently meeting with the management of leading companies globally, and leveraging the deep global research capabilities of our firm. We continue to focus on companies with improving fundamentals and catalysts that we think will lead to accelerating earnings growth above consensus expectations.

At the end of the period, our stock-by-stock investment process resulted in greater-than-benchmark weights in the Information Technology, Financials and Consumer Discretionary sectors. The Fund held below-benchmark weights in the Consumer Staples, Materials and Utilities sectors.

Diversification by Country

as of April 30, 2012

	Percentage of
Country	Net Assets
Canada		2.1	%
China		1.9
France		5.7
Hong Kong		3.4
Ireland		1.0
Italy		1.2
Japan		4.4
Jersey		1.3
Mexico		1.0
Netherlands		1.1
South Korea		1.5
Spain		1.0
Sweden		1.2
Switzerland		3.6
Taiwan		0.9
United Kingdom		5.6
United States		59.6
Short-Term Investments		3.0
Other Assets and Liabilities		0.5
Total		100.0	%

4

The Hartford Global Growth Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.5%
		Automobiles & Components - 1.1%
	250	Nissan Motor Co., Ltd.	$	2,604
		Banks - 2.7%
	74	BNP Paribas		2,985
	149	Standard Chartered plc		3,648
				6,633
		Capital Goods - 9.0%
	41	Boeing Co.		3,166
	51	Honeywell International, Inc.		3,113
	30	Nidec Corp.		2,660
	121	Safran S.A.		4,492
	191	Sandvik AB		3,017
	51	Schneider Electric S.A.		3,144
	16	SMC Corp.		2,619
				22,211
		Consumer Durables & Apparel - 2.2%
	33	Lululemon Athletica, Inc. ●		2,443
	441	Prada S.p.A. ●		2,986
				5,429
		Consumer Services - 4.6%
	708	Galaxy Entertainment Group Ltd. ●		2,207
	213	MGM Resorts International ●		2,853
	1,029	Sands China Ltd. §		4,030
	38	Starbucks Corp.		2,168
				11,258
		Diversified Financials - 7.6%
	53	American Express Co.		3,203
	18	BlackRock, Inc.		3,386
	7	CME Group, Inc.		1,781
	23	Goldman Sachs Group, Inc.		2,636
	137	Hong Kong Exchanges & Clearing Ltd.		2,186
	125	JP Morgan Chase & Co.		5,384
				18,576
		Energy - 9.4%
	39	Anadarko Petroleum Corp.		2,867
	110	BG Group plc		2,598
	137	Chesapeake Energy Corp.		2,527
	69	ENSCO International plc		3,789
	23	EOG Resources, Inc.		2,479
	45	National Oilwell Varco, Inc.		3,444
	121	Repsol YPF S.A.		2,331
	40	Schlumberger Ltd.		2,953
				22,988
		Food, Beverage & Tobacco - 2.7%
	64	Green Mountain Coffee Roasters, Inc. ●		3,101
	50	Groupe Danone		3,506
				6,607
		Health Care Equipment & Services - 2.6%
	62	Aetna, Inc.		2,745
	45	Edwards Lifesciences Corp. ●		3,750
				6,495
		Insurance - 0.8%
	251	Ping An Insurance (Group) Co.		2,081
		Materials - 6.2%
	95	Anglo American plc		3,670
	69	Barrick Gold Corp.		2,799
	342	Cemex S.A. de C.V. ADR ●		2,475
	461	Glencore International plc		3,195
	9	Syngenta AG		3,054
				15,193
		Media - 3.6%
	181	News Corp. Class A		3,551
	1,305	Sirius XM Radio, Inc. w/ Rights ●		2,950
	177	WPP plc		2,403
				8,904
		Pharmaceuticals, Biotechnology & Life Sciences - 5.1%
	46	Celgene Corp. ●		3,339
	45	Gilead Sciences, Inc. ●		2,356
	27	Regeneron Pharmaceuticals, Inc. ●		3,596
	18	Roche Holding AG		3,361
				12,652
		Retailing - 4.9%
	21	Amazon.com, Inc. ●		4,882
	108	Lowe's Co., Inc.		3,395
	5	Priceline.com, Inc. ●		3,826
				12,103
		Semiconductors & Semiconductor Equipment - 4.5%
	88	Altera Corp.		3,117
	55	ASML Holding N.V.		2,794
	114	NVIDIA Corp. ●		1,476
	3	Samsung Electronics Co., Ltd.		3,669
				11,056
		Software & Services - 12.2%
	188	Activision Blizzard, Inc.		2,420
	19	Baidu, Inc. ADR ●		2,587
	36	Citrix Systems, Inc. ●		3,078
	124	eBay, Inc. ●		5,102
	6	Google, Inc. ●		3,549
	21	LinkedIn Corp. ●		2,267
	230	Oracle Corp.		6,753
	24	Salesforce.com, Inc. ●		3,708
	13	Splunk, Inc.		445
				29,909
		Technology Hardware & Equipment - 12.5%
	22	Apple, Inc. ●		12,562
	232	EMC Corp. ●		6,536
	472	Hitachi Ltd.		3,009
	677	Hon Hai Precision Industry Co., Ltd.		2,129
	153	Juniper Networks, Inc. ●		3,268
	51	Qualcomm, Inc.		3,230
				30,734
		Telecommunication Services - 1.3%
	1,278	Sprint Nextel Corp. ●		3,169
		Transportation - 3.5%
	313	Delta Air Lines, Inc. ●		3,434
	33	FedEx Corp.		2,914
	18	Kuehne & Nagel International AG		2,229
				8,577
		Total common stocks
		(cost $192,455)	$	237,179
		Total long-term investments
		(cost $192,455)	$	237,179

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global Growth Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 3.0%
Repurchase Agreements - 3.0%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,831, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $1,868)
$	1,831	0.20%, 04/30/2012			$	1,831
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,453, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $2,502)
	2,453	0.20%, 04/30/2012				2,453
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $969, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $988)
	969	0.21%, 04/30/2012				969
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $802, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $818)
	802	0.19%, 04/30/2012				802
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1, collateralized by U.S. Treasury Note 0.75%, 2013, value of $1)
	1	0.17%, 04/30/2012				1
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,317, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $1,343)
	1,317	0.21%, 04/30/2012				1,317
						7,373
		Total short-term investments
		(cost $7,373)			$	7,373
		Total investments
		(cost $199,828) ▲	99.5	%	$	244,552
		Other assets and liabilities	0.5	%		1,226
		Total net assets	100.0	%	$	245,778

The accompanying notes are an integral part of these financial statements.

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $200,885 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	52,769
Unrealized Depreciation		(9,102	)
Net Unrealized Appreciation	$	43,667

●

Non-income producing.

§

These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $4,030, which represents 1.6% of total net assets.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
EUR	CBK	Sell	$	855	$	857	05/02/2012	$	2

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
CBK	Citibank NA
Currency Abbreviations:
EUR	EURO
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global Growth Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles & Components	$	2,604	$	–	$	2,604	$	–
Banks		6,633		–		6,633		–
Capital Goods		22,211		6,279		15,932		–
Consumer Durables & Apparel		5,429		2,443		2,986		–
Consumer Services		11,258		5,021		6,237		–
Diversified Financials		18,576		16,390		2,186		–
Energy		22,988		18,059		4,929		–
Food, Beverage & Tobacco		6,607		3,101		3,506		–
Health Care Equipment & Services		6,495		6,495		–		–
Insurance		2,081		–		2,081		–
Materials		15,193		5,274		9,919		–
Media		8,904		6,501		2,403		–
Pharmaceuticals, Biotechnology & Life Sciences		12,652		9,291		3,361		–
Retailing		12,103		12,103		–		–
Semiconductors & Semiconductor Equipment		11,056		7,387		3,669		–
Software & Services		29,909		29,909		–		–
Technology Hardware & Equipment		30,734		25,596		5,138		–
Telecommunication Services		3,169		3,169		–		–
Transportation		8,577		6,348		2,229		–
Total		237,179		163,366		73,813		–
Short-Term Investments		7,373		–		7,373		–
Total	$	244,552	$	163,366	$	81,186	$	–
Foreign Currency Contracts*		2		–		2		–
Total	$	2	$	–	$	2	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $2,881 were transferred from Level 1 to Level 2, and investments valued at $3,076 were transferred from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Global Growth Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $199,828)	$	244,552
Cash		2
Foreign currency on deposit with custodian (cost $12)		12
Unrealized appreciation on foreign currency contracts		2
Receivables:
Investment securities sold		1,199
Fund shares sold		47
Dividends and interest		548
Other assets		68
Total assets		246,430
Liabilities:
Payables:
Investment securities purchased		153
Fund shares redeemed		342
Investment management fees		34
Administrative fees		—
Distribution fees		12
Accrued expenses		111
Total liabilities		652
Net assets	$	245,778
Summary of Net Assets:
Capital stock and paid-in-capital	$	277,827
Distributions in excess of net investment loss		(318	)
Accumulated net realized loss		(76,472	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		44,741
Net assets	$	245,778
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$15.49/$16.39
Shares outstanding		11,249
Net assets	$	174,228
Class B: Net asset value per share	$	13.94
Shares outstanding		576
Net assets	$	8,034
Class C: Net asset value per share	$	13.93
Shares outstanding		1,397
Net assets	$	19,462
Class R3: Net asset value per share	$	16.08
Shares outstanding		6
Net assets	$	92
Class R4: Net asset value per share	$	16.27
Shares outstanding		10
Net assets	$	164
Class R5: Net asset value per share	$	16.56
Shares outstanding		7
Net assets	$	119
Class Y: Net asset value per share	$	16.66
Shares outstanding		2,622
Net assets	$	43,679

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Growth Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	1,530
Interest		4
Less: Foreign tax withheld		(106	)
Total investment income		1,428
Expenses:
Investment management fees		1,001
Administrative services fees		—
Transfer agent fees		465
Distribution fees
Class A		213
Class B		43
Class C		96
Class R3		—
Class R4		—
Custodian fees		13
Accounting services fees		19
Registration and filing fees		45
Board of Directors' fees		3
Audit fees		6
Other expenses		40
Total expenses (before waivers and fees paid indirectly)		1,944
Expense waivers		(28	)
Transfer agent fee waivers		(169	)
Commission recapture		(1	)
Total waivers and fees paid indirectly		(198	)
Total expenses, net		1,746
Net Investment Loss		(318	)
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		5,509
Net realized gain on foreign currency contracts		40
Net realized loss on other foreign currency transactions		(50	)
Net Realized Gain on Investments and Foreign Currency Transactions		5,499
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		19,733
Net unrealized depreciation of foreign currency contracts		(2	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		7
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		19,738
Net Gain on Investments and Foreign Currency Transactions		25,237
Net Increase in Net Assets Resulting from Operations	$	24,919

The accompanying notes are an integral part of these financial statements.

10

The Hartford Global Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment loss	$	(318	)	$	(649	)
Net realized gain on investments and foreign currency transactions		5,499			59,336
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		19,738			(62,085	)
Net Increase (Decrease) In Net Assets Resulting From Operations		24,919			(3,398	)
Distributions to Shareholders:
From net investment income
Class A		—			—
Total distributions		—			—
Capital Share Transactions:
Class A		(19,956	)		(62,302	)
Class B		(2,387	)		(4,628	)
Class C		(2,034	)		(5,542	)
Class R3		(19	)		(71	)
Class R4		—			33
Class R5		3			(14	)
Class Y		4,881			(59,322	)
Net decrease from capital share transactions		(19,512	)		(131,846	)
Net Increase (Decrease) In Net Assets		5,407			(135,244	)
Net Assets:
Beginning of period		240,371			375,615
End of period	$	245,778		$	240,371
Undistributed (distribution in excess of) net investment income (loss)	$	(318	)	$	—

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global Growth Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Global Growth Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current

12

or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other

13

The Hartford Global Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a

14

class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its

15

The Hartford Global Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

records with a value at least equal to the amount of the commitment. As of April 30, 2012, the Fund had no outstanding when-issued or delayed delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	2	$	—	$	—	$	—	$	—	$	2
Total	$	—	$	2	$	—	$	—	$	—	$	—	$	2

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

16

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	40		$	—	$	—	$	—	$	—	$	40
Total	$	—	$	40		$	—	$	—	$	—	$	—	$	40
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	(2	)
Total	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	(2	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend

17

The Hartford Global Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund. 

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	—	$	1,577

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses *	$	(80,913	)
Unrealized Appreciation †		23,945
Total Accumulated Deficit	$	(56,968	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	649
Accumulated Net Realized Gain (Loss)		60
Capital Stock and Paid-in-Capital		(709	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

18

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	80,913
Total	$	80,913

During the year ended October 31, 2011, the Fund utilized $59,701 of prior year capital loss carryforwards. 

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500	%
On next $500 million		0.7500	%
On next $4 billion		0.7000	%
On next $5 billion		0.6975	%
Over $10 billion		0.6950	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016	%
On next $5 billion		0.014	%
Over $10 billion		0.012	%

19

The Hartford Global Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class R3			Class R4			Class R5			Class Y
	1.48	%		2.23	%		2.23	%		1.60	%		1.30	%		1.00	%		0.95	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.48	%
Class B		2.23
Class C		2.23
Class R3		1.60
Class R4		1.30
Class R5		1.00
Class Y		0.95

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $88 and contingent deferred sales charges of $4 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For 

20

Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $10.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.26	%		35.50	%
Class B		0.27			34.45
Class C		0.27			34.58
Class Y		0.25			36.28

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		8		80	%
Class R5		7		100

21

The Hartford Global Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	55,316
Sales Proceeds Excluding U.S. Government Obligations		80,307

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,422		—		(2,854	)		—		(1,432	)		1,086		—		(5,434	)		—		(4,348	)
Amount	$	20,986	$	—	$	(40,942	)	$	—	$	(19,956	)	$	16,369	$	—	$	(78,671	)	$	—	$	(62,302	)
Class B
Shares		8		—		(195	)		—		(187	)		25		—		(365	)		—		(340	)
Amount	$	118	$	—	$	(2,505	)	$	—	$	(2,387	)	$	340	$	—	$	(4,968	)	$	—	$	(4,628	)
Class C
Shares		119		—		(278	)		—		(159	)		84		—		(495	)		—		(411	)
Amount	$	1,613	$	—	$	(3,647	)	$	—	$	(2,034	)	$	1,148	$	—	$	(6,690	)	$	—	$	(5,542	)
Class R3
Shares		1		—		(2	)		—		(1	)		4		—		(10	)		—		(6	)
Amount	$	15	$	—	$	(34	)	$	—	$	(19	)	$	64	$	—	$	(135	)	$	—	$	(71	)
Class R4
Shares		—		—		—			—		—			2		—		—			—		2
Amount	$	1	$	—	$	(1	)	$	—	$	—		$	33	$	—	$	—		$	—	$	33
Class R5
Shares		—		—		—			—		—			—		—		(1	)		—		(1	)
Amount	$	3	$	—	$	—		$	—	$	3		$	2	$	—	$	(16	)	$	—	$	(14	)
Class Y
Shares		399		—		(77	)		—		322			53		—		(3,749	)		—		(3,696	)
Amount	$	6,119	$	—	$	(1,238	)	$	—	$	4,881		$	778	$	—	$	(60,100	)	$	—	$	(59,322	)
Total
Shares		1,949		—		(3,406	)		—		(1,457	)		1,254		—		(10,054	)		—		(8,800	)
Amount	$	28,855	$	—	$	(48,367	)	$	—	$	(19,512	)	$	18,734	$	—	$	(150,580	)	$	—	$	(131,846	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		75	$	1,080
For the Year Ended October 31, 2011		117	$	1,755

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment

22

fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

23

The Hartford Global Growth Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	13.92	$	(0.02	)	$	–	$	1.59		$	1.57		$	–		$	–		$	–	$	–		$	1.57		$	15.49
B		12.58		(0.08	)		–		1.44			1.36			–			–			–		–			1.36			13.94
C		12.57		(0.07	)		–		1.43			1.36			–			–			–		–			1.36			13.93
R3		14.46		(0.03	)		–		1.65			1.62			–			–			–		–			1.62			16.08
R4		14.61		(0.01	)		–		1.67			1.66			–			–			–		–			1.66			16.27
R5		14.85		0.02			–		1.69			1.71			–			–			–		–			1.71			16.56
Y		14.93		0.02			–		1.71			1.73			–			–			–		–			1.73			16.66
For the Year Ended October 31, 2011
A		14.31		(0.04	)		–		(0.35	)		(0.39	)		–			–			–		–			(0.39	)		13.92
B		13.03		(0.16	)		–		(0.29	)		(0.45	)		–			–			–		–			(0.45	)		12.58
C		13.02		(0.15	)		–		(0.30	)		(0.45	)		–			–			–		–			(0.45	)		12.57
R3		14.88		(0.09	)		–		(0.33	)		(0.42	)		–			–			–		–			(0.42	)		14.46
R4		14.99		(0.01	)		–		(0.37	)		(0.38	)		–			–			–		–			(0.38	)		14.61
R5		15.19		0.04			–		(0.38	)		(0.34	)		–			–			–		–			(0.34	)		14.85
Y		15.27		0.10			–		(0.44	)		(0.34	)		–			–			–		–			(0.34	)		14.93
For the Year Ended October 31, 2010 (G)
A		12.53		(0.05	)		–		1.87			1.82			(0.04	)		–			–		(0.04	)		1.78			14.31
B		11.46		(0.14	)		–		1.71			1.57			–			–			–		–			1.57			13.03
C		11.45		(0.14	)		–		1.71			1.57			–			–			–		–			1.57			13.02
R3		13.04		(0.08	)		–		1.94			1.86			(0.02	)		–			–		(0.02	)		1.84			14.88
R4		13.11		(0.04	)		–		1.94			1.90			(0.02	)		–			–		(0.02	)		1.88			14.99
R5		13.26		0.01			–		1.98			1.99			(0.06	)		–			–		(0.06	)		1.93			15.19
Y		13.32		0.02			–		2.00			2.02			(0.07	)		–			–		(0.07	)		1.95			15.27
For the Year Ended October 31, 2009
A		10.50		0.04			–		1.99			2.03			–			–			–		–			2.03			12.53
B		9.64		–			–		1.82			1.82			–			–			–		–			1.82			11.46
C		9.68		(0.05	)		–		1.82			1.77			–			–			–		–			1.77			11.45
R3		10.97		(0.02	)		–		2.09			2.07			–			–			–		–			2.07			13.04
R4		11.01		0.01			–		2.09			2.10			–			–			–		–			2.10			13.11
R5		11.10		0.05			–		2.11			2.16			–			–			–		–			2.16			13.26
Y		11.14		0.07			–		2.11			2.18			–			–			–		–			2.18			13.32
For the Year Ended October 31, 2008 (G)
A		24.97		(0.03	)		–		(11.78	)		(11.81	)		–			(2.66	)		–		(2.66	)		(14.47	)		10.50
B		23.27		(0.14	)		–		(10.83	)		(10.97	)		–			(2.66	)		–		(2.66	)		(13.63	)		9.64
C		23.40		(0.16	)		–		(10.90	)		(11.06	)		–			(2.66	)		–		(2.66	)		(13.72	)		9.68
R3		26.02		(0.08	)		–		(12.31	)		(12.39	)		–			(2.66	)		–		(2.66	)		(15.05	)		10.97
R4		26.09		(0.05	)		–		(12.37	)		(12.42	)		–			(2.66	)		–		(2.66	)		(15.08	)		11.01
R5		26.15		0.05			–		(12.44	)		(12.39	)		–			(2.66	)		–		(2.66	)		(15.05	)		11.10
Y		26.19		0.07			–		(12.46	)		(12.39	)		–			(2.66	)		–		(2.66	)		(15.05	)		11.14
For the Year Ended October 31, 2007
A		19.35		(0.14	)		0.05		6.69			6.60			–			(0.98	)		–		(0.98	)		5.62			24.97
B		18.23		(0.32	)		0.06		6.28			6.02			–			(0.98	)		–		(0.98	)		5.04			23.27
C		18.31		(0.28	)		0.05		6.30			6.07			–			(0.98	)		–		(0.98	)		5.09			23.40
R3(I)		20.00		(0.14	)		–		6.16			6.02			–			–			–		–			6.02			26.02
R4(I)		20.00		(0.09	)		–		6.18			6.09			–			–			–		–			6.09			26.09
R5(I)		20.00		(0.03	)		–		6.18			6.15			–			–			–		–			6.15			26.15
Y		20.14		–			0.06		6.97			7.03			–			(0.98	)		–		(0.98	)		6.05			26.19

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average  Net Assets Before Waivers and Reimbursements and Including  Expenses not Subject to Cap(C)			Ratio of Expenses to Average  Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average  Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	11.28	%(E)	$	174,228		1.67	%(F)		1.48	%(F)		1.48	%(F)		(0.27	)%(F)		24	%
	10.81	(E)		8,034		2.77	(F)		2.23	(F)		2.23	(F)		(1.04	)(F)		–
	10.82	(E)		19,462		2.36	(F)		2.23	(F)		2.23	(F)		(1.01	)(F)		–
	11.20	(E)		92		1.94	(F)		1.60	(F)		1.60	(F)		(0.40	)(F)		–
	11.36	(E)		164		1.40	(F)		1.30	(F)		1.30	(F)		(0.08	)(F)		–
	11.52	(E)		119		1.09	(F)		1.00	(F)		1.00	(F)		0.23	(F)		–
	11.59	(E)		43,679		0.96	(F)		0.95	(F)		0.95	(F)		0.29	(F)		–
	(2.73	)		176,523		1.57			1.48			1.48			(0.22	)		60
	(3.45	)		9,591		2.60			2.23			2.23			(0.98	)		–
	(3.46	)		19,556		2.29			2.23			2.23			(0.97	)		–
	(2.82	)		103		1.73			1.60			1.60			(0.29	)		–
	(2.54	)		148		1.35			1.30			1.30			(0.04	)		–
	(2.24	)		104		1.04			1.00			1.00			0.24			–
	(2.23	)		34,346		0.94			0.94			0.94			0.31			–
	14.53			243,667		1.61			1.48			1.48			(0.40	)		61
	13.70			14,367		2.63			2.23			2.23			(1.16	)		–
	13.71			25,611		2.31			2.23			2.23			(1.15	)		–
	14.24			193		1.73			1.68			1.68			(0.57	)		–
	14.47			118		1.33			1.33			1.33			(0.28	)		–
	15.00			119		1.05			1.03			1.03			0.06			–
	15.17			91,540		0.93			0.93			0.93			0.12			–
	19.33			234,971		1.83			1.13			1.13			0.38			82
	18.88			18,333		2.90			1.57			1.57			(0.05	)		–
	18.29			27,064		2.45			2.01			2.01			(0.49	)		–
	18.87			113		1.82			1.73			1.73			(0.41	)		–
	19.07			59		1.37			1.37			1.37			0.16			–
	19.46			7		1.05			1.05			1.05			0.46			–
	19.57			177,096		0.94			0.94			0.94			0.59			–
	(52.57	)		212,910		1.49			1.43			1.43			(0.18	)		82
	(52.83	)		23,614		2.42			2.01			2.01			(0.79	)		–
	(52.94	)		30,334		2.16			2.16			2.16			(0.92	)		–
	(52.69	)		10		1.88			1.73			1.73			(0.42	)		–
	(52.66	)		7		1.58			1.43			1.43			(0.57	)		–
	(52.40	)		12		1.06			1.06			1.06			0.26			–
	(52.31	)		135,673		0.90			0.90			0.90			0.36			–
	35.85	(H)		492,466		1.48			1.48			1.48			(0.62	)		85
	34.81	(H)		78,931		2.40			2.19			2.19			(1.33	)		–
	34.94	(H)		75,742		2.15			2.15			2.15			(1.29	)		–
	30.10	(E)		13		1.65	(F)		1.65	(F)		1.65	(F)		(0.78	)(F)		–
	30.45	(E)		13		1.34	(F)		1.34	(F)		1.34	(F)		(0.47	)(F)		–
	30.75	(E)		13		1.05	(F)		1.05	(F)		1.05	(F)		(0.17	)(F)		–
	36.61	(H)		195,998		0.89			0.89			0.89			(0.01	)		–

25

The Hartford Global Growth Fund

Financial Highlights – (continued)

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Per share amounts have been calculated using average shares outstanding method.

(H) Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

(I) Commenced operations on December 22, 2006.

26

The Hartford Global Growth Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford Global Growth Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

28

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

29

The Hartford Global Growth Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,112.80	$	7.77	$	1,000.00	$	1,017.51	$	7.42		1.48	%		182		366
Class B	$	1,000.00	$	1,108.10	$	11.68	$	1,000.00	$	1,013.78	$	11.16		2.23			182		366
Class C	$	1,000.00	$	1,108.20	$	11.68	$	1,000.00	$	1,013.78	$	11.16		2.23			182		366
Class R3	$	1,000.00	$	1,112.00	$	8.40	$	1,000.00	$	1,016.91	$	8.02		1.60			182		366
Class R4	$	1,000.00	$	1,113.60	$	6.83	$	1,000.00	$	1,018.40	$	6.52		1.30			182		366
Class R5	$	1,000.00	$	1,115.20	$	5.26	$	1,000.00	$	1,019.89	$	5.02		1.00			182		366
Class Y	$	1,000.00	$	1,115.90	$	5.00	$	1,000.00	$	1,020.14	$	4.77		0.95			182		366

30

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-GG12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Global Real Asset Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Global Real Asset Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Consolidated Schedule of Investments at April 30, 2012 (Unaudited)	5
Consolidated Investment Valuation Hierarchy Level Summary at April 30, 2012(Unaudited)	10
Consolidated Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	11
Consolidated Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	12
Consolidated Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	13
Notes to Consolidated Financial Statements (Unaudited)	14
Consolidated Financial Highlights (Unaudited)	30
Directors and Officers (Unaudited)	32
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	34
Quarterly Portfolio Holdings Information (Unaudited)	34
Expense Example (Unaudited)	35

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Global Real Asset Fund inception 05/28/2010

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to provide long-term total returns that outpace inflation over a macroeconomic cycle. 

Performance Overview 5/28/10 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Global Real Asset A#		-2.05	%		-13.82	%		4.83	%
Global Real Asset A##					-18.56	%		1.79	%
Global Real Asset C#		-2.46	%		-14.48	%		4.07	%
Global Real Asset C##					-15.33	%		4.07	%
Global Real Asset I#		-1.98	%		-13.59	%		5.09	%
Global Real Asset R3#		-2.20	%		-14.04	%		4.55	%
Global Real Asset R4#		-2.08	%		-13.83	%		4.85	%
Global Real Asset R5#		-1.92	%		-13.53	%		5.17	%
Global Real Asset Y#		-1.87	%		-13.48	%		5.21	%
Barclays Capital U.S. TIPS 1-10 Year Index		2.93	%		7.02	%		7.75	%
Global Real Asset Fund Blended Index		0.83	%		-7.67	%		10.22	%
MSCI All Country World Energy Index		2.18	%		-12.40	%		13.27	%
MSCI All Country World Metals and Mining Index		-7.22	%		-26.59	%		0.80	%
S&P Goldman Sachs Commodity Index		4.58	%		-10.63	%		13.84	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Class C reflects a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Barclays Capital U.S. TIPS 1-10 Year 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 maturities of 1 to 10 years.

Global Real Asset Fund Blended Index is a blended index comprised of the following indices: MSCI All Country World Energy Index (33%), MSCI All Country World Metals and Mining Industry Index (16.5%), MSCI All Country World Agriculture/Chemicals, and Forest, Paper and Products (5.5%), Barclays Capital U.S. TIPS 1-10 Year (35%), and S&P Goldman Sachs Commodity Index (2.5% Precious Metals, 2.5% Industrial Metals, 2.5% Energy, 2.5% Agriculture and Livestock).

MSCI All Country World Energy Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets in the energy sector.

MSCI All Country World Metals and Mining Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets in the metals and mining industry.

S&P Goldman Sachs Commodity Index is a measure of general commodity price movements and inflation in the world economy.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Global Real Asset Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Scott M. Elliot	Jay Bhutani	Brian M. Garvey	Lindsay T. Politi
Senior Vice President and Asset Allocation Portfolio Manager	Director and Natural Resources Portfolio Manager	Vice President and Asset Allocation Portfolio Manager	Vice President and Fixed Income Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Global Real Asset Fund returned -2.05%, before sales charge, for the six-month period ended April 30, 2012, underperforming its blended benchmark, 33% MSCI AC World Energy (Sources and Equipment and Services) Index, 16.5% MSCI AC World Metals and Mining Index, 5.5% MSCI AC World Agriculture/Chemicals and Forest, Paper, and Products Index, 35% Barclays Capital U.S. TIPS (Treasury Inflation Protected Securities) 1 – 10 Yr Index, and 10% Equal Sector-Weight S&P Goldman Sachs Commodity Index, which returned 0.83% for the same period. The Fund also underperformed the 3.16% return of the average fund in the Lipper Global Flexible Portfolio Funds peer group, a group of funds that allocate investments across various asset classes with at least 25% in securities traded outside of the U.S.

Why did the Fund perform this way?

Global equities moved higher during the period as investors shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic and earnings data. The U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 also buoyed investors’ appetite for risk. The Greek debt restructuring deal added to investor optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, global equities retreated for the first time in five months as increased political uncertainty in Europe overshadowed continued strength in corporate earnings. In addition, a lackluster U.S. labor report and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

Equities ended the period up 7% as measured by the MSCI All Country World Index. Natural resource equities, which returned -0.5% as defined by the equity components of the Fund’s benchmark, underperformed broader equity markets. Diversified metals and mining-related stocks led the slight decline, while energy and paper & forest products stocks gained.

Intermediate US TIPS returned +2.93% over the period, as measured by the Barclays Capital US TIPS 1-10 Year Index. The U.S. Federal Reserve maintained its accommodative stance, pledging to keep short-term interest rates exceptionally low at least until 2014. In response to expectations of a near-term rise in Consumer Price Index, short-dated TIPS real yields (nominal yields minus expected inflation) declined, leading to positive total returns as interest rates and bond prices are inversely correlated.

Commodities returned 4.58% during the period as represented by S&P Goldman Sachs Commodity Index. Precious metals commodities fell, led lower by silver, agriculture-related commodities declined as coffee dropped over 20%, and falling nickel and aluminum prices pushed industrial metals commodities lower. Energy commodities, in particular gasoline and crude oil, gained as stronger economic data boosted demand expectations.

The Fund has four primary levers to generate investment performance: inflation-related equity investments, inflation-related fixed income investments, commodity investments, and asset allocation among stocks, bonds, commodities, and cash. The Fund underperformed its benchmark during the period primarily due to weak security selection within the underlying equity and commodities portfolios. Asset allocation decisions also detracted due to overweights (i.e. the Fund’s sector position was greater than the benchmark position) to the weaker performing natural resource equities and commodities areas. These decisions offset the positive relative impact of security selection within the TIPS portion of the Fund and an out-of-benchmark allocation to emerging market inflation linked bonds.

Top detractors from relative performance (i.e. performance of the Fund as measured against the benchmark) in the natural resources equities portion of the Fund during the period were Exxon Mobil, Chesapeake Energy, and Kinross Gold. Shares of Exxon Mobil rose during the period as the company reported solid earnings and repurchased stock. Not owning this stock, which is a component of the benchmark, detracted from relative returns. Shares of Chesapeake Energy, a U.S.-based producer of natural gas, oil, and natural gas liquids moved lower during the period. Investor concerns that the company suffers from a pattern of poor corporate governance weighed on the stock price. Shares of Kinross Gold, a senior gold producer with assets in the United States, Africa, South America and Russia, were hurt after management announced that they would be redesigning their growth projects due to cost pressures. The Fund also held two exchange traded funds, Market Vectors Gold Miners ETF and SPDR S&P Metals & Mining ETF, which detracted from relative returns.

3

The Hartford Global Real Asset Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

Stocks that contributed most to relative performance in the natural resources equities portion of the Fund were Pioneer Natural Resources, EOG Resources, and Lyondellbasell Industries. Oil and gas exploration and production company Pioneer Natural Resources’ shares rose as the company guided production growth estimates higher for 2012. Shares of oil and gas exploration and production company EOG Resources rose on the strength of higher oil prices. Lyondellbasell Industries, an ethylene and polyethylene producer, saw its shares rise despite a weak earnings report on improvements in ethylene margins and refinery spreads.

The commodities sub-portfolio underperformed its benchmark due to gold exposure, overweights in cotton and cattle, an underweight to the strong-performing energy sector, and an overweight to the weaker-performing precious metals sector. Exposure to commodities is gained through derivatives, particularly total return swaps and futures.

The TIPS portion of the Fund modestly outperformed its benchmark during the period, driven primarily by yield curve effects and an allocation to Treasuries in November and December.

What is the outlook?

We view our asset class positioning in the Fund as having two components: intermediate-term views (2-3 year horizon) and tactical changes around those positions (less than one year horizon). Our intermediate positions target areas with what we believe are attractive valuations, tight supply conditions, improving demand, and supportive business-cycle conditions. Short-term shifts typically reflect positioning changes to take advantage of price volatility.

We continue to expect weaker than normal trend growth globally. Ongoing discussions on sovereign debt and structural issues in Europe will likely remain a focus and could drive markets in the short term. We believe pessimism on China is rising, affecting both commodities and natural resource equities. Looking further ahead, we may be entering a market defined in part by an evolution in Chinese demand from infrastructure and housing investment towards consumption. This would reduce materials intensity, but could benefit areas more sensitive to consumer demand. We continue to evaluate this trend.

Current high levels of pessimism on China could signal a coming peak in negative sentiment, creating the potential for stronger performance among natural resource equities in the medium term if sentiment changes. At the end of the period, we were essentially neutral in natural resource equities and commodities and underweight TIPS. While policy support for low or negative real interest rates remains in place, there is a reasonable probability that rates gradually will trend higher over time. Such a move would be negative for TIPS, which today are challenged from a valuation perspective. TIPS remain a source of funds for our favored ideas.

We ended the period with an out-of-benchmark allocation to emerging market inflation-linked bonds. We believe that emerging markets will continue to be an area where we see the most inflation surprises, which is supportive of the asset class. Fundamentally, structural fiscal debt burdens are much lower in emerging markets when compared to developed markets, supporting narrowing yield differentials over time. Finally, many emerging market currencies appear attractive on an intermediate term horizon.

Diversification by Country

as of April 30, 2012

	Percentage of
Country	Net Assets
Australia		1.6	%
Brazil		1.5
Canada		8.2
Hong Kong		1.1
India		1.1
Ireland		0.8
Israel		0.3
Jersey		1.2
Luxembourg		0.8
Mexico		0.4
Netherlands		0.9
Norway		1.2
Papua New Guinea		0.9
Peru		0.8
Poland		0.1
South Africa		2.1
South Korea		0.1
Spain		0.7
Thailand		0.1
Turkey		0.3
United Kingdom		6.0
United States		56.9
Short-Term Investments		12.7
Other Assets and Liabilities		0.2
Total		100.0	%

4

The Hartford Global Real Asset Fund

Consolidated Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.6%
		Aluminum - 0.9%
	2,937	Alumina Ltd.	$	3,507
		Coal & Consumable Fuels - 1.9%
	160	Alpha Natural Resources, Inc. ●		2,575
	84	Consol Energy, Inc.		2,795
	76	Peabody Energy Corp.		2,358
				7,728
		Construction Materials - 0.8%
	149	CRH plc		3,025
		Diversified Metals & Mining - 8.6%
	216	BHP Billiton plc		6,966
	225	First Quantum Minerals Ltd.		4,677
	160	Freeport-McMoRan Copper & Gold, Inc.		6,136
	665	Glencore International plc		4,607
	3,679	Mongolian Mining Corp. ●		2,955
	90	Teck Cominco Ltd. Class B		3,348
	165	Vedanta Resources plc		3,276
	34	Walter Energy, Inc.		2,248
				34,213
		Fertilizers & Agricultural Chemicals - 0.6%
	44	Mosaic Co.		2,335
		Forest Products - 0.0%
	303	Sino Forest Corp. Class A ⌂●†		—
		Gold - 3.0%
	51	AngloGold Ltd. ADR		1,748
	43	Barrick Gold Corp.		1,731
	80	Compania De Minas Buenaventur ADR		3,294
	44	Goldcorp, Inc.		1,677
	395	Kinross Gold Corp.		3,535
				11,985
		Industrial Conglomerates - 0.4%
	289	Beijing Enterprises Holdings Ltd.		1,614
		Integrated Oil & Gas - 14.2%
	369	BG Group plc		8,710
	108	BP plc ADR		4,708
	73	Chevron Corp.		7,815
	115	ConocoPhillips Holding Co.		8,216
	132	Imperial Oil Ltd.		6,164
	21	Occidental Petroleum Corp.		1,870
	140	Petroleo Brasileiro S.A. ADR		3,296
	143	Repsol YPF S.A. ☼		2,742
	74	Sasol Ltd. ADR		3,500
	172	Statoilhydro ASA ADR		4,618
	147	Suncor Energy, Inc.		4,852
				56,491
		Oil & Gas Drilling - 0.7%
	77	Noble Corp.		2,923
		Oil & Gas Equipment & Services - 5.1%
	101	Baker Hughes, Inc.		4,455
	57	Cameron International Corp. ●		2,916
	30	Dril-Quip, Inc. ●		2,022
	37	National Oilwell Varco, Inc.		2,803
	78	Schlumberger Ltd.		5,746
	41	Tidewater, Inc.		2,273
				20,215
		Oil & Gas Exploration & Production - 7.3%
	74	Canadian Natural Resources Ltd.		2,554
	158	Chesapeake Energy Corp.		2,916
	194	EnCana Corp.		4,065
	39	EOG Resources, Inc.		4,291
	465	Oil Search Ltd.		3,530
	31	Pioneer Natural Resources Co.		3,567
	93	Southwestern Energy Co. ●		2,929
	142	Ultra Petroleum Corp. ●		2,800
	40	Whiting Petroleum Corp. ●		2,265
				28,917
		Oil & Gas Refining & Marketing - 2.3%
	84	Marathon Petroleum Corp.		3,499
	94	Reliance Industries Ltd. GDR ■		2,650
	120	Tesoro Corp. ●		2,795
				8,944
		Precious Metals & Minerals - 0.6%
	36	Anglo American Platinum Ltd.		2,370
		Specialty Chemicals - 0.9%
	82	LyondellBasell Industries Class A		3,409
		Steel - 2.3%
	195	ArcelorMittal ADR		3,376
	501	Fortescue Metals Group Ltd.		2,909
	122	Vale S.A. ADR		2,642
				8,927
		Total common stocks
		(cost $217,086)	$	196,603
WARRANTS - 0.4%
		Diversified Metals & Mining - 0.4%
	470	NMDC Ltd. ⌂	$	1,556
		Total warrants
		(cost $2,835)	$	1,556
EXCHANGE TRADED FUNDS - 4.7%
		Other Investment Pools and Funds - 4.7%
	120	Energy Select Sector SPDR	$	8,547
	91	Market Vectors Agribusiness		4,747
	25	Market Vectors Gold Miners		1,173
	84	SPDR Metals & Mining		4,064
		Total exchange traded funds
		(cost $18,750)	$	18,531
FOREIGN GOVERNMENT OBLIGATIONS - 1.5%
		Israel - 0.3%
		Israel (Government of)
ILS	1,889	2.75%, 09/30/2022 ◄	$	530
ILS	2,028	3.50%, 04/30/2018 ◄		610
				1,140

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global Real Asset Fund

Consolidated Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬					Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 1.5% - (continued)
		Mexico - 0.4%
		Mexican Udibonos
MXN	5,515	2.50%, 12/10/2020 ◄			$	430
MXN	12,306	4.50%, 12/18/2014 - 11/22/2035 ◄				1,064
						1,494
		Poland - 0.1%
		Poland (Government of)
PLN	1,317	3.00%, 08/24/2016 ◄				434
		South Africa - 0.2%
		South Africa (Republic of)
ZAR	4,998	5.50%, 12/07/2023 ◄				879
		South Korea - 0.1%
		Korea (Republic of)
KRW	315,557	2.75%, 06/10/2020 ◄				318
		Thailand - 0.1%
		Thailand (Government of)
THB	13,055	1.20%, 07/14/2021 ◄				432
		Turkey - 0.3%
		Turkey (Government of)
TRY	1,542	2.50%, 05/04/2016 ◄				868
TRY	798	3.00%, 07/21/2021 ◄				440
						1,308
		Total foreign government obligations
		(cost $5,870)			$	6,005
U.S. GOVERNMENT SECURITIES - 30.9%
		U.S. Treasury Securities - 30.9%
		U.S. Treasury Notes - 30.9%
$	25,800	0.13%, 04/15/2016 - 01/15/2022 ◄			$	27,789
	8,890	0.50%, 04/15/2015 ◄				9,888
	7,750	0.63%, 07/15/2021 ◄				8,643
	6,615	1.13%, 01/15/2021 ◄				7,895
	13,375	1.25%, 04/15/2014 - 07/15/2020 ◄				15,547
	5,550	1.38%, 01/15/2020 ◄				6,820
	10,050	1.63%, 01/15/2015 - 01/15/2018 ◄				12,843
	4,600	1.88%, 07/15/2013 - 07/15/2019 ◄				5,962
	8,800	2.00%, 01/15/2014 - 01/15/2016 ◄				11,496
	7,100	2.13%, 01/15/2019 ◄				9,124
	3,675	2.38%, 01/15/2017 ◄╦‡				4,887
	1,350	2.63%, 07/15/2017 ◄				1,796
						122,690
		Total U.S. government securities
		(cost $119,612)			$	122,690
		Total long-term investments
		(cost $364,153)			$	345,385
SHORT-TERM INVESTMENTS - 12.7%
		Repurchase Agreements - 12.7%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $12,541, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $12,792)
$	12,541	0.20%, 04/30/2012			$	12,541
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $16,800, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $17,136)
	16,800	0.20%, 04/30/2012				16,800
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $6,636, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $6,768)
	6,636	0.21%, 04/30/2012				6,636
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $5,495, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $5,605)
	5,495	0.19%, 04/30/2012				5,495
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $6, collateralized by U.S. Treasury Note 0.75%, 2013, value of $7)
	6	0.17%, 04/30/2012				6
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $9,020, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $9,200)
	9,020	0.21%, 04/30/2012				9,020
						50,498
		Total short-term investments
		(cost $50,498)			$	50,498
		Total investments
		(cost $414,651) ▲	99 .8	%	$	395,883
		Other assets and liabilities	0 .2	%		603
		Total net assets	100 .0	%	$	396,486

The accompanying notes are an integral part of these financial statements.

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

The consolidated schedule of investments includes investments held by The Hartford Cayman Global Real Asset Fund, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund, which primarily invests in commodity-related instruments. The Fund may invest up to 25% of its total assets in the Subsidiary. As of April 30, 2012, the Fund invested 10.2% of its total assets in the Subsidiary.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $421,146 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	10,442
Unrealized Depreciation		(35,705	)
Net Unrealized Depreciation	$	(25,263	)

†	These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value and percentage of net assets of these securities rounds to zero.  This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
●	Non-income producing.
╦	This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, cash of $365, held on the behalf of the Fund at the custody bank, was received from broker as collateral in connection with swap contracts.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $2,650, which represents 0.7% of total net assets.
⌂	The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
05/2010 - 05/2011		470	NMDC Ltd. Warrants		2,835
06/2011 - 08/2011		303	Sino Forest Corp. Class A		1,570

At April 30, 2012, the aggregate value of these securities was $1,556, which represents 0.4% of total net assets. 

☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $606 at April 30, 2012.
◄	The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global Real Asset Fund

Consolidated Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Futures Contracts Outstanding at April 30, 2012
Description	Number of Contracts*		Position	Expiration Date	Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
Gold 100oz Future		11	Long	06/27/2012	$	1,830	$	1,825	$	5
Live Cattle Future		53	Long	06/29/2012		2,420		2,685		(265	)
Live Cattle Future		10	Long	08/31/2012		465		509		(44	)
									$	(304	)

* The number of contracts does not omit 000's.

Cash of $475 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at April 30, 2012.

 Foreign Currency Contracts Outstanding at April 30, 2012 

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
CAD	CSFB	Sell	$	1,208	$	1,217	05/02/2012	$	9
CLP	BOA	Buy		445		444	05/31/2012		1
EUR	DEUT	Buy		606		606	05/04/2012		–
GBP	CBK	Buy		405		406	05/02/2012		(1	)
								$	9

Interest Rate Swap Contracts Outstanding at April 30, 2012

Counterparty

Payments made by Fund

Payments received by Fund

Notional Amount

Expiration Date

Upfront Premiums Paid/ (Received)

Market  Value ╪

Unrealized Appreciation/ (Depreciation)

BCLY

CLICP Camara

2.42% Fixed

$

218

04/11/22

$

–

$

–

$

–

BOA

CLPUF

1.66% Fixed

230

12/02/13

–

2

2

$

–

$

2

$

2

Total Return Swap Contracts Outstanding at April 30, 2012
Reference Entity	Counterparty	Notional Amount		Payments received (paid) by Fund		Expiration Date		Unrealized Appreciation/ (Depreciation)
S&P GSCI Agriculture	MSC	$	2,491		(0.22)% Fixed		07/31/12	$	(42	)
S&P GSCI Agriculture	MSC		4,524		(0.22)% Fixed		03/28/13		(76	)
S&P GSCI Energy	MSC		3,813		(0.15)% Fixed		07/31/12		(10	)
S&P GSCI Energy	MSC		5,104		(0.15)% Fixed		03/28/13		(14	)
S&P GSCI Industrial Metals	MSC		3,098		(0.20)% Fixed		07/31/12		6
S&P GSCI Industrial Metals	MSC		5,890		(0.20)% Fixed		03/28/13		11
S&P GSCI Livestock	MSC		720		(0.23)% Fixed		07/31/12		(18	)
S&P GSCI Livestock	MSC		1,482		(0.23)% Fixed		03/28/13		(38	)
S&P GSCI Precious Metals	MSC		4,605		(0.20)% Fixed		07/31/12		(50	)
S&P GSCI Precious Metals	MSC		4,403		(0.20)% Fixed		03/28/13		(47	)
								$	(278	)

╪ See Significant Accounting Policies of accompanying Notes to Consolidated Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

8

GLOSSARY: (abbreviations used in preceding Consolidated Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays Capital, Inc.
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
MSC	Morgan Stanley
Currency Abbreviations:
CAD	Canadian Dollar
CLP	Chilean Peso
EUR	EURO
GBP	British Pound
ILS	Israeli New Shekel
KRW	South Korean Won
MXN	Mexican New Peso
PLN	Polish New Zloty
THB	Thai Bhat
TRY	Turkish New Lira
ZAR	South African Rand
Index Abbreviations:
GSCI	Goldman Sachs Commodity Index
S&P	Standard & Poors Index
Other Abbreviations:
ADR	American Depositary Receipt
CLICP	Sinacofi Chile Interbank Offered Rate
CLPUF	Chilean Unidada de Fomentos Rate
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
SPDR	Standard & Poor's Depositary Receipt

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Real Asset Fund

Consolidated Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Aluminum	$	3,507	$	—	$	3,507	$	—
Coal & Consumable Fuels		7,728		7,728		—		—
Construction Materials		3,025		—		3,025		—
Diversified Metals & Mining		34,213		16,409		17,804		—
Fertilizers & Agricultural Chemicals		2,335		2,335		—		—
Forest Products		—		—		—		—
Gold		11,985		11,985		—		—
Industrial Conglomerates		1,614		—		1,614		—
Integrated Oil & Gas		56,491		45,039		11,452		—
Oil & Gas Drilling		2,923		2,923		—		—
Oil & Gas Equipment & Services		20,215		20,215		—		—
Oil & Gas Exploration & Production		28,917		25,387		3,530		—
Oil & Gas Refining & Marketing		8,944		8,944		—		—
Precious Metals & Minerals		2,370		—		2,370		—
Specialty Chemicals		3,409		3,409		—		—
Steel		8,927		6,018		2,909		—
Total		196,603		150,392		46,211		—
Exchange Traded Funds		18,531		18,531		—		—
Foreign Goverment Obligations		6,005		—		6,005		—
U.S. Government Securities		122,690		12,346		110,344		—
Warrants		1,556		1,556		—		—
Short-Term Investments		50,498		—		50,498		—
Total	$	395,883	$	182,825	$	213,058	$	—
Foreign Currency Contracts*		10		—		10		—
Futures*		5		5		—		—
Interest Rate Swaps*		2		—		2		—
Total Return Swaps*		17		—		17		—
Total	$	34	$	5	$	29	$	—
Liabilities:
Foreign Currency Contracts*		1		—		1		—
Futures*		309		309		—		—
Total Return Swaps*		295		—		295		—
Total	$	605	$	309	$	296	$	—

♦ For the six-month period ended April 30, 2012, investments valued at $17,341 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Consolidated Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance  as of  October 31, 2011		Realized Gain  (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales		Transfers Into Level 3		Transfers  Out of  Level 3		Balance  as of  April 30, 2012
Assets:
Common Stocks	$	292	$	—	$	(292	)*	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	292	$	—	$	(292	)	$	—	$	—	$	—	$	—	$	—	$	—
Swaps	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(292).

The accompanying notes are an integral part of these financial statements.

10

The Hartford Global Real Asset Fund

Consolidated Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted) 

Assets:
Investments in securities, at market value (cost $414,651)	$	395,883
Cash		695	*
Foreign currency on deposit with custodian (cost $19)		19
Unrealized appreciation on foreign currency contracts		10
Unrealized appreciation on swap contracts		19
Receivables:
Investment securities sold		3,362
Fund shares sold		1,259
Dividends and interest		740
Variation margin		30
Other assets		121
Total assets		402,138
Liabilities:
Unrealized depreciation on foreign currency contracts		1
Unrealized depreciation on swap contracts		295
Payables:
Investment securities purchased		3,602
Fund shares redeemed		1,250
Investment management fees		67
Administrative fees		—
Distribution fees		17
Collateral received from broker		365
Variation margin		1
Accrued expenses		54
Total liabilities		5,652
Net assets	$	396,486
Summary of Net Assets:
Capital stock and paid-in-capital	$	438,885
Distributions in excess of net investment loss		(156	)
Accumulated net realized loss		(22,898	)
Unrealized depreciation of investments and the translation of assets and liabilities denominated in foreign currency		(19,345	)
Net assets	$	396,486
Shares authorized		500,000
Par value	$	0 .001
Class A: Net asset value per share/Maximum offering price per share		$10.73/$11.35
Shares outstanding		12,427
Net assets	$	133,380
Class C: Net asset value per share	$	10.66
Shares outstanding		6,390
Net assets	$	68,143
Class I: Net asset value per share	$	10.75
Shares outstanding		8,871
Net assets	$	95,402
Class R3: Net asset value per share	$	10.75
Shares outstanding		181
Net assets	$	1,950
Class R4: Net asset value per share	$	10.75
Shares outstanding		234
Net assets	$	2,518
Class R5: Net asset value per share	$	10.76
Shares outstanding		189
Net assets	$	2,032
Class Y: Net asset value per share	$	10.76
Shares outstanding		8,648
Net assets	$	93,061

^* Cash of $475 was pledged as initial margin deposit and collateral for open futures contracts at April 30, 2012.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global Real Asset Fund

Consolidated Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	2,187
Interest		675
Less: Foreign tax withheld		(142	)
Total investment income		2,720
Expenses:
Investment management fees		2,164
Administrative services fees		4
Transfer agent fees		231
Distribution fees
Class A		177
Class C		373
Class R3		5
Class R4		3
Custodian fees		18
Accounting services fees		52
Registration and filing fees		79
Board of Directors' fees		5
Audit fees		6
Other expenses		34
Total expenses (before waivers and fees paid indirectly)		3,151
Expense waivers		(871	)
Commission recapture		(3	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(874	)
Total expenses, net		2,277
Net Investment Income		443
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(10,237	)
Net realized loss on futures		(2,363	)
Net realized gain on swap contracts		2,688
Net realized gain on foreign currency contracts		30
Net realized gain on other foreign currency transactions		217
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(9,665	)
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		2,477
Net unrealized appreciation of futures		183
Net unrealized depreciation of swap contracts		(2,729	)
Net unrealized appreciation of foreign currency contracts		15
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(6	)
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		(60	)
Net Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(9,725	)
Net Decrease in Net Assets Resulting from Operations	$	(9,282	)

The accompanying notes are an integral part of these financial statements.

12

The Hartford Global Real Asset Fund

Consolidated Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	443		$	2,836
Net realized loss on investments, other financial instruments and foreign currency transactions		(9,665	)		(14,933	)
Net unrealized depreciation of investments, other financial instruments and foreign currency transactions		(60	)		(22,332	)
Net Decrease In Net Assets Resulting From Operations		(9,282	)		(34,429	)
Distributions to Shareholders:
From net investment income
Class A		(1,231	)		(237	)
Class C		(211	)		(63	)
Class I		(1,249	)		(196	)
Class R3		(8	)		(6	)
Class R4		(16	)		(10	)
Class R5		(23	)		(14	)
Class Y		(912	)		(108	)
Total from net investment income		(3,650	)		(634	)
From net realized gain on investments
Class A		—			(199	)
Class C		—			(78	)
Class I		—			(119	)
Class R3		—			(14	)
Class R4		—			(14	)
Class R5		—			(14	)
Class Y		—			(75	)
Total from net realized gain on investments		—			(513	)
Total distributions		(3,650	)		(1,147	)
Capital Share Transactions:
Class A		(17,913	)		141,821
Class C		(11,441	)		79,950
Class I		(36,505	)		139,748
Class R3		1			(231	)
Class R4		733			(410	)
Class R5		219			(385	)
Class Y		25,417			59,995
Net increase (decrease) from capital share transactions		(39,489	)		420,488
Net Increase (Decrease) In Net Assets		(52,421	)		384,912
Net Assets:
Beginning of period		448,907			63,995
End of period	$	396,486		$	448,907
Undistributed (distribution in excess of) net investment income (loss)	$	(156	)	$	3,051

The accompanying notes are an integral part of these financial statements.

13

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Global Real Asset Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or

14

redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally

15

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Consolidated Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Consolidated Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

16

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

g) Basis for Consolidation – The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund. The subsidiary is organized under the laws of the Cayman Islands and is consolidated in the Fund’s financial statements. All intercompany balances, revenues, and expenses have been eliminated in consolidation. The subsidiary acts as an investment vehicle in order to enter into certain investments for the Fund consistent with the investment objectives and policies specified in the Prospectus and Statement of Additional Information.

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such

17

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Consolidated Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Consolidated Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

d) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive the principal amount until maturity.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Consolidated Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Consolidated Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Consolidated Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Consolidated Schedule of Investments as of April 30, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S.

18

Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Consolidated Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding futures contracts as of April 30, 2012.

c) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, investments or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Consolidated Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Consolidated Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Consolidated Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Consolidated Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Consolidated Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Interest Rate Swap Agreements – The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) or index (e.g., U.S. Consumer Price Index), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Consolidated Statement of Operations. When the interest rate swap agreement is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an

19

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

index or mortgage prepayments rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the agreement’s remaining life, to the extent that the amount is positive. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty (although such amounts are presented on a gross basis within the Consolidated Statement of Assets and Liabilities, as applicable) or by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding interest rate swaps as of April 30, 2012.

Total Return Swap Agreements – The Fund may invest in total return swap agreements. An investment in a total return swap allows the Fund to gain or mitigate exposure to underlying referenced securities. Total return swap agreements on commodities involve commitments where cash flows are exchanged based on the price of a commodity and based on a fixed or variable rate. One party would receive payments based on the price appreciation or depreciation of a commodity index, a portion of the index, or a single commodity in exchange for paying to or receiving from the counterparty seller an agreed-upon rate. A variable rate may be correlated to a base rate, such as the LIBOR, and is adjusted each period. Therefore, if interest rates increase over the term of the swap agreement, the party paying the rate may be required to pay a higher rate at each swap reset date.

Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One party pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding total return swaps as of April 30, 2012.

The prices of commodity-linked derivative securities may move in different directions from investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, prices of certain commodities, such as oil and metals, have historically tended to increase. There cannot be any guarantee that these investments will perform in that manner in the future, and at certain times the price movements of commodity-linked instruments have followed those of debt and equity securities. Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits. Exposure to commodity-linked derivatives is generally achieved through total return swaps, futures or options.

20

d) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	10	$	—	$	—	$	—	$	—	$	10
Unrealized appreciation on swap contracts		2		—		—		—		17		—		19
Variation margin receivable *		—		—		—		—		30		—		30
Total	$	2	$	10	$	—	$	—	$	47	$	—	$	59
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Unrealized depreciation on swap contracts		—		—		—		—		295		—		295
Variation margin payable *		—		—		—		—		1		—		1
Total	$	—	$	1	$	—	$	—	$	296	$	—	$	297

* Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(304) as reported in the Consolidated Schedule of Investments.

The volume of derivatives that is presented in the Consolidated Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Consolidated Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts			Commodity Contracts			Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on futures	$	3	$	—	$	—	$	(2	)	$	(2,364	)	$	—	$	(2,363	)
Net realized gain on swap contracts		—		—		—		—			2,688			—		2,688
Net realized gain on foreign currency contracts		—		30		—		—			—			—		30
Total	$	3	$	30	$	—	$	(2	)	$	324		$	—	$	355

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:

Net change in unrealized appreciation of futures	$	—	$	—	$	—	$	—	$	183		$	—	$	183
Net change in unrealized appreciation (depreciation) of swap contracts		2		—		—		—		(2,731	)		—		(2,729	)
Net change in unrealized appreciation of foreign currency contracts		—		15		—		—		—			—		15
Total	$	2	$	15	$	—	$	—	$	(2,548	)	$	—	$	(2,531	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with

21

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Consolidated Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

22

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010 *
Ordinary Income	$	1,147	$	—

* The Fund commenced operations on May 28, 2010

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis are as follows:

	Amount
Undistributed Ordinary Income	$	3,051
Accumulated Capital Losses *		(6,738	)
Unrealized Depreciation †		(25,780	)
Total Accumulated Deficit	$	(29,467	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Consolidated Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	281
Accumulated Net Realized Gain (Loss)		1,750
Capital Stock and Paid-in-Capital		(2,031	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

23

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2019	$	6,738
Total	$	6,738

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.9500	%
On next $250 million		0.9300	%
On next $500 million		0.8500	%
On next $1.5 billion		0.7800	%
On next $2.5 billion		0.7500	%
Over $5 billion		0.7100	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.9500	%
On next $500 million		0.9000	%
On next $4 billion		0.8500	%
On next $5 billion		0.8475	%
Over $10 billion		0.8450	%

24

HIFSCO voluntarily agreed to waive management fees of 0.40% of average daily net assets until February 29, 2012.

HIFSCO has contractually agreed to waive the management fee in an amount equal to the management fee paid to it by the Fund’s wholly owned Cayman Islands subsidiary fund. This waiver will remain in effect for as long as the Fund remains invested in that subsidiary fund.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.025	%
On next $5 billion		0.020	%
Over $10 billion		0.015	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.25	%		2.00	%		1.00	%		1.50	%		1.20	%		1.00	%		0.95	%

From November 1, 2011 through February 29, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.05	%		1.80	%		0.80	%		1.30	%		1.00	%		0.70	%		0.65	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Consolidated Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.11	%
Class C		1.83
Class I		0.84
Class R3		1.36
Class R4		1.08
Class R5		0.80
Class Y		0.76

25

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

e) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $294 and contingent deferred sales charges of $50 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $5.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Consolidated Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Consolidated Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		161		89	%
Class R4		162		69
Class R5		163		86

26

9. Investment Transactions:

For the six-month period ended April 30, 2012, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	210,743
Sales Proceeds Excluding U.S. Government Obligations		240,817
Cost of Purchases for U.S. Government Obligations		2,177
Sales Proceeds for U.S. Government Obligations		12,512

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,699		104		(3,477	)		—		(1,674	)		17,092		33		(5,398	)		—		11,727
Amount	$	18,493	$	1,089	$	(37,495	)	$	—	$	(17,913	)	$	203,131	$	382	$	(61,692	)	$	—	$	141,821
Class C
Shares		408		16		(1,493	)		—		(1,069	)		8,045		10		(1,381	)		—		6,674
Amount	$	4,403	$	168	$	(16,012	)	$	—	$	(11,441	)	$	95,570	$	111	$	(15,731	)	$	—	$	79,950
Class I
Shares		1,575		86		(5,016	)		—		(3,355	)		19,016		20		(7,788	)		—		11,248
Amount	$	17,286	$	903	$	(54,694	)	$	—	$	(36,505	)	$	227,156	$	233	$	(87,641	)	$	—	$	139,748
Class R3
Shares		7		1		(8	)		—		—			26		2		(47	)		—		(19	)
Amount	$	72	$	8	$	(79	)	$	—	$	1		$	310	$	20	$	(561	)	$	—	$	(231	)
Class R4
Shares		66		1		—			—		67			6		2		(41	)		—		(33	)
Amount	$	722	$	15	$	(4	)	$	—	$	733		$	66	$	24	$	(500	)	$	—	$	(410	)
Class R5
Shares		19		2		(1	)		—		20			7		3		(41	)		—		(31	)
Amount	$	210	$	23	$	(14	)	$	—	$	219		$	88	$	28	$	(501	)	$	—	$	(385	)
Class Y
Shares		2,366		72		(97	)		—		2,341			6,398		16		(1,158	)		—		5,256
Amount	$	25,697	$	759	$	(1,039	)	$	—	$	25,417		$	73,225	$	182	$	(13,412	)	$	—	$	59,995
Total
Shares		6,140		282		(10,092	)		—		(3,670	)		50,590		86		(15,854	)		—		34,822
Amount	$	66,883	$	2,965	$	(109,337	)	$	—	$	(39,489	)	$	599,546	$	980	$	(180,038	)	$	—	$	420,488

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

27

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

28

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29

The Hartford Global Real Asset Fund

Consolidated Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	11.05	$	0.01		$	–	$	(0.24	)	$	(0.23	)	$	(0.09	)		–		$	–	$	(0.09	)	$	(0.32	)	$	10.73
C		10.96		(0.03	)		–		(0.24	)		(0.27	)		(0.03	)		–			–		(0.03	)		(0.30	)		10.66
I		11.09		0.02			–		(0.24	)		(0.22	)		(0.12	)		–			–		(0.12	)		(0.34	)		10.75
R3		11.04		–			–		(0.24	)		(0.24	)		(0.05	)		–			–		(0.05	)		(0.29	)		10.75
R4		11.07		0.02			–		(0.25	)		(0.23	)		(0.09	)		–			–		(0.09	)		(0.32	)		10.75
R5		11.10		0.03			–		(0.25	)		(0.22	)		(0.12	)		–			–		(0.12	)		(0.34	)		10.76
Y		11.10		0.03			–		(0.24	)		(0.21	)		(0.13	)		–			–		(0.13	)		(0.34	)		10.76
For the Year Ended October 31, 2011 (E)
A		11.06		0.09			–		0.03			0.12			(0.06	)		(0.07	)		–		(0.13	)		(0.01	)		11.05
C		11.02		0.01			–		0.05			0.06			(0.05	)		(0.07	)		–		(0.12	)		(0.06	)		10.96
I		11.07		0.14			–		0.02			0.16			(0.07	)		(0.07	)		–		(0.14	)		0.02			11.09
R3		11.04		0.06			–		0.04			0.10			(0.03	)		(0.07	)		–		(0.10	)		–			11.04
R4		11.06		0.09			–		0.04			0.13			(0.05	)		(0.07	)		–		(0.12	)		0.01			11.07
R5		11.07		0.13			–		0.04			0.17			(0.07	)		(0.07	)		–		(0.14	)		0.03			11.10
Y		11.07		0.12			–		0.05			0.17			(0.07	)		(0.07	)		–		(0.14	)		0.03			11.10
From May 28, 2010 (commencement of operations), through October 31, 2010  (E)
A(H)		10.00		0.01			–		1.05			1.06			–			–			–		–			1.06			11.06
C(H)		10.00		(0.03	)		–		1.05			1.02			–			–			–		–			1.02			11.02
I(H)		10.00		0.01			–		1.06			1.07			–			–			–		–			1.07			11.07
R3(H)		10.00		(0.01	)		–		1.05			1.04			–			–			–		–			1.04			11.04
R4(H)		10.00		–			–		1.06			1.06			–			–			–		–			1.06			11.06
R5(H)		10.00		0.02			–		1.05			1.07			–			–			–		–			1.07			11.07
Y(H)		10.00		0.03			–		1.04			1.07			–			–			–		–			1.07			11.07

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Consolidated Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Commenced operations on May 28, 2010.

30

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	(2.05	)%(F)	$	133,380		1.54	%(G)		1.11	%(G)		1.11	%(G)		0.20	%(G)		54	%
	(2.46	)(F)		68,143		2.26	(G)		1.83	(G)		1.83	(G)		(0.53	)(G)		–
	(1.98	)(F)		95,402		1.26	(G)		0.84	(G)		0.84	(G)		0.45	(G)		–
	(2.20	)(F)		1,950		1.85	(G)		1.36	(G)		1.36	(G)		(0.05	)(G)		–
	(2.08	)(F)		2,518		1.56	(G)		1.08	(G)		1.08	(G)		0.28	(G)		–
	(1.92	)(F)		2,032		1.25	(G)		0.80	(G)		0.80	(G)		0.50	(G)		–
	(1.87	)(F)		93,061		1.16	(G)		0.76	(G)		0.76	(G)		0.59	(G)		–
	1.08			155,876		1.55			1.04			1.04			0.82			145
	0.46			81,736		2.27			1.76			1.76			0.13			–
	1.41			135,558		1.25			0.74			0.74			1.22			–
	0.90			2,001		1.87			1.30			1.30			0.52			–
	1.15			1,846		1.57			1.00			1.00			0.81			–
	1.49			1,871		1.26			0.70			0.70			1.10			–
	1.52			70,019		1.16			0.65			0.65			1.06			–
	10.60	(F)		26,248		1.62	(G)		0.96	(G)		0.96	(G)		0.13	(G)		20
	10.20	(F)		8,650		2.38	(G)		1.72	(G)		1.72	(G)		(0.61	)(G)		–
	10.70	(F)		10,821		1.45	(G)		0.79	(G)		0.79	(G)		0.33	(G)		–
	10.40	(F)		2,208		2.01	(G)		1.31	(G)		1.31	(G)		(0.21	)(G)		–
	10.60	(F)		2,211		1.71	(G)		1.01	(G)		1.01	(G)		0.09	(G)		–
	10.70	(F)		2,214		1.41	(G)		0.71	(G)		0.71	(G)		0.39	(G)		–
	10.70	(F)		11,643		1.32	(G)		0.66	(G)		0.66	(G)		0.43	(G)		–

31

The Hartford Global Real Asset Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Consolidated Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

32

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

33

The Hartford Global Real Asset Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

34

The Hartford Global Real Asset Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized  expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	979.50	$	5.46	$	1,000.00	$	1,019.34	$	5.57		1.11	%		182		366
Class C	$	1,000.00	$	975.40	$	8.99	$	1,000.00	$	1,015.76	$	9.17		1.83			182		366
Class I	$	1,000.00	$	980.20	$	4.14	$	1,000.00	$	1,020.69	$	4.22		0.84			182		366
Class R3	$	1,000.00	$	978.00	$	6.69	$	1,000.00	$	1,018.10	$	6.82		1.36			182		366
Class R4	$	1,000.00	$	979.20	$	5.31	$	1,000.00	$	1,019.49	$	5.42		1.08			182		366
Class R5	$	1,000.00	$	980.80	$	3.94	$	1,000.00	$	1,020.89	$	4.02		0.80			182		366
Class Y	$	1,000.00	$	981.30	$	3.74	$	1,000.00	$	1,021.08	$	3.82		0.76			182		366

35

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-GRA12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Global Research Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Global Research Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	14
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	16
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	17
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	18
Notes to Financial Statements (Unaudited)	19
Financial Highlights (Unaudited)	32
Directors and Officers (Unaudited)	34
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	36
Quarterly Portfolio Holdings Information (Unaudited)	36
Expense Example (Unaudited)	37

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Global Research Fund inception 02/29/2008

 (sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 2/29/08 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes. 

Average Annual Total Returns (as of 4/30/12) (1) (2) (3)

	6 Month†			1 Year			Since Inception
Global Research A#		9.06	%		-7.04	%		0.76	%
Global Research A##					-12.15	%		-0.60	%
Global Research B#		8.67	%		-7.73	%		0.01	%
Global Research B##					-12.04	%		-0.44	%
Global Research C#		8.78	%		-7.63	%		0.04	%
Global Research C##					-8.50	%		0.04	%
Global Research I#		9.22	%		-6.77	%		1.07	%
Global Research R3#		9.03	%		-7.20	%		0.50	%
Global Research R4#		9.14	%		-6.86	%		0.78	%
Global Research R5#		9.35	%		-6.66	%		1.06	%
Global Research Y#		9.42	%		-6.52	%		1.11	%
MSCI All Country World Index		7.36	%		-5.21	%		-0.03	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Global Research Fund

Manager Discussion

April 30, 2012 (Unaudited)   

Portfolio Managers
Cheryl M. Duckworth, CFA	Mark D. Mandel, CFA*
Senior Vice President and Associate Director of Global Industry Research	Director and Director of Global Industry Research
* Mr. Mandel supervises a team of global industry analysts that manage the Fund. Mr. Mandel is not involved in day-to-day management of the Fund.

How did the Fund perform?

The Class A shares of The Hartford Global Research Fund returned 9.06%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the MSCI All Country World Index, which returned 7.36% for the same period. The Fund also outperformed the 5.91% return of the average fund in the Lipper Global Multi-Cap Core peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The market environment during the initial months of 2012 was a sharp contrast to that of 2011. In November and December of 2011, macroeconomic fears and investors’ desire for safety continued to dominate equity markets. Not surprisingly, the best performing stocks were concentrated within the traditionally defensive Utilities, Consumer Staples, and Health Care sectors. In this environment, investors craved low volatility, safety stocks and the fundamentals of many solid companies were largely ignored. Year-to-date 2012 saw a reversal, particularly during the first quarter. We have seen greater differentiation among stocks as investors refocus on fundamentals thus far in 2012.

During the first three months of 2012, global equities moved higher as investors generally looked past lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic data. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates low until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal in February added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, however, global equities retreated as growing concerns about Spain’s fiscal sustainability overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, a lackluster U.S. labor report, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.Nine out of ten sectors in the MSCI All Country World Index rose during the period. Information Technology (+13%), Consumer Discretionary (+12%), and Health Care (+11%) rose the most while returns in Materials (-1%), Utilities (+1%), and Telecommunication Services (+1%) lagged on a relative basis.

The Fund’s outperformance versus the benchmark was driven by security selection, which was positive in seven of ten sectors. Stock selection was strongest in Financials, Health Care, and Industrials, while selection in Telecommunication Services detracted the most from relative performance (i.e. performance of the Fund as measured against the benchmark). Sector allocation detracted modestly from relative performance due in part to a slight overweight (i.e. the Fund’s sector position was greater than the benchmark position) to the Materials sector.

Top contributors to relative performance during the period included Regeneron Pharmaceuticals (Health Care), Amylin Pharmaceuticals (Health Care), and Lorillard (Consumer Staples). Shares of U.S.-based biopharmaceutical company Regeneron moved higher after the company's quarterly results exceeded expectations on strong sales of the firm's recently launched macular degeneration drug Eylea. In addition, Regeneron substantially raised sales guidance for Eylea. Shares of Amylin, a U.S.-based biopharmaceutical company, soared on news that the firm rejected a $3.5 billion takeover bid by Bristol-Myers. Shares of Lorillard, a U.S. producer of cigarettes, rose after the company reported favorable earnings results and announced the acquisition of Blu Ecigs, a U.S. electronic cigarette (e-cigarette) company.Apple (Information Technology) was also among the top contributors to absolute performance (i.e. total return).

The largest detractors from relative and absolute returns were Huabao International Holdings (Materials), Chesapeake Energy (Energy), and Kinross Gold (Materials). Huabao International Holdings is the dominant cigarette and tobacco flavor manufacturer in China. The company’s lower growth guidance and loss of market share dampened performance. Negative allegations regarding insider selling also pressured the stock price.Chesapeake is a U.S.-based producer of natural gas, oil, and natural gas liquids company. Headline news suggested that Chesapeake suffers from a pattern of poor corporate governance, weighing on the stock price. Shares of Kinross Gold, a senior gold producer with assets in the United States, Africa, South America and Russia, came under pressure due to higher mining costs and delays in the build-out on some of its properties.

3

The Hartford Global Research Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

What is the outlook?

Globally, we believe macroeconomic data continues to indicate a slow economic recovery, although performance by region varies. From a regional perspective, we believe that the U.S. economy appears more favorably positioned in a global context. We also recognize that the U.S. is not immune to growth setbacks and will have to address its fiscal imbalances in the coming years. In Europe, while significant fiscal and economic challenges remain, in general the region appears to be incrementally more stable compared to its recent past. Within emerging markets, we see mixed stages of economic recovery and development.

The Fund ended the period most overweight to the Consumer Discretionary, Information Technology, and Energy sectors and most underweight to the Industrials, Telecommunication Services, and Consumer Staples sectors relative to the MSCI All Country World Index. The Fund’s largest absolute sectors weights were in Financials, Information Technology, and Energy at the end of the period.

Diversification by Country

as of April 30, 2012

	Percentage of
Country	Net Assets
Australia		1.6	%
Belgium		1.1
Brazil		1.6
Canada		3.6
Chile		0.2
China		0.8
Denmark		0.2
Egypt		0.0
Finland		0.0
France		3.2
Germany		1.7
Hong Kong		2.4
India		0.7
Indonesia		0.1
Ireland		0.9
Israel		0.6
Italy		0.2
Japan		5.1
Jersey		0.1
Luxembourg		0.2
Malaysia		0.4
Marshall Islands		0.1
Mexico		0.4
Netherlands		1.1
Norway		1.4
Papua New Guinea		0.2
Philippines		0.2
Poland		0.0
Portugal		0.3
Russia		0.2
Singapore		0.7
South Africa		0.6
South Korea		0.7
Spain		0.7
Sweden		0.1
Switzerland		1.9
Taiwan		0.7
Thailand		0.3
Turkey		0.2
United Kingdom		7.7
United States		55.7
Short-Term Investments		1.8
Other Assets and Liabilities		0.3
Total		100.0	%

4

The Hartford Global Research Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.8%
		Automobiles & Components - 2.1%
	5	Daimler AG	$	303
	175	Dongfeng Motor Group Co., Ltd.		343
	28	Ford Motor Co. w/ Rights		313
	2	Michelin (C.G.D.E.) Class B		127
	44	Nissan Motor Co., Ltd. ☼		454
	27	Peugeot S.A. ☼		319
	6	Renault S.A.		289
	8	Stanley Electric Co., Ltd.		126
	7	Tokai Rika Co., Ltd.		125
	8	Toyoda Gosei Co., Ltd.		153
	2	Toyota Boshoku Corp.		20
	17	Toyota Motor Corp. ☼		713
				3,285
		Banks - 8.6%
	55	Banco Santander Brasil S.A.		446
	18	Bancorpsouth, Inc.		237
	49	Bangkok Bank plc		312
	5	Bank Nordik P/F		63
	1	Banque Cantonale Vaudoise		410
	234	Barclays Bank plc ADR		830
	38	BB&T Corp.		1,211
	11	BNP Paribas		462
	247	China Construction Bank		192
	2	Citizens & Northern Corp.		44
	6	Citizens Republic Bancorp, Inc. ●		106
	50	DnB ASA		538
	2	Gronlandsbanken		155
	14	Hana Financial Holdings		470
	9	Home Capital Group, Inc.		452
	46	HSBC Holdings plc		411
	66	Karnataka Bank Ltd.		114
	110	Metropolitan Bank and Trust		237
	229	Mitsubishi UFJ Financial Group, Inc.		1,099
	11	National Bank of Canada		858
	46	Oversea-Chinese Banking Corp., Ltd.		329
	6	PNC Financial Services Group, Inc.		384
	118	Regions Financial Corp.		797
	49	Standard Chartered plc		1,192
	14	SunTrust Banks, Inc.		330
	7	Toronto-Dominion Bank		608
	179	Turkiye Sinai Kalkinma Bankasi A.S.		233
	40	Wells Fargo & Co.		1,344
				13,864
		Capital Goods - 6.0%
	3	AAR Corp.		53
	5	AMETEK, Inc.		263
	32	Beijing Enterprises Holdings Ltd.		178
	7	Boeing Co.		563
	2	Brenntag AG		300
	1	Carlisle Cos., Inc.		61
	6	Colfax Corp. ●		192
	7	Cooper Industries plc Class A		425
	9	Danaher Corp.		487
	1	Dover Corp.		71
	4	Embraer S.A. ADR		133
	3	Emerson Electric Co.		147
	1	Esterline Technologies Corp. ●		53
	1	Fanuc Corp.		118
	1	General Dynamics Corp.		60
	46	General Electric Co.		904
	11	Hiwin Technologies Corp.		103
	9	Honeywell International, Inc.		517
	5	IDEX Corp.		218
	7	Illinois Tool Works, Inc.		419
	9	Ingersoll-Rand plc		367
	3	Joy Global, Inc.		241
	7	Komatsu Ltd. ☼		201
	4	Lockheed Martin Corp.		328
	11	Mitsui & Co., Ltd. ☼		169
	1	Moog, Inc. Class A ●		59
	2	Nidec Corp.		179
	9	Pentair, Inc.		386
	5	Raytheon Co.		266
	4	Rexel S.A.		80
	11	Rolls-Royce Holdings plc		152
	2	Safran S.A.		79
	3	Siemens AG		298
	1	Stanley Black & Decker, Inc.		86
	7	United Technologies Corp.		593
	7	Vallourec		397
	6	Vinci S.A.		263
	3	WESCO International, Inc. ●		202
	—	Zodiac Aerospace		53
				9,664
		Commercial & Professional Services - 0.1%
	3	Huron Consulting Group, Inc. ●		113
	5	Qualicorp S.A.		45
	23	Transfield Services Ltd.		55
				213
		Consumer Durables & Apparel - 1.7%
	2	Adidas AG		155
	1	Brunello Cucinelli S.p.A.		14
	6	Coach, Inc.		435
	156	Daphne International Holdings Ltd.		222
	1	Lennar Corp.		18
	4	LVMH Moet Hennessy Louis Vuitton S.A.		607
	5	Michael Kors Holdings Ltd. ●		235
	4	NIKE, Inc. Class B		449
	5	Salvatore Ferragamo Italia S.p.A. ●		130
	128	Samsonite International S.A. ●		246
	47	Stella International		125
	2	Tumi Holdings, Inc.		38
				2,674
		Consumer Services - 0.5%
	5	Carnival Corp.		152
	8	Compass Group plc		85
	1	Las Vegas Sands Corp.		50
	1	Marriott International, Inc. Class A		42
	106	MGM China Holdings Ltd.		195
	87	Shangri-La Asia Ltd.		185
	1	Wyndham Worldwide Corp.		45
				754
		Diversified Financials - 4.1%
	74	Aberdeen Asset Management plc		343
	9	Ameriprise Financial, Inc.		473
	64	Bank of America Corp.		515
	1	BlackRock, Inc.		155
	20	CITIC Securities Co., Ltd. ●		41

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global Research Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.8% - (continued)
		Diversified Financials - 4.1% - (continued)
	31	Citigroup, Inc.	$	1,033
	23	EFG International AG ●		228
	28	GAM Holding Ltd.		361
	5	Goldman Sachs Group, Inc.		557
	6	IBJ Leasing Co., Ltd.		149
	16	ICAP plc		96
	61	ING Groep N.V. ●		430
	8	Invesco Ltd.		206
	39	Investec plc		224
	16	Julius Baer Group Ltd.		628
	1	LPL Investment Holdings, Inc. ●		18
	4	Matsui Securities Co., Ltd.		25
	6	Nasdaq OMX Group, Inc. ●		146
	19	SEI Investments Co.		376
	47	UBS AG		581
	2	Warsaw Stock Exchange		20
				6,605
		Energy - 11.5%
	12	Aban Offshore Ltd.		92
	9	Alpha Natural Resources, Inc. ●		143
	4	Anadarko Petroleum Corp.		315
	19	Baker Hughes, Inc.		852
	48	BG Group plc		1,130
	60	BioFuel Energy Corp. ●		28
	68	BP plc		494
	2	BP plc ADR		96
	17	Buru Energy, Ltd.		51
	32	Cairn Energy plc		179
	7	Canadian Natural Resources Ltd. ADR		227
	3	Celtic Exploration Ltd.		42
	37	Chesapeake Energy Corp.		688
	3	Chevron Corp.		366
	92	CNOOC Ltd.		194
	11	Cobalt International Energy ●		286
	15	ConocoPhillips Holding Co.		1,065
	13	Consol Energy, Inc.		439
	6	Denbury Resources, Inc. ●		108
	2	Dril-Quip, Inc. ●		117
	13	El Paso Corp.		380
	12	EnCana Corp. ADR		248
	10	ENSCO International plc		528
	3	EOG Resources, Inc.		282
	4	Exco Resources, Inc.		31
	4	Exxon Mobil Corp.		366
	10	GALP Energia SGPS S.A.		153
	30	Green Plains Renewable Energy ●		239
	5	Husky Energy, Inc.		128
	14	Imperial Oil Ltd.		651
	9	Indo Tambangraya Megah PT		39
	—	Inpex Corp.		33
	1	Interoil Corp. ●		30
	34	JX Holdings, Inc.		193
	86	Karoon Gas Australia Ltd. ●		569
	60	Kunlun Energy Co., Ltd.		105
	4	Marathon Petroleum Corp.		169
	6	Midstates Petroleum Co., Inc.		90
	6	National Oilwell Varco, Inc.		481
	77	New Standard Energy Ltd.		45
	4	Newfield Exploration Co. ●		133
	5	Occidental Petroleum Corp.		488
	11	Ocean Rig UDW, Inc. ●		194
	32	Oil Search Ltd.		240
	9	Peabody Energy Corp.		289
	22	Petroleo Brasileiro S.A. ADR		525
	30	Petroleum Geo-Services ●		451
	2	Petrominerales Ltd.		29
	4	Pioneer Natural Resources Co.		519
	6	Quicksilver Resources, Inc. ●		29
	13	Reliance Industries Ltd.		177
	5	Reliance Industries Ltd. GDR ■		129
	40	Repsol YPF S.A.		770
	8	Sasol Ltd. ADR		361
	2	Schlumberger Ltd.		179
	5	Southwestern Energy Co. ●		164
	13	Statoil ASA		355
	8	Suncor Energy, Inc.		276
	1	Tenaris S.A. ADR		34
	7	Tesoro Corp. ●		156
	23	Tonengeneral Sekiyu Kk		215
	1	Tourmaline Oil Corp. ●		26
	10	Trican Well Service Ltd.		140
	7	Tupras-Turkiye Petrol Rafinerileri A.S.		150
	5	Ultra Petroleum Corp. ●		98
	68	Vantage Drilling Co. ●		107
	2	Whiting Petroleum Corp. ●		130
	12	Williams Cos., Inc.		415
	1	WPX Energy, Inc. ●		25
				18,476
		Food & Staples Retailing - 1.5%
	4	Costco Wholesale Corp.		382
	10	CVS Caremark Corp.		449
	9	Jeronimo Martins ●		167
	71	Sheng Siong Group Ltd. ●		26
	109	Tesco plc		560
	18	Walgreen Co.		627
	6	Woolworths Ltd.		155
				2,366
		Food, Beverage & Tobacco - 8.2%
	42	Altria Group, Inc.		1,345
	15	Anheuser-Busch InBev N.V.		1,054
	40	Bajaj Hindusthan Ltd.		23
	29	Balrampur Chini Mills Ltd.		30
	7	British American Tobacco plc		378
	73	Britvic plc		456
	764	China Minzhong Food Corp., Ltd. ●		515
	42	Cott Corp. ●		272
	11	Diamond Foods, Inc.		222
	2	GLG Life Technology Corp. ●		2
	25	Green Mountain Coffee Roasters, Inc. ●		1,219
	22	Groupe Danone		1,571
	52	Grupo Modelo S.A.B.		366
	2	Imperial Tobacco Group plc		62
	—	Japan Tobacco, Inc.		89
	27	Kraft Foods, Inc.		1,064
	18	Lorillard, Inc.		2,383
	1	Molson Coors Brewing Co.		35
	6	Omega Protein Corp. ●		44
	13	Philip Morris International, Inc.		1,197

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.8% - (continued)
		Food, Beverage & Tobacco - 8.2% - (continued)
	16	Pilgrim's Pride Corp. ●	$	116
	5	Salmar ASA		28
	31	Smithfield Foods, Inc. ●		653
				13,124
		Health Care Equipment & Services - 2.6%
	4	Aetna, Inc.		164
	2	AmerisourceBergen Corp.		69
	14	Boston Scientific Corp. ●		86
	3	Cardinal Health, Inc.		132
	6	CIGNA Corp.		278
	13	Covidien plc		702
	2	HCA Holdings, Inc.		57
	2	Hologic, Inc. ●		38
	—	M3, Inc.		223
	6	McKesson Corp.		570
	9	Medtronic, Inc.		352
	5	NMC Health plc		18
	4	St. Jude Medical, Inc.		152
	2	Stryker Corp.		101
	16	UnitedHealth Group, Inc.		906
	3	Vanguard Health Systems, Inc. ●		28
	5	Zimmer Holdings, Inc.		327
				4,203
		Insurance - 3.1%
	5	Aflac, Inc.		243
	215	Ageas		392
	6	Aon plc		285
	17	AXA S.A.		242
	5	Berkshire Hathaway, Inc. Class B ●		427
	21	Brasil Insurance Participacoes e Administracao S.A.		229
	56	Discovery Holdings Ltd.		374
	23	FBD Holdings		260
	7	Marsh & McLennan Cos., Inc.		224
	9	National Financial Partners Corp. ●		127
	5	Principal Financial Group, Inc.		139
	15	Progressive Corp.		315
	67	Storebrand ASA		301
	9	Swiss Re Ltd.		567
	16	Unum Group		386
	19	XL Group plc		402
				4,913
		Materials - 8.0%
	5	Air Products & Chemicals, Inc.		426
	7	Akzo Nobel N.V. ☼		360
	1	Allegheny Technologies, Inc.		43
	34	Anglo American plc		1,297
	4	Antofagasta plc		84
	171	Aquarius Platinum Ltd.		364
	13	Asahi Kasei Corp.		78
	9	Aston Resources Ltd. ⌂●†		98
	8	Ball Corp.		316
	13	Barrick Gold Corp.		528
	7	BASF SE		601
	7	BHP Billiton plc		212
	2	Cabot Corp.		89
	2	Celanese Corp.		94
	1	CF Industries Holdings, Inc.		146
	24	China Metal Recycling Holdings Ltd.		27
	88	China Shanshui Cement Group		71
	2	Crown Holdings, Inc. ●		85
	2	Detour Gold Corp. ●		61
	12	Dow Chemical Co.		421
	1	Eastman Chemical Co.		76
	8	EcoSynthetix, Inc. ●		38
	8	Fertilizantes Heringer S.A. ●		62
	10	First Quantum Minerals Ltd.		213
	1	FMC Corp.		92
	108	Fortescue Metals Group Ltd.		628
	2	Freeport-McMoRan Copper & Gold, Inc.		69
	10	Glencore International plc		73
	6	Goldcorp, Inc.		211
	20	Graphic Packaging Holding Co. ●		109
	3	HeidelbergCement AG		165
	1,525	Huabao International Holdings Ltd. ⌂†		494
	4	Ivanhoe Mines Ltd. ●		41
	2	JSR Corp.		44
	42	Kinross Gold Corp.		375
	6	LyondellBasell Industries Class A		240
	3	MeadWestvaco Corp.		98
	12	Methanex Corp.		412
	6	Methanex Corp. ADR		198
	11	Mitsubishi Chemical Holdings		55
	188	Mongolian Mining Corp. ●		151
	21	Mosaic Co.		1,125
	112	Nine Dragons Paper Holdings		92
	2	Olin Corp.		35
	10	Owens-Illinois, Inc. ●		222
	6	Phosagro OAO §		59
	23	PTT Chemical Public Co., Ltd. ●		51
	10	Rexam plc		70
	7	Rio Tinto plc		413
	3	Rubicon Minerals Corp. ●		9
	6	Shin-Etsu Chemical Co., Ltd.		328
	143	Sino Forest Corp. Class A ⌂●†		—
	23	Smurfit Kappa Group plc ●		195
	3	Tikkurila Oy		64
	16	Ube Industries Ltd.		40
	2	Uralkali §		59
	1	Walter Energy, Inc.		39
	3	Westlake Chemical Corp.		186
	30	Worthington Industries, Inc.		537
				12,769
		Media - 2.5%
	1	AMC Networks, Inc. Class A ●		55
	4	CBS Corp. Class B		140
	28	Comcast Corp. Class A		834
	11	Comcast Corp. Special Class A		319
	5	DreamWorks Animation SKG, Inc. ●		89
	4	Elsevier N.V. ⌂		50
	—	Fuji Media Holdings, Inc.		100
	7	Liberty Global, Inc. ●		331
	4	News Corp. Class A		69
	4	Omnicom Group, Inc.		220
	2	Publicis Groupe		119
	14	Reed Elsevier Capital, Inc.		112
	3	SES Global S.A.		73
	30	Sirius XM Radio, Inc. w/ Rights ●		69
	7	Viacom, Inc. Class B		335

The accompanying notes are an integral part of these financial statements. 

7

The Hartford Global Research Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.8% - (continued)
		Media - 2.5% - (continued)
	5	Virgin Media, Inc.	$	128
	19	Walt Disney Co.		840
	2	Ziggo N.V. ●		54
				3,937
		Pharmaceuticals, Biotechnology & Life Sciences - 6.4%
	2	Acorda Therapeutics, Inc. ●		43
	2	Agilent Technologies, Inc.		93
	2	Algeta ASA ●		59
	—	Alk-Abello A/S		17
	16	Alkermes plc ●		274
	4	Almirall S.A.		32
	26	Amylin Pharmaceuticals, Inc. ●		669
	2	Astellas Pharma, Inc.		71
	5	AstraZeneca plc		225
	4	AstraZeneca plc ADR		185
	3	Auxilium Pharmaceuticals, Inc. ●		48
	1	Biogen Idec, Inc. ●		162
	16	Bristol-Myers Squibb Co.		521
	3	Cadence Pharmaceuticals, Inc. ●		10
	2	Cubist Pharmaceuticals, Inc. ●		72
	21	Daiichi Sankyo Co., Ltd.		363
	11	Eisai Co., Ltd.		445
	47	Elan Corp. plc ADR ●		647
	14	Eli Lilly & Co.		574
	9	Exelixis, Inc. ●		45
	15	Forest Laboratories, Inc. ●		535
	4	Gilead Sciences, Inc. ●		225
	1	H. Lundbeck A/S		23
	3	Immunogen, Inc. ●		36
	4	Incyte Corp. ●		79
	3	Ironwood Pharmaceuticals, Inc. ●		37
	2	Johnson & Johnson		107
	—	Life Technologies Corp. ●		19
	4	Medicines Co. ●		97
	21	Merck & Co., Inc. ‡		807
	3	Mylan, Inc. ●		72
	2	NPS Pharmaceuticals, Inc. ●		17
	1	Ono Pharmaceutical Co., Ltd.		74
	2	Onyx Pharmaceuticals, Inc. ●		82
	1	Pacira Pharmaceuticals, Inc. ●		10
	22	Pfizer, Inc.		495
	5	Regeneron Pharmaceuticals, Inc. ●		720
	3	Rigel Pharmaceuticals, Inc. ●		25
	1	Roche Holding AG		246
	3	Salix Pharmaceuticals Ltd. ●		133
	4	Seattle Genetics, Inc. ●		73
	20	Shionogi & Co., Ltd.		261
	1	Targacept, Inc. ●		2
	21	Teva Pharmaceutical Industries Ltd. ADR		951
	2	Thermo Fisher Scientific, Inc.		106
	7	UCB S.A.		346
	—	Waters Corp. ●		38
	1	Watson Pharmaceuticals, Inc. ●		98
				10,269
		Real Estate - 2.8%
	—	Alexandria Real Estate Equities, Inc.		20
	2	Aliansce Shopping Centers S.A.		16
	6	American Assets Trust, Inc.		143
	1	American Campus Communities, Inc.		31
	3	American Tower Corp. REIT		218
	12	Ascendas Real Estate Investment Trust ☼		20
	1	Boardwalk REIT		35
	1	Boston Properties, Inc.		74
	18	BR Malls Participacoes S.A.		222
	8	BR Properties S.A.		104
	—	BRE Properties		22
	3	British Land Co. plc		26
	1	Camden Property Trust		49
	16	Capitacommercial Trust ☼		16
	2	Castellum AB		21
	47	Central Pattana Public Co., Ltd.		77
	73	China Overseas Grand Oceans Group Ltd.		97
	2	Coresite Realty Corp.		38
	1	Cyrela Commercial Properties S.A. Empreendimentose Participacoes		10
	3	Daito Trust Construction Co., Ltd. ☼		227
	2	DDR Corp.		32
	1	Derwent London plc		35
	35	Dexus Property Group		34
	1	Digital Realty Trust, Inc.		50
	2	Douglas Emmett, Inc.		38
	—	EastGroup Properties, Inc.		11
	1	Education Realty Trust, Inc.		14
	—	Equity Lifestyle Properties, Inc.		30
	1	Equity Residential Properties Trust		67
	16	Forest City Enterprises, Inc. Class A ●		248
	41	Fortune REIT		22
	2	Glimcher Realty Trust		22
	1	GSW Immobilien AG ●		45
	1	GSW Immobilien AG Rights		2
	22	Hammerson plc		150
	1	HCP, Inc.		42
	1	Health Care, Inc.		69
	2	Host Hotels & Resorts, Inc.		27
	7	Hysan Development Co., Ltd.		33
	—	Icade		14
	1	Kilroy Realty Corp.		45
	1	LaSalle Hotel Properties		34
	21	Link REIT		89
	12	Mitsubishi Estate Co., Ltd.		216
	3	Mitsui Fudosan Co., Ltd.		63
	1	Post Properties, Inc.		25
	—	PSP Swiss Property		31
	1	Public Storage		96
	4	Rayonier, Inc.		189
	2	RioCan REIT		48
	1	RLJ Lodging Trust		20
	107	Robinsons Land Corp.		44
	4	Shaftesbury plc		37
	4	Simon Property Group, Inc.		643
	3	Sun Hung Kai Properties Ltd.		36
	—	Swiss Prime Site AG		28
	1	Taubman Centers, Inc.		58
	—	Unibail-Rodamco SE		85
	25	Westfield Group		241
	22	Westfield Retail Trust		61
				4,540

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.8% - (continued)
		Retailing - 4.1%
	2	Advance Automotive Parts, Inc.	$	156
	5	Amazon.com, Inc. ●		1,197
	—	AutoZone, Inc. ●		172
	10	Cia Hering		243
	3	Family Dollar Stores, Inc.		169
	1	Fast Retailing Co., Ltd.		125
	57	Golden Eagle Retail Group Ltd.		147
	6	Home Depot, Inc.		301
	3	Industria de Diseno Textil S.A.		275
	185	Intime Department Store		232
	3	Kohl's Corp.		162
	22	Liberty Media - Interactive A ●		407
	28	Lifestyle International		65
	10	Lojas Americanas S.A.		92
	35	Lowe's Co., Inc.		1,098
	10	Marks & Spencer Group plc		57
	56	Myer Holdings Ltd.		136
	1	Priceline.com, Inc. ●		683
	—	Rakuten, Inc.		462
	28	S.A.C.I. Falabella		274
	2	Tiffany & Co.		161
				6,614
		Semiconductors & Semiconductor Equipment - 1.7%
	17	ASM Pacific Technology		229
	6	ASML Holding N.V.		309
	6	ASML Holding N.V. ADR		294
	3	Broadcom Corp. Class A		120
	13	Cypress Semiconductor Corp.		196
	2	Fairchild Semiconductor International, Inc. ●		30
	1	International Rectifier Corp. ●		31
	3	Linear Technology Corp.		82
	3	Maxim Integrated Products, Inc.		95
	—	Samsung Electronics Co., Ltd.		570
	7	Skyworks Solutions, Inc. ●		182
	165	Taiwan Semiconductor Manufacturing Co., Ltd.		487
	6	Texas Instruments, Inc.		178
				2,803
		Software & Services - 6.9%
	14	Accenture plc		895
	7	Activision Blizzard, Inc.		86
	2	Alliance Data Systems Corp. ●		306
	17	Automatic Data Processing, Inc.		953
	4	Citrix Systems, Inc. ●		349
	27	eBay, Inc. ●		1,106
	4	Equinix, Inc. ●		681
	2	Exlservice Holdings, Inc. ●		69
	6	Fortinet, Inc. ●		165
	7	Genpact Ltd. ●		119
	—	Google, Inc. ●		114
	7	Hisoft Technology International Ltd. ●		103
	2	IBM Corp.		329
	5	Intuit, Inc.		288
	7	Kakaku.com, Inc.		219
	21	Microsoft Corp.		660
	1	MicroStrategy, Inc. ●		190
	44	Oracle Corp.		1,300
	1	Rackspace Hosting, Inc. ●		67
	2	Red Hat, Inc. ●		147
	3	Salesforce.com, Inc. ●		450
	16	Sapient Corp.		192
	5	Splunk, Inc.		163
	7	Tencent Holdings Ltd.		211
	1	Teradata Corp. ●		100
	3	Tibco Software, Inc. ●		114
	4	Vantiv, Inc. ●		92
	7	VeriSign, Inc.		301
	4	Visa, Inc.		534
	1	VMware, Inc. ●		98
	32	Western Union Co.		588
				10,989
		Technology Hardware & Equipment - 4.6%
	50	AAC Technologies Holdings, Inc.		148
	31	Advantech Co., Ltd.		105
	6	Apple, Inc. ●		3,302
	5	Aruba Networks, Inc. ●		105
	6	Calix, Inc. ●		52
	45	Cisco Systems, Inc.		911
	26	EMC Corp. ●		731
	25	Hitachi Ltd.		159
	68	Hon Hai Precision Industry Co., Ltd.		212
	3	Juniper Networks, Inc. ●		73
	1	National Instruments Corp.		30
	18	Qualcomm, Inc.		1,121
	4	Riverbed Technology, Inc. ●		82
	1	Rogers Corp. ●		54
	76	Synnex Technology International Corp.		177
	2	Trimble Navigation Ltd. ●		109
	8	Yokogawa Electric Corp.		72
				7,443
		Telecommunication Services - 3.5%
	12	America Movil SAB de C.V. ADR		308
	119	Axiata Group Berhad		209
	81	Bharti Televentures		478
	282	China Unicom Ltd.		494
	21	Cincinnati Bell, Inc. ●		80
	5	Crown Castle International Corp. ●		272
	50	Frontier Communications Corp.		203
	63	Leap Wireless International, Inc. ●		353
	18	MetroPCS Communications, Inc. ●		134
	2	Millicom International Cellular SDR		232
	9	Mobile Telesystems OJSC ADR		185
	10	MTN Group Ltd. ☼		182
	12	NII Holdings, Inc. Class B ●		164
	32	Orascom Telecom Media and Technology Holding SAE ●§		37
	2	P.T. Telekomunikasi Indonesia ADR		90
	2	Philippine Long Distance Telephone Co. ADR		105
	21	Portugal Telecom SGPS S.A.		111
	2	SBA Communications Corp. ●		100
	8	SK Telecom Co., Ltd. ADR		110
	133	Sprint Nextel Corp. ●		331
	9	Tele2 Ab B Shares		178
	30	Telenor ASA		547
	5	Tim Participacoes S.A. ADR		150
	9	TW Telecom, Inc. ●		195
	7	VimpelCom Ltd. ADR		67

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Research Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.8% - (continued)
		Telecommunication Services - 3.5% - (continued)
	117	Vodafone Group plc	$	323
				5,638
		Transportation - 2.9%
	415	AirAsia Berhad		455
	3	C.H. Robinson Worldwide, Inc.		185
	19	Delta Air Lines, Inc. ●		210
	—	East Japan Railway Co.		19
	1	Expeditors International of Washington, Inc.		56
	6	FedEx Corp.		538
	2	Genesee & Wyoming, Inc. Class A ●		95
	2	Hitachi Transport System Ltd.		40
	179	Hutchinson Port Holdings Trust		135
	8	J.B. Hunt Transport Services, Inc.		460
	4	Kansas City Southern ●		314
	5	Landstar System, Inc.		247
	14	Localiza Rent a Car S.A.		234
	6	Norfolk Southern Corp.		422
	6	Quality Distribution, Inc. ●		71
	7	Spirit Airlines, Inc. ●		166
	22	Swift Transportation Co. ●		230
	31	Transurban Group		192
	39	US Airways Group, Inc. ●		396
	8	Vitran Corp., Inc. ●		70
	4	XPO Logistics, Inc. ●		73
	81	Zhejiang Expressway Co., Ltd.		58
				4,666
		Utilities - 3.4%
	11	Calpine Corp. ●		207
	7	Cheung Kong Infrastructure		40
	5	Chubu Electric Power Co., Inc.		79
	14	E.On AG		320
	6	Edison International		285
	2	Electricite de France		44
	31	Enel S.p.A.		101
	41	ENN Energy Holdings Ltd.		145
	15	Gaz de France ⌂		347
	252	Guangdong Investment Ltd.		185
	9	International Power plc		62
	76	National Grid plc		817
	14	NextEra Energy, Inc.		904
	6	Northeast Utilities		202
	1	OGE Energy Corp.		69
	37	Osaka Gas Co., Ltd.		151
	9	PG&E Corp.		395
	2	Pinnacle West Capital Corp.		110
	6	RWE AG		238
	6	Severn Trent plc		152
	17	Snam S.p.A.		79
	6	Suez Environment S.A.		81
	58	Tokyo Electric Power Co., Inc.		145
	19	Tokyo Gas Co., Ltd.		91
	7	Tractebel Energia S.A.		114
	6	Xcel Energy, Inc.		164
				5,527
		Total common stocks
		(cost $143,198)	$	155,336
PREFERRED STOCKS - 0.2%
		Automobiles & Components - 0.2%
	2	Volkswagen AG N.V.	$	339
		Total preferred stocks
		(cost $335)	$	339
WARRANTS - 0.1%
		Food, Beverage & Tobacco - 0.0%
	1	GLG Life Technology Corp.	$	—
		Telecommunication Services - 0.1%
	18	Bharti Airtel Ltd. ⌂■		106
		Total warrants
		(cost $130)	$	106
EXCHANGE TRADED FUNDS - 0.8%
		Other Investment Pools and Funds - 0.8%
	4	Industrial Select Sector SPDR Fund	$	137
	15	iShares MSCI EAFE Index Fund		785
	5	SPDR S&P Retail ETF		300
		Total exchange traded funds
		(cost $1,208)	$	1,222
CORPORATE BONDS - 0.0%
		Petroleum and Coal Products Manufacturing - 0.0%
		Green Plains Renewable Energy
$	19	5.75%, 11/01/2015 ۞	$	18
		Total corporate bonds
		(cost $18)	$	18
		Total long-term investments
		(cost $144,889)	$	157,021
SHORT-TERM INVESTMENTS - 1.8%
Repurchase Agreements - 1.8%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $722, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $736)
$	722	0.20%, 04/30/2012	$	722
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $967, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $986)
	967	0.20%, 04/30/2012		967
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $382, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $389)
	382	0.21%, 04/30/2012		382

The accompanying notes are an integral part of these financial statements. 

10

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 1.8% - (continued)
Repurchase Agreements - 1.8% - (continued)
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $316, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $323)
$	316	0.19%, 04/30/2012			$	316
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $-, collateralized by U.S. Treasury Note 0.75%, 2013, value of $-)
	—	0.17%, 04/30/2012				—
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $519, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $529)
	519	0.21%, 04/30/2012				519
						2,906
		Total short-term investments
		(cost $2,906)			$	2,906
		Total investments
		(cost $147,795) ▲	99.7	%	$	159,927
		Other assets and liabilities	0.3	%		443
		Total net assets	100.0	%	$	160,370

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $149,587 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	19,106
Unrealized Depreciation		(8,766	)
Net Unrealized Appreciation	$	10,340

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $592, which represents 0.4% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.  

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $235, which represents 0.1% of total net assets.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global Research Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S.person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $155, which represents 0.1% of total net assets.

۞ Convertible security.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
10/2011 - 02/2012		9	Aston Resources Ltd.	$	95
11/2010 - 02/2011		18	Bharti Airtel Ltd. Warrants - 144A	$	130
01/2010 - 04/2012		4	Elsevier N.V.	$	50
09/2010 - 04/2012		15	Gaz de France	$	497
01/2011 - 04/2012		1,525	Huabao International Holdings Ltd.	$	1,009
06/2011		143	Sino Forest Corp. Class A	$	516

At April 30, 2012, the aggregate value of these securities was $1,095, which represents 0.7% of total net assets.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $152 at April 30, 2012.

Futures Contracts Outstanding at April 30, 2012

Description	Number of Contracts*		Position	Expiration Date	Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 (E-Mini) Future		11	Long	06/15/2012	$	766	$	758	$	8

* The number of contracts does not omit 000's.

Cash of $39 was pledged as initial margin deposit and collateral for open futures contracts at April 30, 2012.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
AUD	CBK	Sell	$	10	$	10	05/03/2012	$	–
AUD	MSC	Buy		20		20	05/01/2012		–
AUD	MSC	Sell		8		8	05/02/2012		–
EUR	CBK	Sell		136		136	05/03/2012		–
EUR	DEUT	Buy		25		25	05/04/2012		–
EUR	DEUT	Sell		46		46	05/03/2012		–
EUR	DEUT	Sell		57		57	05/04/2012		–
EUR	JPM	Buy		9		9	05/02/2012		–
EUR	SSG	Sell		140		140	05/02/2012		–
GBP	CBK	Sell		12		12	05/01/2012		–
GBP	DEUT	Sell		33		33	05/03/2012		–
HKD	CSFB	Buy		29		29	05/03/2012		–
HKD	SSG	Buy		24		24	05/02/2012		–
JPY	CSFB	Sell		8		8	05/01/2012		–
JPY	DEUT	Sell		314		329	08/01/2012		15
JPY	DEUT	Sell		19		18	08/01/2012		(1	)
JPY	JPM	Sell		247		259	08/01/2012		12
JPY	RBC	Buy		56		54	05/01/2012		2
SGD	CBK	Buy		4		4	05/04/2012		–
SGD	HSBC	Buy		24		24	05/03/2012		–
SGD	SCB	Buy		8		8	05/02/2012		–
ZAR	CSFB	Buy		3		3	05/02/2012		–

The accompanying notes are an integral part of these financial statements.

12

Foreign Currency Contracts Outstanding at April 30, 2012 - (continued)

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
ZAR	SSG	Buy	$	2	$	2	05/03/2012	$	–
								$	28

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
HSBC	HSBC Bank USA
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
SSG	State Street Global Markets LLC
Currency Abbreviations:
AUD	Australian Dollar
EUR	EURO
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
SGD	Singapore Dollar
ZAR	South African Rand
Index Abbreviations:
EAFE	Europe, Australasia and Far East Index
S&P	Standard & Poors Index
Other Abbreviations:
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt
SPDR	Standard & Poor's Depositary Receipt

The accompanying notes are an integral part of these financial statements.

13

The Hartford Global Research Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles & Components	$	3,285	$	313	$	2,972	$	–
Banks		13,864		7,192		6,672		–
Capital Goods		9,664		7,094		2,570		–
Commercial & Professional Services		213		158		55		–
Consumer Durables & Apparel		2,674		1,189		1,485		–
Consumer Services		754		289		465		–
Diversified Financials		6,605		3,479		3,126		–
Energy		18,476		12,841		5,635		–
Food & Staples Retailing		2,366		1,458		908		–
Food, Beverage & Tobacco		13,124		9,972		3,152		–
Health Care Equipment & Services		4,203		3,980		223		–
Insurance		4,913		2,777		2,136		–
Materials		12,769		6,765		5,510		494
Media		3,937		3,483		454		–
Pharmaceuticals, Biotechnology & Life Sciences		10,269		8,124		2,145		–
Real Estate		4,540		2,867		1,673		–
Retailing		6,614		5,115		1,499		–
Semiconductors & Semiconductor Equipment		2,803		1,517		1,286		–
Software & Services		10,989		10,559		430		–
Technology Hardware & Equipment		7,443		6,570		873		–
Telecommunication Services		5,638		2,884		2,754		–
Transportation		4,666		3,902		764		–
Utilities		5,527		2,450		3,077		–
Total		155,336		104,978		49,864		494
Corporate Bonds		18		–		18		–
Exchange Traded Funds		1,222		1,222		–		–
Preferred Stocks		339		–		339		–
Warrants		106		106		–		–
Short-Term Investments		2,906		–		2,906		–
Total	$	159,927	$	106,306	$	53,127	$	494
Foreign Currency Contracts*		29		–		29		–
Futures*		8		8		–		–
Total	$	37	$	8	$	29	$	–
Liabilities:
Foreign Currency Contracts*		1		–		1		–
Total	$	1	$	–	$	1	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $590 were transferred from Level 1 to Level 2, and investments valued at $1,512 were transferred from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

14

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of April 30, 2012
Assets:
Common Stocks	$	137	$	(311	)	$	(207	)†	$	—	$	473	$	(369	)	$	771	$	—	$	494
Total	$	137	$	(311	)	$	(207	)	$	—	$	473	$	(369	)	$	771	$	—	$	494

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(207).

The accompanying notes are an integral part of these financial statements. 

15

The Hartford Global Research Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $147,795)	$	159,927
Cash		46	*
Unrealized appreciation on foreign currency contracts		29
Receivables:
Investment securities sold		1,356
Fund shares sold		130
Dividends and interest		381
Variation margin		—
Other assets		85
Total assets		161,954
Liabilities:
Unrealized depreciation on foreign currency contracts		1
Bank overdraft — foreign cash		6
Payables:
Investment securities purchased		1,432
Fund shares redeemed		70
Investment management fees		24
Administrative fees		—
Distribution fees		4
Variation margin		2
Accrued expenses		45
Total liabilities		1,584
Net assets	$	160,370
Summary of Net Assets:
Capital stock and paid-in-capital	$	164,528
Undistributed net investment income		514
Accumulated net realized loss		(16,842	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		12,170
Net assets	$	160,370
Shares authorized		850,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.46/$10.01
Shares outstanding		5,196
Net assets	$	49,150
Class B: Net asset value per share	$	9.31
Shares outstanding		458
Net assets	$	4,261
Class C: Net asset value per share	$	9.32
Shares outstanding		1,038
Net assets	$	9,669
Class I: Net asset value per share	$	9.48
Shares outstanding		58
Net assets	$	554
Class R3: Net asset value per share	$	9.44
Shares outstanding		39
Net assets	$	367
Class R4: Net asset value per share	$	9.47
Shares outstanding		35
Net assets	$	327
Class R5: Net asset value per share	$	9.48
Shares outstanding		34
Net assets	$	320
Class Y: Net asset value per share	$	9.47
Shares outstanding		10,113
Net assets	$	95,722

* Cash of $39 was pledged as initial margin deposit and collateral for open futures contracts at April 30, 2012.

The accompanying notes are an integral part of these financial statements. 

16

The Hartford Global Research Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	1,745
Interest		3
Less: Foreign tax withheld		(101	)
Total investment income		1,647
Expenses:
Investment management fees		636
Administrative services fees		1
Transfer agent fees		128
Distribution fees
Class A		59
Class B		23
Class C		48
Class R3		1
Class R4		—
Custodian fees		38
Accounting services fees		13
Registration and filing fees		46
Board of Directors' fees		1
Audit fees		9
Other expenses		16
Total expenses (before waivers and fees paid indirectly)		1,019
Expense waivers		(82	)
Transfer agent fee waivers		(36	)
Commission recapture		(2	)
Total waivers and fees paid indirectly		(120	)
Total expenses, net		899
Net Investment Income		748
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		1,865
Net realized gain on futures		70
Net realized loss on foreign currency contracts		(73	)
Net realized gain on other foreign currency transactions		34
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		1,896
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		10,254
Net unrealized depreciation of futures		(10	)
Net unrealized appreciation of foreign currency contracts		19
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		20
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		10,283
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		12,179
Net Increase in Net Assets Resulting from Operations	$	12,927

The accompanying notes are an integral part of these financial statements.

17

The Hartford Global Research Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	748		$	751
Net realized gain on investments, other financial instruments and foreign currency transactions		1,896			12,743
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		10,282			(11,913	)
Net Increase In Net Assets Resulting From Operations		12,926			1,581
Distributions to Shareholders:
From net investment income
Class A		(125	)		(248	)
Class B		(1	)		—
Class C		(2	)		—
Class I		(3	)		(5	)
Class R3		—			(1	)
Class R4		(1	)		(2	)
Class R5		(2	)		(3	)
Class Y		(526	)		(505	)
Total from net investment income		(660	)		(764	)
From net realized gain on investments
Class A		(2,778	)		—
Class B		(307	)		—
Class C		(611	)		—
Class I		(31	)		—
Class R3		(18	)		—
Class R4		(18	)		—
Class R5		(17	)		—
Class Y		(4,181	)		—
Total from net realized gain on investments		(7,961	)		—
Total distributions		(8,621	)		(764	)
Capital Share Transactions:
Class A		3,408			(1,953	)
Class B		(911	)		(2,040	)
Class C		(529	)		(2,672	)
Class I		16			129
Class R3		61			(11	)
Class R4		20			9
Class R5		19			4
Class Y		25,659			17,998
Net increase from capital share transactions		27,743			11,464
Net Increase In Net Assets		32,048			12,281
Net Assets:
Beginning of period		128,322			116,041
End of period	$	160,370		$	128,322
Undistributed (distribution in excess of) net investment income (loss)	$	514		$	426

The accompanying notes are an integral part of these financial statements.

18

The Hartford Global Research Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Global Research Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

19

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair

20

value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

21

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and

22

may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the

23

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of April 30, 2012.

c) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	29	$	—	$	—	$	—	$	—	$	29
Variation margin receivable *		—		—		—		—		—		—		—
Total	$	—	$	29	$	—	$	—	$	—	$	—	$	29
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Variation margin payable *		—		—		—		2		—		—		2
Total	$	—	$	1	$	—	$	2	$	—	$	—	$	3

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $8 as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—		$	—	$	70		$	—	$	—	$	70
Net realized loss on foreign currency contracts		—		(73	)		—		—			—		—		(73	)
Total	$	—	$	(73	)	$	—	$	70		$	—	$	—	$	(3	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	—	$	—		$	—	$	(10	)	$	—	$	—	$	(10	)
Net change in unrealized appreciation of foreign currency contracts		—		19			—		—			—		—		19
Total	$	—	$	19		$	—	$	(10	)	$	—	$	—	$	9

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may

24

fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	764	$	71

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	657
Undistributed Long-Term Capital Gain		7,766
Accumulated Capital Losses *		(16,967	)
Unrealized Appreciation †		81
Total Accumulated Deficit	$	(8,463	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

25

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	50
Accumulated Net Realized Gain (Loss)		(50	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2015	$	5,682
2016		5,592
2017		2,959
2018		2,734
Total	$	16,967

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2011, the Fund utilized $4,473 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

26

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000	%
On next $500 million		0.8750	%
On next $4 billion		0.8500	%
On next $5 billion		0.8475	%
Over $10 billion		0.8450	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.45	%		2.20	%		2.20	%		1.20	%		1.65	%		1.35	%		1.05	%		1.00	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

27

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.45	%
Class B		2.20
Class C		2.20
Class I		1.20
Class R3		1.65
Class R4		1.35
Class R5		1.05
Class Y		1.00

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $46 and contingent deferred sales charges of $4 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares rounds to zero.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual

28

reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		32		82	%
Class R4		33		94
Class R5		33		97

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	78,369
Sales Proceeds Excluding U.S. Government Obligations		57,567

29

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		657		343		(582	)		—		418			930		24		(1,138	)		—		(184	)
Amount	$	5,890	$	2,786	$	(5,268	)	$	—	$	3,408		$	9,147	$	236	$	(11,336	)	$	—	$	(1,953	)
Class B
Shares		12		32		(142	)		—		(98	)		26		—		(233	)		—		(207	)
Amount	$	100	$	257	$	(1,268	)	$	—	$	(911	)	$	260	$	—	$	(2,300	)	$	—	$	(2,040	)
Class C
Shares		39		70		(162	)		—		(53	)		39		—		(314	)		—		(275	)
Amount	$	344	$	556	$	(1,429	)	$	—	$	(529	)	$	383	$	—	$	(3,055	)	$	—	$	(2,672	)
Class I
Shares		14		3		(15	)		—		2			74		—		(72	)		—		2
Amount	$	116	$	28	$	(128	)	$	—	$	16		$	761	$	5	$	(637	)	$	—	$	129
Class R3
Shares		5		2		—			—		7			1		—		(2	)		—		(1	)
Amount	$	43	$	18	$	—		$	—	$	61		$	9	$	1	$	(21	)	$	—	$	(11	)
Class R4
Shares		—		3		—			—		3			1		—		—			—		1
Amount	$	1	$	19	$	—		$	—	$	20		$	12	$	2	$	(5	)	$	—	$	9
Class R5
Shares		—		3		—			—		3			—		—		—			—		—
Amount	$	—	$	19	$	—		$	—	$	19		$	1	$	3	$	—		$	—	$	4
Class Y
Shares		2,480		576		(172	)		—		2,884			3,750		51		(1,483	)		—		2,318
Amount	$	22,525	$	4,707	$	(1,573	)	$	—	$	25,659		$	33,202	$	505	$	(15,709	)	$	—	$	17,998
Total
Shares		3,207		1,032		(1,073	)		—		3,166			4,821		75		(3,242	)		—		1,654
Amount	$	29,019	$	8,390	$	(9,666	)	$	—	$	27,743		$	43,775	$	752	$	(33,063	)	$	—	$	11,464

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		39	$	352
For the Year Ended October 31, 2011		79	$	786

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

30

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

31

The Hartford Global Research Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	9.30	$	0.04		$	–	$	0.71		$	0.75		$	(0.03	)	$	(0.56	)	$	–	$	(0.59	)	$	0.16		$	9.46
B		9.17		–			–		0.70			0.70			–			(0.56	)		–		(0.56	)		0.14			9.31
C		9.17		–			–		0.71			0.71			–			(0.56	)		–		(0.56	)		0.15			9.32
I		9.33		0.05			–		0.71			0.76			(0.05	)		(0.56	)		–		(0.61	)		0.15			9.48
R3		9.26		0.03			–		0.71			0.74			–			(0.56	)		–		(0.56	)		0.18			9.44
R4		9.31		0.04			–		0.71			0.75			(0.03	)		(0.56	)		–		(0.59	)		0.16			9.47
R5		9.33		0.06			–		0.71			0.77			(0.06	)		(0.56	)		–		(0.62	)		0.15			9.48
Y		9.32		0.06			–		0.71			0.77			(0.06	)		(0.56	)		–		(0.62	)		0.15			9.47
For the Year Ended October 31, 2011 (E)
A		9.56		0.06			–		(0.27	)		(0.21	)		(0.05	)		–			–		(0.05	)		(0.26	)		9.30
B		9.45		(0.02	)		–		(0.26	)		(0.28	)		–			–			–		–			(0.28	)		9.17
C		9.45		(0.02	)		–		(0.26	)		(0.28	)		–			–			–		–			(0.28	)		9.17
I		9.60		0.10			–		(0.28	)		(0.18	)		(0.09	)		–			–		(0.09	)		(0.27	)		9.33
R3		9.53		0.04			–		(0.27	)		(0.23	)		(0.04	)		–			–		(0.04	)		(0.27	)		9.26
R4		9.57		0.07			–		(0.27	)		(0.20	)		(0.06	)		–			–		(0.06	)		(0.26	)		9.31
R5		9.59		0.10			–		(0.27	)		(0.17	)		(0.09	)		–			–		(0.09	)		(0.26	)		9.33
Y		9.58		0.10			–		(0.26	)		(0.16	)		(0.10	)		–			–		(0.10	)		(0.26	)		9.32
For the Year Ended October 31, 2010 (E)
A		8.01		0.04			–		1.52			1.56			(0.01	)		–			–		(0.01	)		1.55			9.56
B		7.97		(0.03	)		–		1.51			1.48			–			–			–		–			1.48			9.45
C		7.97		(0.03	)		–		1.51			1.48			–			–			–		–			1.48			9.45
I		8.02		0.07			–		1.53			1.60			(0.02	)		–			–		(0.02	)		1.58			9.60
R3		8.00		0.02			–		1.51			1.53			–			–			–		–			1.53			9.53
R4		8.01		0.04			–		1.52			1.56			–			–			–		–			1.56			9.57
R5		8.02		0.07			–		1.51			1.58			(0.01	)		–			–		(0.01	)		1.57			9.59
Y		8.01		0.07			–		1.52			1.59			(0.02	)		–			–		(0.02	)		1.57			9.58
For the Year Ended October 31, 2009 (E)
A		6.55		0.03			–		1.50			1.53			(0.07	)		–			–		(0.07	)		1.46			8.01
B		6.51		(0.05	)		–		1.53			1.48			(0.02	)		–			–		(0.02	)		1.46			7.97
C		6.51		(0.06	)		–		1.54			1.48			(0.02	)		–			–		(0.02	)		1.46			7.97
I		6.56		0.07			–		1.47			1.54			(0.08	)		–			–		(0.08	)		1.46			8.02
R3		6.53		0.03			–		1.48			1.51			(0.04	)		–			–		(0.04	)		1.47			8.00
R4		6.54		0.04			–		1.49			1.53			(0.06	)		–			–		(0.06	)		1.47			8.01
R5		6.55		0.07			–		1.48			1.55			(0.08	)		–			–		(0.08	)		1.47			8.02
Y		6.56		0.02			–		1.52			1.54			(0.09	)		–			–		(0.09	)		1.45			8.01
From February 29, 2008 (commencement of operations), through October 31, 2008
A(I)		10.00		0.05			–		(3.50	)		(3.45	)		–			–			–		–			(3.45	)		6.55
B(I)		10.00		–			–		(3.49	)		(3.49	)		–			–			–		–			(3.49	)		6.51
C(I)		10.00		–			–		(3.49	)		(3.49	)		–			–			–		–			(3.49	)		6.51
I(I)		10.00		0.07			–		(3.51	)		(3.44	)		–			–			–		–			(3.44	)		6.56
R3(I)		10.00		0.03			–		(3.50	)		(3.47	)		–			–			–		–			(3.47	)		6.53
R4(I)		10.00		0.04			–		(3.50	)		(3.46	)		–			–			–		–			(3.46	)		6.54
R5(I)		10.00		0.06			–		(3.51	)		(3.45	)		–			–			–		–			(3.45	)		6.55
Y(I)		10.00		0.07			–		(3.51	)		(3.44	)		–			–			–		–			(3.44	)		6.56

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Not annualized.
(G)	Annualized.
(H)	During the year ended October 31, 2009, The Hartford Global Research Fund incurred $50.9 million in sales associated with the transition of assets from The Hartford Global Communications Fund, The Hartford Global Financial Services Fund and The Hartford Global Technology Fund, which merged into the Fund on August 28, 2009.  These sales are excluded from the portfolio turnover calculation.
(I)	Commenced operations on February 29, 2008.

32

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	9.06	%(F)	$	49,150		1.73	%(G)		1.45	%(G)		1.45	%(G)		0.86	%(G)		41	%
	8.67	(F)		4,261		2.64	(G)		2.20	(G)		2.20	(G)		0.06	(G)		–
	8.78	(F)		9,669		2.42	(G)		2.20	(G)		2.20	(G)		0.09	(G)		–
	9.22	(F)		554		1.29	(G)		1.20	(G)		1.20	(G)		1.09	(G)		–
	9.03	(F)		367		1.80	(G)		1.65	(G)		1.65	(G)		0.69	(G)		–
	9.14	(F)		327		1.49	(G)		1.35	(G)		1.35	(G)		0.97	(G)		–
	9.35	(F)		320		1.18	(G)		1.05	(G)		1.05	(G)		1.27	(G)		–
	9.42	(F)		95,722		1.08	(G)		1.00	(G)		1.00	(G)		1.36	(G)		–
	(2.22	)		44,414		1.74			1.45			1.45			0.58			102
	(2.96	)		5,101		2.59			2.20			2.20			(0.17	)		–
	(2.96	)		10,009		2.41			2.20			2.20			(0.17	)		–
	(1.93	)		526		1.21			1.10			1.10			1.05			–
	(2.42	)		294		1.81			1.65			1.65			0.38			–
	(2.09	)		299		1.51			1.35			1.35			0.68			–
	(1.81	)		292		1.20			1.05			1.05			0.98			–
	(1.77	)		67,387		1.10			1.00			1.00			1.00			–
	19.48			47,429		1.85			1.48			1.48			0.48			100
	18.57			7,209		2.72			2.24			2.24			(0.30	)		–
	18.57			12,910		2.52			2.23			2.23			(0.30	)		–
	20.00			517		1.26			1.12			1.12			0.87			–
	19.13			313		1.90			1.72			1.72			0.22			–
	19.48			299		1.60			1.45			1.45			0.49			–
	19.77			297		1.29			1.14			1.14			0.81			–
	19.92			47,067		1.21			1.07			1.07			0.91			–
	23.65			47,527		2.19			1.59			1.59			0.44			217	(H)
	22.89			8,964		2.83			2.24			2.24			(0.82	)		–
	22.91			14,297		2.67			2.39			2.39			(0.99	)		–
	23.97			317		1.91			1.32			1.32			1.00			–
	23.36			248		2.62			1.90			1.90			0.52			–
	23.70			243		2.31			1.65			1.65			0.78			–
	24.05			244		2.01			1.40			1.40			1.03			–
	23.85			5,241		1.51			1.30			1.30			0.26			–
	(34.50	)(F)		12,746		1.92	(G)		1.56	(G)		1.56	(G)		0.78	(G)		56
	(34.90	)(F)		223		2.70	(G)		2.34	(G)		2.34	(G)		0.03	(G)		–
	(34.90	)(F)		225		2.71	(G)		2.34	(G)		2.34	(G)		0.02	(G)		–
	(34.40	)(F)		199		1.67	(G)		1.31	(G)		1.31	(G)		1.06	(G)		–
	(34.70	)(F)		196		2.36	(G)		1.90	(G)		1.90	(G)		0.47	(G)		–
	(34.60	)(F)		196		2.06	(G)		1.65	(G)		1.65	(G)		0.72	(G)		–
	(34.50	)(F)		196		1.76	(G)		1.40	(G)		1.40	(G)		0.97	(G)		–
	(34.40	)(F)		197		1.66	(G)		1.30	(G)		1.30	(G)		1.07	(G)		–

33

The Hartford Global Research Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

34

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

35

The Hartford Global Research Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

36

The Hartford Global Research Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,090.60	$	7.54	$	1,000.00	$	1,017.65	$	7.27	1.45	%		182		366
Class B	$	1,000.00	$	1,086.70	$	11.41	$	1,000.00	$	1,013.93	$	11.01	2.20			182		366
Class C	$	1,000.00	$	1,087.80	$	11.42	$	1,000.00	$	1,013.93	$	11.01	2.20			182		366
Class I	$	1,000.00	$	1,092.20	$	6.24	$	1,000.00	$	1,018.90	$	6.02	1.20			182		366
Class R3	$	1,000.00	$	1,090.30	$	8.57	$	1,000.00	$	1,016.66	$	8.27	1.65			182		366
Class R4	$	1,000.00	$	1,091.40	$	7.02	$	1,000.00	$	1,018.15	$	6.77	1.35			182		366
Class R5	$	1,000.00	$	1,093.50	$	5.47	$	1,000.00	$	1,019.64	$	5.27	1.05			182		366
Class Y	$	1,000.00	$	1,094.20	$	5.21	$	1,000.00	$	1,019.89	$	5.03	1.00			182		366

37

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-GR12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Growth Allocation Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Growth Allocation Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions. 

The Hartford Growth Allocation Fund inception 05/28/2004

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 5/28/04 - 4/30/12

 

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			Since Inception
Growth Allocation A#		8.49	%		-2.06	%		1.46	%		5.27	%
Growth Allocation A##					-7.44	%		0.32	%		4.52	%
Growth Allocation B#		8.02	%		-2.90	%		0.65	%		NA	*
Growth Allocation B##					-7.75	%		0.29	%		NA	*
Growth Allocation C#		8.07	%		-2.86	%		0.70	%		4.53	%
Growth Allocation C##					-3.83	%		0.70	%		4.53	%
Growth Allocation I#		8.63	%		-1.79	%		1.81	%		5.53	%
Growth Allocation R3#		8.33	%		-2.34	%		1.12	%		5.03	%
Growth Allocation R4#		8.47	%		-2.12	%		1.47	%		5.28	%
Growth Allocation R5#		8.67	%		-1.81	%		1.78	%		5.49	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		6.37	%		5.73	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.95	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	Since 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Growth Allocation Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President

*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.

Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Richard P. Meagher, CFA and Wendy M. Cromwell, CFA, will serve as the Fund’s Portfolio Managers. As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class A shares of The Hartford Growth Allocation Fund returned 8.45%, before sales charges, for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target Allocation Growth Funds category, a group of funds with investment strategies similar to those of the Fund, was 7.80%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 80% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and high yield, among others. Over the period, the structural allocation impact was negative, driven by diversification into international equities. Negative structural allocation measures were partially offset by diversification beyond intermediate bonds and into high yield credit, which outperformed the Barclays Capital U.S. Aggregate Bond Index.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. We expect this process to

3

The Hartford Growth Allocation Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc. (the “Company”) approved a Form of Agreement and Plan of Reorganization (the “Reorganization Agreement”) that provides for the reorganization of The Hartford Equity Growth Allocation Fund (“Equity Growth Allocation Fund”), a series of the Company, into The Hartford Growth Allocation Fund (“Growth Allocation Fund”), another series of the Company (the “Reorganization”). The Reorganization does not require shareholder approval.  The Reorganization occurred on May 25, 2012.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments

as of April 30, 2012

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		3.2	%
Powershares Emerging Markets Sovereign Debt Portfolio		0.9
State Street Bank Money Market Fund		0.0
The Hartford Alternative Strategies Fund, Class Y		12.3
The Hartford Capital Appreciation Fund, Class Y		4.7
The Hartford Capital Appreciation II Fund, Class Y		0.2
The Hartford Disciplined Equity Fund, Class Y		3.5
The Hartford Dividend and Growth Fund, Class Y		1.8
The Hartford Equity Income Fund, Class Y		6.3
The Hartford Fundamental Growth Fund, Class Y		1.5
The Hartford Global Growth Fund, Class Y		3.1
The Hartford Global Research Fund, Class Y		1.8
The Hartford Growth Fund, Class Y		2.1
The Hartford Growth Opportunities Fund, Class Y		1.8
The Hartford Inflation Plus Fund, Class Y		2.9
The Hartford International Opportunities Fund, Class Y		1.8
The Hartford International Small Company Fund, Class Y		4.8
The Hartford International Value Fund, Class Y		4.8
The Hartford MidCap Fund, Class Y		0.9
The Hartford MidCap Value Fund, Class Y		1.8
The Hartford Short Duration Fund, Class Y		7.9
The Hartford Small Company Fund, Class Y		1.8
The Hartford Small/Mid Cap Equity Fund, Class Y		2.7
The Hartford SmallCap Growth Fund, Class Y		4.3
The Hartford Total Return Bond Fund, Class Y		5.0
The Hartford Value Fund, Class Y		16.8
The Hartford Value Opportunities Fund, Class Y		1.3
Other Assets and Liabilities		0.0
Total		100.0	%

4

The Hartford Growth Allocation Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 95.9%
EQUITY FUNDS - 80.1%
	7,421	The Hartford Alternative Strategies Fund, Class Y			$	83,856
	893	The Hartford Capital Appreciation Fund, Class Y				31,929
	97	The Hartford Capital Appreciation II Fund, Class Y●				1,422
	1,587	The Hartford Disciplined Equity Fund, Class Y				23,518
	601	The Hartford Dividend and Growth Fund, Class Y				12,492
	2,921	The Hartford Equity Income Fund, Class Y				42,794
	851	The Hartford Fundamental Growth Fund, Class Y				10,320
	1,283	The Hartford Global Growth Fund, Class Y●				21,371
	1,317	The Hartford Global Research Fund, Class Y				12,476
	727	The Hartford Growth Fund, Class Y●				14,427
	396	The Hartford Growth Opportunities Fund, Class Y●				12,175
	804	The Hartford International Opportunities Fund, Class Y				11,977
	2,492	The Hartford International Small Company Fund, Class Y				32,716
	2,761	The Hartford International Value Fund, Class Y				32,302
	262	The Hartford MidCap Fund, Class Y				5,939
	970	The Hartford MidCap Value Fund, Class Y				12,559
	548	The Hartford Small Company Fund, Class Y				12,226
	1,601	The Hartford Small/Mid Cap Equity Fund, Class Y				18,198
	806	The Hartford SmallCap Growth Fund, Class Y●				29,086
	9,296	The Hartford Value Fund, Class Y				114,431
	635	The Hartford Value Opportunities Fund, Class Y				9,060
						545,274
		Total equity funds
		(cost $501,285)			$	545,274
FIXED INCOME FUNDS - 15.8%
	1,635	The Hartford Inflation Plus Fund, Class Y			$	20,175
	5,419	The Hartford Short Duration Fund, Class Y				53,651
	3,079	The Hartford Total Return Bond Fund, Class Y				33,964
						107,790
		Total fixed income funds
		(cost $105,833)			$	107,790
		Total investments in affiliated investment companies
		(cost $607,118)			$	653,064
EXCHANGE TRADED FUNDS - 4.1%
	761	Powershares DB Commodity Index Tracking Fund ●			$	21,614
	216	Powershares Emerging Markets Sovereign Debt Portfolio				6,162
						27,776
		Total exchange traded funds
		(cost $22,327)			$	27,776
		Total long-term investments
		(cost $629,445)			$	680,840
SHORT-TERM INVESTMENTS - 0.0%
	Investment Pools and Funds - 0.0%
	28	State Street Bank Money Market Fund			$	28
		Total short-term investments
		(cost $28)			$	28
		Total investments
		(cost $629,473) ▲	100.0	%	$	680,868
		Other assets and liabilities	—	%		(248	)
		Total net assets	100.0	%	$	680,620

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $634,969 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	62,551
Unrealized Depreciation		(16,652	)
Net Unrealized Appreciation	$	45,899

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Growth Allocation Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	653,064	$	653,064	$	–	$	–
Exchange Traded Funds		27,776		27,776		–		–
Short-Term Investments		28		28		–		–
Total	$	680,868	$	680,868	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements.

6

The Hartford Growth Allocation Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $22,355)	$	27,804
Investments in underlying affiliated funds, at market value (cost $607,118)		653,064
Receivables:
Investment securities sold		975
Fund shares sold		672
Dividends and interest		187
Other assets		72
Total assets		682,774
Liabilities:
Bank overdraft		3
Payables:
Investment securities purchased		483
Fund shares redeemed		1,472
Investment management fees		15
Administrative fees		1
Distribution fees		58
Accrued expenses		122
Total liabilities		2,154
Net assets	$	680,620
Summary of Net Assets:
Capital stock and paid-in-capital	$	672,731
Distributions in excess of net investment loss		(1,325	)
Accumulated net realized loss		(42,181	)
Unrealized appreciation of investments		51,395
Net assets	$	680,620
Shares authorized		400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$12.07/$12.77
Shares outstanding		33,869
Net assets	$	408,692
Class B: Net asset value per share	$	11.99
Shares outstanding		6,593
Net assets	$	79,049
Class C: Net asset value per share	$	11.98
Shares outstanding		13,412
Net assets	$	160,726
Class I: Net asset value per share	$	12.01
Shares outstanding		212
Net assets	$	2,549
Class R3: Net asset value per share	$	11.89
Shares outstanding		977
Net assets	$	11,612
Class R4: Net asset value per share	$	12.00
Shares outstanding		1,103
Net assets	$	13,237
Class R5: Net asset value per share	$	12.06
Shares outstanding		394
Net assets	$	4,755

The accompanying notes are an integral part of these financial statements.

7

The Hartford Growth Allocation Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	108
Dividends from underlying affiliated funds		5,574
Total investment income		5,682
Expenses:
Investment management fees		455
Administrative services fees		23
Transfer agent fees		528
Distribution fees
Class A		495
Class B		392
Class C		782
Class R3		26
Class R4		17
Custodian fees		—
Accounting services fees		40
Registration and filing fees		60
Board of Directors' fees		8
Audit fees		7
Other expenses		55
Total expenses		2,888
Net Investment Income		2,794
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		3,429
Net realized gain on investments in underlying affiliated funds		267
Net Realized Gain on Investments		3,696
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		46,359
Net unrealized appreciation of investments		738
Net Changes in Unrealized Appreciation of Investments		47,097
Net Gain on Investments		50,793
Net Increase in Net Assets Resulting from Operations	$	53,587

The accompanying notes are an integral part of these financial statements.

8

The Hartford Growth Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	2,794		$	1,882
Net realized gain (loss) on investments		3,696			(13,193	)
Net unrealized appreciation of investments		47,097			29,416
Net Increase In Net Assets Resulting From Operations		53,587			18,105
Distributions to Shareholders:
From net investment income
Class A		(3,915	)		(2,636	)
Class B		(74	)		—
Class C		(336	)		—
Class I		(34	)		(30	)
Class R3		(81	)		(47	)
Class R4		(142	)		(82	)
Class R5		(59	)		(45	)
Total distributions		(4,641	)		(2,840	)
Capital Share Transactions:
Class A		(14,672	)		(19,573	)
Class B		(6,699	)		(15,540	)
Class C		(7,736	)		(14,840	)
Class I		(87	)		(605	)
Class R3		1,140			3,309
Class R4		(2,321	)		529
Class R5		(22	)		(498	)
Net decrease from capital share transactions		(30,397	)		(47,218	)
Net Increase (Decrease) In Net Assets		18,549			(31,953	)
Net Assets:
Beginning of period		662,071			694,024
End of period	$	680,620		$	662,071
Undistributed (distribution in excess of) net investment income (loss)	$	(1,325	)	$	522

The accompanying notes are an integral part of these financial statements.

9

The Hartford Growth Allocation Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Growth Allocation Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

10

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

11

The Hartford Growth Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

12

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	2,840	$	2,399

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	522
Accumulated Capital Losses *		(40,381	)
Unrealized Depreciation †		(1,198	)
Total Accumulated Deficit	$	(41,057	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	1,133
Accumulated Net Realized Gain (Loss)		(1,133	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

13

The Hartford Growth Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	10,824
2018		19,620
2019		9,937
Total	$	40,381

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5
	1.50	%		2.25	%		2.25	%		1.25	%		1.70	%		1.40	%		1.10	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $779 and contingent deferred sales charges of $45 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $32.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

15

The Hartford Growth Allocation Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		1	%
Class R5		10		3

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	48,719
Sales Proceeds Excluding U.S. Government Obligations		77,500

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares
Class A
Shares		2,223		346		(3,828	)		—		(1,259	)		5,931		223		(7,861	)		—		(1,707	)
Amount	$	25,607	$	3,808	$	(44,087	)	$	—	$	(14,672	)	$	68,797	$	2,566	$	(90,936	)	$	—	$	(19,573	)
Class B
Shares		51		6		(641	)		—		(584	)		160		—		(1,518	)		—		(1,358	)
Amount	$	569	$	70	$	(7,338	)	$	—	$	(6,699	)	$	1,841	$	—	$	(17,381	)	$	—	$	(15,540	)
Class C
Shares		756		28		(1,456	)		—		(672	)		1,847		—		(3,161	)		—		(1,314	)
Amount	$	8,628	$	314	$	(16,678	)	$	—	$	(7,736	)	$	21,265	$	—	$	(36,105	)	$	—	$	(14,840	)
Class I
Shares		44		3		(54	)		—		(7	)		251		2		(308	)		—		(55	)
Amount	$	500	$	28	$	(615	)	$	—	$	(87	)	$	3,002	$	24	$	(3,631	)	$	—	$	(605	)
Class R3
Shares		207		8		(113	)		—		102			427		4		(137	)		—		294
Amount	$	2,311	$	81	$	(1,252	)	$	—	$	1,140		$	4,821	$	47	$	(1,559	)	$	—	$	3,309
Class R4
Shares		111		13		(327	)		—		(203	)		430		7		(385	)		—		52
Amount	$	1,296	$	140	$	(3,757	)	$	—	$	(2,321	)	$	4,934	$	82	$	(4,487	)	$	—	$	529
Class R5
Shares		32		5		(39	)		—		(2	)		83		4		(130	)		—		(43	)
Amount	$	363	$	59	$	(444	)	$	—	$	(22	)	$	973	$	45	$	(1,516	)	$	—	$	(498	)
Total
Shares		3,424		409		(6,458	)		—		(2,625	)		9,129		240		(13,500	)		—		(4,131	)
Amount	$	39,274	$	4,500	$	(74,171	)	$	—	$	(30,397	)	$	105,633	$	2,764	$	(155,615	)	$	—	$	(47,218	)

16

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		41	$	470
For the Year Ended October 31, 2011		122	$	1,421

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At a meeting held on March 27, 2012, the Board of Directors of the Company approved a Form of Agreement and Plan of Reorganization that provides for the reorganization of The Hartford Equity Growth Allocation Fund into the Fund. The reorganization does not require shareholder approval and is expected to occur on or about May 25, 2012.

In addition, at the meeting held on March 27, 2012, the Board of Directors of the Company approved a sub-advisory agreement with Wellington Management Company, LLP on behalf of the Fund. Accordingly, on or about June 4, 2012, Wellington Management Company, LLP will serve as the sub-adviser for the Fund and Hartford Investment Management will no longer serve as the sub-adviser for the Fund.

17

The Hartford Growth Allocation Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	11.24	$	0.06		$	–	$	0.8		$	0.94		$	(0.11	)	$	–		$	–	$	(0.11	)	$	0.83		$	12.07
B		11.11		0.02			–		0.87			0.89			(0.01	)		–			–		(0.01	)		0.88			11.99
C		11.11		0.02			–		0.87			0.89			(0.02	)		–			–		(0.02	)		0.87			11.98
I		11.21		0.08			–		0.87			0.95			(0.15	)		–			–		(0.15	)		0.80			12.01
R3		11.07		0.05			–		0.86			0.91			(0.09	)		–			–		(0.09	)		0.82			11.89
R4		11.18		0.06			–		0.88			0.94			(0.12	)		–			–		(0.12	)		0.82			12.00
R5		11.25		0.08			–		0.88			0.96			(0.15	)		–			–		(0.15	)		0.81			12.06
For the Year Ended October 31, 2011
A		11.01		0.06			–		0.24			0.30			(0.07	)		–			–		(0.07	)		0.23			11.24
B		10.90		(0.03	)		–		0.24			0.21			–			–			–		–			0.21			11.11
C		10.89		(0.02	)		–		0.24			0.22			–			–			–		–			0.22			11.11
I		10.97		0.10			–		0.25			0.35			(0.11	)		–			–		(0.11	)		0.24			11.21
R3		10.87		0.04			–		0.23			0.27			(0.07	)		–			–		(0.07	)		0.20			11.07
R4		10.95		0.07			–		0.23			0.30			(0.07	)		–			–		(0.07	)		0.23			11.18
R5		11.02		0.10			–		0.23			0.33			(0.10	)		–			–		(0.10	)		0.23			11.25
For the Year Ended October 31, 2010 (G)
A		9.58		0.07			–		1.42			1.49			(0.06	)		–			–		(0.06	)		1.43			11.01
B		9.50		(0.01	)		–		1.41			1.40			–			–			–		–			1.40			10.90
C		9.49		(0.01	)		–		1.41			1.40			–			–			–		–			1.40			10.89
I		9.55		0.10			–		1.42			1.52			(0.10	)		–			–		(0.10	)		1.42			10.97
R3		9.50		0.03			–		1.41			1.44			(0.07	)		–			–		(0.07	)		1.37			10.87
R4		9.53		0.07			–		1.42			1.49			(0.07	)		–			–		(0.07	)		1.42			10.95
R5		9.58		0.10			–		1.43			1.53			(0.09	)		–			–		(0.09	)		1.44			11.02
For the Year Ended October 31, 2009 (G)
A		8.58		0.12			–		1.24			1.36			(0.17	)		(0.19	)		–		(0.36	)		1.00			9.58
B		8.48		0.06			–		1.23			1.29			(0.08	)		(0.19	)		–		(0.27	)		1.02			9.50
C		8.48		0.06			–		1.23			1.29			(0.09	)		(0.19	)		–		(0.28	)		1.01			9.49
I		8.57		0.14			–		1.25			1.39			(0.22	)		(0.19	)		–		(0.41	)		0.98			9.55
R3		8.51		0.03			–		1.30			1.33			(0.15	)		(0.19	)		–		(0.34	)		0.99			9.50
R4		8.56		0.10			–		1.25			1.35			(0.19	)		(0.19	)		–		(0.38	)		0.97			9.53
R5		8.60		0.13			–		1.25			1.38			(0.21	)		(0.19	)		–		(0.40	)		0.98			9.58
For the Year Ended October 31, 2008
A		14.51		0.14			–		(4.81	)		(4.67	)		(0.47	)		(0.79	)		–		(1.26	)		(5.93	)		8.58
B		14.37		0.03			–		(4.74	)		(4.71	)		(0.39	)		(0.79	)		–		(1.18	)		(5.89	)		8.48
C		14.37		0.04			–		(4.75	)		(4.71	)		(0.39	)		(0.79	)		–		(1.18	)		(5.89	)		8.48
I		14.49		0.37			–		(4.98	)		(4.61	)		(0.52	)		(0.79	)		–		(1.31	)		(5.92	)		8.57
R3		14.46		0.18			–		(4.87	)		(4.69	)		(0.47	)		(0.79	)		–		(1.26	)		(5.95	)		8.51
R4		14.51		0.43			–		(5.08	)		(4.65	)		(0.51	)		(0.79	)		–		(1.30	)		(5.95	)		8.56
R5		14.54		0.46			–		(5.09	)		(4.63	)		(0.52	)		(0.79	)		–		(1.31	)		(5.94	)		8.60
For the Year Ended October 31, 2007
A		12.66		0.14			–		2.23			2.37			(0.24	)		(0.28	)		–		(0.52	)		1.85			14.51
B		12.57		0.04			–		2.21			2.25			(0.17	)		(0.28	)		–		(0.45	)		1.80			14.37
C		12.57		0.05			–		2.20			2.25			(0.17	)		(0.28	)		–		(0.45	)		1.80			14.37
I		12.67		0.26			–		2.14			2.40			(0.30	)		(0.28	)		–		(0.58	)		1.82			14.49
R3(H)		12.59		(0.02	)		–		1.89			1.87			–			–			–		–			1.87			14.46
R4(H)		12.59		–			–		1.92			1.92			–			–			–		–			1.92			14.51
R5(H)		12.59		–			–		1.95			1.95			–			–			–		–			1.95			14.54

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(C)	Expense ratios do not include expenses of the Underlying Funds.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Not annualized.
(F)	Annualized.
(G)	Per share amounts have been calculated using average shares outstanding method.
(H)	Commenced operations on December 22, 2006.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.49	%(E)	$	408,692		0.61	%(F)		0.61	%(F)		0.61	%(F)		1.11	%(F)		7	%
	8.02	(E)		79,049		1.40	(F)		1.40	(F)		1.40	(F)		0.33	(F)		–
	8.07	(E)		160,726		1.34	(F)		1.34	(F)		1.34	(F)		0.38	(F)		–
	8.63	(E)		2,549		0.28	(F)		0.28	(F)		0.28	(F)		1.45	(F)		–
	8.33	(E)		11,612		0.90	(F)		0.90	(F)		0.90	(F)		0.74	(F)		–
	8.47	(E)		13,237		0.59	(F)		0.59	(F)		0.59	(F)		1.18	(F)		–
	8.67	(E)		4,755		0.29	(F)		0.29	(F)		0.29	(F)		1.42	(F)		–
	2.72			394,691		0.59			0.59			0.59			0.54			36
	1.93			79,711		1.38			1.38			1.38			(0.25	)		–
	2.02			156,463		1.33			1.33			1.33			(0.19	)		–
	3.15			2,455		0.26			0.26			0.26			0.86			–
	2.48			9,689		0.89			0.89			0.89			0.24			–
	2.74			14,605		0.59			0.59			0.59			0.55			–
	3.02			4,457		0.29			0.29			0.29			0.86			–
	15.60			405,386		0.61			0.61			0.61			0.67			23
	14.74			93,002		1.41			1.41			1.41			(0.13	)		–
	14.75			167,745		1.34			1.34			1.34			(0.07	)		–
	15.96			3,005		0.27			0.27			0.27			1.02			–
	15.21			6,314		0.90			0.90			0.90			0.35			–
	15.67			13,734		0.59			0.59			0.59			0.66			–
	16.06			4,838		0.29			0.29			0.29			0.98			–
	17.06			366,509		0.68			0.68			0.68			1.45			7
	16.13			95,176		1.51			1.44			1.44			0.70			–
	16.10			160,530		1.43			1.43			1.43			0.72			–
	17.47			2,335		0.28			0.28			0.28			1.70			–
	16.76			1,081		1.00			1.00			1.00			0.35			–
	16.96			10,597		0.61			0.61			0.61			1.22			–
	17.38			5,040		0.31			0.31			0.31			1.62			–
	(35.00	)		329,312		0.59			0.59			0.59			1.06			13
	(35.52	)		89,717		1.41			1.41			1.41			0.26			–
	(35.50	)		148,584		1.34			1.34			1.34			0.34			–
	(34.75	)		1,310		0.23			0.23			0.23			0.97			–
	(35.32	)		49		1.06			1.06			1.06			0.34			–
	(34.95	)		4,825		0.59			0.59			0.59			0.17			–
	(34.78	)		2,917		0.30			0.30			0.30			0.63			–
	19.35			503,345		0.60			0.60			0.60			0.93			39
	18.40			143,140		1.41			1.32			1.32			0.22			–
	18.44			238,997		1.34			1.31			1.31			0.25			–
	19.71			804		0.23			0.23			0.23			0.58			–
	14.85	(E)		53		0.95	(F)		0.93	(F)		0.93	(F)		(0.26	)(F)		–
	15.25	(E)		325		0.66	(F)		0.65	(F)		0.65	(F)		(0.01	)(F)		–
	15.49	(E)		782		0.38	(F)		0.38	(F)		0.38	(F)		0.25	(F)		–

19

The Hartford Growth Allocation Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Growth Allocation Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Growth Allocation Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,084.90	$	3.14	$	1,000.00	$	1,021.85	$	3.04		0.61	%		182		366
Class B	$	1,000.00	$	1,080.20	$	7.25	$	1,000.00	$	1,017.89	$	7.03		1.40			182		366
Class C	$	1,000.00	$	1,080.70	$	6.93	$	1,000.00	$	1,018.20	$	6.72		1.34			182		366
Class I	$	1,000.00	$	1,086.30	$	1.45	$	1,000.00	$	1,023.47	$	1.41		0.28			182		366
Class R3	$	1,000.00	$	1,083.30	$	4.66	$	1,000.00	$	1,020.39	$	4.52		0.90			182		366
Class R4	$	1,000.00	$	1,084.70	$	3.06	$	1,000.00	$	1,021.93	$	2.97		0.59			182		366
Class R5	$	1,000.00	$	1,086.70	$	1.51	$	1,000.00	$	1,023.41	$	1.47		0.29			182		366

23

The Hartford Growth Allocation Fund

Approval of and Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Growth Allocation Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including asset allocation portfolios, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk-balanced approach to construction of target risk asset allocation funds that are designed to provide diversification across different market environments.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team. The Board considered that, in connection with the sub-adviser change, HIFSCO and Wellington Management proposed certain changes to the Fund’s principal investment strategy, to take effect on the date that Wellington Management began sub-advising the Fund.

24

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time.

25

The Hartford Growth Allocation Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-GA12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Healthcare Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Healthcare Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuatation Hierarchy Level Summary at April 30, 2012 (Unaudited)	8
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	9
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	10
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012(Unaudited), and the Year Ended October 31, 2011	11
Notes to Financial Statements (Unaudited)	12
Financial Highlights (Unaudited)	24
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records(Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Expense Example (Unaudited)	30

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Healthcare Fund inception 05/01/2000

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

 Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
Healthcare A#		14.94	%		6.63	%		3.20	%		6.77	%
Healthcare A##					0.76	%		2.04	%		6.17	%
Healthcare B#		14.52	%		5.79	%		2.41	%		NA	*
Healthcare B##					0.79	%		2.05	%		NA	*
Healthcare C#		14.61	%		5.90	%		2.47	%		6.00	%
Healthcare C##					4.90	%		2.47	%		6.00	%
Healthcare I#		15.20	%		7.01	%		3.49	%		6.97	%
Healthcare R3#		14.84	%		6.45	%		2.94	%		6.87	%
Healthcare R4#		15.08	%		6.76	%		3.32	%		7.08	%
Healthcare R5#		15.24	%		7.08	%		3.64	%		7.26	%
Healthcare Y#		15.24	%		7.16	%		3.69	%		7.30	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.70	%
S&P North American Health Care Sector Index		14.79	%		8.38	%		4.20	%		5.87	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

S&P North American Health Care Sector Index is a modified capitalization-weighted index based on United States headquartered health care companies. Stocks in the index are weighted such that each stock is no more than 7.5% of the market capitalization as of the most recent reconstitution date. The companies included in the index must be common stocks and be traded on the American Stock Exchange, Nasdaq or the New York Stock Exchange and meet certain established market capitalization levels.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Healthcare Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Ann C. Gallo	Jean M. Hynes, CFA	Robert L. Deresiewicz	Kirk J. Mayer, CFA
Senior Vice President and Global Industry Analyst	Senior Vice President and Global Industry Analyst	Senior Vice President and Global Industry Analyst	Senior Vice President and Global Industry Analyst

How did the Fund perform?

The Class A shares of The Hartford Healthcare Fund returned 14.94%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the S&P North American Health Care Sector Index, which returned 14.79% for the same period. The Fund also outperformed the 12.89% return of the average fund in the Lipper Global Health and Biotechnology peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

While Health Care stocks finished 2011 ahead of the broader market, the sector did give back some gains during the last two quarters due, we believe, to concerns over the U.S. federal deficit reduction plan. With the inability of the Super Committee to reach a compromise in November 2011, the “Sequestration” process will take effect. As a result, unless Congress intervenes, the U.S. Health Care industry is slated to receive an automatic 2% across the board reduction in Medicare reimbursement effective January 1, 2013. Medicaid and commercial reimbursement will not be affected by Sequestration. Importantly, given that other U.S. government programs, including defense, education, agriculture, and environmental programs are intended to receive even greater cuts (generally in the 8-10% range), most observers believe it is highly likely that Congress will step in and prevent the automatic cuts from taking place. We share this view. Although Health Care was a strong performer last year, it could not keep pace in the first quarter of 2012, due largely to the pharmaceutical sector’s underperformance, despite no shift in fundamentals.

Health Care stocks (+15%) outperformed both the broader U.S. market (+13%) and the global equity market (+8%) during the period, as measured by the S&P North American Health Care, S&P 500, and the MSCI World Indexes, respectively. Within the S&P North American Health Care Sector Index, all four sub-sectors posted positive returns. Specialty Pharmaceuticals/Biotechnology (+22%) gained the most while Medical Technology (+14%), Major Pharmaceuticals (+13%) and Health Services (+12%) lagged on a relative basis.

Strong stock selection in Specialty Pharmaceuticals/Biotechnology and Health Services was the primary driver of relative outperformance, more than offsetting weaker security selection in Major Pharmaceuticals and Medical Technology. Sub-sector allocation, a fallout of our bottom-up stock selection process (i.e. stock by stock fundamental research), modestly detracted from relative performance returns (i.e. performance of the Fund as measured against the benchmark).

Holdings of Regeneron Pharmaceuticals (Major Pharmaceuticals), Amylin Pharmaceuticals (Major Pharmaceuticals), and not holding Johnson & Johnson (Major Pharmaceuticals) contributed most to benchmark-relative performance during the period. Shares of Regeneron Pharmaceuticals, a US-based biopharmaceutical company, moved higher after the company’s results exceeded expectations on strong sales of the firm’s recently launched macular degeneration drug Eylea. Amylin Pharmaceuticals, a U.S.-based biopharmaceutical company focused on developing drugs for diabetes and other metabolic diseases, rose on news that the company rejected a $3.5 billion bid by Bristol Meyers. Not owning shares of Johnson & Johnson, which is a component of the benchmark and ended the period lower as the company announced earnings outlook below consensus estimates, contributed positively to relative results. Top contributors to absolute performance also included Pharmasset (Major Pharmaceuticals).

Holdings of Daiichi Sankyo (Major Pharmaceuticals), Exelixis (Major Pharmaceuticals), and Seattle Genetics (Specialty Pharmaceutical) detracted from benchmark-relative performance. Shares of Daiichi Sankyo, a major Japanese pharmaceutical company, fell during the period due to losses at the company’s Indian subsidiary, Ranbaxy Laboratories, as well as concern around the company’s pipeline given upcoming patent expirations. U.S.-based biotechnology company Exelixis’ shares declined after the company issued revenue guidance below estimates. Shares of Seattle Genetics, a biotechnology company, fell sharply near the start of the period after a Phase 1 study of Adcetris was halted because the rate of pulmonary toxicity was unacceptably high. Top detractors from absolute performance also included China Medical Technologies (Health Care Services) and Vertex Pharmaceutical (Major Pharmaceuticals).

What is the outlook?

While we think Sequestration-driven cuts are unlikely to be implemented, given the magnitude of the health care cost problem in the U.S., combined with our view that the Patient

3

The Hartford Healthcare Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

Protection and Affordable Care Act (PPACA) does very little to address the issue, we continue to believe that health care stocks will be subject to escalating reimbursement pressure in the years to come. More specifically, we think it is extremely likely that, regardless of the outcome of the 2012 elections, the U.S. Congress will be forced to pass a comprehensive budget bill in either 2013 or 2014 that addresses the health care cost issue in a targeted, thoughtful manner. While it is impossible to predict the details, we believe the outcome is clear. The bar has been raised for companies seeking reimbursement for health care products and services in the U.S. Going forward, success will accrue only to those companies able to offer a demonstrable improvement over current standards of care or an equivalent level of care, but at a lower price. This is one of the key tenets upon which we have structured our portfolio.

As a result of bottom up stock decisions, the Fund ended the period most overweight (i.e. the Fund’s sector position was greater than the benchmark position) to the Major Pharmaceuticals sub-sector and most underweight to the Specialty Pharmaceuticals/Biotechnology sub-sector relative to the benchmark.

Diversification by Industry

as of April 30, 2012 

Industry	Percentage of Net Assets
Biotechnology	21.2	%
Drug Retail	3.3
Health Care Distributors	6.4
Health Care Equipment	14.9
Health Care Facilities	1.5
Health Care Technology	0.2
Life Sciences Tools & Services	4.8
Managed Health Care	13.4
Pharmaceuticals	30.0
Research & Consulting Services	0.9
Short-Term Investments	3.8
Other Assets and Liabilities	(0.4	)
Total	100.0	%

4

The Hartford Healthcare Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.6%
		Biotechnology - 21.2%
	182	3SBio, Inc. ADR ●	$	2,379
	177	Achillion Pharmaceuticals, Inc. ●		1,178
	72	Acorda Therapeutics, Inc. ●		1,815
	111	Algeta ASA ●		2,636
	337	Alkermes plc ●		5,833
	420	Amylin Pharmaceuticals, Inc. ●		10,894
	158	Anacor Pharmaceuticals, Inc. ●		879
	145	Ardea Biosciences, Inc. ●		4,626
	174	Arena Pharmaceuticals, Inc. ●		424
	53	Biogen Idec, Inc. ●		7,089
	493	Exelixis, Inc. ●		2,366
	232	Gilead Sciences, Inc. ●		12,051
	197	Immunogen, Inc. ●		2,510
	182	Incyte Corp. ●		4,135
	155	Ironwood Pharmaceuticals, Inc. ●		2,049
	109	Momenta Pharmaceuticals, Inc. ●		1,725
	134	NPS Pharmaceuticals, Inc. ●		958
	75	Onyx Pharmaceuticals, Inc. ●		3,418
	174	Progenics Pharmaceuticals, Inc. ●		1,907
	97	Regeneron Pharmaceuticals, Inc. ●		13,093
	154	Rigel Pharmaceuticals, Inc. ●		1,191
	204	Seattle Genetics, Inc. ●		4,036
	29	Targacept, Inc. ●		138
	253	Trius Therapeutics, Inc. ●		1,358
				88,688
		Drug Retail - 3.3%
	177	CVS Caremark Corp.		7,884
	168	Walgreen Co.		5,894
				13,778
		Health Care Distributors - 6.4%
	241	Cardinal Health, Inc.		10,190
	174	McKesson Corp.		15,879
	269	NMC Health plc		915
				26,984
		Health Care Equipment - 14.9%
	298	Abiomed, Inc. ●		7,253
	200	Covidien plc		11,029
	56	Dexcom, Inc. ●		550
	39	DiaSorin S.p.A.		1,039
	77	Heartware International, Inc. ●		5,998
	127	Hologic, Inc. ●		2,422
	305	Medtronic, Inc.		11,643
	162	St. Jude Medical, Inc.		6,277
	239	Stereotaxis, Inc. ●		98
	54	Stryker Corp.		2,925
	107	Tornier N.V. ●		2,543
	4,497	Trauson Holdings Co., Ltd.		1,717
	168	Volcano Corp. ●		4,567
	70	Zimmer Holdings, Inc.		4,418
				62,479
		Health Care Facilities - 1.5%
	162	HCA Holdings, Inc.		4,353
	199	Vanguard Health Systems, Inc. ●		1,767
				6,120
		Health Care Technology - 0.2%
	89	Allscripts Healthcare Solutions, Inc. ●		981
		Life Sciences Tools & Services - 4.8%
	147	Agilent Technologies, Inc.		6,179
	40	Life Technologies Corp. ●		1,859
	159	PAREXEL International Corp. ●		4,281
	117	Thermo Fisher Scientific, Inc.		6,500
	14	Waters Corp. ●		1,144
				19,963
		Managed Health Care - 13.4%
	294	Aetna, Inc.		12,965
	368	CIGNA Corp.		16,993
	341	UnitedHealth Group, Inc.		19,133
	68	Wellcare Health Plans, Inc. ●		4,169
	42	Wellpoint, Inc.		2,827
				56,087
		Pharmaceuticals - 30.0%
	17	Alk-Abello A/S		1,256
	100	Almirall S.A.		856
	54	AstraZeneca plc ADR		2,371
	79	Auxilium Pharmaceuticals, Inc. ●		1,412
	213	Bristol-Myers Squibb Co.		7,114
	150	Cadence Pharmaceuticals, Inc. ●		555
	319	Daiichi Sankyo Co., Ltd.		5,470
	63	Dr. Reddy's Laboratories Ltd. ADR		2,135
	171	Eisai Co., Ltd.		6,683
	872	Elan Corp. plc ADR ●		12,024
	60	Eli Lilly & Co.		2,500
	319	Forest Laboratories, Inc. ●		11,117
	276	Medicines Co. ●		6,088
	310	Merck & Co., Inc.		12,164
	245	Mylan, Inc. ●		5,315
	19	Ono Pharmaceutical Co., Ltd.		1,059
	157	Optimer Pharmaceuticals, Inc. ●		2,316
	50	Pacira Pharmaceuticals, Inc. ●		558
	361	Pfizer, Inc.		8,278
	28	Roche Holding AG		5,180
	11	Salix Pharmaceuticals Ltd. ●		538
	480	Shionogi & Co., Ltd.		6,262
	50	Simcere Pharmaceutical Group ADR ●		438
	218	Teva Pharmaceutical Industries Ltd. ADR		9,977
	115	UCB S.A.		5,386
	106	Watson Pharmaceuticals, Inc. ●		7,966
	143	Xenoport, Inc. ●		652
				125,670
		Research & Consulting Services - 0.9%
	449	Qualicorp S.A.		3,916
		Total common stocks
		(cost $339,840)	$	404,666
		Total long-term investments
		(cost $339,840)	$	404,666

The accompanying notes are an integral part of these financial statements.

5

The Hartford Healthcare Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
SHORT-TERM INVESTMENTS - 3.8%
		Repurchase Agreements - 3.8%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,982, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $4,062)
$	3,982	0.20%, 04/30/2012				$	3,982
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $5,335, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $5,441)
	5,335	0.20%, 04/30/2012					5,335
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,107, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $2,149)
	2,107	0.21%, 04/30/2012					2,107
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,745, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $1,780)
	1,745	0.19%, 04/30/2012					1,745
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2, collateralized by U.S. Treasury Note 0.75%, 2013, value of $2)
	2	0.17%, 04/30/2012					2
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,864, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $2,921)
	2,864	0.21%, 04/30/2012					2,864
							16,035
		Total short-term investments
		(cost $16,035)				$	16,035
		Total investments
		(cost $355,875) ▲		100.4	%	$	420,701
		Other assets and liabilities		(0.4)	%		(1,523	)
		Total net assets		100.0	%	$	419,178

The accompanying notes are an integral part of these financial statements. 

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $362,017 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	83,053
Unrealized Depreciation		(24,369	)
Net Unrealized Appreciation	$	58,684

● Non-income producing.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell		Market Value ╪		Contract Amount	Delivery Date		Unrealized Appreciation/ (Depreciation)
GBP	CBK	Buy	$	25	$	25	05/02/2012	$	–
JPY	JPM	Sell		9,661		10,124	08/01/2012		463
								$	463

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
CBK	Citibank NA
JPM	JP Morgan Chase & Co.
Currency Abbreviations:
GBP	British Pound
JPY	Japanese Yen
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford Healthcare Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	404,666	$	368,378	$	36,288	$	–
Short-Term Investments		16,035		–		16,035		–
Total	$	420,701	$	368,378	$	52,323	$	–
Foreign Currency Contracts *		463		–		463		–
Total	$	463	$	–	$	463	$	–
Liabilities:
Foreign Currency Contracts *		–		–		–		–
Total	$	–	$	–	$	–	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $1,058 were transferred from Level 2 to Level 1, and there were no transfers from Level 1 to Level 2. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Healthcare Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $355,875)	$	420,701
Cash		29
Unrealized appreciation on foreign currency contracts		463
Receivables:
Investment securities sold		798
Fund shares sold		768
Dividends and interest		752
Other assets		85
Total assets		423,596
Liabilities:
Unrealized depreciation on foreign currency contracts		—
Payables:
Investment securities purchased		2,911
Fund shares redeemed		1,322
Investment management fees		62
Administrative fees		1
Distribution fees		27
Accrued expenses		95
Total liabilities		4,418
Net assets	$	419,178
Summary of Net Assets:
Capital stock and paid-in-capital	$	438,031
Distributions in excess of net investment loss		(218	)
Accumulated net realized loss		(83,943	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		65,308
Net assets	$	419,178
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$19.31/$20.43
Shares outstanding		13,972
Net assets	$	269,803
Class B: Net asset value per share	$	17.35
Shares outstanding		899
Net assets	$	15,586
Class C: Net asset value per share	$	17.42
Shares outstanding		4,121
Net assets	$	71,776
Class I: Net asset value per share	$	19.70
Shares outstanding		1,799
Net assets	$	35,450
Class R3: Net asset value per share	$	19.96
Shares outstanding		476
Net assets	$	9,498
Class R4: Net asset value per share	$	20.37
Shares outstanding		560
Net assets	$	11,414
Class R5: Net asset value per share	$	20.72
Shares outstanding		119
Net assets	$	2,464
Class Y: Net asset value per share	$	20.80
Shares outstanding		153
Net assets	$	3,187

The accompanying notes are an integral part of these financial statements.

9

The Hartford Healthcare Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	2,877
Interest		6
Less: Foreign tax withheld		(110	)
Total investment income		2,773
Expenses:
Investment management fees		1,680
Administrative services fees		16
Transfer agent fees		415
Distribution fees
Class A		294
Class B		81
Class C		335
Class R3		19
Class R4		13
Custodian fees		6
Accounting services fees		26
Registration and filing fees		64
Board of Directors' fees		5
Audit fees		6
Other expenses		48
Total expenses (before waivers and fees paid indirectly)		3,008
Expense waivers		(4	)
Transfer agent fee waivers		(10	)
Commission recapture		(3	)
Total waivers and fees paid indirectly		(17	)
Total expenses, net		2,991
Net Investment Loss		(218	)
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		12,055
Net realized loss on foreign currency contracts		(207	)
Net realized gain on other foreign currency transactions		85
Net Realized Gain on Investments and Foreign Currency Transactions		11,933
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		39,982
Net unrealized appreciation of foreign currency contracts		323
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		22
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		40,327
Net Gain on Investments and Foreign Currency Transactions		52,260
Net Increase in Net Assets Resulting from Operations	$	52,042

The accompanying notes are an integral part of these financial statements.

10

The Hartford Healthcare Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment loss	$	(218	)	$	(1,453	)
Net realized gain on investments and foreign currency transactions		11,933			26,742
Net unrealized appreciation of investments and foreign currency transactions		40,327			9,995
Net Increase In Net Assets Resulting From Operations		52,042			35,284
Capital Share Transactions:
Class A		12,740			(38,064	)
Class B		(3,785	)		(7,968	)
Class C		(3,119	)		(11,674	)
Class I		(1,408	)		18,255
Class R3		2,457			2,136
Class R4		715			489
Class R5		801			(744	)
Class Y		224			16
Net increase (decrease) from capital share transactions		8,625			(37,554	)
Net Increase (Decrease) In Net Assets		60,667			(2,270	)
Net Assets:
Beginning of period		358,511			360,781
End of period	$	419,178		$	358,511
Undistributed (distribution in excess of) net investment income (loss)	$	(218	)	$	—

The accompanying notes are an integral part of these financial statements.

11

The Hartford Healthcare Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Healthcare Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current

12

or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market

13

The Hartford Healthcare Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

14

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of April 30, 2012, the Fund had no outstanding when-issued or delayed delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are

15

The Hartford Healthcare Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	463	$	—	$	—	$	—	$	—	$	463
Total	$	—	$	463	$	—	$	—	$	—	$	—	$	463
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(207	)	$	—	$	—	$	—	$	—	$	(207	)
Total	$	—	$	(207	)	$	—	$	—	$	—	$	—	$	(207	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	323		$	—	$	—	$	—	$	—	$	323
Total	$	—	$	323		$	—	$	—	$	—	$	—	$	323

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United

16

States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Components of Distributable Earnings – The Fund’s components of distributable earnings (deficit) on a tax basis at October 31, 2011, are as follows:

	Amount
Accumulated Capital Losses *	$	(89,594	)
Unrealized Appreciation †		18,699
Total Accumulated Deficit	$	(70,895	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

17

The Hartford Healthcare Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	76
Accumulated Net Realized Gain (Loss)		1,132
Capital Stock and Paid-in-Capital		(1,208	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	89,594
Total	$	89,594

During the year ended October 31, 2011, the Fund utilized $24,498 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision

18

of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000	%
On next $500 million		0.8500	%
On next $4 billion		0.8000	%
On next $5 billion		0.7975	%
Over $10 billion		0.7950	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.60	%		2.35	%		2.35	%		1.35	%		1.65	%		1.35	%		1.05	%		1.00	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six-Month Period Ended April 30, 2012
Class A		1.48	%
Class B		2.28
Class C		2.18
Class I		1.12
Class R3		1.65
Class R4		1.35
Class R5		1.05
Class Y		0.98

19

The Hartford Healthcare Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $187 and contingent deferred sales charges of $8 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $6.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

20

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.01	%		9.94	%
Class B		0.01			8.90
Class C		0.01			9.09
Class I		0.01			10.46
Class Y		0.01			10.44

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		6		5	%
Class Y		6		4

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	77,116
Sales Proceeds Excluding U.S. Government Obligations		82,640

21

The Hartford Healthcare Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		2,879		—		(2,262	)		—		617			3,106		—		(5,323	)		—		(2,217	)
Amount	$	52,610	$	—	$	(39,870	)	$	—	$	12,740		$	51,647	$	—	$	(89,711	)	$	—	$	(38,064	)
Class B
Shares		30		—		(267	)		—		(237	)		40		—		(569	)		—		(529	)
Amount	$	465	$	—	$	(4,250	)	$	—	$	(3,785	)	$	616	$	—	$	(8,584	)	$	—	$	(7,968	)
Class C
Shares		174		—		(375	)		—		(201	)		473		—		(1,283	)		—		(810	)
Amount	$	2,827	$	—	$	(5,946	)	$	—	$	(3,119	)	$	7,533	$	—	$	(19,207	)	$	—	$	(11,674	)
Class I
Shares		252		—		(336	)		—		(84	)		1,718		—		(753	)		—		965
Amount	$	4,626	$	—	$	(6,034	)	$	—	$	(1,408	)	$	31,076	$	—	$	(12,821	)	$	—	$	18,255
Class R3
Shares		216		—		(80	)		—		136			222		—		(107	)		—		115
Amount	$	3,952	$	—	$	(1,495	)	$	—	$	2,457		$	3,956	$	—	$	(1,820	)	$	—	$	2,136
Class R4
Shares		137		—		(99	)		—		38			200		—		(174	)		—		26
Amount	$	2,602	$	—	$	(1,887	)	$	—	$	715		$	3,537	$	—	$	(3,048	)	$	—	$	489
Class R5
Shares		46		—		(5	)		—		41			26		—		(65	)		—		(39	)
Amount	$	893	$	—	$	(92	)	$	—	$	801		$	460	$	—	$	(1,204	)	$	—	$	(744	)
Class Y
Shares		19		—		(8	)		—		11			29		—		(28	)		—		1
Amount	$	374	$	—	$	(150	)	$	—	$	224		$	499	$	—	$	(483	)	$	—	$	16
Total
Shares		3,753		—		(3,432	)		—		321			5,814		—		(8,302	)		—		(2,488	)
Amount	$	68,349	$	—	$	(59,724	)	$	—	$	8,625		$	99,324	$	—	$	(136,878	)	$	—	$	(37,554	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		71	$	1,292
For the Year Ended October 31, 2011		114	$	1,904

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

22

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

23

The Hartford Healthcare Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income		Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	16.80	$	–		$	–	$	2.51		$	2.51		$	–	$	–		$	–	$	–		$	2.51		$	19.31
B		15.15		(0.08)			–		2.28			2.20			–		–			–		–			2.20			17.35
C		15.20		(0.06)			–		2.28			2.22			–		–			–		–			2.22			17.42
I		17.10		0.03			–		2.57			2.60			–		–			–		–			2.60			19.70
R3		17.38		(0.01)			–		2.59			2.58			–		–			–		–			2.58			19.96
R4		17.70		0.01			–		2.66			2.67			–		–			–		–			2.67			20.37
R5		17.98		0.03			–		2.71			2.74			–		–			–		–			2.74			20.72
Y		18.05		0.05			–		2.70			2.75			–		–			–		–			2.75			20.80
For the Year Ended October 31, 2011 (G)
A		15.21		(0.04)			–		1.63			1.59			–		–			–		–			1.59			16.80
B		13.83		(0.16)			–		1.48			1.32			–		–			–		–			1.32			15.15
C		13.86		(0.14)			–		1.48			1.34			–		–			–		–			1.34			15.20
I		15.44		0.02			–		1.64			1.66			–		–			–		–			1.66			17.10
R3		15.76		(0.07)			–		1.69			1.62			–		–			–		–			1.62			17.38
R4		16.01		(0.02)			–		1.71			1.69			–		–			–		–			1.69			17.70
R5		16.21		0.04			–		1.73			1.77			–		–			–		–			1.77			17.98
Y		16.26		0.05			–		1.74			1.79			–		–			–		–			1.79			18.05
For the Year Ended October 31, 2010
A		13.07		–			–		2.14			2.14			–		–			–		–			2.14			15.21
B		11.98		(0.14	)		–		1.99			1.85			–		–			–		–			1.85			13.83
C		11.99		(0.11	)		–		1.98			1.87			–		–			–		–			1.87			13.86
I		13.23		0.04			–		2.17			2.21			–		–			–		–			2.21			15.44
R3		13.57		(0.02	)		–		2.21			2.19			–		–			–		–			2.19			15.76
R4		13.74		0.02			–		2.25			2.27			–		–			–		–			2.27			16.01
R5		13.87		0.06			–		2.28			2.34			–		–			–		–			2.34			16.21
Y		13.90		0.08			–		2.28			2.36			–		–			–		–			2.36			16.26
For the Year Ended October 31, 2009 (G)
A		12.69		(0.02	)		–		1.01			0.99			–		(0.61	)		–		(0.61	)		0.38			13.07
B		11.74		(0.08	)		–		0.93			0.85			–		(0.61	)		–		(0.61	)		0.24			11.98
C		11.78		(0.10	)		–		0.92			0.82			–		(0.61	)		–		(0.61	)		0.21			11.99
I		12.81		0.01			–		1.02			1.03			–		(0.61	)		–		(0.61	)		0.42			13.23
R3		13.19		(0.05	)		–		1.04			0.99			–		(0.61	)		–		(0.61	)		0.38			13.57
R4		13.29		–			–		1.06			1.06			–		(0.61	)		–		(0.61	)		0.45			13.74
R5		13.38		0.03			–		1.07			1.10			–		(0.61	)		–		(0.61	)		0.49			13.87
Y		13.40		0.01			–		1.10			1.11			–		(0.61	)		–		(0.61	)		0.50			13.90
For the Year Ended October 31, 2008
A		18.85		(0.03	)		–		(4.83	)		(4.86	)		–		(1.30	)		–		(1.30	)		(6.16	)		12.69
B		17.67		(0.18	)		–		(4.45	)		(4.63	)		–		(1.30	)		–		(1.30	)		(5.93	)		11.74
C		17.71		(0.14	)		–		(4.49	)		(4.63	)		–		(1.30	)		–		(1.30	)		(5.93	)		11.78
I		18.96		0.01			–		(4.86	)		(4.85	)		–		(1.30	)		–		(1.30	)		(6.15	)		12.81
R3		19.59		(0.03	)		–		(5.07	)		(5.10	)		–		(1.30	)		–		(1.30	)		(6.40	)		13.19
R4		19.66		–			–		(5.07	)		(5.07	)		–		(1.30	)		–		(1.30	)		(6.37	)		13.29
R5		19.70		0.03			–		(5.05	)		(5.02	)		–		(1.30	)		–		(1.30	)		(6.32	)		13.38
Y		19.74		0.05			–		(5.09	)		(5.04	)		–		(1.30	)		–		(1.30	)		(6.34	)		13.40
For the Year Ended October 31, 2007
A		17.84		(0.04	)		–		1.73			1.69			–		(0.68	)		–		(0.68	)		1.01			18.85
B		16.92		(0.20	)		–		1.63			1.43			–		(0.68	)		–		(0.68	)		0.75			17.67
C		16.93		(0.15	)		–		1.61			1.46			–		(0.68	)		–		(0.68	)		0.78			17.71
I		17.86		0.01			–		1.77			1.78			–		(0.68	)		–		(0.68	)		1.10			18.96
R3(I)		18.27		(0.02	)		–		1.34			1.32			–		–			–		–			1.32			19.59
R4(I)		18.27		–			–		1.39			1.39			–		–			–		–			1.39			19.66
R5(I)		18.27		–			–		1.43			1.43			–		–			–		–			1.43			19.70
Y		18.57		0.04			–		1.81			1.85			–		(0.68	)		–		(0.68	)		1.17			19.74

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	14.94	%(E)	$	269,803		1.48	%(F)		1.48	%(F)		1.48	%(F)		0.01	%(F)		21	%
	14.52	(E)		15,586		2.40	(F)		2.28	(F)		2.28	(F)		(0.83	)(F)		–
	14.61	(E)		71,776		2.18	(F)		2.18	(F)		2.18	(F)		(0.71	)(F)		–
	15.20	(E)		35,450		1.12	(F)		1.12	(F)		1.12	(F)		0.36	(F)		–
	14.84	(E)		9,498		1.70	(F)		1.65	(F)		1.65	(F)		(0.11	)(F)		–
	15.08	(E)		11,414		1.39	(F)		1.35	(F)		1.35	(F)		0.14	(F)		–
	15.24	(E)		2,464		1.09	(F)		1.05	(F)		1.05	(F)		0.47	(F)		–
	15.24	(E)		3,187		0.98	(F)		0.98	(F)		0.98	(F)		0.51	(F)		–
	10.45			224,294		1.49			1.49			1.49			(0.24	)		44
	9.54			17,208		2.38			2.28			2.28			(1.04	)		–
	9.67			65,692		2.18			2.18			2.18			(0.93	)		–
	10.75			32,213		1.18			1.18			1.18			0.09			–
	10.28			5,905		1.71			1.65			1.65			(0.39	)		–
	10.56			9,241		1.39			1.35			1.35			(0.09	)		–
	10.92			1,403		1.09			1.05			1.05			0.21			–
	11.01			2,555		0.99			0.99			0.99			0.27			–
	16.37			236,781		1.49			1.49			1.49			(0.03	)		36
	15.44			23,023		2.39			2.28			2.28			(0.84	)		–
	15.60			71,124		2.18			2.18			2.18			(0.72	)		–
	16.70			14,176		1.22			1.22			1.22			0.24			–
	16.14			3,549		1.70			1.70			1.70			(0.17	)		–
	16.52			7,939		1.37			1.37			1.37			0.11			–
	16.87			1,895		1.08			1.08			1.08			0.38			–
	16.98			2,294		0.97			0.97			0.97			0.50			–
	8.48			234,603		1.58			1.55			1.55			(0.18	)		80
	7.95			31,746		2.54			2.11			2.11			(0.75	)		–
	7.66			74,424		2.28			2.28			2.28			(0.91	)		–
	8.73			15,934		1.27			1.27			1.27			0.04			–
	8.15			1,330		1.79			1.79			1.79			(0.36	)		–
	8.64			6,147		1.40			1.40			1.40			–			–
	8.89			1,412		1.11			1.11			1.11			0.27			–
	8.95			1,813		0.99			0.99			0.99			0.11			–
	(27.59	)		299,699		1.41			1.41			1.41			(0.18	)		67
	(28.17	)		45,475		2.32			2.24			2.24			(1.02	)		–
	(28.10	)		93,208		2.15			2.15			2.15			(0.92	)		–
	(27.36	)		43,036		1.11			1.11			1.11			0.10			–
	(27.78	)		503		1.91			1.85			1.85			(0.67	)		–
	(27.52	)		3,921		1.35			1.35			1.35			(0.02	)		–
	(27.18	)		1,449		1.05			1.05			1.05			0.27			–
	(27.23	)		155,104		0.95			0.95			0.95			0.28			–
	9.96	(H)		509,341		1.41			1.41			1.41			(0.25	)		41
	8.92	(H)		82,932		2.30			2.29			2.29			(1.15	)		–
	9.11	(H)		137,101		2.15			2.15			2.15			(0.99	)		–
	10.48	(H)		15,017		1.07			1.07			1.07			0.08			–
	7.22	(E)		112		1.75	(F)		1.75	(F)		1.75	(F)		(0.50	)(F)		–
	7.61	(E)		494		1.41	(F)		1.41	(F)		1.41	(F)		–	(F)		–
	7.83	(E)		434		1.14	(F)		1.14	(F)		1.14	(F)		–	(F)		–
	10.45	(H)		213,110		0.95			0.95			0.95			0.20			–

25

The Hartford Healthcare Fund

Financial Highlights - (continued)

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Per share amounts have been calculated using average shares outstanding method.

(H) Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

(I) Commenced operations on December 22, 2006.

26

The Hartford Healthcare Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford Healthcare Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

28

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

29

The Hartford Healthcare Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,149.40	$	7.91	$	1,000.00	$	1,017.50	$	7.43		1.48	%		182		366
Class B	$	1,000.00	$	1,145.20	$	12.18	$	1,000.00	$	1,013.50	$	11.44		2.28			182		366
Class C	$	1,000.00	$	1,146.10	$	11.63	$	1,000.00	$	1,014.02	$	10.92		2.18			182		366
Class I	$	1,000.00	$	1,152.00	$	5.98	$	1,000.00	$	1,019.31	$	5.61		1.12			182		366
Class R3	$	1,000.00	$	1,148.40	$	8.81	$	1,000.00	$	1,016.66	$	8.27		1.65			182		366
Class R4	$	1,000.00	$	1,150.80	$	7.22	$	1,000.00	$	1,018.15	$	6.77		1.35			182		366
Class R5	$	1,000.00	$	1,152.40	$	5.62	$	1,000.00	$	1,019.64	$	5.27		1.05			182		366
Class Y	$	1,000.00	$	1,152.40	$	5.27	$	1,000.00	$	1,019.97	$	4.95		0.98			182		366

30

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-HC12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford High Yield Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford High Yield Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	11
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	12
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	13
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	14
Notes to Financial Statements (Unaudited)	15
Financial Highlights (Unaudited)	30
Directors and Officers (Unaudited)	33
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	35
Quarterly Portfolio Holdings Information (Unaudited)	35
Expense Example (Unaudited)	36
Approval of Investment Sub-Advisory Agreement (Unaudited)	37

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford High Yield Fund inception 09/30/1998
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to provide high current income, and long-term total return.

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
High Yield A#		5.69	%		3.74	%		6.12	%		7.10	%
High Yield A##					-0.93	%		5.14	%		6.61	%
High Yield B#		5.19	%		2.84	%		5.32	%		NA	*
High Yield B##					-2.00	%		5.03	%		NA	*
High Yield C#		5.33	%		2.98	%		5.34	%		6.35	%
High Yield C##					2.01	%		5.34	%		6.35	%
High Yield I#		5.81	%		3.85	%		6.49	%		7.29	%
High Yield R3#		5.40	%		3.29	%		5.78	%		7.35	%
High Yield R4#		5.70	%		3.60	%		6.13	%		7.53	%
High Yield R5#		5.85	%		3.91	%		6.39	%		7.67	%
High Yield Y#		5.88	%		3.96	%		6.48	%		7.71	%
Barclays Capital U.S. Corporate High-Yield Index		6.91	%		5.92	%		8.05	%		9.18	%

† Not Annualized

# Without sales charge

## With sales charge

* 10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/31/07. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of March 5, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays Capital U.S. Corporate High-Yield Index is an unmanaged broad-based market-value-weighted index that tracks the total return performance of non-investment grade, fixed-rate, publicly placed, dollar denominated and nonconvertible debt registered with the Securities and Exchange Commission.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford High Yield Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers

Christopher A. Jones, CFA

Senior Vice President and Fixed Income Portfolio Manager

As of March 5, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund. As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford High Yield Fund returned 5.69%, before sales charge, for the six-month period to April 30, 2012, underperforming its benchmark, the Barclays Capital U.S. Corporate High Yield Bond Index, which returned 6.91% for the same period. The Fund also underperformed the 6.50% return of the average fund in the Lipper High Current Yield Funds peer group, a group of funds with investment strategies similar to the Fund.

Why did the Fund perform this way?

In late 2011, exposure to automotive equities through convertible bonds of General Motors weighed on Fund performance. In 2012, this position rebounded to help overall performance for the period. However, some of the biggest detractors to benchmark relative performance came from positions that the Fund did not own that performed well. Among these were the subordinated debt of Royal Bank of Scotland, Caesars Entertainment and First Data.

On March 5, 2012, Wellington Management Company, LLP became sub-adviser of the fund replacing Hartford Investment Management Company.

What is the outlook?

The outlook for High Yield bonds is mixed as we approach the summer months. On many fronts, we believe the High Yield market remains on solid ground. The trailing 12-month par-weighted default rate for U.S. High Yield is currently 2.17%, which is well below the 25-year annual default rate average of 4.20%. We also believe High Yield companies have meaningfully improved their balance sheets and liquidity positions since the credit crisis of 2008. Much of the new issuance in the High Yield market over the last three years was done to refinance existing debt, rather than for “equity-friendly” activities, such as share-repurchases or leveraged buy-outs, effectively pushing out the maturities of High Yield bonds further into the future. We believe that the limited amount of High Yield maturities through 2013 ($73 billion in total as of February 29th, 2012) is supportive of a below average default rate over the next few years. Finally, the current yield to worst of 7.07% in the High Yield market remains very attractive relative to other fixed income sectors.

However, we remain concerned about the macro weakness still emanating from Europe (in spite of the Greek debt restructuring) and that higher commodity prices could slow GDP (gross domestic product) growth in the United States. If either of these risks were to persist, it could lead to weaker earnings, which in turn could lead to renewed balance sheet and liquidity pressures for both European and U.S. High Yield companies.

In aggregate, we recognize the risks of a severe macro economic backdrop; however, with average spreads currently in the 64th percentile (only 36% of months since 1994 have U.S. High Yield valuations been cheaper), we believe that now is an opportune time to invest in High Yield for investors with a longer-time horizon.

3

The Hartford High Yield Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

Distribution by Credit Quality

as of April 30, 2012

Credit Rating *	Percentage of Net Assets
Baa / BBB		2.7	%
Ba / BB		27.7
B		40.1
Caa / CCC or Lower		17.2
Unrated		3.9
Non Debt Securities and Other Short-Term Instruments		8.2
Other Assets & Liabilities		0.2
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of April 30, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		1.5	%
Administrative Waste Management and Remediation		0.6
Agriculture, Forestry, Fishing and Hunting		0.6
Air Transportation		0.4
Arts, Entertainment and Recreation		7.8
Beverage and Tobacco Product Manufacturing		0.6
Chemical Manufacturing		2.2
Computer and Electronic Product Manufacturing		3.6
Construction		1.1
Fabricated Metal Product Manufacturing		0.6
Finance and Insurance		13.0
Food Services		0.5
Health Care and Social Assistance		7.3
Information		14.0
Machinery Manufacturing		1.0
Mining		1.8
Miscellaneous Manufacturing		1.9
Motor Vehicle and Parts Manufacturing		4.3
Nonmetallic Mineral Product Manufacturing		0.9
Other Services		1.2
Paper Manufacturing		0.5
Petroleum and Coal Products Manufacturing		5.7
Pipeline Transportation		2.6
Primary Metal Manufacturing		0.3
Printing and Related Support Activities		0.3
Professional, Scientific and Technical Services		1.5
Rail Transportation		0.0
Real Estate, Rental and Leasing		3.4
Retail Trade		3.6
Soap, Cleaning Compound and Toilet Manufacturing		0.5
Software		0.3
Transportation Equipment Manufacturing		0.7
Truck Transportation		0.8
Utilities		4.1
Water Transportation		0.5
Wholesale Trade		1.9
Total		91.6	%
Equity Securities
Automobiles & Components		0.7
Diversified Financials		0.7
Energy		0.1
Food, Beverage & Tobacco		0.0
Software & Services		0.0
Total		1.5	%
Short-Term Investments		6.7
Other Assets and Liabilities		0.2
Total		100.0	%

4

The Hartford High Yield Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.4%
		Finance and Insurance - 0.4%
		Banc of America Large Loan
$	2,475	1.99%, 11/15/2015 ■Δ	$	2,322
		Soundview NIM Trust
	920	0.00%, 12/25/2036 ■●		—
				2,322
		Total asset & commercial mortgage backed securities
		(cost $3,340)	$	2,322
CORPORATE BONDS - 86.2%
		Accommodation and Food Services - 1.5%
		Caesars Operating Escrow
$	2,595	8.50%, 02/15/2020 ■	$	2,673
		MGM Mirage, Inc.
	2,298	11.13%, 11/15/2017		2,602
		Wynn Las Vegas LLC
	860	5.38%, 03/15/2022 ■		843
	1,456	7.75%, 08/15/2020		1,609
				7,727
		Administrative Waste Management and Remediation - 0.6%
		Iron Mountain, Inc.
	2,631	7.75%, 10/01/2019		2,868
		Agriculture, Forestry, Fishing and Hunting - 0.6%
		American Rock Salt Co. LLC
	540	8.25%, 05/01/2018 ■		473
		American Seafood Group LLC
	1,715	10.75%, 05/15/2016 ■		1,552
		ASG Consolidated LLC
	1,499	15.00%, 05/15/2017 ■Þ		1,024
				3,049
		Arts, Entertainment and Recreation - 7.8%
		AMC Entertainment, Inc.
	4,605	8.75%, 06/01/2019 ‡		4,910
	310	9.75%, 12/01/2020		302
		CCO Holdings LLC
	3,610	7.25%, 10/30/2017		3,926
	3,435	7.38%, 06/01/2020		3,748
		Cenveo, Inc.
	2,113	8.88%, 02/01/2018		1,944
		Cequel Communication LLC
	1,569	8.63%, 11/15/2017 ■		1,695
		Chester Downs and Marina LLC
	721	9.25%, 02/01/2020 ■		759
		Clear Channel Worldwide Holdings, Inc.
	2,410	9.25%, 12/15/2017		2,642
		Equinix, Inc.
	1,455	7.00%, 07/15/2021		1,590
		Fidelity National Information Services, Inc.
	1,945	5.00%, 03/15/2022 ■		1,945
		First Data Corp.
	3,845	7.38%, 06/15/2019 ■		3,932
	775	8.25%, 01/15/2021 ■		763
	3,344	10.55%, 09/24/2015 Þ		3,402
		Gray Television, Inc.
	1,156	10.50%, 06/29/2015		1,214
		Greektown Superholdings, Inc.
	1,170	13.00%, 07/01/2015		1,291
		NAI Entertainment Holdings LLC
	955	8.25%, 12/15/2017 ■		1,053
		Regal Entertainment Group
	320	9.13%, 08/15/2018		354
		UPC Germany GMBH
	1,693	8.13%, 12/01/2017 ■		1,816
		Videotron Ltee
	1,592	5.00%, 07/15/2022 ■		1,588
		Virgin Media Finance plc
	1,465	9.50%, 08/15/2016		1,641
				40,515
		Beverage and Tobacco Product Manufacturing - 0.6%
		Constellation Brands, Inc.
	2,830	6.00%, 05/01/2022		2,979
		Chemical Manufacturing - 2.2%
		Ferro Corp.
	2,632	7.88%, 08/15/2018		2,698
		Hexion Specialty Chemicals
	2,435	8.88%, 02/01/2018		2,551
		Hexion U.S. Finance Corp.
	880	6.63%, 04/15/2020 ■		919
		Ineos Group Holdings plc
	2,934	8.50%, 02/15/2016 ■		2,868
		LyondellBasell Industries N.V.
	1,215	6.00%, 11/15/2021 ■		1,312
		Momentive Performance
	1,450	9.00%, 01/15/2021		1,254
				11,602
		Computer and Electronic Product Manufacturing - 3.6%
		Advanced Micro Devices, Inc.
	1,816	8.13%, 12/15/2017		1,998
		CDW Escrow Corp.
	2,450	8.50%, 04/01/2019		2,622
		CDW LLC/CDW Finance
	1,970	8.00%, 12/15/2018		2,147
		Freescale Semiconductor, Inc.
	1,310	8.05%, 02/01/2020		1,320
	1,165	9.25%, 04/15/2018 ■		1,277
		Nextel Communications, Inc.
	1,986	7.38%, 08/01/2015		1,926
		Seagate HDD Cayman
	2,425	6.88%, 05/01/2020		2,601
	1,555	7.75%, 12/15/2018		1,714
		Sorenson Communications
	3,350	10.50%, 02/01/2015 ■		2,814
				18,419
		Construction - 1.1%
		D.R. Horton, Inc.
	1,610	6.50%, 04/15/2016		1,755
		KB Home
	2,660	8.00%, 03/15/2020		2,597
		Pulte Homes, Inc.
	1,523	7.88%, 06/15/2032		1,469
				5,821

The accompanying notes are an integral part of these financial statements.

5

The Hartford High Yield Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 86.2% - (continued)
		Fabricated Metal Product Manufacturing - 0.6%
		Anixter International, Inc.
$	710	5.63%, 05/01/2019	$	726
		BWAY Holding Co.
	1,473	10.00%, 06/15/2018		1,620
		Masco Corp.
	795	5.95%, 03/15/2022		809
				3,155
		Finance and Insurance - 12.1%
		Ally Financial, Inc.
	5,175	5.50%, 02/15/2017 ‡		5,289
	2,265	7.50%, 09/15/2020 ‡		2,525
		CIT Group, Inc.
	6,655	5.25%, 03/15/2018		6,855
	5,299	5.50%, 02/15/2019 ■		5,445
	2,260	6.63%, 04/01/2018 ■		2,458
		Community Choice Financial
	2,700	10.75%, 05/01/2019 ■		2,747
		Dolphin Subsidiary II, Inc.
	1,855	7.25%, 10/15/2021 ■		2,059
		Fibria Overseas Finance Ltd.
	2,505	7.50%, 05/04/2020 ■		2,624
		Ford Motor Credit Co.
	2,040	12.00%, 05/15/2015		2,570
		GMAC LLC
	1,200	8.00%, 11/01/2031		1,374
		Ineos Finance plc
	821	7.50%, 05/01/2020 ■☼		844
	691	8.38%, 02/15/2019 ■		741
	2,775	9.00%, 05/15/2015 ■		2,976
		Lloyds Banking Group plc
	4,380	7.88%, 11/01/2020 ■		3,822
		NB Capital Trust IV
	890	8.25%, 04/15/2027		899
		Offshore Group Investments Ltd.
	1,525	11.50%, 08/01/2015		1,668
	1,185	11.50%, 08/01/2015 ■		1,296
		Penson Worldwide, Inc.
	2,454	12.50%, 05/15/2017 ■		920
		Provident Funding Associates L.P.
	3,464	10.25%, 04/15/2017 ■		3,525
		SLM Corp.
	1,354	7.25%, 01/25/2022		1,368
	1,655	8.45%, 06/15/2018		1,812
		Starwood Hotels & Resort
	2,795	7.15%, 12/01/2019		3,354
		Titlemax
	3,655	13.25%, 07/15/2015		4,039
		Wind Acquisition Finance S.A.
	1,360	7.25%, 02/15/2018 ■		1,285
				62,495
		Food Services - 0.5%
		ARAMARK Holdings Corp.
	2,565	8.63%, 05/01/2016 ■Þ		2,626
		Health Care and Social Assistance - 7.3%
		Alere, Inc.
	1,636	7.88%, 02/01/2016		1,704
	765	9.00%, 05/15/2016		791
		American Renal Holdings, Inc.
	2,470	8.38%, 05/15/2018		2,643
		Biomet, Inc.
	2,096	10.38%, 10/15/2017 Þ		2,266
		Fresenius Medical Care U.S. Finance II, Inc.
	2,045	5.88%, 01/31/2022 ■		2,078
		HCA, Inc.
	3,005	7.25%, 09/15/2020		3,328
	8,151	7.50%, 11/15/2095		6,409
	1,724	8.50%, 04/15/2019		1,934
		Health Management Associates, Inc.
	1,407	7.38%, 01/15/2020 ■		1,465
		HealthSouth Corp.
	3,665	7.25%, 10/01/2018		3,885
		Radiation Therapy Services, Inc.
	2,986	8.88%, 01/15/2017 ■☼		2,956
	2,500	9.88%, 04/15/2017		2,006
		Savient Pharmaceuticals, Inc.
	1,365	4.75%, 02/01/2018 ۞		763
		Tenet Healthcare Corp.
	1,831	6.25%, 11/01/2018 ■		1,904
		Valeant Pharmaceuticals International
	1,090	6.75%, 08/15/2021 ■		1,060
	2,475	7.25%, 07/15/2022 ■		2,469
				37,661
		Information - 13.2%
		Audatex North America, Inc.
	2,265	6.75%, 06/15/2018 ■		2,373
		Beagle Acquisition Corp.
	1,165	11.00%, 12/31/2019 ■		1,316
		CCO Holdings LLC
	2,065	6.63%, 01/31/2022		2,161
		Cricket Communications, Inc.
	3,970	7.75%, 10/15/2020		3,722
		CSC Holdings LLC
	1,798	6.75%, 11/15/2021 ■		1,865
		DISH DBS Corp.
	3,322	7.88%, 09/01/2019		3,845
		Evertec, Inc.
	1,300	11.00%, 10/01/2018		1,411
		Frontier Communications Corp.
	2,062	7.88%, 01/15/2027		1,835
		GCI, Inc.
	1,035	6.75%, 06/01/2021		1,045
		Harron Communications
	2,080	9.13%, 04/01/2020 ■		2,163
		Inmarsat Finance plc
	615	7.38%, 12/01/2017 ■		661
		Intelsat Bermuda Ltd.
	4,787	11.50%, 02/04/2017 Þ		4,990
		Intelsat Jackson Holdings Ltd.
	5,234	8.50%, 11/01/2019		5,771
		Kabel Baden Wurttemberg GMBH & Co.
	1,711	7.50%, 03/15/2019 ■		1,827
		Level 3 Financing, Inc.
	4,355	10.00%, 02/01/2018		4,769
		Mediacom Broadband LLC
	2,545	8.50%, 10/15/2015		2,621

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 86.2% - (continued)
		Information - 13.2% - (continued)
		Mediacom LLC
$	2,460	9.13%, 08/15/2019	$	2,681
		MetroPCS Wireless, Inc.
	1,580	6.63%, 11/15/2020		1,521
	3,340	7.88%, 09/01/2018		3,424
		Paetec Holding Corp.
	1,361	9.88%, 12/01/2018		1,541
		Qwest Corp.
	1,909	7.25%, 10/15/2035 ‡		1,916
		Sprint Nextel Corp.
	2,103	9.00%, 11/15/2018 ■		2,316
		Syniverse Holdings, Inc.
	2,460	9.13%, 01/15/2019		2,728
		Trilogy International Partners LLC
	2,006	10.25%, 08/15/2016 ■		1,765
		UPCB Finance III Ltd.
	2,015	6.63%, 07/01/2020 ■		2,045
		UPCB Finance VI Ltd.
	1,310	6.88%, 01/15/2022 ■		1,346
		Viasat, Inc.
	398	6.88%, 06/15/2020 ■		403
		Videotron Ltee
	1,651	9.13%, 04/15/2018		1,824
		Windstream Corp.
	2,050	7.50%, 04/01/2023		2,127
				68,012
		Machinery Manufacturing - 1.0%
		Case New Holland, Inc.
	4,344	7.88%, 12/01/2017		5,061
		Mining - 1.8%
		FMG Resources Pty Ltd.
	2,491	6.00%, 04/01/2017 ■		2,535
	2,324	7.00%, 11/01/2015 ■		2,405
	916	8.25%, 11/01/2019 ■		991
		Peabody Energy Corp.
	2,075	6.00%, 11/15/2018 ■		2,106
	1,116	6.50%, 09/15/2020		1,147
				9,184
		Miscellaneous Manufacturing - 1.9%
		BE Aerospace, Inc.
	411	5.25%, 04/01/2022		419
	1,558	6.88%, 10/01/2020		1,725
		Reynolds Group Issuer, Inc.
	1,275	7.88%, 08/15/2019 ■		1,377
	2,515	9.00%, 04/15/2019 ■		2,528
		Transdigm, Inc.
	3,645	7.75%, 12/15/2018		3,973
				10,022
		Motor Vehicle and Parts Manufacturing - 2.6%
		Ford Motor Co.
	1,540	7.50%, 08/01/2026		1,748
	2,824	9.22%, 09/15/2021		3,481
		Tenneco, Inc.
	2,485	7.75%, 08/15/2018		2,696
		TRW Automotive, Inc.
	2,281	3.50%, 12/01/2015		3,940
	1,220	7.25%, 03/15/2017 ■		1,391
	390	8.88%, 12/01/2017 ■		435
				13,691
		Nonmetallic Mineral Product Manufacturing - 0.9%
		Ardagh Packaging Finance
	323	7.38%, 10/15/2017 ■		350
		Silgan Holdings, Inc.
	4,100	5.00%, 04/01/2020 ■		4,141
				4,491
		Other Services - 1.2%
		Service Corp. International
	5,660	7.63%, 10/01/2018		6,367
		Paper Manufacturing - 0.5%
		Westvaco Corp.
	2,117	8.20%, 01/15/2030		2,429
		Petroleum and Coal Products Manufacturing - 5.7%
		Alpha Natural Resources, Inc.
	1,504	6.00%, 06/01/2019		1,406
		Antero Resources Finance Corp.
	2,555	7.25%, 08/01/2019 ■		2,632
		Chesapeake Energy Corp.
	2,486	6.78%, 03/15/2019		2,418
	1,905	6.88%, 08/15/2018		1,886
		Concho Resources, Inc.
	1,614	7.00%, 01/15/2021		1,755
		Continental Resources, Inc.
	1,275	5.00%, 09/15/2022 ■		1,294
		Denbury Resources, Inc.
	1,403	9.75%, 03/01/2016 ‡		1,543
		Endeavour International
	2,907	12.00%, 03/01/2018 ■		2,936
		Ferrellgas Partners L.P.
	635	6.50%, 05/01/2021		579
		Lone Pine Resources, Inc.
	1,185	10.38%, 02/15/2017 ■		1,215
		Newfield Exploration Co.
	1,464	5.75%, 01/30/2022		1,559
		Plains Exploration & Production Co.
	844	6.75%, 02/01/2022		878
		Range Resources Corp.
	3,770	5.00%, 08/15/2022		3,761
	1,245	5.75%, 06/01/2021		1,304
		Rosetta Resources, Inc.
	1,662	9.50%, 04/15/2018		1,822
		WPX Energy, Inc.
	2,515	6.00%, 01/15/2022 ■		2,446
				29,434
		Pipeline Transportation - 2.6%
		El Paso Corp.
	1,130	7.75%, 01/15/2032		1,291
	2,218	7.80%, 08/01/2031		2,529
		Energy Transfer Equity L.P.
	1,757	7.50%, 10/15/2020		1,946

The accompanying notes are an integral part of these financial statements.

7

The Hartford High Yield Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 86.2% - (continued)
		Pipeline Transportation - 2.6% - (continued)
		Kinder Morgan Finance Co.
$	2,025	6.00%, 01/15/2018 ■	$	2,126
		Markwest Energy
	1,480	6.25%, 06/15/2022		1,558
		NGPL Pipeco LLC
	1,465	7.12%, 12/15/2017 ■		1,417
		Rockies Express Pipeline
	1,403	5.63%, 04/15/2020 ■		1,263
	1,770	6.88%, 04/15/2040 ■		1,478
				13,608
		Primary Metal Manufacturing - 0.3%
		Novelis, Inc.
	1,608	8.75%, 12/15/2020		1,773
		Printing and Related Support Activities - 0.3%
		Sheridan (The) Group, Inc.
	1,880	12.50%, 04/15/2014		1,589
		Professional, Scientific and Technical Services - 1.5%
		Lamar Media Corp.
	1,035	7.88%, 04/15/2018		1,132
		SunGard Data Systems, Inc.
	2,615	7.38%, 11/15/2018		2,792
	1,075	7.63%, 11/15/2020		1,146
	2,590	10.25%, 08/15/2015		2,684
				7,754
		Rail Transportation - 0.0%
		RailAmerica, Inc.
	231	9.25%, 07/01/2017		242
		Real Estate, Rental and Leasing - 3.4%
		Air Lease Corp.
	2,996	5.63%, 04/01/2017 ■		2,921
		International Lease Finance Corp.
	6,710	5.88%, 04/01/2019		6,590
	1,220	6.25%, 05/15/2019		1,232
	2,270	8.88%, 09/01/2017		2,554
		Realogy Corp.
	1,282	7.63%, 01/15/2020 ■		1,330
		United Rental Financing Escrow Corp.
	208	5.75%, 07/15/2018 ■		215
	377	7.38%, 05/15/2020 ■		396
	375	7.63%, 04/15/2022 ■		396
		United Rentals North America, Inc.
	1,797	8.38%, 09/15/2020		1,891
				17,525
		Retail Trade - 2.5%
		Amerigas Partners L.P.
	2,266	6.25%, 08/20/2019		2,289
		Building Materials Corp.
	2,001	7.50%, 03/15/2020 ■		2,131
		J.C. Penney Co., Inc.
	809	7.63%, 03/01/2097		726
		Michaels Stores, Inc.
	3,720	7.75%, 11/01/2018		3,915
		Number Merger Sub, Inc.
	2,510	11.00%, 12/15/2019 ■		2,717
		Sally Holdings
	985	6.88%, 11/15/2019 ■		1,049
				12,827
		Soap, Cleaning Compound and Toilet Manufacturing - 0.5%
		Revlon Consumer Products
	2,435	9.75%, 11/15/2015		2,627
		Software - 0.3%
		Lawson Software
	1,320	9.38%, 04/01/2019 ■		1,379
		Transportation Equipment Manufacturing - 0.7%
		Huntington Ingalls Industries, Inc.
	3,670	7.13%, 03/15/2021		3,886
		Truck Transportation - 0.8%
		Swift Transportation Co., Inc.
	3,714	12.50%, 05/15/2017 ■		3,955
		Utilities - 3.6%
		AES (The) Corp.
	2,290	8.00%, 10/15/2017		2,611
	1,636	9.75%, 04/15/2016 ‡		1,930
		Calpine Corp.
	4,405	7.88%, 01/15/2023 ■		4,746
		Edison Mission Energy
	5,713	7.00%, 05/15/2017		3,571
		Energy Future Intermediate Holding Co. LLC
	2,535	10.00%, 12/01/2020		2,798
		NRG Energy, Inc.
	1,802	8.50%, 06/15/2019		1,838
		Texas Competitive Electric Co.
	1,960	11.50%, 10/01/2020 ■		1,215
				18,709
		Water Transportation - 0.5%
		ACL I Corp.
	2,615	10.63%, 02/15/2016 ■Þ		2,543
		Wholesale Trade - 1.9%
		Everest Acquisition LLC
	405	6.88%, 05/01/2019 ■		425
	5,070	9.38%, 05/01/2020 ■		5,400
		HD Supply, Inc.
	3,185	8.13%, 04/15/2019 ■		3,420
		J.M. Huber Corp.
	405	9.88%, 11/01/2019 ■		429
				9,674
		Total corporate bonds
		(cost $438,283)	$	445,699
SENIOR FLOATING RATE INTERESTS ♦ - 5.0%
		Air Transportation - 0.4%
		Macquarie Aircraft Leasing Finance S.A., Second Lien Term Loan
$	1,905	4.24%, 11/29/2013	$	1,877

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount					Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 5.0% - (continued)
		Finance and Insurance - 0.5%
		Asurion Corp., Second Lien Term Loan
$	1,517	9.00%, 05/24/2019			$	1,538
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	230	8.75%, 12/17/2017				227
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	547	8.75%, 12/17/2017				541
						2,306
		Information - 0.8%
		WideOpenWest Finance LLC, Second Lien Term Loan
	4,165	6.49%, 06/29/2015 Þ				4,124
		Motor Vehicle and Parts Manufacturing - 1.7%
		General Motors Co.
	9,860	0.38%, 10/27/2015 ◊☼				8,831
		Retail Trade - 1.1%
		Easton-Bell Sports, Inc.
	5,815	11.50%, 12/31/2015 Þ				5,757
		Utilities - 0.5%
		Texas Competitive Electric Co.
	5,000	4.74%, 10/10/2017				2,753
		Total senior floating rate interests
		(cost $26,314)			$	25,648
COMMON STOCKS - 0.1%
		Energy - 0.1%
	104,552	KCA Deutag ⌂●†			$	491
		Software & Services - 0.0%
	16	Stratus Technologies, Inc. ●†				—
		Total common stocks
		(cost $1,417)			$	491
PREFERRED STOCKS - 1.4%
		Automobiles & Components - 0.7%
	91	General Motors Co., 4.75% ۞			$	3,560
		Diversified Financials - 0.7%
	159	GMAC Capital Trust I ۞				3,819
		Software & Services - 0.0%
	4	Stratus Technologies, Inc. †				—
		Total preferred stocks
		(cost $7,707)			$	7,379
WARRANTS - 0.0%
		Food, Beverage & Tobacco - 0.0%
	1	ASG Consolidated LLC ■			$	98
		Total warrants
		(cost $32)			$	98
		Total long-term investments
		(cost $477,093)			$	481,637
SHORT-TERM INVESTMENTS - 6.7%
Repurchase Agreements - 6.7%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $8,559, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $8,730)
$	8,559	0.20%, 04/30/2012			$	8,559
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $11,466, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $11,695)
	11,466	0.20%, 04/30/2012				11,466
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4,528, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $4,619)
	4,528	0.21%, 04/30/2012				4,528
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,750, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $3,825)
	3,750	0.19%, 04/30/2012				3,750
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4, collateralized by U.S. Treasury Note 0.75%, 2013, value of $4)
	4	0.17%, 04/30/2012				4
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $6,156, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $6,279)
	6,156	0.21%, 04/30/2012				6,156
						34,463
		Total short-term investments
		(cost $34,463)			$	34,463
		Total investments
		(cost $511,556) ▲	99.8	%	$	516,100
		Other assets and liabilities	0.2	%		880
		Total net assets	100.0	%	$	516,980

The accompanying notes are an integral part of these financial statements.

9

The Hartford High Yield Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $513,219 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	13,179
Unrealized Depreciation		(10,298	)
Net Unrealized Appreciation	$	2,881

† These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $491, which represents 0.1% of total net assets.

● Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Δ Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.

Þ This security may pay interest in additional principal instead of cash.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $164,839, which represents 31.9% of total net assets.

۞ Convertible security.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $13,653 at April 30, 2012.

◊ The interest rate disclosed for these securities represents an estimated average coupon as of April 30, 2012.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of April 30, 2012.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
03/2011		104,552	KCA Deutag		1,417

At April 30, 2012, the aggregate value of these securities was $491, which represents 0.1% of total net assets.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

10

The Hartford High Yield Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	2,322	$	–	$	2,322	$	–
Common Stocks ‡		491		–		–		491
Corporate Bonds		445,699		–		444,484		1,215
Preferred Stocks		7,379		7,379		–		–
Senior Floating Rate Interests		25,648		–		25,648		–
Warrants		98		98		–		–
Short-Term Investments		34,463		–		34,463		–
Total	$	516,100	$	7,477	$	506,917	$	1,706

♦	For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of April 30, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	—	$	—		$	—	*	$	—		$	—	$	—		$	—	$	—	$	—
Common Stocks		910		—			(419	)†		—			—		—			—		—		491
Corporate Bonds		1,169		(16	)		6	‡		(1	)		1,275		(1,218	)		—		—		1,215
Total	$	2,079	$	(16	)	$	(413	)	$	(1	)	$	1,275	$	(1,218	)	$	—	$	—	$	1,706

*	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was zero.
†	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(419).
‡	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(3).

The accompanying notes are an integral part of these financial statements. 

11

The Hartford High Yield Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $511,556)	$	516,100
Cash		4,093
Receivables:
Investment securities sold		3,083
Fund shares sold		8,154
Dividends and interest		9,670
Other assets		98
Total assets		541,198
Liabilities:
Payables:
Investment securities purchased		21,065
Fund shares redeemed		1,439
Investment management fees		54
Dividends		313
Administrative fees		—
Distribution fees		30
Accrued expenses		69
Other liabilities		1,248
Total liabilities		24,218
Net assets	$	516,980
Summary of Net Assets:
Capital stock and paid-in-capital	$	552,601
Undistributed net investment income		62
Accumulated net realized loss		(40,227	)
Unrealized appreciation of investments		4,544
Net assets	$	516,980
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$7.37/$7.72
Shares outstanding		39,701
Net assets	$	292,535
Class B: Net asset value per share	$	7.33
Shares outstanding		1,618
Net assets	$	11,864
Class C: Net asset value per share	$	7.35
Shares outstanding		14,783
Net assets	$	108,606
Class I: Net asset value per share	$	7.40
Shares outstanding		11,014
Net assets	$	81,516
Class R3: Net asset value per share	$	7.36
Shares outstanding		235
Net assets	$	1,727
Class R4: Net asset value per share	$	7.37
Shares outstanding		157
Net assets	$	1,159
Class R5: Net asset value per share	$	7.37
Shares outstanding		67
Net assets	$	490
Class Y: Net asset value per share	$	7.36
Shares outstanding		2,593
Net assets	$	19,083

The accompanying notes are an integral part of these financial statements.

12

The Hartford High Yield Fund

Statement of Operations

For the Six Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	134
Interest		18,132
Total investment income		18,266
Expenses:
Investment management fees		1,596
Administrative services fees		2
Transfer agent fees		305
Distribution fees
Class A		357
Class B		61
Class C		495
Class R3		4
Class R4		1
Custodian fees		5
Accounting services fees		49
Registration and filing fees		70
Board of Directors' fees		6
Audit fees		7
Other expenses		38
Total expenses (before waivers and fees paid indirectly)		2,996
Expense waivers		(122	)
Custodian fee offset		(1	)
Total waivers and fees paid indirectly		(123	)
Total expenses, net		2,873
Net Investment Income		15,393
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		3,567
Net realized gain on written options		602
Net realized loss on swap contracts		(765	)
Net realized gain on foreign currency contracts		—
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		3,404
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		8,067
Net unrealized depreciation of written options		(15	)
Net unrealized depreciation of swap contracts		(584	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		7,468
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		10,872
Net Increase in Net Assets Resulting from Operations	$	26,265

The accompanying notes are an integral part of these financial statements.

13

The Hartford High Yield Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	15,393		$	29,756
Net realized gain on investments, other financial instruments and foreign currency transactions		3,404			18,218
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		7,468			(26,949	)
Net Increase In Net Assets Resulting From Operations		26,265			21,025
Distributions to Shareholders:
From net investment income
Class A		(9,181	)		(17,146	)
Class B		(353	)		(1,074	)
Class C		(2,821	)		(5,436	)
Class I		(2,416	)		(2,838	)
Class R3		(48	)		(67	)
Class R4		(24	)		(26	)
Class R5		(13	)		(37	)
Class Y		(657	)		(3,015	)
Total distributions		(15,513	)		(29,639	)
Capital Share Transactions:
Class A		5,389			2,549
Class B		(1,406	)		(6,659	)
Class C		3,928			18,786
Class I		(6,018	)		64,175
Class R3		263			1,078
Class R4		649			173
Class R5		159			(154	)
Class Y		(1,506	)		(23,444	)
Net increase from capital share transactions		1,458			56,504
Net Increase In Net Assets		12,210			47,890
Net Assets:
Beginning of period		504,770			456,880
End of period	$	516,980		$	504,770
Undistributed (distribution in excess of) net investment income (loss)	$	62		$	182

The accompanying notes are an integral part of these financial statements.

14

The Hartford High Yield Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford High Yield Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

15

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

16

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

17

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase

18

agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments.

19

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of April 30, 2012.

b) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied

20

volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund had no outstanding purchased options contracts as of April 30, 2012. Transactions involving written options contracts for the Fund during the six-month period ended April 30, 2012, are summarized below:

Options Contract Activity During the Six-Month Period Ended April 30, 2012:

Call Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		7,100,000		$	300
Written		—			—
Expired		(7,100,000	)		(300	)
Closed		—			—
Exercised		—			—
End of Period		—		$	—

Put Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		7,100,000		$	301
Written		—			—
Expired		(7,100,000	)		(301	)
Closed		—			—
Exercised		—			—
End of Period		—		$	—

c) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, investments or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

21

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund had no outstanding credit default swaps as of April 30, 2012.

d) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on written options	$	—	$	—	$	602		$	—	$	—	$	—	$	602
Net realized loss on swap contracts		—		—		(765	)		—		—		—		(765	)
Net realized gain on foreign currency contracts		—		—		—			—		—		—		—
Total	$	—	$	—	$	(163	)	$	—	$	—	$	—	$	(163	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of written options	$	—	$	—	$	(15	)	$	—	$	—	$	—	$	(15	)
Net change in unrealized depreciation of swap contracts		—		—		(584	)		—		—		—		(584	)
Total	$	—	$	—	$	(599	)	$	—	$	—	$	—	$	(599	)

22

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale

23

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	29,686	$	31,625

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	520
Accumulated Capital Losses *		(41,969	)
Unrealized Depreciation †		(4,587	)
Total Accumulated Deficit	$	(46,036	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(240	)
Accumulated Net Realized Gain (Loss)		240

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

24

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2014	$	2,104
2016		21,761
2017		18,104
Total	$	41,969

During the year ended October 31, 2011, the Fund utilized $19,498 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective March 5, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to March 5, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.650	%
On next $500 million		0.600	%
On next $1.5 billion		0.595	%
On next $2.5 billion		0.590	%
On next $5 billion		0.580	%
Over $10 billion		0.570	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.650	%
On next $4.5 billion		0.600	%
On next $5 billion		0.580	%
Over $10 billion		0.570	%

25

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.05	%		1.80	%		1.80	%		0.80	%		1.35	%		1.05	%		0.75	%		0.70	%

d) Fees Paid Indirectly – The Fund’s custodian bank, State Street Bank and Trust Co., has agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.05	%
Class B		1.80
Class C		1.80
Class I		0.80
Class R3		1.35
Class R4		1.05
Class R5		0.75
Class Y		0.70

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $518 and contingent deferred sales charges of $30 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, 

26

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 services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $14.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		13		8	%
Class R5		18		27
Class Y		15		1

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	403,059
Sales Proceeds Excluding U.S. Government Obligations		341,408
Cost of Purchases for U.S. Government Obligations		176,264
Sales Proceeds for U.S. Government Obligations		175,949

27

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		13,230		1,064		(13,562	)		—		732			29,956		2,026		(31,653	)		—		329
Amount	$	94,809	$	7,698	$	(97,118	)	$	—	$	5,389		$	219,290	$	14,952	$	(231,693	)	$	—	$	2,549
Class B
Shares		165		42		(404	)		—		(197	)		353		125		(1,377	)		—		(899	)
Amount	$	1,194	$	305	$	(2,905	)	$	—	$	(1,406	)	$	2,588	$	924	$	(10,171	)	$	—	$	(6,659	)
Class C
Shares		6,426		315		(6,264	)		—		477			11,677		596		(9,606	)		—		2,667
Amount	$	46,275	$	2,271	$	(44,618	)	$	—	$	3,928		$	85,052	$	4,388	$	(70,654	)	$	—	$	18,786
Class I
Shares		9,058		292		(10,253	)		—		(903	)		19,994		322		(11,254	)		—		9,062
Amount	$	65,249	$	2,122	$	(73,389	)	$	—	$	(6,018	)	$	144,991	$	2,390	$	(83,206	)	$	—	$	64,175
Class R3
Shares		51		7		(21	)		—		37			167		9		(28	)		—		148
Amount	$	366	$	48	$	(151	)	$	—	$	263		$	1,218	$	67	$	(207	)	$	—	$	1,078
Class R4
Shares		105		3		(18	)		—		90			82		3		(61	)		—		24
Amount	$	756	$	24	$	(131	)	$	—	$	649		$	603	$	25	$	(455	)	$	—	$	173
Class R5
Shares		24		2		(4	)		—		22			48		5		(75	)		—		(22	)
Amount	$	172	$	13	$	(26	)	$	—	$	159		$	360	$	36	$	(550	)	$	—	$	(154	)
Class Y
Shares		282		91		(580	)		—		(207	)		1,303		418		(4,972	)		—		(3,251	)
Amount	$	2,041	$	657	$	(4,204	)	$	—	$	(1,506	)	$	9,778	$	3,015	$	(36,237	)	$	—	$	(23,444	)
Total
Shares		29,341		1,816		(31,106	)		—		51			63,580		3,504		(59,026	)		—		8,058
Amount	$	210,862	$	13,138	$	(222,542	)	$	—	$	1,458		$	463,880	$	25,797	$	(433,173	)	$	—	$	56,504

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011: 

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		117	$	843
For the Year Ended October 31, 2011		235	$	1,748

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

28

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

29

The Hartford High Yield Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	7.20	$	0.23	$	–	$	0.17		$	0.40		$	(0.23	)	$	–	$	–	$	(0.23	)	$	0.17		$	7.37
B		7.17		0.20		–		0.17			0.37			(0.21	)		–		–		(0.21	)		0.16			7.33
C		7.18		0.20		–		0.18			0.38			(0.21	)		–		–		(0.21	)		0.17			7.35
I		7.23		0.24		–		0.17			0.41			(0.24	)		–		–		(0.24	)		0.17			7.40
R3		7.20		0.22		–		0.16			0.38			(0.22	)		–		–		(0.22	)		0.16			7.36
R4		7.20		0.23		–		0.17			0.40			(0.23	)		–		–		(0.23	)		0.17			7.37
R5		7.20		0.24		–		0.17			0.41			(0.24	)		–		–		(0.24	)		0.17			7.37
Y		7.19		0.24		–		0.18			0.42			(0.25	)		–		–		(0.25	)		0.17			7.36
For the Year Ended October 31, 2011
A		7.37		0.53		–		(0.17	)		0.36			(0.53	)		–		–		(0.53	)		(0.17	)		7.20
B		7.34		0.48		–		(0.17	)		0.31			(0.48	)		–		–		(0.48	)		(0.17	)		7.17
C		7.35		0.47		–		(0.16	)		0.31			(0.48	)		–		–		(0.48	)		(0.17	)		7.18
I		7.39		0.55		–		(0.16	)		0.39			(0.55	)		–		–		(0.55	)		(0.16	)		7.23
R3		7.36		0.51		–		(0.16	)		0.35			(0.51	)		–		–		(0.51	)		(0.16	)		7.20
R4		7.37		0.53		–		(0.17	)		0.36			(0.53	)		–		–		(0.53	)		(0.17	)		7.20
R5		7.37		0.56		–		(0.18	)		0.38			(0.55	)		–		–		(0.55	)		(0.17	)		7.20
Y		7.36		0.57		–		(0.18	)		0.39			(0.56	)		–		–		(0.56	)		(0.17	)		7.19
For the Year Ended October 31, 2010
A		6.73		0.59		–		0.65			1.24			(0.60	)		–		–		(0.60	)		0.64			7.37
B		6.71		0.54		–		0.64			1.18			(0.55	)		–		–		(0.55	)		0.63			7.34
C		6.71		0.54		–		0.65			1.19			(0.55	)		–		–		(0.55	)		0.64			7.35
I		6.74		0.61		–		0.66			1.27			(0.62	)		–		–		(0.62	)		0.65			7.39
R3		6.73		0.56		–		0.65			1.21			(0.58	)		–		–		(0.58	)		0.63			7.36
R4		6.73		0.59		–		0.65			1.24			(0.60	)		–		–		(0.60	)		0.64			7.37
R5		6.73		0.61		–		0.65			1.26			(0.62	)		–		–		(0.62	)		0.64			7.37
Y		6.73		0.62		–		0.64			1.26			(0.63	)		–		–		(0.63	)		0.63			7.36
For the Year Ended October 31, 2009
A		5.52		0.59		–		1.22			1.81			(0.60	)		–		–		(0.60	)		1.21			6.73
B		5.51		0.55		–		1.21			1.76			(0.56	)		–		–		(0.56	)		1.20			6.71
C		5.51		0.54		–		1.21			1.75			(0.55	)		–		–		(0.55	)		1.20			6.71
I		5.53		0.61		–		1.21			1.82			(0.61	)		–		–		(0.61	)		1.21			6.74
R3		5.52		0.57		–		1.22			1.79			(0.58	)		–		–		(0.58	)		1.21			6.73
R4		5.53		0.59		–		1.21			1.80			(0.60	)		–		–		(0.60	)		1.20			6.73
R5		5.53		0.60		–		1.21			1.81			(0.61	)		–		–		(0.61	)		1.20			6.73
Y		5.53		0.61		–		1.21			1.82			(0.62	)		–		–		(0.62	)		1.20			6.73
For the Year Ended October 31, 2008 (G)
A		7.92		0.58		–		(2.40	)		(1.82	)		(0.58	)		–		–		(0.58	)		(2.40	)		5.52
B		7.91		0.53		–		(2.41	)		(1.88	)		(0.52	)		–		–		(0.52	)		(2.40	)		5.51
C		7.91		0.53		–		(2.41	)		(1.88	)		(0.52	)		–		–		(0.52	)		(2.40	)		5.51
I		7.93		0.60		–		(2.40	)		(1.80	)		(0.60	)		–		–		(0.60	)		(2.40	)		5.53
R3		7.93		0.56		–		(2.41	)		(1.85	)		(0.56	)		–		–		(0.56	)		(2.41	)		5.52
R4		7.93		0.59		–		(2.41	)		(1.82	)		(0.58	)		–		–		(0.58	)		(2.40	)		5.53
R5		7.93		0.60		–		(2.40	)		(1.80	)		(0.60	)		–		–		(0.60	)		(2.40	)		5.53
Y		7.93		0.60		–		(2.40	)		(1.80	)		(0.60	)		–		–		(0.60	)		(2.40	)		5.53
For the Year Ended October 31, 2007
A		7.93		0.58		–		(0.01	)		0.57			(0.58	)		–		–		(0.58	)		(0.01	)		7.92
B		7.92		0.52		–		(0.01	)		0.51			(0.52	)		–		–		(0.52	)		(0.01	)		7.91
C		7.92		0.53		–		(0.01	)		0.52			(0.53	)		–		–		(0.53	)		(0.01	)		7.91
I(H)		8.25		0.26		–		(0.33	)		(0.07	)		(0.25	)		–		–		(0.25	)		(0.32	)		7.93
R3(I)		8.04		0.48		–		(0.13	)		0.35			(0.46	)		–		–		(0.46	)		(0.11	)		7.93
R4(I)		8.04		0.50		–		(0.13	)		0.37			(0.48	)		–		–		(0.48	)		(0.11	)		7.93
R5(I)		8.04		0.52		–		(0.13	)		0.39			(0.50	)		–		–		(0.50	)		(0.11	)		7.93
Y		7.92		0.71		–		(0.09	)		0.62			(0.61	)		–		–		(0.61	)		0.01			7.93

30

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and  Reimbursements and Including  Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and  Reimbursements and Including  Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and  Reimbursements and Excluding  Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	5.69	%(E)	$	292,535		1.11	%(F)		1.05	%(F)		1.05	%(F)		6.39	%(F)		92	%
	5.19	(E)		11,864		2.00	(F)		1.80	(F)		1.80	(F)		5.68	(F)		–
	5.33	(E)		108,606		1.81	(F)		1.80	(F)		1.80	(F)		5.63	(F)		–
	5.81	(E)		81,516		0.83	(F)		0.80	(F)		0.80	(F)		6.59	(F)		–
	5.40	(E)		1,727		1.49	(F)		1.35	(F)		1.35	(F)		6.07	(F)		–
	5.70	(E)		1,159		1.16	(F)		1.05	(F)		1.05	(F)		6.24	(F)		–
	5.85	(E)		490		0.85	(F)		0.75	(F)		0.75	(F)		6.60	(F)		–
	5.88	(E)		19,083		0.72	(F)		0.70	(F)		0.70	(F)		6.76	(F)		–
	4.95			280,568		1.14			1.05			1.05			7.19			117
	4.19			13,007		1.99			1.80			1.80			6.45			–
	4.20			102,694		1.83			1.80			1.80			6.43			–
	5.36			86,138		0.82			0.79			0.79			7.38			–
	4.79			1,423		1.51			1.35			1.35			6.85			–
	4.95			483		1.19			1.05			1.05			7.13			–
	5.27			321		0.84			0.75			0.75			7.45			–
	5.32			20,136		0.73			0.70			0.70			7.53			–
	19.14			284,606		1.20			1.20			1.20			8.43			141
	18.17			19,919		2.06			1.95			1.95			7.73			–
	18.38			85,523		1.89			1.89			1.89			7.73			–
	19.63			21,098		0.88			0.88			0.88			8.51			–
	18.70			371		1.61			1.45			1.45			8.16			–
	19.20			318		1.27			1.15			1.15			8.24			–
	19.51			492		0.90			0.88			0.88			8.52			–
	19.47			44,553		0.79			0.79			0.79			8.85			–
	35.01			202,256		1.30			1.15			1.15			10.16			182
	34.05			22,749		2.18			1.80			1.80			9.54			–
	33.90			51,777		1.96			1.90			1.90			9.41			–
	35.30			2,068		0.86			0.86			0.86			10.36			–
	34.68			166		1.69			1.40			1.40			9.89			–
	34.83			18		1.36			1.10			1.10			10.21			–
	35.11			11		0.89			0.89			0.89			10.46			–
	35.21			49,568		0.79			0.79			0.79			10.50			–
	(24.40	)		117,343		1.30			1.15			1.15			8.07			111
	(25.00	)		17,838		2.13			1.87			1.87			7.34			–
	(25.01	)		21,634		1.97			1.90			1.90			7.30			–
	(24.11	)		777		0.82			0.82			0.82			8.82			–
	(24.70	)		14		1.63			1.40			1.40			7.93			–
	(24.32	)		8		1.19			1.10			1.10			8.15			–
	(24.16	)		8		0.90			0.90			0.90			8.35			–
	(24.09	)		13,394		0.79			0.79			0.79			8.57			–
	7.36			171,505		1.36			1.15			1.15			7.26			145
	6.56			31,591		2.17			1.90			1.90			6.51			–
	6.63			35,066		2.03			1.83			1.83			6.58			–
	(0.76	)(E)		149		0.95	(F)		0.75	(F)		0.75	(F)		8.07	(F)		–
	4.49	(E)		10		1.66	(F)		1.40	(F)		1.40	(F)		6.99	(F)		–
	4.75	(E)		10		1.34	(F)		1.10	(F)		1.10	(F)		7.29	(F)		–
	4.96	(E)		11		1.06	(F)		0.85	(F)		0.85	(F)		7.54	(F)		–
	7.96			4,897		0.87			0.67			0.67			7.62			–

31

The Hartford High Yield Fund

Financial Highlights – (continued)

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Not annualized.
(F)	Annualized.
(G)	Per share amounts have been calculated using average shares outstanding method.
(H)	Commenced operations on May 31, 2007.
(I)	Commenced operations on December 22, 2006.

32

The Hartford High Yield Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

33

The Hartford High Yield Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

34

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

35

The Hartford High Yield Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,056.90	$	5.37	$	1,000.00	$	1,019.64	$	5.27	1.05	%		182		366
Class B	$	1,000.00	$	1,051.90	$	9.18	$	1,000.00	$	1,015.91	$	9.02	1.80			182		366
Class C	$	1,000.00	$	1,053.30	$	9.15	$	1,000.00	$	1,015.95	$	8.99	1.80			182		366
Class I	$	1,000.00	$	1,058.10	$	4.09	$	1,000.00	$	1,020.89	$	4.02	0.80			182		366
Class R3	$	1,000.00	$	1,054.00	$	6.90	$	1,000.00	$	1,018.15	$	6.77	1.35			182		366
Class R4	$	1,000.00	$	1,057.00	$	5.38	$	1,000.00	$	1,019.64	$	5.28	1.05			182		366
Class R5	$	1,000.00	$	1,058.50	$	3.84	$	1,000.00	$	1,021.13	$	3.77	0.75			182		366
Class Y	$	1,000.00	$	1,058.80	$	3.58	$	1,000.00	$	1,021.38	$	3.52	0.70			182		366

36

The Hartford High Yield Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on February 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford High Yield Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on March 5, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Contracts Committee also met in person with the proposed portfolio manager for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, And Quality Of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s fixed income capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality fixed income manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global fixed income capabilities, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that during the past ten years, Wellington Management had been committed to supporting the growth of its fixed income teams by allocating additional resources, personnel and technology to these teams, and also noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including fixed income mutual funds, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk management systems, noting that they are embedded within the firm’s fixed income process.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Contracts Committee’s meeting with the proposed portfolio manager, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio manager and investment professionals and sector specialists that would support the proposed portfolio manager.

37

The Hartford High Yield Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Contracts Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including the performance of the Wellington Management composite for accounts with substantially similar investment objectives, policies and principal investment strategies to one or more components of the Fund’s principal investment strategy. The Board noted that the performance of the relevant Wellington Management composite was favorable in the long term and noted similarities between portfolio statistics of the composite when compared to the Fund. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio manager’s investment experience and the experience of the investment professionals and sector specialists that would support the proposed portfolio manager, and their investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Contracts Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the

38

management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

39

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-HY12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Inflation Plus Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Inflation Plus Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	8
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	9
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	10
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	11
Notes to Financial Statements (Unaudited)	12
Financial Highlights (Unaudited)	26
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Expense Example (Unaudited)	32
Approval of Investment Sub-Advisory Agreement (Unaudited)	33

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Inflation Plus Fund inception 10/31/2002

(sub-advised by Wellington Management Company LLP)

Investment objective – Seeks a total return that exceeds the rate of inflation over an economic cycle.

Performance Overview  10/31/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			Since Inception
Inflation Plus A#		3.37	%		11.26	%		7.79	%		6.34	%
Inflation Plus A##					6.25	%		6.81	%		5.82	%
Inflation Plus B#		3.02	%		10.47	%		6.97	%		NA	*
Inflation Plus B##					5.47	%		6.67	%		NA	*
Inflation Plus C#		3.03	%		10.48	%		6.98	%		5.56	%
Inflation Plus C##					9.48	%		6.98	%		5.56	%
Inflation Plus I#		3.54	%		11.61	%		8.09	%		6.52	%
Inflation Plus R3#		3.20	%		10.91	%		7.38	%		5.95	%
Inflation Plus R4#		3.37	%		11.22	%		7.68	%		6.14	%
Inflation Plus R5#		3.46	%		11.55	%		7.99	%		6.33	%
Inflation Plus Y#		3.55	%		11.68	%		8.11	%		6.41	%
Barclays Capital U.S. TIPS Index		3.74	%		11.67	%		7.88	%		6.94	%

† Not Annualized

# Without sales charge

## With sales charge

* Since 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Class R3, R4 and R5 share performance prior to that date reflects Class Y share performance and operating expenses. Class Y shares commenced operations on 11/28/03. Accordingly, the "Since Inception" performance shown for Class Y, R3, R4 and R5 is since that date.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of March 5, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays Capital 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.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Inflation Plus Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Manager

Lindsay T. Politi

Vice President and Fixed Income Portfolio Manager

As of March 5, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund. As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Inflation Plus Fund returned 3.37%, before sales charge, for the six-month period ended April 30, 2012, underperforming its benchmark, the Barclays Capital U.S. Treasury Inflation Protected (TIPS) Index, which returned 3.74% for the same period. The Fund outperformed the 3.03% return of the average fund in the Lipper Treasury Inflation Protected Securities Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Positive developments out of Europe and improving U.S. economic data helped boost investor sentiment during the period. U.S. government bond yields rose, equity markets rallied, and fixed income spreads tightened in response to the increase in the market risk appetite.

In the U.S., economic data continued to slowly improve. The level of jobless claims remained consistent with an improving labor market and the unemployment rate dropped to 8.1% at the end of April 2012, a near three-year low. The service sector gained momentum, growing at a faster than expected pace during the period. Meanwhile, housing market data showed mixed results with a rise in home building sentiment and existing home sales, while new home sales lagged and housing prices continued to fall. The U.S. Federal Reserve maintained its accommodative stance throughout the period and reiterated that it would keep the fed funds rate exceptionally low through 2014

During the six-month period, the Fund underperformed its benchmark primarily due to sector allocation, where allocations to U.S. Treasuries and Agencies underperformed TIPS.

On March 5, 2012, Wellington Management Company, LLP became sub-adviser of the Fund replacing Hartford Investment Management Company. The Fund’s principal investment strategy did not change in connection with this transition.

What is the outlook?

We believe the TIPS market is reflective of a stable macroeconomic outlook and moderating commodity prices. U.S. growth and unemployment is likely to remain challenged, meaning the U.S. Federal Reserve will likely remain accommodative for an extended period of time. We expect inflation to fall over the next 6-12 months, settling in around 2% in mid-2012.

At the end of the period we had a neutral duration stance as we believe the continued interest rate volatility limits the attractiveness of active duration positioning. We have no allocation to nominal Treasuries, as we believe breakeven inflation levels are at fair value. At the end of the period we held a modest strategic allocation to select bank loans due to their attractive yield characteristics.

3

The Hartford Inflation Plus Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

Distribution by Credit Quality

as of April 30, 2012

Credit Rating*	Percentage of Net Assets
Ba / BB		1.6	%
B		0.6
Unrated		0.2
U.S. Government Agencies and Securities		96.8
Non Debt Securities and Other Short-Term Instruments		1.2
Other Assets & Liabilities		(0.4	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of April 30, 2012

Industry	Percentage of Net Assets
Air Transportation		0.1	%
Arts, Entertainment and Recreation		0.0
Chemical Manufacturing		0.1
Computer and Electronic Product Manufacturing		0.1
Finance and Insurance		0.1
Food Services		0.0
Health Care and Social Assistance		0.3
Information		0.7
Motor Vehicle and Parts Manufacturing		0.1
Other Services		0.1
Pipeline Transportation		0.1
Plastics and Rubber Products Manufacturing		0.1
Real Estate and Rental and Leasing		0.0
Retail Trade		0.2
Soap, Cleaning Compound and Toilet Manufacturing		0.1
U.S. Government Agencies		0.0
U.S. Government Securities		96.6
Utilities		0.2
Wholesale Trade		0.1
Short-Term Investments		1.4
Other Assets and Liabilities		(0.4	)
Total		100.0	%

4

The Hartford Inflation Plus Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 2.4%
		Air Transportation - 0.1%
		Delta Air Lines, Inc., Term Loan
$	2,500	5.50%, 04/20/2017◊	$	2,502
		Arts, Entertainment and Recreation - 0.0%
		Pinnacle Entertainment
	965	4.75%, 10/16/2018◊		966
		Chemical Manufacturing - 0.1%
		Ineos Holdings Ltd.
	1,330	5.47%, 04/27/2018 ◊☼		1,335
		Computer and Electronic Product Manufacturing - 0.1%
		Freescale Semiconductor, Inc.
	2,000	4.49%, 12/01/2016 ☼		1,959
		Finance and Insurance - 0.1%
		Asurion Corp., Term Loan
	2,500	5.50%, 05/24/2018		2,501
		Food Services - 0.0%
		Wendy's International, Inc.
	1,200	4.51%, 04/20/2019◊☼		1,206
		Health Care and Social Assistance - 0.3%
		Axcan Pharma, Inc.
	2,450	5.50%, 02/10/2017		2,425
		HCA, Inc., Tranche B-3 Term Loan
	2,000	3.49%, 05/01/2018◊☼		1,967
		Health Management Associates, Inc.
	2,000	4.50%, 11/16/2018		2,000
		Multiplan, Inc.
	800	4.75%, 08/26/2017◊☼		798
				7,190
		Information - 0.7%
		Charter Communications Operating LLC
	2,620	4.00%, 05/15/2019		2,610
		Emdeon, Inc.
	460	5.00%, 11/02/2018◊☼		463
		Lawson Software, Inc.
	1,355	6.25%, 04/15/2018		1,372
		Metro PCS Wireless, Inc., Term Loan B3
	2,400	4.00%, 03/17/2018◊☼		2,374
		Rovi Solutions Corp.
	3,125	4.00%, 03/29/2019		3,124
		Syniverse Technologies, Inc.
	1,530	4.51%, 04/20/2019◊☼		1,531
		Telesat Canada
	4,401	4.25%, 03/26/2019		4,394
				15,868
		Motor Vehicle and Parts Manufacturing - 0.1%
		Allison Transmission, Inc.
	3,000	2.74%, 08/07/2014◊☼		2,990
		Other Services - 0.1%
		Rexnord Corp.
	2,653	5.00%, 04/30/2018		2,671
		Pipeline Transportation - 0.1%
		El Paso Corp.
	1,250	6.27%, 04/10/2018 ◊☼		1,263
		Plastics and Rubber Products Manufacturing - 0.1%
		Goodyear Tire & Rubber Co.
	2,000	4.25%, 03/21/2019◊☼		1,971
		Real Estate and Rental and Leasing - 0.0%
		Delos Aircraft, Inc.
	400	4.75%, 03/17/2016		401
		Retail Trade - 0.2%
		Armstrong World Industries, Inc.
	1,712	4.00%, 03/10/2018		1,711
		Freedom Group, Inc.
	467	5.50%, 04/13/2019		471
		Weight Watchers International, Inc.
	3,265	4.00%, 03/15/2019		3,263
				5,445
		Soap, Cleaning Compound and Toilet Manufacturing - 0.1%
		Yankee Candle Co.
	1,572	5.25%, 03/14/2019		1,582
		Utilities - 0.2%
		Energy Transfer Equity L.P.
	4,445	3.75%, 05/08/2018		4,391
		Wholesale Trade - 0.1%
		Reynolds Consumer Products, Inc.
	2,750	6.50%, 02/09/2018		2,774
		Total senior floating rate interests
		(cost $56,658)	$	57,015
U.S. GOVERNMENT AGENCIES - 0.0%
		Federal National Mortgage Association - 0.0%
$	5	9.75%, 07/01/2020	$	5
	3	10.50%, 12/01/2018		3
	—	11.50%, 07/01/2015		1
				9
		Government National Mortgage Association - 0.0%
	4	11.00%, 12/20/2015 - 12/20/2018		5
		Total U.S. government agencies
		(cost $14)	$	14
U.S. GOVERNMENT SECURITIES - 96.6%
	U.S. Treasury Securities - 96.6%
		U.S. Treasury Bonds - 31.5%
$	91,885	1.75%, 01/15/2028 ◄	$	123,038
	49,455	2.00%, 01/15/2026 ◄		71,556
	97,591	2.13%, 02/15/2040 - 02/15/2041 ◄		140,384
	178,860	2.38%, 01/15/2025 - 01/15/2027 ◄		275,235
	82,310	2.50%, 01/15/2029 ◄		118,953
	5,000	3.63%, 04/15/2028 ◄		10,694
				739,860

The accompanying notes are an integral part of these financial statements. 

5

The Hartford Inflation Plus Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount						Market Value ╪
U.S. GOVERNMENT SECURITIES - 96.6% - (continued)
	U.S. Treasury Securities - 96.6% - (continued)
		U.S. Treasury Notes - 65.1%
$	129,175	0.13%, 04/15/2016 ◄			$	141,226
	175,075	0.50%, 04/15/2015 ◄				194,727
	47,600	0.63%, 07/15/2021 ◄				53,085
	24,566	0.75%, 02/15/2042 ◄				24,813
	189,175	1.13%, 01/15/2021 ◄				225,797
	93,040	1.25%, 04/15/2014 - 07/15/2020 ◄				108,927
	203,580	1.38%, 07/15/2018 - 01/15/2020 ◄				249,767
	34,500	1.63%, 01/15/2015 ◄				44,692
	58,700	1.88%, 07/15/2015 ◄				76,504
	213,110	2.00%, 01/15/2014 - 01/15/2016 ◄‡				277,526
	44,330	2.13%, 01/15/2019 ◄				56,966
	60,000	2.63%, 07/15/2017 ◄				79,805
						1,533,835
						2,273,695
		Total U.S. government securities
		(cost $2,114,540)			$	2,273,695
		Total long-term investments
		(cost $2,171,212)			$	2,330,724
SHORT-TERM INVESTMENTS - 1.4%
	Repurchase Agreements - 1.2%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $6,993, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $7,133)
$	6,993	0.20%, 04/30/2012			$	6,993
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $9,369, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $9,556)
	9,369	0.20%, 04/30/2012				9,369
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,700, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $3,774)
	3,700	0.21%, 04/30/2012				3,700
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,064, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $3,126)
	3,064	0.19%, 04/30/2012				3,064
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4, collateralized by U.S Treasury Note 0.75%, 2013, value of $4)
	4	0.17%, 04/30/2012				4
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $5,030, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $5,131)
	5,030	0.21%, 04/30/2012				5,030
						28,160
	U.S. Treasury Bills - 0.2%
	3,475	0.06%, 5/3/2012 ○			$	3,475
		Total short-term investments
		(cost $31,635)			$	31,635
		Total investments
		(cost $2,202,847) ▲	100.4	%	$	2,362,359
		Other assets and liabilities	(0.4	)%		(9,022	)
		Total net assets	100.0	%	$	2,353,337

 The accompanying notes are an integral part of these financial statements.

6

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $2,205,425 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	159,542
Unrealized Depreciation		(2,608	)
Net Unrealized Appreciation	$	156,934

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

◄ The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

◊ The interest rate disclosed for these securities represents an estimated average coupon as of April 30, 2012.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $16,789 at April 30, 2012.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.The rate at which the borrower repays cannot be predicted with accuracy.As a result, the actual remaining maturity may be substantially less than the stated maturities shown.Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of April 30, 2012.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)

Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford Inflation Plus Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Senior Floating Rate Interests		57,015		–		57,015		–
U.S. Government Agencies		14		–		14		–
U.S. Government Securities		2,273,695		143,766		2,129,929		–
Short-Term Investments		31,635		–		31,635		–
Total	$	2,362,359	$	143,766	$	2,218,593	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $156,019 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

 1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

 2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

 3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Net Amortization		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of April 30, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	—	$	(33	)	$	33	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	(33	)	$	33	$	—	$	—	$	—	$	—	$	—	$	—

The accompanying notes are an integral part of these financial statements. 

8

The Hartford Inflation Plus Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,202,847)	$	2,362,359
Receivables:
Fund shares sold		7,268
Dividends and interest		8,233
Other assets		131
Total assets		2,377,991
Liabilities:
Bank overdraft		3,452
Payables:
Investment securities purchased		16,789
Fund shares redeemed		3,827
Investment management fees		176
Administrative fees		4
Distribution fees		168
Accrued expenses		238
Total liabilities		24,654
Net assets	$	2,353,337
Summary of Net Assets:
Capital stock and paid-in-capital	$	2,178,370
Undistributed net investment income		4,301
Accumulated net realized gain		11,154
Unrealized appreciation of investments		159,512
Net assets	$	2,353,337
Shares authorized		6,245,000
Par value	$	0 .001
Class A: Net asset value per share/Maximum offering price per share		$12.24/$12.82
Shares outstanding		68,034
Net assets	$	832,885
Class B: Net asset value per share	$	12.06
Shares outstanding		5,094
Net assets	$	61,430
Class C: Net asset value per share	$	12.05
Shares outstanding		58,603
Net assets	$	706,306
Class I: Net asset value per share	$	12.34
Shares outstanding		25,999
Net assets	$	320,863
Class R3: Net asset value per share	$	12.17
Shares outstanding		6,930
Net assets	$	84,364
Class R4: Net asset value per share	$	12.25
Shares outstanding		2,813
Net assets	$	34,466
Class R5: Net asset value per share	$	12.31
Shares outstanding		558
Net assets	$	6,872
Class Y: Net asset value per share	$	12.34
Shares outstanding		24,815
Net assets	$	306,151

 The accompanying notes are an integral part of these financial statements. 

9

The Hartford Inflation Plus Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Interest	$	12,663
Total investment income		12,663
Expenses:
Investment management fees		5,323
Administrative services fees		101
Transfer agent fees		1,067
Distribution fees
Class A		1,024
Class B		335
Class C		3,457
Class R3		185
Class R4		39
Custodian fees		2
Accounting services fees		162
Registration and filing fees		115
Board of Directors' fees		28
Audit fees		11
Other expenses		143
Total expenses (before waivers)		11,992
Expense waivers		(155	)
Total waivers		(155	)
Total expenses, net		11,837
Net Investment Income		826
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		23,201
Net realized loss on purchased options		(5,877	)
Net realized loss on futures		(2,121	)
Net realized gain on written options		7,192
Net realized gain on foreign currency contracts		—
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		22,395
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		52,015
Net unrealized appreciation of purchased options		1,529
Net unrealized depreciation of futures		(612	)
Net unrealized depreciation of written options		(786	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		52,146
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		74,541
Net Increase in Net Assets Resulting from Operations	$	75,367

The accompanying notes are an integral part of these financial statements.

10

The Hartford Inflation Plus Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	826		$	59,328
Net realized gain on investments, other financial instruments and foreign currency transactions		22,395			115,213
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		52,146			(10,179	)
Net Increase In Net Assets Resulting From Operations		75,367			164,362
Distributions to Shareholders:
From net investment income
Class A		(398	)		(20,086	)
Class B		—			(1,704	)
Class C		(5	)		(13,221	)
Class I		(197	)		(7,266	)
Class L*		—			(582	)
Class R3		(17	)		(1,215	)
Class R4		(12	)		(515	)
Class R5		(8	)		(316	)
Class Y		(211	)		(9,577	)
Total from net investment income		(848	)		(54,482	)
From net realized gain on investments
Class A		(33,828	)		(34,407	)
Class B		(2,972	)		(4,360	)
Class C		(28,745	)		(29,129	)
Class I		(13,598	)		(10,358	)
Class L*		—			(1,051	)
Class R3		(2,835	)		(1,485	)
Class R4		(1,125	)		(632	)
Class R5		(299	)		(124	)
Class Y		(12,276	)		(13,962	)
Total from net realized gain on investments		(95,678	)		(95,508	)
Total distributions		(96,526	)		(149,990	)
Capital Share Transactions:
Class A		3,351			11,837
Class B		(9,943	)		(29,689	)
Class C		35,626			2,547
Class I		22,919			52,916
Class L*		—			(26,675	)
Class R3		19,631			29,576
Class R4		8,985			10,508
Class R5		(7,866	)		11,118
Class Y		8,977			(22,959	)
Net increase from capital share transactions		81,680			39,179
Net Increase In Net Assets		60,521			53,551
Net Assets:
Beginning of period		2,292,816			2,239,265
End of period	$	2,353,337		$	2,292,816
Undistributed (distribution in excess of) net investment income (loss)	$	4,301		$	4,323

* Class L merged into Class A on August 5, 2011. Please refer to the Notes to Financial Statements for further details.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Inflation Plus Fund

Notes to Financial Statements

April 30, 2012  (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Inflation Plus Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

12

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

13

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange

14

rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 10% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at

15

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund had no illiquid or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

f) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset

16

backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund had no outstanding mortgage related and other asset backed securities as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of April 30, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. As of April 30, 2012, the Fund had no outstanding futures contracts.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer

17

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund had no outstanding purchased options contracts as of April 30, 2012. Transactions involving written options contracts for the Fund during the six-month period ended April 30, 2012, are summarized below:

Options Contract Activity During the Six-Month Period Ended April 30, 2012:
Call Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		4,425		$	2,040
Written		13,349			7,108
Expired		(800	)		(723	)
Closed		(16,974	)		(8,425	)
Exercised		—			—
End of Period		—		$	—

Put Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period	2,000		$	922
Written	21,880			13,844
Expired	(1,000	)		(638	)
Closed	(22,880	)		(14,128	)
Exercised	—			—
End of Period	—		$	—

* The number of contracts does not omit 000's.

d) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the six-month period ended April 30, 2012.

18

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on investments in purchased options	$	(5,877	)	$	—	$	—	$	—	$	—	$	—	$	5,877
Net realized loss on futures		(2,121	)		—		—		—		—		—		(2,121	)
Net realized gain on written options		7,192			—		—		—		—		—		7,192
Net realized gain on foreign currency contracts		—			—		—		—		—		—		—
Total	$	(806	)	$	—	$	—	$	—	$	—	$	—	$	(806	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of investments in purchased options	$	1,529		$	—	$	—	$	—	$	—	$	—	$	1,529
Net change in unrealized depreciation of futures		(612	)		—		—		—		—		—		(612	)
Net change in unrealized depreciation of written options		(786	)		—		—		—		—		—		(786	)
Total	$	131		$	—	$	—	$	—	$	—	$	—	$	131

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity

19

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	111,824	$	35,927
Long-Term Capital Gains ‡		38,315		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	50,698
Undistributed Long-Term Capital Gain		49,442
Accumulated Capital Losses *		(7,265	)
Unrealized Appreciation †		103,390
Total Accumulated Earnings	$	196,265

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

20

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(235	)
Accumulated Net Realized Gain (Loss)		235

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	4,074
2017		3,191
Total	$	7,265

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses. During the year ended October 31, 2011, the Fund utilized $8,473 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective March 5, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day

21

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to March 5, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.500	%
On next $500 million		0.450	%
On next $1.5 billion		0.445	%
On next $2.5 billion		0.440	%
On next $5 billion		0.430	%
Over $10 billion		0.420	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.500	%
On next $4.5 billion		0.450	%
On next $5 billion		0.430	%
Over $10 billion		0.420	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $ 10 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	0.85	%		1.60	%		1.60	%		0.60	%		1.20	%		0.90	%		0.60	%		0.55	%

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $2,012 and contingent deferred sales charges of $103 from the Fund.

22

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $36. These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	487,341
Sales Proceeds Excluding U.S. Government Obligations		460,620
Cost of Purchases for U.S. Government Obligations		135,071
Sales Proceeds for U.S. Government Obligations		185,305

23

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

9. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger			Net Increase (Decrease) of Shares
Class A
Shares		11,488		2,648		(13,765	)		—		371			23,314		4,263		(28,951	)		1,968			594
Amount	$	138,861	$	31,457	$	(166,967	)	$	—	$	3,351		$	275,149	$	49,304	$	(338,630	)	$	26,014		$	11,837
Class B
Shares		185		211		(1,224	)		—		(828	)		379		437		(3,391	)		—			(2,575	)
Amount	$	2,202	$	2,483	$	(14,628	)	$	—	$	(9,943	)	$	4,456	$	4,983	$	(39,128	)	$	—		$	(29,689	)
Class C
Shares		7,559		2,027		(6,564	)		—		3,022			13,933		2,963		(16,849	)		—			47
Amount	$	90,103	$	23,780	$	(78,257	)	$	—	$	35,626		$	162,955	$	33,830	$	(194,238	)	$	—		$	2,547
Class I
Shares		10,476		834		(9,458	)		—		1,852			14,144		998		(10,759	)		—			4,383
Amount	$	128,105	$	9,979	$	(115,165	)	$	—	$	22,919		$	167,964	$	11,631	$	(126,679	)	$	—		$	52,916
Class L
Shares		—		—		—			—		—			17		124		(198	)		(1,966	)		(2,023	)
Amount	$	—	$	—	$	—		$	—	$	—		$	200	$	1,437	$	(2,298	)	$	(26,014	)	$	(26,675	)
Class R3
Shares		1,777		239		(382	)		—		1,634			3,092		233		(779	)		—			2,546
Amount	$	21,382	$	2,829	$	(4,580	)	$	—	$	19,631		$	36,098	$	2,691	$	(9,213	)	$	—		$	29,576
Class R4
Shares		1,274		90		(617	)		—		747			1,578		98		(782	)		—			894
Amount	$	15,381	$	1,072	$	(7,468	)	$	—	$	8,985		$	18,537	$	1,131	$	(9,160	)	$	—		$	10,508
Class R5
Shares		294		25		(950	)		—		(631	)		1,278		37		(360	)		—			955
Amount	$	3,573	$	296	$	(11,735	)	$	—	$	(7,866	)	$	14,939	$	439	$	(4,260	)	$	—		$	11,118
Class Y
Shares		2,599		1,018		(2,854	)		—		763			6,916		1,966		(10,661	)		—			(1,779	)
Amount	$	31,544	$	12,165	$	(34,732	)	$	—	$	8,977		$	81,721	$	22,871	$	(127,551	)	$	—		$	(22,959	)
Total
Shares		35,652		7,092		(35,814	)		—		6,930			64,651		11,119		(72,730	)		2			3,042
Amount	$	431,151	$	84,061	$	(433,532	)	$	—	$	81,680		$	762,019	$	128,317	$	(851,157	)	$	—		$	39,179

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		261	$	3,165
For the Year Ended October 31, 2011		603	$	7,020

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

24

11. Class Merger:

At its May 3, 2011, meeting, the Board of Directors of The Hartford Mutual Funds, Inc. approved the reclassification of Class L shares into Class A shares of the Fund.

Effective with the close of business on August 5, 2011, Class L was merged into Class A. The merger was accomplished by a tax-free exchange as detailed below:

	Class A		Class L
Shares exchanged		N/A		1,966
Shares issued - to Class L shareholders		1,968		N/A
Net assets immediately before merger	$	791,169	$	23,884
Net assets immediately after merger	$	815,053		N/A

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

25

The Hartford Inflation Plus Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of  Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)(D)
A	$	12.36	$	0.01		$	–	$	0.39		$	0.40		$	–		$	(0.52	)	$	–	$	(0.52	)	$	(0.12	)	$	12.24
B		12.22		(0.03	)		–		0.39			0.36			–			(0.52	)		–		(0.52	)		(0.16	)		12.06
C		12.21		(0.03	)		–		0.39			0.36			–			(0.52	)		–		(0.52	)		(0.16	)		12.05
I		12.44		0.03			–		0.39			0.42			–			(0.52	)		–		(0.52	)		(0.10	)		12.34
R3		12.31		–			–		0.38			0.38			–			(0.52	)		–		(0.52	)		(0.14	)		12.17
R4		12.37		0.02			–		0.38			0.40			–			(0.52	)		–		(0.52	)		(0.12	)		12.25
R5		12.42		0.05			–		0.36			0.41			–			(0.52	)		–		(0.52	)		(0.11	)		12.31
Y		12.44		0.04			–		0.38			0.42			–			(0.52	)		–		(0.52	)		(0.10	)		12.34
For the Year Ended October 31, 2011
A(G)		12.27		0.35			–		0.58			0.93			(0.32	)		(0.52	)		–		(0.84	)		0.09			12.36
B		12.16		0.26			–		0.57			0.83			(0.25	)		(0.52	)		–		(0.77	)		0.06			12.22
C		12.15		0.26			–		0.57			0.83			(0.25	)		(0.52	)		–		(0.77	)		0.06			12.21
I		12.34		0.37			–		0.59			0.96			(0.34	)		(0.52	)		–		(0.86	)		0.10			12.44
R3		12.23		0.30			–		0.59			0.89			(0.29	)		(0.52	)		–		(0.81	)		0.08			12.31
R4		12.28		0.34			–		0.58			0.92			(0.31	)		(0.52	)		–		(0.83	)		0.09			12.37
R5		12.31		0.36			–		0.61			0.97			(0.34	)		(0.52	)		–		(0.86	)		0.11			12.42
Y		12.33		0.39			–		0.59			0.98			(0.35	)		(0.52	)		–		(0.87	)		0.11			12.44
For the Year Ended October 31, 2010(D)
A		11.39		0.17			–		0.96			1.13			(0.18	)		(0.07	)		–		(0.25	)		0.88			12.27
B		11.30		0.09			–		0.95			1.04			(0.11	)		(0.07	)		–		(0.18	)		0.86			12.16
C		11.29		0.08			–		0.96			1.04			(0.11	)		(0.07	)		–		(0.18	)		0.86			12.15
I		11.45		0.20			–		0.96			1.16			(0.20	)		(0.07	)		–		(0.27	)		0.89			12.34
R3		11.36		0.12			–		0.96			1.08			(0.14	)		(0.07	)		–		(0.21	)		0.87			12.23
R4		11.40		0.15			–		0.97			1.12			(0.17	)		(0.07	)		–		(0.24	)		0.88			12.28
R5		11.42		0.18			–		0.98			1.16			(0.20	)		(0.07	)		–		(0.27	)		0.89			12.31
Y		11.43		0.21			–		0.97			1.18			(0.21	)		(0.07	)		–		(0.28	)		0.90			12.33
For the Year Ended October 31, 2009(D)
A		9.78		0.09			–		1.59			1.68			(0.07	)		–			–		(0.07	)		1.61			11.39
B		9.76		(0.07	)		–		1.66			1.59			(0.05	)		–			–		(0.05	)		1.54			11.30
C		9.75		(0.01	)		–		1.60			1.59			(0.05	)		–			–		(0.05	)		1.54			11.29
I		9.81		0.19			–		1.52			1.71			(0.07	)		–			–		(0.07	)		1.64			11.45
R3		9.78		0.26			–		1.38			1.64			(0.06	)		–			–		(0.06	)		1.58			11.36
R4		9.79		0.30			–		1.37			1.67			(0.06	)		–			–		(0.06	)		1.61			11.40
R5		9.80		0.30			–		1.39			1.69			(0.07	)		–			–		(0.07	)		1.62			11.42
Y		9.80		0.02			–		1.68			1.70			(0.07	)		–			–		(0.07	)		1.63			11.43
For the Year Ended October 31, 2008
A		10.66		0.60			–		(0.87	)		(0.27	)		(0.61	)		–			–		(0.61	)		(0.88	)		9.78
B		10.64		0.53			–		(0.88	)		(0.35	)		(0.53	)		–			–		(0.53	)		(0.88	)		9.76
C		10.63		0.52			–		(0.87	)		(0.35	)		(0.53	)		–			–		(0.53	)		(0.88	)		9.75
I		10.68		0.62			–		(0.85	)		(0.23	)		(0.64	)		–			–		(0.64	)		(0.87	)		9.81
R3		10.67		0.53			–		(0.85	)		(0.32	)		(0.57	)		–			–		(0.57	)		(0.89	)		9.78
R4		10.67		0.57			–		(0.86	)		(0.29	)		(0.59	)		–			–		(0.59	)		(0.88	)		9.79
R5		10.68		0.58			–		(0.83	)		(0.25	)		(0.63	)		–			–		(0.63	)		(0.88	)		9.80
Y		10.69		0.66			–		(0.91	)		(0.25	)		(0.64	)		–			–		(0.64	)		(0.89	)		9.80
For the Year Ended October 31, 2007
A		10.44		0.39			–		0.21			0.60			(0.38	)		–			–		(0.38	)		0.22			10.66
B		10.45		0.29			–		0.23			0.52			(0.33	)		–			–		(0.33	)		0.19			10.64
C		10.44		0.29			–		0.23			0.52			(0.33	)		–			–		(0.33	)		0.19			10.63
I		10.44		0.31			–		0.32			0.63			(0.39	)		–			–		(0.39	)		0.24			10.68
R3(H)		10.41		0.39			–		0.22			0.61			(0.35	)		–			–		(0.35	)		0.26			10.67
R4(H)		10.41		0.41			–		0.22			0.63			(0.37	)		–			–		(0.37	)		0.26			10.67
R5(H)		10.41		0.43			–		0.22			0.65			(0.38	)		–			–		(0.38	)		0.27			10.68
Y		10.45		0.38			–		0.26			0.64			(0.40	)		–			–		(0.40	)		0.24			10.69

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	3.37	%(E)	$	832,885		0.86	%(F)		0.85	%(F)		0.85	%(F)		0.24	%(F)		26	%
	3.02	(E)		61,430		1.67	(F)		1.60	(F)		1.60	(F)		(0.58	)(F)		–
	3.03	(E)		706,306		1.59	(F)		1.59	(F)		1.59	(F)		(0.49	)(F)		–
	3.54	(E)		320,863		0.65	(F)		0.60	(F)		0.60	(F)		0.42	(F)		–
	3.20	(E)		84,364		1.21	(F)		1.20	(F)		1.20	(F)		0.02	(F)		–
	3.37	(E)		34,466		0.91	(F)		0.90	(F)		0.90	(F)		0.31	(F)		–
	3.46	(E)		6,872		0.61	(F)		0.60	(F)		0.60	(F)		0.74	(F)		–
	3.55	(E)		306,151		0.50	(F)		0.50	(F)		0.50	(F)		0.63	(F)		–
	8.19			836,386		0.87			0.85			0.85			2.89			232
	7.35			72,383		1.67			1.60			1.60			2.14			–
	7.36			678,916		1.60			1.60			1.60			2.16			–
	8.45			300,497		0.64			0.60			0.60			3.19			–
	7.83			65,208		1.22			1.20			1.20			2.70			–
	8.14			25,566		0.92			0.90			0.90			2.93			–
	8.55			14,764		0.63			0.60			0.60			3.69			–
	8.63			299,096		0.51			0.51			0.51			3.37			–
	10.06			822,952		0.92			0.90			0.90			1.52			322
	9.28			103,313		1.71			1.65			1.65			0.77			–
	9.28			674,801		1.65			1.65			1.65			0.75			–
	10.32			243,916		0.71			0.65			0.65			1.74			–
	9.67			33,638		1.29			1.25			1.25			1.09			–
	9.97			14,398		0.98			0.97			0.97			1.35			–
	10.30			2,878		0.68			0.67			0.67			1.60			–
	10.49			318,524		0.57			0.57			0.57			1.88			–
	17.20			608,161		0.96			0.85			0.85			0.89			145
	16.30			95,935		1.75			1.60			1.60			(0.64	)		–
	16.32			463,764		1.69			1.60			1.60			(0.07	)		–
	17.53			137,773		0.74			0.60			0.60			1.92			–
	16.78			5,355		1.38			1.25			1.25			2.73			–
	17.14			2,758		1.02			1.00			1.00			3.07			–
	17.30			258		0.76			0.76			0.76			2.91			–
	17.44			165,637		0.59			0.59			0.59			0.16			–
	(3.08	)		307,863		1.01			0.91			0.85			5.60			437
	(3.81	)		75,789		1.80			1.66			1.60			4.82			–
	(3.82	)		241,305		1.75			1.66			1.60			4.86			–
	(2.74	)		27,135		0.75			0.65			0.60			5.28			–
	(3.56	)		216		1.43			1.30			1.25			5.63			–
	(3.23	)		17		1.12			1.06			1.00			5.29			–
	(2.94	)		28		0.75			0.75			0.70			4.92			–
	(2.90	)		138,292		0.65			0.65			0.60			5.85			–
	5.86			184,558		1.22			1.03			0.85			3.09			608
	5.05			68,593		2.01			1.78			1.60			2.51			–
	5.05			159,067		1.97			1.78			1.60			2.31			–
	6.22			3,501		0.71			0.61			0.58			2.85			–
	5.98	(E)		10		1.59	(F)		1.40	(F)		1.23	(F)		4.36	(F)		–
	6.15	(E)		10		1.28	(F)		1.15	(F)		0.99	(F)		4.61	(F)		–
	6.42	(E)		11		0.99	(F)		0.89	(F)		0.72	(F)		4.86	(F)		–
	6.23			164,155		0.82			0.72			0.56			3.71			–

27

The Hartford Inflation Plus Fund

Financial Highlights - (continued)

(A)  Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(D) Per share amounts have been calculated using average shares outstanding method.

(E) Not annualized.

(F) Annualized.

(G) Class L was merged into Class A on August 5, 2011 (See Class Merger in accompanying Notes to Financial Statements).

(H) Commenced operations on December 22, 2006.

28

The Hartford Inflation Plus Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford Inflation Plus Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

30

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

31

The Hartford Inflation Plus Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value  April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,033.70	$	4.30	$	1,000.00	$	1,020.64	$	4.27		0 .85	%		182		366
Class B	$	1,000.00	$	1,030.20	$	8.07	$	1,000.00	$	1,016.91	$	8.02		1 .60			182		366
Class C	$	1,000.00	$	1,030.30	$	8.01	$	1,000.00	$	1,016.98	$	7.95		1 .59			182		366
Class I	$	1,000.00	$	1,035.40	$	3.04	$	1,000.00	$	1,021.88	$	3.02		0 .60			182		366
Class R3	$	1,000.00	$	1,032.00	$	6.07	$	1,000.00	$	1,018.89	$	6.03		1 .20			182		366
Class R4	$	1,000.00	$	1,033.70	$	4.55	$	1,000.00	$	1,020.39	$	4.52		0 .90			182		366
Class R5	$	1,000.00	$	1,034.60	$	3.04	$	1,000.00	$	1,021.88	$	3.02		0 .60			182		366
Class Y	$	1,000.00	$	1,035.50	$	2.54	$	1,000.00	$	1,022.37	$	2.52		0 .50			182		366

32

The Hartford Inflation Plus Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on February 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Inflation Plus Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on March 5, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Contracts Committee also met in person with the proposed portfolio manager for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, And Quality Of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s fixed income capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality fixed income manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global fixed income capabilities, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that during the past ten years, Wellington Management had been committed to supporting the growth of its fixed income teams by allocating additional resources, personnel and technology to these teams, and also noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including fixed income mutual funds, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk management systems, noting that they are embedded within the firm’s fixed income process.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Contracts Committee’s meeting with the proposed portfolio manager, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio manager and investment professionals and sector specialists that would support the proposed portfolio manager.

33

The Hartford Inflation Plus Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Contracts Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio manager and investment professionals and sector specialists that would support the proposed portfolio manager, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio manager’s investment experience manager and experience of the investment professionals and sector specialists that would support the proposed portfolio manager, and their investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Contracts Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add an additional breakpoint to the Fund’s contractual management fee schedule with HIFSCO that would result in a management fee reduction at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the

34

management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add an additional breakpoint to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

35

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-IP12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford International Growth Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford International Growth Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	9
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	10
Statement of Operations for the Year Ended April 30, 2012 (Unaudited)	11
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	12
Notes to Financial Statements (Unaudited)	13
Financial Highlights (Unaudited)	26
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Expense Example (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford International Growth Fund inception 04/30/2001

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks capital appreciation. 

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
International Growth A#		7.10	%		-11.15	%		-5.42	%		4.32	%
International Growth A##					-16.04	%		-6.48	%		3.73	%
International Growth B#		6.65	%		-11.78	%		-6.08	%		NA	*
International Growth B##					-16.19	%		-6.40	%		NA	*
International Growth C#		6.66	%		-11.85	%		-6.13	%		3.54	%
International Growth C##					-12.73	%		-6.13	%		3.54	%
International Growth I#		7.18	%		-10.91	%		-5.10	%		4.52	%
International Growth R3#		6.98	%		-11.35	%		-5.69	%		4.37	%
International Growth R4#		7.25	%		-10.94	%		-5.34	%		4.58	%
International Growth R5#		7.29	%		-10.78	%		-5.04	%		4.75	%
International Growth Y#		7.35	%		-10.68	%		-4.94	%		4.82	%
MSCI EAFE Growth Index		5.00	%		-9.73	%		-2.52	%		5.73	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

MSCI EAFE Growth Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance (excluding the U.S. and Canada) of the growth securities within the MSCI EAFE Index.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford International Growth Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
John A. Boselli, CFA	Jean-Marc Berteaux
Director and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford International Growth Fundreturned 7.10%, before sales charges, for the six-month period ended April 30, 2012, outperforming its benchmark, the MSCI EAFE Growth Index, which returned 5.00% for the same period. The Fund also outperformed the 6.01% return of the average fund in the Lipper International Multi-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period as investors generally shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic data. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, global equities retreated for the first time in five months as growing concerns about Spain’s fiscal sustainability overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, a lackluster U.S. labor report, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors. Within the benchmark, Health Care (+12%), Consumer Staples (+9%), and Consumer Discretionary (+7%) performed better than the index while Utilities (-5%), Telecommunication Services (-2%), and Energy (+2%) lagged on a relative basis.

The Fund’s outperformance relative to the MSCI EAFE Growth Index was primarily the result of strong security selection. Stock selection was strongest in Consumer Staples, Financials, and Energy. This was partially offset by weaker selection in Health Care, Information Technology, and Consumer Discretionary. Sector allocation, a residual of bottom-up stock selection (i.e. stock by stock fundamental research), also contributed positively to benchmark-relative performance. The Fund’s underweight exposure to the Materials and Financials sectors contributed positively to benchmark-relative results, while an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Information Technology detracted.

Top contributors to the Fund’s relative performance were Petroleum Geo-Services (Energy), CP ALL (Consumer Staples), and Spectris (Information Technology). Petroleum Geo-Services is a Norway based company that provides marine geophysical services to companies in the oil and gas industry. The company’s operating results exceeded expectations on strong multi-client activity and management noted that higher prices are being accepted by customers for the North Sea season this summer. CP ALL is a convenience store operator in Thailand. Revenue and margins have seen impressive growth recently, and the company boasts an impressive dividend yield. Shares of Spectris, a U.K.-based manufacturer of tools for testing and measurement used in mining, automation, and other industrial applications rose as investors saw positive signs of a bottom in the company’s end markets, particularly in the mining sector which is seeing considerable activity in the search for additional reserves. Methanex (Materials) and Rolls-Royce (Industrials) also contributed positively to the Fund’s absolute performance.

Ctrip.com (Consumer Discretionary), Toyota (Consumer Discretionary), which we did not hold, and SNC Lavalin Group (Industrials) were the top detractors from benchmark relative performance. Ctrip.com, a China based travel services company, saw its shares lag the market during the period due to margin pressure resulting from matching a competitor’s promotion for hotel bookings. Shares of Toyota, a Japanese automobile manufacturer, outperformed this quarter because of rising expectations for earnings recovery in the coming fiscal year; not owning the stock during the period hurt relative results. Shares of SNC Lavalin Group, a Canada-based engineering and construction services company, declined due to investors’ concerns regarding operational missteps in its operations in Libya. Kakaku.com (Information Technology) and E Ink holdings (Information Technology) also detracted from the Fund’s absolute performance (i.e. total return).

What is the outlook?

In general, we expect sluggish mid-cycle global growth. Many companies which suffered during the global financial crisis have rebounded to margin levels above their historical averages. Therefore, at this stage of the cycle, we are focusing on companies that we believe possess a sustainable competitive advantage. We continue to remain true to our process, focusing on what we consider underappreciated and misunderstood growth companies with clear earnings drivers.

3

The Hartford International Growth Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

We select stocks individually based on their merits. As a result of bottom-up stock selection, Information Technology was the Fund’s largest overweight exposure relative to the benchmark at the end of the period. Other sectors where we ended the period with above benchmark weights included Consumer Discretionary and Industrials. The largest underweights relative to the benchmark were the Consumer Staples, Materials, and Energy sectors.

Diversification by Industry

as of April 30, 2012 

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		3.3	%
Banks (Financials)		1.2
Capital Goods (Industrials)		9.5
Commercial & Professional Services (Industrials)		4.5
Consumer Durables & Apparel (Consumer Discretionary)		6.8
Consumer Services (Consumer Discretionary)		4.9
Diversified Financials (Financials)		2.1
Energy (Energy)		3.1
Food & Staples Retailing (Consumer Staples)		2.9
Food, Beverage & Tobacco (Consumer Staples)		7.9
Health Care Equipment & Services (Health Care)		3.4
Insurance (Financials)		4.4
Materials (Materials)		5.7
Media (Consumer Discretionary)		3.1
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		3.6
Real Estate (Financials)		0.6
Retailing (Consumer Discretionary)		2.1
Semiconductors & Semiconductor Equipment (Information Technology)		5.8
Software & Services (Information Technology)		9.1
Technology Hardware & Equipment (Information Technology)		4.9
Telecommunication Services (Services)		0.9
Transportation (Industrials)		4.4
Utilities (Utilities)		1.7
Short-Term Investments		3.4
Other Assets and Liabilities		0.7
Total		100.0	%

Currency Concentration of Securities at April 30, 2012

	Percentage of
Description	Net Assets
Australian Dollar		2.3	%
Brazilian Real		2.4
British Pound		25.5
Canadian Dollar		3.5
Colombian Peso		0.9
Danish Kroner		1.4
Euro		19.9
Hong Kong Dollar		7.7
Indonesian New Rupiah		0.8
Japanese Yen		7.7
Malaysian Ringgit		0.5
Norwegian Krone		1.5
Republic of Korea Won		1.9
Swedish Krona		2.9
Swiss Franc		3.7
Taiwanese Dollar		1.2
Thai Bhat		1.4
United States Dollar		14.1
Other Assets and Liabilities		0.7
Total		100.0	%

4

The Hartford International Growth Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.9%
		Australia - 2.3%
	12	Campbell Brothers	$	884
	35	Monadelphous Group Ltd.		833
	214	Transurban Group		1,306
				3,023
		Austria - 1.0%
	25	Andritz AG		1,290
		Brazil - 2.4%
	65	BR Properties S.A.		808
	21	Cia Brasileira de Meios de Pagamentos		631
	23	Cia de Saneamento Basico do Estado de Sao Paulo		901
	33	Cia Hering		829
				3,169
		Canada - 4.0%
	17	Barrick Gold Corp.		669
	95	CAE, Inc.		1,036
	38	CGI Group, Inc. Class A ●		859
	52	Methanex Corp.		1,819
	24	SNC-Lavalin Group, Inc.		886
				5,269
		China - 2.3%
	5	Baidu, Inc. ADR ●		637
	410	Dongfeng Motor Group Co., Ltd.		802
	1,316	Greatview Aseptic Packaging ●		715
	29	Tencent Holdings Ltd.		904
				3,058
		Colombia - 0.9%
	68	Almacenes Exito S.A.		1,110
		Denmark - 1.4%
	32	DSV A/S		724
	8	Novo Nordisk A/S		1,142
				1,866
		Finland - 1.3%
	32	Outotec Oyj		1,737
		France - 8.6%
	25	Cie Generale d'Optique Essilor International S.A.		2,243
	58	Club Mediterranee ●		1,118
	8	Dassault Systemes S.A.		780
	28	Eutelsat Communinications		996
	16	Groupe Danone		1,112
	8	LVMH Moet Hennessy Louis Vuitton S.A.		1,289
	17	Neopost S.A.		993
	17	Publicis Groupe		869
	23	Safran S.A.		834
	8	Zodiac Aerospace		891
				11,125
		Germany - 5.4%
	15	Adidas AG		1,256
	19	Hannover Rueckversicherung AG		1,157
	7	Hugo Boss AG		817
	104	Infineon Technologies AG		1,031
	9	MTU Aero Engines Holdings AG		742
	30	SAP AG		2,019
				7,022
		Hong Kong - 5.9%
	262	AAC Technologies Holdings, Inc.		769
	297	AIA Group Ltd.		1,051
	72	ASM Pacific Technology		973
	664	Daphne International Holdings Ltd.		944
	296	Galaxy Entertainment Group Ltd. ●		923
	924	Legend Holdings Ltd.		884
	475	Samsonite International S.A. ●		916
	588	Shangri-La Asia Ltd.		1,243
				7,703
		Indonesia - 0.8%
	154	PT Gudang Garam Tbk		987
		Ireland - 1.6%
	72	Experian plc		1,140
	27	Shire plc		885
				2,025
		Israel - 3.3%
	14	Check Point Software Technologies Ltd. ADR ●‡		839
	22	Nice Systems Ltd. ●		857
	57	Teva Pharmaceutical Industries Ltd. ADR		2,597
				4,293
		Italy - 1.3%
	69	Pirelli & Co. S.p.A.		838
	35	Salvatore Ferragamo Italia S.p.A. ●		862
				1,700
		Japan - 7.7%
	17	Benesse Holdings, Inc.		829
	76	Bridgestone Corp.		1,801
	17	Canon, Inc.		762
	21	DeNa Co., Ltd. ☼		650
	17	FamilyMart Co., Ltd.		748
	3	Fast Retailing Co., Ltd. ☼		626
	71	IBJ Leasing Co., Ltd.		1,919
	29	Konami Corp.		842
	27	West Japan Railway Co.		1,116
	47	Yusen Logistics Co. Ltd.		715
				10,008
		Luxembourg - 1.5%
	9	Millicom International Cellular SDR		909
	43	SES Global S.A.		1,034
				1,943
		Malaysia - 0.5%
	602	AirAsia Berhad		661
		Netherlands - 0.9%
	22	ASML Holding N.V.		1,134
		Norway - 1.5%
	130	Petroleum Geo-Services ●		1,967
		Panama - 0.9%
	14	Copa Holdings S.A. Class A		1,158
		Portugal - 0.6%
	40	Jeronimo Martins ●		754

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Growth Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.9% - (continued)
		Russia - 0.5%
	34	Mining and Metallurgical Co. Norilsk Nickel ADR	$	598
		South Korea - 1.9%
	3	Hyundai Motor Co., Ltd.		819
	1	Samsung Electronics Co., Ltd.		1,626
				2,445
		Sweden - 2.2%
	34	Assa Abloy Ab		997
	30	Axis Communications AB		761
	14	Electrolux Ab Series B ☼		321
	20	Swedish Match Ab		804
				2,883
		Switzerland - 3.7%
	24	Cie Financiere Richemont S.A.		1,511
	1	Galenica AG		812
	1	SGS S.A.		1,002
	11	Swiss Re Ltd.		660
	42	Temenos Group AG ●		796
				4,781
		Taiwan - 1.2%
	329	Quanta Computer, Inc.		861
	228	Taiwan Semiconductor Manufacturing Co., Ltd.		674
				1,535
		Thailand - 1.4%
	105	Bangkok Bank plc ☼		663
	482	CP ALL PCL		1,195
				1,858
		United Kingdom - 25.5%
	187	Aberdeen Asset Management plc		861
	167	Arm Holdings plc		1,416
	59	Babcock International Group plc		796
	52	BG Group plc		1,221
	46	British American Tobacco plc		2,372
	40	Burberry Group plc		969
	56	Capita plc		599
	93	Catlin Group Ltd.		637
	211	Compass Group plc		2,207
	47	Diageo Capital plc		1,187
	16	ENSCO International plc		861
	25	Fresnillo plc		648
	48	Imperial Tobacco Group plc		1,935
	34	Intertek Group plc		1,406
	121	Lancashire Holdings Ltd.		1,582
	116	National Grid plc		1,256
	26	Next plc		1,249
	53	Prudential plc		651
	31	Rio Tinto plc		1,727
	229	Rolls-Royce Holdings plc		3,064
	42	Spectris plc		1,294
	39	Standard Chartered plc		944
	54	Unilever plc		1,861
	49	Virgin Media, Inc.		1,200
	67	Xstrata plc		1,296
				33,239
		United States - 3.4%
	22	Avago Technologies Ltd.		745
	26	Covidien plc ‡		1,414
	17	Netease.com, Inc. ●		1,050
	18	NII Holdings, Inc. Class B ●		254
	17	Open Text Corp. ●		974
				4,437
		Total common stocks
		(cost $109,922)	$	124,778
		Total long-term investments
		(cost $109,922)	$	124,778
SHORT-TERM INVESTMENTS - 3.4%
		Repurchase Agreements - 3.4%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,108, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $1,131)
$	1,108	0.20%, 04/30/2012	$	1,108
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,485, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $1,514)
	1,485	0.20%, 04/30/2012		1,485
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $586, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $598)
	586	0.21%, 04/30/2012		586
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $486, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $495)
	486	0.19%, 04/30/2012		486
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1, collateralized by U.S. Treasury Note 0.75%, 2013, value of $1)
	1	0.17%, 04/30/2012		1

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 3.4% (continued)
		Repurchase Agreements - 3.4% (continued)
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $797, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $813)
$	797	0.21%, 04/30/2012			$	797
						4,463
		Total short-term investments
		(cost $4,463)			$	4,463
		Total investments
		(cost $114,385) ▲	99.3	%	$	129,241
		Other assets and liabilities	0.7	%		849
		Total net assets	100.0	%	$	130,090

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $114,607 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	17,392
Unrealized Depreciation		(2,758	)
Net Unrealized Appreciation	$	14,634

●	Non-income producing.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $2,236 at April 30, 2012.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪			Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
EUR	CBK	Sell	$	1,113		$	1,115	05/03/2012	$	2
EUR	DEUT	Sell		781			781	05/03/2012		–
GBP	CBK	Buy		1,277			1,280	05/02/2012		(3	)
HKD	CSFB	Sell		1,220			1,220	05/03/2012		–
JPY	CSFB	Buy		649			642	05/07/2012		7
JPY	JPM	Buy		627			617	05/02/2012		10
SEK	BOA	Buy		318			318	05/04/2012		–
					)				$	16

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

The Hartford International Growth Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
JPM	JP Morgan Chase & Co.
Currency Abbreviations:
EUR	EURO
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
SEK	Swedish Krona
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
SDR	Swedish Depositary Receipt

The accompanying notes are an integral part of these financial statements. 

8

The Hartford International Growth Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Australia	$	3,023	$	–	$	3,023	$	–
Austria		1,290		–		1,290		–
Brazil		3,169		3,169		–		–
Canada		5,269		5,269		–		–
China		3,058		637		2,421		–
Colombia		1,110		1,110		–		–
Denmark		1,866		–		1,866		–
Finland		1,737		–		1,737		–
France		11,125		–		11,125		–
Germany		7,022		–		7,022		–
Hong Kong		7,703		–		7,703		–
Indonesia		987		–		987		–
Ireland		2,025		–		2,025		–
Israel		4,293		4,293		–		–
Italy		1,700		–		1,700		–
Japan		10,008		–		10,008		–
Luxembourg		1,943		–		1,943		–
Malaysia		661		–		661		–
Netherlands		1,134		1,134		–		–
Norway		1,967		–		1,967		–
Panama		1,158		1,158		–		–
Portugal		754		–		754		–
Russia		598		598		–		–
South Korea		2,445		–		2,445		–
Sweden		2,883		–		2,883		–
Switzerland		4,781		–		4,781		–
Taiwan		1,535		–		1,535		–
Thailand		1,858		1,858		–		–
United Kingdom		33,239		2,061		31,178		–
United States		4,437		4,437		–		–
Total		124,778		25,724		99,054		–
Short-Term Investments		4,463		–		4,463		–
Total	$	129,241	$	25,724	$	103,517	$	–
Foreign Currency Contracts*		19		–		19		–
Total	$	19	$	–	$	19	$	–
Liabilities:
Foreign Currency Contracts*		3		–		3		–
Total	$	3	$	–	$	3	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $1,904 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Growth Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $114,385)	$	129,241
Foreign currency on deposit with custodian (cost $50)		50
Unrealized appreciation on foreign currency contracts		19
Receivables:
Investment securities sold		4,012
Fund shares sold		120
Dividends and interest		386
Other assets		77
Total assets		133,905
Liabilities:
Unrealized depreciation on foreign currency contracts		3
Bank overdraft		4
Payables:
Investment securities purchased		3,514
Fund shares redeemed		197
Investment management fees		18
Administrative fees		—
Distribution fees		8
Accrued expenses		71
Total liabilities		3,815
Net assets	$	130,090
Summary of Net Assets:
Capital stock and paid-in-capital	$	387,328
Undistributed net investment income		289
Accumulated net realized loss		(272,387	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		14,860
Net assets	$	130,090

Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.82/$10.39
Shares outstanding		9,527
Net assets	$	93,524
Class B: Net asset value per share	$	9.14
Shares outstanding		1,183
Net assets	$	10,807
Class C: Net asset value per share	$	9.14
Shares outstanding		1,541
Net assets	$	14,085
Class I: Net asset value per share	$	9.75
Shares outstanding		715
Net assets	$	6,977
Class R3: Net asset value per share	$	9.89
Shares outstanding		85
Net assets	$	837
Class R4: Net asset value per share	$	10.09
Shares outstanding		65
Net assets	$	654
Class R5: Net asset value per share	$	10.13
Shares outstanding		12
Net assets	$	117
Class Y: Net asset value per share	$	10.16
Shares outstanding		304
Net assets	$	3,089

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Growth Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	1,487
Interest		1
Less: Foreign tax withheld		(148	)
Total investment income		1,340
Expenses:
Investment management fees		548
Administrative services fees		1
Transfer agent fees		260
Distribution fees
Class A		118
Class B		55
Class C		70
Class R3		2
Class R4		1
Custodian fees		12
Accounting services fees		13
Registration and filing fees		48
Board of Directors' fees		2
Audit fees		7
Other expenses		30
Total expenses (before waivers and fees paid indirectly)		1,167
Expense waivers		(45	)
Transfer agent fee waivers		(74	)
Commission recapture		(2	)
Total waivers and fees paid indirectly		(121	)
Total expenses, net		1,046
Net Investment Income		294
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(1,158	)
Net realized loss on foreign currency contracts		(85	)
Net realized gain on other foreign currency transactions		52
Net Realized Loss on Investments and Foreign Currency Transactions		(1,191	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		9,359
Net unrealized depreciation of foreign currency contracts		(1	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		3
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		9,361
Net Gain on Investments and Foreign Currency Transactions		8,170
Net Increase in Net Assets Resulting from Operations	$	8,464

The accompanying notes are an integral part of these financial statements.

11

The Hartford International Growth Fund

Statement of Changes in Net Assets

(000’s Omitted) 

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	294		$	800
Net realized gain (loss) on investments and foreign currency transactions		(1,191	)		16,094
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		9,361			(20,877	)
Net Increase (Decrease) In Net Assets Resulting From Operations		8,464			(3,983	)
Distributions to Shareholders:
From net investment income
Class A		(800	)		—
Class C		(1	)		—
Class I		(59	)		—
Class R3		(7	)		—
Class R4		(2	)		—
Class R5		(2	)		—
Class Y		(39	)		—
Total distributions		(910	)		—
Capital Share Transactions:
Class A		(13,339	)		(30,797	)
Class B		(1,883	)		(3,975	)
Class C		(1,598	)		(4,566	)
Class I		1,316			(1,001	)
Class R3		10			238
Class R4		(715	)		1,001
Class R5		(26	)		35
Class Y		(290	)		(116	)
Net decrease from capital share transactions		(16,525	)		(39,181	)
Net Decrease In Net Assets		(8,971	)		(43,164	)
Net Assets:
Beginning of period		139,061			182,225
End of period	$	130,090		$	139,061
Undistributed (distribution in excess of) net investment income (loss)	$	289		$	905

The accompanying notes are an integral part of these financial statements.

12

The Hartford International Growth Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford International Growth Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or

13

The Hartford International Growth Fund

Notes to Financial Statements - (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are

14

certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class

15

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

16

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012: 

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	19	$	—	$	—	$	—	$	—	$	19
Total	$	—	$	19	$	—	$	—	$	—	$	—	$	19
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	3	$	—	$	—	$	—	$	—	$	3
Total	$	—	$	3	$	—	$	—	$	—	$	—	$	3

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012: 

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(85	)	$	—	$	—	$	—	$	—	$	(85	)
Total	$	—	$	(85	)	$	—	$	—	$	—	$	—	$	(85	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(1	)	$	—	$	—	$	—	$	—	$	(1	)
Total	$	—	$	(1	)	$	—	$	—	$	—	$	—	$	(1	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

17

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and

partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	—	$	3,485

18

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	905
Accumulated Capital Losses *		(270,974	)
Unrealized Appreciation †		5,277
Total Accumulated Deficit	$	(264,792	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(1,070	)
Accumulated Net Realized Gain (Loss)		1,070

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	160,429
2017		110,545
Total	$	270,974

During the year ended October 31, 2011, the Fund utilized $16,937 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

19

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500	%
On next $500 million		0.8000	%
On next $4 billion		0.7500	%
On next $5 billion		0.7475	%
Over $10 billion		0.7450	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.55	%		2.30	%		2.30	%		1.30	%		1.60	%		1.30	%		1.00	%		0.95	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed

20

to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period  Ended  April 30, 2012
Class A		1.50	%
Class B		2.26
Class C		2.26
Class I		1.21
Class R3		1.60
Class R4		1.30
Class R5		1.00
Class Y		0.95

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $64 and contingent deferred sales charges of $8 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $4.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned

21

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from  Affiliate for SEC Settlement  for  the Year Ended  October 31, 2007			Total Return Excluding Payment  from  Affiliate for the Year Ended  October 31, 2007
Class A		-	%		39.31	%
Class B		-			38.11
Class C		-			38.27
Class I		-			39.73
Class Y		-			40.01

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		10		15	%
Class R5		11		92
Class Y		11		4

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	71,289
Sales Proceeds Excluding U.S. Government Obligations		93,046

22

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		329		91		(1,854	)		—		(1,434	)		896		—		(3,957	)		—		(3,061	)
Amount	$	3,031	$	778	$	(17,148	)	$	—	$	(13,339	)	$	9,015	$	—	$	(39,812	)	$	—	$	(30,797	)
Class B
Shares		7		—		(226	)		—		(219	)		20		—		(447	)		—		(427	)
Amount	$	60	$	—	$	(1,943	)	$	—	$	(1,883	)	$	193	$	—	$	(4,168	)	$	—	$	(3,975	)
Class C
Shares		52		—		(239	)		—		(187	)		109		—		(600	)		—		(491	)
Amount	$	446	$	1	$	(2,045	)	$	—	$	(1,598	)	$	1,017	$	—	$	(5,583	)	$	—	$	(4,566	)
Class I
Shares		268		5		(139	)		—		134			343		—		(462	)		—		(119	)
Amount	$	2,552	$	48	$	(1,284	)	$	—	$	1,316		$	3,533	$	—	$	(4,534	)	$	—	$	(1,001	)
Class R3
Shares		14		1		(13	)		—		2			36		—		(13	)		—		23
Amount	$	123	$	7	$	(120	)	$	—	$	10		$	369	$	—	$	(131	)	$	—	$	238
Class R4
Shares		19		—		(95	)		—		(76	)		124		—		(24	)		—		100
Amount	$	181	$	2	$	(898	)	$	—	$	(715	)	$	1,240	$	—	$	(239	)	$	—	$	1,001
Class R5
Shares		—		—		(2	)		—		(2	)		3		—		—			—		3
Amount	$	2	$	1	$	(29	)	$	—	$	(26	)	$	35	$	—	$	—		$	—	$	35
Class Y
Shares		33		4		(70	)		—		(33	)		243		—		(258	)		—		(15	)
Amount	$	322	$	39	$	(651	)	$	—	$	(290	)	$	2,564	$	—	$	(2,680	)	$	—	$	(116	)
Total
Shares		722		101		(2,638	)		—		(1,815	)		1,774		—		(5,761	)		—		(3,987	)
Amount	$	6,717	$	876	$	(24,118	)	$	—	$	(16,525	)	$	17,966	$	—	$	(57,147	)	$	—	$	(39,181	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		41	$	384
For the Year Ended October 31, 2011		55	$	552

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

23

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

24

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25

The Hartford International Growth Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of  Period		Net Investment  Income (Loss)			Payments from  (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from  Investment  Operations			Dividends from  Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in  Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	9.25	$	0.03		$	–	$	0.62		$	0.65		$	(0.08	)	$	–		$	–	$	(0.08	)	$	0.57		$	9.82
B		8.57		(0.01	)		–		0.58			0.57			–			–			–		–			0.57			9.14
C		8.57		(0.01	)		–		0.58			0.57			–			–			–		–			0.57			9.14
I		9.21		0.04			–		0.61			0.65			(0.11	)		–			–		(0.11	)		0.54			9.75
R3		9.33		0.02			–		0.62			0.64			(0.08	)		–			–		(0.08	)		0.56			9.89
R4		9.45		0.04			–		0.64			0.68			(0.04	)		–			–		(0.04	)		0.64			10.09
R5		9.58		0.05			–		0.63			0.68			(0.13	)		–			–		(0.13	)		0.55			10.13
Y		9.61		0.05			–		0.64			0.69			(0.14	)		–			–		(0.14	)		0.55			10.16
For the Year Ended October 31, 2011 (E)
A		9.61		0.06			–		(0.42	)		(0.36	)		–			–			–		–			(0.36	)		9.25
B		8.96		(0.02	)		–		(0.37	)		(0.39	)		–			–			–		–			(0.39	)		8.57
C		8.97		(0.02	)		–		(0.38	)		(0.40	)		–			–			–		–			(0.40	)		8.57
I		9.53		0.11			–		(0.43	)		(0.32	)		–			–			–		–			(0.32	)		9.21
R3		9.70		0.05			–		(0.42	)		(0.37	)		–			–			–		–			(0.37	)		9.33
R4		9.79		0.09			–		(0.43	)		(0.34	)		–			–			–		–			(0.34	)		9.45
R5		9.90		0.12			–		(0.44	)		(0.32	)		–			–			–		–			(0.32	)		9.58
Y		9.93		0.12			–		(0.44	)		(0.32	)		–			–			–		–			(0.32	)		9.61
For the Year Ended October 31, 2010 (E)
A		8.00		0.05			–		1.71			1.76			(0.15	)		–			–		(0.15	)		1.61			9.61
B		7.50		(0.01	)		–		1.59			1.58			(0.12	)		–			–		(0.12	)		1.46			8.96
C		7.48		(0.01	)		–		1.60			1.59			(0.10	)		–			–		(0.10	)		1.49			8.97
I		7.95		0.08			–		1.69			1.77			(0.19	)		–			–		(0.19	)		1.58			9.53
R3		8.08		0.03			–		1.73			1.76			(0.14	)		–			–		(0.14	)		1.62			9.70
R4		8.14		0.06			–		1.75			1.81			(0.16	)		–			–		(0.16	)		1.65			9.79
R5		8.21		0.09			–		1.77			1.86			(0.17	)		–			–		(0.17	)		1.69			9.90
Y		8.24		0.12			–		1.76			1.88			(0.19	)		–			–		(0.19	)		1.69			9.93
For the Year Ended October 31, 2009 (E)
A		7.07		0.08			–		0.85			0.93			–			–			–		–			0.93			8.00
B		6.65		0.05			–		0.80			0.85			–			–			–		–			0.85			7.50
C		6.66		0.02			–		0.80			0.82			–			–			–		–			0.82			7.48
I		7.04		0.13			–		0.82			0.95			(0.04	)		–			–		(0.04	)		0.91			7.95
R3		7.18		0.04			–		0.86			0.90			–			–			–		–			0.90			8.08
R4		7.23		0.07			–		0.86			0.93			(0.02	)		–			–		(0.02	)		0.91			8.14
R5		7.28		0.09			–		0.87			0.96			(0.03	)		–			–		(0.03	)		0.93			8.21
Y		7.30		0.10			–		0.88			0.98			(0.04	)		–			–		(0.04	)		0.94			8.24
For the Year Ended October 31, 2008 (E)
A		18.93		0.05			–		(9.50	)		(9.45	)		–			(2.41	)		–		(2.41	)		(11.86	)		7.07
B		18.08		(0.05	)		–		(8.97	)		(9.02	)		–			(2.41	)		–		(2.41	)		(11.43	)		6.65
C		18.10		(0.05	)		–		(8.98	)		(9.03	)		–			(2.41	)		–		(2.41	)		(11.44	)		6.66
I		18.79		0.01			–		(9.35	)		(9.34	)		–			(2.41	)		–		(2.41	)		(11.75	)		7.04
R3		19.24		0.01			–		(9.66	)		(9.65	)		–			(2.41	)		–		(2.41	)		(12.06	)		7.18
R4		19.30		0.02			–		(9.68	)		(9.66	)		–			(2.41	)		–		(2.41	)		(12.07	)		7.23
R5		19.35		0.10			–		(9.76	)		(9.66	)		–			(2.41	)		–		(2.41	)		(12.07	)		7.28
Y		19.38		0.12			–		(9.79	)		(9.67	)		–			(2.41	)		–		(2.41	)		(12.08	)		7.30
For the Year Ended October 31, 2007 (E)
A		14.93		0.02			–		5.35			5.37			(0.01	)		(1.36	)		–		(1.37	)		4.00			18.93
B		14.42		(0.11	)		–		5.13			5.02			–			(1.36	)		–		(1.36	)		3.66			18.08
C		14.42		(0.09	)		–		5.13			5.04			–			(1.36	)		–		(1.36	)		3.68			18.10
I		14.94		(0.01	)		–		5.40			5.39			(0.18	)		(1.36	)		–		(1.54	)		3.85			18.79
R3(I)		14.79		(0.02	)		–		4.47			4.45			–			–			–		–			4.45			19.24
R4(I)		14.79		0.03			–		4.48			4.51			–			–			–		–			4.51			19.30
R5(I)		14.79		0.07			–		4.49			4.56			–			–			–		–			4.56			19.35
Y		15.17		0.02			–		5.55			5.57			–			(1.36	)		–		(1.36	)		4.21			19.38

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	7.10	%(F)	$	93,524		1.68	%(G)		1.51	%(G)		1.51	%(G)		0.57	%(G)		55	%
	6.65	(F)		10,807		2.67	(G)		2.26	(G)		2.26	(G)		(0.18	)(G)		–
	6.66	(F)		14,085		2.40	(G)		2.26	(G)		2.26	(G)		(0.17	)(G)		–
	7.18	(F)		6,977		1.29	(G)		1.21	(G)		1.21	(G)		0.91	(G)		–
	6.98	(F)		837		1.85	(G)		1.60	(G)		1.60	(G)		0.50	(G)		–
	7.25	(F)		654		1.46	(G)		1.30	(G)		1.30	(G)		0.91	(G)		–
	7.29	(F)		117		1.15	(G)		1.00	(G)		1.00	(G)		1.08	(G)		–
	7.35	(F)		3,089		1.03	(G)		0.95	(G)		0.95	(G)		1.16	(G)		–
	(3.75	)		101,400		1.58			1.50			1.50			0.58			88
	(4.35	)		12,013		2.54			2.25			2.25			(0.17	)		–
	(4.46	)		14,806		2.31			2.25			2.25			(0.17	)		–
	(3.36	)		5,354		1.21			1.17			1.17			1.06			–
	(3.81	)		777		1.79			1.60			1.60			0.47			–
	(3.47	)		1,335		1.39			1.30			1.30			0.88			–
	(3.23	)		139		1.09			1.00			1.00			1.14			–
	(3.22	)		3,237		0.98			0.95			0.95			1.13			–
	22.29			134,685		1.67			1.55			1.55			0.58			110
	21.30			16,390		2.63			2.30			2.30			(0.17	)		–
	21.41			19,892		2.38			2.30			2.30			(0.17	)		–
	22.65			6,674		1.21			1.21			1.21			0.88			–
	22.05			583		1.84			1.76			1.76			0.40			–
	22.52			400		1.46			1.44			1.44			0.67			–
	22.99			110		1.08			1.08			1.08			1.08			–
	23.17			3,491		1.05			1.05			1.05			1.36			–
	13.15			141,506		1.83			1.39			1.39			1.20			392
	12.78			17,558		2.89			1.82			1.82			0.74			–
	12.31			20,105		2.54			2.17			2.17			0.38			–
	13.59			13,136		1.75			0.95			0.95			1.95			–
	12.53			395		2.06			1.85			1.85			0.57			–
	12.96			305		1.51			1.40			1.40			1.00			–
	13.29			7		1.44			1.25			1.25			1.31			–
	13.52			6,357		1.05			0.96			0.96			1.35			–
	(56.94	)		181,826		1.48			1.48			1.48			0.36			359
	(57.28	)		19,208		2.39			2.25			2.25			(0.40	)		–
	(57.27	)		24,658		2.21			2.21			2.21			(0.37	)		–
	(56.75	)		86,331		1.03			1.03			1.03			0.13			–
	(57.08	)		293		1.89			1.85			1.85			0.09			–
	(56.94	)		139		1.47			1.47			1.47			0.15			–
	(56.77	)		6		1.08			1.08			1.08			0.76			–
	(56.72	)		54,257		0.99			0.99			0.99			0.92			–
	39.31	(H)		431,193		1.49			1.49			1.49			0.14			242
	38.11	(H)		51,577		2.36			2.33			2.33			(0.73	)		–
	38.27	(H)		65,982		2.20			2.20			2.20			(0.61	)		–
	39.73	(H)		3,543		1.12			1.12			1.12			(0.06	)		–
	30.09	(F)		15		1.83	(G)		1.83	(G)		1.83	(G)		(0.15	)(G)		–
	30.49	(F)		13		1.46	(G)		1.46	(G)		1.46	(G)		0.25	(G)		–
	30.83	(F)		13		1.17	(G)		1.17	(G)		1.17	(G)		0.51	(G)		–
	40.01	(H)		76,429		1.03			1.03			1.03			0.17			–

27

The Hartford International Growth Fund

Financial Highlights – (continued)

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Not annualized.
(G)	Annualized.
(H)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(I)	Commenced operations on December 22, 2006.

28

The Hartford International Growth Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford International Growth Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

30

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

31

The Hartford International Growth Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning  Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning  Account Value  October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the  period October 31, 2011 through April 30, 2012		Annualized  expense  ratio		Days in  the  current  1/2  year		Days in the  full year
Class A	$	1,000.00	$	1,071.00	$	7.78	$	1,000.00	$	1,017.35	$	7.57	1.51	%		182		366
Class B	$	1,000.00	$	1,066.50	$	11.59	$	1,000.00	$	1,013.65	$	11.29	2.26			182		366
Class C	$	1,000.00	$	1,066.60	$	11.59	$	1,000.00	$	1,013.65	$	11.29	2.26			182		366
Class I	$	1,000.00	$	1,071.80	$	6.23	$	1,000.00	$	1,018.85	$	6.07	1.21			182		366
Class R3	$	1,000.00	$	1,069.80	$	8.24	$	1,000.00	$	1,016.91	$	8.02	1.60			182		366
Class R4	$	1,000.00	$	1,072.50	$	6.70	$	1,000.00	$	1,018.40	$	6.52	1.30			182		366
Class R5	$	1,000.00	$	1,072.90	$	5.15	$	1,000.00	$	1,019.89	$	5.02	1.00			182		366
Class Y	$	1,000.00	$	1,073.50	$	4.90	$	1,000.00	$	1,020.14	$	4.77	0.95			182		366

32

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-IG12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford International Opportunities Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford International Opportunities Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	9
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	10
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	11
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	12
Notes to Financial Statements (Unaudited)	13
Financial Highlights (Unaudited)	26
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Expense Example (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford International Opportunities Fund inception 07/22/1996
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term growth of capital.

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
International Opportunities A#		6.47	%		-9.27	%		-0.11	%		6.30	%
International Opportunities A##					-14.26	%		-1.23	%		5.70	%
International Opportunities B#		6.06	%		-9.93	%		-0.76	%		NA	*
International Opportunities B##					-14.42	%		-1.09	%		NA	*
International Opportunities C#		6.07	%		-9.95	%		-0.85	%		5.50	%
International Opportunities C##					-10.84	%		-0.85	%		5.50	%
International Opportunities I#		6.63	%		-8.97	%		0.18	%		6.45	%
International Opportunities R3#		6.39	%		-9.38	%		-0.36	%		6.39	%
International Opportunities R4#		6.54	%		-9.15	%		0.02	%		6.61	%
International Opportunities R5#		6.66	%		-8.85	%		0.27	%		6.75	%
International Opportunities Y#		6.75	%		-8.79	%		0.39	%		6.83	%
MSCI All Country World ex USA Index		2.97	%		-12.48	%		-2.30	%		7.50	%

† Not Annualized

# Without sales charge

## With sales charge

* 10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/30/08. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

MSCI All Country World ex USA 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 index is calculated to exclude companies and share classes which cannot be freely purchased by foreigners.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford International Opportunities Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Nicolas M. Choumenkovitch	Tara C. Stilwell, CFA
Senior Vice President and Equity Portfolio Manager	Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford International Opportunities Fund returned 6.47%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the MSCI All Country World ex USA Index, which returned 2.97% for the same period. The Fund also outperformed the 6.10% return of the average fund in the Lipper International Large-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund. 

Why did the Fund perform this way?

Global equities moved higher in the period as investors generally shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic data. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, global equities retreated for the first time in five months as growing concerns about Spain’s fiscal sustainability overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, a lackluster U.S. labor report, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors. Within the MSCI All Country World ex USA Index, Consumer Staples (+9%), Health Care (+8%), and Consumer Discretionary (+7%) gained the most during the period. Telecommunication Services (-3%), Materials (-3%), and Utilities (-3%) declined during the period.

The Fund’s outperformance versus its benchmark was primarily due to stock selection. Selection was particularly strong within Information Technology, Industrials, and Materials, but was somewhat offset by weaker selection in Consumer Staples. Allocation among sectors, a result of the bottom-up stock selection process (i.e. stock by stock fundamental research), also contributed positively to relative returns, largely due to underweight positions (i.e. the Fund’s sector position was less than the benchmark position) in Materials and Telecommunication Services and an overweight position in Consumer Staples. A modest cash position detracted from relative results in an upward-trending market.

Top contributors to relative and absolute performance during the period included Samsung Electronics (Information Technology), Continental AG (Consumer Discretionary) and Rolls-Royce Holding (Industrials). Shares of Samsung, the largest South Korean diversified manufacturer of consumer and industrial electronic, Information Technology, and telecommunications equipment, moved higher as the company reported better-than-expected quarterly results driven by strong DRAM (dynamic random access memory) pricing in the semiconductor segment and smartphone volumes that outperformed Apple. Shares of Continental, a Germany-based manufacturer of tires, brake systems, vehicle stability control systems, and other technology used in the automotive industry, rebounded sharply after a period of underperformance as investors seem to have determined that concerns over the company's debt level and the European automobile market were overblown. The company also announced a dividend payout greater than consensus expectations. Shares of Rolls-Royce, a U.K.-based world-leading provider of engines, particularly for long-haul aircraft, rose as the company gained market share in wide body airplanes in Asia, where travel is expected to increase.

The largest detractors from relative returns were PDG Realty (Consumer Discretionary), Tesco (Consumer Staples), and Bharti Airtel (Telecommunication Services). Shares of PDG Realty, the largest homebuilding company in Brazil, moved lower as investors expected lower net income margins due to cost overruns and a one-time previously unrecognized amortization cost related to a 2010 acquisition. Shares of Tesco, a U.K.-based multinational food and general merchandise retailer, dropped as the market in the U.K. deteriorated and investors feared a weak profit outlook. Shares of Bharti Airtel, a provider of telecommunication services, moved lower on disappointing quarterly results. BNP Paribas (Financials) also detracted from absolute performance (i.e. total return).

What is the outlook?

At a macro level, we continue to see signs of economic improvement in the developed world, which we expect to remain in a low growth environment and with low interest rates. While we believe the risk of a sharp economic decline is reduced, we strive to maintain a well-balanced portfolio with investments that represent diverse economic drivers.

As is consistent with the investment approach, we continue to look for opportunities at a company-by-company level,

3

The Hartford International Opportunities Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

focusing on those companies which we believe can deliver improvements in return on invested capital (ROIC) or sustain ROIC for longer than the market anticipates.

At the end of the period, relative to the benchmark we were most overweight in Industrials, Information Technology, Utilities and most underweight in Financials, Telecommunication Services, and Materials. On a regional basis, we ended the period with an overweight to select European countries, including France, Switzerland, and the U.K., and underweight positions in Australia, Canada, Germany, and Japan.

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)	2.8	%
Banks (Financials)	3.3
Capital Goods (Industrials)	12.0
Commercial & Professional Services (Industrials)	1.0
Consumer Durables & Apparel (Consumer Discretionary)	0.7
Consumer Services (Consumer Discretionary)	4.7
Diversified Financials (Financials)	1.8
Energy (Energy)	7.8
Food & Staples Retailing (Consumer Staples)	1.1
Food, Beverage & Tobacco (Consumer Staples)	9.0
Health Care Equipment & Services (Health Care)	2.1
Household & Personal Products (Consumer Staples)	1.4
Insurance (Financials)	4.8
Materials (Materials)	7.9
Media (Consumer Discretionary)	0.1
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)	6.4
Real Estate (Financials)	5.9
Retailing (Consumer Discretionary)	2.2
Semiconductors & Semiconductor Equipment (Information Technology)	6.3
Software & Services (Information Technology)	1.7
Technology Hardware & Equipment (Information Technology)	1.3
Telecommunication Services (Services)	1.5
Transportation (Industrials)	3.9
Utilities (Utilities)	5.8
Short-Term Investments	4.5
Other Assets and Liabilities	0.0
Total	100.0	%

4

The Hartford International Opportunities Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.5%
		Belgium - 1.5%
	148	Umicore	$	8,052
		Brazil - 3.1%
	12	Banco do Estado do Rio Grande do Sul S.A.		107
	407	BR Malls Participacoes S.A. ☼		5,033
	472	CCR S.A.		3,663
	78	Embraer S.A. ADR		2,712
	476	JSL S.A.		2,384
	94	Localiza Rent a Car S.A.		1,613
	88	Raia Drogasil S.A.		942
				16,454
		Canada - 3.7%
	93	Canadian National Railway Co.		7,962
	321	EnCana Corp.		6,717
	82	Tim Hortons, Inc.		4,710
				19,389
		Chile - 0.6%
	146	Enersis S.A. ADR		2,955
		China - 2.2%
	2,344	China Pacific Insurance		7,591
	2,142	Dongfeng Motor Group Co., Ltd.		4,189
				11,780
		Finland - 0.7%
	34	Kone Oyj Class B		2,114
	37	Nokian Rendaat Oyj		1,735
				3,849
		France - 13.6%
	51	Accor S.A.		1,750
	89	Air Liquide		11,411
	118	BNP Paribas		4,773
	112	Cie Generale d'Optique Essilor International S.A.		9,889
	181	Groupe Danone		12,728
	105	Pernod-Ricard		10,937
	167	Peugeot S.A.		2,005
	221	Safran S.A.		8,183
	54	Unibail-Rodamco SE		10,157
				71,833
		Germany - 3.3%
	4	Allianz SE		498
	28	Beiersdorf AG		1,953
	71	Continental AG		6,880
	64	GSW Immobilien AG ●		2,122
	64	GSW Immobilien AG Rights		75
	613	Infineon Technologies AG		6,105
				17,633
		Hong Kong - 4.8%
	2,138	AIA Group Ltd.		7,565
	722	ENN Energy Holdings Ltd.		2,523
	495	Hengan International Group Co., Ltd.		5,230
	125	Samsonite International S.A. ●		242
	1,267	Sands China Ltd. §		4,961
	1,541	Shangri-La Asia Ltd.		3,260
	697	Zhongsheng Group Holdings		1,377
				25,158
		India - 1.3%
	323	Bharti Televentures		1,901
	1,014	ITC Ltd.		4,720
				6,621
		Ireland - 1.9%
	249	CRH plc		5,057
	363	Elan Corp. plc ADR ●‡		5,003
				10,060
		Israel - 1.8%
	105	Check Point Software Technologies Ltd. ADR ●		6,098
	74	Teva Pharmaceutical Industries Ltd. ADR		3,398
				9,496
		Italy - 2.0%
	2,242	Snam S.p.A.		10,652
		Japan - 12.3%
	68	Acom Co., Ltd.		1,464
	119	Daiichi Sankyo Co., Ltd.		2,042
	99	Daito Trust Construction Co., Ltd.		8,858
	106	Eisai Co., Ltd.		4,155
	72	FamilyMart Co., Ltd.		3,196
	65	Fanuc Corp. ☼		10,962
	23	Fast Retailing Co., Ltd.		5,229
	—	Inpex Corp.		2,912
	227	JS Group Corp.		4,461
	105	Komatsu Ltd.		3,022
	1,376	Mitsubishi UFJ Financial Group, Inc.		6,608
	274	Mitsui Fudosan Co., Ltd.		5,019
	5	Rakuten, Inc.		5,051
	818	Tokyo Electric Power Co., Inc.		2,042
				65,021
		Malaysia - 0.2%
	1,067	AirAsia Berhad		1,171
		Netherlands - 2.5%
	110	ASML Holding N.V. ADR		5,614
	567	ING Groep N.V. ●		4,001
	124	Yandex N.V. ●		2,936
	14	Ziggo N.V. ●		453
				13,004
		Norway - 1.4%
	71	Algeta ASA ●		1,671
	315	Telenor ASA		5,794
				7,465
		Russia - 0.5%
	224	Sberbank ADR ●		2,893
		South Korea - 2.2%
	9	Samsung Electronics Co., Ltd.		11,533
		Sweden - 3.5%
	276	Assa Abloy Ab		8,034
	177	SKF Ab B Shares		4,200
	458	Volvo Ab Class B		6,358
				18,592
		Switzerland - 9.4%
	55	Cie Financiere Richemont S.A.		3,415
	9	Givaudan		8,466
	34	Kuehne & Nagel International AG		4,100
	79	Roche Holding AG		14,370

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Opportunities Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.5% - (continued)
		Switzerland - 9.4% - (continued)
	3	SGS S.A.	$	5,485
	157	Swiss Re Ltd.		9,879
	319	UBS AG		3,979
				49,694
		Taiwan - 3.6%
	189	Hiwin Technologies Corp.		1,777
	1,765	Quanta Computer, Inc.		4,618
	1,062	Synnex Technology International Corp.		2,479
	3,453	Taiwan Semiconductor Manufacturing Co., Ltd.		10,206
				19,080
		United Kingdom - 18.2%
	71	AstraZeneca plc		3,095
	602	BG Group plc		14,216
	1,282	BP plc		9,264
	193	British American Tobacco plc		9,898
	147	ENSCO International plc		8,050
	237	Imperial Tobacco Group plc		9,483
	152	Intercontinental Hotels Group		3,612
	1,142	National Grid plc		12,331
	323	NMC Health plc		1,099
	156	Rio Tinto plc		8,719
	855	Rolls-Royce Holdings plc		11,427
	136	Standard Chartered plc		3,318
	317	Tesco plc		1,632
				96,144
		United States - 1.2%
	197	Carnival Corp.		6,410
		Total common stocks
		(cost $473,548)	$	504,939
		Total long-term investments (cost $473,548)	$	504,939
SHORT-TERM INVESTMENTS - 4.5%
		Repurchase Agreements - 4.5%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $5,873, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $5,991)
$	5,873	0.20%, 04/30/2012	$	5,873
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $7,868, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $8,025)
	7,868	0.20%, 04/30/2012		7,868
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,108, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $3,170)
	3,108	0.21%, 04/30/2012		3,108
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,573, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $2,625)
	2,573	0.19%, 04/30/2012		2,573
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3, collateralized by U.S. Treasury Note 0.75%, 2013, value of $3)
	3	0.17%, 04/30/2012		3
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4,224, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $4,309)
	4,224	0.21%, 04/30/2012		4,224
				23,649
		Total short-term investments
		(cost $23,649)	$	23,649

Total investments
(cost $497,197) ▲	100.0	%	$	528,588
Other assets and liabilities	—	%		246
Total net assets	100.0	%	$	528,834

The accompanying notes are an integral part of these financial statements.

6

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $504,789 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	40,600
Unrealized Depreciation		(16,801	)
Net Unrealized Appreciation	$	23,799

●	Non-income producing.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
§	These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933. The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $4,961, which represents 0.9% of total net assets.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $779 at April 30, 2012.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
CAD	BBH	Buy	$	2,959	$	2,968	05/01/2012	$	(9	)
CAD	BBH	Buy		1,754		1,755	05/03/2012		(1	)
CAD	CSFB	Buy		5,415		5,454	05/02/2012		(39	)
CHF	BCLY	Sell		122		122	05/03/2012		–
CHF	CBK	Sell		399		399	05/02/2012		–
CHF	MSC	Sell		1,048		1,047	05/04/2012		(1	)
EUR	CBK	Sell		1,594		1,597	05/03/2012		3
EUR	JPM	Buy		415		415	05/02/2012		–
GBP	CBK	Sell		1,575		1,571	05/01/2012		(4	)
GBP	CBK	Sell		526		527	05/02/2012		1
GBP	DEUT	Sell		782		783	05/03/2012		1
HKD	CSFB	Sell		689		689	05/03/2012		–
JPY	JPM	Buy		261		257	05/02/2012		4
								$	(45	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

The Hartford International Opportunities Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)

Counterparty Abbreviations:
BBH	Brown Brothers Harriman & Co.
BCLY	Barclays Capital, Inc.
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
Currency Abbreviations:
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	EURO
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

8

The Hartford International Opportunities Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Belgium	$	8,052	$	–	$	8,052	$	–
Brazil		16,454		16,454		–		–
Canada		19,389		19,389		–		–
Chile		2,955		2,955		–		–
China		11,780		–		11,780		–
Finland		3,849		–		3,849		–
France		71,833		–		71,833		–
Germany		17,633		–		17,633		–
Hong Kong		25,158		–		25,158		–
India		6,621		–		6,621		–
Ireland		10,060		5,003		5,057		–
Israel		9,496		9,496		–		–
Italy		10,652		–		10,652		–
Japan		65,021		–		65,021		–
Malaysia		1,171		–		1,171		–
Netherlands		13,004		9,003		4,001		–
Norway		7,465		–		7,465		–
Russia		2,893		2,893		–		–
South Korea		11,533		–		11,533		–
Sweden		18,592		–		18,592		–
Switzerland		49,694		–		49,694		–
Taiwan		19,080		–		19,080		–
United Kingdom		96,144		9,149		86,995		–
United States		6,410		6,410		–		–
Total		504,939		80,752		424,187		–
Short-Term Investments		23,649		–		23,649		–
Total	$	528,588	$	80,752	$	447,836	$	–
Foreign Currency Contracts*		9		–		9		–
Total	$	9	$	–	$	9	$	–
Liabilities:
Foreign Currency Contracts*		54		–		54		–
Total	$	54	$	–	$	54	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Opportunities Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $497,197)	$	528,588
Cash		42
Foreign currency on deposit with custodian (cost $35)		35
Unrealized appreciation on foreign currency contracts		9
Receivables:
Investment securities sold		8,916
Fund shares sold		930
Dividends and interest		2,537
Other assets		79
Total assets		541,136
Liabilities:
Unrealized depreciation on foreign currency contracts		54
Payables:
Investment securities purchased		11,356
Fund shares redeemed		678
Investment management fees		65
Administrative fees		2
Distribution fees		20
Accrued expenses		127
Total liabilities		12,302
Net assets	$	528,834
Summary of Net Assets:
Capital stock and paid-in-capital	$	544,434
Undistributed net investment income		3,033
Accumulated net realized loss		(50,068	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		31,435
Net assets	$	528,834
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$14.38/$15.22
Shares outstanding		18,397
Net assets	$	264,572
Class B: Net asset value per share	$	13.27
Shares outstanding		803
Net assets	$	10,656
Class C: Net asset value per share	$	13.05
Shares outstanding		2,549
Net assets	$	33,273
Class I: Net asset value per share	$	14.31
Shares outstanding		1,673
Net assets	$	23,951
Class R3: Net asset value per share	$	14.61
Shares outstanding		994
Net assets	$	14,516
Class R4: Net asset value per share	$	14.77
Shares outstanding		1,879
Net assets	$	27,755
Class R5: Net asset value per share	$	14.84
Shares outstanding		2,135
Net assets	$	31,679
Class Y: Net asset value per share	$	14.89
Shares outstanding		8,224
Net assets	$	122,432

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Opportunities Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	7,022
Interest		11
Less: Foreign tax withheld		(646	)
Total investment income		6,387
Expenses:
Investment management fees		1,827
Administrative services fees		39
Transfer agent fees		476
Distribution fees
Class A		316
Class B		55
Class C		162
Class R3		30
Class R4		24
Custodian fees		30
Accounting services fees		44
Registration and filing fees		66
Board of Directors' fees		7
Audit fees		9
Other expenses		69
Total expenses (before waivers and fees paid indirectly)		3,154
Expense waivers		(140	)
Transfer agent fee waivers		(18	)
Commission recapture		(6	)
Total waivers and fees paid indirectly		(164	)
Total expenses, net		2,990
Net Investment Income		3,397
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(9,788	)
Net realized loss on foreign currency contracts		(133	)
Net realized loss on other foreign currency transactions		(113	)
Net Realized Loss on Investments and Foreign Currency Transactions		(10,034	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		38,161
Net unrealized depreciation of foreign currency contracts		(101	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		148
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		38,208
Net Gain on Investments and Foreign Currency Transactions		28,174
Net Increase in Net Assets Resulting from Operations	$	31,571

The accompanying notes are an integral part of these financial statements.

11

The Hartford International Opportunities Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month  Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	3,397		$	6,152
Net realized gain (loss) on investments and foreign currency transactions		(10,034	)		24,383
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		38,208			(76,393	)
Net Increase (Decrease) In Net Assets Resulting From Operations		31,571			(45,858	)
Distributions to Shareholders:
From net investment income
Class A		(2,860	)		(289	)
Class B		(41	)		—
Class C		(167	)		—
Class I		(364	)		(24	)
Class R3		(127	)		(2	)
Class R4		(207	)		(9	)
Class R5		(354	)		(5	)
Class Y		(1,880	)		(313	)
Total distributions		(6,000	)		(642	)
Capital Share Transactions:
Class A		(10,268	)		(18,492	)
Class B		(1,814	)		(3,552	)
Class C		(2,061	)		(1,157	)
Class I		3,862			9,728
Class R3		3,125			7,228
Class R4		15,124			5,265
Class R5		8,883			19,808
Class Y		1,984			(66,746	)
Net increase (decrease) from capital share transactions		18,835			(47,918	)
Net Increase (Decrease) In Net Assets		44,406			(94,418	)
Net Assets:
Beginning of period		484,428			578,846
End of period	$	528,834		$	484,428
Undistributed (distribution in excess of) net investment income (loss)	$	3,033		$	5,636

The accompanying notes are an integral part of these financial statements.

12

The Hartford International Opportunities Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford International Opportunities Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent

13

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

14

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

15

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

16

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	9	$	—	$	—	$	—	$	—	$	9
Total	$	—	$	9	$	—	$	—	$	—	$	—	$	9
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	54	$	—	$	—	$	—	$	—	$	54
Total	$	—	$	54	$	—	$	—	$	—	$	—	$	54

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

17

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(133	)	$	—	$	—	$	—	$	—	$	(133	)
Total	$	—	$	(133	)	$	—	$	—	$	—	$	—	$	(133	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(101	)	$	—	$	—	$	—	$	—	$	(101	)
Total	$	—	$	(101	)	$	—	$	—	$	—	$	—	$	(101	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend

18

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	713	$	5,729

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	5,636
Accumulated Capital Losses *		(32,442	)
Unrealized Depreciation †		(14,365	)
Total Accumulated Deficit	$	(41,171	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(444	)
Accumulated Net Realized Gain (Loss)		444

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

19

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	32,442
Total	$	32,442

During the year ended October 31, 2011, the Fund utilized $27,722 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $500 million		0.6500	%
On next $1.5 billion		0.6400	%
On next $2.5 billion		0.6350	%
On next $5 billion		0.6300	%
Over $10 billion		0.6250	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $4.5 billion		0.6500	%
On next $5 billion		0.6475	%
Over $10 billion		0.6450	%

20

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.30	%		2.05	%		2.05	%		1.05	%		1.50	%		1.20	%		0.90	%		0.85	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.30	%
Class B		2.05
Class C		2.05
Class I		0.99
Class R3		1.50
Class R4		1.20
Class R5		0.90
Class Y		0.84

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $515 and contingent deferred sales charges of $13 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and

21

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $11.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.01	%		39.14	%
Class B		0.01			38.16
Class C		0.01			38.16
Class Y		0.01			39.90

22

8. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	257,432
Sales Proceeds Excluding U.S. Government Obligations		254,715

9. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,805		221		(2,794	)		—		(768	)		8,501		19		(10,482	)		—		(1,962	)
Amount	$	24,818	$	2,814	$	(37,900	)	$	—	$	(10,268	)	$	126,294	$	289	$	(145,075	)	$	—	$	(18,492	)
Class B
Shares		34		3		(180	)		—		(143	)		135		—		(400	)		—		(265	)
Amount	$	437	$	40	$	(2,291	)	$	—	$	(1,814	)	$	1,863	$	—	$	(5,415	)	$	—	$	(3,552	)
Class C
Shares		161		13		(343	)		—		(169	)		639		—		(739	)		—		(100	)
Amount	$	2,030	$	153	$	(4,244	)	$	—	$	(2,061	)	$	8,660	$	—	$	(9,817	)	$	—	$	(1,157	)
Class I
Shares		697		24		(425	)		—		296			1,296		1		(668	)		—		629
Amount	$	9,386	$	304	$	(5,828	)	$	—	$	3,862		$	19,214	$	22	$	(9,508	)	$	—	$	9,728
Class R3
Shares		289		10		(77	)		—		222			599		—		(122	)		—		477
Amount	$	4,066	$	127	$	(1,068	)	$	—	$	3,125		$	9,023	$	2	$	(1,797	)	$	—	$	7,228
Class R4
Shares		1,355		15		(302	)		—		1,068			572		1		(230	)		—		343
Amount	$	19,084	$	201	$	(4,161	)	$	—	$	15,124		$	8,715	$	9	$	(3,459	)	$	—	$	5,265
Class R5
Shares		842		27		(238	)		—		631			1,388		—		(63	)		—		1,325
Amount	$	12,000	$	354	$	(3,471	)	$	—	$	8,883		$	20,727	$	5	$	(924	)	$	—	$	19,808
Class Y
Shares		1,371		143		(1,375	)		—		139			2,790		20		(7,209	)		—		(4,399	)
Amount	$	19,635	$	1,879	$	(19,530	)	$	—	$	1,984		$	41,397	$	312	$	(108,455	)	$	—	$	(66,746	)
Total
Shares		6,554		456		(5,734	)		—		1,276			15,920		41		(19,913	)		—		(3,952	)
Amount	$	91,456	$	5,872	$	(78,493	)	$	—	$	18,835		$	235,893	$	639	$	(284,450	)	$	—	$	(47,918	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		48	$	667
For the Year Ended October 31, 2011		94	$	1,373

23

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

24

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25

The Hartford International Opportunities Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	13.67	$	0.09		$	–	$	0.77		$	0.86		$	(0.15	)	$	–		$	–	$	(0.15	)	$	0.71		$	14.38
B		12.56		0.03			–		0.73			0.76			(0.05	)		–			–		(0.05	)		0.71			13.27
C		12.37		0.03			–		0.71			0.74			(0.06	)		–			–		(0.06	)		0.68			13.05
I		13.65		0.11			–		0.77			0.88			(0.22	)		–			–		(0.22	)		0.66			14.31
R3		13.90		0.08			–		0.79			0.87			(0.16	)		–			–		(0.16	)		0.71			14.61
R4		14.07		0.12			–		0.78			0.90			(0.20	)		–			–		(0.20	)		0.70			14.77
R5		14.16		0.13			–		0.78			0.91			(0.23	)		–			–		(0.23	)		0.68			14.84
Y		14.20		0.12			–		0.81			0.93			(0.24	)		–			–		(0.24	)		0.69			14.89
For the Year Ended October 31, 2011 (E)
A		14.68		0.14			–		(1.14	)		(1.00	)		(0.01	)		–			–		(0.01	)		(1.01	)		13.67
B		13.58		0.02			–		(1.04	)		(1.02	)		–			–			–		–			(1.02	)		12.56
C		13.37		0.03			–		(1.03	)		(1.00	)		–			–			–		–			(1.00	)		12.37
I		14.62		0.20			–		(1.15	)		(0.95	)		(0.02	)		–			–		(0.02	)		(0.97	)		13.65
R3		14.95		0.13			–		(1.17	)		(1.04	)		(0.01	)		–			–		(0.01	)		(1.05	)		13.90
R4		15.10		0.17			–		(1.18	)		(1.01	)		(0.02	)		–			–		(0.02	)		(1.03	)		14.07
R5		15.15		0.18			–		(1.15	)		(0.97	)		(0.02	)		–			–		(0.02	)		(0.99	)		14.16
Y		15.19		0.21			–		(1.17	)		(0.96	)		(0.03	)		–			–		(0.03	)		(0.99	)		14.20
For the Year Ended October 31, 2010 (E)
A		12.62		0.07			–		2.14			2.21			(0.15	)		–			–		(0.15	)		2.06			14.68
B		11.65		(0.03	)		–		1.97			1.94			(0.01	)		–			–		(0.01	)		1.93			13.58
C		11.46		(0.02	)		–		1.94			1.92			(0.01	)		–			–		(0.01	)		1.91			13.37
I		12.59		0.13			–		2.12			2.25			(0.22	)		–			–		(0.22	)		2.03			14.62
R3		12.88		0.05			–		2.17			2.22			(0.15	)		–			–		(0.15	)		2.07			14.95
R4		12.98		0.08			–		2.22			2.30			(0.18	)		–			–		(0.18	)		2.12			15.10
R5		13.04		0.14			–		2.21			2.35			(0.24	)		–			–		(0.24	)		2.11			15.15
Y		13.07		0.14			–		2.22			2.36			(0.24	)		–			–		(0.24	)		2.12			15.19
For the Year Ended October 31, 2009 (E)
A		10.23		0.13			–		2.50			2.63			(0.24	)		–			–		(0.24	)		2.39			12.62
B		9.40		0.08			–		2.31			2.39			(0.14	)		–			–		(0.14	)		2.25			11.65
C		9.29		0.04			–		2.28			2.32			(0.15	)		–			–		(0.15	)		2.17			11.46
I		10.25		0.05			–		2.60			2.65			(0.31	)		–			–		(0.31	)		2.34			12.59
R3		10.51		0.08			–		2.56			2.64			(0.27	)		–			–		(0.27	)		2.37			12.88
R4		10.58		0.14			–		2.56			2.70			(0.30	)		–			–		(0.30	)		2.40			12.98
R5		10.60		0.08			–		2.66			2.74			(0.30	)		–			–		(0.30	)		2.44			13.04
Y		10.62		0.19			–		2.57			2.76			(0.31	)		–			–		(0.31	)		2.45			13.07
For the Year Ended October 31, 2008 (E)
A		21.79		0.19			–		(8.49	)		(8.30	)		(0.06	)		(3.20	)		–		(3.26	)		(11.56	)		10.23
B		20.34		0.07			–		(7.81	)		(7.74	)		–			(3.20	)		–		(3.20	)		(10.94	)		9.40
C		20.16		0.08			–		(7.75	)		(7.67	)		–			(3.20	)		–		(3.20	)		(10.87	)		9.29
I(H)		17.53		0.06			–		(7.34	)		(7.28	)		–			–			–		–			(7.28	)		10.25
R3		22.33		0.18			–		(8.77	)		(8.59	)		(0.03	)		(3.20	)		–		(3.23	)		(11.82	)		10.51
R4		22.39		0.05			–		(8.59	)		(8.54	)		(0.07	)		(3.20	)		–		(3.27	)		(11.81	)		10.58
R5		22.45		0.25			–		(8.78	)		(8.53	)		(0.12	)		(3.20	)		–		(3.32	)		(11.85	)		10.60
Y		22.48		0.29			–		(8.81	)		(8.52	)		(0.14	)		(3.20	)		–		(3.34	)		(11.86	)		10.62
For the Year Ended October 31, 2007
A		16.13		0.05			–		6.10			6.15			(0.06	)		(0.43	)		–		(0.49	)		5.66			21.79
B		15.14		(0.07	)		–		5.70			5.63			–			(0.43	)		–		(0.43	)		5.20			20.34
C		15.01		(0.07	)		–		5.65			5.58			–			(0.43	)		–		(0.43	)		5.15			20.16
R3(J)		17.07		0.06			–		5.20			5.26			–			–			–		–			5.26			22.33
R4(J)		17.07		0.09			–		5.23			5.32			–			–			–		–			5.32			22.39
R5(J)		17.07		0.13			–		5.25			5.38			–			–			–		–			5.38			22.45
Y		16.67		0.05			–		6.39			6.44			(0.20	)		(0.43	)		–		(0.63	)		5.81			22.48

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	6.47	%(F)	$	264,572		1.39	%(G)		1.30	%(G)		1.30	%(G)		1.29	%(G)		53	%
	6.06	(F)		10,656		2.47	(G)		2.05	(G)		2.05	(G)		0.49	(G)		–
	6.07	(F)		33,273		2.10	(G)		2.05	(G)		2.05	(G)		0.53	(G)		–
	6.63	(F)		23,951		0.99	(G)		0.99	(G)		0.99	(G)		1.62	(G)		–
	6.39	(F)		14,516		1.56	(G)		1.50	(G)		1.50	(G)		1.21	(G)		–
	6.54	(F)		27,755		1.25	(G)		1.20	(G)		1.20	(G)		1.76	(G)		–
	6.66	(F)		31,679		0.94	(G)		0.90	(G)		0.90	(G)		1.82	(G)		–
	6.75	(F)		122,432		0.84	(G)		0.84	(G)		0.84	(G)		1.77	(G)		–
	(6.80	)		261,920		1.34			1.30			1.30			0.96			122
	(7.51	)		11,877		2.33			2.05			2.05			0.16			–
	(7.48	)		33,621		2.04			2.04			2.04			0.19			–
	(6.49	)		18,801		0.97			0.97			0.97			1.39			–
	(6.97	)		10,727		1.54			1.50			1.50			0.89			–
	(6.73	)		11,406		1.23			1.20			1.20			1.12			–
	(6.40	)		21,285		0.94			0.90			0.90			1.22			–
	(6.37	)		114,791		0.82			0.82			0.82			1.38			–
	17.56			310,049		1.47			1.42			1.42			0.54			106
	16.70			16,434		2.44			2.19			2.19			(0.24	)		–
	16.72			37,671		2.16			2.15			2.15			(0.19	)		–
	18.01			10,933		1.08			1.08			1.08			1.02			–
	17.28			4,413		1.63			1.59			1.59			0.38			–
	17.76			7,066		1.29			1.27			1.27			0.63			–
	18.12			2,704		0.99			0.97			0.97			1.04			–
	18.20			189,576		0.90			0.90			0.90			1.05			–
	26.36			207,600		1.65			1.42			1.42			1.20			168
	25.85			17,390		2.74			1.84			1.84			0.85			–
	25.38			28,852		2.34			2.23			2.23			0.45			–
	26.81			2,230		1.25			1.23			1.23			0.51			–
	25.94			466		1.85			1.82			1.82			0.72			–
	26.42			1,769		1.38			1.38			1.38			1.29			–
	26.67			210		1.09			1.09			1.09			0.62			–
	26.94			133,962		0.96			0.96			0.96			1.73			–
	(44.50	)		151,147		1.47			1.47			1.47			1.23			150
	(44.86	)		17,068		2.45			2.11			2.11			0.50			–
	(44.92	)		23,743		2.20			2.20			2.20			0.54			–
	(41.53	)(F)		143		1.00	(G)		1.00	(G)		1.00	(G)		1.19	(G)		–
	(44.70	)		74		1.99			1.79			1.79			1.13			–
	(44.39	)		1,003		1.52			1.52			1.52			0.54			–
	(44.32	)		10		1.10			1.10			1.10			1.57			–
	(44.22	)		71,555		0.94			0.94			0.94			1.74			–
	39.15	(I)		241,239		1.49			1.49			1.49			0.31			147
	38.17	(I)		37,545		2.46			2.18			2.18			(0.39	)		–
	38.17	(I)		31,076		2.21			2.21			2.21			(0.42	)		–
	30.81	(F)		28		1.71	(G)		1.71	(G)		1.71	(G)		0.40	(G)		–
	31.17	(F)		13		1.41	(G)		1.41	(G)		1.41	(G)		0.53	(G)		–
	31.52	(F)		13		1.11	(G)		1.11	(G)		1.11	(G)		0.83	(G)		–
	39.91	(I)		127,314		0.95			0.95			0.95			0.84			–

27

The Hartford International Opportunities Fund

Financial Highlights – (continued)

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Commenced operations on May 30, 2008.

(I) Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

(J) Commenced operations on December 22, 2006.

28

The Hartford International Opportunities Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford International Opportunities Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

30

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

31

The Hartford International Opportunities Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,064.70	$	6.67	$	1,000.00	$	1,018.40	$	6.52		1.30	%		182		366
Class B	$	1,000.00	$	1,060.60	$	10.50	$	1,000.00	$	1,014.67	$	10.26		2.05			182		366
Class C	$	1,000.00	$	1,060.70	$	10.50	$	1,000.00	$	1,014.67	$	10.27		2.05			182		366
Class I	$	1,000.00	$	1,066.30	$	5.09	$	1,000.00	$	1,019.93	$	4.98		0.99			182		366
Class R3	$	1,000.00	$	1,063.90	$	7.70	$	1,000.00	$	1,017.40	$	7.53		1.50			182		366
Class R4	$	1,000.00	$	1,065.40	$	6.17	$	1,000.00	$	1,018.89	$	6.03		1.20			182		366
Class R5	$	1,000.00	$	1,066.60	$	4.63	$	1,000.00	$	1,020.39	$	4.52		0.90			182		366
Class Y	$	1,000.00	$	1,067.50	$	4.33	$	1,000.00	$	1,020.68	$	4.23		0.84			182		366

32

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-IO12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford International Small Company Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford International Small Company Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	9
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	10
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	11
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	12
Notes to Financial Statements (Unaudited)	13
Financial Highlights (Unaudited)	26
Directors and Officers (Unaudited)	28
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	30
Quarterly Portfolio Holdings Information (Unaudited)	30
Expense Example (Unaudited)	31

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford International Small Company Fund inception 04/30/2001

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks capital appreciation.

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
International Small Company A#		8.15	%		-7.93	%		-1.76	%		9.24	%
International Small Company A##					-12.99	%		-2.87	%		8.62	%
International Small Company B#		7.76	%		-8.58	%		-2.40	%		NA	*
International Small Company B##					-13.15	%		-2.74	%		NA	*
International Small Company C#		7.71	%		-8.65	%		-2.50	%		8.43	%
International Small Company C##					-9.56	%		-2.50	%		8.43	%
International Small Company I#		8.40	%		-7.48	%		-1.38	%		9.45	%
International Small Company R3#		8.12	%		-8.00	%		-1.50	%		9.62	%
International Small Company R4#		8.32	%		-7.71	%		-1.39	%		9.69	%
International Small Company R5#		8.44	%		-7.47	%		-1.28	%		9.74	%
International Small Company Y#		8.41	%		-7.48	%		-1.26	%		9.75	%
S&P EPAC SmallCap Index		5.02	%		-12.01	%		-3.59	%		10.13	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/31/07. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

S&P EPAC SmallCap Index is a global equity index comprised of the smallest 15% of each country’s market capitalization in the S&P BMI (Broad Market Index) World. (The S&P BMI World Index captures all companies in developed markets with free float market capitalization of at least $100 million as of the annual index reconstitution.) All developed market countries are included in the S&P EPAC SmallCap except the U.S. and Canada.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford International Small Company Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Daniel Maguire, CFA	Simon H. Thomas
Director and Equity Research Analyst	Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford International Small Company Fund returned 8.15%, before sales charges, for the six-month period ended April 30, 2012, outperforming its benchmark, the S&P EPAC SmallCap Index, which returned 5.02% for the same period. The Fund underperformed the 8.56% return of the average fund in the Lipper International Small/Mid Cap Growth peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period as investors generally shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic data. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, global equities retreated for the first time in five months as growing concerns about Spain’s fiscal sustainability overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, a lackluster U.S. labor report, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors. Within the benchmark, Energy (+8%), Consumer Staples (+8%), and Information Technology (+7%), gained the most during the period. Materials (0%), Utilities (+1%), and Financials (+2%) lagged on a relative basis.

Stock selection, which was positive in six of the ten broad economic sectors of the market, contributed positively to benchmark-relative performance. Stock selection was strongest within Consumer Discretionary, Financials, and Energy and was weakest within Information Technology and Utilities. Sector allocation, a fall-out of the bottom-up stock selection process (i.e. stock by stock fundamental research), also contributed positively to the Fund’s relative performance, in part due to an overweight allocation (i.e. the Fund’s sector position was greater than the benchmark position) to Energy and an underweight to Financials.

Top contributors to absolute and relative returns were NRW Holdings (Industrials), Salvatore Ferragamo (Consumer Discretionary), and Dufry (Consumer Discretionary). Shares of NRW, an Australia-based mining services provider, climbed during the period. In a volatile market environment, investors appreciated how little impact short-term commodity price swings had on the company’s business, which is growing in line with the long-term structural increase in mining activity. In addition, the company’s earnings gained visibility as it signed long-term contracts with guaranteed payments over the period. Salvatore Ferragamo, an Italy-based producer and seller of luxury shoes and handbags, also rose sharply as the company has delivered strong earnings in the midst of investor concern about the European domestic market and announced an optimistic outlook for EPS growth for 2012. Shares of Dufry, a Switzerland-based company which operates travel retail shops in airports and other travel locations worldwide, performed strongly over the period as the company beat earnings expectations.

Among the largest detractors from absolute and relative performance during the period were Thomas Cook Group (Consumer Discretionary), D’ieteren (Consumer Discretionary), and Chemring Group (Industrials) . Thomas Cook Group is a U.K.-based travel agent with a pan-European customer base. The stock dropped sharply over the period as European consumer spending on travel declined and the company issued a profit warning and went to its banks for additional capital, generating concern over the company’s debt levels. Based in Belgium, D’ieteren is engaged in vehicle glass repair and windshield replacement worldwide and operates an auto distribution business in Belgium. Shares fell during the period as warmer weather in Europe and the U.S. led to fewer car accidents, reducing demand for the company's windshield replacement services. Chemring is a U.K.-based company that manufactures disposable items, such as flares, pyrotechnics and bullets, for the military, deriving 50% of its revenues from the U.S. military. The stock dropped due to concerns about the potential impact of U.S. military budget cuts.

What is the outlook?

We continue to focus our analysis at the individual company level, seeking to identify companies with above average growth possessing what we believe to be strong market positions, skilled management teams, and solid balance sheets. We believe these holdings are well positioned to perform across a number of different economic scenarios.

3

The Hartford International Small Company Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

At the end of the period, we were most overweight in Consumer Discretionary, Industrials, and Energy, and most underweight in Financials relative to the benchmark. On a regional basis, our greatest underweight position relative to the benchmark at the end of the period was to Europe. This was offset by overweight positions in Japan and Emerging Markets.

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		3.4	%
Capital Goods (Industrials)		18.0
Commercial & Professional Services (Industrials)		6.3
Consumer Durables & Apparel (Consumer Discretionary)		8.5
Consumer Services (Consumer Discretionary)		5.5
Diversified Financials (Financials)		6.3
Energy (Energy)		6.6
Food & Staples Retailing (Consumer Staples)		2.9
Food, Beverage & Tobacco (Consumer Staples)		0.8
Health Care Equipment & Services (Health Care)		4.2
Household & Personal Products (Consumer Staples)		0.9
Materials (Materials)		8.4
Media (Consumer Discretionary)		1.9
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		3.1
Real Estate (Financials)		2.7
Retailing (Consumer Discretionary)		8.4
Semiconductors & Semiconductor Equipment (Information Technology)		1.1
Software & Services (Information Technology)		4.3
Technology Hardware & Equipment (Information Technology)		0.5
Transportation (Industrials)		2.8
Utilities (Utilities)		0.6
Short-Term Investments		4.5
Other Assets and Liabilities		(1.7	)
Total		100.0	%

Currency Concentration of Securities at April 30, 2012

	Percentage of
Description	Net Assets
Australian Dollar		9.7	%
Brazilian Real		1.7
British Pound		16.2
Danish Kroner		0.9
Euro		24.5
Hong Kong Dollar		3.4
Japanese Yen		32.2
Norwegian Krone		2.2
Republic of Korea Won		1.4
Singapore Dollar		0.8
Swedish Krona		0.5
Swiss Franc		2.2
United States Dollar		6.0
Other Assets and Liabilities		(1.7	)
Total		100.0	%

4

The Hartford International Small Company Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.2%
		Australia - 10.0%
	304	Aquarius Platinum Ltd.	$	646
	362	Boral Ltd.		1,415
	15	Cochlear Ltd.		1,008
	201	Domino's Pizza Enterprises Ltd. ‡		2,057
	238	Karoon Gas Australia Ltd. ●		1,586
	55	Monadelphous Group Ltd.		1,311
	819	NRW Holdings Ltd.		3,459
	265	SAI Global Ltd.		1,445
	222	Seek Ltd.		1,641
	64	Sims Metal Management Ltd.		934
	598	Skilled Group Ltd. ‡		1,519
	66	Worleyparsons Ltd.		1,930
				18,951
		Austria - 2.5%
	48	Andritz AG ☼		2,507
	15	Schoeller-Bleckmann Oilfield Equipment AG ☼		1,363
	67	Zumbotel AG ☼		928
				4,798
		Belgium - 1.8%
	23	CFE ☼		1,336
	47	D'ieteren S.A. ☼		2,080
				3,416
		Brazil - 1.7%
	119	Arezzo Industria e Comercio S.A.		1,844
	78	Localiza Rent a Car S.A. ☼		1,332
				3,176
		Denmark - 0.9%
	71	DSV A/S		1,625
		Finland - 1.8%
	38	Nokian Rendaat Oyj ☼		1,808
	77	Tikkurila Oy ☼		1,572
				3,380
		France - 5.3%
	11	Bollore ☼		2,445
	56	CFAO ☼		2,397
	26	Eurazeo ☼		1,354
	29	Imerys S.A. ☼		1,638
	14	Vallourec ☼		826
	19	Wendel ☼		1,398
				10,058
		Germany - 4.9%
	13	Delticom AG		1,289
	65	Gildemeister		1,331
	45	MTU Aero Engines Holdings AG		3,830
	17	Rheinmetall AG		967
	41	STRATEC Biomedical AG		1,933
				9,350
		Hong Kong - 3.4%
	72	ASM Pacific Technology		974
	1,777	China Automation Group		488
	1,372	Daphne International Holdings Ltd.		1,950
	1,831	Microport Scientific Corp.		862
	1,794	Techtronic Industries Co., Ltd.		2,152
				6,426
		Italy - 4.7%
	103	Brunello Cucinelli S.p.A. ☼		1,631
	880	Immobiliare Grande Distribuzione ☼		942
	130	Pirelli & Co. S.p.A. ☼		1,578
	167	Safilo Group S.p.A. ☼		1,098
	105	Salvatore Ferragamo Italia S.p.A. ●☼		2,576
	79	Yoox S.p.A. ●☼		1,137
				8,962
		Japan - 32.2%
	65	Acom Co., Ltd. ☼		1,407
	222	Amada Co., Ltd. ☼		1,507
	48	Benesse Holdings, Inc. ☼		2,373
	48	Cosmos Pharmaceutical Corp. ☼		2,702
	1	Cyberagent, Inc. ☼		2,017
	63	DeNa Co., Ltd. ☼		1,961
	189	Denki Kagaku Kogyo K K ☼		732
	19	Disco Corp. ☼		1,159
	48	Don Quijote Co. ☼		1,761
	148	Fuji Heavy Industries Ltd. ☼		1,116
	301	Hino Motors Ltd. ☼		2,129
	124	Hitachi Metals Ltd. ☼		1,545
	44	Hoshizaki Electric Co., Ltd. ☼		1,050
	64	IBJ Leasing Co., Ltd. ☼		1,727
	575	Ihi Corp. ☼		1,391
	55	Jafco Co., Ltd. ☼		1,295
	26	Japan Petroleum Exploration Co., Ltd. ☼		1,168
	145	Japan Steel Works Ltd. ☼		882
	83	Kakaku.com, Inc. ☼		2,575
	8	Kenedix, Inc. ●☼		1,359
	73	Konami Corp. ☼		2,097
	173	Makino Milling Machine Co. ☼		1,252
	244	Matsui Securities Co., Ltd. ☼		1,493
	—	Message Co., Ltd. ☼		1,726
	210	Mitsubishi Gas Chemical Co. ☼		1,376
	119	Mori Seiki Co., Ltd. ☼		1,183
	186	Nhk Spring Co., Ltd. ☼		1,939
	302	Nihon Nohyaku Co., Ltd. ☼		1,363
	238	Nikkiso Co., Ltd. ☼		2,499
	229	Nippon Denko Co., Ltd. ☼		961
	45	Pigeon Corp. ☼		1,776
	81	Sega Sammy Holdings, Inc. ☼		1,704
	216	Shionogi & Co., Ltd. ☼		2,821
	79	Square Enix Holdings Co., Ltd. ☼		1,550
	56	Start Today Co., Ltd. ☼		866
	352	Teijin Ltd. ☼		1,184
	58	Tokyo Ohka Kogyo Co., Ltd. ☼		1,247
	51	Yamato Kogyo Co. ☼		1,448
	110	Yaskawa Electric Corp. ☼		958
				61,299
		Luxembourg - 1.1%
	115	Reinet Investments S.A. ●☼		2,079
		Netherlands - 1.3%
	16	Fugro N.V. - CVA ☼		1,165
	10	HAL Trust ☼		1,241
				2,406
		Norway - 2.2%
	110	Kongsberg Gruppen ASA		2,133
	140	Petroleum Geo-Services ●☼		2,112
				4,245
		Russia - 1.5%
	172	O'Key Group S.A. ■‡		1,521

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Small Company Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.2% - (continued)
		Russia - 1.5% - (continued)
	76	Pharmstandard ●§‡	$	1,339
				2,860
		Singapore - 0.8%
	1,317	Indofood Agri Resources Ltd. ●☼		1,509
		South Korea - 1.4%
	8	Green Cross Corp.		911
	39	Hotel Shilla Co., Ltd.		1,814
				2,725
		Spain - 1.1%
	261	Distribuidora Internacional De Alimentacion S.A. ●☼		1,255
	36	Grifols S.A.		903
				2,158
		Sweden - 0.5%
	43	Electrolux Ab Series B ☼		950
		Switzerland - 2.2%
	31	Dufry Group ☼		4,170
		United Kingdom - 15.9%
	70	APR Energy plc ●		1,134
	349	Babcock International Group plc		4,717
	153	Chemring Group plc		809
	1,657	Debenhams plc		2,222
	399	Domino's Pizza UK & IRL plc		2,850
	1,074	Hansteen Holdings plc		1,279
	818	Hays plc		1,187
	97	Hunting plc		1,496
	181	IG Group Holdings plc		1,358
	191	James Fisher & Sons plc		1,761
	67	Kier Group plc		1,263
	338	Mears Group plc		1,436
	217	Persimmon plc		2,210
	65	Rightmove		1,630
	256	Savills plc		1,485
	418	Tui Travel plc		1,298
	79	Ultra Electronics Holdings plc		2,169
				30,304
		Total common stocks
		(cost $168,626)	$	184,847
		Total long-term investments (cost $168,626)	$	184,847
SHORT-TERM INVESTMENTS - 4.5%
		Repurchase Agreements - 4.5%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,133, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $2,175)
$	2,133	0.20%, 04/30/2012	$	2,133
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,857, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $2,914)
	2,857	0.20%, 04/30/2012		2,857
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,128, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $1,151)
	1,128	0.21%, 04/30/2012		1,128
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $935, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $953)
	935	0.19%, 04/30/2012		935
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1, collateralized by U.S. Treasury Note 0.75%, 2013, value of $1)
	1	0.17%, 04/30/2012		1
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,534, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $1,565)
	1,534	0.21%, 04/30/2012		1,534
				8,588
		Total short-term investments
		(cost $8,588)	$	8,588

Total investments
(cost $177,214) ▲	101.7	%	$	193,435
Other assets and liabilities	(1.7	)%		(3,154	)
Total net assets	100.0	%	$	190,281

The accompanying notes are an integral part of these financial statements.

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $180,958 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	27,815
Unrealized Depreciation		(15,338	)
Net Unrealized Appreciation	$	12,477

●	Non-income producing.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $1,521, which represents 0.8% of total net assets.
§	These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $1,339, which represents 0.7% of total net assets.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $5,262 at April 30, 2012.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
AUD	CBK	Buy	$	36	$	36	05/03/2012	$	–
AUD	MSC	Sell		1,375		1,369	05/01/2012		(6	)
AUD	MSC	Buy		452		451	05/02/2012		1
CHF	BCLY	Buy		114		114	05/03/2012		–
DKK	CBK	Buy		44		44	05/02/2012		–
EUR	CBK	Buy		1,646		1,649	05/03/2012		(3	)
EUR	CBK	Sell		269		269	05/02/2012		–
EUR	DEUT	Sell		829		829	05/04/2012		–
GBP	CBK	Buy		838		840	05/02/2012		(2	)
HKD	SSG	Buy		179		179	05/02/2012		–
JPY	CSFB	Buy		2,071		2,049	05/07/2012		22
NOK	CBK	Buy		58		58	05/03/2012		–
SEK	CBK	Buy		947		948	05/03/2012		(1	)
SGD	HSBC	Buy		43		43	05/03/2012		–
								$	11

╪  See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements. 

7

The Hartford International Small Company Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays Capital, Inc.
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
HSBC	HSBC Bank USA
MSC	Morgan Stanley
SSG	State Street Global Markets LLC
Currency Abbreviations:
AUD	Australian Dollar
CHF	Swiss Franc
DKK	Denmark Krone
EUR	EURO
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

8

The Hartford International Small Company Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	184,847	$	10,562	$	174,285	$	–
Short-Term Investments		8,588		–		8,588		–
Total	$	193,435	$	10,562	$	182,873	$	–
Foreign Currency Contracts *		23		–		23		–
Total	$	23	$	–	$	23	$	–
Liabilities:
Foreign Currency Contracts *		12		–		12		–
Total	$	12	$	–	$	12	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $7,325 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Small Company Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $177,214)	$	193,435
Cash		—
Foreign currency on deposit with custodian (cost $8)		8
Unrealized appreciation on foreign currency contracts		23
Receivables:
Investment securities sold		3,349
Fund shares sold		35
Dividends and interest		843
Other assets		78
Total assets		197,771
Liabilities:
Unrealized depreciation on foreign currency contracts		12
Payables:
Investment securities purchased		7,241
Fund shares redeemed		168
Investment management fees		28
Administrative fees		—
Distribution fees		5
Accrued expenses		36
Total liabilities		7,490
Net assets	$	190,281
Summary of Net Assets:
Capital stock and paid-in-capital	$	231,064
Distributions in excess of net investment loss		(329	)
Accumulated net realized loss		(56,700	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		16,246
Net assets	$	190,281
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$12.97/$13.72
Shares outstanding		3,853
Net assets	$	49,999
Class B: Net asset value per share	$	12.36
Shares outstanding		458
Net assets	$	5,659
Class C: Net asset value per share	$	12.15
Shares outstanding		755
Net assets	$	9,172
Class I: Net asset value per share	$	12.89
Shares outstanding		680
Net assets	$	8,763
Class R3: Net asset value per share	$	13.08
Shares outstanding		260
Net assets	$	3,395
Class R4: Net asset value per share	$	13.11
Shares outstanding		75
Net assets	$	981
Class R5: Net asset value per share	$	13.13
Shares outstanding		12
Net assets	$	160
Class Y: Net asset value per share	$	13.13
Shares outstanding		8,538
Net assets	$	112,152

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Small Company Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	1,720
Interest		2
Less: Foreign tax withheld		(144	)
Total investment income		1,578
Expenses:
Investment management fees		801
Administrative services fees		3
Transfer agent fees		123
Distribution fees
Class A		59
Class B		28
Class C		44
Class R3		6
Class R4		1
Custodian fees		13
Accounting services fees		16
Registration and filing fees		49
Board of Directors' fees		3
Audit fees		7
Other expenses		21
Total expenses (before waivers and fees paid indirectly)		1,174
Expense waivers		(22	)
Transfer agent fee waivers		(27	)
Commission recapture		—
Total waivers and fees paid indirectly		(49	)
Total expenses, net		1,125
Net Investment Income		453
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(4,976	)
Net realized loss on foreign currency contracts		(64	)
Net realized gain on other foreign currency transactions		19
Net Realized Loss on Investments and Foreign Currency Transactions		(5,021	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		19,539
Net unrealized appreciation of foreign currency contracts		33
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(4	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		19,568
Net Gain on Investments and Foreign Currency Transactions		14,547
Net Increase in Net Assets Resulting from Operations	$	15,000

The accompanying notes are an integral part of these financial statements.

11

The Hartford International Small Company Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	453		$	1,504
Net realized gain (loss) on investments and foreign currency transactions		(5,021	)		20,148
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		19,568			(27,480	)
Net Increase (Decrease) In Net Assets Resulting From Operations		15,000			(5,828	)
Distributions to Shareholders:
From net investment income
Class A		(135	)		(535	)
Class B		—			(22	)
Class C		—			(37	)
Class I		(68	)		(133	)
Class R3		(10	)		(2	)
Class R4		(4	)		(1	)
Class R5		(1	)		(2	)
Class Y		(977	)		(1,690	)
Total distributions		(1,195	)		(2,422	)
Capital Share Transactions:
Class A		(4,339	)		(448	)
Class B		(936	)		(1,437	)
Class C		(887	)		(1,280	)
Class I		813			57
Class R3		1,096			2,110
Class R4		554			251
Class R5		23			6
Class Y		(1,495	)		(1,395	)
Net decrease from capital share transactions		(5,171	)		(2,136	)
Net Increase (Decrease) In Net Assets		8,634			(10,386	)
Net Assets:
Beginning of period		181,647			192,033
End of period	$	190,281		$	181,647
Undistributed (distribution in excess of) net investment income (loss)	$	(329	)	$	413

The accompanying notes are an integral part of these financial statements.

12

The Hartford International Small Company Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford International Small Company Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent

13

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

14

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the

15

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into,

16

and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	23	$	—	$	—	$	—	$	—	$	23
Total	$	—	$	23	$	—	$	—	$	—	$	—	$	23
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	12	$	—	$	—	$	—	$	—	$	12
Total	$	—	$	12	$	—	$	—	$	—	$	—	$	12

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

17

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(64	)	$	—	$	—	$	—	$	—	$	(64	)
Total	$	—	$	(64	)	$	—	$	—	$	—	$	—	$	(64	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	33		$	—	$	—	$	—	$	—	$	33
Total	$	—	$	33		$	—	$	—	$	—	$	—	$	33

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend

18

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	2,422	$	2,066

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	938
Accumulated Capital Losses *		(48,460	)
Unrealized Depreciation †		(7,066	)
Total Accumulated Deficit	$	(54,588	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	1,268
Accumulated Net Realized Gain (Loss)		(1,268	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

19

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration		Amount
	2016	$	1,656
	2017		46,804
	Total	$	48,460

During the year ended October 31, 2011, the Fund utilized $17,670 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000	%
On next $500 million		0.8500	%
On next $4 billion		0.8000	%
On next $5 billion		0.7975	%
Over $10 billion		0.7950	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

20

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.60	%		2.35	%		2.35	%		1.35	%		1.65	%		1.35	%		1.05	%		1.00	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended  April 30, 2012
Class A		1.54	%
Class B		2.30
Class C		2.30
Class I		1.05
Class R3		1.65
Class R4		1.35
Class R5		1.05
Class Y		1.00

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $47 and contingent deferred sales charges of $5 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee

21

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $4.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		10		4	%
Class R4		10		13
Class R5		10		83

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	41,499
Sales Proceeds Excluding U.S. Government Obligations		50,937

22

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		268		12		(653	)		—		(373	)		1,075		40		(1,150	)		—		(35	)
Amount	$	3,199	$	130	$	(7,668	)	$	—	$	(4,339	)	$	14,062	$	515	$	(15,025	)	$	—	$	(448	)
Class B
Shares		5		—		(87	)		—		(82	)		33		2		(151	)		—		(116	)
Amount	$	56	$	—	$	(992	)	$	—	$	(936	)	$	413	$	21	$	(1,871	)	$	—	$	(1,437	)
Class C
Shares		36		—		(116	)		—		(80	)		128		3		(238	)		—		(107	)
Amount	$	402	$	—	$	(1,289	)	$	—	$	(887	)	$	1,570	$	34	$	(2,884	)	$	—	$	(1,280	)
Class I
Shares		102		2		(33	)		—		71			225		3		(234	)		—		(6	)
Amount	$	1,185	$	17	$	(389	)	$	—	$	813		$	2,950	$	33	$	(2,926	)	$	—	$	57
Class R3
Shares		120		1		(31	)		—		90			226		—		(66	)		—		160
Amount	$	1,458	$	10	$	(372	)	$	—	$	1,096		$	2,959	$	2	$	(851	)	$	—	$	2,110
Class R4
Shares		61		1		(16	)		—		46			24		—		(5	)		—		19
Amount	$	737	$	4	$	(187	)	$	—	$	554		$	317	$	1	$	(67	)	$	—	$	251
Class R5
Shares		2		—		—			—		2			—		—		—			—		—
Amount	$	22	$	1	$	—		$	—	$	23		$	4	$	2	$	—		$	—	$	6
Class Y
Shares		1,038		88		(1,201	)		—		(75	)		1,551		130		(1,806	)		—		(125	)
Amount	$	12,062	$	977	$	(14,534	)	$	—	$	(1,495	)	$	20,060	$	1,690	$	(23,145	)	$	—	$	(1,395	)
Total
Shares		1,632		104		(2,137	)		—		(401	)		3,262		178		(3,650	)		—		(210	)
Amount	$	19,121	$	1,139	$	(25,431	)	$	—	$	(5,171	)	$	42,335	$	2,298	$	(46,769	)	$	—	$	(2,136	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		24	$	286
For the Year Ended October 31, 2011		27	$	358

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

23

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

24

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25

The Hartford International Small Company Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class		Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset  Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	12.03	$	0.01		$	–	$	0.96		$	0.97		$	(0.03	)	$	–		$	–	$	(0.03	)	$	0.94		$	12.97
B		11.47		(0.03	)		–		0.92			0.89			–			–			–		–			0.89			12.36
C		11.28		(0.03	)		–		0.90			0.87			–			–			–		–			0.87			12.15
I		12.00		0.05			–		0.94			0.99			(0.10	)		–			–		(0.10	)		0.89			12.89
R3		12.16		0.02			–		0.96			0.98			(0.06	)		–			–		(0.06	)		0.92			13.08
R4		12.20		0.04			–		0.96			1.00			(0.09	)		–			–		(0.09	)		0.91			13.11
R5		12.22		0.05			–		0.96			1.01			(0.10	)		–			–		(0.10	)		0.91			13.13
Y		12.23		0.05			–		0.96			1.01			(0.11	)		–			–		(0.11	)		0.90			13.13
For the Year Ended October 31, 2011 (E)
A		12.56		0.07			–		(0.47	)		(0.40	)		(0.13	)		–			–		(0.13	)		(0.53	)		12.03
B		11.97		(0.04	)		–		(0.43	)		(0.47	)		(0.03	)		–			–		(0.03	)		(0.50	)		11.47
C		11.78		(0.03	)		–		(0.43	)		(0.46	)		(0.04	)		–			–		(0.04	)		(0.50	)		11.28
I		12.53		0.12			–		(0.46	)		(0.34	)		(0.19	)		–			–		(0.19	)		(0.53	)		12.00
R3		12.72		0.09			–		(0.50	)		(0.41	)		(0.15	)		–			–		(0.15	)		(0.56	)		12.16
R4		12.74		0.12			–		(0.50	)		(0.38	)		(0.16	)		–			–		(0.16	)		(0.54	)		12.20
R5		12.75		0.13			–		(0.47	)		(0.34	)		(0.19	)		–			–		(0.19	)		(0.53	)		12.22
Y		12.76		0.14			–		(0.48	)		(0.34	)		(0.19	)		–			–		(0.19	)		(0.53	)		12.23
For the Year Ended October 31, 2010 (E)
A		10.74		0.02			–		1.92			1.94			(0.12	)		–			–		(0.12	)		1.82			12.56
B		10.28		(0.07	)		–		1.84			1.77			(0.08	)		–			–		(0.08	)		1.69			11.97
C		10.10		(0.07	)		–		1.80			1.73			(0.05	)		–			–		(0.05	)		1.68			11.78
I		10.70		0.07			–		1.91			1.98			(0.15	)		–			–		(0.15	)		1.83			12.53
R3(H)		10.20		–			–		2.52			2.52			–			–			–		–			2.52			12.72
R4(H)		10.20		0.02			–		2.52			2.54			–			–			–		–			2.54			12.74
R5(H)		10.20		0.04			–		2.51			2.55			–			–			–		–			2.55			12.75
Y		10.89		0.07			–		1.96			2.03			(0.16)			–			–		(0.16)			1.87			12.76
For the Year Ended October 31, 2009
A		7.45		0.08			–		3.21			3.29			–			–			–		–			3.29			10.74
B		7.16		0.02			–		3.10			3.12			–			–			–		–			3.12			10.28
C		7.06		(0.01	)		–		3.05			3.04			–			–			–		–			3.04			10.10
I		7.47		0.06			–		3.23			3.29			(0.06	)		–			–		(0.06	)		3.23			10.70
Y		7.60		0.09			–		3.27			3.36			(0.07	)		–			–		(0.07	)		3.29			10.89
For the Year Ended October 31, 2008 (E)
A		17.99		0.10			–		(8.53	)		(8.43	)		(0.16	)		(1.95	)		–		(2.11	)		(10.54	)		7.45
B		17.35		0.02			–		(8.20	)		(8.18	)		(0.06	)		(1.95	)		–		(2.01	)		(10.19	)		7.16
C		17.16		–			–		(8.08	)		(8.08	)		(0.07	)		(1.95	)		–		(2.02	)		(10.10	)		7.06
I		18.02		0.11			–		(8.48	)		(8.37	)		(0.23	)		(1.95	)		–		(2.18	)		(10.55	)		7.47
Y		18.26		0.18			–		(8.66	)		(8.48	)		(0.23	)		(1.95	)		–		(2.18	)		(10.66	)		7.60
For the Year Ended October 31, 2007
A		16.19		0.03			–		3.92			3.95			(0.15	)		(2.00	)		–		(2.15	)		1.80			17.99
B		15.72		(0.05	)		–		3.76			3.71			(0.08	)		(2.00	)		–		(2.08	)		1.63			17.35
C		15.55		(0.02	)		–		3.69			3.67			(0.06	)		(2.00	)		–		(2.06	)		1.61			17.16
I(I)		17.10		0.02			–		0.90			0.92			–			–			–		–			0.92			18.02
Y		16.37		0.02			–		4.06			4.08			(0.19	)		(2.00	)		–		(2.19	)		1.89			18.26

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Commenced operations on May 28, 2010.

(I) Commenced operations on May 31, 2007.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.15	%(F)	$	49,999		1.63	%(G)		1.54	%(G)		1.54	%(G)		0.23	%(G)		23	%
	7.76	(F)		5,659		2.64	(G)		2.30	(G)		2.30	(G)		(0.56)	(G)		–
	7.71	(F)		9,172		2.38	(G)		2.30	(G)		2.30	(G)		(0.53)	(G)		–
	8.40	(F)		8,763		1.07	(G)		1.05	(G)		1.05	(G)		0.76	(G)		–
	8.12	(F)		3,395		1.73	(G)		1.65	(G)		1.65	(G)		0.28	(G)		–
	8.32	(F)		981		1.44	(G)		1.35	(G)		1.35	(G)		0.62	(G)		–
	8.44	(F)		160		1.17	(G)		1.05	(G)		1.05	(G)		0.77	(G)		–
	8.41	(F)		112,152		1.02	(G)		1.00	(G)		1.00	(G)		0.77	(G)		–
	(3.28	)		50,854		1.59			1.55			1.55			0.51			69
	(3.91	)		6,188		2.55			2.30			2.30			(0.29	)		–
	(3.93	)		9,420		2.34			2.30			2.30			(0.27	)		–
	(2.82	)		7,309		1.09			1.07			1.07			0.94			–
	(3.31	)		2,065		1.71			1.65			1.65			0.73			–
	(3.10	)		356		1.44			1.35			1.35			0.90			–
	(2.77	)		126		1.12			1.05			1.05			0.99			–
	(2.72	)		105,329		1.02			1.00			1.00			1.03			–
	18.22			53,514		1.63			1.57			1.57			0.14			97
	17.28			7,850		2.60			2.32			2.32			(0.63	)		–
	17.23			11,103		2.37			2.32			2.32			(0.62	)		–
	18.76			7,698		1.08			1.08			1.08			0.63			–
	24.71	(F)		125		1.73	(G)		1.65	(G)		1.65	(G)		0.08	(G)		–
	24.90	(F)		125		1.43	(G)		1.36	(G)		1.36	(G)		0.38	(G)		–
	25.00	(F)		125		1.12	(G)		1.06	(G)		1.06	(G)		0.68	(G)		–
	18.83			111,493		1.02			1.02			1.02			0.68			–
	44.16			53,517		1.81			1.39			1.39			0.64			151
	43.58			8,798		2.89			1.80			1.80			0.25			–
	43.06			11,713		2.55			2.14			2.14			(0.10	)		–
	44.32			7,255		1.09			1.09			1.09			0.59			–
	44.48			85,937		1.05			1.05			1.05			1.06			–
	(52.67	)		48,739		1.52			1.52			1.52			0.79			121
	(52.96	)		7,392		2.53			2.13			2.13			0.18			–
	(53.00	)		10,563		2.28			2.28			2.28			0.02			–
	(52.43	)		1,497		1.16			1.16			1.16			1.23			–
	(52.32	)		55,020		1.01			1.01			1.01			1.36			–
	27.90			153,290		1.49			1.49			1.49			0.33			96
	26.97			19,562		2.44			2.26			2.26			(0.47	)		–
	26.98			33,033		2.23			2.23			2.23			(0.43	)		–
	5.38	(F)		174		1.19	(G)		1.19	(G)		1.19	(G)		0.77	(G)		–
	28.48			132,411		1.01			1.01			1.01			0.75			–

27

The Hartford International Small Company Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

28

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

29

The Hartford International Small Company Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

30

The Hartford International Small Company Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,081.50	$	8.00	$	1,000.00	$	1,017.18	$	7.75		1.54	%		182		366
Class B	$	1,000.00	$	1,077.60	$	11.87	$	1,000.00	$	1,013.43	$	11.51		2.30			182		366
Class C	$	1,000.00	$	1,077.10	$	11.86	$	1,000.00	$	1,013.45	$	11.49		2.30			182		366
Class I	$	1,000.00	$	1,084.00	$	5.44	$	1,000.00	$	1,019.64	$	5.27		1.05			182		366
Class R3	$	1,000.00	$	1,081.20	$	8.55	$	1,000.00	$	1,016.65	$	8.28		1.65			182		366
Class R4	$	1,000.00	$	1,083.20	$	7.01	$	1,000.00	$	1,018.14	$	6.79		1.35			182		366
Class R5	$	1,000.00	$	1,084.40	$	5.45	$	1,000.00	$	1,019.64	$	5.28		1.05			182		366
Class Y	$	1,000.00	$	1,084.10	$	5.18	$	1,000.00	$	1,019.89	$	5.02		1.00			182		366

31

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-ISC12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford International Value Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford International Value Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	8
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	9
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	10
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	11
Notes to Financial Statements (Unaudited)	12
Financial Highlights (Unaudited)	24
Directors and Officers (Unaudited)	26
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	28
Quarterly Portfolio Holdings Information (Unaudited)	28
Expense Example (Unaudited)	29

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford International Value Fund inception 05/28/2010

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term total return.

Performance Overview 5/28/10 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
International Value A#		4.16	%		-11.73	%		10.03	%
International Value A##					-16.58	%		6.84	%
International Value C#		3.84	%		-12.30	%		9.28	%
International Value C##					-13.18	%		9.28	%
International Value I#		4.44	%		-11.30	%		10.45	%
International Value R3#		4.04	%		-11.92	%		9.74	%
International Value R4#		4.29	%		-11.61	%		10.11	%
International Value R5#		4.36	%		-11.38	%		10.39	%
International Value Y#		4.44	%		-11.22	%		10.55	%
MSCI EAFE Value Index		0.41	%		-15.02	%		6.51	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Class C reflects a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

MSCI EAFE Value Index is a free float-adjusted market capitalization-weighted index that is designed to measure developed market equity performance (excluding the U.S. and Canada) of the value securities within the MSCI EAFE Index.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford International Value Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Manager

Theodore B.P. Jayne, CFA

Director and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford International Value Fund returned 4.16%, before sales charge, for the six-month period ended April 30, 2012, outperforming the benchmark, the MSCI EAFE Value Index, which returned 0.41% for the same period. The Fund outperformed the 4.01% return of the average fund in the Lipper International Large-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period as investors generally shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on improving economic data. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, global equities retreated for the first time in five months as growing concerns about Spain’s fiscal sustainability overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, a lackluster U.S. labor report, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

Within the index, Consumer Discretionary (+9%), Health Care (+3%), and Materials (+3%) gained the most during the period. Information Technology (-10%), Telecommunication Services (-10%), and Utilities (-5%) lagged.

Security selection, which was strongest in Information Technology, Utilities, and Energy contributed positively to benchmark-relative performance. This was partially offset by weaker stock selection in Materials and Consumer Discretionary. Sector positioning, which is a result of bottom-up stock selection decisions (i.e. stock by stock fundamental research), detracted slightly from benchmark-relative returns during the period. The Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Information Technology and underweight to Financial Services detracted from benchmark-relative results, while an overweight to Consumer Discretionary and an underweight to Telecommunication Services contributed.

Among the top contributors to benchmark-relative returns were SABESP (Utilities), Telefonica (Telecommunication Services), and GEA Group (Industrials). Shares of SABESP, a Brazilian water utility company in the state of Sao Paolo, rose as a result of upgrades to water regulation, which should result in a meaningful improvement in earnings at SABESP. Not owning poor performing benchmark component Telefonica was additive to benchmark-relative returns. Shares of Telefonica moved lower on disappointing quarterly results. Shares of GEA Group, a German manufacturing holding company, moved higher as the company continues to produce solid results. Top absolute contributors (i.e. total return) for the period included Roche Holding (Health Care).

Huabao International Holding (Materials), Dnb (Financials) and DeNa (Information Technology) were the largest detractors from both absolute and benchmark-relative returns. Shares of Huabao, a manufacturer of flavors and fragrances and reconstituted tobacco leaves in China, moved lower on the back of allegations they had overstated their 2010 results. Shares of Dnb, a provider of various financial products and services in Norway and internationally, moved higher as fourth quarter results beat consensus estimates. The Fund, on average, was underweight Dnb during the period, which detracted from relative returns. Shares of DeNa, Japan's largest mobile game developer and publisher, moved lower in the period after sequential growth collapsed.

What is the outlook?

At a macro level, we continue to see signs of economic improvement in the developed world, which we expect to remain in a low growth environment and with low interest rates. While we believe the risk of a sharp economic decline is reduced, we strive to maintain a well-balanced portfolio with investments that represent diverse economic drivers.

We continue to be positioned with a modestly pro-cyclical stance. We select stocks individually based on their merits. As a result of bottom-up stock selection, we ended the period most overweight to the Information Technology, Consumer Discretionary and Energy sectors and ended the period most underweight to Financials, Utilities, and Telecommunication Services.

3

The Hartford International Value Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

Diversification by Industry
as of April 30, 2012
Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		8.3	%
Banks (Financials)		8.8
Capital Goods (Industrials)		7.0
Commercial & Professional Services (Industrials)		0.8
Consumer Durables & Apparel (Consumer Discretionary)		4.1
Diversified Financials (Financials)		3.6
Energy (Energy)		14.4
Food, Beverage & Tobacco (Consumer Staples)		3.2
Insurance (Financials)		5.5
Materials (Materials)		5.7
Media (Consumer Discretionary)		1.1
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		6.6
Real Estate (Financials)		3.5
Retailing (Consumer Discretionary)		3.7
Semiconductors & Semiconductor Equipment (Information Technology)		3.5
Software & Services (Information Technology)		9.7
Technology Hardware & Equipment (Information Technology)		3.4
Telecommunication Services (Services)		4.0
Transportation (Industrials)		0.8
Utilities (Utilities)		1.3
Other Assets and Liabilities		1.0
Total		100.0	%

4

The Hartford International Value Fund

Schedule of Investments

April 30, 2012 (Unaudited)

 (000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.0%
		Australia - 3.4%
	86	Australia & New Zealand Banking Group Ltd.	$	2,138
	180	Caltex Australia Ltd.		2,562
				4,700
		Belgium - 1.2%
	35	UCB S.A.		1,655
		Brazil - 1.5%
	20	Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,544
	89	GOL Linhas Aereas Inteligentes S.A. ADR		471
				2,015
		Canada - 7.4%
	41	Barrick Gold Corp.		1,637
	60	CGI Group, Inc. Class A ●		1,349
	12	Constellation Software, Inc.		1,182
	48	Imperial Oil Ltd.		2,246
	26	Methanex Corp.		926
	47	Pacific Rubiales Energy Corp.		1,360
	51	Thomson Reuters Corp.		1,530
				10,230
		China - 2.6%
	1,154	Dongfeng Motor Group Co., Ltd.		2,257
	615	Great Wall Automobile Holdings Co., Ltd. ●		1,320
				3,577
		France - 7.9%
	12	Christian Dior		1,826
	31	Michelin (C.G.D.E.) Class B		2,341
	73	Societe Generale Class A		1,719
	44	Total S.A.		2,096
	63	Vinci S.A.		2,912
				10,894
		Germany - 13.5%
	22	BASF SE		1,778
	10	Continental AG		960
	27	Daimler AG		1,479
	96	GEA Group AG		3,157
	45	GSW Immobilien AG ●		1,499
	45	GSW Immobilien AG Rights		53
	41	Hannover Rueckversicherung AG		2,478
	10	Hugo Boss AG		1,164
	161	Infineon Technologies AG		1,605
	21	SAP AG		1,372
	13	Siemens AG		1,247
	79	ThyssenKrupp AG		1,878
				18,670
		Hong Kong - 2.2%
	332	Esprit Holdings Ltd.		679
	2,883	Huabao International Holdings Ltd. ⌂†		934
	747	Zhongsheng Group Holdings		1,475
				3,088
		Israel - 0.8%
	25	Teva Pharmaceutical Industries Ltd. ADR		1,130
		Japan - 20.8%
	100	Acom Co., Ltd.		2,145
	81	Canon, Inc.		3,676
	17	Daito Trust Construction Co., Ltd.		1,570
	49	DeNa Co., Ltd.		1,550
	41	Don Quijote Co.		1,493

39	IBJ Leasing Co., Ltd.	1,059
542	Isuzu Motors Ltd.	3,094
—	Japan Tobacco, Inc.	798
76	Kakaku.com, Inc.	2,370
52	Komatsu Ltd.	1,488
51	Konami Corp.	1,469
12	OBIC Co., Ltd.	2,588
1	Rakuten, Inc.	1,433
77	Sega Sammy Holdings, Inc.	1,622
167	Shionogi & Co., Ltd.	2,180
115	Tokyo Electric Power Co., Inc.	287
		28,822
	Malaysia - 0.4%
569	AirAsia Berhad	625
	Netherlands - 3.1%
29	ASML Holding N.V.	1,484
257	ING Groep N.V. ●	1,814
28	Royal Dutch Shell plc B Shares	1,009
		4,307
	Norway - 1.9%
51	Statoil ASA	1,356
72	Telenor ASA	1,327
		2,683
	Philippines - 1.3%
4,336	Robinsons Land Corp.	1,773
	Singapore - 1.9%
172	United Overseas Bank Ltd.	2,661
	Spain - 1.1%
79	Repsol YPF S.A.	1,518
	Sweden - 1.7%
54	Sandvik AB	854
76	Tele2 Ab B Shares	1,441
		2,295
	Switzerland - 4.6%
23	Roche Holding AG	4,152
36	Swiss Re Ltd.	2,268
		6,420
	Taiwan - 2.0%
317	Hon Hai Precision Industry Co., Ltd.	997
117	Taiwan Semiconductor Manufacturing Co., Ltd. ADR	1,824
		2,821
	United Kingdom - 19.7%
18	Anglo American plc	705
83	Babcock International Group plc	1,126
383	Barclays Bank plc ADR	1,357
551	BP plc	3,983
24	British American Tobacco plc	1,218
295	Cairn Energy plc	1,655
40	ENSCO International plc	2,164
326	HSBC Holdings plc	2,947
61	Imperial Tobacco Group plc	2,443
101	Persimmon plc	1,030
239	Prudential plc	2,934
333	Sage Group plc	1,545

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Value Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 99.0% - (continued)
		United Kingdom - 19.7% - (continued)
	58	Standard Chartered plc			$	1,419
	991	Vodafone Group plc				2,743
						27,269
		Total common stocks
		(cost $130,857)			$	137,153
		Total long-term investments
		(cost $130,857)			$	137,153
		Total investments
		(cost $130,857) ▲	99.0	%	$	137,153
		Other assets and liabilities	1.0	%		1,404
		Total net assets	100.0	%	$	138,557

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $132,550 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	10,236
Unrealized Depreciation		(5,633	)
Net Unrealized Appreciation	$	4,603

†	These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $934, which represents 0.7% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
●	Non-income producing.
⌂	The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
02/2012 -  04/2012		2,883	Huabao International Holdings Ltd.		1,931

At April 30, 2012, the aggregate value of these securities was $934, which represents 0.7% of total net assets.

Foreign Currency Contracts Outstanding at April 30, 2012
Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
CAD	BBH	Sell	$	688	$	689	05/03/2012	$	1
EUR	DEUT	Buy		973		973	05/03/2012		–
EUR	JPM	Buy		293		293	05/02/2012		–
GBP	CBK	Sell		1,676		1,672	05/01/2012		(4	)
JPY	JPM	Sell		857		843	05/02/2012		(14	)
								$	(17	)

╪       See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

6

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BBH	Brown Brothers Harriman & Co.
CBK	Citibank NA
DEUT	Deutsche Bank Securities, Inc.
JPM	JP Morgan Chase & Co.
Currency Abbreviations:
CAD	Canadian Dollar
EUR	EURO
GBP	British Pound
JPY	Japanese Yen
Other Abbreviations:
ADR	American Depositary Receipt

The accompanying notes are an integral part of these financial statements.

7

The Hartford International Value Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Australia	$	4,700	$	–	$	4,700	$	–
Belgium		1,655		–		1,655		–
Brazil		2,015		2,015		–		–
Canada		10,230		10,230		–		–
China		3,577		–		3,577		–
France		10,894		–		10,894		–
Germany		18,670		–		18,670		–
Hong Kong		3,088		–		2,154		934
Israel		1,130		1,130		–		–
Japan		28,822		–		28,822		–
Malaysia		625		–		625		–
Netherlands		4,307		1,484		2,823		–
Norway		2,683		–		2,683		–
Philippines		1,773		–		1,773		–
Singapore		2,661		–		2,661		–
Spain		1,518		–		1,518		–
Sweden		2,295		–		2,295		–
Switzerland		6,420		–		6,420		–
Taiwan		2,821		1,824		997		–
United Kingdom		27,269		2,164		25,105		–
Total		137,153		18,847		117,372		934
Foreign Currency Contracts*		1		–		1		–
Total	$	1	$	–	$	1	$	–
Liabilities:
Foreign Currency Contracts*		18		–		18		–
Total	$	18	$	–	$	18	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $1,931 were transferred from Level 2 to Level 1, and there were no transfers from Level 1 to Level 2. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of April 30, 2012
Assets:
Common Stocks	$	—	$	—	$	(996	)*	$	—	$	1,930	$	—	$	—	$	—	$	934
Total	$	—	$	—	$	(996	)	$	—	$	1,930	$	—	$	—	$	—	$	934

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(996).

The accompanying notes are an integral part of these financial statements.

8

The Hartford International Value Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $130,857)	$	137,153
Foreign currency on deposit with custodian (cost $–)		—
Unrealized appreciation on foreign currency contracts		1
Receivables:
Investment securities sold		4,122
Fund shares sold		4
Dividends and interest		601
Other assets		62
Total assets		141,943
Liabilities:
Unrealized depreciation on foreign currency contracts		18
Bank overdraft		2,361
Payables:
Investment securities purchased		973
Fund shares redeemed		1
Investment management fees		19
Administrative fees		—
Distribution fees		1
Accrued expenses		13
Total liabilities		3,386
Net assets	$	138,557
Summary of Net Assets:
Capital stock and paid-in-capital	$	143,487
Undistributed net investment income		1,025
Accumulated net realized loss		(12,260	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		6,305
Net assets	$	138,557

Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.66/$12.34
Shares outstanding		356
Net assets	$	4,148
Class C: Net asset value per share	$	11.62
Shares outstanding		79
Net assets	$	922
Class I: Net asset value per share	$	11.70
Shares outstanding		54
Net assets	$	635
Class R3: Net asset value per share	$	11.67
Shares outstanding		53
Net assets	$	622
Class R4: Net asset value per share	$	11.69
Shares outstanding		51
Net assets	$	602
Class R5: Net asset value per share	$	11.69
Shares outstanding		52
Net assets	$	605
Class Y: Net asset value per share	$	11.70
Shares outstanding		11,199
Net assets	$	131,023

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Value Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	2,254
Interest		2
Less: Foreign tax withheld		(192	)
Total investment income		2,064
Expenses:
Investment management fees		587
Administrative services fees		1
Transfer agent fees		6
Distribution fees
Class A		5
Class C		4
Class R3		1
Class R4		1
Custodian fees		10
Accounting services fees		12
Registration and filing fees		41
Board of Directors' fees		2
Audit fees		7
Other expenses		8
Total expenses (before waivers and fees paid indirectly)		685
Expense waivers		(12	)
Commission recapture		(3	)
Total waivers and fees paid indirectly		(15	)
Total expenses, net		670
Net Investment Income		1,394
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(1,831	)
Net realized gain on foreign currency contracts		121
Net realized gain on other foreign currency transactions		107
Net Realized Loss on Investments and Foreign Currency Transactions		(1,603	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		6,743
Net unrealized depreciation of foreign currency contracts		(282	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		31
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		6,492
Net Gain on Investments and Foreign Currency Transactions		4,889
Net Increase in Net Assets Resulting from Operations	$	6,283

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Value Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	1,394		$	1,124
Net realized loss on investments and foreign currency transactions		(1,603	)		(10,563	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		6,492			(974	)
Net Increase (Decrease) In Net Assets Resulting From Operations		6,283			(10,413	)
Distributions to Shareholders:
From net investment income
Class A		(26	)		(4	)
Class I		(6	)		(2	)
Class R3		(2	)		—
Class R4		(4	)		(1	)
Class R5		(6	)		(2	)
Class Y		(1,517	)		(36	)
Total from net investment income		(1,561	)		(45	)
From net realized gain on investments
Class A		—			(37	)
Class C		—			(15	)
Class I		—			(13	)
Class R3		—			(13	)
Class R4		—			(12	)
Class R5		—			(12	)
Class Y		—			(61	)
Total from net realized gain on investments		—			(163	)
Total distributions		(1,561	)		(208	)
Capital Share Transactions:
Class A		372			2,145
Class C		30			225
Class I		(7	)		52
Class R3		3			17
Class R4		4			13
Class R5		6			14
Class Y		(3,886	)		138,838
Net increase (decrease) from capital share transactions		(3,478	)		141,304
Net Increase In Net Assets		1,244			130,683
Net Assets:
Beginning of period		137,313			6,630
End of period	$	138,557		$	137,313
Undistributed (distribution in excess of) net investment income (loss)	$	1,025		$	1,192

The accompanying notes are an integral part of these financial statements.

11

The Hartford International Value Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford International Value Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may

12

cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

13

The Hartford International Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

14

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of April 30, 2012, the Fund had no outstanding when-issued or delayed delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

15

The Hartford International Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Total	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	18	$	—	$	—	$	—	$	—	$	18
Total	$	—	$	18	$	—	$	—	$	—	$	—	$	18

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	121		$	—	$	—	$	—	$	—	$	121
Total	$	—	$	121		$	—	$	—	$	—	$	—	$	121
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(282	)	$	—	$	—	$	—	$	—	$	(282	)
Total	$	—	$	(282	)	$	—	$	—	$	—	$	—	$	(282	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those

16

currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010 *
Ordinary Income	$	206	$	—
Long-Term Capital Gains ‡		2		—

* The Fund commenced operations on May 28, 2010

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

17

The Hartford International Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,192
Accumulated Capital Losses *		(8,701	)
Unrealized Depreciation †		(2,143	)
Total Accumulated Deficit	$	(9,652	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	82
Accumulated Net Realized Gain (Loss)		(82	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2019	$	8,701
Total	$	8,701

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year

18

ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500	%
On next $500 million		0.8000	%
On next $4 billion		0.7500	%
On next $5 billion		0.7475	%
Over $10 billion		0.7450	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.40	%		2.15	%		1.15	%		1.60	%		1.30	%		1.00	%		0.95	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

19

The Hartford International Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended  April 30, 2012
Class A		1.40	%
Class C		2.03
Class I		0.96
Class R3		1.60
Class R4		1.30
Class R5		1.00
Class Y		0.95

e) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $11 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares rounds to zero.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

20

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		103		29	%
Class C		51		65
Class I		52		96
Class R3		51		96
Class R4		51		100
Class R5		52		100
Class Y		1		0

9. Investment Transactions:

For the six-month period ended April 30, 2012, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	101,728
Sales Proceeds Excluding U.S. Government Obligations		102,367

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		53		2		(21	)		—		34			224		3		(54	)		—		173
Amount	$	582	$	26	$	(236	)	$	—	$	372		$	2,745	$	41	$	(641	)	$	—	$	2,145
Class C
Shares		3		—		(1	)		—		2			26		1		(9	)		—		18
Amount	$	47	$	—	$	(17	)	$	—	$	30		$	313	$	15	$	(103	)	$	—	$	225
Class I
Shares		—		—		(1	)		—		(1	)		6		1		(3	)		—		4
Amount	$	—	$	6	$	(13	)	$	—	$	(7	)	$	74	$	15	$	(37	)	$	—	$	52
Class R3
Shares		—		—		—			—		—			1		1		(1	)		—		1
Amount	$	1	$	2	$	—		$	—	$	3		$	9	$	13	$	(5	)	$	—	$	17
Class R4
Shares		—		—		—			—		—			—		1		—			—		1
Amount	$	—	$	4	$	—		$	—	$	4		$	—	$	13	$	—		$	—	$	13
Class R5
Shares		—		1		—			—		1			—		1		—			—		1
Amount	$	—	$	6	$	—		$	—	$	6		$	—	$	14	$	—		$	—	$	14
Class Y
Shares		658		143		(1,102	)		—		(301	)		11,495		8		(153	)		—		11,350
Amount	$	7,311	$	1,515	$	(12,712	)	$	—	$	(3,886	)	$	140,551	$	97	$	(1,810	)	$	—	$	138,838
Total
Shares		714		146		(1,125	)		—		(265	)		11,752		16		(220	)		—		11,548
Amount	$	7,941	$	1,559	$	(12,978	)	$	—	$	(3,478	)	$	143,692	$	208	$	(2,596	)	$	—	$	141,304

21

The Hartford International Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

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23

The Hartford International Value Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	11.28	$	0.08		$	–	$	0.38		$	0.46		$	(0.08	)	$	–		$	–	$	(0.08	)	$	0.38		$	11.66
C		11.19		0.05			–		0.38			0.43			–			–			–		–			0.43			11.62
I		11.32		0.12			–		0.37			0.49			(0.11	)		–			–		(0.11	)		0.38			11.70
R3		11.26		0.08			–		0.37			0.45			(0.04	)		–			–		(0.04	)		0.41			11.67
R4		11.29		0.09			–		0.39			0.48			(0.08	)		–			–		(0.08	)		0.40			11.69
R5		11.32		0.11			–		0.37			0.48			(0.11	)		–			–		(0.11	)		0.37			11.69
Y		11.34		0.12			–		0.37			0.49			(0.13	)		–			–		(0.13	)		0.36			11.70
For the Year Ended October 31, 2011 (G)
A		11.82		0.18			–		(0.45	)		(0.27	)		(0.02	)		(0.25	)		–		(0.27	)		(0.54	)		11.28
C		11.79		0.09			–		(0.44	)		(0.35	)		–			(0.25	)		–		(0.25	)		(0.60	)		11.19
I		11.84		0.22			–		(0.45	)		(0.23	)		(0.04	)		(0.25	)		–		(0.29	)		(0.52	)		11.32
R3		11.81		0.15			–		(0.45	)		(0.30	)		–			(0.25	)		–		(0.25	)		(0.55	)		11.26
R4		11.82		0.18			–		(0.45	)		(0.27	)		(0.01	)		(0.25	)		–		(0.26	)		(0.53	)		11.29
R5		11.84		0.22			–		(0.46	)		(0.24	)		(0.03	)		(0.25	)		–		(0.28	)		(0.52	)		11.32
Y		11.84		0.20			–		(0.41	)		(0.21	)		(0.04	)		(0.25	)		–		(0.29	)		(0.50	)		11.34
From May 28, 2010 (commencement of operations), through October 31, 2010
A(H)		10.00		0.02			–		1.80			1.82			–			–			–		–			1.82			11.82
C(H)		10.00		(0.01	)		–		1.80			1.79			–			–			–		–			1.79			11.79
I(H)		10.00		0.03			–		1.81			1.84			–			–			–		–			1.84			11.84
R3(H)		10.00		–			–		1.81			1.81			–			–			–		–			1.81			11.81
R4(H)		10.00		0.01			–		1.81			1.82			–			–			–		–			1.82			11.82
R5(H)		10.00		0.03			–		1.81			1.84			–			–			–		–			1.84			11.84
Y(H)		10.00		0.03			–		1.81			1.84			–			–			–		–			1.84			11.84

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Per share amounts have been calculated using average shares outstanding method.

(H) Commenced operations on May 28, 2010.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	4.16	%(E)	$	4,148		1.43	%(F)		1.40	%(F)		1.40	%(F)		1.63	%(F)		75	%
	3.84	(E)		922		2.05	(F)		2.03	(F)		2.03	(F)		0.98	(F)		–
	4.44	(E)		635		0.97	(F)		0.96	(F)		0.96	(F)		2.03	(F)		–
	4.04	(E)		622		1.67	(F)		1.60	(F)		1.60	(F)		1.40	(F)		–
	4.29	(E)		602		1.37	(F)		1.30	(F)		1.30	(F)		1.70	(F)		–
	4.36	(E)		605		1.07	(F)		1.00	(F)		1.00	(F)		2.00	(F)		–
	4.44	(E)		131,023		0.97	(F)		0.95	(F)		0.95	(F)		2.05	(F)		–
	(2.37	)		3,629		1.69			1.34			1.34			1.50			112
	(3.10	)		859		2.37			2.02			2.02			0.74			–
	(2.07	)		621		1.34			1.00			1.00			1.85			–
	(2.67	)		597		2.05			1.60			1.60			1.22			–
	(2.34	)		577		1.74			1.30			1.30			1.52			–
	(2.09	)		580		1.44			1.00			1.00			1.82			–
	(1.90	)		130,450		1.10			0.76			0.76			1.70			–
	18.20	(E)		1,765		3.05	(F)		1.27	(F)		1.27	(F)		0.50	(F)		47
	17.90	(E)		695		3.76	(F)		1.98	(F)		1.98	(F)		(0.28	)(F)		–
	18.40	(E)		601		2.75	(F)		0.97	(F)		0.97	(F)		0.67	(F)		–
	18.10	(E)		609		3.45	(F)		1.62	(F)		1.62	(F)		0.02	(F)		–
	18.20	(E)		591		3.15	(F)		1.32	(F)		1.32	(F)		0.33	(F)		–
	18.40	(E)		592		2.85	(F)		1.02	(F)		1.02	(F)		0.63	(F)		–
	18.40	(E)		1,777		2.75	(F)		0.97	(F)		0.97	(F)		0.68	(F)		–

25

The Hartford International Value Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

26

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

27

The Hartford International Opportunities Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

28

The Hartford International Value Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,041.60	$	7.11	$	1,000.00	$	1,017.90	$	7.02		1.40	%		182		366
Class C	$	1,000.00	$	1,038.40	$	10.30	$	1,000.00	$	1,014.76	$	10.18		2.03			182		366
Class I	$	1,000.00	$	1,044.40	$	4.88	$	1,000.00	$	1,020.09	$	4.82		0.96			182		366
Class R3	$	1,000.00	$	1,040.40	$	8.12	$	1,000.00	$	1,016.91	$	8.02		1.60			182		366
Class R4	$	1,000.00	$	1,042.90	$	6.60	$	1,000.00	$	1,018.40	$	6.52		1.30			182		366
Class R5	$	1,000.00	$	1,043.60	$	5.08	$	1,000.00	$	1,019.89	$	5.02		1.00			182		366
Class Y	$	1,000.00	$	1,044.40	$	4.83	$	1,000.00	$	1,020.14	$	4.77		0.95			182		366

29

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-IV12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford MidCap Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford MidCap Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	7
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	8
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	9
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	10
Notes to Financial Statements (Unaudited)	11
Financial Highlights (Unaudited)	22
Directors and Officers (Unaudited)	24
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	26
Quarterly Portfolio Holdings Information (Unaudited)	26
Expense Example (Unaudited)	27

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford MidCap Fund inception 12/31/1997

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term growth of capital. 

Performance Overview 4/30/02 - 4/30/12

 

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
MidCap A#		13.09	%		-3.81	%		2.53	%		7.68	%
MidCap A##					-9.10	%		1.37	%		7.07	%
MidCap B#		12.64	%		-4.64	%		1.71	%		NA	*
MidCap B##					-8.70	%		1.43	%		NA	*
MidCap C#		12.69	%		-4.49	%		1.84	%		6.96	%
MidCap C##					-5.30	%		1.84	%		6.96	%
MidCap I#		13.22	%		-3.60	%		2.73	%		7.79	%
MidCap R3#		12.95	%		-4.07	%		2.58	%		7.98	%
MidCap R4#		13.10	%		-3.80	%		2.76	%		8.07	%
MidCap R5#		13.24	%		-3.49	%		2.94	%		8.17	%
MidCap Y#		13.38	%		-3.35	%		3.01	%		8.21	%
S&P MidCap 400 Index		12.48	%		-0.94	%		4.11	%		7.72	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 2/27/09. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 5/29/09. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

S&P MidCap 400 Index is an unmanaged index of common stocks of companies chosen by S&P designed to represent price movements in the mid-cap U.S. equity market.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford MidCap Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Philip W. Ruedi, CFA	Mark A. Whitaker, CFA
Senior Vice President and Equity Portfolio Manager	Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford MidCap Fund returned 13.09%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the S&P MidCap 400 Index, which returned 12.48% for the same period. The Fund also outperformed the 11.19% return of the average fund in the Lipper Mid-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period as generally improving economic data and growing consumer confidence helped to counter a persistent slump in housing. For most of the period, investors seemed to focus more on the improving health of the U.S. economy than on lingering uncertainty over eurozone sovereign debt. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal fueled optimism, helping to offset concerns about heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, U.S. equities retreated for the first time in five months as disappointing employment and GDP (gross domestic product) data overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, growing concerns about Spain’s fiscal sustainability, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

Mid cap stocks (+12%) underperformed large cap stocks (+13%), but outperformed small cap stocks (+11%) during the period, as measured by the S&P MidCap 400, S&P 500, and Russell 2000 Indices, respectively. Value stocks (+12%) outpaced Growth stocks (+11%) during the period, as measured by the Russell MidCap Value and Russell MidCap Growth Indices. Within the S&P MidCap 400 Index, nine of the ten sectors posted positive returns. The Industrials (+18%), Telecommunication Services (+17%), and Financials (+16%) sectors performed best. The Energy (-3%) sector was the only sector to post negative returns, while the Consumer Staples (+6%) and Utilities (+4%) sectors also lagged on a relative basis.

Overall outperformance versus the benchmark was driven by strong security selection, primarily within Energy and Health Care. This more than offset weak stock selection within Industrials and Information Technology. Sector allocation, driven by our bottom-up stock selection process (i.e. stock by stock fundamental research), detracted from relative returns during the period, primarily due to an overweight position (i.e. the Fund’s sector position was greater than the benchmark position) in Energy and an underweight position in Financials.

Top contributors to relative performance returns (i.e. performance of the Fund as measured against the benchmark) included Amylin Pharmaceuticals (Health Care), Cobalt International Energy (Energy), and Skyworks Solutions (Information Technology). U.S.-based diabetes drug developer Amylin Pharmaceuticals shares rose on news that the company rejected a $3.5 billion bid by Bristol Meyers. Early stage oil-focused exploration and production company Cobalt International Energy shares moved higher after the company announced positive testing results from its significant discovery in Angola, increasing investors’ confidence in the company’s potential for success. Mixed signal semiconductor manufacturer Skyworks Solutions shares climbed based on strong earnings results driven by increased global demand for mobile internet devices. Additionally, Regeneron Pharmaceuticals (Health Care) was among the top contributors to absolute performance (i.e. total return).

Top relative detractors included Rovi Corporation (Information Technology), Newfield Exploration (Energy), and CONSOL Energy (Energy). Digital media technology company Rovi’s stock declined during the period on soft earnings and conservative guidance. U.S.-based oil & gas exploration and production company Newfield Exploration disappointed after the company missed earnings expectations based on lower production volumes and provided mixed guidance for liquids-rich growth and lower natural gas volumes year-over-year. Coal and gas energy producer and energy service provider CONSOL Energy shares fell during the period as a result of an unusually warm winter and concerns that the company’s earning growth may face increased risk due to weakness in thermal and metallurgical coal prices. Alpha Natural Resources (Energy) was among the top detractors from absolute performance.

What is the outlook?

Economic indicators in the United States have generally improved in recent months. We believe a strengthening job market and improved consumer confidence are helping to offset a stagnant housing market. While economic growth is

3

The Hartford MidCap Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

likely to remain tepid in 2012, this is discounted in valuations, in our view. We believe that the biggest risk to U.S. markets remains a cataclysmic liquidity event in Europe that severely impacts global economic growth and confidence. We view this as a low probability event. We expect a continued modest economic expansion in the U.S., underpinned by falling inflation and only modest fiscal restraint. It appears that the likelihood of a European recession is increasing, but we believe the U.S. can withstand this and continue its slow recovery.

Our investment discipline is focused on investing in areas of strong demand. Our largest overweights were in the Health Care and Energy sectors, while our largest underweights were Financials, Materials, and Consumer Staples, relative to the benchmark at the end of the period.

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		2.4	%
Banks (Financials)		4.7
Capital Goods (Industrials)		8.6
Commercial & Professional Services (Industrials)		6.2
Consumer Durables & Apparel (Consumer Discretionary)		4.0
Consumer Services (Consumer Discretionary)		0.6
Diversified Financials (Financials)		5.0
Energy (Energy)		10.7
Food & Staples Retailing (Consumer Staples)		0.5
Food, Beverage & Tobacco (Consumer Staples)		1.1
Health Care Equipment & Services (Health Care)		5.8
Insurance (Financials)		2.6
Materials (Materials)		3.2
Media (Consumer Discretionary)		2.6
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		11.9
Real Estate (Financials)		1.3
Retailing (Consumer Discretionary)		3.6
Semiconductors & Semiconductor Equipment (Information Technology)		3.8
Software & Services (Information Technology)		11.1
Technology Hardware & Equipment (Information Technology)		3.6
Transportation (Industrials)		3.5
Utilities (Utilities)		2.5
Other Assets and Liabilities		0.7
Total		100.0	%

4

The Hartford MidCap Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.3%
		Automobiles & Components - 2.4%
	1,163	Allison Transmission Holdings, Inc. ●	$	24,297
	1,056	Harley-Davidson, Inc.		55,268
				79,565
		Banks - 4.7%
	308	Cullen/Frost Bankers, Inc.		18,185
	587	East West Bancorp, Inc.		13,357
	2,577	First Niagara Financial Group, Inc.		23,042
	986	First Republic Bank ●		32,558
	691	M&T Bank Corp.		59,593
	112	Signature Bank ●		7,379
				154,114
		Capital Goods - 8.6%
	594	AMETEK, Inc.		29,910
	525	Carlisle Cos., Inc.		28,919
	624	IDEX Corp.		27,015
	739	Jacobs Engineering Group, Inc. ●		32,402
	1,285	Lennox International, Inc.		55,758
	504	MSC Industrial Direct Co., Inc.		37,182
	1,031	PACCAR, Inc.		44,293
	481	Pall Corp.		28,670
				284,149
		Commercial & Professional Services - 6.2%
	560	Corrections Corp. of America ●		16,191
	1,163	Equifax, Inc. ●		53,288
	1,043	Manpower, Inc.		44,441
	1,950	Robert Half International, Inc.		58,125
	990	Waste Connections, Inc.		31,897
				203,942
		Consumer Durables & Apparel - 4.0%
	1,308	Hasbro, Inc.		48,070
	62	NVR, Inc. ●		48,374
	837	Ryland Group, Inc.		18,850
	251	Tempur-Pedic International, Inc. ●		14,779
				130,073
		Consumer Services - 0.6%
	261	Weight Watchers International, Inc.		19,810
		Diversified Financials - 5.0%
	489	Greenhill & Co., Inc.		19,003
	1,956	Invesco Ltd.		48,588
	446	LPL Investment Holdings, Inc. ●		15,992
	2,406	SEI Investments Co.		48,574
	491	T. Rowe Price Group, Inc.		30,974
				163,131
		Energy - 10.7%
	1,009	Atwood Oceanics, Inc. ●		44,710
	486	Cabot Oil & Gas Corp.		17,064
	1,253	Cobalt International Energy ●		33,540
	1,099	Consol Energy, Inc.		36,538
	842	Denbury Resources, Inc. ●		16,038
	848	ENSCO International plc		46,359
	2,040	McDermott International, Inc. ●		23,053
	1,300	Newfield Exploration Co. ●		46,679
	307	Pioneer Natural Resources Co.		35,575
	263	Range Resources Corp.		17,538
	505	Southwestern Energy Co. ●		15,962
	55	Superior Energy Services, Inc. ●		1,486
	904	WPX Energy, Inc. ●		15,876
				350,418
		Food & Staples Retailing - 0.5%
	192	PriceSmart, Inc.		15,856
		Food, Beverage & Tobacco - 1.1%
	850	Molson Coors Brewing Co.		35,326
		Health Care Equipment & Services - 5.8%
	981	AmerisourceBergen Corp.		36,519
	783	Cardinal Health, Inc.		33,077
	1,117	Coventry Health Care, Inc.		33,509
	1,689	Lincare Holdings, Inc.		41,215
	632	Patterson Cos., Inc.		21,558
	287	SXC Health Solutions Corp. ●		25,992
				191,870
		Insurance - 2.6%
	106	Alleghany Corp. ●		36,220
	1,100	Unum Group		26,105
	582	W.R. Berkley Corp.		21,914
				84,239
		Materials - 3.2%
	497	Carpenter Technology Corp.		27,659
	236	FMC Corp.		26,041
	257	Sherwin-Williams Co.		30,943
	480	Silgan Holdings, Inc.		21,078
				105,721
		Media - 2.6%
	632	AMC Networks, Inc. Class A ●		26,849
	1,896	DreamWorks Animation SKG, Inc. ●		34,143
	474	Liberty Global, Inc. ●		23,611
				84,603
		Pharmaceuticals, Biotechnology & Life Sciences - 11.9%
	1,314	Alkermes plc ●		22,736
	2,077	Amylin Pharmaceuticals, Inc. ●		53,814
	1,009	Incyte Corp. ●		22,886
	1,004	Ironwood Pharmaceuticals, Inc. ●		13,262
	796	Life Technologies Corp. ●		36,889
	2,437	Mylan, Inc. ●		52,914
	285	Regeneron Pharmaceuticals, Inc. ●		38,564
	1,150	Seattle Genetics, Inc. ●		22,742
	562	Waters Corp. ●		47,306
	1,046	Watson Pharmaceuticals, Inc. ●		78,864
				389,977
		Real Estate - 1.3%
	665	American Tower Corp. REIT		43,600
		Retailing - 3.6%
	509	Advance Automotive Parts, Inc.		46,683
	1,008	CarMax, Inc. ●		31,129
	282	Joseph A. Bank Clothiers, Inc. ●		13,407
	681	TripAdvisor, Inc. ●		25,556
				116,775
		Semiconductors & Semiconductor Equipment - 3.8%
	1,453	Maxim Integrated Products, Inc.		42,969
	2,135	NVIDIA Corp. ●		27,755
	2,007	Skyworks Solutions, Inc. ●		54,476
				125,200
		Software & Services - 11.1%
	301	ANSYS, Inc. ●		20,192
	384	Citrix Systems, Inc. ●		32,870
	306	Factset Research Systems, Inc.		32,128

The accompanying notes are an integral part of these financial statements.

5

The Hartford MidCap Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 99.3% - (continued)
		Software & Services - 11.1% - (continued)
	526	Gartner, Inc. Class A ●			$	23,031
	4,496	Genpact Ltd. ●				74,988
	376	Micros Systems ●				21,369
	1,527	Rovi Corp. ●				43,686
	1,512	VeriSign, Inc.				62,167
	2,902	Western Union Co.				53,332
						363,763
		Technology Hardware & Equipment - 3.6%
	1,149	ADTRAN, Inc.				35,053
	679	Amphenol Corp. Class A				39,471
	981	National Instruments Corp.				26,678
	1,240	Polycom, Inc. ●				16,450
						117,652
		Transportation - 3.5%
	698	C.H. Robinson Worldwide, Inc.				41,696
	913	Expeditors International of Washington, Inc.				36,524
	694	J.B. Hunt Transport Services, Inc.				38,403
						116,623
		Utilities - 2.5%
	411	Northeast Utilities				15,110
	1,435	UGI Corp.				41,879
	716	Wisconsin Energy Corp.				26,362
						83,351
		Total common stocks
		(cost $2,874,133)			$	3,259,758
		Total long-term investments
		(cost $2,874,133)			$	3,259,758
		Total investments
		(cost $2,874,133) ▲	99.3	%	$	3,259,758
		Other assets and liabilities	0.7	%		24,099
		Total net assets	100.0	%	$	3,283,857

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $2,903,787 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	504,512
Unrealized Depreciation		(148,541	)
Net Unrealized Appreciation	$	355,971

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

6

The Hartford MidCap Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	3,259,758	$	3,259,758	$	—	$	—
Total	$	3,259,758	$	3,259,758	$	—	$	—

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

7

The Hartford MidCap Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,874,133)	$	3,259,758
Receivables:
Investment securities sold		43,600
Fund shares sold		1,572
Dividends and interest		780
Other assets		159
Total assets		3,305,869
Liabilities:
Bank overdraft		699
Payables:
Investment securities purchased		13,740
Fund shares redeemed		6,446
Investment management fees		392
Administrative fees		4
Distribution fees		148
Accrued expenses		583
Total liabilities		22,012
Net assets	$	3,283,857
Summary of Net Assets:
Capital stock and paid-in-capital	$	2,832,503
Distributions in excess of net investment loss		(250	)
Accumulated net realized gain		65,979
Unrealized appreciation of investments		385,625
Net assets	$	3,283,857

Shares authorized		760,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$20.37/$21.56
Shares outstanding		82,658
Net assets	$	1,684,080
Class B: Net asset value per share	$	17.02
Shares outstanding		2,183
Net assets	$	37,146
Class C: Net asset value per share	$	17.30
Shares outstanding		24,003
Net assets	$	415,212
Class I: Net asset value per share	$	20.55
Shares outstanding		12,215
Net assets	$	251,069
Class R3: Net asset value per share	$	22.21
Shares outstanding		1,757
Net assets	$	39,019
Class R4: Net asset value per share	$	22.43
Shares outstanding		2,952
Net assets	$	66,215
Class R5: Net asset value per share	$	22.57
Shares outstanding		2,929
Net assets	$	66,114
Class Y: Net asset value per share	$	22.63
Shares outstanding		32,042
Net assets	$	725,002

The accompanying notes are an integral part of these financial statements.

8

The Hartford MidCap Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	19,238
Interest		8
Less: Foreign tax withheld		(12	)
Total investment income		19,234
Expenses:
Investment management fees		11,854
Administrative services fees		122
Transfer agent fees		2,400
Distribution fees
Class A		2,087
Class B		201
Class C		2,031
Class R3		96
Class R4		80
Custodian fees		10
Accounting services fees		195
Registration and filing fees		148
Board of Directors' fees		40
Audit fees		18
Other expenses		313
Total expenses (before waivers and fees paid indirectly)		19,595
Transfer agent fee waivers		(21	)
Commission recapture		(91	)
Total waivers and fees paid indirectly		(112	)
Total expenses, net		19,483
Net Investment Loss		(249	)
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		95,583
Net realized loss on foreign currency contracts		(53	)
Net realized gain on other foreign currency transactions		100
Net Realized Gain on Investments and Foreign Currency Transactions		95,630
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		301,774
Net Changes in Unrealized Appreciation of Investments		301,774
Net Gain on Investments and Foreign Currency Transactions		397,404
Net Increase in Net Assets Resulting from Operations	$	397,155

The accompanying notes are an integral part of these financial statements.

9

The Hartford MidCap Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income (loss)	$	(249	)	$	4,114
Net realized gain on investments and foreign currency transactions		95,630			660,269
Net unrealized appreciation (depreciation) of investments		301,774			(493,926	)
Net Increase In Net Assets Resulting From Operations		397,155			170,457
Distributions to Shareholders:
From net investment income
Class I		(689	)		—
Class R5		(251	)		—
Class Y		(3,044	)		—
Total from net investment income		(3,984	)		—
From net realized gain on investments
Class A		(206,662	)		—
Class B		(5,982	)		—
Class C		(57,289	)		—
Class I		(36,775	)		—
Class R3		(4,405	)		—
Class R4		(7,343	)		—
Class R5		(8,057	)		—
Class Y		(73,685	)		—
Total from net realized gain on investments		(400,198	)		—
Total distributions		(404,182	)		—
Capital Share Transactions:
Class A		(68,176	)		(629,735	)
Class B		(5,784	)		(71,645	)
Class C		1,768			(33,579	)
Class I		(67,937	)		(264,801	)
Class R3		(1,299	)		19,032
Class R4		2			25,782
Class R5		(8,093	)		23,616
Class Y		37,973			121,920
Net decrease from capital share transactions		(111,546	)		(809,410	)
Net Decrease In Net Assets		(118,573	)		(638,953	)
Net Assets:
Beginning of period		3,402,430			4,041,383
End of period	$	3,283,857		$	3,402,430
Undistributed (distribution in excess of) net investment income (loss)	$	(250	)	$	3,983

The accompanying notes are an integral part of these financial statements.

10

The Hartford MidCap Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford MidCap Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

11

The Hartford MidCap Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current

12

yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding.

13

The Hartford MidCap Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

14

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of April 30, 2012.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(53	)	$	—	$	—	$	—	$	—	$	(53	)
Total	$	—	$	(53	)	$	—	$	—	$	—	$	—	$	(53	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

15

The Hartford MidCap Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Components of Distributable Earnings – The Fund’s components of distributable earnings (deficit) on a tax basis at October 31, 2011, are as follows:

	Amount
Undistributed Ordinary Income	$	3,983
Undistributed Long-Term Capital Gain		400,201
Unrealized Appreciation *		54,197
Total Accumulated Earnings	$	458,381

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(131	)
Accumulated Net Realized Gain (Loss)		(99,395	)
Capital Stock and Paid-in-Capital		99,526

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

During the year ended October 31, 2011, the Fund utilized $174,592 of prior year capital loss carryforwards.

16

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500	%
On next $500 million		0.7500	%
On next $4 billion		0.7000	%
On next $5 billion		0.6975	%
Over $10 billion		0.6950	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class B	Class C	Class I		Class R3		Class R4		Class R5		Class Y
1.37	%	NA	NA	1.12	%	1.50	%	1.20	%	0.90	%	NA

17

The Hartford MidCap Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended  April 30, 2012
Class A		1.23	%
Class B		2.08
Class C		1.93
Class I		0.99
Class R3		1.49
Class R4		1.18
Class R5		0.88
Class Y		0.78

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $866 and contingent deferred sales charges of $59 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $23.  These commissions are in turn paid to sales representatives of the broker/dealers.

18

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.08	%		25.86	%
Class B		0.09			24.87
Class C		0.09			24.97
Class Y		0.08			26.40

8. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	787,625
Sales Proceeds Excluding U.S. Government Obligations		1,325,812

19

The Hartford MidCap Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

9. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		3,699		11,934		(17,819	)		—		(2,186	)		18,761		—		(46,820	)		—		(28,059	)
Amount	$	70,118	$	202,048	$	(340,342	)	$	—	$	(68,176	)	$	416,848	$	—	$	(1,046,583	)	$	—	$	(629,735	)
Class B
Shares		49		407		(764	)		—		(308	)		246		—		(3,953	)		—		(3,707	)
Amount	$	787	$	5,770	$	(12,341	)	$	—	$	(5,784	)	$	4,660	$	—	$	(76,305	)	$	—	$	(71,645	)
Class C
Shares		1,164		3,679		(4,303	)		—		540			4,179		—		(6,088	)		—		(1,909	)
Amount	$	18,603	$	53,050	$	(69,885	)	$	—	$	1,768		$	81,258	$	—	$	(114,837	)	$	—	$	(33,579	)
Class I
Shares		1,616		1,921		(6,858	)		—		(3,321	)		13,651		—		(24,810	)		—		(11,159	)
Amount	$	31,217	$	32,888	$	(132,042	)	$	—	$	(67,937	)	$	306,413	$	—	$	(571,214	)	$	—	$	(264,801	)
Class R3
Shares		285		235		(569	)		—		(49	)		1,237		—		(441	)		—		796
Amount	$	5,959	$	4,345	$	(11,603	)	$	—	$	(1,299	)	$	29,458	$	—	$	(10,426	)	$	—	$	19,032
Class R4
Shares		592		390		(945	)		—		37			2,064		—		(1,039	)		—		1,025
Amount	$	12,509	$	7,260	$	(19,767	)	$	—	$	2		$	50,420	$	—	$	(24,638	)	$	—	$	25,782
Class R5
Shares		332		425		(1,059	)		—		(302	)		2,109		—		(1,054	)		—		1,055
Amount	$	6,982	$	7,997	$	(23,072	)	$	—	$	(8,093	)	$	49,409	$	—	$	(25,793	)	$	—	$	23,616
Class Y
Shares		3,139		3,476		(4,447	)		—		2,168			11,865		—		(7,210	)		—		4,655
Amount	$	66,542	$	65,645	$	(94,214	)	$	—	$	37,973		$	287,821	$	—	$	(165,901	)	$	—	$	121,920
Total
Shares		10,876		22,467		(36,764	)		—		(3,421	)		54,112		—		(91,415	)		—		(37,303	)
Amount	$	212,717	$	379,003	$	(703,266	)	$	—	$	(111,546	)	$	1,226,287	$	—	$	(2,035,697	)	$	—	$	(809,410	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		202	$	3,921
For the Year Ended October 31, 2011		1,031	$	23,101

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

20

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

The Hartford MidCap Fund

Financial Highlights 

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012(Unaudited)(E)
A	$	20.67	$	—		$	—	$	2.20		$	2.20		$	—		$	(2.50	)	$	—	$	(2.50	)	$	(0.30	)	$	20.37
B		17.77		(0.07	)		—		1.82			1.75			—			(2.50	)		—		(2.50	)		(0.75	)		17.02
C		18.01		(0.06	)		—		1.85			1.79			—			(2.50	)		—		(2.50	)		(0.71	)		17.30
I		20.85		0.02			—		2.22			2.24			(0.04	)		(2.50	)		—		(2.54	)		(0.30	)		20.55
R3		22.32		(0.03	)		—		2.42			2.39			—			(2.50	)		—		(2.50	)		(0.11	)		22.21
R4		22.49		—			—		2.44			2.44			—			(2.50	)		—		(2.50	)		(0.06	)		22.43
R5		22.66		0.03			—		2.45			2.48			(0.07	)		(2.50	)		—		(2.57	)		(0.09	)		22.57
Y		22.71		0.04			—		2.47			2.51			(0.09	)		(2.50	)		—		(2.59	)		(0.08	)		22.63
For the Year Ended October 31, 2011(E)
A		20.16		0.02			—		0.49			0.51			—			—			—		—			0.51			20.67
B		17.48		(0.14	)		—		0.43			0.29			—			—			—		—			0.29			17.77
C		17.68		(0.12	)		—		0.45			0.33			—			—			—		—			0.33			18.01
I		20.28		0.09			—		0.48			0.57			—			—			—		—			0.57			20.85
R3		21.82		(0.05	)		—		0.55			0.50			—			—			—		—			0.50			22.32
R4		21.92		0.02			—		0.55			0.57			—			—			—		—			0.57			22.49
R5		22.02		0.09			—		0.55			0.64			—			—			—		—			0.64			22.66
Y		22.05		0.12			—		0.54			0.66			—			—			—		—			0.66			22.71
For the Year Ended October 31, 2010(E)
A		16.20		(0.04	)		—		4.00			3.96			—			—			—		—			3.96			20.16
B		14.16		(0.17	)		—		3.49			3.32			—			—			—		—			3.32			17.48
C		14.30		(0.15	)		—		3.53			3.38			—			—			—		—			3.38			17.68
I		16.25		—			—		4.03			4.03			—			—			—		—			4.03			20.28
R3		17.58		(0.11	)		—		4.35			4.24			—			—			—		—			4.24			21.82
R4		17.60		(0.04	)		—		4.36			4.32			—			—			—		—			4.32			21.92
R5		17.62		0.01			—		4.39			4.40			—			—			—		—			4.40			22.02
Y		17.63		0.05			—		4.37			4.42			—			—			—		—			4.42			22.05
For the Year Ended October 31, 2009(E)
A		14.55		(0.02	)		—		1.67			1.65			—			—			—		—			1.65			16.20
B		12.81		(0.11	)		—		1.46			1.35			—			—			—		—			1.35			14.16
C		12.93		(0.10	)		—		1.47			1.37			—			—			—		—			1.37			14.30
I(H)		12.12		(0.01	)		—		4.14			4.13			—			—			—		—			4.13			16.25
R3(I)		15.90		(0.05	)		—		1.73			1.68			—			—			—		—			1.68			17.58
R4(I)		15.90		(0.02	)		—		1.72			1.70			—			—			—		—			1.70			17.60
R5(I)		15.90		—			—		1.72			1.72			—			—			—		—			1.72			17.62
Y		15.75		0.06			—		1.82			1.88			—			—			—		—			1.88			17.63
For the Year Ended October 31, 2008(E)
A		26.89		(0.02	)		—		(8.25	)		(8.27	)		(0.11	)		(3.96	)		—		(4.07	)		(12.34	)		14.55
B		24.23		(0.16	)		—		(7.30	)		(7.46	)		—			(3.96	)		—		(3.96	)		(11.42	)		12.81
C		24.40		(0.14	)		—		(7.37	)		(7.51	)		—			(3.96	)		—		(3.96	)		(11.47	)		12.93
Y		28.74		0.08			—		(8.91	)		(8.83	)		(0.20	)		(3.96	)		—		(4.16	)		(12.99	)		15.75
For the Year Ended October 31, 2007
A		25.31		0.05			0.02		5.53			5.60			—			(4.02	)		—		(4.02	)		1.58			26.89
B		23.35		(0.13	)		0.02		5.01			4.90			—			(4.02	)		—		(4.02	)		0.88			24.23
C		23.47		(0.11	)		0.02		5.04			4.95			—			(4.02	)		—		(4.02	)		0.93			24.40
Y		26.68		0.28			0.03		5.77			6.08			—			(4.02	)		—		(4.02	)		2.06			28.74

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Commenced operations on February 27, 2009.

(I) Commenced operations on May 29, 2009.

(J) Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

22

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	13.09	%(F)	$	1,684,080		1.23	%(G)		1.23	%(G)		1.23	%(G)		(0.04	)%(G)		24	%
	12.64	(F)		37,146		2.18	(G)		2.08	(G)		2.08	(G)		(0.88	)(G)		–
	12.69	(F)		415,212		1.93	(G)		1.93	(G)		1.93	(G)		(0.74	)(G)		–
	13.22	(F)		251,069		0.99	(G)		0.99	(G)		0.99	(G)		0.22	(G)		–
	12.95	(F)		39,019		1.49	(G)		1.49	(G)		1.49	(G)		(0.29	)(G)		–
	13.10	(F)		66,215		1.18	(G)		1.18	(G)		1.18	(G)		0.01	(G)		–
	13.24	(F)		66,114		0.88	(G)		0.88	(G)		0.88	(G)		0.32	(G)		–
	13.38	(F)		725,002		0.78	(G)		0.78	(G)		0.78	(G)		0.41	(G)		–
	2.53			1,754,028		1.21			1.21			1.21			0.09			70
	1.66			44,266		2.06			2.06			2.06			(0.72	)		–
	1.87			422,515		1.91			1.91			1.91			(0.63	)		–
	2.81			324,002		0.92			0.92			0.92			0.40			–
	2.29			40,311		1.48			1.48			1.48			(0.23	)		–
	2.60			65,550		1.18			1.18			1.18			0.07			–
	2.91			73,192		0.87			0.87			0.87			0.38			–
	2.99			678,566		0.77			0.77			0.77			0.50			–
	24.44			2,275,785		1.25			1.25			1.25			(0.24	)		56
	23.45			108,330		2.05			2.05			2.05			(1.03	)		–
	23.64			448,592		1.93			1.93			1.93			(0.92	)		–
	24.80			541,255		0.96			0.96			0.96			0.01			–
	24.12			22,038		1.49			1.49			1.49			(0.57	)		–
	24.55			41,422		1.18			1.18			1.18			(0.23	)		–
	24.97			47,915		0.88			0.88			0.88			0.05			–
	25.07			556,046		0.78			0.78			0.78			0.23			–
	11.34			1,718,214		1.36			1.36			1.36			(0.14	)		91
	10.54			137,032		2.17			2.11			2.11			(0.85	)		–
	10.60			353,413		2.01			2.01			2.01			(0.80	)		–
	34.08	(F)		111,661		1.03	(G)		1.03	(G)		1.03	(G)		(0.07	)(G)		–
	10.57	(F)		638		1.50	(G)		1.50	(G)		1.50	(G)		(0.70	)(G)		–
	10.69	(F)		3,354		1.18	(G)		1.18	(G)		1.18	(G)		(0.28	)(G)		–
	10.82	(F)		693		0.88	(G)		0.88	(G)		0.88	(G)		(0.01	)(G)		–
	11.94			242,996		0.81			0.81			0.81			0.39			–
	(35.56	)		1,310,085		1.23			1.23			1.23			(0.09	)		94
	(36.07	)		195,738		2.01			2.01			2.01			(0.86	)		–
	(36.01	)		274,583		1.92			1.92			1.92			(0.77	)		–
	(35.28	)		163,339		0.79			0.79			0.79			0.36			–
	25.96	(J)		2,205,026		1.22			1.22			1.22			0.20			76
	24.98	(J)		454,927		1.99			1.99			1.99			(0.52	)		–
	25.08	(J)		528,342		1.91			1.91			1.91			(0.44	)		–
	26.50	(J)		134,914		0.79			0.79			0.79			0.73			–

23

The Hartford MidCap Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

24

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

25

The Hartford MidCap Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

26

The Hartford MidCap Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,130.90	$	6.50	$	1,000.00	$	1,018.76	$	6.16	1.23	%		182		366
Class B	$	1,000.00	$	1,126.40	$	10.99	$	1,000.00	$	1,014.52	$	10.42	2.08			182		366
Class C	$	1,000.00	$	1,126.90	$	10.22	$	1,000.00	$	1,015.26	$	9.68	1.93			182		366
Class I	$	1,000.00	$	1,132.20	$	5.26	$	1,000.00	$	1,019.93	$	4.98	0.99			182		366
Class R3	$	1,000.00	$	1,129.50	$	7.89	$	1,000.00	$	1,017.46	$	7.47	1.49			182		366
Class R4	$	1,000.00	$	1,131.00	$	6.26	$	1,000.00	$	1,018.99	$	5.93	1.18			182		366
Class R5	$	1,000.00	$	1,132.40	$	4.65	$	1,000.00	$	1,020.50	$	4.41	0.88			182		366
Class Y	$	1,000.00	$	1,133.80	$	4.12	$	1,000.00	$	1,021.00	$	3.91	0.78			182		366

27

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-MC12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford MidCap Value Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford MidCap Value Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	8
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	9
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	10
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	11
Notes to Financial Statements (Unaudited)	12
Financial Highlights (Unaudited)	24
Directors and Officers (Unaudited)	26
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	28
Quarterly Portfolio Holdings Information (Unaudited)	28
Expense Example (Unaudited)	29

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford MidCap Value Fund inception 04/30/2001

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
MidCap Value A#		15.31	%		-2.09	%		0.64	%		6.87	%
MidCap Value A##					-7.47	%		-0.49	%		6.27	%
MidCap Value B#		14.84	%		-2.86	%		-0.07	%		NA	*
MidCap Value B##					-7.71	%		-0.40	%		NA	*
MidCap Value C#		14.99	%		-2.78	%		-0.12	%		6.09	%
MidCap Value C##					-3.75	%		-0.12	%		6.09	%
MidCap Value I#		15.59	%		-1.72	%		0.79	%		6.95	%
MidCap Value R3#		15.26	%		-2.24	%		0.81	%		7.22	%
MidCap Value R4#		15.38	%		-2.00	%		0.92	%		7.28	%
MidCap Value R5#		15.57	%		-1.65	%		1.04	%		7.34	%
MidCap Value Y#		15.63	%		-1.60	%		1.06	%		7.35	%
Russell 2500 Value Index		12.32	%		-2.78	%		0.46	%		7.21	%
Russell Midcap Value Index		11.48	%		-0.81	%		0.50	%		7.95	%

† Not Annualized

# Without sales charge

## With sales charge

* 10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Russell 2500 Value Index is an unmanaged index measuring the performance of those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values. (The Russell 2500 Index is an unmanaged index that measures the performance of the 2,500 smallest U.S. companies based on total market capitalization.)

Russell Midcap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford MidCap Value Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Manager

James N. Mordy

Senior Vice President and Equity Portfolio Manager

How did the Fund perform? 

The Class A shares of The Hartford MidCap Value Fund returned 15.31%, before sales charge, for the 6-month period ended April 30, 2012, outperforming its benchmark, the Russell 2500 Value Index, which returned 12.32% for the same period. The Fund outperformed the 11.05% return of the average fund in the Lipper Mid-Cap Value Fund peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period as generally improving economic data and growing consumer confidence helped to counter a persistent slump in housing. Investors mostly shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on the improving health of the U.S. economy. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, U.S. equities retreated for the first time in five months as disappointing employment and GDP (gross domestic product) data overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, growing concerns about Spain’s fiscal sustainability, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

During the period, large cap equities (+12.8%) modestly outperformed mid caps (+12.5%), and small caps (+11.0%) as represented by the S&P 500, S&P 400 MidCap, and Russell 2000 indices, respectively. All ten sector returns within the Russell 2500 Value Index posted positive returns, with Consumer Discretionary (+17%), Financials (+15%), and Industrials (+14%) performing the best. Utilities (+3%) and Energy (+3%) lagged on a relative basis during the period.

The Fund’s relative outperformance was primarily driven by strong stock selection within Industrials, Energy, and Materials, which more than offset weaker selection within Financials, Consumer Staples, and Health Care. Sector allocation, a fall-out from bottom-up stock selection (i.e. stock by stock fundamental research), detracted modestly from relative returns, particularly our underweight position (i.e. the Fund’s sector position was less than the benchmark position) in Financials and our overweight position in Energy.

The largest contributors to benchmark-relative performance included Cobalt International Energy (Energy), Thomas & Betts (Industrials), and Regions Financial (Financials). Shares of Cobalt International Energy, an early stage independent, oil-focused exploration and production company, rose as it announced positive testing results from its significant oil discovery in Angola, which increased investors’ confidence in the company’s potential for success. Shares of Thomas & Betts, a U.S.-based electrical equipment manufacturer, benefitted from strong growth in the company’s industrial and utility end markets. Additionally, the stock rose sharply after the company agreed to a buyout offer from European industrial ABB. Shares of Regions Financial, a financial holding company offering commercial, retail, and mortgage banking in the South, Midwest, and Texas, rose after the company beat consensus estimates in both Q411 and Q112. Additionally, Toll Brothers (Industrials) was among the top contributors to absolute (i.e. total return) performance.

The largest detractors from relative returns included PHH (Financials), Lone Pine Resources (Energy), and Unum Group (Financials). PHH, a U.S.-based outsource provider of mortgage banking Services, underperformed as management elected to downsize a debt deal, which prompted a credit rating agency downgrade, and ultimately the replacement of the CEO. Shares of Lone Pine Resources, a Canada-based company engaged in the exploration, development, and production of oil and gas properties, fell during the period due to lower natural gas prices as well as operational issues that affected production in its Evi oil field during a transition from natural gas to oil. Unum Group, a U.S.-based provider of disability insurance products in the U.S. and U.K., lagged during the period due to concerns over a potential charge to the company’s long term care business, given expectations of lower-for-longer interest rates. MDC Holdings (Consumer Discretionary) was also among the top detractors from absolute performance

What is the outlook?

We believe an air of caution has returned to the markets at the beginning of the second quarter. Following a period of unusually mild weather and the expiration of tax credits, which likely pulled forward demand, we expect there could be some moderation in U.S. economic data. The disappointing jobs report in April showed we have yet to achieve our cruising altitude. Large parts of Europe remain in recession and we believe there is continued unease over sovereign debt. China has lost some momentum due to efforts to curb excesses in the construction sector. Encouragingly, we see

3

The Hartford MidCap Value Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

tangible signs of life in the U.S. housing markets, and consumer spending continues to expand. Our current view is that stocks are due for some consolidation, after having a nice run up over the past six months.

At the end of the period, we were most overweight in Materials and Health Care, and most underweight in Financials and Utilities relative to the benchmark.

Diversification by Industry

as of April 30, 2012

Industry (Sector)	Percentage of Net Assets
Banks (Financials)		7.7	%
Capital Goods (Industrials)		11.9
Consumer Durables & Apparel (Consumer Discretionary)		6.2
Consumer Services (Consumer Discretionary)		0.3
Diversified Financials (Financials)		3.8
Energy (Energy)		6.7
Food, Beverage & Tobacco (Consumer Staples)		4.6
Health Care Equipment & Services (Health Care)		4.3
Household & Personal Products (Consumer Staples)		1.0
Insurance (Financials)		8.1
Materials (Materials)		10.9
Media (Consumer Discretionary)		0.6
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		3.8
Real Estate (Financials)		6.8
Retailing (Consumer Discretionary)		3.3
Semiconductors & Semiconductor Equipment (Information Technology)		4.6
Software & Services (Information Technology)		1.0
Technology Hardware & Equipment (Information Technology)		4.4
Transportation (Industrials)		1.9
Utilities (Utilities)		6.7
Short-Term Investments		1.5
Other Assets and Liabilities		(0.1	)
Total		100.0	%

4

The Hartford MidCap Value Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
COMMON STOCKS - 98.6%
		Banks - 7.7%
	86	Bankunited, Inc.	$	2,104
	178	Beneficial Mutual Bancorp, Inc. ●		1,541
	109	Comerica, Inc.		3,487
	142	First Midwest Bancorp, Inc.		1,517
	301	Huntington Bancshares, Inc.		2,016
	37	M&T Bank Corp.		3,201
	1,509	Popular, Inc. ●		2,686
	760	Regions Financial Corp.		5,121
	176	Zions Bancorporation		3,593
				25,266
		Capital Goods - 11.9%
	59	AGCO Corp. ●		2,734
	181	Barnes Group, Inc.		4,789
	40	Dover Corp.		2,531
	60	Esterline Technologies Corp. ●		4,096
	79	Hubbell, Inc. Class B		6,315
	127	Pentair, Inc.		5,482
	84	Teledyne Technologies, Inc. ●		5,441
	99	URS Corp.		4,069
	52	WESCO International, Inc. ●		3,479
				38,936
		Consumer Durables & Apparel - 6.2%
	192	Lennar Corp.		5,320
	151	Mattel, Inc.		5,077
	1,869	Samsonite International S.A. ●		3,605
	252	Toll Brothers, Inc. ●		6,391
				20,393
		Consumer Services - 0.3%
	33	DeVry, Inc.		1,058
		Diversified Financials - 3.8%
	122	E*Trade Financial Corp. ●		1,296
	151	Invesco Ltd.		3,746
	326	PHH Corp. ●		5,059
	113	Solar Capital Ltd.		2,349
	182	Solar Cayman Ltd. ⌂■●†		16
				12,466
		Energy - 6.7%
	234	Cobalt International Energy ●		6,271
	51	Consol Energy, Inc.		1,708
	61	Japan Petroleum Exploration Co., Ltd.		2,797
	301	Lone Pine Resources, Inc. ●		1,795
	67	Newfield Exploration Co. ●		2,416
	181	Ocean Rig UDW, Inc. ●		3,158
	70	Tidewater, Inc.		3,874
				22,019
		Food, Beverage & Tobacco - 4.6%
	51	Bunge Ltd. Finance Corp.		3,309
	69	Corn Products International, Inc.		3,954
	90	Dr. Pepper Snapple Group		3,664
	260	Maple Leaf Foods, Inc. w/ Rights		3,401
	17	Molson Coors Brewing Co.		686
				15,014
		Health Care Equipment & Services - 4.3%
	47	AmerisourceBergen Corp.		1,749
	360	Boston Scientific Corp. ●		2,253
	199	Brookdale Senior Living, Inc. ●		3,777
	104	CIGNA Corp.		4,794
	169	Vanguard Health Systems, Inc. ●		1,499
				14,072
		Household & Personal Products - 1.0%
	44	Energizer Holdings, Inc. ●		3,153
		Insurance - 8.1%
	59	Everest Re Group Ltd.		5,797
	101	Platinum Underwriters Holdings Ltd.		3,716
	138	Principal Financial Group, Inc.		3,816
	121	Reinsurance Group of America, Inc.		7,043
	262	Unum Group		6,227
				26,599
		Materials - 10.9%
	43	FMC Corp.		4,771
	57	Greif, Inc.		3,047
	617	Incitec Pivot Ltd.		2,087
	501	Louisiana-Pacific Corp. ●		4,530
	188	Methanex Corp. ADR		6,621
	147	Owens-Illinois, Inc. ●		3,420
	112	Packaging Corp. of America		3,266
	292	Rexam plc		2,042
	162	Sealed Air Corp.		3,111
	53	Sino Forest Corp. ⌂■●†		—
	145	Sino Forest Corp. Class A ⌂●†		—
	2,578	Yingde Gases		2,994
				35,889
		Media - 0.6%
	83	Virgin Media, Inc.		2,046
		Pharmaceuticals, Biotechnology & Life Sciences - 3.8%
	479	Almirall S.A.		4,114
	191	Impax Laboratories, Inc. ●		4,702
	77	UCB S.A.		3,586
				12,402
		Real Estate - 6.8%
	110	American Assets Trust, Inc.		2,579
	546	BR Properties S.A.		6,815
	180	Forest City Enterprises, Inc. Class A ●		2,872
	131	Hatteras Financial Corp.		3,813
	68	Iguatemi Emp de Shopping		1,489
	238	Weyerhaeuser Co.		4,854
				22,422
		Retailing - 3.3%
	55	ANN, Inc. ●		1,526
	2,375	Buck Holdings L.P. ⌂●†		4,933
	72	Ross Stores, Inc.		4,459
				10,918
		Semiconductors & Semiconductor Equipment - 4.6%
	146	Avago Technologies Ltd.		5,020
	55	Linear Technology Corp.		1,806
	237	Microsemi Corp. ●		5,094
	182	Teradyne, Inc. ●		3,127
				15,047
		Software & Services - 1.0%
	197	Booz Allen Hamilton Holding Corp.		3,370
		Technology Hardware & Equipment - 4.4%
	203	Arrow Electronics, Inc. ●		8,536
	121	Flextronics International Ltd. ●		805

The accompanying notes are an integral part of these financial statements.

5

The Hartford MidCap Value Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount						Market Value ╪
COMMON STOCKS - 98.6% - (continued)
		Technology Hardware & Equipment - 4.4% - (continued)
	71	Harris Corp.			$	3,247
	50	SanDisk Corp. ●				1,850
						14,438
		Transportation - 1.9%
	274	Delta Air Lines, Inc. ●				3,007
	320	Swift Transportation Co. ●				3,356
						6,363
		Utilities - 6.7%
	75	Alliant Energy Corp.				3,402
	400	N.V. Energy, Inc.				6,658
	135	Northeast Utilities				4,946
	133	UGI Corp.				3,875
	85	Wisconsin Energy Corp.				3,117
						21,998
		Total common stocks
		(cost $288,194)			$	323,869
		Total long-term investments
		(cost $288,194)			$	323,869
SHORT-TERM INVESTMENTS - 1.5%
Repurchase Agreements - 1.5%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,260, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $1,286)
$	1,260	0.20%, 04/30/2012			$	1,260
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,689, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $1,723)
	1,689	0.20%, 04/30/2012				1,689
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $667, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $680)
	667	0.21%, 04/30/2012				667
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $552, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $563)
	552	0.19%, 04/30/2012				552
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1, collateralized by U.S. Treasury Note 0.75%, 2013, value of $1)
	1	0.17%, 04/30/2012				1
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $907, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $925)
	907	0.21%, 04/30/2012				907
						5,076
		Total short-term investments
		(cost $5,076)			$	5,076
		Total investments
		(cost $293,270) ▲	100.1	%	$	328,945
		Other assets and liabilities	(0.1	)%		(419	)
		Total net assets	100.0	%	$	328,526

The accompanying notes are an integral part of these financial statements.

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $298,065 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	51,173
Unrealized Depreciation		(20,293	)
Net Unrealized Appreciation	$	30,880

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $4,949, which represents 1.5% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $16, which rounds to zero percent of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
06/2007		2,375	Buck Holdings L.P.		1,138
12/2009		53	Sino Forest Corp.  - 144A		840
12/2009 - 06/2011		145	Sino Forest Corp. Class A		2,583
03/2007		182	Solar Cayman Ltd.  - 144A		53

At April 30, 2012, the aggregate value of these securities was $4,949, which represents 1.5% of total net assets.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford MidCap Value Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	323,869	$	297,695	$	21,225	$	4,949
Short-Term Investments		5,076		–		5,076		–
Total	$	328,945	$	297,695	$	26,301	$	4,949

♦ For the six-month period ended April 30, 2012, investments valued at $1,418 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance				Change in														Balance
	as of		Realized		Unrealized										Transfers		Transfers		as of
	October		Gain		Appreciation			Net							Into		Out of		April 30,
	31, 2011		(Loss)		(Depreciation)			Amortization		Purchases		Sales			Level 3		Level 3		2012
Assets:
Common Stocks	$	6,265	$	1,716	$	(836	)*	$	—	$	—	$	(2,196	)	$	—	$	—	$	4,949
Total	$	6,265	$	1,716	$	(836	)	$	—	$	—	$	(2,196	)	$	—	$	—	$	4,949

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(836).

The accompanying notes are an integral part of these financial statements.

8

The Hartford MidCap Value Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $293,270)	$	328,945
Cash		1
Receivables:
Investment securities sold		660
Fund shares sold		173
Dividends and interest		231
Other assets		68
Total assets		330,078
Liabilities:
Payables:
Investment securities purchased		911
Fund shares redeemed		520
Investment management fees		40
Administrative fees		—
Distribution fees		13
Accrued expenses		68
Total liabilities		1,552
Net assets	$	328,526
Summary of Net Assets:
Capital stock and paid-in-capital	$	312,390
Distributions in excess of net investment loss		(1,016	)
Accumulated net realized loss		(18,522	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		35,674
Net assets	$	328,526
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$12.34/$13.06
Shares outstanding		13,211
Net assets	$	163,035
Class B: Net asset value per share	$	11.22
Shares outstanding		413
Net assets	$	4,639
Class C: Net asset value per share	$	11.20
Shares outstanding		2,732
Net assets	$	30,599
Class I: Net asset value per share	$	12.36
Shares outstanding		390
Net assets	$	4,816
Class R3: Net asset value per share	$	12.88
Shares outstanding		191
Net assets	$	2,462
Class R4: Net asset value per share	$	12.91
Shares outstanding		182
Net assets	$	2,352
Class R5: Net asset value per share	$	12.95
Shares outstanding		23
Net assets	$	297
Class Y: Net asset value per share	$	12.95
Shares outstanding		9,294
Net assets	$	120,326

The accompanying notes are an integral part of these financial statements.

9

The Hartford MidCap Value Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	2,344
Interest		3
Less: Foreign tax withheld		(37	)
Total investment income		2,310
Expenses:
Investment management fees		1,200
Administrative services fees		4
Transfer agent fees		274
Distribution fees
Class A		191
Class B		33
Class C		145
Class R3		5
Class R4		3
Custodian fees		8
Accounting services fees		21
Registration and filing fees		50
Board of Directors' fees		4
Audit fees		6
Other expenses		33
Total expenses (before waivers and fees paid indirectly)		1,977
Expense waivers		(40	)
Transfer agent fee waivers		(8	)
Commission recapture		(6	)
Total waivers and fees paid indirectly		(54	)
Total expenses, net		1,923
Net Investment Income		387
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		13,208
Net realized loss on foreign currency contracts		(2	)
Net realized loss on other foreign currency transactions		(6	)
Net Realized Gain on Investments and Foreign Currency Transactions		13,200
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		31,023
Net unrealized depreciation of foreign currency contracts		(1	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		9
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		31,031
Net Gain on Investments and Foreign Currency Transactions		44,231
Net Increase in Net Assets Resulting from Operations	$	44,618

The accompanying notes are an integral part of these financial statements.

10

The Hartford MidCap Value Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	387		$	380
Net realized gain on investments and foreign currency transactions		13,200			41,799
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		31,031			(45,955	)
Net Increase (Decrease) In Net Assets Resulting From Operations		44,618			(3,776	)
Distributions to Shareholders:
From net investment income
Class A		(645	)		—
Class I		(33	)		(1	)
Class R3		(8	)		—
Class R4		(14	)		—
Class R5		(2	)		—
Class Y		(1,048	)		(215	)
Total distributions		(1,750	)		(216	)
Capital Share Transactions:
Class A		(5,706	)		(28,622	)
Class B		(4,335	)		(6,482	)
Class C		(2,409	)		(1,325	)
Class I		796			3,648
Class R3		602			1,668
Class R4		552			1,630
Class R5		137			25
Class Y		(4,886	)		16,020
Net decrease from capital share transactions		(15,249	)		(13,438	)
Net Increase (Decrease) In Net Assets		27,619			(17,430	)
Net Assets:
Beginning of period		300,907			318,337
End of period	$	328,526		$	300,907
Undistributed (distribution in excess of) net investment income (loss)	$	(1,016	)	$	347

The accompanying notes are an integral part of these financial statements.

11

The Hartford MidCap Value Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford MidCap Value Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

12

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant

13

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class

14

specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of April 30, 2012, the Fund had no outstanding when-issued or delayed delivery investments.

15

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of April 30, 2012.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	(2	)
Total	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	(2	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(1	)	$	—	$	—	$	—	$	—	$	(1	)
Total	$	—	$	(1	)	$	—	$	—	$	—	$	—	$	(1	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention

16

(or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	216	$	99
Tax Return of Capital		—		69

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,417
Accumulated Capital Losses *		(27,997	)
Unrealized Depreciation †		(152	)
Total Accumulated Deficit	$	(26,732	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

17

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	183
Accumulated Net Realized Gain (Loss)		(48	)
Capital Stock and Paid-in-Capital		(135	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	3,675
2017		24,322
Total	$	27,997

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2011, the Fund utilized $38,691 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with

18

Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500	%
On next $500 million		0.6500	%
On next $1.5 billion		0.6000	%
On next $2.5 billion		0.5950	%
On next $5 billion		0.5900	%
Over $10 billion		0.58500	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.8000	%
On next $500 million		0.7250	%
On next $4 billion		0.6750	%
On next $5 billion		0.6725	%
Over $10 billion		0.6700	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.35	%		2.10	%		2.10	%		1.10	%		1.55	%		1.25	%		0.95	%		0.90	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

19

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended  April 30, 2012
Class A		1.35	%
Class B		2.10
Class C		2.08
Class I		1.02
Class R3		1.55
Class R4		1.25
Class R5		0.95
Class Y		0.86

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $98 and contingent deferred sales charges of $4 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $6.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related

20

contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.01	%		16.71	%
Class B		0.01			15.85
Class C		0.01			15.93
Class Y		0.01			17.37

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		10		5	%
Class R5		10		43
Class Y		9		0

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	90,108
Sales Proceeds Excluding U.S. Government Obligations		107,860

21

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,394		59		(1,942	)		—		(489	)		2,176		—		(4,970	)		—		(2,794	)
Amount	$	16,116	$	625	$	(22,447	)	$	—	$	(5,706	)	$	25,253	$	—	$	(53,875	)	$	—	$	(28,622	)
Class B
Shares		18		—		(434	)		—		(416	)		64		—		(696	)		—		(632	)
Amount	$	189	$	—	$	(4,524	)	$	—	$	(4,335	)	$	660	$	—	$	(7,142	)	$	—	$	(6,482	)
Class C
Shares		170		—		(408	)		—		(238	)		622		—		(771	)		—		(149	)
Amount	$	1,786	$	—	$	(4,195	)	$	—	$	(2,409	)	$	6,587	$	—	$	(7,912	)	$	—	$	(1,325	)
Class I
Shares		138		2		(71	)		—		69			402		—		(105	)		—		297
Amount	$	1,574	$	23	$	(801	)	$	—	$	796		$	4,771	$	1	$	(1,124	)	$	—	$	3,648
Class R3
Shares		54		1		(5	)		—		50			157		—		(26	)		—		131
Amount	$	659	$	8	$	(65	)	$	—	$	602		$	1,948	$	—	$	(280	)	$	—	$	1,668
Class R4
Shares		54		1		(8	)		—		47			139		—		(14	)		—		125
Amount	$	637	$	14	$	(99	)	$	—	$	552		$	1,789	$	—	$	(159	)	$	—	$	1,630
Class R5
Shares		11		—		—			—		11			2		—		—			—		2
Amount	$	137	$	1	$	(1	)	$	—	$	137		$	25	$	—	$	—		$	—	$	25
Class Y
Shares		1,376		95		(1,901	)		—		(430	)		4,420		18		(3,325	)		—		1,113
Amount	$	16,510	$	1,048	$	(22,444	)	$	—	$	(4,886	)	$	52,884	$	215	$	(37,079	)	$	—	$	16,020
Total
Shares		3,215		158		(4,769	)		—		(1,396	)		7,982		18		(9,907	)		—		(1,907	)
Amount	$	37,608	$	1,719	$	(54,576	)	$	—	$	(15,249	)	$	93,917	$	216	$	(107,571	)	$	—	$	(13,438	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		176	$	2,014
For the Year Ended October 31, 2011		213	$	2,392

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

22

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

23

The Hartford MidCap Value Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	10.75	$	0.01		$	–	$	1.63		$	1.64		$	(0.05	)	$	–		$	–	$	(0.05	)	$	1.59		$	12.34
B		9.77		(0.03	)		–		1.48			1.45			–			–			–		–			1.45			11.22
C		9.74		(0.03	)		–		1.49			1.46			–			–			–		–			1.46			11.20
I		10.79		0.03			–		1.64			1.67			(0.10	)		–			–		(0.10	)		1.57			12.36
R3		11.23		(0.01	)		–		1.71			1.70			(0.05	)		–			–		(0.05	)		1.65			12.88
R4		11.28		0.01			–		1.71			1.72			(0.09	)		–			–		(0.09	)		1.63			12.91
R5		11.31		0.03			–		1.71			1.74			(0.10	)		–			–		(0.10	)		1.64			12.95
Y		11.31		0.04			–		1.71			1.75			(0.11	)		–			–		(0.11	)		1.64			12.95
For the Year Ended October 31, 2011 (E)
A		10.69		0.01			–		0.05			0.06			–			–			–		–			0.06			10.75
B		9.79		(0.07	)		–		0.05			(0.02	)		–			–			–		–			(0.02	)		9.77
C		9.77		(0.07	)		–		0.04			(0.03	)		–			–			–		–			(0.03	)		9.74
I		10.72		0.04			–		0.05			0.09			(0.02	)		–			–		(0.02	)		0.07			10.79
R3		11.20		(0.03	)		–		0.06			0.03			–			–			–		–			0.03			11.23
R4		11.21		(0.01	)		–		0.08			0.07			–			–			–		–			0.07			11.28
R5		11.22		0.05			–		0.06			0.11			(0.02	)		–			–		(0.02	)		0.09			11.31
Y		11.22		0.06			–		0.06			0.12			(0.03	)		–			–		(0.03	)		0.09			11.31
For the Year Ended October 31, 2010 (E)
A		8.37		–			–		2.33			2.33			(0.01	)		–			–		(0.01	)		2.32			10.69
B		7.72		(0.06	)		–		2.13			2.07			–			–			–		–			2.07			9.79
C		7.70		(0.07	)		–		2.14			2.07			–			–			–		–			2.07			9.77
I(I)		9.71		–			–		1.01			1.01			–			–			–		–			1.01			10.72
R3(I)		10.17		(0.02	)		–		1.05			1.03			–			–			–		–			1.03			11.20
R4(I)		10.17		–			–		1.04			1.04			–			–			–		–			1.04			11.21
R5(I)		10.17		0.01			–		1.04			1.05			–			–			–		–			1.05			11.22
Y		8.77		0.04			–		2.44			2.48			(0.03	)		–			–		(0.03	)		2.45			11.22
For the Year Ended October 31, 2009
A		6.53		0.04			–		1.82			1.86			(0.02	)		–			–		(0.02	)		1.84			8.37
B		6.03		0.01			–		1.68			1.69			–			–			–		–			1.69			7.72
C		6.03		(0.01	)		–		1.68			1.67			–			–			–		–			1.67			7.70
Y		6.88		0.05			–		1.91			1.96			(0.07	)		–			–		(0.07	)		1.89			8.77
For the Year Ended October 31, 2008
A		14.80		0.02			–		(5.81	)		(5.79	)		–			(2.48	)		–		(2.48	)		(8.27	)		6.53
B		13.95		(0.05	)		–		(5.39	)		(5.44	)		–			(2.48	)		–		(2.48	)		(7.92	)		6.03
C		13.96		(0.06	)		–		(5.39	)		(5.45	)		–			(2.48	)		–		(2.48	)		(7.93	)		6.03
Y		15.39		0.05			–		(6.08	)		(6.03	)		–			(2.48	)		–		(2.48	)		(8.51	)		6.88
For the Year Ended October 31, 2007
A		14.57		–			–		2.14			2.14			–			(1.91	)		–		(1.91	)		0.23			14.80
B		13.93		(0.11	)		–		2.04			1.93			–			(1.91	)		–		(1.91	)		0.02			13.95
C		13.93		(0.10	)		–		2.04			1.94			–			(1.91	)		–		(1.91	)		0.03			13.96
Y		15.00		0.14			0.02		2.14			2.30			–			(1.91	)		–		(1.91	)		0.39			15.39

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) During the year ended October 31, 2010, the Fund incurred $22.1 million in sales associated with the transition of assets from The Hartford Select SmallCap Value Fund, which merged into the Fund on July 31, 2010.  These sales are excluded from the portfolio turnover calculation.

(I) Commenced operations on May 28, 2010.

(J) Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	15.31	%(F)	$	163,035		1.40	%(G)		1.35	%(G)		1.35	%(G)		0.16	%(G)		29	%
	14.84	(F)		4,639		2.42	(G)		2.10	(G)		2.10	(G)		(0.53	)(G)		–
	14.99	(F)		30,599		2.08	(G)		2.08	(G)		2.08	(G)		(0.57	)(G)		–
	15.59	(F)		4,816		1.02	(G)		1.02	(G)		1.02	(G)		0.47	(G)		–
	15.26	(F)		2,462		1.58	(G)		1.55	(G)		1.55	(G)		(0.09	)(G)		–
	15.38	(F)		2,352		1.27	(G)		1.25	(G)		1.25	(G)		0.25	(G)		–
	15.57	(F)		297		0.98	(G)		0.95	(G)		0.95	(G)		0.46	(G)		–
	15.63	(F)		120,326		0.86	(G)		0.86	(G)		0.86	(G)		0.65	(G)		–
	0.56			147,222		1.38			1.35			1.35			0.05			54
	(0.20	)		8,100		2.32			2.10			2.10			(0.69	)		–
	(0.31	)		28,939		2.09			2.09			2.09			(0.70	)		–
	0.81			3,459		1.04			1.04			1.04			0.34			–
	0.27			1,584		1.60			1.55			1.55			(0.23	)		–
	0.62			1,523		1.29			1.25			1.25			(0.05	)		–
	0.96			136		0.99			0.95			0.95			0.43			–
	1.01			109,944		0.88			0.88			0.88			0.51			–
	27.83			176,359		1.44			1.35			1.35			0.01			48	(H)
	26.81			14,305		2.32			2.10			2.10			(0.70	)		–
	26.88			30,467		2.13			2.10			2.10			(0.74	)		–
	10.40	(F)		254		0.95	(G)		0.95	(G)		0.95	(G)		0.06	(G)		–
	10.13	(F)		110		1.60	(G)		1.55	(G)		1.55	(G)		(0.40	)(G)		–
	10.23	(F)		110		1.30	(G)		1.25	(G)		1.25	(G)		(0.10	)(G)		–
	10.32	(F)		111		1.00	(G)		0.96	(G)		0.96	(G)		0.20	(G)		–
	28.39			96,621		0.90			0.90			0.90			0.39			–
	28.63			127,459		1.60			1.21			1.21			0.65			52
	28.03			21,782		2.53			1.78			1.78			0.09			–
	27.69			23,058		2.28			2.02			2.02			(0.16	)		–
	28.89			8,798		0.90			0.90			0.90			0.93			–
	(46.26	)		127,999		1.44			1.40			1.40			0.15			52
	(46.64	)		24,329		2.31			2.06			2.06			(0.50	)		–
	(46.68	)		24,418		2.15			2.15			2.15			(0.59	)		–
	(46.00	)		7,983		0.92			0.92			0.92			0.64			–
	16.72	(J)		311,227		1.39			1.39			1.39			–			46
	15.86	(J)		60,957		2.23			2.15			2.15			(0.75	)		–
	15.94	(J)		63,292		2.10			2.10			2.10			(0.70	)		–
	17.38	(J)		1,961		0.89			0.89			0.89			0.70			–

25

The Hartford MidCap Value Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

26

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

27

The Hartford MidCap Value Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

28

The Hartford MidCap Value Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,153.10	$	7.23	$	1,000.00	$	1,018.15	$	6.77		1.35	%		182		366
Class B	$	1,000.00	$	1,148.40	$	11.21	$	1,000.00	$	1,014.43	$	10.51		2.10			182		366
Class C	$	1,000.00	$	1,149.90	$	11.14	$	1,000.00	$	1,014.50	$	10.44		2.08			182		366
Class I	$	1,000.00	$	1,155.90	$	5.49	$	1,000.00	$	1,019.77	$	5.14		1.02			182		366
Class R3	$	1,000.00	$	1,152.60	$	8.30	$	1,000.00	$	1,017.15	$	7.77		1.55			182		366
Class R4	$	1,000.00	$	1,153.80	$	6.70	$	1,000.00	$	1,018.65	$	6.28		1.25			182		366
Class R5	$	1,000.00	$	1,155.70	$	5.09	$	1,000.00	$	1,020.14	$	4.77		0.95			182		366
Class Y	$	1,000.00	$	1,156.30	$	4.63	$	1,000.00	$	1,020.57	$	4.34		0.86			182		366

29

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-MCV12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Money Market Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Money Market Fund

Table of Contents

Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	2
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	5
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	6
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	7
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	8
Notes to Financial Statements (Unaudited)	9
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23

The Hartford Money Market Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CERTIFICATES OF DEPOSIT - 4.5%
Finance and Insurance - 4.5%
		Bank of Nova Scotia Houston
$	3,500	0.25%, 05/02/2012	$	3,500
	3,500	0.47%, 07/02/2012		3,500
		Royal Bank of Canada New York
	12,000	1.10%, 06/18/2012 Δ		12,010
		Toronto-Dominion Bank New York
	3,150	0.20%, 08/13/2012		3,152
	4,400	0.54%, 02/04/2013 Δ		4,400
				26,562
		Total certificates of deposit
		(cost $26,562)	$	26,562
COMMERCIAL PAPER - 31.9%
Arts, Entertainment and Recreation - 2.5%
		Walt Disney Co.
$	7,000	0.09%, 05/08/2012 ■	$	7,000
	3,500	0.11%, 05/24/2012 ■		3,499
	4,250	0.13%, 07/10/2012 ■		4,249
				14,748
Beverage and Tobacco Product Manufacturing - 2.1%
		Coca Cola Co.
	3,000	0.18%, 07/09/2012		2,999
	3,000	0.22%, 08/14/2012		2,998
		PepsiCo, Inc.
	6,250	0.13%, 07/03/2012 ■		6,249
				12,246
Chemical Manufacturing - 2.9%
		E.I. DuPont De Nemours & Co.
	8,750	0.15%, 05/10/2012 ■		8,749
	6,250	0.17%, 06/06/2012 ■		6,249
		Praxair, Inc.
	2,136	0.09%, 05/03/2012		2,136
				17,134
Computer and Electrical Products Manufacturing - 2.6%
		International Business Machines Co.
	6,250	0.07%, 05/04/2012 ■		6,250
		Merck & Co.
	9,250	0.12%, 07/11/2012		9,248
				15,498
Finance and Insurance - 15.5%
		Bank of Nova Scotia
	1,500	0.17%, 06/05/2012		1,500
	3,000	0.21%, 08/03/2012		2,998
		General Electric Capital Corp.
	3,250	0.18%, 05/18/2012		3,250
	4,750	0.24%, 07/02/2012		4,748
	3,000	0.30%, 08/13/2012		2,997
		John Deere & Co.
	9,250	0.14%, 06/01/2012 ■		9,249
		John Deere Capital Corp.
	1,500	0.10%, 05/03/2012 ■		1,500
		JP Morgan Chase & Co.
	3,000	0.19%, 05/23/2012		3,000
	5,000	0.25%, 07/23/2012		4,997
		Met Life Global Funding I
	5,500	0.42%, 10/10/2012 ■ Δ		5,500
		Old Line Funding LLC
	3,250	0.14%, 05/03/2012 ■		3,250
	3,250	0.24%, 05/21/2012 ■		3,249
	6,250	0.25%, 06/22/2012 ■		6,248
		State Street Corp.
	6,250	0.20%, 07/10/2012		6,248
	1,500	0.22%, 06/12/2012		1,500
	4,500	0.23%, 07/25/2012		4,497
		Toronto-Dominion Holdings USA
	6,000	0.17%, 06/22/2012		5,998
		Toyota Motor Credit Corp.
	3,000	0.19%, 05/22/2012		3,000
	3,250	0.21%, 06/04/2012		3,249
	3,000	0.29%, 06/18/2012		2,999
		U.S. Bank
	3,000	0.15%, 06/19/2012		2,999
	4,500	0.16%, 07/09/2012		4,499
	4,750	0.18%, 07/19/2012		4,748
				92,223
Health Care and Social Assistance - 2.6%
		Abbott Laboratories
	7,000	0.11%, 05/01/2012 ■ ○		7,000
	4,250	0.13%, 06/05/2012 ■		4,250
	4,300	0.14%, 06/19/2012 ■		4,299
				15,549
Mining - 1.0%
		Merck & Co.
	6,250	0.12%, 08/01/2012		6,248
Retail Trade - 1.1%
		Wal-Mart Stores, Inc.
	6,250	0.10%, 05/25/2012		6,250
Soap, Cleaning Compound and Toilet Manufacturing - 1.6%
		Procter & Gamble Co.
	3,250	0.07%, 05/01/2012 ○		3,250
	6,250	0.10%, 05/23/2012 ■		6,250
				9,500
		Total commercial paper
		(cost $189,396)	$	189,396
CORPORATE NOTES - 5.3%
Beverage and Tobacco Product Manufacturing - 1.6%
		Coca Cola Co.
$	7,800	0.55%, 05/15/2012 Δ	$	7,801
		PepsiCo, Inc.
	1,650	0.48%, 05/15/2012		1,653
				9,454
Chemical Manufacturing - 0.9%
		Export Development Canada
	5,100	0.21%, 09/24/2012		5,131
Finance and Insurance - 2.8%
		General Electric Capital Corp.
	4,200	0.42%, 06/15/2012		4,230
		John Deere Capital Corp.
	5,289	0.19%, 06/19/2012		5,308
		JP Morgan Chase & Co.
	4,250	0.54%, 04/19/2013 Δ		4,250

The accompanying notes are an integral part of these financial statements.

2

Shares or Principal Amount					Market Value ╪
CORPORATE NOTES - 5.3% - (continued)
Finance and Insurance - 2.8% - (continued)
		Met Life Global Funding I
$	3,000	0.59%, 07/06/2012 ■ Δ			$	3,000
						16,788
		Total corporate notes
		(cost $31,373)			$	31,373
FOREIGN GOVERNMENT OBLIGATIONS - 8.3%
		Canada - 8.3%
		British Columbia (Province of)
$	9,000	0.12%, 06/15/2012 - 07/05/2012			$	8,998
	3,000	0.14%, 06/22/2012				3,000
	5,300	0.21%, 10/03/2012				5,295
		Ontario (Province of)
	3,000	0.15%, 06/26/2012				2,999
	6,250	0.16%, 07/25/2012				6,248
	4,553	0.25%, 07/17/2012				4,601
		Quebec (Province of)
	4,750	0.14%, 05/30/2012 ■				4,749
	6,250	0.18%, 08/17/2012 ■				6,247
	4,250	0.20%, 09/20/2012				4,247
	3,000	0.20%, 10/03/2012 ■				2,997
						49,381
		Total foreign government obligations
		(cost $49,381)			$	49,381
OTHER POOLS AND FUNDS - 0.0%
	1	JP Morgan U.S. Government Money Market Fund			$	1
	—	Wells Fargo Advantage Government Money Market Fund				—
		Total other pools and funds
		(cost $1)			$	1
REPURCHASE AGREEMENTS - 28.7%
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $46,414, collateralized by U.S. Treasury Note 0.63%, 2012, value of $47,270)
$	46,414	0.19% dated 04/30/2012			$	46,414
		RBC Capital Markets TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $46,990, collateralized by U.S. Treasury Note 0.88% - 2.00%, 2017 - 2022, value of $47,768)
	46,990	0.13% dated 04/30/2012				46,990
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $50,250, collateralized by U.S. Treasury Note 2.63%, 2018, value of $51,255)
	50,250	0.16% dated 04/30/2012				50,250
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $26,524, collateralized by U.S. Treasury Note 0.88% - 1.25%, 2017 - 2019, value of $27,055)
	26,524	0.18% dated 04/30/2012				26,524
	170178
		Total repurchase agreements
		(cost $170,178)			$	170,178
U.S. GOVERNMENT AGENCIES - 3.8%
		Federal Home Loan Mortgage Corp. - 1.0%
$	6,200	0.11%, 05/29/2012			$	6,199
		Federal National Mortgage Association - 2.8%
	8,750	0.09%, 05/09/2012				8,750
	8,000	0.13%, 06/01/2012				7,999
						16,749
		Total U.S. government agencies
		(cost $22,948)			$	22,948
U.S. GOVERNMENT SECURITIES - 19.4%
		Other Direct Federal Obligations - 1.9%
		Federal Home Loan Bank
$	11,000	0.15%, 08/30/2012			$	11,000
		U.S. Treasury Bills - 5.8%
	9,375	0.11%, 07/12/2012				9,373
	15,625	0.11%, 06/14/2012 - 07/19/2012 ○				15,622
	9,375	0.12%, 07/26/2012 ○				9,372
						34,367
		U.S. Treasury Notes - 11.7%
	14,150	0.12%, 07/31/2012				14,168
	15,500	0.16%, 08/31/2012				15,511
	30,625	0.18%, 08/15/2012 - 10/31/2012				30,859
	9,375	0.28%, 05/31/2012				9,411
						69,949
		Total U.S. government securities
		(cost $115,316)			$	115,316
		Total investments
		(cost $605,155) ▲	101.9	%	$	605,155
		Other assets and liabilities	(1.9	)%		(11,371	)
		Total net assets	100.0	%	$	593,784

The accompanying notes are an integral part of these financial statements.

3

The Hartford Money Market Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.  The rates presented in this Schedule of Investments are yields, unless otherwise noted.  

▲	Also represents cost for tax purposes.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $110,033, which represents 18.5% of total net assets.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Money Market Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Certificates of Deposit	$	26,562	$	–	$	26,562	$	–
Commercial Paper		189,396		–		189,396		–
Corporate Notes		31,373		–		31,373		–
Foreign Government Obligations		49,381		–		49,381		–
Other Pools and Funds		1		1		–		–
Repurchase Agreements		170,178		–		170,178		–
U.S. Government Agencies		22,948		–		22,948		–
U.S. Government Securities		115,316		–		115,316		–
Total	$	605,155	$	1	$	605,154	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements. 

5

The Hartford Money Market Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $605,155)	$	605,155
Receivables:
Fund shares sold		550
Dividends and interest		687
Other assets		221
Total assets		606,613
Liabilities:
Payables:
Investment securities purchased		5,131
Fund shares redeemed		7,494
Investment management fees		46
Administrative fees		5
Distribution fees		37
Accrued expenses		107
Other liabilities		9
Total liabilities		12,829
Net assets	$	593,784
Summary of Net Assets:
Capital stock and paid-in-capital	$	593,784
Undistributed net investment income		—
Accumulated net realized gain		—
Unrealized appreciation of investments		—
Net assets	$	593,784
Shares authorized		5,100,000
Par value	$	0.001
Class A: Net asset value per share	$	1.00
Shares outstanding		313,106
Net assets	$	313,106
Class B: Net asset value per share	$	1.00
Shares outstanding		22,681
Net assets	$	22,681
Class C: Net asset value per share	$	1.00
Shares outstanding		57,917
Net assets	$	57,917
Class R3: Net asset value per share	$	1.00
Shares outstanding		25,138
Net assets	$	25,138
Class R4: Net asset value per share	$	1.00
Shares outstanding		163,635
Net assets	$	163,635
Class R5: Net asset value per share	$	1.00
Shares outstanding		4,528
Net assets	$	4,528
Class Y: Net asset value per share	$	1.00
Shares outstanding		6,779
Net assets	$	6,779

The accompanying notes are an integral part of these financial statements. 

6

The Hartford Money Market Fund

Statement of Operations

For the Six Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	—
Interest		457
Total investment income		457
Expenses:
Investment management fees		1,484
Administrative services fees		161
Transfer agent fees		466
Custodian fees		2
Accounting services fees		46
Registration and filing fees		102
Board of Directors' fees		8
Audit fees		7
Other expenses		28
Total expenses (before waivers)		2,304
Expense waivers		(1,647	)
Transfer agent fee waivers		(200	)
Total waivers		(1,847	)
Total expenses, net		457
Net Investment Income		—
Net Realized Gain on Investments:
Net realized gain on investments in securities		—
Net Realized Gain on Investments		—
Net Gain on Investments		—
Net Increase in Net Assets Resulting from Operations	$	—

The accompanying notes are an integral part of these financial statements. 

7

The Hartford Money Market Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net realized gain on investments		—			—
Net Increase In Net Assets Resulting From Operations		—			—
Capital Share Transactions:
Class A		(45,219	)		16,086
Class B		(5,731	)		(5,136	)
Class C		(18,998	)		15,051
Class R3		905			3,822
Class R4		(31,119	)		(26,457	)
Class R5		(169	)		(4,504	)
Class Y		(1,399	)		5,182
Net increase (decrease) from capital share transactions		(101,730	)		4,044
Net Increase (Decrease) In Net Assets		(101,730	)		4,044
Net Assets:
Beginning of period		695,514			691,470
End of period	$	593,784		$	695,514
Undistributed (distribution in excess of) net investment income (loss)	$	—		$	—

The accompanying notes are an integral part of these financial statements.  

8

The Hartford Money Market Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Money Market Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold without a front-end sales charge. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 Years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – The Fund’s investments are valued at amortized cost, which approximates market value. Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund as determined on the Valuation Date.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of

9

The Hartford Money Market Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Realized gains and losses are determined on the basis of identified cost.

Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a

10

class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 5% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of April 30, 2012, the Fund had no outstanding when-issued or delayed delivery investments.

11

The Hartford Money Market Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

4. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment and extension risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate.

5. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund had no reclassifications.

d) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

12

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

e) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $1 billion		0.45	%
On next $4 billion		0.40	%
On next $5 billion		0.38	%
Over $10 billion		0.37	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

13

The Hartford Money Market Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class B		Class C		Class R3		Class R4		Class R5		Class Y
0.85	%	1.60	%	1.60	%	1.15	%	0.85	%	0.60	%	0.55	%

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received contingent deferred sales charges of $94 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $8.  These commissions are in turn paid to sales representatives of the broker/dealers.

At a meeting held on February 4, 2009, the Board of Directors approved the temporary reduction of payment of distribution and service fees under the Fund’s 12b-1 Plan of Distribution to zero for Classes A, B, C, R3 and R4 for a period of six months, effective March 1, 2009. The Board of Directors has extended the reduction of payment of distribution and service fees through August 31, 2012. The Fund’s action results in a corresponding temporary reduction of 12b-1 payments of amounts paid to financial intermediaries by the Fund’s distributor to zero for Classes A, B, C, R3 and R4 during this time period. The Board of Directors’ action can be changed at any time.

The Hartford may be required to pay, out of its own resources, the equivalent of 12b-1 fees to financial intermediaries notwithstanding the reduction of 12b-1 fees. Since October 2008, the Fund’s distributor has made payments out of its own resources to financial intermediaries equal to the amount of 12b-1 fees that would have been paid notwithstanding waivers of 12b-1 fees.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned

14

subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

7. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		100		2	%
Class Y		102		2

8. Investment Transactions:

For the six-month period ended April 30, 2012, the costs of purchases and sales of securities (including U.S. Government Obligations) for the Fund were $21,999,952 and $22,089,099, respectively.

9. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		128,825		—		(174,044	)		—		(45,219	)		391,973		—		(375,887	)		—		16,086
Amount	$	128,825	$	—	$	(174,044	)	$	—	$	(45,219	)	$	391,973	$	—	$	(375,887	)	$	—	$	16,086
Class B
Shares		3,728		—		(9,459	)		—		(5,731	)		19,100		—		(24,236	)		—		(5,136	)
Amount	$	3,728	$	—	$	(9,459	)	$	—	$	(5,731	)	$	19,100	$	—	$	(24,236	)	$	—	$	(5,136	)
Class C
Shares		63,537		—		(82,535	)		—		(18,998	)		131,054		—		(116,003	)		—		15,051
Amount	$	63,537	$	—	$	(82,535	)	$	—	$	(18,998	)	$	131,054	$	—	$	(116,003	)	$	—	$	15,051
Class R3
Shares		4,507		—		(3,602	)		—		905			12,830		—		(9,008	)		—		3,822
Amount	$	4,507	$	—	$	(3,602	)	$	—	$	905		$	12,830	$	—	$	(9,008	)	$	—	$	3,822
Class R4
Shares		12,640		—		(43,759	)		—		(31,119	)		46,191		—		(72,648	)		—		(26,457	)
Amount	$	12,640	$	—	$	(43,759	)	$	—	$	(31,119	)	$	46,191	$	—	$	(72,648	)	$	—	$	(26,457	)
Class R5
Shares		923		—		(1,092	)		—		(169	)		2,878		—		(7,382	)		—		(4,504	)
Amount	$	923	$	—	$	(1,092	)	$	—	$	(169	)	$	2,878	$	—	$	(7,382	)	$	—	$	(4,504	)
Class Y
Shares		3,133		—		(4,532	)		—		(1,399	)		9,650		—		(4,468	)		—		5,182
Amount	$	3,133	$	—	$	(4,532	)	$	—	$	(1,399	)	$	9,650	$	—	$	(4,468	)	$	—	$	5,182
Total
Shares		217,293		—		(319,023	)		—		(101,730	)		613,676		—		(609,632	)		—		4,044
Amount	$	217,293	$	—	$	(319,023	)	$	—	$	(101,730	)	$	613,676	$	—	$	(609,632	)	$	—	$	4,044

15

The Hartford Money Market Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		1,059	$	1,059
For the Year Ended October 31, 2011		1,962	$	1,962

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

16

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17

The Hartford Money Market Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class

Net Asset Value at Beginning of Period

Net Investment Income (Loss)

Payments from (to) Affiliate

Net Realized and Unrealized Gain (Loss) on Investments

Total from Investment Operations

Dividends from Net Investment Income

Distributions from Realized Capital Gains

Distributions from Capital

Total Distributions

Net Increase (Decrease) in Net Asset Value

Net Asset Value at End of Period

For the Six-Month Period Ended April 30, 2012 (Unaudited)

A

$

1.00

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

1.00

B

1.00

–

–

–

–

–

–

–

–

–

1.00

C

1.00

–

–

–

–

–

–

–

–

–

1.00

R3

1.00

–

–

–

–

–

–

–

–

–

1.00

R4

1.00

–

–

–

–

–

–

–

–

–

1.00

R5

1.00

–

–

–

–

–

–

–

–

–

1.00

Y

1.00

–

–

–

–

–

–

–

–

–

1.00

For the Year Ended October 31, 2011

A

1.00

–

–

–

–

–

–

–

–

–

1.00

B

1.00

–

–

–

–

–

–

–

–

–

1.00

C

1.00

–

–

–

–

–

–

–

–

–

1.00

R3

1.00

–

–

–

–

–

–

–

–

–

1.00

R4

1.00

–

–

–

–

–

–

–

–

–

1.00

R5

1.00

–

–

–

–

–

–

–

–

–

1.00

Y

1.00

–

–

–

–

–

–

–

–

–

1.00

For the Year Ended October 31, 2010

A

1.00

–

–

–

–

–

–

–

–

–

1.00

B

1.00

–

–

–

–

–

–

–

–

–

1.00

C

1.00

–

–

–

–

–

–

–

–

–

1.00

R3

1.00

–

–

–

–

–

–

–

–

–

1.00

R4

1.00

–

–

–

–

–

–

–

–

–

1.00

R5

1.00

–

–

–

–

–

–

–

–

–

1.00

Y

1.00

–

–

–

–

–

–

–

–

–

1.00

For the Year Ended October 31, 2009

A

1.00

–

–

–

–

–

–

–

–

–

1.00

B

1.00

–

–

–

–

–

–

–

–

–

1.00

C

1.00

–

–

–

–

–

–

–

–

–

1.00

R3

1.00

–

–

–

–

–

–

–

–

–

1.00

R4

1.00

–

–

–

–

–

–

–

–

–

1.00

R5

1.00

–

–

–

–

–

–

–

–

–

1.00

Y

1.00

–

–

–

–

–

–

–

–

–

1.00

For the Year Ended October 31, 2008

A

1.00

0.02

–

–

0.02

(0.02

)

–

–

(0.02

)

–

1.00

B

1.00

0.02

–

–

0.02

(0.02

)

–

–

(0.02

)

–

1.00

C

1.00

0.02

–

–

0.02

(0.02

)

–

–

(0.02

)

–

1.00

R3

1.00

0.02

–

–

0.02

(0.02

)

–

–

(0.02

)

–

1.00

R4

1.00

0.02

–

–

0.02

(0.02

)

–

–

(0.02

)

–

1.00

R5

1.00

0.03

–

–

0.03

(0.03

)

–

–

(0.03

)

–

1.00

Y

1.00

0.03

–

–

0.03

(0.03

)

–

–

(0.03

)

–

1.00

For the Year Ended October 31, 2007

A

1.00

0.04

–

–

0.04

(0.04

)

–

–

(0.04

)

–

1.00

B

1.00

0.04

–

–

0.04

(0.04

)

–

–

(0.04

)

–

1.00

C

1.00

0.04

–

–

0.04

(0.04

)

–

–

(0.04

)

–

1.00

R3(E)

1.00

0.04

–

–

0.04

(0.04

)

–

–

(0.04

)

–

1.00

R4(E)

1.00

0.04

–

–

0.04

(0.04

)

–

–

(0.04

)

–

1.00

R5(E)

1.00

0.04

–

–

0.04

(0.04

)

–

–

(0.04

)

–

1.00

Y

1.00

0.05

–

–

0.05

(0.05

)

–

–

(0.05

)

–

1.00

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Not annualized.
(D)	Annualized.
(E)	Commenced operations on December 22, 2006.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
	–	%(C)	$	313,106		0.74	%(D)		0.14	%(D)		0.14	%(D)		–	%(D)		N/A
	–	(C)		22,681		0.70	(D)		0.14	(D)		0.14	(D)		–	(D)		–	%
	–	(C)		57,917		0.61	(D)		0.14	(D)		0.14	(D)		–	(D)		–
	–	(C)		25,138		0.71	(D)		0.14	(D)		0.14	(D)		–	(D)		–
	–	(C)		163,635		0.66	(D)		0.14	(D)		0.14	(D)		–	(D)		–
	–	(C)		4,528		0.61	(D)		0.14	(D)		0.14	(D)		–	(D)		–
	–	(C)		6,779		0.51	(D)		0.14	(D)		0.14	(D)		–	(D)		–
	–			358,325		0.73			0.18			0.18			–			N/A
	–			28,412		0.70			0.18			0.18			–			–
	–			76,915		0.61			0.18			0.18			–			–
	–			24,233		0.70			0.18			0.18			–			–
	–			194,754		0.65			0.18			0.18			–			–
	–			4,697		0.60			0.18			0.18			–			–
	–			8,178		0.50			0.18			0.18			–			–
	–			342,239		0.72			0.21			0.21			–			N/A
	–			33,548		0.70			0.21			0.21			–			–
	–			61,864		0.62			0.21			0.21			–			–
	–			20,411		0.71			0.21			0.21			–			–
	–			221,211		0.66			0.21			0.21			–			–
	–			9,201		0.61			0.21			0.21			–			–
	–			2,996		0.51			0.21			0.21			–			–
	0.05			386,036		0.88			0.45			0.41			0.03			N/A
	0.03			51,225		1.11			0.48			0.44			–			–
	0.03			76,846		1.06			0.50			0.46			–			–
	0.04			11,621		0.79			0.28			0.24			–			–
	0.06			250,995		0.78			0.40			0.36			0.02			–
	0.09			69,464		0.66			0.29			0.25			0.02			–
	0.11			1,596		0.58			0.38			0.34			0.09			–
	2.31			486,596		0.99			0.90			0.90			2.23			N/A
	1.54			66,581		1.71			1.65			1.65			1.40			–
	1.60			140,174		1.60			1.60			1.60			1.49			–
	2.07			529		1.35			1.15			1.15			1.33			–
	2.37			148,465		0.94			0.85			0.85			1.91			–
	2.60			8,826		0.63			0.63			0.63			2.09			–
	2.69			1,595		0.52			0.52			0.52			2.77			–
	4.49			314,872		1.13			0.95			0.95			4.40			N/A
	3.71			29,219		1.82			1.70			1.70			3.65			–
	3.72			59,575		1.72			1.69			1.69			3.66			–
	3.63	(C)		10		1.36	(D)		1.20	(D)		1.20	(D)		4.16	(D)		–
	3.95	(C)		17,239		1.01	(D)		0.90	(D)		0.90	(D)		4.49	(D)		–
	4.18	(C)		1,229		0.72	(D)		0.60	(D)		0.60	(D)		4.79	(D)		–
	4.90			2,707		0.58			0.55			0.55			4.77			–

19

The Hartford Money Market Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Money Market Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Money Market Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,000.00	$	0.70	$	1,000.00	$	1,024.17	$	0.70		0.14	%		182		366
Class B	$	1,000.00	$	1,000.00	$	0.70	$	1,000.00	$	1,024.17	$	0.70		0.14			182		366
Class C	$	1,000.00	$	1,000.00	$	0.70	$	1,000.00	$	1,024.17	$	0.70		0.14			182		366
Class R3	$	1,000.00	$	1,000.00	$	0.70	$	1,000.00	$	1,024.17	$	0.70		0.14			182		366
Class R4	$	1,000.00	$	1,000.00	$	0.70	$	1,000.00	$	1,024.17	$	0.70		0.14			182		366
Class R5	$	1,000.00	$	1,000.00	$	0.70	$	1,000.00	$	1,024.17	$	0.70		0.14			182		366
Class Y	$	1,000.00	$	1,000.00	$	0.70	$	1,000.00	$	1,024.17	$	0.70		0.14			182		366

23

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-MM12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Municipal Opportunities Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Municipal Opportunities Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	10
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	11
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	12
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	13
Notes to Financial Statements (Unaudited)	14
Financial Highlights (Unaudited)	24
Directors and Officers (Unaudited)	26
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	28
Quarterly Portfolio Holdings Information (Unaudited)	28
Expense Example (Unaudited)	29
Approval of Investment Sub-Advisory Agreement (Unaudited)	30

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Municipal Opportunities Fund inception 05/31/2007

(sub-advised by Wellington Management Company LLP)

Investment objective – Seeks to provide current income  that is generally exempt from federal income taxes and  long-term total return.

Performance Overview 5/31/07 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Municipal Opportunities A#		7.86	%		14.55	%		2.08	%
Municipal Opportunities A##					9.39	%		1.13	%
Municipal Opportunities B#		7.47	%		13.70	%		1.29	%
Municipal Opportunities B##					8.70	%		0.96	%
Municipal Opportunities C#		7.46	%		13.68	%		1.33	%
Municipal Opportunities C##					12.68	%		1.33	%
Municipal Opportunities I#		7.98	%		14.95	%		2.36	%
Barclays Capital Municipal Bond Index		5.50	%		11.36	%		5.79	%
Barclays Capital Municipal Bond Non-Investment Grade Index		8.82	%		16.16	%		3.35	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. On or about March 5, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Includes the Fund’s performance when, prior to March 5, 2012, it utilized a modified investment strategy.

Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds with maturities greater than two years.

Barclays Capital Municipal Bond Non-Investment Grade Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.

The Fund changed its benchmark from the Barclays Capital Municipal Bond Non-Investment Grade Index to the Barclays Capital Municipal Bond Index because the Fund’s investment manager believes that the Barclays Capital Municipal Bond Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Municipal Opportunities Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Timothy D. Haney, CFA	Brad W. Libby
Vice President and Fixed Income Portfolio Manager	Vice President and Fixed Income Credit Analyst
As of March 5, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Municipal Opportunities Fund returned 7.86%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the Barclays Municipal Bond Index, which returned 5.50% for the same period. The Fund also outperformed the 6.58% return of the average fund in the Lipper General Municipal Debt Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Security selection and positioning within the higher yield segment of the fixed income market helped the Fund outperform the benchmark, specifically within Transportation, Tobacco, Education and Utility sectors. The market saw increased demand for lower rated securities from investors reaching for higher levels of income in this low absolute interest rate environment. Performance was also helped by overweighting longer maturities which outperformed during this period. An underweight to non-investment grade securities detracted from performance.

On March 5, 2012, Wellington Management Company, LLP (Wellington) became sub-adviser of the Fund replacing Hartford Investment Management Company. Wellington has been positioning the Fund’s portfolio as described in the Outlook section below.

What is the outlook?

We believe the U.S. economy is expanding at a moderate pace. Therefore, we have a medium risk posture. The municipal curve has flattened but remains steep. Given the overall slope of the municipal curve, we believe the 5-year portion of the curve is expensive, while the 10-year portion is cheap, and the 20-year portion is fair. We believe 10 year and 22-25 year portions of the curve are attractive from a roll down perspective. We favor moving to a neutral overall duration posture with a flattening bias and have been looking for opportunities to move out of the 5-year range.

Tax reform discussions have picked up and changes to the municipal tax exemption have been a topic of conversation. Some contend that the municipal tax exemption disproportionately benefits wealthy individuals and corporations, so it is possible that the exemption will be threatened by fiscal reforms aimed at increasing revenues. Changes to the tax code might entirely remove the exemption or provide for a grandfathering of existing tax-exempt municipals. We believe any reduction to the tax benefit would be negative for demand in the sector, but it is too early to tell whether the exemption is under serious threat, so markets have reacted little in response to potential changes. Flows into municipal mutual funds have been steadily positive and supply remains limited, creating what we believe is a favorable technical environment for the tax-exempt asset class. Supply is expected to remain scarce, but the record low yields in the asset class may cause future inflows to slow.

Municipalities are under stress, but we do not expect widespread defaults. State general-obligation (GO) revenues are improving, but we believe they will be offset by increasing pension and Medicaid expenses. We believe the local GO sector will remain stressed until real estate prices improve. Municipal credit spreads have tightened but remain attractive in our opinion; fundamental research is critical for individual security selection in this sector.

At the end of the period, we were underweight GOs, especially at the local level. We retained exposure to municipal spread products, including health care (both investment-grade and high yield), toll roads, and airports. We also favored essential service revenue bonds, such as water, sewer, and electric utilities. At the end of the period, the Fund had approximately 63% in investment-grade municipal securities, 7% in net cash, and 30% in high yield municipal securities.

3

The Hartford Municipal Opportunities Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

Distribution by Credit Quality

as of April 30, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		3.8	%
Aa / AA		16.8
A		21.1
Baa / BBB		21.6
Ba / BB		3.9
B		4.8
Caa / CCC or Lower		1.0
Unrated		19.8
Non Debt Securities and Other Short-Term Instruments		7.2
Other Assets & Liabilities		0 0
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of April 30, 2012

Industry	Percentage of Net Assets
Airport Revenues		5.2	%
General Obligations		11.8
Health Care/Services		19.5
Higher Education (Univ., Dorms, etc.)		9.2
Housing (HFA'S, etc.)		2.2
Industrial		6.9
Miscellaneous		15.2
Pollution Control		0.7
Prerefunded		1.6
Special Tax Assessment		4.2
Tax Allocation		6.6
Transportation		3.0
Utilities - Combined		0.9
Utilities - Electric		3.5
Utilities - Gas		1.1
Utilities - Water and Sewer		0.5
Waste Disposal		0.7
Short-Term Investments		7.2
Other Assets and Liabilities		0.0
Total		100.0	%

4

The Hartford Municipal Opportunities Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 92.8%
		Alabama - 0.6%
		Mobile, AL, IDA Pollution Obligor: Alabama Power Co
$	2,540	1.65%, 06/01/2034	$	2,547
		Alaska - 0.1%
		Alaska State Municipal Bond Bank Auth
	375	5.75%, 09/01/2033		428
		Arizona - 2.6%
		Estrella Mountain Ranch, AZ, Community Fac Dist GO
	265	6.20%, 07/15/2032		266
		Mohave County, AZ, IDA
	3,000	8.00%, 05/01/2025		3,567
		Pima County, AZ, IDA Education Rev Obligor: Legacy Traditional Charter School
	1,500	8.50%, 07/01/2039		1,614
		Salt River, AZ, Agricultural Improvement
	3,000	5.00%, 12/01/2027		3,573
		Show Low Bluff, AZ, Community Fac Dist Special Assessment
	200	5.60%, 07/01/2031 ■		152
		Taresso West, AZ, Community Fac Dist GO
	1,000	5.90%, 07/15/2032		880
				10,052
		California - 14.2%
		California State Communities DA Rev
	2,250	6.00%, 08/15/2042		2,628
	1,700	7.50%, 06/01/2042		1,871
		California State Dept Veterans Affairs
	4,000	3.50%, 12/01/2025		4,006
		California State GO
	4,985	6.50%, 04/01/2033		6,105
		California State Health Fac FA Rev
	2,000	5.50%, 11/15/2040		2,290
		California State Municipal FA Rev
	1,500	6.50%, 11/01/2031 - 11/01/2041		1,648
		California State Pollution Control FA
	2,805	4.75%, 12/01/2023		3,007
		California State Public Works Board Lease Rev
	1,000	5.00%, 04/01/2034		1,074
	2,000	5.25%, 10/01/2023		2,311
		California State Public Works Board, Correctional Facilities Improvement
	1,000	6.00%, 03/01/2035		1,122
		California State Public Works Board, State University Trustees
	2,000	6.25%, 04/01/2034		2,250
		California Statewide Communities DA Rev
	2,000	5.00%, 12/01/2041		2,171
		Imperial, CA, Irrigation Dist Elec Rev
	2,000	5.25%, 11/01/2031		2,237
		Morongo Band of Mission Indians, CA, Enterprise
	1,595	6.50%, 03/01/2028 ■		1,616
		MSR Energy Auth Gas Rev
	2,000	6.50%, 11/01/2039		2,449
		Port Oakland, CA GO
	1,000	5.00%, 05/01/2026		1,057
		San Buenaventura, CA Obligor: Community Memorial Health System
	1,000	7.50%, 12/01/2041		1,174
		San Diego, CA, Redev Agency Tax Allocation
	3,000	7.00%, 11/01/2039		3,322
		San Francisco City & County, CA, Redev Agency, Community Fac Dist No. 6
	530	6.13%, 08/01/2031		531
		San Francisco City & County, CA, Redev Agency, No. 6 Mission Bay South Pub
	590	6.25%, 08/01/2033		591
		San Francisco, CA, City & County Airports Commission
	1,500	5.00%, 05/01/2031		1,661
		San Jose, CA, Redev Agency
	2,575	5.00%, 08/01/2022		2,655
	500	6.50%, 08/01/2023		539
		Santa Cruz County, CA, Redev Agency
	1,335	6.63%, 09/01/2029		1,554
		Southern California State Public Power Auth
	2,000	5.25%, 07/01/2031		2,308
		Turlock, CA, Irrigation Dist
	3,000	5.50%, 01/01/2041		3,333
				55,510
		Colorado - 1.5%
		Baptist Road Rural Transportation Auth, Sales & Use Tax Rev
	745	5.00%, 12/01/2026		542
		Colorado State Health Fac Auth Rev
	1,500	5.25%, 11/15/2035		1,594
		Denver, CO, City & County Special Fac Airport Rev
	2,000	5.25%, 10/01/2032		1,937
		Regional Transportation Dist, CO, Private
	1,500	6.00%, 01/15/2034		1,650
				5,723
		Connecticut - 1.9%
		Connecticut State DA Pollution Control Rev
	2,315	1.55%, 05/01/2031		2,322
		Connecticut State Special Obligation Parking Rev
	1,290	6.60%, 07/01/2024		1,291
		Hamden, CT, Facilities Rev, Whitney Center Proj Ser A
	1,250	7.63%, 01/01/2030		1,348
	2,250	7.75%, 01/01/2043		2,360
				7,321
		District of Columbia - 1.9%
		District of Columbia Tobacco Settlement Financing Corp
	6,675	6.50%, 05/15/2033		7,465
		Florida - 6.7%
		Beeline, FL, Community Development Dist Special Assessment
	1,195	7.00%, 05/01/2037		1,236

The accompanying notes are an integral part of these financial statements.

5

The Hartford Municipal Opportunities Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 92.8% - (continued)
		Florida - 6.7% - (continued)
		Colonial Country Club Community Development Dist, Capital Improvement Rev
$	2,010	6.40%, 05/01/2033	$	2,119
		Florida Village Community Development Dist No 8
	2,550	6.38%, 05/01/2038		2,743
		Greater Orlando, FL, Aviation Auth
	3,340	5.00%, 10/01/2021 - 10/01/2024 ☼		3,820
		Highlands County, FL, Adventist Health (Prerefunded with US Gov't Securities)
	125	5.25%, 11/15/2036		149
		Highlands County, FL, Health Fac Auth
	1,905	5.25%, 11/15/2036		2,014
		Hillsborough County, FL, IDA (Prerefunded with US Gov't Securities)
	1,150	8.00%, 08/15/2032		1,647
		Jacksonville, FL, Econ Development Community Health Care Fac
	2,000	6.25%, 09/01/2027		2,145
		Jacksonville, FL, Sales Tax Rev
	2,700	5.00%, 10/01/2021		3,111
		Lakeland, FL, Retirement Community Rev
	1,750	6.38%, 01/01/2043		1,773
		Magnolia Creek, FL, Community Development Dist Capital Improvement
	500	0.00%, 05/01/2039 ●		175
		Miami-Dade County, FL, Health Fac Auth
	1,000	6.00%, 08/01/2030		1,171
		Orange County, FL, School Board
	2,130	5.00%, 08/01/2026 ☼		2,430
		River Bend Community Development Dist, Capital Improvement Rev
	1,755	0.00%, 11/01/2015 ●		702
		Village, FL Community Development Dist #5
	830	6.50%, 05/01/2033		851
				26,086
		Georgia - 2.2%
		Burke County, GA, DA
	3,000	1.25%, 01/01/2052		2,999
		Clayton County, GA, DA
	2,000	9.00%, 06/01/2035		2,166
		Dekalb Newton & Gwinnett Counties, GA, Joint DA
	1,500	6.00%, 07/01/2034		1,699
		Marietta, GA, DA Life University Inc Proj
	1,500	7.00%, 06/15/2030		1,564
				8,428
		Illinois - 5.3%
		Aurora, IL, Tax Increment Rev
	940	6.75%, 12/30/2027		965
		Chicago, IL, O'Hare International Airport Rev
	1,000	5.25%, 01/01/2027		1,030
	2,210	6.00%, 01/01/2017		2,359
		Hampshire, IL, Special Service Area #13, Tuscany Woods Proj
	192	0.00%, 03/01/2037 ●		86
		Illinois FA Rev, Art Institute of Chicago Ser A
	1,400	6.00%, 03/01/2038		1,549
		Illinois FA Rev, Silver Cross Hospital & Medicine
	3,000	5.50%, 08/15/2030		3,077
		Illinois State FA Rev Obligor: The Admiral at the Lake
	3,000	6.00%, 05/15/2017		3,015
		Illinois State GO
	1,500	5.00%, 01/01/2022		1,640
	1,500	5.25%, 01/01/2021		1,707
		Metropolitan Pier & Exposition Auth, IL
	5,000	11.26%, 12/15/2032 ○		1,817
		Railsplitter, IL, Tobacco Settlement Auth
	3,000	6.00%, 06/01/2028		3,406
				20,651
		Indiana - 0.5%
		Vigo County, IN, Hospital Auth
	2,000	5.75%, 09/01/2042 ■		1,988
		Kentucky - 0.9%
		Louisville & Jefferson County, KY Co
	1,710	1.65%, 10/01/2033 Δ		1,710
		Louisville & Jefferson County, KY Metropolitan Government Rev
	1,515	5.00%, 12/01/2023		1,790
				3,500
		Louisiana - 3.2%
		Louisiana State Local Government Environmental Fac Obligor: Westlake Chemical Corp
	4,000	6.75%, 11/01/2032		4,405
		Louisiana State Office Fac Corp Lease Rev
	3,925	5.00%, 11/01/2021		4,728
		Louisiana State Public Facs Auth Rev
	500	5.75%, 07/01/2039		409
		New Orleans, LA, Aviation Board
	2,500	6.00%, 01/01/2023		2,938
				12,480
		Massachusetts - 4.4%
		Massachusetts State Development Fin Agency Rev
	1,200	8.00%, 04/15/2031		1,396
		Massachusetts State GO
	8,000	0.22%, 03/01/2026 Δ		8,000
	3,335	13.63%, 04/01/2019 ■λ		4,934
		Massachusetts State Health & Education FA Rev, Simmons College Ser I
	2,355	8.00%, 10/01/2039		2,777
				17,107
		Michigan - 3.2%
		Kent, MI, Hospital FA
	5,175	6.00%, 07/01/2035		5,320
		Michigan State Public Educational FA Rev, Limited Obligation Chandler Park Academy
	2,025	6.35%, 11/01/2028		2,067
		Michigan State Strategic Fund Limited Obligation
	2,500	5.25%, 10/15/2031		2,762

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 92.8% - (continued)
		Michigan - 3.2% - (continued)
		Royal Oak, MI, Hospital FA
$	2,000	8.25%, 09/01/2039	$	2,560
				12,709
		Minnesota - 1.5%
		Tobacco Securitization Auth, MN Settlement Rev
	5,400	5.25%, 03/01/2026 - 03/01/2031		5,946
				5,946
		Missouri - 1.0%
		Branson Hills, MO, Infrastructure Fac
	100	5.50%, 04/01/2027		79
		Kirkwood, MO, Industrial DA Retirement Community
	3,500	8.25%, 05/15/2045		3,925
				4,004
		Nevada - 1.3%
		Las Vegas, NV, Special Improvement Dist 808 & 810
	500	6.13%, 06/01/2031		474
		Mesquite, NV, Special Improvement Dist 07-01
	460	6.00%, 08/01/2027		406
		Nevada State GO
	3,500	5.00%, 08/01/2019 ‡		4,244
				5,124
		New Jersey - 3.0%
		New Jersey Health Care Facilities FA, Hospital Asset Transformation
	2,855	5.75%, 10/01/2031		3,293
		New Jersey State Econ DA
	1,530	5.00%, 06/15/2018		1,743
	1,995	6.25%, 09/15/2019		2,003
		New Jersey State Educational FA Rev, University of Medicine & Dentistry
	2,000	7.50%, 12/01/2032		2,424
		New Jersey State Housing & Mortgage FA
	1,980	4.50%, 10/01/2030		2,100
				11,563
		New Mexico - 1.1%
		Los Alamos County, NM, Tax Improvement Rev
	3,000	5.88%, 06/01/2027		3,527
		Montecito Estates, NM, Public Improvement Dist
	965	7.00%, 10/01/2037		976
				4,503
		New York - 8.9%
		Erie County, NY, IDA Global Concepts Charter School Proj
	1,510	6.25%, 10/01/2037		1,473
		Nassau County, NY, IDA Continuing Care Retirement
	3,000	6.70%, 01/01/2043		2,231
		Nassau County, NY, IDA Continuing Care Retirement, Amsterdam at Harborside
	1,000	6.50%, 01/01/2027		816
		New York and New Jersey PA
	2,000	5.00%, 12/01/2023		2,155
		New York City, NY, Transitional FA Rev
	5,000	0.26%, 08/01/2031 Δ		5,000
	3,500	0.41%, 08/01/2031 ‡Δ		3,500
		New York State Dormitory Auth Non State Supported Debt, Orange Regional Med Center
	1,500	6.13%, 12/01/2029		1,602
		New York State Dormitory Auth Rev
	1,670	5.00%, 03/15/2022		2,055
		New York State Liberty Development Corp Rev
	3,900	5.00%, 09/15/2029		4,458
		New York, NY, GO
	4,000	6.25%, 10/15/2028		4,873
		TSASC, Inc NY
	2,500	5.00%, 06/01/2034		1,872
		Ulster County, NY, IDA
	3,750	6.00%, 09/15/2037 - 09/15/2042		2,607
		Ulster County, NY, IDA Kingston Regional Senior Living Proj
	3,000	6.00%, 09/15/2027		2,140
				34,782
		North Carolina - 1.4%
		North Carolina Medical Care Commission Retirement FA Rev, First Mortgage Galloway Ridge
	1,555	5.88%, 01/01/2031		1,663
		North Carolina State Capital Waste Disposal
	2,675	4.38%, 10/01/2031		2,828
		North Carolina State Medical Care Commission Obligor: Galloway Ridge, Inc
	1,000	6.00%, 01/01/2039		1,055
				5,546
		Ohio - 2.4%
		Buckeye, OH, Tobacco Settlement FA
	4,580	6.00%, 06/01/2042		3,655
	5,795	6.50%, 06/01/2047		4,931
		Ohio State Hospital Fac Rev
	880	5.50%, 01/01/2039		975
				9,561
		Oklahoma - 0.6%
		Norman, OK, Regional Hospital Auth Rev
	2,310	5.25%, 09/01/2019		2,444
		Other U.S. Territories - 1.4%
		Guam Government GO
	2,000	6.75%, 11/15/2029		2,173
		Guam Government, Dept of Education John F Kennedy High School Ser A
	2,000	6.63%, 12/01/2030		2,138
		Guam Government, Limited Obligation Rev Section 30 Ser A
	935	5.75%, 12/01/2034		988
				5,299
		Pennsylvania - 4.2%
		Allegheny County, PA, Industrial DA Charter School
	1,215	6.75%, 08/15/2035		1,254

The accompanying notes are an integral part of these financial statements.

7

The Hartford Municipal Opportunities Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 92.8% - (continued)
		Pennsylvania - 4.2% - (continued)
		Harrisburg, PA, Auth
$	2,000	5.25%, 07/15/2031	$	1,740
		Pennsylvania Econ Development FA Rev, Allegheny Energy Supply
	3,000	7.00%, 07/15/2039		3,423
		Pennsylvania State GO
	1,000	7.00%, 07/15/2028		1,153
		Pennsylvania State IDA
	2,250	5.00%, 07/01/2021 ☼		2,679
		Pennsylvania State Turnpike Commission Rev
	1,335	6.00%, 06/01/2028		1,553
		Philadelphia, PA, Municipal Auth
	750	6.38%, 04/01/2029		830
	800	6.50%, 04/01/2034		867
		Pittsburgh, PA, School Dist GO
	2,325	5.00%, 09/01/2021 - 09/01/2023		2,820
				16,319
		Rhode Island - 0.5%
		Cranston, RI GO
	1,415	5.00%, 07/01/2019		1,621
		Rhode Island Tobacco Settlement Financing Corp
	515	6.00%, 06/01/2023		516
				2,137
		South Carolina - 0.2%
		Lancaster County, SC, Sun City Assessment
	1,987	0.00%, 11/01/2017 ●		934
		South Dakota - 1.1%
		South Dakota State Education Enhancement
	4,030	6.50%, 06/01/2032		4,088
		South Dakota State Housing DA
	185	6.13%, 05/01/2033		187
				4,275
		Texas - 9.8%
		Brazos Harbor, TX, Industrial Development Corp
	1,500	5.90%, 05/01/2038		1,625
		Brazos River Harbor, TX, Navigation Dist
	1,000	5.95%, 05/15/2033		1,078
		Central Texas Regional Mobility Auth Rev
	2,000	6.00%, 01/01/2041		2,201
		Clifton, TX, Higher Education Fin Corp
	2,000	8.75%, 02/15/2028		2,269
		Dallas-Fort Worth, TX, International Airport Rev
	365	6.00%, 11/01/2032		366
		Dallas-Fort Worth, TX, International Fac
	2,000	6.15%, 01/01/2016		2,002
		Houston, TX, Higher Education Fin Corp
	465	5.88%, 05/15/2021		531
	1,000	6.88%, 05/15/2041		1,170
		Kimble County, TX, Hospital Dist GO
	2,500	6.25%, 08/15/2033		2,712
		Lewisville, TX, Combination Contract Rev (Prerefunded with US Gov't Securities)
	60	6.13%, 09/01/2029		68
		Lewisville, TX, Combination Contract Rev
	3,940	6.13%, 09/01/2029		4,084
		Lower Colorado River, TX, Auth Rev
	55	7.25%, 05/15/2037		62
		Lower Colorado River, TX, Auth Rev (Prerefunded with US Gov't Securities)
	2,945	7.25%, 05/15/2037		3,545
		Maverick County, TX, Public Fac Corp Proj Rev
	1,325	6.25%, 02/01/2024		1,197
		Texas Private Activity Surface Transportation, LBJ Infrastructure Group
	1,000	7.00%, 06/30/2040		1,165
		Texas State Midwest Public Fac Corp Rev
	3,000	0.00%, 10/01/2030 ●		1,620
		Texas State Municipal Gas Acquisition & Supply
	1,500	5.63%, 12/15/2017		1,664
		Texas State Private Activity Surface Transportation
	3,000	6.88%, 12/31/2039		3,449
		Texas State Public FA Charter School
	3,555	5.38%, 02/15/2037		3,638
	1,000	6.20%, 02/15/2040		1,120
		Travis County, TX, Health Fac Development
	2,000	7.13%, 11/01/2040		2,246
		Travis County, TX, Health Fac, Querencia Barton Creek Project
	600	5.65%, 11/15/2035		570
				38,382
		Virginia - 1.4%
		Norfolk, VA, Redev & Housing Auth Rev Obligor: Fort Norfolk Retirement Community, Inc
	1,005	6.13%, 01/01/2035		1,006
		Peninsula Town Ctr, VA, Community DA
	298	6.45%, 09/01/2037		284
		Virginia Small Business Financing Auth Rev
	2,000	9.00%, 07/01/2039		2,164
		Washington County Hospital Fac Rev
	1,750	7.75%, 07/01/2038		2,132
				5,586
		Washington - 1.8%
		King County, WA, Public Hospital GO
	3,000	7.25%, 12/01/2038		3,158
		Washington State Health Care Facilities Auth, VA Mason Medical
	3,600	6.13%, 08/15/2037		3,869
				7,027
		West Virginia - 0.6%
		West Virginia State Hospital FA
	2,000	9.13%, 10/01/2041		2,283
		Wisconsin - 1.4%
		Badger Tobacco Asset Securitization Corp of WI (Prerefunded with US Gov't Securities)
	1,000	6.38%, 06/01/2032 ‡		1,005

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount					Market Value ╪
MUNICIPAL BONDS - 92.8% - (continued)
		Wisconsin - 1.4% - (continued)
		Wisconsin State GO
$	185	5.75%, 05/01/2033			$	222
	1,295	6.00%, 05/01/2036				1,559
		Wisconsin State Health & Educational Fac Auth Rev
	2,465	5.25%, 08/15/2024				2,610
						5,396
		Total municipal bonds
		(cost $339,014)			$	363,106
		Total long-term investments			$	363,106
		(cost $339,014)
SHORT-TERM INVESTMENTS - 7.2%
		Investment Pools and Funds - 7.2%
	28,166	JP Morgan Tax Free Money Market Fund			$	28,166
		Total short-term investments
		(cost $28,166)			$	28,166
		Total investments
		(cost $367,180) ▲	100.0	%	$	391,272
		Other assets and liabilities	0.0	%		126
		Total net assets	100.0	%	$	391,398

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲	Also represents cost for tax purposes.
●	Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $8,690, which represents 2.2% of total net assets.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
λ	Inverse floating rate certificate issued by a third party securitization trust and purchased directly through a cash transaction; rate varies inversely to short-term interest rates and the rate presented is the effective rate at April 30, 2012.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $7,644 at April 30, 2012.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)

Municipal Bond Abbreviations:
DA	Development Authority
FA	Finance Authority
GO	General Obligations
IDA	Industrial Development Authority Bond
PA	Port Authority

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements. 

9

The Hartford Municipal Opportunities Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Municipal Bonds		363,106		–		363,106		–
Short-Term Investments		28,166		28,166		–		–
Total	$	391,272	$	28,166	$	363,106	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

10

The Hartford Municipal Opportunities Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $367,180)	$	391,272
Receivables:
Investment securities sold		2,525
Fund shares sold		2,864
Dividends and interest		5,701
Other assets		55
Total assets		402,417
Liabilities:
Payables:
Investment securities purchased		10,150
Fund shares redeemed		500
Investment management fees		35
Dividends		277
Distribution fees		27
Accrued expenses		30
Total liabilities		11,019
Net assets	$	391,398
Summary of Net Assets:
Capital stock and paid-in-capital	$	405,743
Undistributed net investment income		79
Accumulated net realized loss		(38,516	)
Unrealized appreciation of investments		24,092
Net assets	$	391,398
Shares authorized		650,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	8.45/$8.85
Shares outstanding		23,180
Net assets	$	195,950
Class B: Net asset value per share	$	8.45
Shares outstanding		690
Net assets	$	5,827
Class C: Net asset value per share	$	8.46
Shares outstanding		13,280
Net assets	$	112,341
Class I: Net asset value per share	$	8.47
Shares outstanding		9,125
Net assets	$	77,280

The accompanying notes are an integral part of these financial statements.

11

The Hartford Municipal Opportunities Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	3
Interest		10,066
Total investment income		10,069
Expenses:
Investment management fees		1,024
Transfer agent fees		80
Distribution fees
Class A		229
Class B		29
Class C		541
Custodian fees		1
Accounting services fees		34
Registration and filing fees		49
Board of Directors' fees		4
Interest expense		32
Audit fees		6
Other expenses		20
Total expenses (before waivers)		2,049
Expense waivers		(11	)
Total waivers		(11	)
Total expenses, net		2,038
Net Investment Income		8,031
Net Realized Gain on Investments:
Net realized gain on investments in securities		7,000
Net Realized Gain on Investments		7,000
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		12,855
Net Changes in Unrealized Appreciation of Investments		12,855
Net Gain on Investments		19,855
Net Increase in Net Assets Resulting from Operations	$	27,886

The accompanying notes are an integral part of these financial statements.

12

The Hartford Municipal Opportunities Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month
	Period Ended			For the
	April 30, 2012			Year Ended
	(Unaudited)			October 31, 2011
Operations:
Net investment income	$	8,031		$	19,269
Net realized gain (loss) on investments		7,000			(10,546	)
Net unrealized appreciation (depreciation) of investments		12,855			(14,992	)
Net Increase (Decrease) In Net Assets Resulting From Operations		27,886			(6,269	)
Distributions to Shareholders:
From net investment income
Class A		(4,103	)		(10,093	)
Class B		(108	)		(295	)
Class C		(2,023	)		(5,051	)
Class I		(1,776	)		(3,932	)
Total distributions		(8,010	)		(19,371	)
Capital Share Transactions:
Class A		8,637			(47,063	)
Class B		(219	)		(1,298	)
Class C		3,127			(17,782	)
Class I		3,655			(8,220	)
Net increase (decrease) from capital share transactions		15,200			(74,363	)
Net Increase (Decrease) In Net Assets		35,076			(100,003	)
Net Assets:
Beginning of period		356,322			456,325
End of period	$	391,398		$	356,322
Undistributed (distribution in excess of) net investment income (loss)	$	79		$	58

The accompanying notes are an integral part of these financial statements.

13

The Hartford Municipal Opportunities Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Municipal Opportunities Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company's Board of Directors. Market quotes are considered not readily available where there is an absence of current

14

or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund's portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

15

The Hartford Municipal Opportunities Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

16

3. Securities and Other Investments:

a) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

b) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

c) Inverse Floating Rate Securities – The Fund may invest in inverse floating rate certificates (“inverse floater”). The inverse floaters purchased by the Fund are created by the deposit of municipal bonds into a special purpose trust created by an unaffiliated broker-dealer. The trust issues floating rate certificates with par equal to some fraction of the deposited bonds’ par amount or market value. The floating rate certificates pay short-term tax exempt interest to the holder(s) of the floating rate certificate(s). The trust also issues an inverse floater that receives all remaining or residual interest in the trust after payment of amounts due to the floating rate bondholder and trust-related fees. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders. The inverse floater holder bears substantially all of the underlying municipal bonds’ investment risk and also benefits disproportionately from any potential appreciation of the underlying bond. The price of an inverse floater will be more volatile than that of the underlying municipal bond(s) because the interest rate is dependent on both the fixed coupon rate of the underlying municipal bond(s) and also the short-term interest paid on the floating rate certificates and because the inverse floater bears the risk of loss of the underlying bond(s).

The Fund may purchase an inverse floater in a secondary market transaction or enter into a tender option bond program by negotiating the terms of the program and subsequently purchasing the resulting inverse floater without first owning the underlying municipal bond(s) (“externally deposited inverse floater”). The Fund may also sell a fixed rate municipal bond to a broker-dealer for deposit into a special purpose trust and receive the residual interest in the trust (“self deposited inverse floater”). The inverse floaters held by the Fund can only be sold to qualified institutional buyers and entitle the Fund to collapse the trust causing the holders of the floating rate certificates to tender their notes at par and, at the Fund’s discretion, to have the broker transfer the underlying municipal bond(s) held by the trust to the Fund. The sale of inverse floaters may involve delay or additional costs. The Fund, as shown on the Schedule of Investments, had outstanding inverse floaters as of April 30, 2012.

4. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with

17

The Hartford Municipal Opportunities Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment and extension risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes.

5. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Tax Exempt Income †	$	19,507	$	22,186
Ordinary Income		181		—

† The Fund designates these distributions as exempt interest pursuant to IRC Sec. 852(b)(5). 

18

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	384
Accumulated Capital Losses *		(45,517	)
Unrealized Appreciation †		11,237
Total Accumulated Deficit	$	(33,896	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(1	)
Accumulated Net Realized Gain (Loss)		1

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2015	$	284
2016		12,922
2017		15,644
2018		6,121
2019		10,546
Total	$	45,517

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

19

The Hartford Municipal Opportunities Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective March 5, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to March 5, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.5500	%
On next $500 million		0.5000	%
On next $1.5 billion		0.4750	%
On next $2.5 billion		0.4650	%
On next $5 billion		0.4550	%
Over $10 billion		0.4450	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.5500	%
On next $500 million		0.5000	%
On next $4 billion		0.4750	%
On next $5 billion		0.4550	%
Over $10 billion		0.4450	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

20

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I
	0.90	%		1.65	%		1.65	%		0.65	%

d) Distribution and Service Plan for Class A, B and C Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $375 and contingent deferred sales charges of $15 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $11.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	130,050
Sales Proceeds Excluding U.S. Government Obligations		123,524

21

The Hartford Municipal Opportunities Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		3,552		403		(2,935	)		—		1,020			7,656		986		(14,613	)		—		(5,971	)
Amount	$	29,389	$	3,342	$	(24,094	)	$	—	$	8,637		$	60,276	$	7,768	$	(115,107	)	$	—	$	(47,063	)
Class B
Shares		8		10		(44	)		—		(26	)		27		28		(222	)		—		(167	)
Amount	$	66	$	80	$	(365	)	$	—	$	(219	)	$	221	$	217	$	(1,736	)	$	—	$	(1,298	)
Class C
Shares		1,428		183		(1,231	)		—		380			2,512		456		(5,252	)		—		(2,284	)
Amount	$	11,803	$	1,516	$	(10,192	)	$	—	$	3,127		$	19,897	$	3,596	$	(41,275	)	$	—	$	(17,782	)
Class I
Shares		2,076		148		(1,767	)		—		457			4,927		320		(6,217	)		—		(970	)
Amount	$	17,037	$	1,227	$	(14,609	)	$	—	$	3,655		$	38,889	$	2,527	$	(49,636	)	$	—	$	(8,220	)
Total
Shares		7,064		744		(5,977	)		—		1,831			15,122		1,790		(26,304	)		—		(9,392	)
Amount	$	58,295	$	6,165	$	(49,260	)	$	—	$	15,200		$	119,283	$	14,108	$	(207,754	)	$	—	$	(74,363	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		2	$	18
For the Year Ended October 31, 2011		13	$	102

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

22

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses purssapiraluant to these contracts and expects the risk of loss to be remote.

23

The Hartford Municipal Opportunities Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	8.01	$	0.18	$	–	$	0.44		$	0.62		$	(0.18	)	$	–	$	–	$	(0.18	)	$	0.44		$	8.45
B		8.01		0.15		–		0.44			0.59			(0.15	)		–		–		(0.15	)		0.44			8.45
C		8.02		0.15		–		0.44			0.59			(0.15	)		–		–		(0.15	)		0.44			8.46
I		8.03		0.19		–		0.44			0.63			(0.19	)		–		–		(0.19	)		0.44			8.47
For the Year Ended October 31, 2011
A		8.47		0.44		–		(0.46	)		(0.02	)		(0.44	)		–		–		(0.44	)		(0.46	)		8.01
B		8.47		0.38		–		(0.46	)		(0.08	)		(0.38	)		–		–		(0.38	)		(0.46	)		8.01
C		8.48		0.38		–		(0.46	)		(0.08	)		(0.38	)		–		–		(0.38	)		(0.46	)		8.02
I		8.49		0.46		–		(0.46	)		–			(0.46	)		–		–		(0.46	)		(0.46	)		8.03
For the Year Ended October 31, 2010
A		8.02		0.45		–		0.45			0.90			(0.45	)		–		–		(0.45	)		0.45			8.47
B		8.01		0.38		–		0.47			0.85			(0.39	)		–		–		(0.39	)		0.46			8.47
C		8.02		0.39		–		0.46			0.85			(0.39	)		–		–		(0.39	)		0.46			8.48
I		8.03		0.47		–		0.46			0.93			(0.47	)		–		–		(0.47	)		0.46			8.49
For the Year Ended October 31, 2009
A		7.27		0.42		–		0.76			1.18			(0.43	)		–		–		(0.43	)		0.75			8.02
B		7.26		0.36		–		0.76			1.12			(0.37	)		–		–		(0.37	)		0.75			8.01
C		7.27		0.37		–		0.75			1.12			(0.37	)		–		–		(0.37	)		0.75			8.02
I		7.27		0.44		–		0.76			1.20			(0.44	)		–		–		(0.44	)		0.76			8.03
For the Year Ended October 31, 2008
A		9.46		0.49		–		(2.19	)		(1.70	)		(0.49	)		–		–		(0.49	)		(2.19	)		7.27
B		9.46		0.42		–		(2.19	)		(1.77	)		(0.43	)		–		–		(0.43	)		(2.20	)		7.26
C		9.46		0.42		–		(2.18	)		(1.76	)		(0.43	)		–		–		(0.43	)		(2.19	)		7.27
I		9.47		0.51		–		(2.19	)		(1.68	)		(0.52	)		–		–		(0.52	)		(2.20	)		7.27
From May 31, 2007 (date shares became available to the public), through October 31, 2007
A(F)		10.00		0.20		–		(0.54	)		(0.34	)		(0.20	)		–		–		(0.20	)		(0.54	)		9.46
B(F)		10.00		0.17		–		(0.54	)		(0.37	)		(0.17	)		–		–		(0.17	)		(0.54	)		9.46
C(F)		10.00		0.17		–		(0.54	)		(0.37	)		(0.17	)		–		–		(0.17	)		(0.54	)		9.46
I(F)		10.00		0.21		–		(0.53	)		(0.32	)		(0.21	)		–		–		(0.21	)		(0.53	)		9.47

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(D)	Not annualized.
(E)	Annualized.
(F)	Shares became available to the public on May 31, 2007.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	7.86	%(D)	$	195,950		0.92	%(E)		0.92	%(E)		0.90	%(E)		4.50	%(E)		36	%
	7.47	(D)		5,827		1.73	(E)		1.67	(E)		1.65	(E)		3.75	(E)		–
	7.46	(D)		112,341		1.68	(E)		1.67	(E)		1.65	(E)		3.75	(E)		–
	7.98	(D)		77,280		0.67	(E)		0.67	(E)		0.65	(E)		4.75	(E)		–
	0.03			177,569		0.94			0.93			0.90			5.58			41
	(0.72	)		5,739		1.75			1.68			1.65			4.84			–
	(0.72	)		103,439		1.70			1.68			1.65			4.83			–
	0.28			69,575		0.70			0.68			0.65			5.82			–
	11.56			238,332		0.92			0.92			0.92			5.49			15
	10.82			7,475		1.72			1.72			1.72			4.68			–
	10.85			128,723		1.68			1.68			1.68			4.72			–
	11.93			81,795		0.68			0.68			0.68			5.72			–
	16.93			222,328		0.92			0.85			0.85			5.81			26
	16.00			7,523		1.75			1.68			1.68			4.97			–
	16.04			111,097		1.69			1.62			1.62			5.04			–
	17.30			70,162		0.69			0.62			0.62			6.04			–
	(18.60	)		171,281		0.92			0.40			0.40			5.61			65
	(19.36	)		4,664		1.73			1.19			1.19			4.81			–
	(19.24	)		76,650		1.70			1.17			1.17			4.86			–
	(18.50	)		54,029		0.69			0.17			0.17			5.84			–
	(3.41	)(D)		46,261		1.03	(E)		0.25	(E)		0.25	(E)		4.83	(E)		23
	(3.71	)(D)		1,333		1.82	(E)		1.00	(E)		1.00	(E)		4.05	(E)		–
	(3.71	)(D)		11,236		1.81	(E)		1.00	(E)		1.00	(E)		4.19	(E)		–
	(3.21	)(D)		6,879		0.80	(E)		–	(E)		–	(E)		5.22	(E)		–

25

The Hartford Municipal Opportunities Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

26

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

27

The Hartford Municipal Opportunities Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007. 

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. 

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

28

The Hartford Municipal Opportunities Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).  

	Actual return						Hypothetical (5% return before expenses)
											Expenses paid
					Expenses paid						during the					Days in
					during the period						period					the		Days
	Beginning		Ending Account		October 31, 2011		Beginning		Ending Account		October 31, 2011		Annualized			current		in the
	Account Value		Value		through		Account Value		Value		through		expense			1/2		full
	October 31, 2011		April 30, 2012		April 30, 2012		October 31, 2011		April 30, 2012		April 30, 2012		ratio			year		year
Class A	$	1,000.00	$	1,078.60	$	4.64	$	1,000.00	$	1,020.40	$	4.51		0 .90	%		182		366
Class B	$	1,000.00	$	1,074.70	$	8.51	$	1,000.00	$	1,016.66	$	8.27		1 .65			182		366
Class C	$	1,000.00	$	1,074.60	$	8.51	$	1,000.00	$	1,016.66	$	8.27		1 .65			182		366
Class I	$	1,000.00	$	1,079.80	$	3.36	$	1,000.00	$	1,021.63	$	3.27		0 .65			182		366

29

The Hartford Municipal Opportunities Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on February 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Municipal Opportunities Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on March 5, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Contracts Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, And Quality Of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s fixed income capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality fixed income manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global fixed income capabilities, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that during the past ten years, Wellington Management had been committed to supporting the growth of its fixed income teams by allocating additional resources, personnel and technology to these teams, and also noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including fixed income mutual funds, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk management systems, noting that they are embedded within the firm’s fixed income process.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Contracts Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team. The Board considered that HIFSCO and Wellington Management proposed certain changes to the Fund’s principal investment strategy in connection with the sub-adviser change.

30

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Contracts Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Contracts Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add an additional breakpoint to the Fund’s contractual management fee schedule with HIFSCO that would result in a management fee reduction at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the

31

The Hartford Municipal Opportunities Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add an additional breakpoint to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-M012 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Short Duration Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Short Duration Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	17
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	18
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	19
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	20
Notes to Financial Statements (Unaudited)	21
Financial Highlights (Unaudited)	32
Directors and Officers (Unaudited)	34
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	36
Quarterly Portfolio Holdings Information (Unaudited)	36
Expense Example (Unaudited)	37
Approval of Investment Sub-Advisory Agreement (Unaudited)	38

The views expressed in the Fund’s Manager Discussion under “Why did the Fund perform this way?” and “What is the outlook?” are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Short Duration Fund inception 10/31/2002

(sub-advised by Wellington Management Company LLP)

Investment objective – Seeks to provide current income and long-term total return.

Performance Overview 10/31/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†	1 Year	5 year	Since Inception
Short Duration A#	2.07%	2.31%	3.19%	3.16%
Short Duration A##		0.26%	2.56%	2.83%
Short Duration B#	2.07%	2.20%	2.59%	NA*
Short Duration B##		-2.80%	2.23%	NA*
Short Duration C#	1.69%	1.56%	2.42%	2.41%
Short Duration C##		0.56%	2.42%	2.41%
Short Duration I#	2.20%	2.49%	3.34%	3.24%
Short Duration R3#	1.92%	2.28%	3.44%	3.29%
Short Duration R4#	1.97%	2.36%	3.45%	3.30%
Short Duration R5#	2.12%	2.54%	3.49%	3.32%
Short Duration Y#	2.25%	2.56%	3.49%	3.33%
Barclays Capital 1-3 Year U.S. Government/Credit Index	0.59%	1.48%	3.73%	3.34%

† Not Annualized

# Without sales charge

## With sales charge

* Since 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 2/26/10. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class Y shares commenced operations on 11/28/03. Accordingly, the "Since inception" performance shown for Class Y  is since that date. Class R3, R4 and R5 shares commenced operations on 9/30/11. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of March 5, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays Capital 1-3 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 1-3 Year U.S. Government/Credit Index includes securities in the 1-3 year maturity range in the U.S. Government/Credit Index.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Short Duration Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Manager

Timothy E. Smith

Senior Vice President and Fixed Income Portfolio Manager

As of March 5, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Short Duration Fund returned 2.07%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the Barclays Capital 1-3 Year Government/Credit Index, which returned 0.59% for the same period. The Fund also outperformed the 1.61% return of the average fund in the Lipper Short Investment Grade Debt Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The Fund outperformed its benchmark primarily due to sector allocation. Out of benchmark allocations to Bank Loans and High Yield securities which performed well during the period helped the benchmark relative performance. The Fund also benefitted from a benchmark overweight allocation to investment grade corporate securities and an underweight to U.S. Treasuries.

On March 5, 2012, Wellington Management Company, LLP (Wellington) became sub-adviser of the Fund replacing Hartford Investment Management Company. The Fund’s principal investment strategy did not change in connection with this transition.

What is the outlook?

We believe the U.S. economy is expanding at a moderate pace. Therefore, we have a modest pro-cyclical to neutral risk posture with an overweight to credit sectors. However, we have neutral duration and yield curve positioning as we believe that rates will stay low for an extended period and that QE3 (quantitative easing) is unlikely in the near term.

As of the end of the period, we continue to be positioned with an underweight (i.e. the Fund’s sector position was less than the benchmark position) to the U.S. government sector, as we believe that there are more compelling opportunities in other sectors. We own FDIC (Federal Deposit Insurance Corporation) guaranteed and Agency bonds given their favorable supply dynamic. We are overweight the investment grade credit sector due to strong credit fundamentals. We continue to monitor the situation in Europe as we believe this adds volatility, particularly to the financial sector. Financial companies have de-levered significantly and communications issuers have solid balance sheets; as a result we continue to favor financial and communications issuers. However, we have an up-in-quality bias, and remain cautious on European corporate debt exposure due to the situation in Europe. Within the MBS (Mortgage Backed Securities) sector, we believe that rate volatility will be contained and valuations are attractive. We are positioned with an overweight to the agency pass-through sector. We also believe valuations are attractive for select non-agency MBS as the new delinquency pipeline shows signs of stabilizing. We hold a modest position in prime, non-agency MBS. In the CMBS (Commercial Mortgage Backed Securities) market, we continue to believe that there is strong collateralization in senior CMBS tranches and long-term valuations are attractive. We hold senior tranches of CMBS deals. Within ABS (Asset Backed Securities) , we favor the consumer sectors, autos in particular, as we believe their structure provides select opportunities. We have a modest position in High Yield corporate bonds and a significant allocation to Bank Loans as we believe the fundamentals are strong and valuations are attractive in both sectors.

3

The Hartford Short Duration Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

Distribution by Credit Quality

as of April 30, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		15.3	%
Aa / AA		11.9
A		23.6
Baa / BBB		18.3
Ba / BB		14.9
B		3.5
Caa / CCC or Lower		0.4
Unrated		0.9
U.S. Government Agencies and Securities		13.6
Non Debt Securities and Other Short-Term Instruments		0.7
Other Assets & Liabilities		(3.1	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of April 30, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		0.6	%
Administrative Waste Management and Remediation		0.6
Air Transportation		0.8
Arts, Entertainment and Recreation		3.0
Beverage and Tobacco Product Manufacturing		1.3
Chemical Manufacturing		2.1
Computer and Electronic Product Manufacturing		1.8
Construction		0.2
Couriers and Messengers		0.1
Electrical Equipment and Appliance Manufacturing		0.3
Finance and Insurance		49.0
Food Manufacturing		2.0
Food Services		0.6
Furniture and Related Product Manufacturing		0.2
General Obligations		0.3
Health Care and Social Assistance		4.3
Information		5.3
Machinery Manufacturing		0.8
Mining		1.3
Miscellaneous Manufacturing		0.4
Motor Vehicle and Parts Manufacturing		0.9
Other Services		0.1
Petroleum and Coal Products Manufacturing		3.5
Pipeline Transportation		0.8
Plastics and Rubber Products Manufacturing		0.1
Primary Metal Manufacturing		0.9
Professional, Scientific and Technical Services		0.9
Real Estate, Rental and Leasing		1.0
Retail Trade		1.2
Soap, Cleaning Compound and Toilet Manufacturing		0.1
Transportation Equipment Manufacturing		0.8
Utilities		2.2
Wholesale Trade		1.0
Total		88.5	%
Foreign Government Obligations		0.3
U.S. Government Agencies		8.6
U.S. Government Securities		5.0
Short-Term Investments		0.7
Other Assets and Liabilities		(3.1	)
Total		100.0	%

The above table represents sub-industry investments by industry, which combines multiple sub-industries into one industry category. Detailed information on sub-industry breakdowns is available in the Schedule of Investments.

4

The Hartford Short Duration Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 18.0%
Finance and Insurance - 17.4%
		Captive Auto Finance - 6.2%
		Ally Automotive Receivables Trust
$	955	0.65%, 03/17/2014	$	955
	1,420	0.71%, 09/15/2014		1,422
	597	1.38%, 07/15/2014		599
	1,000	2.29%, 11/16/2015 ■		1,024
	1,500	3.29%, 03/15/2015 ■		1,557
		Ally Master Owner Trust
	1,000	2.88%, 04/15/2015 ■		1,016
		AmeriCredit Automobile Receivables Trust
	1,476	0.84%, 11/10/2014		1,478
	639	0.90%, 09/08/2014		640
		Bank of America Automotive Trust
	724	1.31%, 07/15/2014		726
	486	1.39%, 03/15/2014 ■		487
		BMW Vehicle Owner Trust
	2,269	0.63%, 02/25/2014		2,271
		Capital Automotive Receivables Asset Trust
	1,000	6.35%, 03/17/2014 ■		1,017
		Credit Acceptance Automotive Loan Trust
	1,115	2.20%, 09/16/2019 ■		1,118
		Ford Credit Automotive Lease Trust
	2,139	0.74%, 09/15/2013		2,139
		Ford Credit Automotive Owner Trust
	353	0.68%, 01/15/2014		354
	1,825	2.62%, 10/15/2016		1,876
	1,200	2.98%, 08/15/2014		1,221
		Harley-Davidson Motorcycle Trust
	2,571	0.96%, 05/16/2016		2,578
	1,210	1.16%, 02/15/2015		1,213
	500	1.99%, 01/15/2016		503
		Honda Automotive Receivables Owner Trust
	1,850	1.13%, 10/15/2014		1,859
		Hyundai Automotive Receivables Trust
	3,750	0.62%, 07/15/2014		3,752
	650	1.65%, 02/15/2017		662
	2,100	2.27%, 02/15/2017		2,155
		Nissan Automotive Receivables Owner Trust
	2,250	0.75%, 09/15/2014		2,254
	760	0.87%, 07/15/2014		761
	490	1.18%, 02/16/2015		494
		Nissan Master Owner Trust Receivables
	1,500	1.39%, 01/15/2015 ■Δ		1,511
		Prestige Automotive Receivables Trust
	1,575	1.23%, 12/15/2015 ■		1,576
		Toyota Automotive Receivables Owner Trust
	4,000	0.53%, 04/15/2014		4,001
		Volkswagen Automotive Lease Trust
	430	1.31%, 01/20/2014		431
		Volvo Financial Equipment LLC
	1,836	0.91%, 08/17/2015 ■		1,839
		World Omni Automotive Receivables Trust
	1,500	2.33%, 09/15/2016		1,527
				47,016
		Credit Card Issuing - 2.0%
		American Express Credit Account Master Trust
	2,000	0.84%, 11/16/2015 Δ		2,004
		Bank One Issuance Trust
	2,260	4.77%, 02/16/2016		2,348
		Citibank Credit Card Issuance Trust
	4,155	6.30%, 06/20/2014		4,186
		GE Capital Credit Card Master Note Trust
	1,750	0.79%, 01/17/2017 Δ		1,761
	1,000	2.21%, 06/15/2016		1,018
	3,500	3.69%, 07/15/2015		3,524
				14,841
		Real Estate Credit (Mortgage Banking) - 8.9%
		Avis Budget Rental Car Funding AESOP LLC
	1,800	1.85%, 11/20/2013 ■		1,805
		Banc of America Commercial Mortgage, Inc.
	1,100	5.45%, 01/15/2049		1,164
	1,000	5.64%, 04/10/2049 Δ		1,106
		Bayview Commercial Asset Trust
	7,193	2.66%, 01/25/2037 ■►		301
	7,423	2.83%, 09/25/2037 ■►		672
		Bayview Financial Acquisition Trust
	450	4.91%, 02/25/2033 ■		464
	2,000	5.64%, 11/28/2036		1,837
		Bear Stearns Asset Backed Securities, Inc.
	362	5.66%, 09/25/2033 Δ		324
		Bear Stearns Commercial Mortgage Securities, Inc.
	2,000	4.84%, 03/13/2040		2,045
	43,512	15.00%, 02/11/2041 - 11/11/2041 ►		129
		CBA Commercial Small Balance Commercial Mortgage
	6,291	3.00%, 01/25/2039 ■►		259
	13,024	4.24%, 12/25/2036 ■Δ		2,116
		CFCRE Commercial Mortgage Trust
	3,000	3.76%, 04/15/2044 ■		3,191
		Citicorp Residential Mortgage Securities
	88	6.27%, 06/25/2037 Δ		85
		CNH Equipment Trust
	1,500	0.90%, 04/15/2015		1,504
		Commercial Mortgage Pass-Through Certificates
	848	3.16%, 11/01/2015 ■		886
	1,000	4.31%, 12/10/2012 ■		1,010
	500	4.76%, 12/10/2012 ■		506
	1,000	5.61%, 06/09/2028 ■		1,020
		CS First Boston Mortgage Securities Corp.
	1,000	5.42%, 05/15/2036 Δ		1,066
		DBUBS Mortgage Trust
	1,345	3.64%, 08/10/2044		1,445
	976	3.74%, 11/10/2046 ■		1,042
	3,102	4.89%, 01/01/2021 ■►		174
		Equity One ABS, Inc.
	20	2.74%, 07/25/2034 Δ		1
		Ford Credit Floorplan Master Owner Trust
	1,725	1.50%, 09/15/2015		1,740
		GMAC Commercial Mortgage Securities, Inc.
	1,139	6.50%, 05/15/2035 ■		1,188
		GMAC Mortgage Corp. Loan Trust
	308	4.59%, 04/25/2033		280
	147	5.12%, 04/25/2033		106

The accompanying notes are an integral part of these financial statements.

5

The Hartford Short Duration Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 18.0% - (continued)
Finance and Insurance - 17.4% - (continued)
		Real Estate Credit (Mortgage Banking) - 8.9% - (continued)
		GMAC Mortgage Corp. Loan Trust Series 2006-HE3, Class A2
$	269	5.75%, 10/25/2036	$	178
		Goldman Sachs Mortgage Securities Corp. II
	317	5.48%, 11/10/2039		318
	2,500	5.55%, 04/10/2038		2,785
		Goldman Sachs Mortgage Securities Trust
	487	5.78%, 08/10/2045 Δ		495
		Hasco HIM Trust
	43	0.00%, 12/26/2035 ■●		—
		John Deere Owner Trust
	1,870	1.96%, 04/16/2018		1,913
		JP Morgan Chase Commercial Mortgage Securities Corp.
	950	3.36%, 11/13/2044 ■		1,002
	1,924	3.85%, 06/15/2043 ■		2,041
	131	4.30%, 01/15/2038		133
	1,000	4.93%, 09/12/2037		1,020
	455	4.96%, 08/15/2042		469
	1,450	5.57%, 06/12/2041 Δ		1,564
		LB-UBS Commercial Mortgage Trust
	175	5.30%, 02/15/2040		175
		Long Beach Asset Holdings Corp.
	180	0.00%, 04/25/2046 ■●		—
		Merrill Lynch Mortgage Trust
	9,204	0.87%, 10/12/2041 ■Δ		—
	1,000	4.86%, 08/12/2039		1,073
	13,429	15.00%, 09/12/2042 ►		34
		Merrill Lynch Mortgage Trust Series 2007-C1, Class A3
	1,000	5.84%, 06/12/2050 Δ		1,039
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	372	5.11%, 12/12/2049		373
		Morgan Stanley Capital I
	2,400	3.22%, 07/15/2049		2,545
	2,500	3.88%, 09/15/2047 ■		2,676
	2,500	4.97%, 04/14/2040		2,646
	1,500	5.11%, 06/15/2040		1,607
		Morgan Stanley Re-Remic Trust
	3,000	5.00%, 07/17/2056 ■		3,071
		National Credit Union Administration
	857	1.60%, 10/29/2020		869
		Renaissance Home Equity Loan Trust
	108	0.00%, 04/25/2037 ■●		—
		Silverstone Master Issuer
	415	2.02%, 01/21/2055 ■Δ		417
		Sovereign Commercial Mortgage Securities
	1,340	5.90%, 07/22/2030 ■Δ		1,371
		Structured Asset Investment Loan Trust
	187	2.86%, 11/25/2033 Δ		121
		Voyager Countrywide Delaware Trust
	654	7.72%, 11/26/2035 ■○		473
		Wachovia Bank Commercial Mortgage Trust
	451	4.50%, 10/15/2041		456
	3,500	4.80%, 10/15/2041		3,738
	373	5.25%, 12/15/2043		378
	1,500	5.48%, 04/15/2047		1,656
	1,631	5.62%, 05/15/2046		1,732
		Washington Mutual, Inc.
	13,510	7.00%, 11/23/2043 ■►Ψ		412
		Wells Fargo Home Equity Trust
	1,229	0.54%, 04/25/2034 Δ		1,052
				67,298
		Real Estate Investment Trust (REIT) - 0.3%
		Extended Stay America Trust
	1,860	2.95%, 11/05/2027 ■		1,882
				131,037
Machinery Manufacturing - 0.2%
		Other General Purpose Machinery Manufacturing - 0.2%
		GE Equipment Small Ticket LLC
	1,175	1.45%, 01/21/2018 ■		1,181
Transportation Equipment Manufacturing - 0.4%
		Railroad Rolling Stock Manufacturing - 0.4%
		GE Equipment Transportation LLC
	2,602	0.77%, 10/21/2013		2,603
	730	0.99%, 11/23/2015		731
				3,334
		Total asset & commercial mortgage backed securities
		(cost $132,966)	$	135,552
CERTIFICATES OF DEPOSIT - 0.1%
Finance and Insurance - 0.1%
		Monetary Authorities - Central Banks - 0.1%
		Deutsche Bank AG New York,
$	1,000	1.12%, 1/18/2013 Δ	$	1,001
		Total certificates of deposit
		(cost $1,000)	$	1,001
CORPORATE BONDS - 54.5%
Accommodation and Food Services - 0.2%
		Traveler Accommodation - 0.2%
		MGM Mirage, Inc.
$	1,145	11.13%, 11/15/2017	$	1,297
Arts, Entertainment and Recreation - 1.6%
		Cable and Other Subscription Programming - 1.0%
		DirecTV Holdings LLC
	1,681	2.40%, 03/15/2017 ■		1,685
	1,100	3.50%, 03/01/2016		1,161
	1,500	7.63%, 05/15/2016		1,557
		Echostar DBS Corp.
	725	7.13%, 02/01/2016		803
		Time Warner Cable, Inc.
	2,000	5.40%, 07/02/2012		2,015

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 54.5% - (continued)
Arts, Entertainment and Recreation - 1.6% - (continued)
		Cable and Other Subscription Programming - 1.0% - (continued)
		Virgin Media Finance plc
$	690	9.50%, 08/15/2016	$	773
				7,994
		Gambling Industries - 0.1%
		FireKeepers Development Authority
	655	13.88%, 05/01/2015 ■		724
		Radio and Television Broadcasting - 0.5%
		NBC Universal Media LLC
	2,000	2.10%, 04/01/2014		2,043
		XM Satellite Radio, Inc.
	1,391	13.00%, 08/01/2013 ■		1,574
				3,617
				12,335
Beverage and Tobacco Product Manufacturing - 1.3%
		Beverage Manufacturing - 1.2%
		Anheuser-Busch InBev Worldwide, Inc.
	2,372	1.50%, 07/14/2014		2,408
	1,000	5.38%, 11/15/2014		1,111
		Coca-Cola Co.
	1,000	3.63%, 03/15/2014		1,058
		Constellation Brands, Inc.
	1,210	7.25%, 09/01/2016		1,367
		Molson Coors Brewing Co.
	311	2.00%, 05/01/2017 ☼		312
		PepsiCo, Inc.
	1,209	0.80%, 08/25/2014		1,217
		Pernod-Ricard S.A.
	2,000	2.95%, 01/15/2017 ■		2,035
				9,508
		Tobacco Manufacturing - 0.1%
		Altria Group, Inc.
	500	7.75%, 02/06/2014		558
				10,066
Chemical Manufacturing - 1.5%
		Basic Chemical Manufacturing - 1.3%
		Airgas, Inc.
	1,785	2.85%, 10/01/2013		1,830
		Dow Chemical Co.
	1,000	7.60%, 05/15/2014		1,127
		Export Development Canada
	5,000	1.75%, 09/24/2012		5,029
		PPG Industries, Inc.
	1,500	1.90%, 01/15/2016		1,515
				9,501
		Other Chemical and Preparation Manufacturing - 0.2%
		Ecolab, Inc.
	1,430	2.38%, 12/08/2014		1,480
				10,981
Computer and Electronic Product Manufacturing - 1.5%
		Communications Equipment Manufacturing - 0.2%
		Nextel Communications, Inc.
	1,330	7.38%, 08/01/2015		1,290
		Computer and Peripheral Equipment Manufacturing - 0.7%
		Hewlett-Packard Co.
	4,000	2.60%, 09/15/2017		4,006
	385	2.95%, 08/15/2012		387
		Seagate Technology International
	1,140	10.00%, 05/01/2014 ■		1,285
				5,678
		Navigational, Measuring, and Control Instruments - 0.6%
		Lockheed Martin Corp.
	1,805	2.13%, 09/15/2016		1,845
		Raytheon Co.
	1,740	1.40%, 12/15/2014		1,771
		Thermo Fisher Scientific, Inc.
	1,000	2.15%, 12/28/2012		1,008
				4,624
				11,592
Construction - 0.2%
		Residential Building Construction - 0.2%
		CRH America, Inc.
	1,340	5.30%, 10/15/2013		1,408
Couriers and Messengers - 0.1%
		Couriers - 0.1%
		United Parcel Service, Inc.
	1,000	3.88%, 04/01/2014		1,062
Electrical Equipment and Appliance Manufacturing - 0.3%
		Electrical Equipment Manufacturing - 0.3%
		General Electric Co.
	2,000	5.00%, 02/01/2013		2,066
Finance and Insurance - 31.0%
		Captive Auto Finance - 2.1%
		American Honda Finance Corp.
	5,200	3.50%, 03/16/2015 ■		5,494
		Ford Motor Credit Co.
	3,158	3.88%, 01/15/2015		3,273
	880	12.00%, 05/15/2015		1,109
		USAA Capital Corp.
	5,750	1.05%, 09/30/2014 ■		5,703
				15,579
		Commercial Banking - 5.4%
		ANZ National International Ltd. of London
	2,000	2.38%, 12/21/2012 ■		2,020
		Banco Santander Brasil S.A.
	980	4.25%, 01/14/2016 ■		960
		Barclays Bank plc
	1,000	2.50%, 01/23/2013		1,009
	3,000	5.45%, 09/12/2012		3,049
		Commonwealth Bank of Australia
	1,500	2.13%, 03/17/2014 ■		1,523
	2,000	2.75%, 10/15/2012 ■		2,019
		Credit Suisse New York
	1,000	1.43%, 01/14/2014 Δ		999
	1,800	3.45%, 07/02/2012		1,809
	1,000	5.00%, 05/15/2013		1,038
		DnB NOR Boligkreditt AS
	2,000	3.20%, 04/03/2017 ■		2,021

The accompanying notes are an integral part of these financial statements.

7

The Hartford Short Duration Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 54.5% - (continued)
Finance and Insurance - 31.0% - (continued)
		Commercial Banking - 5.4% - (continued)
		HSBC Bank plc
$	1,000	1.27%, 01/17/2014 ■Δ	$	1,004
	2,000	1.63%, 08/12/2013 ■		2,005
		HSBC Bank USA
	1,000	4.63%, 04/01/2014		1,048
		Key Bank NA
	2,000	4.95%, 09/15/2015		2,152
	1,500	5.70%, 08/15/2012		1,520
	1,000	5.80%, 07/01/2014		1,085
		Manufacturers & Traders Trust Co.
	1,045	5.59%, 12/28/2020		1,020
		National Australia Bank Ltd.
	1,000	1.19%, 04/11/2014 ■Δ		1,001
	1,000	2.35%, 11/16/2012 ■		1,009
		Nordea Bank Ab
	833	1.37%, 01/14/2014 ■Δ		831
	1,420	2.25%, 03/20/2015 ■		1,428
		Rabobank Netherlands
	2,000	2.65%, 08/17/2012 ■		2,011
		Santander Holdings USA
	738	4.63%, 04/19/2016		735
		State Street Bank & Trust Co.
	800	0.67%, 12/08/2015 Δ		778
		Svenska Handelsbanken Ab
	1,000	3.13%, 07/12/2016		1,028
	1,000	4.88%, 06/10/2014 ■		1,061
		Union Bank NA
	2,000	5.95%, 05/11/2016		2,237
		Westpac Banking Corp.
	1,000	1.20%, 03/31/2014 ■Δ		1,002
	1,000	2.10%, 08/02/2013		1,015
				40,417
		Credit Card Issuing - 0.1%
		Capital One Financial Corp.
	750	6.25%, 11/15/2013		800
		Depository Credit Banking - 7.4%
		Bank of America Corp.
	4,000	1.89%, 01/30/2014 Δ		3,929
		Bank of Montreal
	2,500	2.13%, 06/28/2013		2,540
		Bank of New York Mellon Corp.
	2,400	1.20%, 02/20/2015		2,414
	363	4.30%, 05/15/2014		389
		Bank of Nova Scotia
	3,000	2.15%, 08/03/2016 ■		3,103
	3,000	2.25%, 01/22/2013		3,035
		BB&T Corp.
	1,000	3.38%, 09/25/2013		1,035
	2,000	3.85%, 07/27/2012		2,016
	2,000	5.70%, 04/30/2014		2,184
		Canadian Imperial Bank of Commerce
	2,000	1.45%, 09/13/2013		2,024
		Citigroup, Inc.
	2,000	1.35%, 02/15/2013 Δ		1,996
	2,479	3.95%, 06/15/2016		2,532
	2,000	4.45%, 01/10/2017		2,089
	837	6.38%, 08/12/2014		903
		Comerica, Inc.
	1,000	3.00%, 09/16/2015		1,041
		Fifth Third Bancorp
	2,000	0.61%, 05/17/2013 Δ		1,984
	636	3.63%, 01/25/2016		675
	1,000	4.75%, 02/01/2015		1,073
		HSBC Holdings plc
	950	1.16%, 08/12/2013 ■Δ		951
	2,000	5.25%, 12/12/2012		2,048
		PNC Funding Corp.
	907	2.70%, 09/19/2016		944
	3,000	3.63%, 02/08/2015		3,199
		SunTrust Banks, Inc.
	2,500	0.77%, 04/01/2015 Δ		2,343
	1,337	5.25%, 11/05/2012		1,366
		Toronto-Dominion Bank
	3,488	1.38%, 07/14/2014		3,536
	2,000	2.50%, 07/14/2016		2,078
		Wells Fargo & Co.
	3,000	0.80%, 03/15/2016 Δ		2,841
	1,000	2.10%, 05/08/2017 ☼		999
		Wells Fargo Bank NA
	1,000	0.71%, 05/16/2016 Δ		941
				56,208
		Insurance Carriers - 4.5%
		American International Group, Inc.
	1,500	3.65%, 01/15/2014		1,532
		ASIF Global Financing XIX
	1,500	4.90%, 01/17/2013 ■		1,521
		Berkshire Hathaway Finance Corp.
	1,000	0.80%, 01/10/2014 Δ		1,003
		Berkshire Hathaway, Inc.
	2,000	1.20%, 08/15/2014 Δ		2,022
		Cigna Corp.
	503	2.75%, 11/15/2016		513
		CNA Financial Corp.
	2,000	6.50%, 08/15/2016		2,258
		Jackson National Life Global Funding
	2,500	5.38%, 05/08/2013 ■		2,602
		John Hancock Global Funding II
	1,000	5.00%, 09/30/2013 ■		1,047
		Lincoln National Corp.
	2,000	5.65%, 08/27/2012		2,031
		MassMutual Global Funding
	1,500	0.97%, 09/27/2013 ■Δ		1,502
	1,000	3.63%, 07/16/2012 ■		1,006
		MetLife Global Funding I
	2,000	2.00%, 01/09/2015 ■		2,033
	600	2.88%, 09/17/2012 ■		605
	1,500	5.13%, 04/10/2013 - 06/10/2014 ■		1,580
		MetLife Institutional Funding II LLC
	3,500	1.63%, 04/02/2015 ■		3,505
		MetLife, Inc.
	1,000	1.78%, 08/06/2013 Δ		1,012
		New York Life Global Funding
	2,667	2.25%, 12/14/2012 ■		2,694
	2,000	2.45%, 07/14/2016 ■		2,074

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 54.5% - (continued)
Finance and Insurance - 31.0% - (continued)
		Insurance Carriers - 4.5% - (continued)
		Prudential Financial, Inc.
$	2,000	6.20%, 01/15/2015	$	2,212
		UnitedHealth Group, Inc.
	1,000	5.50%, 11/15/2012		1,027
				33,779
		International Trade Financing (Foreign Banks) - 3.0%
		Corpoacion Andina De Fomento
	1,500	3.75%, 01/15/2016		1,568
	1,000	5.20%, 05/21/2013		1,044
		International Bank for Reconstruction & Developmen
	3,000	0.50%, 11/26/2013		3,005
		KFW
	5,000	0.63%, 04/24/2015		4,980
		Royal Bank of Canada
	3,500	1.15%, 03/13/2015		3,509
		Royal Bank of Scotland plc
	1,500	3.40%, 08/23/2013		1,518
	1,000	3.95%, 09/21/2015		1,013
	2,240	5.50%, 06/15/2012		2,248
		Standard Chartered plc
	3,570	3.20%, 05/12/2016 ■		3,650
				22,535
		Monetary Authorities - Central Bank - 0.5%
		ABN Amro Bank N.V.
	1,429	4.25%, 02/02/2017 ■		1,446
		Lloyds Banking Group plc
	1,500	4.38%, 01/12/2015 ■		1,534
		Lloyds TSB Bank plc
	820	4.20%, 03/28/2017		832
				3,812
		Nondepository Credit Banking - 3.3%
		Ally Financial, Inc.
	1,230	7.50%, 12/31/2013		1,313
		American Express Bank, FSB
	1,246	5.55%, 10/17/2012		1,274
		American Express Credit Corp.
	2,000	2.80%, 09/19/2016		2,073
		Capital One Bank
	2,441	6.50%, 06/13/2013		2,568
		Capital One Financial Corp.
	1,455	2.15%, 03/23/2015		1,464
		CIT Group, Inc.
	1,000	4.75%, 02/15/2015 ■		1,020
		General Electric Capital Corp.
	3,000	1.10%, 04/07/2014 Δ		2,998
	4,000	2.00%, 09/28/2012		4,029
	2,000	2.15%, 01/09/2015		2,035
	3,000	2.30%, 04/27/2017		3,004
		John Deere Capital Corp.
	2,500	0.88%, 04/17/2015		2,504
		SLM Corp.
	610	6.00%, 01/25/2017		621
				24,903
		Other Financial Investment Activities - 1.5%
		Allstate Life Global Funding Trusts
	1,000	5.38%, 04/30/2013		1,047
		Asciano Finance Ltd.
	1,000	3.13%, 09/23/2015 ■		999
		Blackrock, Inc.
	3,000	2.25%, 12/10/2012		3,033
		TIAA Global Markets, Inc.
	2,150	4.95%, 07/15/2013 ■		2,252
	2,000	5.13%, 10/10/2012 ■		2,039
		Xstrata Canada Finance Corp.
	2,000	2.85%, 11/10/2014 ■		2,048
				11,418
		Real Estate Investment Trust (REIT) - 0.2%
		Health Care REIT, Inc.
	688	3.63%, 03/15/2016		703
		Host Marriott L.P.
	730	6.75%, 06/01/2016		750
				1,453
		Securities and Commodity Contracts and Brokerage - 3.0%
		Goldman Sachs Group, Inc.
	2,000	1.53%, 02/07/2014 Δ		1,959
	3,000	3.30%, 05/03/2015		2,998
	1,279	3.63%, 02/07/2016		1,286
	243	6.00%, 05/01/2014		259
		JP Morgan Chase & Co.
	3,000	0.80%, 06/13/2016 Δ		2,802
	1,000	1.27%, 01/24/2014 Δ		1,005
	2,000	3.45%, 03/01/2016		2,094
	1,500	4.65%, 06/01/2014		1,598
		Merrill Lynch & Co., Inc.
	2,000	6.05%, 05/16/2016		2,072
		Morgan Stanley
	1,500	2.07%, 01/24/2014 Δ		1,451
	2,000	3.80%, 04/29/2016		1,956
	1,000	4.20%, 11/20/2014		1,003
		UBS AG Stamford CT
	2,500	2.25%, 01/28/2014		2,513
				22,996
				233,900
Food Manufacturing - 0.9%
		Animal Slaughtering and Processing - 0.1%
		JBS USA LLC
	483	11.63%, 05/01/2014		555
		Fruit, Vegetable Preserving and Specialty Food - 0.2%
		Smithfield Foods, Inc.
	1,140	10.00%, 07/15/2014		1,334
		Grain and Oilseed Milling - 0.2%
		General Mills, Inc.
	1,202	5.65%, 09/10/2012		1,224
		Sugar and Confectionery Product Manufacturing - 0.4%
		Wrigley Jr., William Co.
	2,300	2.45%, 06/28/2012 ■		2,306
	1,000	3.05%, 06/28/2013 ■		1,014
				3,320
				6,433

The accompanying notes are an integral part of these financial statements.

9

The Hartford Short Duration Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 54.5% - (continued)
Furniture and Related Product Manufacturing - 0.2%
		Household, Institution Furniture, Kitchen Cabinet - 0.2%
		Masco Corp.
$	1,450	4.80%, 06/15/2015	$	1,487
Health Care and Social Assistance - 2.2%
		Medical Equipment and Supplies Manufacturing - 0.2%
		Carefusion Corp.
	500	4.13%, 08/01/2012		505
		Covidien International Finance S.A.
	1,500	1.88%, 06/15/2013		1,516
				2,021
		Pharmaceutical and Medicine Manufacturing - 2.0%
		Aristotle Holding, Inc.
	4,000	2.10%, 02/12/2015 ■		4,060
		AstraZeneca plc
	1,750	5.40%, 09/15/2012		1,782
		Glaxosmithkline Capital, Inc.
	3,000	4.85%, 05/15/2013		3,138
		Novartis Capital Corp.
	1,429	1.90%, 04/24/2013		1,451
		Teva Pharmaceuticals Finance
	2,200	1.42%, 11/08/2013 Δ		2,220
		Teva Pharmaceuticals Finance IV LLC
	1,425	1.70%, 11/10/2014		1,449
		Valeant Pharmaceuticals International
	790	6.50%, 07/15/2016 ■		819
				14,919
				16,940
Information - 2.3%
		Data Processing Services - 0.1%
		Affiliated Computer Services, Inc.
	1,000	5.20%, 06/01/2015		1,084
		Satellite Telecommunications - 0.0%
		Inmarsat Finance plc
	210	7.38%, 12/01/2017 ■		226
		Software Publishers - 0.1%
		Microsoft Corp.
	1,000	0.88%, 09/27/2013		1,008
		Telecommunications - Other - 0.4%
		Telefonica Emisiones SAU
	1,000	0.86%, 02/04/2013 Δ		980
		Vivendi S.A.
	2,005	2.40%, 04/10/2015 ■		1,989
				2,969
		Telecommunications - Wired Carriers - 1.1%
		AT&T, Inc.
	3,725	2.40%, 08/15/2016		3,876
		Deutsche Telekom International Finance B.V.
	2,000	3.13%, 04/11/2016 ■		2,072
		Frontier Communications Corp.
	750	7.88%, 04/15/2015		814
		Videotron Ltee
	1,195	9.13%, 04/15/2018		1,320
				8,082
		Telecommunications - Wireless Carriers - 0.2%
		America Movil SAB de C.V.
	1,200	2.38%, 09/08/2016		1,225
		Wireless Communications Services - 0.4%
		Verizon Communications, Inc.
	1,500	1.08%, 03/28/2014 Δ		1,515
	450	4.35%, 02/15/2013		463
		Verizon Virginia, Inc.
	1,000	4.63%, 03/15/2013		1,034
				3,012
				17,606
Machinery Manufacturing - 0.6%
		Agriculture, Construction, Mining and Machinery - 0.4%
		Case New Holland, Inc.
	1,240	7.75%, 09/01/2013		1,324
		Ingersoll-Rand Global Holding Co.
	1,385	6.00%, 08/15/2013		1,471
				2,795
		Commercial and Service Industry Machinery Manufacturing - 0.2%
		Xerox Corp.
	1,960	1.87%, 09/13/2013 Δ		1,974
				4,769
Mining - 1.3%
		Metal Ore Mining - 0.7%
		Codelco, Inc.
	2,000	6.38%, 11/30/2012 ■		2,056
		Inco Ltd.
	1,000	7.75%, 05/15/2012		1,002
		Rio Tinto Finance USA Ltd.
	2,050	2.00%, 03/22/2017		2,073
				5,131
		Nonmetallic Mineral Mining and Quarrying - 0.6%
		BHP Billiton Finance USA Ltd.
	2,500	6.75%, 11/01/2013		2,724
		Vale Overseas Ltd.
	1,720	6.25%, 01/23/2017		1,981
				4,705
				9,836
Miscellaneous Manufacturing - 0.4%
		Aerospace Product and Parts Manufacturing - 0.4%
		Honeywell International, Inc.
	1,092	4.25%, 03/01/2013		1,127
		Textron, Inc.
	1,500	4.63%, 09/21/2016		1,605
				2,732
Motor Vehicle and Parts Manufacturing - 0.7%
		Motor Vehicle Manufacturing - 0.7%
		Daimler Finance NA LLC
	3,800	1.88%, 09/15/2014 ■		3,836
		DaimlerChrysler NA Holdings Corp.
	1,000	6.50%, 11/15/2013		1,084
				4,920

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 54.5% - (continued)
Petroleum and Coal Products Manufacturing - 3.5%
		Natural Gas Distribution - 0.1%
		Consumers Energy Co.
$	1,000	5.38%, 04/15/2013	$	1,045
		Oil and Gas Extraction - 1.9%
		BP Capital Markets plc
	2,286	3.75%, 06/17/2013		2,352
		Canadian Natural Resources Ltd.
	2,300	1.45%, 11/14/2014		2,331
		Chesapeake Energy Corp.
	660	9.50%, 02/15/2015		719
		Devon Energy Corp.
	3,100	2.40%, 07/15/2016		3,206
		Husky Energy, Inc.
	2,500	6.25%, 06/15/2012		2,516
		Petrobras International Finance Co.
	1,100	3.88%, 01/27/2016		1,151
		Shell International Finance B.V.
	1,000	4.00%, 03/21/2014		1,064
		Statoilhydro ASA
	391	3.88%, 04/15/2014		415
		Total Capital Canada Ltd.
	606	0.85%, 01/17/2014 Δ		607
				14,361
		Petroleum and Coal Products Manufacturing - 1.1%
		ConocoPhillips
	1,000	4.60%, 01/15/2015		1,100
		Hess Corp.
	500	7.00%, 02/15/2014		551
		Motiva Enterprises LLC
	496	5.20%, 09/15/2012 ■		504
		Petrobras International Finance Co.
	1,000	6.13%, 10/06/2016		1,137
		Schlumberger Investment
	2,000	1.02%, 09/12/2014 ■Δ		2,002
		Schlumberger Norge AS
	1,400	1.95%, 09/14/2016 ■		1,430
		Valero Energy Corp.
	1,500	4.75%, 06/15/2013		1,554
				8,278
		Support Activities For Mining - 0.4%
		Transocean, Inc.
	3,000	1.50%, 12/15/2037 ۞		2,970
				26,654
Pipeline Transportation - 0.7%
		Pipeline Transportation of Natural Gas - 0.7%
		Enterprise Products Operating LLC
	4,000	5.65%, 04/01/2013		4,164
		Kinder Morgan Energy Partners L.P.
	790	3.50%, 03/01/2016		837
				5,001
Primary Metal Manufacturing - 0.5%
		Iron, Steel Mills and Ferroalloy Manufacturing - 0.5%
		ArcelorMittal
	1,380	3.75%, 02/25/2015 - 03/01/2016		1,402
	1,228	5.38%, 06/01/2013		1,274
	1,000	9.00%, 02/15/2015		1,145
				3,821
Professional, Scientific and Technical Services - 0.1%
		Computer Systems Design and Related Services - 0.1%
		IBM Corp.
	970	1.95%, 07/22/2016		1,002
Real Estate, Rental and Leasing - 0.7%
		Automotive Equipment Rental and Leasing - 0.2%
		Ryder System, Inc.
	1,070	3.15%, 03/02/2015		1,112
		General Rental Centers - 0.3%
		ERAC USA Finance Co.
	1,175	2.75%, 07/01/2013 ■		1,189
	1,388	5.80%, 10/15/2012 ■		1,416
				2,605
		Industrial Machinery, Equipment Rental and Leasing - 0.2%
		COX Communications, Inc.
	1,500	7.13%, 10/01/2012		1,540
				5,257
Retail Trade - 0.4%
		Building Material and Supplies Dealers - 0.2%
		Lowe's Co., Inc.
	1,500	1.63%, 04/15/2017		1,501
		Other General Merchandise Stores - 0.1%
		Wal-Mart Stores, Inc.
	1,000	3.20%, 05/15/2014		1,055
		Other Motor Vehicle Dealers - 0.1%
		Harley-Davidson Financial Services, Inc.
	810	3.88%, 03/15/2016 ■		849
				3,405
Transportation Equipment Manufacturing - 0.4%
		Ship and Boat Building - 0.4%
		General Dynamics Corp.
	1,000	1.38%, 01/15/2015		1,021
	1,760	2.25%, 07/15/2016		1,839
				2,860
Utilities - 1.3%
		Electric Generation, Transmission and Distribution - 1.3%
		Pacific Gas and Electric
	2,295	6.25%, 12/01/2013		2,491
		PSEG Power LLC
	714	2.50%, 04/15/2013		726
		Southern California Edison Co.
	4,400	0.92%, 09/15/2014 Δ		4,403
		Virginia Electric & Power Co.
	2,050	4.75%, 03/01/2013		2,120
				9,740
Wholesale Trade - 0.6%
		Beer, Wine, Distilled Alcoholic Bev Wholesalers - 0.6%
		SABMiller Holdings, Inc.
	4,500	1.85%, 01/15/2015 ■		4,563
		Total corporate bonds
		(cost $405,072)	$	411,733

The accompanying notes are an integral part of these financial statements.

11

The Hartford Short Duration Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 0.3%
		Canada - 0.3%
		Ontario (Province of)
$	2,000	1.88%, 11/19/2012	$	2,016
		Total foreign government obligations
		(cost $1,996)	$	2,016
MUNICIPAL BONDS - 0.3%
		General Obligations - 0.3%
		Illinois State GO
$	2,200	4.07%, 01/01/2014	$	2,289
		Total municipal bonds
		(cost $2,274)	$	2,289
SENIOR FLOATING RATE INTERESTS♦ - 15.6%
Accommodation and Food Services - 0.4%
		Traveler Accommodation - 0.4%
		Las Vegas Sands LLC, Extended Delayed Draw Term Loan
$	497	2.85%, 11/23/2016	$	489
		Las Vegas Sands LLC, Extended Term Loan
	2,473	2.85%, 11/23/2016		2,436
				2,925
Administrative Waste Management and Remediation - 0.6%
		Business Support Services - 0.6%
		InVentiv Health, Inc., 1st Lien Consolidated Term Loan
	495	6.50%, 08/04/2016		466
		InVentiv Health, Inc., Term Loan B2
	1,191	6.75%, 05/15/2018		1,127
		TransUnion LLC
	2,747	4.75%, 02/10/2018		2,773
				4,366
Air Transportation - 0.8%
		Scheduled Air Transportation - 0.8%
		AWAS Aviation Holdings LLC
	351	5.25%, 06/10/2016		353
		Delta Air Lines, Inc., New Term Loan
	1,080	4.25%, 03/07/2016		1,054
		Delta Air Lines, Inc., Term Loan
	2,053	5.50%, 04/20/2017		2,056
		United Air Lines, Inc.
	2,913	2.25%, 02/01/2014		2,878
				6,341
Arts, Entertainment and Recreation - 1.4%
		Amusement Parks and Arcades - 0.2%
		Busch Entertainment Corp.
	1,885	2.99%, 02/17/2016		1,876
		Gambling Industries - 0.1%
		Pinnacle Entertainment
	486	4.75%, 10/16/2018 ☼		486
		Newspaper, Periodical, Book and Database Publisher - 0.2%
		Cenveo, Inc.
	1,371	6.25%, 12/21/2016		1,372
		Other Amusement and Recreation Industries - 0.4%
		Clubcorp Club Operations, Inc.
	2,963	6.00%, 11/30/2016		2,977
		Radio and Television Broadcasting - 0.5%
		Cumulus Media, Inc., Term Loan B
	3,828	5.75%, 09/17/2018		3,856
				10,567
Chemical Manufacturing - 0.6%
		Basic Chemical Manufacturing - 0.5%
		Huntsman International LLC
	537	3.35%, 04/19/2017		531
		Huntsman International LLC, Extended Term Loan B
	1,449	2.85%, 04/19/2017		1,435
		Huntsman International LLC, Term Loan C
	1,788	2.55%, 06/30/2016		1,767
				3,733
		Other Chemical and Preparations Manufacturing - 0.1%
		Ineos Holdings Ltd.
	1,105	5.47%, 04/27/2018 ☼		1,109
				4,842
Computer and Electronic Product Manufacturing - 0.3%
		Semiconductor, Electronic Components - 0.3%
		Freescale Semiconductor, Inc.
	2,000	4.49%, 12/01/2016 ☼		1,959
Finance and Insurance - 0.5%
		Captive Auto Finance - 0.4%
		Chrysler Group LLC
	2,480	6.00%, 05/24/2017		2,523
		Insurance Carriers - 0.1%
		Asurion Corp., Term Loan
	1,000	5.50%, 05/24/2018		1,000
				3,523
Food Manufacturing - 1.1%
		Animal Slaughter & Processing - 0.4%
		JBS USA LLC
	2,912	4.25%, 05/25/2018		2,908
		Dairy Product Manufacturing - 0.3%
		Dean Foods Co.
	1,896	3.24%, 04/02/2014		1,890
		Fruit, Vegetable Preserving and Specialty Food - 0.4%
		Dole Food Co., Inc., Term Loan B2
	1,158	5.04%, 07/08/2018		1,162
		Dole Food Co., Inc., Term Loan C2
	2,072	5.03%, 07/08/2018		2,080
				3,242
				8,040

The accompanying notes are an integral part of these financial statements.

12

Shares or Principal Amount			Market Value ╪
SENIOR FLOATING RATE INTERESTS♦ - 15.6% - (continued)
Food Services - 0.6%
		Full-Service Restaurants - 0.4%
		ARAMARK Corp.
$	3,000	3.49%, 07/26/2016	$	2,995
		Limited-Service Eating Places - 0.2%
		Wendy's International, Inc.
	1,125	4.51%, 04/20/2019 ☼		1,130
				4,125
Health Care and Social Assistance - 2.1%
		General Medical and Surgical Hospitals - 0.2%
		HCA, Inc., Tranche B-2 Term Loan
	1,606	3.72%, 03/31/2017		1,582
		HCA, Inc., Tranche B-3 Term Loan
	294	3.49%, 05/01/2018		289
				1,871
		Medical Equipment and Supplies Manufacturing - 0.3%
		DJO Finance LLC
	582	5.24%, 11/01/2016		581
		MedAssets, Inc.
	1,363	5.25%, 11/16/2016		1,370
				1,951
		Nursing Care Facilities - 0.1%
		Kindred HealthCare, Inc.
	991	5.25%, 06/01/2018		953
		Other Residential Care Facilities - 0.5%
		Vanguard Health Holdings Co. II LLC
	3,483	5.00%, 01/29/2016		3,498
		Pharmaceutical and Medicine Manufacturing - 1.0%
		Alere, Inc.
	2,746	4.75%, 06/30/2017		2,738
		Immucor, Inc.
	2,239	7.25%, 08/17/2018		2,260
		NBTY, Inc.
	2,474	4.25%, 10/01/2017		2,476
				7,474
				15,747
Information - 3.0%
		Cable and Other Program Distribution - 0.7%
		Charter Communications Operating LLC
	1,430	4.00%, 05/15/2019		1,424
		Mediacom Broadband LLC, Tranche F Term Loan
	2,068	4.50%, 10/23/2017		2,060
		TWCC Holding Corp.
	1,556	4.25%, 02/11/2017		1,560
				5,044
		Data Processing Services - 0.2%
		NDS Group plc
	1,485	4.00%, 03/12/2018		1,484
		Other Information Services - 0.2%
		Rovi Solutions Corp.
	1,720	4.00%, 03/29/2019		1,719
		Satellite Telecommunications - 0.7%
		Intelsat Jackson Holdings Ltd.
	2,975	5.25%, 04/02/2018		2,989
		Telesat Canada
	2,641	4.25%, 03/26/2019		2,637
				5,626
		Software Publishers - 0.3%
		Emdeon, Inc.
	1,603	6.75%, 11/02/2018		1,617
		Lawson Software, Inc.
	905	6.25%, 04/15/2018		916
				2,533
		Telecommunications - Other - 0.3%
		West Corp., Term Loan B-2
	2,000	2.65%, 10/24/2013		1,998
		Telecommunications - Wireless Carriers - 0.6%
		Metro PCS Wireless, Inc., Tranche B-2 Term Loan
	2,953	4.07%, 11/03/2016		2,942
		Syniverse Technologies, Inc.
	1,531	4.51%, 04/20/2019 ☼		1,532
				4,474
				22,878
Motor Vehicle and Parts Manufacturing - 0.2%
		Motor Vehicle and Parts Manufacturing - 0.2%
		Pinafore LLC
	1,756	4.25%, 09/29/2016		1,760
Other Services - 0.1%
		Commercial/Industrial Machine and Equipment - 0.1%
		Rexnord Corp.
	1,062	5.00%, 04/30/2018		1,070
Pipeline Transportation - 0.1%
		Pipeline Transportation of Natural Gas - 0.1%
		El Paso Corp.
	625	6.27%, 04/10/2018 ☼		631
Plastics and Rubber Products Manufacturing - 0.1%
		Rubber Manufacturing - 0.1%
		Goodyear Tire & Rubber Co.
	1,000	4.25%, 03/21/2019 ☼		986
Primary Metal Manufacturing - 0.4%
		Alumina and Aluminum Production and Processing - 0.4%
		Novelis, Inc.
	3,328	4.00%, 03/10/2017		3,326
Professional, Scientific and Technical Services - 0.8%
		Professional Services - Computer Sys Design & Related - 0.8%
		MoneyGram International, Inc., Term Loan B
	1,308	4.25%, 11/18/2017		1,306
		MoneyGram International, Inc., Term Loan B1
	1,592	4.25%, 11/18/2017		1,589
		SunGard Data Systems, Inc.
	1,428	3.99%, 02/28/2017		1,431

The accompanying notes are an integral part of these financial statements.

13

The Hartford Short Duration Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
SENIOR FLOATING RATE INTERESTS♦ - 15.6% - (continued)
Professional, Scientific and Technical Services - 0.8% - (continued)
		Professional Services - Computer Sys Design & Related - 0.8% - (continued)
		SunGard Data Systems, Inc., Extended Term Loan
$	1,397	3.95%, 02/28/2016	$	1,398
				5,724
Real Estate, Rental and Leasing - 0.3%
		Activities Related To Real Estate - 0.3%
		LNR Properties Corp.
	2,178	4.75%, 04/29/2016		2,188
		Industrial Machinery, Equipment Rental and Leasing - 0.0%
		Delos Aircraft, Inc.
	400	4.75%, 03/17/2016		401
				2,589
Retail Trade - 0.8%
		Department Stores - 0.4%
		Neiman Marcus Group, Inc.
	3,390	4.75%, 05/16/2018		3,391
		Home Furnishing Stores - 0.1%
		Armstrong World Industries, Inc.
	854	4.00%, 03/10/2018		853
		Specialty Food Stores - 0.2%
		Weight Watchers International, Inc.
	1,305	4.00%, 03/15/2019		1,304
		Sporting Goods, Hobby and Musical Instrument Store - 0.1%
		Freedom Group, Inc.
	467	5.50%, 04/13/2019		471
				6,019
Soap, Cleaning Compound and Toilet Manufacturing - 0.1%
		Soap, Cleaning Compound and Toilet Manufacturing - 0.1%
		Yankee Candle Co.
	630	5.25%, 03/14/2019		634
Utilities - 0.9%
		Electric Generation, Transmission and Distribution - 0.9%
		AES (The) Corp.
	2,970	4.25%, 05/28/2018		2,972
		Energy Transfer Equity L.P.
	1,780	3.75%, 05/08/2018		1,759
		NRG Energy, Inc.
	1,717	4.00%, 07/01/2018		1,719
		TPF Generation Holdings LLC, Letter of Credit
	174	2.47%, 12/15/2013		172
				6,622
Wholesale Trade - 0.4%
		Grocery and Related Products - 0.4%
		Reynolds Consumer Products, Inc.
	3,129	6.50%, 02/09/2018		3,156
		Total senior floating rate interests
		(cost $117,167)	$	117,830
U.S. GOVERNMENT AGENCIES - 8.6%
		Federal Home Loan Mortgage Corporation - 2.8%
$	15,000	0.50%, 04/17/2015	$	14,995
	3,315	3.50%, 04/01/2027		3,511
	14,309	4.99%, 08/25/2018 ►		1,507
	12,844	5.56%, 07/25/2021 ►		1,510
				21,523
		Federal National Mortgage Association - 5.4%
	10,985	0.50%, 05/27/2015		10,971
	6,000	3.00%, 05/15/2027 ☼		6,261
	22,424	3.50%, 12/01/2026 - 05/15/2041 ☼		23,487
				40,719
		Government National Mortgage Association - 0.4%
	1,786	5.00%, 08/20/2039		1,960
	867	6.50%, 05/16/2031		1,016
				2,976
		Total U.S. government agencies
		(cost $64,559)	$	65,218
U.S. GOVERNMENT SECURITIES - 5.0%
U.S. Treasury Securities - 5.0%
		U.S. Treasury Notes - 5.0%
$	30,000	0.25%, 01/15/2015 ‡	$	29,915
	7,000	0.63%, 04/15/2013 ◄		7,686
				37,601
		Total U.S. government securities
		(cost $37,553)	$	37,601
		Total long-term investments
		(cost $762,587)	$	773,240
SHORT-TERM INVESTMENTS - 0.7%
Repurchase Agreements - 0.7%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,291, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $1,316)
$	1,291	0.20%, 04/30/2012	$	1,291
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,729, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $1,764)
	1,729	0.20%, 04/30/2012		1,729

The accompanying notes are an integral part of these financial statements.

14

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 0.7% - (continued)
Repurchase Agreements - 0.7% - (continued)
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $683, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $697)
$	683	0.21%, 04/30/2012			$	683
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $565, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $577)
	565	0.19%, 04/30/2012				565
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1, collateralized by U.S. Treasury Note 0.75%, 2013, value of $1)
	1	0.17%, 04/30/2012				1
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $928, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $947)
	928	0.21%, 04/30/2012				928
						5,197
		Total short-term investments
		(cost $5,197)			$	5,197
		Total investments
		(cost $767,784) ▲	103.1	%	$	778,437
		Other assets and liabilities	(3.1	)%		(23,052	)
		Total net assets	100.0	%	$	755,385

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $767,829 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	13,442
Unrealized Depreciation		(2,834	)
Net Unrealized Appreciation	$	10,608

● Non-income producing. For long-term debt securities, items identified are in default as to payment of interest and/or principal.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Δ Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $148,242, which represents 19.6% of total net assets.

۞ Convertible security.

The accompanying notes are an integral part of these financial statements.

15

The Hartford Short Duration Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

► Securities disclosed are interest-only strips. The interest rates represent effective yields based upon estimated future cash flows at April 30, 2012.

◄ The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $25,691 at April 30, 2012.

Ψ The company is in bankruptcy. The investment held by the fund is current with respect to interest payments.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. Unless otherwise noted, the interest rate disclosed for these securities respresents the average coupon as of April 30, 2012.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Municipal Bond Abbreviations:
GO	General Obligations
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

16

The Hartford Short Duration Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	135,552	$	–	$	123,800	$	11,752
Certificates of Deposit		1,001		–		1,001		–
Corporate Bonds		411,733		–		407,736		3,997
Foreign Government Obligations		2,016		–		2,016		–
Municipal Bonds		2,289		–		2,289		–
Senior Floating Rate Interests		117,830		–		117,830		–
U.S. Government Agencies		65,218		–		65,218		–
U.S. Government Securities		37,601		–		37,601		–
Short-Term Investments		5,197		–		5,197		–
Total	$	778,437	$	–	$	762,688	$	15,749

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of April 30, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	13,071	$	(42	)	$	(33	)†	$	(233	)	$	—	$	(1,011	)	$	—	$	—		$	11,752
Corporate Bonds		3,001		—			—	‡		—			3,997		—			—		(3,001	)		3,997
U.S. Government Agencies		1,452		—			—			—			—		—			—		(1,452	)		—
Total	$	17,524	$	(42	)	$	(33	)	$	(233	)	$	3,997	$	(1,011	)	$	—	$	(4,453	)	$	15,749

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(48).

‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was zero.

The accompanying notes are an integral part of these financial statements.

17

The Hartford Short Duration Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $767,784)	$	778,437
Cash		53
Receivables:
Investment securities sold		1,028
Fund shares sold		2,436
Dividends and interest		4,586
Other assets		111
Total assets		786,651
Liabilities:
Payables:
Investment securities purchased		28,689
Fund shares redeemed		2,344
Investment management fees		54
Dividends		92
Administrative fees		—
Distribution fees		34
Accrued expenses		53
Total liabilities		31,266
Net assets	$	755,385
Summary of Net Assets:
Capital stock and paid-in-capital	$	749,692
Distributions in excess of net investment loss		(48	)
Accumulated net realized loss		(4,912	)
Unrealized appreciation of investments		10,653
Net assets	$	755,385
Shares authorized		650,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.93/$10.13
Shares outstanding		25,937
Net assets	$	257,448
Class B: Net asset value per share	$	9.92
Shares outstanding		856
Net assets	$	8,494
Class C: Net asset value per share	$	9.93
Shares outstanding		13,643
Net assets	$	135,412
Class I: Net asset value per share	$	9.94
Shares outstanding		11,075
Net assets	$	110,130
Class R3: Net asset value per share	$	9.91
Shares outstanding		10
Net assets	$	103
Class R4: Net asset value per share	$	9.90
Shares outstanding		10
Net assets	$	103
Class R5: Net asset value per share	$	9.90
Shares outstanding		10
Net assets	$	103
Class Y: Net asset value per share	$	9.90
Shares outstanding		24,597
Net assets	$	243,592

The accompanying notes are an integral part of these financial statements.

18

The Hartford Short Duration Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	—
Interest		10,651
Total investment income		10,651
Expenses:
Investment management fees		1,605
Administrative services fees		—
Transfer agent fees		234
Distribution fees
Class A		332
Class B		11
Class C		694
Class R3		—
Class R4		—
Custodian fees		4
Accounting services fees		74
Registration and filing fees		112
Board of Directors' fees		9
Audit fees		7
Other expenses		40
Total expenses (before waivers)		3,122
Expense waivers		(5	)
Total waivers		(5	)
Total expenses, net		3,117
Net Investment Income		7,534
Net Realized Gain on Investments:
Net realized gain on investments in securities		799
Net realized gain on futures		—
Net Realized Gain on Investments		799
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		6,913
Net Changes in Unrealized Appreciation of Investments		6,913
Net Gain on Investments		7,712
Net Increase in Net Assets Resulting from Operations	$	15,246

The accompanying notes are an integral part of these financial statements.

19

The Hartford Short Duration Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	7,534		$	12,900
Net realized gain (loss) on investments		799			(376	)
Net unrealized appreciation (depreciation) of investments		6,913			(3,072	)
Net Increase In Net Assets Resulting From Operations		15,246			9,452
Distributions to Shareholders:
From net investment income
Class A		(2,762	)		(4,866	)
Class B		(94	)		(201	)
Class C		(932	)		(1,624	)
Class I		(1,145	)		(1,299	)
Class R3		(1	)		—
Class R4		(1	)		—
Class R5		(1	)		—
Class Y		(2,768	)		(4,982	)
Total distributions		(7,704	)		(12,972	)
Capital Share Transactions:
Class A		(24,466	)		72,380
Class B		(1,153	)		(1,191	)
Class C		(6,941	)		36,505
Class I		20,746			61,883
Class R3		1			100
Class R4		1			100
Class R5		1			100
Class Y		11,132			91,834
Net increase (decrease) from capital share transactions		(679	)		261,711
Net Increase In Net Assets		6,863			258,191
Net Assets:
Beginning of period		748,522			490,331
End of period	$	755,385		$	748,522
Undistributed (distribution in excess of) net investment income (loss)	$	(48	)	$	122

The accompanying notes are an integral part of these financial statements.

20

The Hartford Short Duration Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Short Duration Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 2.00%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

21

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company's Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund's portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

22

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income is accrued as of the ex-dividend date. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

23

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

24

e) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of April 30, 2012.

4. Financial Derivative Instruments:

a) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. As of April 30, 2012, the Fund had no outstanding futures contracts.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the six-month period ended April 30, 2012.

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in

25

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	12,927	$	9,223

26

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	246
Accumulated Capital Losses *		(5,666	)
Unrealized Appreciation †		3,695
Total Accumulated Deficit	$	(1,725	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	87
Accumulated Net Realized Gain (Loss)		134
Capital Stock and Paid-in-Capital		(221	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2012	$	295
2013		977
2014		731
2015		162
2016		752
2017		1,988
2018		343
2019		418
Total	$	5,666

As of October 31, 2011, the Fund had $221 in expired capital loss carryforwards.

27

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective March 5, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to March 5, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.450	%
On next $500 million		0.400	%
On next $1.5 billion		0.395	%
On next $2.5 billion		0.390	%
On next $5 billion		0.380	%
Over $10 billion		0.370	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.450	%
On next $4.5 billion		0.400	%
On next $5 billion		0.380	%
Over $10 billion		0.370	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

28

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B*			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	0.85	%		1.60	%		1.60	%		0.60	%		1.15	%		0.85	%		0.55	%		0.55	%

* Due to the 0.75% waiver of Class B Distribution and Service Plan (12b-1) fees effective January 1, 2011, the limit on net operating expenses attributable to Class B shares are 0.85%.

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $216 and contingent deferred sales charges of $100 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $5.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

29

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		10		100	%
Class R4		10		100
Class R5		10		100

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	211,429
Sales Proceeds Excluding U.S. Government Obligations		187,460
Cost of Purchases for U.S. Government Obligations		29,878
Sales Proceeds for U.S. Government Obligations		27,089

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		6,423		256		(9,160	)		—		(2,481	)		26,246		450		(19,377	)		—		7,319
Amount	$	63,290	$	2,523	$	(90,279	)	$	—	$	(24,466	)	$	258,610	$	4,433	$	(190,663	)	$	—	$	72,380
Class B
Shares		105		8		(230	)		—		(117	)		311		17		(449	)		—		(121	)
Amount	$	1,035	$	81	$	(2,269	)	$	—	$	(1,153	)	$	3,061	$	173	$	(4,425	)	$	—	$	(1,191	)
Class C
Shares		2,738		79		(3,518	)		—		(701	)		10,111		138		(6,545	)		—		3,704
Amount	$	26,973	$	782	$	(34,696	)	$	—	$	(6,941	)	$	99,535	$	1,361	$	(64,391	)	$	—	$	36,505
Class I
Shares		7,364		88		(5,350	)		—		2,102			13,744		84		(7,561	)		—		6,267
Amount	$	72,591	$	868	$	(52,713	)	$	—	$	20,746		$	135,590	$	829	$	(74,536	)	$	—	$	61,883
Class R3
Shares		—		—		—			—		—			10		—		—			—		10
Amount	$	—	$	1	$	—		$	—	$	1		$	100	$	—	$	—		$	—	$	100
Class R4
Shares		—		—		—			—		—			10		—		—			—		10
Amount	$	—	$	1	$	—		$	—	$	1		$	100	$	—	$	—		$	—	$	100
Class R5
Shares		—		—		—			—		—			10		—		—			—		10
Amount	$	—	$	1	$	—		$	—	$	1		$	100	$	—	$	—		$	—	$	100
Class Y
Shares		2,294		281		(1,456	)		—		1,119			10,429		506		(1,603	)		—		9,332
Amount	$	22,612	$	2,768	$	(14,248	)	$	—	$	11,132		$	102,539	$	4,982	$	(15,687	)	$	—	$	91,834
Total
Shares		18,924		712		(19,714	)		—		(78	)		60,871		1,195		(35,535	)		—		26,531
Amount	$	186,501	$	7,025	$	(194,205	)	$	—	$	(679	)	$	599,635	$	11,778	$	(349,702	)	$	—	$	261,711

30

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		43	$	428
For the Year Ended October 31, 2011		61	$	602

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

31

The Hartford Short Duration Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (D)
A	$	9.83	$	0.10	$	–	$	0.10		$	0.20		$	(0.10	)	$	–	$	–	$	(0.10	)	$	0.10		$	9.93
B		9.82		0.10		–		0.10			0.20			(0.10	)		–		–		(0.10	)		0.10			9.92
C		9.83		0.06		–		0.11			0.17			(0.07	)		–		–		(0.07	)		0.10			9.93
I		9.84		0.11		–		0.11			0.22			(0.12	)		–		–		(0.12	)		0.10			9.94
R3		9.81		0.08		–		0.11			0.19			(0.09	)		–		–		(0.09	)		0.10			9.91
R4		9.81		0.10		–		0.09			0.19			(0.10	)		–		–		(0.10	)		0.09			9.90
R5		9.81		0.11		–		0.10			0.21			(0.12	)		–		–		(0.12	)		0.09			9.90
Y		9.80		0.12		–		0.10			0.22			(0.12	)		–		–		(0.12	)		0.10			9.90
For the Year Ended October 31, 2011
A		9.87		0.21		–		(0.04	)		0.17			(0.21	)		–		–		(0.21	)		(0.04	)		9.83
B		9.87		0.20		–		(0.05	)		0.15			(0.20	)		–		–		(0.20	)		(0.05	)		9.82
C		9.87		0.14		–		(0.04	)		0.10			(0.14	)		–		–		(0.14	)		(0.04	)		9.83
I		9.89		0.24		–		(0.05	)		0.19			(0.24	)		–		–		(0.24	)		(0.05	)		9.84
R3(G)		9.73		0.01		–		0.08			0.09			(0.01	)		–		–		(0.01	)		0.08			9.81
R4(G)		9.73		0.02		–		0.08			0.10			(0.02	)		–		–		(0.02	)		0.08			9.81
R5(G)		9.73		0.02		–		0.08			0.10			(0.02	)		–		–		(0.02	)		0.08			9.81
Y		9.85		0.24		–		(0.04	)		0.20			(0.25	)		–		–		(0.25	)		(0.05	)		9.80
For the Year Ended October 31, 2010
A		9.62		0.25		–		0.26			0.51			(0.26	)		–		–		(0.26	)		0.25			9.87
B		9.62		0.18		–		0.25			0.43			(0.18	)		–		–		(0.18	)		0.25			9.87
C		9.62		0.18		–		0.26			0.44			(0.19	)		–		–		(0.19	)		0.25			9.87
I(H)		9.74		0.18		–		0.15			0.33			(0.18	)		–		–		(0.18	)		0.15			9.89
Y		9.60		0.29		–		0.25			0.54			(0.29	)		–		–		(0.29	)		0.25			9.85
For the Year Ended October 31, 2009
A		9.21		0.33		–		0.41			0.74			(0.33	)		–		–		(0.33	)		0.41			9.62
B		9.21		0.26		–		0.41			0.67			(0.26	)		–		–		(0.26	)		0.41			9.62
C		9.21		0.26		–		0.41			0.67			(0.26	)		–		–		(0.26	)		0.41			9.62
Y		9.19		0.36		–		0.41			0.77			(0.36	)		–		–		(0.36	)		0.41			9.60
For the Year Ended October 31, 2008
A		9.82		0.37		–		(0.62	)		(0.25	)		(0.36	)		–		–		(0.36	)		(0.61	)		9.21
B		9.82		0.29		–		(0.61	)		(0.32	)		(0.29	)		–		–		(0.29	)		(0.61	)		9.21
C		9.82		0.29		–		(0.61	)		(0.32	)		(0.29	)		–		–		(0.29	)		(0.61	)		9.21
Y		9.81		0.40		–		(0.63	)		(0.23	)		(0.39	)		–		–		(0.39	)		(0.62	)		9.19
For the Year Ended October 31, 2007
A		9.89		0.44		–		(0.07	)		0.37			(0.44	)		–		–		(0.44	)		(0.07	)		9.82
B		9.90		0.37		–		(0.09	)		0.28			(0.36	)		–		–		(0.36	)		(0.08	)		9.82
C		9.90		0.37		–		(0.09	)		0.28			(0.36	)		–		–		(0.36	)		(0.08	)		9.82
Y		9.88		0.47		–		(0.08	)		0.39			(0.46	)		–		–		(0.46	)		(0.07	)		9.81

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(D) Per share amounts have been calculated using average shares outstanding method.

(E) Not annualized.

(F) Annualized.

(G) Commenced operations on September 30, 2011.

(H) Commenced operations on February 26, 2010.

32

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	2.07	%(E)	$	257,448		0.84	%(F)		0.84	%(F)		0.84	%(F)		2.03	%(F)		30	%
	2.07	(E)		8,494		0.95	(F)		0.85	(F)		0.85	(F)		2.03	(F)		–
	1.69	(E)		135,412		1.59	(F)		1.59	(F)		1.59	(F)		1.29	(F)		–
	2.20	(E)		110,130		0.57	(F)		0.57	(F)		0.57	(F)		2.31	(F)		–
	1.92	(E)		103		1.20	(F)		1.15	(F)		1.15	(F)		1.73	(F)		–
	1.97	(E)		103		0.90	(F)		0.85	(F)		0.85	(F)		2.03	(F)		–
	2.12	(E)		103		0.60	(F)		0.55	(F)		0.55	(F)		2.33	(F)		–
	2.25	(E)		243,592		0.50	(F)		0.50	(F)		0.50	(F)		2.38	(F)		–
	1.77			279,232		0.86			0.85			0.85			2.13			55
	1.54			9,558		1.09			0.98			0.98			2.01			–
	1.02			140,933		1.59			1.59			1.59			1.39			–
	1.97			88,321		0.56			0.56			0.56			2.41			–
	0.96	(E)		101		1.27	(F)		1.15	(F)		1.15	(F)		1.70	(F)		–
	0.98	(E)		101		0.97	(F)		0.85	(F)		0.85	(F)		1.99	(F)		–
	1.01	(E)		101		0.67	(F)		0.55	(F)		0.55	(F)		2.28	(F)		–
	2.02			230,175		0.51			0.51			0.51			2.48			–
	5.33			208,313		0.87			0.87			0.87			2.55			66
	4.51			10,799		1.73			1.65			1.65			1.80			–
	4.56			105,060		1.60			1.60			1.60			1.79			–
	3.42	(E)		26,765		0.58	(F)		0.58	(F)		0.58	(F)		2.49	(F)		–
	5.71			139,394		0.52			0.52			0.52			2.90			–
	8.23			125,549		0.91			0.90			0.90			3.50			56
	7.42			9,322		1.80			1.65			1.65			2.78			–
	7.42			52,909		1.65			1.65			1.65			2.78			–
	8.62			93,804		0.53			0.53			0.53			3.92			–
	(2.60	)		46,620		0.95			0.90			0.90			3.78			73
	(3.33	)		5,846		1.84			1.65			1.65			3.06			–
	(3.33	)		26,738		1.69			1.65			1.65			3.03			–
	(2.40	)		107,669		0.58			0.58			0.58			4.11			–
	3.80			34,606		1.04			0.90			0.90			4.49			68
	2.91			6,349		1.90			1.65			1.65			3.73			–
	2.91			22,322		1.77			1.65			1.65			3.74			–
	4.08			142,224		0.64			0.64			0.64			4.75			–

33

The Hartford Short Duration Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

34

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

35

The Hartford Short Duration Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

36

The Hartford Short Duration Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,020.70	$	4.24	$	1,000.00	$	1,020.66	$	4.24		0.84	%		182		366
Class B	$	1,000.00	$	1,020.70	$	4.27	$	1,000.00	$	1,020.64	$	4.27		0.85			182		366
Class C	$	1,000.00	$	1,016.90	$	7.95	$	1,000.00	$	1,016.98	$	7.95		1.59			182		366
Class I	$	1,000.00	$	1,022.00	$	2.89	$	1,000.00	$	1,022.01	$	2.89		0.57			182		366
Class R3	$	1,000.00	$	1,019.20	$	5.77	$	1,000.00	$	1,019.14	$	5.77		1.15			182		366
Class R4	$	1,000.00	$	1,019.70	$	4.27	$	1,000.00	$	1,020.64	$	4.27		0.85			182		366
Class R5	$	1,000.00	$	1,021.20	$	2.76	$	1,000.00	$	1,022.13	$	2.77		0.55			182		366
Class Y	$	1,000.00	$	1,022.50	$	2.52	$	1,000.00	$	1,022.37	$	2.52		0.50			182		366

37

The Hartford Short Duration Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on February 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Short Duration Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on March 5, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Contracts Committee also met in person with the proposed portfolio manager for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, And Quality Of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s fixed income capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality fixed income manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global fixed income capabilities, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that during the past ten years, Wellington Management had been committed to supporting the growth of its fixed income teams by allocating additional resources, personnel and technology to these teams, and also noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including fixed income mutual funds, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk management systems, noting that they are embedded within the firm’s fixed income process.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Contracts Committee’s meeting with the proposed portfolio manager, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio manager and investment professionals and sector specialists that would support the proposed portfolio manager.

38

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Contracts Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio manager and investment professionals and sector specialists that would support the proposed portfolio manager, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio manager’s experience and experience of the investment professionals and sector specialists that would support the proposed portfolio manager and their investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Contracts Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

39

The Hartford Short Duration Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s

proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

40

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-SD12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Small Company Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Small Company Fund
 

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	11
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	12
Statement of Operations for Six-Month Period Ended April 30, 2012 (Unaudited)	13
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	14
Notes to Financial Statements (Unaudited)	15
Financial Highlights (Unaudited)	28
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Expense Example (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under "Why did the Fund perform this way?" and "What is the outlook?" are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Small Company Fund inception 07/22/1996

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of capital.

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12) 1 (1) (2) (3) (4)

	6 Month†			1 Year			5 year			10 year
Small Company A#		11.39	%		-5.10	%		1.56	%		6.87	%
Small Company A##					-10.32	%		0.42	%		6.27	%
Small Company B#		10.94	%		-5.85	%		0.90	%		NA	*
Small Company B##					-10.27	%		0.56	%		NA	*
Small Company C#		10.97	%		-5.77	%		0.82	%		6.09	%
Small Company C##					-6.65	%		0.82	%		6.09	%
Small Company I#		11.54	%		-4.85	%		1.83	%		7.04	%
Small Company R3#		11.29	%		-5.25	%		1.34	%		6.97	%
Small Company R4#		11.46	%		-4.96	%		1.67	%		7.16	%
Small Company R5#		11.65	%		-4.65	%		1.95	%		7.32	%
Small Company Y#		11.67	%		-4.58	%		2.08	%		7.39	%
Russell 2000 Growth Index		10.58	%		-4.42	%		3.27	%		6.06	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

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 Russell 2000 Index is a broad-based unmanaged index comprised of 2,000 of the smallest U.S.-domiciled company common stocks (on the basis of capitalization) that are traded in the United States on the New York Stock Exchange, American Stock Exchange and Nasdaq.)

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Small Company Fund

Manager Discussion (Unaudited)

April 30, 2012 (Unaudited)

Portfolio Managers
Steven C. Angeli, CFA	Stephen C. Mortimer	Jamie A. Rome, CFA
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager
Mario E. Abularach, CFA	Mammen Chally, CFA
Vice President and Equity Research Analyst	Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Small Company Fund returned 11.39%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the Russell 2000 Growth Indexwhich returned 10.58% for the same period. The Fund underperformed the 11.57% return of the average fund in the Lipper Small-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period as generally improving economic data and growing consumer confidence helped to counter a persistent slump in housing. Investors mostly shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on the improving health of the U.S. economy. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, U.S. equities retreated for the first time in five months as disappointing employment and GDP (gross domestic product) data overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, growing concerns about Spain’s fiscal sustainability, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

Small cap stocks (+11%) underperformed both large cap stocks (+13%) and mid cap stocks (+12%) during the period, as measured by the Russell 2000, S&P 500, and S&P MidCap 400 indices, respectively. Growth (+10.6%) stocks slightly trailed Value (+11.5%) stocks during the period, as measured by the Russell 2000 Growth and Russell 2000 Value indices. Nine out of ten sectors in the Russell 2000 Growth Index had positive returns during the period. The Health Care (+16%), Consumer Discretionary (+13%), and Financials (+12%) sectors performed best, while Utilities (-4%) and Telecommunication Services (+4%) lagged on a relative basis.

Strong stock selection drove outperformance versus the benchmark, primarily in the Health Care, Industrials, and Energy sectors; this was somewhat offset by weaker selection in the Consumer Discretionary, Consumer Staples and Information Technology sectors. Sector allocation, which is the residual result of bottom-up stock selection (i.e. stock by stock fundamental research), contributed modestly to relative returns, primarily due to an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Consumer Discretionary; while an underweight to Health Care detracted.

Top contributors to relative (i.e. performance of the Fund as measured against the benchmark) and absolute (i.e. total return) performance during the period included SXC Health Solutions (Health Care), Zoll Medical (Health Care), and United Rentals (Industrials). Shares of SXC Health Solutions, a pharmacy benefit management (PBM) company, moved higher following the announcement in April 2012 that the company plans to merge with competitor Catalyst Health Solutions. Shares of Zoll Medical, a medical device manufacturer focused on defibrillators and related devices, surged on positive news regarding future reimbursements for the company’s LifeVest product. Shares of United Rentals rose as a result of the acquisition of the second largest equipment rental operator, RSC holdings.

Stocks that detracted the most from relative and absolute returns during the period were Deckers Outdoor (Consumer Discretionary), Diamond Foods (Consumer Staples), and Shutterfly (Consumer Discretionary). Shares of Deckers Outdoor, a designer and marketer of fashion-oriented footwear, fell as unseasonably warm winter weather hurt sales and the company issued conservative guidance for 2012 earnings. Snack food company Diamond Food’s shares declined steeply based on an investigation into the company’s accounting practices over crop payments to walnut growers. Shares of Shutterfly, a web-based photo publication service company, declined on lower earnings expectations resulting from price pressure.

3

The Hartford Small Company Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

What is the outlook?

We continue to challenge ourselves to discover emerging growth companies and to be opportunistic in uncovering re-emerging growth companies. Looking forward, while we believe macro concerns could continue to affect market conditions, we are excited about the opportunity set ahead of us and we remain constructive on our ability to uncover attractive growth opportunities.

As a residual of our bottom-up, stock-by-stock investment decisions, the Fund is overweight in Information Technology and Consumer Discretionary sectors relative to the Russell 2000 Growth Index at the end of the period. The Fund ended the period most underweight in Health Care, Consumer Staples, and Financials.

Diversification by Industry
as of April 30, 2012
Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		1.3	%
Banks (Financials)		1.8
Capital Goods (Industrials)		9.0
Commercial & Professional Services (Industrials)		1.8
Consumer Durables & Apparel (Consumer Discretionary)		5.0
Consumer Services (Consumer Discretionary)		2.9
Diversified Financials (Financials)		1.4
Energy (Energy)		7.8
Food, Beverage & Tobacco (Consumer Staples)		0.4
Health Care Equipment & Services (Health Care)		6.8
Household & Personal Products (Consumer Staples)		1.2
Insurance (Financials)		0.3
Materials (Materials)		2.5
Other Investment Pools and Funds (Financials)		1.3
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		9.0
Real Estate (Financials)		2.5
Retailing (Consumer Discretionary)		9.9
Semiconductors & Semiconductor Equipment (Information Technology)		3.4
Software & Services (Information Technology)		17.0
Technology Hardware & Equipment (Information Technology)		7.2
Telecommunication Services (Services)		0.3
Transportation (Industrials)		3.8
Utilities (Utilities)		0.3
Short-Term Investments		2.5
Other Assets and Liabilities		0.6
Total		100.0	%

4

The Hartford Small Company Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.5%
		Automobiles & Components - 1.3%
	250	Dana Holding Corp.	$	3,653
	161	Tenneco Automotive, Inc. ●		4,962
	16	Tesla Motors, Inc. ●		530
				9,145
		Banks - 1.8%
	88	Boston Private Financial Holdings, Inc.		819
	44	First Midwest Bancorp, Inc.		469
	67	Flushing Financial Corp.		874
	28	Hudson Valley Holding Corp.		516
	40	Nationstar Mortgage Holdings, Inc. ●		566
	57	Ocwen Financial Corp. ●		847
	119	Pinnacle Financial Partners, Inc. ●		2,186
	102	Privatebancorp, Inc.		1,599
	15	Signature Bank ●		1,007
	62	Umpqua Holdings Corp.		815
	277	Western Alliance Bancorp ●		2,433
	13	Wintrust Financial Corp.		455
				12,586
		Capital Goods - 9.0%
	18	A.O. Smith Corp.		867
	17	AAON, Inc.		347
	14	Acuity Brands, Inc.		779
	8	AGCO Corp. ●		377
	71	Altra Holdings, Inc. ●		1,299
	22	Applied Industrial Technologies, Inc.		869
	14	AZZ, Inc.		745
	23	Belden, Inc.		789
	8	Carlisle Cos., Inc.		421
	18	Ceradyne, Inc.		457
	26	Chart Industries, Inc. ●		1,965
	135	Colfax Corp. ●		4,571
	36	Commercial Vehicles Group, Inc. ●		384
	9	Crane Co.		408
	298	DigitalGlobe, Inc. ●		3,658
	9	DXP Enterprises, Inc. ●		382
	18	EMCOR Group, Inc.		514
	60	Esterline Technologies Corp. ●		4,141
	16	Franklin Electric Co., Inc.		811
	7	Gardner Denver Machinery, Inc.		469
	42	GrafTech International Ltd. ●		496
	27	John Bean Technologies Corp.		424
	79	Kratos Defense & Security ●		437
	14	Lennox International, Inc.		588
	6	Lindsay Corp.		431
	176	Meritor, Inc. ●		1,143
	21	Michael Baker Corp. ●		478
	17	Middleby Corp. ●		1,725
	143	Moog, Inc. Class A ●		6,030
	31	Nordson Corp.		1,657
	149	Polypore International, Inc. ●		5,577
	43	Sauer-Danfoss, Inc.		1,852
	19	Sun Hydraulics Corp.		485
	11	TAL International Group, Inc.		446
	88	Teledyne Technologies, Inc. ●		5,710
	13	Textainer Group Holdings Ltd.		452
	151	Trex Co., Inc. ●		4,820
	40	Trimas Corp. ●		886
	98	United Rentals, Inc. ●		4,552
	53	Westport Innovations, Inc. ●		1,649
				64,091
		Commercial & Professional Services - 1.8%
	45	Advisory (The) Board Co. ●		4,121
	29	Deluxe Corp.		687
	24	Exponent, Inc. ●		1,155
	42	On Assignment, Inc. ●		783
	12	Portfolio Recovery Associate ●		840
	285	Sykes Enterprises, Inc. ●		4,510
	16	United Stationers, Inc.		446
				12,542
		Consumer Durables & Apparel - 4.9%
	17	Arctic Cat, Inc. ●		741
	114	Brunswick Corp.		2,993
	37	Deckers Outdoor Corp. ●		1,879
	23	G-III Apparel Group Ltd. ●		614
	228	Hanesbrands, Inc. ●		6,443
	40	Liz Claiborne, Inc. ●		542
	102	Meritage Homes Corp. ●		2,887
	10	Polaris Industries, Inc.		765
	710	Pulte Group, Inc. ●		6,986
	25	Skechers USA, Inc. Class A ●		469
	110	Steven Madden Ltd. ●		4,774
	39	Tempur-Pedic International, Inc. ●		2,307
	42	True Religion Apparel, Inc. ●		1,151
	63	Vera Bradley, Inc. ●		1,629
	11	Warnaco Group, Inc. ●		561
				34,741
		Consumer Services - 2.9%
	84	American Public Education, Inc. ●		2,916
	37	Brinker International, Inc.		1,155
	47	Buffalo Wild Wings, Inc. ●		3,951
	195	Cheesecake Factory, Inc. ●		6,152
	63	Red Robin Gourmet Burgers, Inc. ●		2,244
	84	Sotheby's Holdings		3,314
	9	Steiner Leisure Ltd. ●		441
	39	Whistler Blackcomb Holdings, Inc.		425
				20,598
		Diversified Financials - 1.4%
	72	BGC Partners, Inc.		505
	34	Compass Diversified Holdings		496
	75	DFC Global Corp. ●		1,313
	47	Fifth Street Finance Corp.		459
	63	Gain Capital Holdings, Inc.		321
	295	Knight Capital Group, Inc. ●		3,876
	78	Manning & Napier, Inc. ●		1,136
	180	Netspend Holdings, Inc. ●		1,373
	80	Uranium Participation Corp. ●		447
				9,926
		Energy - 7.8%
	1,164	Alberta Oilsands, Inc. ●		183
	147	Atwood Oceanics, Inc. ●		6,529
	34	Berry Petroleum Co.		1,568
	157	Bonanza Creek Energy, Inc. ●		3,452
	101	BPZ Resources, Inc. ●		410
	50	C&J Energy Services, Inc. ●		933
	193	Carrizo Oil & Gas, Inc. ●		5,404
	41	CVR Energy, Inc. ●		1,239
	27	Energy XXI Bermuda Ltd. ●		1,000

The accompanying notes are an integral part of these financial statements.

5

The Hartford Small Company Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.5% - (continued)
		Energy - 7.8% - (continued)
	162	Gulfmark Offshore, Inc. ●	$	7,802
	21	Hornbeck Offshore Services, Inc. ●		888
	148	ION Geophysical Corp. ●		919
	73	Karoon Gas Australia Ltd. ●		487
	12	Midstates Petroleum Co., Inc.		191
	1,421	Oilsands Quest, Inc. ⌂●†		204
	21	Petroleum Development Corp. ●		713
	507	Rex Energy Corp. ●		5,331
	184	Rosetta Resources, Inc. ●		9,273
	29	Stone Energy Corp. ●		822
	17	Swift Energy Co. ●		523
	80	Tidewater, Inc.		4,427
	98	Tourmaline Oil Corp. ●		2,362
	69	Vaalco Energy, Inc. ●		628
				55,288
		Food, Beverage & Tobacco - 0.4%
	9	Boston Beer Co., Inc. Class A ●		929
	26	Cosan S.A. Industria E Comercio		446
	75	Darling International, Inc. ●		1,225
				2,600
		Health Care Equipment & Services - 6.8%
	105	Abiomed, Inc. ●		2,544
	14	AmSurg Corp. ●		388
	45	AngioDynamics, Inc. ●		561
	3	Atrion Corp.		604
	18	Corvel Corp. ●		788
	26	Cyberonics, Inc. ●		1,002
	66	Dexcom, Inc. ●		650
	14	Ensign Group, Inc.		374
	100	Gen-Probe, Inc. ●		8,166
	16	Greatbatch, Inc. ●		375
	84	Health Net, Inc. ●		2,992
	22	HealthSouth Corp. ●		487
	79	Heartware International, Inc. ●		6,157
	8	ICU Medical, Inc. ●		420
	224	Insulet Corp. ●		3,992
	25	LHC Group, Inc. ●		448
	28	Masimo Corp. ●		617
	6	MEDNAX, Inc. ●		422
	117	Merge Healthcare, Inc. ●		502
	27	Merit Medical Systems, Inc. ●		350
	41	Owens & Minor, Inc.		1,212
	82	SXC Health Solutions Corp. ●		7,396
	28	U.S. Physical Therapy, Inc.		678
	148	Volcano Corp. ●		4,005
	58	Wellcare Health Plans, Inc. ●		3,556
				48,686
		Household & Personal Products - 1.2%
	178	Elizabeth Arden, Inc. ●		6,923
	36	Nu Skin Enterprises, Inc. Class A		1,903
				8,826
		Insurance - 0.3%
	33	Amerisafe, Inc. ●		874
	13	Platinum Underwriters Holdings Ltd.		468
	21	Protective Life Corp.		603
				1,945
		Materials - 2.5%
	13	Allied Nevada Gold Corp. ●		387
	8	AptarGroup, Inc.		409
	555	Aurcana Corp. ●		590
	190	Flotek Industries, Inc. ●		2,586
	24	Kraton Performance Polymers ●		618
	218	Methanex Corp. ADR		7,667
	12	Molycorp, Inc. ●		311
	44	New Gold, Inc. ●		400
	39	Olin Corp.		820
	405	Romarco Minerals, Inc. ●		414
	51	Silgan Holdings, Inc.		2,258
	13	TPC Group, Inc. ●		529
	10	Universal Stainless & Alloy Products ●		445
	30	Winpak Ltd.		470
				17,904
		Pharmaceuticals, Biotechnology & Life Sciences - 9.0%
	27	3SBio, Inc. ADR ●		358
	73	Algeta ASA ●		1,722
	69	Alkermes plc ●		1,198
	106	Amylin Pharmaceuticals, Inc. ●		2,759
	173	Ardea Biosciences, Inc. ●		5,500
	146	Arena Pharmaceuticals, Inc. ●		356
	47	Aveo Pharmaceuticals, Inc. ●		544
	58	Bruker Corp. ●		870
	93	Cadence Pharmaceuticals, Inc. ●		343
	29	Cubist Pharmaceuticals, Inc. ●		1,231
	183	Exelixis, Inc. ●		877
	265	Immunogen, Inc. ●		3,382
	275	Incyte Corp. ●		6,246
	316	Ironwood Pharmaceuticals, Inc. ●		4,168
	88	Medicines Co. ●		1,933
	22	Momenta Pharmaceuticals, Inc. ●		354
	45	Neurocrine Biosciences, Inc. ●		337
	427	NPS Pharmaceuticals, Inc. ●		3,058
	131	Onyx Pharmaceuticals, Inc. ●		5,954
	149	Optimer Pharmaceuticals, Inc. ●		2,210
	237	PAREXEL International Corp. ●		6,396
	16	Progenics Pharmaceuticals, Inc. ●		170
	134	Rigel Pharmaceuticals, Inc. ●		1,035
	145	Salix Pharmaceuticals Ltd. ●		7,139
	277	Seattle Genetics, Inc. ●		5,483
	53	Trius Therapeutics, Inc. ●		282
				63,905
		Real Estate - 2.5%
	54	Anworth Mortgage Asset Corp.		366
	26	Capstead Mortgage Corp.		363
	29	Colonial Properties Trust		643
	262	Coresite Realty Corp.		6,536
	29	Glimcher Realty Trust		291
	13	Hatteras Financial Corp.		373
	45	Medical Properties Trust, Inc.		423
	119	MFA Mortgage Investments, Inc.		876
	165	Pebblebrook Hotel Trust		3,981
	475	Strategic Hotels & Resorts, Inc. ●		3,233
	58	Summit Hotel Properties, Inc.		485
	27	Whitestone REIT		370
				17,940
		Retailing - 9.9%
	3,137	Allstar Co. ⌂†		4,640
	53	Ascena Retail Group, Inc. ●		1,084
	17	Cato Corp.		468

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.5% - (continued)
		Retailing - 9.9% - (continued)
	27	Children's Place Retail Stores, Inc. ●	$	1,254
	21	Core-Mark Holding Co., Inc.		824
	359	Debenhams plc		482
	163	DSW, Inc.		9,190
	270	Express, Inc. ●		6,388
	241	GNC Holdings, Inc.		9,422
	14	Group 1 Automotive, Inc.		796
	14	Guess?, Inc.		410
	79	Hibbett Sports, Inc. ●		4,724
	36	Hot Topic, Inc.		351
	19	Lumber Liquidators Holdings, Inc. ●		561
	41	Mattress Firm Holding Corp. ●		1,637
	28	PetMed Express, Inc.		377
	128	Rent-A-Center, Inc.		4,389
	219	rue21, Inc. ●		6,639
	173	Shutterfly, Inc. ●		5,396
	22	Teavana Holdings, Inc. ●		455
	17	The Finish Line, Inc.		378
	149	TripAdvisor, Inc. ●		5,590
	148	Urban Outfitters, Inc. ●		4,292
	20	Vitamin Shoppe, Inc. ●		935
				70,682
		Semiconductors & Semiconductor Equipment - 3.4%
	24	Cymer, Inc. ●		1,235
	324	Cypress Semiconductor Corp.		5,029
	100	GT Advanced Technologies, Inc. ●		652
	83	Integrated Device Technology, Inc. ●		563
	734	Lattice Semiconductor Corp. ●		4,010
	22	Microsemi Corp. ●		476
	142	Mindspeed Technologies, Inc. ●		709
	50	Nanometrics, Inc. ●		783
	50	ON Semiconductor Corp. ●		412
	57	PMC - Sierra, Inc. ●		400
	185	Skyworks Solutions, Inc. ●		5,011
	144	Ultratech Stepper, Inc. ●		4,601
				23,881
		Software & Services - 17.0%
	37	Ancestry.com, Inc. ●		982
	13	Bazaarvoice, Inc. ●		259
	126	Bottomline Technologies, Inc. ●		2,976
	184	Broadsoft, Inc. ●		7,874
	1,012	Cadence Design Systems, Inc. ●		11,813
	12	Commvault Systems, Inc. ●		601
	125	Concur Technologies, Inc. ●		7,087
	46	Constant Contact, Inc. ●		1,108
	129	DealerTrack Holdings, Inc. ●		3,862
	50	Dice Holdings, Inc. ●		542
	61	Earthlink, Inc.		491
	1	ExactTarget, Inc. ●		30
	18	Fortinet, Inc. ●		473
	45	Guidewire Software, Inc. ●		1,230
	66	Higher One Holdings, Inc. ●		1,042
	135	IAC/Interactive Corp.		6,487
	98	Imperva, Inc. ●		3,409
	50	j2 Global, Inc.		1,297
	48	JDA Software Group, Inc. ●		1,373
	138	Jive Software, Inc. ●		3,279
	29	Keynote Systems, Inc.		528
	67	Kit Digital, Inc. ●		454
	396	LivePerson, Inc. ●		6,291
	5	Mercadolibre, Inc.		488
	49	MicroStrategy, Inc. ●		6,792
	15	Mitek Systems, Inc.		83
	15	Nuance Communications, Inc. ●		367
	23	Opnet Technologies, Inc.		543
	216	Parametric Technology Corp. ●		4,654
	99	Pegasystems, Inc.		3,690
	6	Proofpoint, Inc.		78
	35	QLIK Technologies, Inc. ●		999
	9	Quest Software, Inc. ●		213
	734	Sapient Corp.		8,780
	33	Solarwinds, Inc. ●		1,557
	68	Solera Holdings, Inc.		3,034
	15	Sourcefire, Inc. ●		756
	39	Splunk, Inc.		1,321
	75	Syntel, Inc.		4,499
	121	Tangoe, Inc. ●		2,469
	22	Tibco Software, Inc. ●		715
	11	Vantiv, Inc. ●		250
	167	VeriFone Systems, Inc. ●		7,977
	118	Wright Express Corp. ●		7,501
	42	XO Group, Inc. ●		391
				120,645
		Technology Hardware & Equipment - 7.2%
	66	Acme Packet, Inc. ●		1,842
	13	ADTRAN, Inc.		381
	32	Arris Group, Inc. ●		411
	305	Aruba Networks, Inc. ●		6,434
	195	Ciena Corp. ●		2,884
	111	Coherent, Inc. ●		5,820
	43	Emulex Corp. ●		375
	100	Extreme Networks, Inc. ●		383
	300	Fabrinet ●		5,048
	344	Finisar Corp. ●		5,680
	19	Interdigital, Inc.		531
	17	Ixia ●		217
	252	Jabil Circuit, Inc.		5,918
	92	Mitel Networks Corp. ●		435
	13	Netgear, Inc. ●		512
	47	Oplink Communications, Inc. ●		751
	15	Park Electrochemical Corp.		438
	25	Plantronics, Inc.		959
	45	Polycom, Inc. ●		596
	168	Riverbed Technology, Inc. ●		3,305
	117	Ubiquiti Networks, Inc. ●		3,870
	99	Universal Display Corp. ●		4,470
				51,260
		Telecommunication Services - 0.3%
	9	AboveNet, Inc. ●		725
	58	Cogent Communication Group, Inc. ●		1,088
	58	Leap Wireless International, Inc. ●		325
				2,138
		Transportation - 3.8%
	91	Avis Budget Group, Inc. ●		1,191
	142	Landstar System, Inc.		7,583
	20	Marten Transport Ltd.		420
	129	Old Dominion Freight Line, Inc. ●		5,741
	348	Spirit Airlines, Inc. ●		8,370
	223	US Airways Group, Inc. ●		2,289

The accompanying notes are an integral part of these financial statements.

7

The Hartford Small Company Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount						Market Value ╪
COMMON STOCKS - 95.5% - (continued)
		Transportation - 3.8% - (continued)
	48	Werner Enterprises, Inc.			$	1,136
						26,730
		Utilities - 0.3%
	15	Portland General Electric Co.				377
	32	UniSource Energy Corp.				1,154
	12	Westar Energy, Inc.				356
						1,887
		Total common stocks
		(cost $608,967)			$	677,946
PREFERRED STOCKS - 0.1%
		Consumer Durables & Apparel - 0.1%
	7	Callaway Golf Co., 7.50% ۞			$	654
		Total preferred stocks
		(cost $743)			$	654
EXCHANGE TRADED FUNDS - 1.3%
		Other Investment Pools and Funds - 1.3%
	101	iShares Russell 2000 Growth Index Fund			$	9,475
		Total exchange traded funds
		(cost $9,702)			$	9,475
		Total long-term investments
		(cost $619,412)			$	688,075
SHORT-TERM INVESTMENTS - 2.5%
	Repurchase Agreements - 2.5%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4,443, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $4,532)
$	4,443	0.20%, 04/30/2012			$	4,443
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $5,952, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $6,071)
	5,952	0.20%, 04/30/2012				5,952
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,351, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $2,398)
	2,351	0.21%, 04/30/2012				2,351
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,947, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $1,986)
	1,947	0.19%, 04/30/2012				1,947
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2, collateralized by U.S. Treasury Note 0.75%, 2013, value of $2)
	2	0.17%, 04/30/2012				2
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,196, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $3,259)
	3,195	0.21%, 04/30/2012				3,195
						17,890
		Total short-term investments
		(cost $17,890)			$	17,890
		Total investments
		(cost $637,302) ▲	99.4	%	$	705,965
		Other assets and liabilities	0.6	%		4,214
		Total net assets	100.0	%	$	710,179

The accompanying notes are an integral part of these financial statements.

8

The Hartford Small Company Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲  At April 30, 2012, the cost of securities for federal income tax purposes was $644,697 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	95,315
Unrealized Depreciation		(34,047	)
Net Unrealized Appreciation	$	61,268

†	These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $4,844, which represents 0.7% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
●	Non-income producing.
۞	Convertible security.
⌂	The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par	Security	Cost Basis
08/2011	3,137	Allstar Co.	3,193
10/2010 - 05/2011	1,421	Oilsands Quest, Inc.	637

At April 30, 2012, the aggregate value of these securities was $4,844, which represents 0.7% of total net assets.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
AUD	MSC	Sell	$	46	$	46	05/01/2012	$	–
CAD	BBH	Buy		424		425	05/01/2012		(1	)
CAD	BBH	Buy		380		380	05/03/2012		–
CAD	BBH	Sell		29		29	05/01/2012		–
CAD	CFSB	Buy		1,181		1,190	05/02/2012		(9	)
				1,910				$	(10	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

9

The Hartford Small Company Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BBH	Brown Brothers Harriman & Co.
CSFB	Credit Suisse First Boston Corp.
MSC	Morgan Stanley
Currency Abbreviations:
AUD	Australian Dollar
CAD	Canadian Dollar
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

10

The Hartford Small Company Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	677,946	$	670,411	$	2,691	$	4,844
Exchange Traded Funds		9,475		9,475		–		–
Preferred Stocks		654		–		654		–
Short-Term Investments		17,890		–		17,890		–
Total	$	705,965	$	679,886	$	21,235	$	4,844
Foreign Currency Contracts *		–		–		–		–
Total	$	–	$	–	$	–	$	–
Liabilities:
Foreign Currency Contracts *		10		–		10		–
Total	$	10	$	–	$	10	$	–

♦	For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales		Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of April 30, 2012
Assets:
Common Stocks	$	2,823	$	—	$	1,651	†	$	—	$	—	$	—	$	370	$	—	$	4,844
Total	$	2,823	$	—	$	1,651		$	—	$	—	$	—	$	370	$	—	$	4,844

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $1,651.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Small Company Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $637,302)	$	705,965
Foreign currency on deposit with custodian (cost $2)		2
Unrealized appreciation on foreign currency contracts		—
Receivables:
Investment securities sold		10,092
Fund shares sold		392
Dividends and interest		45
Other assets		66
Total assets		716,562
Liabilities:
Unrealized depreciation on foreign currency contracts		10
Bank overdraft		35
Payables:
Investment securities purchased		4,879
Fund shares redeemed		1,195
Investment management fees		94
Administrative fees		3
Distribution fees		26
Accrued expenses		141
Total liabilities		6,383
Net assets	$	710,179
Summary of Net Assets:
Capital stock and paid-in-capital	$	614,331
Distributions in excess of net investment loss		(3,033	)
Accumulated net realized gain		30,218
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		68,663
Net assets	$	710,179
Shares authorized		500,000
Par value	$	0 .001
Class A: Net asset value per share/Maximum offering price per share		$20.25/$21.43
Shares outstanding		15,097
Net assets	$	305,770
Class B: Net asset value per share	$	17.56
Shares outstanding		433
Net assets	$	7,605
Class C: Net asset value per share	$	17.51
Shares outstanding		2,110
Net assets	$	36,944
Class I: Net asset value per share	$	20.59
Shares outstanding		1,155
Net assets	$	23,791
Class R3: Net asset value per share	$	21.39
Shares outstanding		2,314
Net assets	$	49,500
Class R4: Net asset value per share	$	21.79
Shares outstanding		2,211
Net assets	$	48,182
Class R5: Net asset value per share	$	22.14
Shares outstanding		577
Net assets	$	12,766
Class Y: Net asset value per share	$	22.30
Shares outstanding		10,117
Net assets	$	225,621

The accompanying notes are an integral part of these financial statements.

12

The Hartford Small Company Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	1,604
Interest		6
Less: Foreign tax withheld		(20	)
Total investment income		1,590
Expenses:
Investment management fees		2,769
Administrative services fees		89
Transfer agent fees		512
Distribution fees
Class A		367
Class B		42
Class C		179
Class R3		118
Class R4		61
Custodian fees		17
Accounting services fees		48
Registration and filing fees		65
Board of Directors' fees		8
Audit fees		8
Other expenses		87
Total expenses (before waivers and fees paid indirectly)		4,370
Expense waivers		(19	)
Transfer agent fee waivers		(9	)
Commission recapture		(31	)
Total waivers and fees paid indirectly		(59	)
Total expenses, net		4,311
Net Investment Loss		(2,721	)
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		37,326
Net realized gain on foreign currency contracts		57
Net realized loss on other foreign currency transactions		(81	)
Net Realized Gain on Investments and Foreign Currency Transactions		37,302
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		39,633
Net unrealized depreciation of foreign currency contracts		(10	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		9
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		39,632
Net Gain on Investments and Foreign Currency Transactions		76,934
Net Increase in Net Assets Resulting from Operations	$	74,213

The accompanying notes are an integral part of these financial statements.

13

The Hartford Small Company Fund

Statement of Changes in Net Assets

(000’s Omitted)

    

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment loss	$	(2,721	)	$	(4,938	)
Net realized gain on investments and foreign currency transactions		37,302			146,528
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		39,632			(66,913	)
Net Increase In Net Assets Resulting From Operations		74,213			74,677
Distributions to Shareholders:
From net realized gain on investments
Class A		(14,976	)		—
Class B		(513	)		—
Class C		(2,105	)		—
Class I		(1,029	)		—
Class R3		(2,254	)		—
Class R4		(2,420	)		—
Class R5		(464	)		—
Class Y		(10,973	)		—
Total distributions		(34,734	)		—
Capital Share Transactions:
Class A		(7,845	)		(22,465	)
Class B		(1,916	)		(4,470	)
Class C		(1,129	)		(7,410	)
Class I		3,376			4,835
Class R3		161			7,162
Class R4		(6,060	)		1,862
Class R5		2,021			(2,650	)
Class Y		(21,365	)		(69,560	)
Net decrease from capital share transactions		(32,757	)		(92,696	)
Net Increase (Decrease) In Net Assets		6,722			(18,019	)
Net Assets:
Beginning of period		703,457			721,476
End of period	$	710,179		$	703,457
Undistributed (distribution in excess of) net investment income (loss)	$	(3,033	)	$	(312	)

The accompanying notes are an integral part of these financial statements.

14

The Hartford Small Company Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Small Company Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

15

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to

16

reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the

17

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

18

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of April 30, 2012, the Fund had no outstanding when-issued or delayed delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	10	$	—	$	—	$	—	$	—	$	10
Total	$	—	$	10	$	—	$	—	$	—	$	—	$	10

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

19

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	57		$	—	$	—	$	—	$	—	$	57
Total	$	—	$	57		$	—	$	—	$	—	$	—	$	57
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(10	)	$	—	$	—	$	—	$	—	$	(10	)
Total	$	—	$	(10	)	$	—	$	—	$	—	$	—	$	(10	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend

20

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Components of Distributable Earnings – The Fund’s components of distributable earnings (deficit) on a tax basis at October 31, 2011, are as follows:

	Amount
Undistributed Long-Term Capital Gain	$	34,733
Unrealized Appreciation *		21,636
Total Accumulated Earnings	$	56,369

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	4,907
Accumulated Net Realized Gain (Loss)		196
Capital Stock and Paid-in-Capital		(5,103	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

During the year ended October 31, 2011, the Fund utilized $112,995 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year

21

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.8500	%
On next $250 million		0.8000	%
On next $500 million		0.7500	%
On next $500 million		0.7000	%
On next $3.5 billion		0.6500	%
On next $5 billion		0.6300	%
Over $10 billion		0.6200	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.40	%		2.15	%		2.15	%		1.15	%		1.55	%		1.25	%		0.95	%		0.90	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed

22

to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		1.40	%
Class B		2.15
Class C		2.12
Class I		1.13
Class R3		1.55
Class R4		1.25
Class R5		0.95
Class Y		0.87

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $184 and contingent deferred sales charges of $6 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $3.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned

23

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On June 8, 2007, the Fund was reimbursed for incorrect IPO allocations to the Fund.

On May 2, 2007, the Fund had trading reimbursements relating to the change in portfolio managers of the Fund.

On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year Ended October 31, 2007			Impact from Payment from Affiliate for Trading Reimbursements for the Year Ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.16	%		0.22	%		23.41	%
Class B		0.18			0.24			22.46
Class C		0.18			0.24			22.37
Class I		0.16			0.22			23.81
Class R3		-			0.20			17.44
Class R4		-			0.20			17.80
Class R5		-			0.20			18.07
Class Y		0.16			0.20			23.99

8. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases for U.S. Government Obligations		402,081
Sales Proceeds for U.S. Government Obligations		478,926

24

9. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,400		850		(2,546	)		—		(296	)		3,332		—		(4,504	)		—		(1,172	)
Amount	$	26,336	$	14,435	$	(48,616	)	$	—	$	(7,845	)	$	67,527	$	—	$	(89,992	)	$	—	$	(22,465	)
Class B
Shares		13		32		(157	)		—		(112	)		40		—		(296	)		—		(256	)
Amount	$	222	$	467	$	(2,605	)	$	—	$	(1,916	)	$	701	$	—	$	(5,171	)	$	—	$	(4,470	)
Class C
Shares		96		133		(286	)		—		(57	)		224		—		(655	)		—		(431	)
Amount	$	1,606	$	1,951	$	(4,686	)	$	—	$	(1,129	)	$	3,974	$	—	$	(11,384	)	$	—	$	(7,410	)
Class I
Shares		366		54		(242	)		—		178			568		—		(342	)		—		226
Amount	$	7,105	$	926	$	(4,655	)	$	—	$	3,376		$	11,686	$	—	$	(6,851	)	$	—	$	4,835
Class R3
Shares		242		126		(343	)		—		25			871		—		(526	)		—		345
Amount	$	4,853	$	2,254	$	(6,946	)	$	—	$	161		$	18,282	$	—	$	(11,120	)	$	—	$	7,162
Class R4
Shares		224		133		(640	)		—		(283	)		869		—		(786	)		—		83
Amount	$	4,560	$	2,416	$	(13,036	)	$	—	$	(6,060	)	$	18,548	$	—	$	(16,686	)	$	—	$	1,862
Class R5
Shares		150		25		(71	)		—		104			240		—		(386	)		—		(146	)
Amount	$	3,056	$	464	$	(1,499	)	$	—	$	2,021		$	5,346	$	—	$	(7,996	)	$	—	$	(2,650	)
Class Y
Shares		983		588		(2,636	)		—		(1,065	)		2,740		—		(5,952	)		—		(3,212	)
Amount	$	20,986	$	10,972	$	(53,323	)	$	—	$	(21,365	)	$	61,376	$	—	$	(130,936	)	$	—	$	(69,560	)
Total
Shares		3,474		1,941		(6,921	)		—		(1,506	)		8,884		—		(13,447	)		—		(4,563	)
Amount	$	68,724	$	33,885	$	(135,366	)	$	—	$	(32,757	)	$	187,440	$	—	$	(280,136	)	$	—	$	(92,696	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		54	$	1,024
For the Year Ended October 31, 2011		90	$	1,795

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

25

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

26

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27

The Hartford Small Company Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income		Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	19.23	$	(0.09	)	$	–	$	2.09		$	2.00		$	–	$	(0.98	)	$	–	$	(0.98	)	$	1.02		$	20.25
B		16.88		(0.14	)		–		1.80			1.66			–		(0.98	)		–		(0.98	)		0.68			17.56
C		16.83		(0.14	)		–		1.80			1.66			–		(0.98	)		–		(0.98	)		0.68			17.51
I		19.51		(0.06	)		–		2.12			2.06			–		(0.98	)		–		(0.98	)		1.08			20.59
R3		20.27		(0.11	)		–		2.21			2.10			–		(0.98	)		–		(0.98	)		1.12			21.39
R4		20.60		(0.08	)		–		2.25			2.17			–		(0.98	)		–		(0.98	)		1.19			21.79
R5		20.88		(0.05	)		–		2.29			2.24			–		(0.98	)		–		(0.98	)		1.26			22.14
Y		21.02		(0.04	)		–		2.30			2.26			–		(0.98	)		–		(0.98	)		1.28			22.30
For the Year Ended October 31, 2011 (E)
A		17.48		(0.15	)		–		1.90			1.75			–		–			–		–			1.75			19.23
B		15.46		(0.27	)		–		1.69			1.42			–		–			–		–			1.42			16.88
C		15.41		(0.26	)		–		1.68			1.42			–		–			–		–			1.42			16.83
I		17.68		(0.10	)		–		1.93			1.83			–		–			–		–			1.83			19.51
R3		18.45		(0.20	)		–		2.02			1.82			–		–			–		–			1.82			20.27
R4		18.70		(0.14	)		–		2.04			1.90			–		–			–		–			1.90			20.60
R5		18.90		(0.08	)		–		2.06			1.98			–		–			–		–			1.98			20.88
Y		19.01		(0.06	)		–		2.07			2.01			–		–			–		–			2.01			21.02
For the Year Ended October 31, 2010 (E)
A		13.90		(0.13	)		–		3.71			3.58			–		–			–		–			3.58			17.48
B		12.39		(0.22	)		–		3.29			3.07			–		–			–		–			3.07			15.46
C		12.34		(0.22	)		–		3.29			3.07			–		–			–		–			3.07			15.41
I		14.03		(0.09	)		–		3.74			3.65			–		–			–		–			3.65			17.68
R3		14.70		(0.16	)		–		3.91			3.75			–		–			–		–			3.75			18.45
R4		14.85		(0.11	)		–		3.96			3.85			–		–			–		–			3.85			18.70
R5		14.97		(0.07	)		–		4.00			3.93			–		–			–		–			3.93			18.90
Y		15.03		(0.05	)		–		4.03			3.98			–		–			–		–			3.98			19.01
For the Year Ended October 31, 2009 (E)
A		13.09		(0.08	)		–		0.89			0.81			–		–			–		–			0.81			13.90
B		11.71		(0.12	)		–		0.80			0.68			–		–			–		–			0.68			12.39
C		11.71		(0.15	)		–		0.78			0.63			–		–			–		–			0.63			12.34
I		13.18		(0.06	)		–		0.91			0.85			–		–			–		–			0.85			14.03
R3		13.89		(0.13	)		–		0.94			0.81			–		–			–		–			0.81			14.70
R4		13.98		(0.09	)		–		0.96			0.87			–		–			–		–			0.87			14.85
R5		14.06		(0.06	)		–		0.97			0.91			–		–			–		–			0.91			14.97
Y		14.10		(0.04	)		–		0.97			0.93			–		–			–		–			0.93			15.03
For the Year Ended October 31, 2008
A		24.46		(0.06	)		–		(8.68	)		(8.74	)		–		(2.63	)		–		(2.63	)		(11.37	)		13.09
B		22.30		(0.20	)		–		(7.76	)		(7.96	)		–		(2.63	)		–		(2.63	)		(10.59	)		11.71
C		22.32		(0.18	)		–		(7.80	)		(7.98	)		–		(2.63	)		–		(2.63	)		(10.61	)		11.71
I		24.55		(0.02	)		–		(8.72	)		(8.74	)		–		(2.63	)		–		(2.63	)		(11.37	)		13.18
R3		25.83		(0.07	)		–		(9.24	)		(9.31	)		–		(2.63	)		–		(2.63	)		(11.94	)		13.89
R4		25.91		(0.03	)		–		(9.27	)		(9.30	)		–		(2.63	)		–		(2.63	)		(11.93	)		13.98
R5		25.97		–			–		(9.28	)		(9.28	)		–		(2.63	)		–		(2.63	)		(11.91	)		14.06
Y		26.00		0.02			–		(9.29	)		(9.27	)		–		(2.63	)		–		(2.63	)		(11.90	)		14.10
For the Year Ended October 31, 2007
A		21.58		(0.09	)		0.07		4.77			4.75			–		(1.87	)		–		(1.87	)		2.88			24.46
B		19.97		(0.26	)		0.10		4.36			4.20			–		(1.87	)		–		(1.87	)		2.33			22.30
C		20.00		(0.23	)		0.08		4.34			4.19			–		(1.87	)		–		(1.87	)		2.32			22.32
I		21.59		(0.01	)		–		4.84			4.83			–		(1.87	)		–		(1.87	)		2.96			24.55
R3(I)		21.95		(0.07	)		–		3.95			3.88			–		–			–		–			3.88			25.83
R4(I)		21.95		(0.03	)		–		3.99			3.96			–		–			–		–			3.96			25.91
R5(I)		21.95		(0.01	)		–		4.03			4.02			–		–			–		–			4.02			25.97
Y		22.73		0.02			0.06		5.06			5.14			–		(1.87	)		–		(1.87	)		3.27			26.00

28

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	11.39	%(F)	$	305,770		1.40	%(G)		1.40	%(G)		1.40	%(G)		(0.93	)%(G)		58	%
	10.94	(F)		7,605		2.39	(G)		2.15	(G)		2.15	(G)		(1.68	)(G)		–
	10.97	(F)		36,944		2.13	(G)		2.13	(G)		2.13	(G)		(1.66	)(G)		–
	11.54	(F)		23,791		1.13	(G)		1.13	(G)		1.13	(G)		(0.67	)(G)		–
	11.29	(F)		49,500		1.58	(G)		1.55	(G)		1.55	(G)		(1.08	)(G)		–
	11.46	(F)		48,182		1.28	(G)		1.25	(G)		1.25	(G)		(0.78	)(G)		–
	11.65	(F)		12,766		1.00	(G)		0.95	(G)		0.95	(G)		(0.49	)(G)		–
	11.67	(F)		225,621		0.87	(G)		0.87	(G)		0.87	(G)		(0.40	)(G)		–
	10.01			296,062		1.37			1.37			1.37			(0.77	)		111
	9.18			9,192		2.30			2.15			2.15			(1.55	)		–
	9.21			36,465		2.10			2.10			2.10			(1.50	)		–
	10.35			19,056		1.08			1.08			1.08			(0.49	)		–
	9.86			46,392		1.57			1.55			1.55			(0.96	)		–
	10.16			51,387		1.26			1.25			1.25			(0.66	)		–
	10.48			9,867		0.99			0.95			0.95			(0.35	)		–
	10.57			235,036		0.86			0.86			0.86			(0.26	)		–
	25.76			289,558		1.41			1.40			1.40			(0.80	)		181
	24.78			12,384		2.36			2.15			2.15			(1.54	)		–
	24.88			40,018		2.16			2.15			2.15			(1.55	)		–
	26.02			13,283		1.17			1.15			1.15			(0.54	)		–
	25.51			35,873		1.59			1.57			1.57			(1.00	)		–
	25.93			45,096		1.28			1.26			1.26			(0.67	)		–
	26.25			11,706		1.02			1.02			1.02			(0.41	)		–
	26.48			273,558		0.87			0.87			0.87			(0.28	)		–
	6.19			275,834		1.53			1.32			1.32			(0.67	)		180
	5.81			16,169		2.59			1.76			1.76			(1.10	)		–
	5.38			38,082		2.31			2.04			2.04			(1.39	)		–
	6.45			16,312		1.24			1.11			1.11			(0.48	)		–
	5.83			12,822		1.66			1.65			1.65			(1.04	)		–
	6.22			31,532		1.31			1.31			1.31			(0.67	)		–
	6.47			12,384		1.11			1.05			1.05			(0.42	)		–
	6.59			245,727		0.91			0.91			0.91			(0.27	)		–
	(39.57	)		274,412		1.39			1.39			1.39			(0.39	)		183
	(39.95	)		21,008		2.31			2.02			2.02			(1.01	)		–
	(40.01	)		41,294		2.15			2.15			2.15			(1.14	)		–
	(39.41	)		11,912		1.19			1.15			1.15			(0.15	)		–
	(39.69	)		2,990		1.66			1.65			1.65			(0.68	)		–
	(39.51	)		18,332		1.29			1.29			1.29			(0.29	)		–
	(39.32	)		7,510		1.00			1.00			1.00			(0.01	)		–
	(39.23	)		166,183		0.89			0.89			0.89			0.12			–
	23.88	(H)		299,819		1.41			1.40			1.40			(0.44	)		186
	22.97	(H)		52,549		2.28			2.12			2.12			(1.16	)		–
	22.88	(H)		63,650		2.15			2.15			2.15			(1.19	)		–
	24.28	(H)		3,886		1.12			1.12			1.12			(0.16	)		–
	17.68	(F),(H)		181		1.84	(G)		1.65	(G)		1.65	(G)		(0.69	)(G)		–
	18.04	(F),(H)		9,809		1.34	(G)		1.34	(G)		1.34	(G)		(0.54	)(G)		–
	18.31	(F),(H)		588		1.07	(G)		1.05	(G)		1.05	(G)		(0.38	)(G)		–
	24.44	(H)		194,096		0.91			0.91			0.91			0.09			–

29

The Hartford Small Company Fund

Financial Highlights - (continued)

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Not annualized.
(G)	Annualized.
(H)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.
(I)	Commenced operations on December 22, 2006.

30

The Hartford Small Company Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

31

The Hartford Small Company Fund

Directors and Officers (Unaudited)- (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

32

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

33

The Hartford Small Company Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,113.90	$	7.36	$	1,000.00	$	1,017.90	$	7.02		1.40	%		182		366
Class B	$	1,000.00	$	1,109.40	$	11.27	$	1,000.00	$	1,014.18	$	10.76		2.15			182		366
Class C	$	1,000.00	$	1,109.70	$	11.16	$	1,000.00	$	1,014.29	$	10.65		2.13			182		366
Class I	$	1,000.00	$	1,115.40	$	5.94	$	1,000.00	$	1,019.24	$	5.67		1.13			182		366
Class R3	$	1,000.00	$	1,112.90	$	8.14	$	1,000.00	$	1,017.16	$	7.77		1.55			182		366
Class R4	$	1,000.00	$	1,114.60	$	6.57	$	1,000.00	$	1,018.65	$	6.27		1.25			182		366
Class R5	$	1,000.00	$	1,116.50	$	5.00	$	1,000.00	$	1,020.14	$	4.77		0.95			182		366
Class Y	$	1,000.00	$	1,116.70	$	4.60	$	1,000.00	$	1,020.52	$	4.39		0.87			182		366

34

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-SC12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Small/Mid Cap Equity Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Small/Mid Cap Equity Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	11
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	12
Statement of Operations for Six-Month Period Ended April 30, 2012 (Unaudited)	13
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	14
Notes to Financial Statements (Unaudited)	15
Financial Highlights (Unaudited)	26
Directors and Officers (Unaudited)	28
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	30
Quarterly Portfolio Holdings Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Sub-Advisory Agreement (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Small/Mid Cap Equity Fund inception 01/01/2005

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 1/01/05 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12) 

	6 Month†			1 Year			5 year			Since Inception
Small/Mid Cap Equity A#		9.90	%		-3.31	%		1.05	%		4.09	%
Small/Mid Cap Equity A##					-8.63	%		-0.08	%		3.29	%
Small/Mid Cap Equity B#		9.49	%		-3.98	%		0.47	%		3.47	%
Small/Mid Cap Equity B##					-8.78	%		0.12	%		3.47	%
Small/Mid Cap Equity C#		9.46	%		-4.01	%		0.37	%		3.37	%
Small/Mid Cap Equity C##					-4.97	%		0.37	%		3.37	%
Small/Mid Cap Equity R3#		9.86	%		-3.15	%		1.39	%		4.46	%
Small/Mid Cap Equity R4#		9.95	%		-2.98	%		1.43	%		4.48	%
Small/Mid Cap Equity R5#		10.12	%		-2.82	%		1.46	%		4.51	%
Small/Mid Cap Equity Y#		10.14	%		-2.81	%		1.47	%		4.51	%
Russell 2500 Index		12.03	%		-2.23	%		2.35	%		5.67	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class R3, R4 and R5 shares commenced operations on 9/30/11. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Includes the Fund's performance when it invested, prior to 2/1/10, at least 80% of its assets in common stocks of mid-capitalization companies.

Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000 Index and includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Small/Mid Cap Equity Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Paul Bukowski, CFA	Kurt Cubbage, CFA
Executive Vice President	Vice President

Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and David J. Elliott, CFA, will serve as the Fund’s portfolio manager.  As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Paul Bukowski, CFA, and Kurt Cubbage, CFA, will no longer serve as the Fund’s portfolio managers.

How did the Fund perform?

The Class A shares of The Hartford Small/MidCap Equity Fund returned 9.90%, before sales charge, for the six-month period ended April 30, 2012 versus 12.03% for its benchmark, the Russell 2500 Index, and the 11.19% average return of the Lipper Mid-Cap Core Funds.

Why did the Fund perform this way?

Approximately half of the Russell 2500 Index gains were in January 2012 when it returned 6.6%. This was a strong month for lower quality stocks which outperformed their higher quality counterparts. The other months saw more muted performance in the Index.

The Fund’s underperformance was mainly driven by weak security selection – especially in the Health Care and Financials sectors. Sector allocation also marginally detracted from relative return, primarily due to an overweight (i.e. the Fund’s sector position was greater than the benchmark position) in the Utilities sector. The Fund’s benchmark relative underperformance was concentrated in the month of January when there was generally a more defensive positioning which was unable to keep up with the explosive rally that started this year.

Among the largest detractors to relative performance were overweights to True Religion Apparel (Consumer) and Marchex (Technology). Both True Religion Apparel and Marchex dropped after issuing guidance below analyst expectations.

Among the largest contributors to relative performance were overweights to SureWest Communications (Technology) and Prestige Brands Holdings( Healthcare). Both SureWest Communications and Prestige Brands Holdings rose dramatically after announcements by other firms of their intentions to acquire these companies.

Our team invests in companies that we believe have compelling stock characteristics versus the Russell 2500 Index. Our systematic approach weighs more than 80 fundamental characteristics across four broad categories, including business behavior, management behavior, valuation, and investor behavior. This analysis is used to build a broadly diversified portfolio of companies, with sector weightings determined largely by the attractiveness of specific stocks within the Fund’s investment universe. We believe this approach will yield attractive risk-adjusted returns relative to the Russell 2500 Growth Index over the long term.

What is your outlook?

Looking ahead, we believe challenges include a mild recession in Europe, election year uncertainty - especially on fiscal policy, and higher energy costs in an environment with little pricing power to pass costs on to consumers. While the labor market appears to be improving, it is still fragile. Balance sheets are still being stabilized and deleveraged, while earnings growth expectations for the first quarter are low. We believe investors will place marginally higher demand for stable and expanding profit growth.

One risk to this strategy is that policy and macro themes overwhelm investors desire to discriminate among stocks - returning to viewing macro events as essentially the only driver of market performance. For example, investors might turn the “risk on” trade back ‘on’ because of a liquidity event such as more quantitative easing or tax cuts. Another risk is that there is a major geopolitical event that causes investors to turn “risk off” regardless of stock fundamentals.

3

The Hartford Small/Mid Cap Equity Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

Diversification by Industry
as of April 30, 2012
Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		1.8	%
Banks (Financials)		4.2
Capital Goods (Industrials)		8.2
Commercial & Professional Services (Industrials)		3.5
Consumer Durables & Apparel (Consumer Discretionary)		3.5
Consumer Services (Consumer Discretionary)		4.0
Diversified Financials (Financials)		2.8
Energy (Energy)		7.3
Food & Staples Retailing (Consumer Staples)		0.5
Food, Beverage & Tobacco (Consumer Staples)		1.8
Health Care Equipment & Services (Health Care)		6.3
Household & Personal Products (Consumer Staples)		1.5
Insurance (Financials)		3.5
Materials (Materials)		6.4
Media (Consumer Discretionary)		1.1
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		4.1
Real Estate (Financials)		6.6
Retailing (Consumer Discretionary)		5.7
Semiconductors & Semiconductor Equipment (Information Technology)		3.3
Software & Services (Information Technology)		9.4
Technology Hardware & Equipment (Information Technology)		3.4
Telecommunication Services (Services)		1.3
Transportation (Industrials)		3.5
Utilities (Utilities)		5.8
Short-Term Investments		1.2
Other Assets and Liabilities		(0.7	)
Total		100.0	%

4

The Hartford Small/Mid Cap Equity Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.5%
		Automobiles & Components - 1.8%
	7	Autoliv, Inc.	$	416
	5	Dorman Products, Inc. ●		220
	10	Gentex Corp.		226
	12	Lear Corp.		515
	7	Thor Industries, Inc.		240
	11	TRW Automotive Holdings Corp. ●		523
	9	Visteon Corp. ●		431
				2,571
		Banks - 4.2%
	12	Banner Corp.		255
	29	BBCN Bancorp, Inc. ●		318
	37	CapitalSource, Inc.		241
	32	Capitol Federal Financial		382
	8	Community Bank System, Inc.		229
	10	East West Bancorp, Inc.		230
	22	Enterprise Financial Services Corp. ●		267
	22	Fifth Third Bancorp		319
	1	First Citizens Bancshares Class A		225
	27	Fulton Finance Corp.		280
	88	Huntington Bancshares, Inc.		588
	33	Keycorp		261
	9	Lakeland Financial Corp.		232
	10	MainSource Financial Group, Inc.		120
	32	People's United Financial, Inc.		400
	18	Provident Financial Services, Inc.		266
	45	Regions Financial Corp.		301
	30	Susquehanna Bancshares, Inc.		315
	68	Trustco Bank Corp.		375
	13	United Financial Bancorp, Inc.		215
	29	Westfield Financial		213
				6,032
		Capital Goods - 8.2%
	7	A.O. Smith Corp.		314
	7	Actuant Corp. Class A		194
	10	AGCO Corp. ●		481
	9	Albany International Corp. Class A		206
	3	American Science & Engineering, Inc.		176
	7	AMETEK, Inc.		331
	16	Ampco-Pittsburgh Corp.		297
	9	Babcock &Wilcox Co. ●		225
	8	Brady Corp. Class A		249
	13	Briggs & Stratton Corp.		228
	6	Chicago Bridge & Iron Co. N.V.		271
	10	Colfax Corp. ●		339
	20	DigitalGlobe, Inc. ●		245
	6	Donaldson Co., Inc.		207
	9	Dycom Industries, Inc. ●		218
	24	Exelis, Inc.		273
	46	Federal Signal Corp. ●		236
	4	Fluor Corp.		222
	3	Gardner Denver Machinery, Inc.		202
	8	GATX Corp.		347
	8	General Cable Corp. ●		233
	33	Great Lakes Dredge & Dock Co.		241
	29	Griffon Corp.		288
	3	Hubbell, Inc. Class B		217
	13	ITT Corp.		281
	6	Kaydon Corp.		146
	10	KBR, Inc.		341
	33	Kratos Defense & Security ●		182
	8	L.B. Foster Co. Class A		213
	22	LSI Industries, Inc.		149
	3	Nacco Industries, Inc. Class A		314
	19	NCI Building Systems, Inc. ●		227
	5	Nordson Corp.		248
	33	Orion Marine Group, Inc. ●		230
	10	Owens Corning, Inc. ●		353
	3	Parker-Hannifin Corp.		272
	6	Pentair, Inc.		277
	14	Quanex Building Products Corp.		256
	9	RSC Holdings, Inc. ●		218
	9	Spirit Aerosystems Holdings, Inc. ●		220
	79	Taser International, Inc. ●		363
	4	Teledyne Technologies, Inc. ●		271
	2	TransDigm Group, Inc. ●		303
	6	United Rentals, Inc. ●		289
	6	Wabco Holdings, Inc. ●		391
				11,784
		Commercial & Professional Services - 3.5%
	14	Barrett Business Services		284
	48	CBIZ, Inc. ●		291
	9	Cintas Corp.		353
	10	Copart, Inc. ●		272
	5	Corporate Executive Board Co.		194
	14	Covanta Holding Corp.		228
	8	Deluxe Corp.		198
	4	Dun & Bradstreet Corp.		280
	8	Equifax, Inc. ●		380
	17	Healthcare Services Group, Inc.		365
	11	Insperity, Inc.		294
	32	Kimball International, Inc.		220
	8	McGrath RentCorp.		236
	40	Metalico, Inc. ●		130
	13	Robert Half International, Inc.		373
	14	Rollins, Inc.		303
	17	Standard Parking Corp. ●		319
	7	Verisk Analytics, Inc. ●		318
				5,038
		Consumer Durables & Apparel - 3.5%
	4	Blyth, Inc.		317
	19	Crocs, Inc. ●		392
	6	CSS Industries, Inc.		119
	3	Fossil, Inc. ●		401
	5	Garmin Ltd.		222
	13	Jakks Pacific, Inc.		246
	30	Jones (The) Group, Inc.		339
	12	Leggett & Platt, Inc.		253
	31	Liz Claiborne, Inc. ●		409
	5	Oxford Industries, Inc.		259
	6	Polaris Industries, Inc.		491
	4	PVH Corp.		338
	44	Quiksilver, Inc. ●		153
	7	Sturm Ruger & Co., Inc.		424
	3	Tempur-Pedic International, Inc. ●		194
	9	True Religion Apparel, Inc. ●		247
	4	Tupperware Brands Corp.		255
				5,059
		Consumer Services - 4.0%
	6	American Public Education, Inc. ●		193
	7	Apollo Group, Inc. Class A ●		243
	5	Bally Technologies, Inc. ●		243
	6	Bob Evans Farms, Inc.		235

The accompanying notes are an integral part of these financial statements.

5

The Hartford Small/Mid Cap Equity Fund

Schedule of Investments - (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.5% - (continued)
		Consumer Services - 4.0% - (continued)
	25	Boyd Gaming Corp. ●	$	193
	10	Brinker International, Inc.		315
	6	Capella Education Co. ●		186
	1	Chipotle Mexican Grill, Inc. ●		298
	66	Corinthian Colleges, Inc. ●		251
	4	Cracker Barrel Old Country Store, Inc.		242
	16	H & R Block, Inc.		241
	25	International Game Technology		383
	8	ITT Educational Services, Inc. ●		535
	4	Life Time Fitness, Inc. ●		191
	23	Lincoln Educational Services Corp.		172
	8	Marriott International, Inc. Class A		301
	26	Multimedia Games Holding Co., Inc. ●		291
	7	Papa John's International, Inc. ●		298
	7	Red Robin Gourmet Burgers, Inc. ●		260
	12	Regis Corp.		220
	5	Wyndham Worldwide Corp.		267
	2	Wynn Resorts Ltd.		253
				5,811
		Diversified Financials - 2.8%
	3	Affiliated Managers Group, Inc. ●		341
	16	Ares Capital Corp.		263
	21	Calamos Asset Management, Inc.		270
	14	CBOE Holdings, Inc.		373
	7	Cohen & Steers, Inc.		240
	7	Discover Financial Services, Inc.		247
	8	Eaton Vance Corp.		197
	8	Green Dot Corp. ●		201
	8	Lazard Ltd.		231
	11	MarketAxess Holdings, Inc.		371
	8	MSCI, Inc. ●		296
	9	Nasdaq OMX Group, Inc. ●		214
	33	Netspend Holdings, Inc. ●		250
	17	NGP Capital Resources Co.		105
	6	Raymond James Financial, Inc.		220
	10	Triangle Capital Corp.		210
				4,029
		Energy - 7.3%
	11	Cabot Oil & Gas Corp.		383
	31	Callon Petroleum Corp. ●		182
	4	Cameron International Corp. ●		220
	16	Cloud Peak Energy, Inc. ●		241
	5	Core Laboratories N.V.		665
	10	CVR Energy, Inc. ●		298
	16	Delek U.S. Holdings, Inc.		253
	4	Diamond Offshore Drilling, Inc.		244
	7	Dresser-Rand Group, Inc. ●		329
	8	El Paso Corp.		229
	7	Energen Corp.		357
	7	Energy XXI Bermuda Ltd. ●		268
	15	Helix Energy Solutions Group, Inc. ●		304
	4	Helmerich & Payne, Inc.		195
	17	HollyFrontier Corp.		521
	58	ION Geophysical Corp. ●		363
	15	Matrix Service Co. ●		211
	27	Newpark Resources, Inc. ●		172
	8	Oceaneering International, Inc.		406
	37	Parker Drilling Co. ●		192
	8	Peabody Energy Corp.		248
	5	Plains Exploration & Production Co. ●		212
	7	REX American Resources Corp. ●		189
	14	RigNet, Inc. ●		232
	14	Spectra Energy Corp.		424
	9	Stone Energy Corp. ●		238
	11	Superior Energy Services, Inc. ●		288
	7	Targa Resources Corp.		314
	14	Tesoro Corp. ●		337
	32	Vaalco Energy, Inc. ●		291
	20	Valero Energy Corp.		492
	10	W&T Offshore, Inc.		206
	67	Warren Resources, Inc. ●		207
	20	Western Refining, Inc.		388
	11	World Fuel Services Corp.		477
				10,576
		Food & Staples Retailing - 0.5%
	13	Chef's Warehouse ●		307
	5	Harris Teeter Supermarkets, Inc.		194
	7	Village Super Market, Inc. Class A		184
				685
		Food, Beverage & Tobacco - 1.8%
	9	Campbell Soup Co.		291
	16	ConAgra Foods, Inc.		416
	26	Constellation Brands, Inc. Class A ●		553
	7	Monster Beverage Corp. ●		448
	7	Post Holdings, Inc. ●		201
	37	Smart Balance, Inc. ●		216
	10	Smithfield Foods, Inc. ●		208
	5	Universal Corp.		229
				2,562
		Health Care Equipment & Services - 6.3%
	6	Amerigroup Corp. ●		358
	22	AngioDynamics, Inc. ●		277
	12	ArthroCare Corp. ●		294
	8	CareFusion Corp. ●		210
	7	Centene Corp. ●		281
	6	CIGNA Corp.		296
	14	Community Health Systems, Inc. ●		334
	3	Computer Programs and Systems, Inc.		166
	7	CONMED Corp.		197
	13	Coventry Health Care, Inc.		389
	25	CryoLife, Inc. ●		131
	6	Cyberonics, Inc. ●		230
	4	DaVita, Inc. ●		310
	4	Haemonetics Corp. ●		276
	10	Health Net, Inc. ●		360
	9	Hill-Rom Holdings, Inc.		279
	16	Hologic, Inc. ●		300
	5	Humana, Inc.		363
	9	Magellan Health Services, Inc. ●		381
	10	Masimo Corp. ●		213
	33	Merge Healthcare, Inc. ●		143
	30	Metropolitan Health Networks ●		228
	2	MWI Veterinary Supply, Inc. ●		228
	24	Natus Medical, Inc. ●		296
	10	Omnicare, Inc.		362
	9	Patterson Cos., Inc.		310
	10	PSS World Medical, Inc. ●		232
	10	Resmed, Inc. ●		340
	111	RTI Biologics, Inc. ●		390
	13	Triple-S Management Corp., Class B ●		276

The accompanying notes are an integral part of these financial statements. 

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.5% - (continued)
		Health Care Equipment & Services - 6.3% - (continued)
	6	Wellcare Health Plans, Inc. ●	$	355
	4	Zimmer Holdings, Inc.		277
				9,082
		Household & Personal Products - 1.5%
	11	Church & Dwight Co., Inc.		545
	3	Energizer Holdings, Inc. ●		193
	7	Herbalife Ltd.		506
	4	Nu Skin Enterprises, Inc. Class A		222
	21	Prestige Brands Holdings, Inc. ●		354
	20	Schiff Nutrition International ●		326
				2,146
		Insurance - 3.5%
	8	American Financial Group, Inc.		324
	3	American National Insurance Co.		211
	8	AmTrust Financial Services, Inc.		207
	10	Arch Capital Group Ltd. ●		394
	6	Arthur J. Gallagher & Co.		222
	10	Aspen Insurance Holdings Ltd.		280
	5	Assurant, Inc.		186
	11	Axis Capital Holdings Ltd.		381
	15	Brown & Brown, Inc.		407
	3	Erie Indemnity Co.		222
	34	Genworth Financial, Inc. ●		203
	8	Marsh & McLennan Cos., Inc.		268
	24	Meadowbrook Insurance Group, Inc.		210
	11	Progressive Corp.		232
	8	Reinsurance Group of America, Inc.		443
	3	RLI Corp.		193
	5	Safety Insurance Group, Inc.		198
	5	Torchmark Corp.		253
	8	Validus Holdings Ltd.		263
				5,097
		Materials - 6.4%
	17	A. M. Castle & Co. ●		233
	7	Airgas, Inc.		642
	4	Albemarle Corp.		287
	4	AptarGroup, Inc.		218
	10	Ball Corp.		438
	7	Bemis Co., Inc.		241
	5	Cabot Corp.		233
	7	Cliff's Natural Resources, Inc.		448
	12	Coeur d'Alene Mines Corp. ●		256
	12	Crown Holdings, Inc. ●		431
	4	Cytec Industries, Inc.		273
	5	Ecolab, Inc.		298
	17	Flotek Industries, Inc. ●		237
	3	FMC Corp.		276
	41	Graphic Packaging Holding Co. ●		220
	87	Hecla Mining Co.		370
	20	Horsehead Holding Corp. ●		226
	18	Huntsman Corp.		259
	5	International Flavors & Fragrances, Inc.		314
	6	International Paper Co.		203
	4	Minerals Technologies, Inc.		275
	18	Myers Industries		301
	18	Noranda Aluminium Holding Corp.		186
	10	OM Group, Inc. ●		251
	5	Rockwood Holdings, Inc. ●		266
	5	Schweitzer-Mauduit International, Inc.		346
	18	Sealed Air Corp.		339
	6	Sensient Technologies Corp.		234
	10	Sonoco Products Co.		332
	7	Valspar Corp.		332
	4	W.R. Grace & Co. ●		215
				9,180
		Media - 1.1%
	33	Belo Corp. Class A		223
	24	Gannett Co., Inc.		338
	32	Global Sources Ltd. ●		199
	19	Interpublic Group of Cos., Inc.		222
	53	Lin TV Corp. ●		208
	8	Scholastic Corp.		244
	8	Valassis Communications, Inc. ●		158
				1,592
		Pharmaceuticals, Biotechnology & Life Sciences - 4.1%
	4	Alexion Pharmaceuticals, Inc. ●		393
	57	Cambrex Corp. ●		369
	8	Cepheid, Inc. ●		294
	8	Charles River Laboratories International, Inc. ●		276
	4	Covance, Inc. ●		205
	5	Cubist Pharmaceuticals, Inc. ●		203
	11	Endo Pharmaceuticals Holdings, Inc. ●		382
	7	Forest Laboratories, Inc. ●		226
	7	Hospira, Inc. ●		235
	5	Life Technologies Corp. ●		252
	14	Momenta Pharmaceuticals, Inc. ●		226
	13	Mylan, Inc. ●		291
	10	Myriad Genetics, Inc. ●		271
	26	Neurocrine Biosciences, Inc. ●		190
	30	NPS Pharmaceuticals, Inc. ●		214
	25	Nymox Pharmeceutical Corp. ●		201
	6	Par Pharmaceutical Cos., Inc. ●		263
	63	PDL Biopharma, Inc.		393
	8	PerkinElmer, Inc.		229
	19	Qiagen N.V. ●		315
	11	ViroPharma, Inc. ●		239
	14	Warner Chilcott plc ●		300
				5,967
		Real Estate - 6.6%
	3	Alexandria Real Estate Equities, Inc.		232
	6	American Campus Communities, Inc.		245
	6	BRE Properties		310
	7	Camden Property Trust		501
	20	CBL & Associates Properties		369
	32	CubeSmart		399
	36	DCT Industrial Trust, Inc.		214
	21	DDR Corp.		306
	6	Digital Realty Trust, Inc.		421
	19	Duke Realty, Inc.		283
	4	EastGroup Properties, Inc.		211
	24	Education Realty Trust, Inc.		273
	2	Essex Property Trust, Inc.		363
	9	Extra Space Storage, Inc.		273
	4	Federal Realty Investment Trust		352
	20	First Industrial Realty Trust, Inc. ●		247
	10	Gladstone Commercial Corp.		178
	8	Highwoods Properties, Inc.		264
	4	Home Properties of New York, Inc.		238
	53	Investors Real Estate Trust		380
	7	LTC Properties, Inc.		217
	5	Macerich Co.		311

The accompanying notes are an integral part of these financial statements. 

7

The Hartford Small/Mid Cap Equity Fund

Schedule of Investments - (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.5% - (continued)
		Real Estate - 6.6% - (continued)
	36	Mission West Properties, Inc.	$	312
	9	National Retail Properties, Inc.		249
	14	One Liberty Properties, Inc.		263
	23	Penn Real Estate Investment Trust		327
	7	Post Properties, Inc.		336
	4	PS Business Parks, Inc.		281
	7	Realty Income Corp.		281
	4	Sovran Self Storage, Inc.		229
	3	Taubman Centers, Inc.		247
	14	UDR, Inc.		363
				9,475
		Retailing - 5.7%
	12	Aaron's, Inc.		337
	4	Bed Bath & Beyond, Inc. ●		282
	8	Best Buy Co., Inc.		177
	9	Body Central Corp. ●		262
	67	Casual Male Retail Group, Inc. ●		211
	18	Chico's FAS, Inc.		281
	7	Dick's Sporting Goods, Inc.		369
	12	Express, Inc. ●		293
	16	Foot Locker, Inc.		489
	10	Francescas Holding Corp. ●		323
	12	GameStop Corp. Class A		283
	6	Genuine Parts Co.		389
	13	Groupon, Inc. ●		136
	10	LKQ Corp. ●		318
	4	O'Reilly Automotive, Inc. ●		422
	9	PetSmart, Inc.		540
	5	Ross Stores, Inc.		283
	27	Saks, Inc. ●		299
	11	Sally Beauty Co., Inc. ●		290
	13	Staples, Inc.		205
	12	Systemax, Inc. ●		198
	4	Tractor Supply Co.		384
	3	Ulta Salon, Cosmetics & Fragrances, Inc.		265
	7	Vitamin Shoppe, Inc. ●		317
	69	Wet Seal, Inc. Class A ●		227
	7	Williams-Sonoma, Inc.		263
	4	Winmark Corp.		220
	7	Zumiez, Inc. ●		242
				8,305
		Semiconductors & Semiconductor Equipment - 3.3%
	12	Ceva, Inc. ●		274
	36	Exar Corp. ●		286
	37	GT Advanced Technologies, Inc. ●		242
	36	Kopin Corp. ●		127
	22	Kulicke and Soffa Industries, Inc. ●		289
	10	Linear Technology Corp.		317
	67	LSI Corp. ●		540
	9	Maxim Integrated Products, Inc.		263
	46	Mindspeed Technologies, Inc. ●		228
	7	MKS Instruments, Inc.		196
	53	Photronics, Inc. ●		330
	63	PLX Technology, Inc. ●		251
	37	Rudolph Technologies, Inc. ●		402
	61	Silicon Image, Inc. ●		365
	25	STR Holdings, Inc. ●		96
	20	Teradyne, Inc. ●		348
	18	Tessera Technologies, Inc. ●		281
				4,835
		Software & Services - 9.4%
	2	ACI Worldwide, Inc. ●		85
	31	Actuate Corp. ●		223
	7	Akamai Technologies, Inc. ●		222
	3	Alliance Data Systems Corp. ●		423
	6	Amdocs Ltd. ●		205
	4	ANSYS, Inc. ●		235
	15	Aspen Technology, Inc. ●		304
	6	Autodesk, Inc. ●		220
	10	BMC Software, Inc. ●		425
	9	CA, Inc.		230
	29	Cadence Design Systems, Inc. ●		334
	4	Citrix Systems, Inc. ●		300
	6	Commvault Systems, Inc. ●		302
	4	Concur Technologies, Inc. ●		198
	31	Deltek, Inc. ●		327
	37	Demand Media, Inc. ●		307
	12	Ebix, Inc.		255
	13	Fortinet, Inc. ●		347
	5	Gartner, Inc. Class A ●		203
	11	Global Payments, Inc.		501
	5	Informatica Corp. ●		236
	28	Intralinks Holdings, Inc. ●		132
	8	j2 Global, Inc.		212
	7	Jack Henry & Associates, Inc.		234
	5	Liquidity Services, Inc. ●		272
	12	LivePerson, Inc. ●		190
	9	Logmein, Inc. ●		324
	4	Manhattan Associates, Inc. ●		205
	66	Marchex, Inc.		229
	7	Micros Systems ●		391
	15	North American Equity		171
	11	Nuance Communications, Inc. ●		257
	10	Paychex, Inc.		294
	13	Quest Software, Inc. ●		309
	6	Red Hat, Inc. ●		378
	32	Rosetta Stone, Inc. ●		340
	14	SciQuest, Inc. ●		210
	50	SeaChange International, Inc. ●		412
	8	Solarwinds, Inc. ●		398
	9	Synopsys, Inc. ●		258
	50	Telenav, Inc. ●		339
	3	Teradata Corp. ●		223
	12	Tibco Software, Inc. ●		408
	4	Ultimate Software ●		339
	57	United Online, Inc.		270
	9	VeriSign, Inc.		358
	11	Websense, Inc. ●		234
	13	Western Union Co.		233
				13,502
		Technology Hardware & Equipment - 3.4%
	4	Amphenol Corp. Class A		256
	19	AVX Corp.		241
	97	Brocade Communications Systems, Inc. ●		538
	9	Comtech Telecommunications Corp.		278
	6	Diebold, Inc.		237
	65	Extreme Networks, Inc. ●		249
	10	Ingram Micro, Inc. ●		202
	10	Itron, Inc. ●		400
	11	Jabil Circuit, Inc.		256
	14	Molex, Inc.		386

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 99.5% - (continued)
		Technology Hardware & Equipment - 3.4% - (continued)
	21	QLogic Corp. ●			$	364
	8	Riverbed Technology, Inc. ●				164
	63	Tellabs, Inc.				238
	90	Westell Technologies, Inc. Class A ●				206
	7	Western Digital Corp. ●				252
	35	Xerox Corp.				275
	18	Zygo Corp. ●				358
						4,900
		Telecommunication Services - 1.3%
	3	AboveNet, Inc. ●				263
	19	Boingo Wireless, Inc. ●				197
	85	Cincinnati Bell, Inc. ●				324
	8	Crown Castle International Corp. ●				432
	9	SBA Communications Corp. ●				481
	92	Vonage Holdings Corp. ●				187
						1,884
		Transportation - 3.5%
	5	C.H. Robinson Worldwide, Inc.				305
	8	Con-way, Inc.				256
	8	Expeditors International of Washington, Inc.				328
	8	Forward Air Corp.				286
	19	Heartland Express, Inc.				258
	12	J.B. Hunt Transport Services, Inc.				666
	5	Kansas City Southern ●				396
	18	Knight Transportation, Inc.				303
	9	Landstar System, Inc.				485
	9	Park-Ohio Holdings Corp. ●				185
	5	Ryder System, Inc.				224
	15	United Continental Holdings, Inc. ●				331
	21	UTI Worldwide, Inc.				349
	8	Werner Enterprises, Inc.				195
	27	Wesco Aircraft Holdings, Inc. ●				429
						4,996
		Utilities - 5.8%
	29	AES (The) Corp. ●				358
	9	AGL Resources, Inc.				347
	8	Alliant Energy Corp.				374
	12	American Water Works Co., Inc.				409
	8	Atmos Energy Corp.				272
	9	Avista Corp.				246
	17	CenterPoint Energy, Inc.				337
	19	CMS Energy Corp.				437
	4	Consolidated Edison, Inc.				244
	11	Great Plains Energy, Inc.				231
	5	IDACORP, Inc.				212
	5	Integrys Energy Group, Inc.				246
	12	MDU Resources Group, Inc.				283
	21	N.V. Energy, Inc.				345
	19	Northeast Utilities				704
	4	OGE Energy Corp.				221
	17	Pepco Holdings, Inc.				329
	7	Pinnacle West Capital Corp.				358
	13	PNM Resources, Inc.				238
	12	Portland General Electric Co.				310
	14	PPL Corp.				373
	9	SCANA Corp.				407
	18	TECO Energy, Inc.				325
	10	UGI Corp.				286
	7	Vectren Corp.				200
	9	Xcel Energy, Inc.				246
						8,338
		Total common stocks
		(cost $131,699)			$	143,446
		Total long-term investments
		(cost $131,699)			$	143,446
SHORT-TERM INVESTMENTS - 1.2%
Repurchase Agreements - 0.8%
		Deutsche Bank Securities TriParty Joint   Repurchase Agreement (maturing on 05/01/2012 in the amount of $333, collateralized by U.S. Treasury Note 0.63%, 2012, value of $339)
$	333	0.19%, 04/30/2012			$	333
		RBC Capital Markets TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $337, collateralized by U.S. Treasury Note 0.88% - 2.00%, 2017 - 2022, value of $343)
	337	0.13%, 04/30/2012				337
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on  05/01/2012 in the amount of $361, collateralized by U.S. Treasury Note 2.63%, 2018, value of $368)
	361	0.16%, 04/30/2012				361
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $190, collateralized by U.S. Treasury Note 0.88% - 1.25%, 2017 - 2019, value of $194)
	190	0.18%, 04/30/2012				190
						1,221
U.S. Treasury Bills - 0.4%
	470	0.06%, 05/03/2012 ○□			$	470
		Total short-term investments
		(cost $1,691)			$	1,691
		Total investments
		(cost $133,390) ▲	100.7	%	$	145,137
		Other assets and liabilities	(0.7	)%		(1,062	)
		Total net assets	100.0	%	$	144,075

 The accompanying notes are an integral part of these financial statements.

9

The Hartford Small/Mid Cap Equity Fund

Schedule of Investments - (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $134,164 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	16,174
Unrealized Depreciation		(5,201	)
Net Unrealized Appreciation	$	10,973

● Non-income producing.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

□ This security, or a portion of this security, is pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts held at April 30, 2012 as listed in the table below:

Description	Number of Contracts*		Position		Expiration Date		Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Future		6		Long		06/15/2012	$	489	$	478	$	11
S&P 400 E-Mini Future		8		Long		06/15/2012		792		770		22
											$	33
*      The number of contracts does not omit 000's.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Index Abbreviations:
S&P	Standard & Poors Index

The accompanying notes are an integral part of these financial statements.

10

The Hartford Small/Mid Cap Equity Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	143,446	$	143,446	$	–	$	–
Short-Term Investments		1,691		–		1,691		–
Total	$	145,137	$	143,446	$	1,691	$	–
Futures *		33		33		–		–
Total	$	33	$	33	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Small/Mid Cap Equity Fund

Statement of Assets and Liabilities

April 30, 2012  (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $133,390)	$	145,137
Cash		—
Receivables:
Fund shares sold		70
Dividends and interest		68
Variation margin		6
Other assets		60
Total assets		145,341
Liabilities:
Payables:
Fund shares redeemed		1,201
Investment management fees		18
Administrative fees		—
Distribution fees		4
Variation margin		18
Accrued expenses		25
Total liabilities		1,266
Net assets	$	144,075
Summary of Net Assets:
Capital stock and paid-in-capital	$	145,489
Undistributed net investment income		232
Accumulated net realized loss		(13,426	)
Unrealized appreciation of investments		11,780
Net assets	$	144,075
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.10/$11.75
Shares outstanding		4,050
Net assets	$	44,960
Class B: Net asset value per share	$	10.61
Shares outstanding		451
Net assets	$	4,782
Class C: Net asset value per share	$	10.53
Shares outstanding		961
Net assets	$	10,120
Class R3: Net asset value per share	$	11.37
Shares outstanding		12
Net assets	$	142
Class R4: Net asset value per share	$	11.36
Shares outstanding		11
Net assets	$	125
Class R5: Net asset value per share	$	11.37
Shares outstanding		11
Net assets	$	125
Class Y: Net asset value per share	$	11.37
Shares outstanding		7,372
Net assets	$	83,821

The accompanying notes are an integral part of these financial statements.

12

The Hartford Small/Mid Cap Equity Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	1,285
Interest		1
Less: Foreign tax withheld		—
Total investment income		1,286
Expenses:
Investment management fees		544
Administrative services fees		—
Transfer agent fees		85
Distribution fees
Class A		56
Class B		24
Class C		50
Class R3		—
Class R4		—
Custodian fees		15
Accounting services fees		10
Registration and filing fees		50
Board of Directors' fees		2
Audit fees		6
Other expenses		13
Total expenses (before waivers)		855
Expense waivers		(45	)
Transfer agent fee waivers		(4	)
Total waivers		(49	)
Total expenses, net		806
Net Investment Income		480
Net Realized Gain on Investments and Other Financial Instruments:
Net realized gain on investments in securities		5,388
Net realized gain on futures		779
Net Realized Gain on Investments and Other Financial Instruments		6,167
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		7,390
Net unrealized depreciation of futures		(102	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		7,288
Net Gain on Investments and Other Financial Instruments		13,455
Net Increase in Net Assets Resulting from Operations	$	13,935

The accompanying notes are an integral part of these financial statements.

13

The Hartford Small/Mid Cap Equity Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	480		$	460
Net realized gain on investments and other financial instruments		6,167			15,160
Net unrealized appreciation (depreciation) of investments and other financial instruments		7,288			(4,675	)
Net Increase In Net Assets Resulting From Operations		13,935			10,945
Distributions to Shareholders:
From net investment income
Class A		—			(137	)
Class R4		—			—
Class R5		(1	)		—
Class Y		(287	)		(318	)
Total distributions		(288	)		(455	)
Capital Share Transactions:
Class A		(3,951	)		(4,900	)
Class B		(474	)		(1,020	)
Class C		(506	)		(1,038	)
Class R3		17			100
Class R4		—			100
Class R5		—			100
Class Y		(12,306	)		39,763
Net increase (decrease) from capital share transactions		(17,220	)		33,105
Net Increase (Decrease) In Net Assets		(3,573	)		43,595
Net Assets:
Beginning of period		147,648			104,053
End of period	$	144,075		$	147,648
Undistributed (distribution in excess of) net investment income (loss)	$	232		$	40

The accompanying notes are an integral part of these financial statements.

14

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements

April 30, 2012  (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Small/Mid Cap Equity Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

15

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV. 

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market

16

conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price. 

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These

17

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund had no illiquid or restricted investments as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or

18

are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of April 30, 2012. 

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:
	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Variation margin receivable *	$	—	$	—	$	—	$	6	$	—	$	—	$	6
Total	$	—	$	—	$	—	$	6	$	—	$	—	$	6
Liabilities:
Variation margin payable *	$	—	$	—	$	—	$	18	$	—	$	—	$	18
Total	$	—	$	—	$	—	$	18	$	—	$	—	$	18

*  Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $33 as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—	$	—	$	779		$	—	$	—	$	779
Total	$	—	$	—	$	—	$	779		$	—	$	—	$	779
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	—	$	—	$	—	$	(102	)	$	—	$	—	$	(102	)
Total	$	—	$	—	$	—	$	(102	)	$	—	$	—	$	(102	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related

19

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities. 

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	455	$	—

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	40
Accumulated Capital Losses *		(18,684	)
Unrealized Appreciation †		3,583
Total Accumulated Deficit	$	(15,061	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

20

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(142	)
Accumulated Net Realized Gain (Loss)		142

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	1,348
2017		17,336
Total	$	18,684

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2011, the Fund utilized $15,258 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the

21

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements – (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.75	%
On next $500 million		0.70	%
On next $4 billion		0.65	%
On next $5 billion		0.63	%
Over $10 billion		0.62	%

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.75	%
On next $500 million		0.70	%
On next $2 billion		0.65	%
On next $2 billion		0.64	%
On next $5 billion		0.63	%
Over $10 billion		0.62	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class R3			Class R4			Class R5			Class Y
	1.30	%		2.05	%		2.05	%		1.50	%		1.20	%		0.90	%		0.85	%

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $38 and contingent deferred sales charges of $3 from the Fund.

22

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $2.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

f) Payment from Affiliate – On April 20, 2007, the Fund had trading reimbursements relating to the change in portfolio managers of the Fund.

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for Trading Reimbursements for the Year Ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		0.13	%		25.00	%
Class B		0.13			23.67
Class C		0.13			23.77
Class Y		0.13			23.35

23

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

8. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases for U.S. Government Obligations		88,235
Sales Proceeds for U.S. Government Obligations		102,920

9. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		11		92	%
Class R4		11		100
Class R5		11		100

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		321		—		(691	)		—		(370	)		995		13		(1,503	)		—		(495	)
Amount	$	3,386	$	—	$	(7,337	)	$	—	$	(3,951	)	$	10,339	$	132	$	(15,371	)	$	—	$	(4,900	)
Class B
Shares		12		—		(58	)		—		(46	)		25		—		(128	)		—		(103	)
Amount	$	115	$	—	$	(589	)	$	—	$	(474	)	$	264	$	—	$	(1,284	)	$	—	$	(1,020	)
Class C
Shares		81		—		(129	)		—		(48	)		193		—		(302	)		—		(109	)
Amount	$	807	$	—	$	(1,313	)	$	—	$	(506	)	$	1,951	$	—	$	(2,989	)	$	—	$	(1,038	)
Class R3
Shares		1		—		—			—		1			11		—		—			—		11
Amount	$	17	$	—	$	—		$	—	$	17		$	100	$	—	$	—		$	—	$	100
Class R4
Shares		—		—		—			—		—			11		—		—			—		11
Amount	$	—	$	—	$	—		$	—	$	—		$	100	$	—	$	—		$	—	$	100
Class R5
Shares		—		—		—			—		—			11		—		—			—		11
Amount	$	—	$	—	$	—		$	—	$	—		$	100	$	—	$	—		$	—	$	100
ClassY
Shares		434		28		(1,597	)		—		(1,135	)		4,452		30		(405	)		—		4,077
Amount	$	4,604	$	287	$	(17,197	)	$	—	$	(12,306	)	$	43,952	$	318	$	(4,507	)	$	—	$	39,763
Total
Shares		849		28		(2,475	)		—		(1,598	)		5,698		43		(2,338	)		—		3,403
Amount	$	8,929	$	287	$	(26,436	)	$	—	$	(17,220	)	$	56,806	$	450	$	(24,151	)	$	—	$	33,105

24

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012	11	$	120
For the Year Ended October 31, 2011	16	$	168

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

25

The Hartford Small/Mid Cap Equity Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from  Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (D)
A	$	10.10	$	0.02		$	–	$	0.98		$	1.00		$	–		$	–		$	–	$	–		$	1.00		$	11.10
B		9.69		(0.01	)		–		0.93			0.92			–			–			–		–			0.92			10.61
C		9.62		(0.01	)		–		0.92			0.91			–			–			–		–			0.91			10.53
R3		10.35		0.01			–		1.01			1.02			–			–			–		–			1.02			11.37
R4		10.36		0.03			–		1.00			1.03			(0.03	)		–			–		(0.03	)		1.00			11.36
R5		10.36		0.05			–		1.00			1.05			(0.04	)		–			–		(0.04	)		1.01			11.37
Y		10.36		0.05			–		1.00			1.05			(0.04	)		–			–		(0.04	)		1.01			11.37
For the Year Ended October 31, 2011 (D)
A		9.37		0.03			–		0.73			0.76			(0.03	)		–			–		(0.03	)		0.73			10.10
B		9.04		(0.05	)		–		0.70			0.65			–			–			–		–			0.65			9.69
C		8.97		(0.05	)		–		0.70			0.65			–			–			–		–			0.65			9.62
R3(G)		9.13		–			–		1.22			1.22			–			–			–		–			1.22			10.35
R4(G)		9.13		–			–		1.23			1.23			–			–			–		–			1.23			10.36
R5(G)		9.13		–			–		1.23			1.23			–			–			–		–			1.23			10.36
Y		9.60		0.07			–		0.76			0.83			(0.07	)		–			–		(0.07	)		0.76			10.36
For the Year Ended October 31, 2010 (D)
A		7.49		0.02			–		1.86			1.88			–			–			–		–			1.88			9.37
B		7.27		(0.05	)		–		1.82			1.77			–			–			–		–			1.77			9.04
C		7.21		(0.04	)		–		1.80			1.76			–			–			–		–			1.76			8.97
Y		7.64		0.05			–		1.91			1.96			–			–			–		–			1.96			9.60
For the Year Ended October 31, 2009 (D)
A		6.04		–			–		1.45			1.45			–			–			–		–			1.45			7.49
B		5.89		(0.02	)		–		1.40			1.38			–			–			–		–			1.38			7.27
C		5.86		(0.04	)		–		1.39			1.35			–			–			–		–			1.35			7.21
Y		6.15		0.01			–		1.48			1.49			–			–			–		–			1.49			7.64
For the Year Ended October 31, 2008
A		12.73		–			–		(5.11	)		(5.11	)		–			(1.58	)		–		(1.58	)		(6.69	)		6.04
B		12.50		(0.06	)		–		(4.97	)		(5.03	)		–			(1.58	)		–		(1.58	)		(6.61	)		5.89
C		12.46		(0.08	)		–		(4.94	)		(5.02	)		–			(1.58	)		–		(1.58	)		(6.60	)		5.86
Y		12.88		0.05			–		(5.20	)		(5.15	)		–			(1.58	)		–		(1.58	)		(6.73	)		6.15
For the Year Ended October 31, 2007
A		11.28		(0.05	)		–		1.98			1.93			–			(0.48	)		–		(0.48	)		1.45			12.73
B		11.14		(0.11	)		–		1.95			1.84			–			(0.48	)		–		(0.48	)		1.36			12.50
C		11.13		(0.13	)		–		1.94			1.81			–			(0.48	)		–		(0.48	)		1.33			12.46
Y		11.36		(0.57	)		–		2.57			2.00			–			(0.48	)		–		(0.48	)		1.52			12.88

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(D)	Per share amounts have been calculated using average shares outstanding method.
(E)	Not annualized.
(F)	Annualized.
(G)	Commenced operations on September 30, 2011.
(H)	During the year ended October 31, 2010, the Fund incurred $45.6 million in purchases associated with the transition of assets from The Hartford Select MidCap Value Fund, which merged into the Fund on February 19, 2010.  These purchases are excluded from the portfolio turnover calculation.
(I)	Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	9.90	%(E)	$	44,960		1.40	%(F)		1.30	%(F)		1.30	%(F)		0.47	%(F)		62	%
	9.49	(E)		4,782		2.35	(F)		2.05	(F)		2.05	(F)		(0.28	)(F)		–
	9.46	(E)		10,120		2.16	(F)		2.05	(F)		2.05	(F)		(0.28	)(F)		–
	9.86	(E)		142		1.59	(F)		1.50	(F)		1.50	(F)		0.26	(F)		–
	9.95	(E)		125		1.28	(F)		1.20	(F)		1.20	(F)		0.57	(F)		–
	10.12	(E)		125		0.98	(F)		0.90	(F)		0.90	(F)		0.87	(F)		–
	10.14	(E)		83,821		0.88	(F)		0.85	(F)		0.85	(F)		0.93	(F)		–
	8.09			44,655		1.36			1.30			1.30			0.27			202
	7.19			4,821		2.31			2.05			2.05			(0.47	)		–
	7.25			9,702		2.13			2.05			2.05			(0.48	)		–
	13.36	(E)		113		1.61	(F)		1.50	(F)		1.50	(F)		(0.40	)(F)		–
	13.47	(E)		113		1.31	(F)		1.20	(F)		1.20	(F)		(0.12	)(F)		–
	13.47	(E)		114		1.01	(F)		0.90	(F)		0.90	(F)		0.17	(F)		–
	8.61			88,130		0.87			0.85			0.85			0.68			–
	25.10			46,068		1.45			1.31			1.31			0.19			399	(H)
	24.35			5,420		2.39			2.06			2.06			(0.55	)		–
	24.41			10,025		2.22			2.06			2.06			(0.56	)		–
	25.65			42,540		0.89			0.87			0.87			0.65			–
	24.01			25,208		1.76			1.21			1.21			0.03			172
	23.43			3,396		2.89			1.59			1.59			(0.37	)		–
	23.04			5,778		2.59			1.88			1.88			(0.67	)		–
	24.23			2,061		1.01			0.95			0.95			0.18			–
	(45.38	)		21,304		1.50			1.35			1.35			0.05			292
	(45.59	)		2,584		2.56			1.82			1.82			(0.63	)		–
	(45.67	)		3,002		2.39			1.99			1.99			(0.89	)		–
	(45.12	)		136		0.98			0.95			0.95			0.67			–
	17.76	(I)		22,074		1.60			1.37			1.37			(0.43	)		186
	17.15	(I)		4,509		2.55			1.96			1.96			(1.01	)		–
	16.89	(I)		4,772		2.40			2.12			2.12			(1.17	)		–
	18.28	(I)		115		1.11			1.03			1.03			(0.44	)		–

27

The Hartford Small/Mid Cap Equity Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

28

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

29

The Hartford Small/Mid Cap Equity Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

30

The Hartford Small/Mid Cap Equity Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,099.00	$	6.78	$	1,000.00	$	1,018.40	$	6.52		1.30	%		182		366
Class B	$	1,000.00	$	1,094.90	$	10.68	$	1,000.00	$	1,014.67	$	10.27		2.05			182		366
Class C	$	1,000.00	$	1,094.60	$	10.68	$	1,000.00	$	1,014.67	$	10.27		2.05			182		366
Class R3	$	1,000.00	$	1,098.60	$	7.83	$	1,000.00	$	1,017.40	$	7.53		1.50			182		366
Class R4	$	1,000.00	$	1,099.50	$	6.26	$	1,000.00	$	1,018.90	$	6.02		1.20			182		366
Class R5	$	1,000.00	$	1,101.20	$	4.70	$	1,000.00	$	1,020.39	$	4.52		0.90			182		366
Class Y	$	1,000.00	$	1,101.40	$	4.44	$	1,000.00	$	1,020.64	$	4.27		0.85			182		366

31

The Hartford Small/Mid Cap Equity Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors present, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Small/Mid Cap Equity Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with the proposed portfolio manager for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s quantitative capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including quantitative funds, with different objectives and guidelines. In addition, the Board considered that Wellington Management runs a consistent quantitative process that can be applied across different capitalization and equity style universes.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with the proposed portfolio manager, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio manager and investment professionals that would support the proposed portfolio manager.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the

32

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio manager and investment professionals that would support the proposed portfolio manager, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio manager’s investment experience and experience of the investment professionals that would support the proposed portfolio manager and their investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add an additional breakpoint to the Fund’s contractual management fee schedule with HIFSCO that would result in a management fee reduction at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s

33

The Hartford Small/Mid Cap Equity Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

proposal to add an additional breakpoint to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered benefits to Wellington Management from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

34

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-SMC12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Strategic Income Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Strategic Income Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	17
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	19
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	21
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	22
Notes to Financial Statements (Unaudited)	23
Financial Highlights (Unaudited)	40
Directors and Officers (Unaudited)	42
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	44
Quarterly Portfolio Holdings Information (Unaudited)	44
Expense Example (Unaudited)	45
Approval of Investment Sub-Advisory Agreement (Unaudited)	46

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Strategic Income Fund inception 05/31/2007

(sub-advised by Wellington Management Company LLP)

Investment objective – Seeks to provide current income and long-term total return. 

Performance Overview 5/31/07 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes. 

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Strategic Income A#		5.18	%		6.53	%		5.39	%
Strategic Income A##					1.74	%		4.41	%
Strategic Income B#		4.67	%		5.61	%		4.54	%
Strategic Income B##					0.61	%		4.21	%
Strategic Income C#		4.80	%		5.64	%		4.63	%
Strategic Income C##					4.64	%		4.63	%
Strategic Income I#		5.31	%		6.69	%		5.69	%
Strategic Income R3#		5.02	%		6.49	%		6.31	%
Strategic Income R4#		5.17	%		6.68	%		6.35	%
Strategic Income R5#		5.33	%		6.87	%		6.39	%
Strategic Income Y#		5.26	%		6.80	%		6.38	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		6.64	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class Y shares commenced operations on 8/31/07. Accordingly, the "Since inception" performance shown for Class Y  is since that date. Class R3, R4 and R5 shares commenced operations on 9/30/11. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of April 2, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Strategic Income Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Campe Goodman, CFA	Lucius T. Hill III	Joseph F. Marvan, CFA
Vice President and Fixed Income Portfolio Manager	Senior Vice President and Fixed Income Portfolio Manager	Senior Vice President and Fixed Income Portfolio Manager
As of April 2, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund. As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Strategic Income Fund returned 5.18%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the Barclays Capital U.S. Aggregate Bond Index, which returned 2.44% for the same period. The Fund also outperformed the 4.90% return of the average fund in the Lipper Multi-Sector Income Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

During the period (October 31, 2011 to April 2, 2012) that the Fund was sub-advised by Hartford Investment Management Company (Hartford Investment Management), the Fund outperformed the Barclays Capital U.S. Aggregate Bond Index due to its relatively aggressive asset allocation profile. In addition, the portfolio’s duration consistently exceeded that of the benchmark, providing a modest incremental performance benefit. Finally, the Fund reflected select components of Hartford Investment Management’s currency strategy – specifically, negative structural views of both the Euro and the Swiss Franc. The Fund maintained substantial overweight allocations to the High Yield, Bank Loan, and Emerging Market (EM) sectors, all of which generated strong performance during the period. These allocations were funded by underweight positions across the U.S. Treasury (UST), Agency, Mortgage-Backed Securities (MBS), and Investment Grade Corporate sectors.

On average, the portfolio maintained a risk posture that was slightly higher than in the fourth quarter of 2011. Given the rally in underlying risk assets and decline in volatility premiums, derivatives activity (both hedging and income strategies) was limited. Portfolio risk levels were managed primarily through deploying cash into MBS and EM positions, taking advantage of opportunities in the non-U.S. Dollar space, while actively managing cash and UST exposures.

On April 2, 2012, Wellington Management Company, LLP (Wellington) became sub-adviser of the Fund replacing Hartford Investment Management. Wellington has been positioning the Fund’s portfolio as described in the Outlook section below.

What is the outlook?

We believe that the U.S. economy is expanding at a moderate pace. We think that rates will stay low for an extended period and that a third round of quantitative easing (QE3) is unlikely in the near term.

As of the end of the period, we continue to be positioned with an underweight to the U.S. government sector, as we believe that there are more compelling opportunities in other sectors. We also have exposure to developed non-U.S. governments and Emerging Markets Sovereign Debt. Our duration exposure is diversified across sovereign governments; some of our largest exposures are in the U.S., Russia, Mexico, and Brazil.

We like high yield corporate bonds due to what we see as strong credit fundamentals and low default rate expectations. We favor an allocation to BB (credit rated) high yield due to attractive valuations. We believe that the high yield market remains on solid ground. We also hold a modest position in bank loans. Default rates within bank loans by principal amount and issuer count remain at historical lows. We think that challenging technicals, including recent retail outflows, have created opportunities through market dislocation and that current wide yield spreads offer an attractive entry point.

We also have a meaningful allocation to the Agency MBS sector due to attractive valuations. We believe that agency MBS will outperform UST over the long run in part by providing extra income. In addition, we believe supply and demand technicals still favor the MBS sector. We believe the U.S. Federal Reserve’s purchases of MBS as part of “Operation Twist” also support the sector by reducing supply. Lastly, the agency MBS sector continues to offer good liquidity given the size of the market and trading volumes that are second only to UST. We also have an opportunistic allocation to the Non-Agency Residential MBS (RMBS) sector. Based on current valuations and stable-to-improving fundamentals, we think that Non-Agency RMBS represents one of the more attractive sectors in the fixed income

3

The Hartford Strategic Income Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

universe, with potential loss-adjusted yields in the high single-to low double-digits. Finally, we have an exposure to the Commercial MBS (CMBS) market as we continue to believe that there is strong collateralization in senior CMBS tranches.

At the end of the period, we had active exposure in several currencies including the Japanese Yen, Euro, and the Mexican Peso.

Distribution by Credit Quality

as of April 30, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA	3.0	%
Aa / AA	4.1
A	5.6
Baa / BBB	12.6
Ba / BB	14.4
B	14.2
Caa / CCC or Lower	5.8
Unrated	2.9
U.S. Government Agencies and Securities	32.5
Non Debt Securities and Other Short-Term Instruments	24.9
Other Assets & Liabilities	(20.0	)
Total	100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of April 30, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services	1.6	%
Agriculture, Construction, Mining and Machinery	0.1
Agriculture, Forestry, Fishing and Hunting	0.3
Air Transportation	0.7
Apparel Manufacturing	0.2
Arts, Entertainment and Recreation	2.1
Beverage and Tobacco Product Manufacturing	0.1
Chemical Manufacturing	0.6
Computer and Electronic Product Manufacturing	0.6
Fabricated Metal Product Manufacturing	0.0
Finance and Insurance	7.8
Food Services	0.8
Health Care and Social Assistance	1.2
Information	5.4
Media	0.3
Mining	0.4
Motor Vehicle and Parts Manufacturing	2.1
Petroleum and Coal Products Manufacturing	1.1
Pipeline Transportation	0.9
Plastics and Rubber Products Manufacturing	0.2
Primary Metal Manufacturing	0.1
Printing and Related Support Activities	0.8
Professional, Scientific and Technical Services	1.5
Real Estate, Rental and Leasing	0.1
Retail Trade	2.0
Software	0.0
Truck Transportation	0.2
Utilities	1.2
Wholesale Trade	0.3
Total	32.7	%
Equity Securities
Automobiles & Components	0.3
Energy	0.1
Food, Beverage & Tobacco	0.0
Total	0.4	%
Foreign Government Obligations	29.9
U.S. Government Agencies	21.5
U.S. Government Securities	10.6
Short-Term Investments	24.9
Other Assets and Liabilities	(20.0	)
Total	100.0	%

4

The Hartford Strategic Income Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 2.3%
		Finance and Insurance - 2.3%
		Banc of America Commercial Mortgage, Inc.
$	3,000	5.36%, 10/10/2045	$	3,307
		BCAP LLC Trust
	1,084	0.42%, 03/25/2037 Δ		642
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	1,000	5.32%, 12/11/2049		1,108
	1,287	5.40%, 12/11/2049 ☼		731
		Credit-Based Asset Servicing and Securitization
	58	0.51%, 05/25/2036 ■Δ		47
		IMPAC Commercial Mortgage Backed Trust
	176	1.74%, 02/25/2036 Δ		124
		Indymac Index Mortgage Loan Trust
	1,181	2.81%, 03/25/2036 Δ		628
		JP Morgan Chase Commercial Mortgage Securities Corp.
	270	5.44%, 06/12/2047 Δ		303
		JP Morgan Mortgage Trust
	530	5.03%, 09/25/2035 Δ		444
		Merrill Lynch Mortgage Investors Trust
	1,655	0.50%, 03/25/2037 Δ		594
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	1,430	5.74%, 06/12/2050 Δ		1,546
		Option One Mortgage Loan Trust
	216	0.49%, 03/25/2037 Δ		79
		Residential Funding Mortgage Securities, Inc.
	1,204	6.00%, 07/25/2037		1,015
		Soundview Home Equity Loan Trust, Inc.
	1,045	0.49%, 06/25/2036 Δ		454
		Wachovia Bank Commercial Mortgage Trust
	500	5.74%, 06/15/2049 Δ		542
		Wells Fargo Alternative Loan Trust
	404	6.25%, 11/25/2037		368
		Wells Fargo Mortgage Backed Securities Trust
	300	5.19%, 10/25/2035 Δ		288
		WF-RBS Commercial Mortgage Trust
	8,702	6.02%, 11/15/2044 ■►		1,089
				13,309
		Total asset & commercial mortgage backed securities
		(cost $13,055)	$	13,309
CORPORATE BONDS - 20.8%
		Accommodation and Food Services - 1.6%
		MGM Mirage, Inc.
$	135	10.38%, 05/15/2014	$	154
	3,511	11.13%, 11/15/2017		3,976
		MGM Resorts International
	4,395	11.38%, 03/01/2018 ØΘ		5,236
				9,366
		Agriculture, Forestry, Fishing and Hunting - 0.3%
		American Rock Salt Co. LLC
	60	8.25%, 05/01/2018 ■		53
		American Seafood Group LLC
	1,858	10.75%, 05/15/2016 ■		1,681
				1,734
		Air Transportation - 0.3%
		United Air Lines, Inc.
	1,590	9.88%, 08/01/2013 ■		1,662
		Arts, Entertainment and Recreation - 1.1%
		FireKeepers Development Authority
	150	13.88%, 05/01/2015 ■		166
		Gray Television, Inc.
	20	10.50%, 06/29/2015		21
		NAI Entertainment Holdings LLC
	1,669	8.25%, 12/15/2017 ■		1,840
		National CineMedia LLC
	75	6.00%, 04/15/2022 ■		76
		TL Acquisitions, Inc.
	3,990	10.50%, 01/15/2015 ■		3,182
		UPC Germany GMBH
	1,226	8.13%, 12/01/2017 ■		1,315
				6,600
		Beverage and Tobacco Product Manufacturing - 0.1%
		Constellation Brands, Inc.
	740	6.00%, 05/01/2022		779
		Chemical Manufacturing - 0.5%
		Ferro Corp.
	2,730	7.88%, 08/15/2018		2,798
		Ineos Group Holdings plc
	80	8.50%, 02/15/2016 ■		78
				2,876
		Computer and Electronic Product Manufacturing - 0.4%
		Advanced Micro Devices, Inc.
	1,850	8.13%, 12/15/2017		2,035
		Fabricated Metal Product Manufacturing - 0.0%
		Anixter International, Inc.
	205	5.63%, 05/01/2019		210
		Finance and Insurance - 4.9%
		Allied Irish Banks plc
	1,200	2.22%, 03/15/2013 Δ		1,130
		CIT Group, Inc.
	3,240	5.25%, 03/15/2018		3,337
	5,047	5.50%, 02/15/2019 ■		5,186
		Discover Financial Services, Inc.
	910	10.25%, 07/15/2019		1,238
		Ford Motor Credit Co.
	1,710	6.63%, 08/15/2017		1,965
		Ineos Finance plc
	481	8.38%, 02/15/2019 ■		516
	2,815	9.00%, 05/15/2015 ■		3,019
		Nationwide Mutual Insurance Co.
	980	9.38%, 08/15/2039 ■		1,253
		Penson Worldwide, Inc.
	1,938	12.50%, 05/15/2017 ■		727

The accompanying notes are an integral part of these financial statements.

5

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 20.8% - (continued)
		Finance and Insurance - 4.9% - (continued)
		Provident Funding Associates L.P.
$	3,481	10.25%, 04/15/2017 ■	$	3,542
		Rabobank Netherlands
	1,254	11.00%, 06/30/2019 ■♠		1,593
		Santander Holdings USA
	738	4.63%, 04/19/2016		735
		SLM Corp.
	2,236	6.00%, 01/25/2017 ‡		2,275
	1,895	6.25%, 01/25/2016		1,952
				28,468
		Food Services - 0.5%
		Landry's Restaurants, Inc.
	2,797	11.63%, 12/01/2015		3,122
		Health Care and Social Assistance - 0.4%
		HCA, Inc.
	2,280	7.50%, 11/15/2095		1,793
		Radiation Therapy Services, Inc.
	311	8.88%, 01/15/2017 ■☼		308
				2,101
		Information - 3.6%
		Audatex North America, Inc.
	605	6.75%, 06/15/2018 ■		634
		Intelsat Jackson Holdings S.A.
	3,992	8.50%, 11/01/2019		4,401
		Level 3 Financing, Inc.
	4,542	10.00%, 02/01/2018		4,973
		MTS International Funding Ltd.
	4,500	8.63%, 06/22/2020 ■		5,169
		Sprint Nextel Corp.
	1,879	7.00%, 03/01/2020 ■		1,917
	2,026	9.00%, 11/15/2018 ■		2,231
		Trilogy International Partners LLC
	1,767	10.25%, 08/15/2016 ■		1,555
				20,880
		Mining - 0.0%
		FMG Resources Pty Ltd.
	265	6.00%, 04/01/2017 ■		270
		Motor Vehicle and Parts Manufacturing - 1.2%
		Chrysler Group
	2,000	8.25%, 06/15/2021 ╦		2,070
		Ford Motor Co.
	690	7.50%, 08/01/2026		783
	640	9.22%, 09/15/2021		789
		TRW Automotive, Inc.
	1,913	3.50%, 12/01/2015		3,305
				6,947
		Petroleum and Coal Products Manufacturing - 1.0%
		Alon Refining Krotz Springs, Inc.
	1,755	13.50%, 10/15/2014		1,895
		Chesapeake Energy Corp.
	1,252	6.78%, 03/15/2019		1,218
		Endeavour International
	300	12.00%, 03/01/2018 ■		303
		Key Energy Services, Inc.
	2,168	6.75%, 03/01/2021 ‡		2,233
		Lone Pine Resources, Inc.
	130	10.38%, 02/15/2017 ■		133
				5,782
		Pipeline Transportation - 0.8%
		Chesapeake Midstream Partners
	1,040	6.13%, 07/15/2022		1,001
		Dynegy Holdings, Inc.
	5,536	0.00%, 06/01/2019 Ω		3,737
				4,738
		Primary Metal Manufacturing - 0.1%
		Aleris International, Inc.
	811	7.63%, 02/15/2018		845
		Printing and Related Support Activities - 0.8%
		Harland Clarke Holdings Corp.
	2,905	9.50%, 05/15/2015		2,629
		Sheridan (The) Group, Inc.
	2,324	12.50%, 04/15/2014 ‡		1,963
				4,592
		Professional, Scientific and Technical Services - 0.9%
		Affinion Group, Inc.
	4,253	11.50%, 10/15/2015		3,764
	1,440	11.63%, 11/15/2015		1,217
				4,981
		Retail Trade - 1.0%
		Ahold Lease USA, Inc.
	1,321	8.62%, 01/02/2025		1,595
		Automotores Gildemeister
	4,100	8.25%, 05/24/2021 ■		4,330
				5,925
		Software - 0.0%
		Lawson Software
	85	9.38%, 04/01/2019 ■		89
		Truck Transportation - 0.2%
		Swift Transportation Co., Inc.
	1,282	12.50%, 05/15/2017 ■		1,365
		Utilities - 1.0%
		Ameren Corp.
	3,770	8.88%, 05/15/2014		4,254
		Edison Mission Energy
	2,958	7.00%, 05/15/2017		1,849
				6,103
		Wholesale Trade - 0.1%
		Everest Acquisition LLC
	165	6.88%, 05/01/2019 ■		173
	485	9.38%, 05/01/2020 ■		517
				690
		Total corporate bonds
		(cost $118,689)	$	122,160

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 29.9%
		Argentina - 0.4%
		Argentina (Republic of)
$	3,134	8.28%, 12/31/2033 ☼	$	2,155
				2,155
		Austria - 0.2%
		Austria (Republic of)
EUR	380	3.50%, 09/15/2021 ■	$	541
EUR	550	4.65%, 01/15/2018		836
				1,377
		Belgium - 0.5%
		Belgium (Kingdom of)
EUR	430	3.75%, 09/28/2020		596
EUR	980	4.00%, 03/28/2017 - 03/28/2022		1,398
EUR	480	4.25%, 09/28/2014		679
				2,673
		Brazil - 2.2%
		Brazil (Republic of)
	1,250	5.63%, 01/07/2041		1,488
	3,000	5.88%, 01/15/2019		3,618
	2,450	8.25%, 01/20/2034 ☼		3,785
BRL	350	10.25%, 01/10/2028		217
	3,100	10.50%, 07/14/2014		3,773
BRL	250	12.50%, 01/05/2016		157
				13,038
		Chile - 0.0%
		Chile (Republic of)
CLP	57,000	5.50%, 08/05/2020		122
		Colombia - 1.0%
		Colombia (Republic of)
	1,600	7.38%, 09/18/2037		2,298
COP	140,000	9.85%, 06/28/2027		116
	1,930	11.75%, 02/25/2020 ☼		3,093
COP	299,000	12.00%, 10/22/2015		212
				5,719
		Croatia - 0.2%
		Croatia (Republic of)
	1,500	6.38%, 03/24/2021 §☼		1,470
		Denmark - 0.1%
		Denmark (Kingdom of)
DKK	2,950	4.00%, 11/15/2019		628
		Finland - 0.1%
		Finland (Government of)
EUR	350	3.38%, 04/15/2020		513
		France - 1.6%
		France (Government of)
EUR	1,390	3.00%, 07/12/2014 ‡		1,932
EUR	5,095	3.75%, 04/25/2017 - 04/25/2021 ‡		7,326
				9,258
		Hungary - 0.5%
		Hungary (Republic of)
	1,350	6.25%, 01/29/2020 ☼		1,296
HUF	214,650	6.75%, 02/24/2017		941
HUF	60,800	7.50%, 11/12/2020		270
	700	7.63%, 03/29/2041		664
				3,171
		Indonesia - 1.1%
		Indonesia (Republic of)
	2,910	6.88%, 01/17/2018 §☼		3,437
	2,100	7.75%, 01/17/2038 §		2,846
				6,283
		Ireland - 0.1%
		Ireland (Republic of)
EUR	600	4.50%, 10/18/2018 - 04/18/2020		701
				701
		Italy - 1.4%
		Italy (Republic of)
EUR	2,130	3.75%, 08/01/2021 ‡		2,505
EUR	1,520	4.25%, 08/01/2014 ‡		2,042
EUR	2,880	4.50%, 02/01/2018 ‡		3,747
				8,294
		Japan - 3.4%
		Japan (Government of)
JPY	701,150	0.40%, 09/20/2016 ‡		8,847
JPY	718,700	0.50%, 03/20/2016 ‡		9,108
JPY	171,000	1.30%, 12/20/2018		2,260
				20,215
		Malaysia - 0.8%
		Malaysia (Republic of)
MYR	5,170	5.09%, 04/30/2014		1,774
		Malaysia Government Bond
MYR	1,970	4.26%, 09/15/2016		677
MYR	5,815	4.38%, 11/29/2019		2,036
				4,487
		Mexico - 3.5%
		Mexican Bonos De Desarrollo
MXN	16,986	6.50%, 06/10/2021		1,336
MXN	8,000	7.25%, 12/15/2016		665
		United Mexican States
	2,500	4.75%, 03/08/2044 ‡		2,570
	5,750	5.63%, 01/15/2017 ‡		6,713
	2,270	7.50%, 04/08/2033 ☼		3,246
MXN	16,972	7.75%, 12/14/2017		1,450
MXN	26,924	9.50%, 12/18/2014		2,304
MXN	19,971	10.00%, 12/05/2024		2,012
				20,296
		Netherlands - 0.4%
		Netherlands (Kingdom of)
EUR	810	3.25%, 07/15/2015 - 07/15/2021		1,167
EUR	630	4.00%, 07/15/2018		952
				2,119
		Norway - 0.0%
		Norway (Kingdom of)
NOK	1,100	3.75%, 05/25/2021		218
		Panama - 0.5%
		Panama (Republic of)
	875	7.25%, 03/15/2015		1,015
	1,310	8.88%, 09/30/2027 ☼		2,054
				3,069
		Peru - 0.7%
		Peru (Republic of)
	1,750	8.75%, 11/21/2033 ‡		2,804
	900	9.88%, 02/06/2015		1,104

The accompanying notes are an integral part of these financial statements.

7

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 29.9% - (continued)
		Peru - 0.7% - (continued)
		Peru Bono Soberano
PEN	950	7.84%, 08/12/2020 ☼	$	425
				4,333
		Philippines - 1.5%
		Philippines (Republic of)
PHP	6,000	4.95%, 01/15/2021		146
	1,000	6.38%, 01/15/2032		1,225
	4,585	10.63%, 03/16/2025 ☼		7,451
				8,822
		Poland - 0.9%
		Poland (Republic of)
PLN	6,720	4.71%, 01/25/2014 ○		1,969
		Poland Government Bond
PLN	6,090	5.25%, 10/25/2017 - 10/25/2020		1,935
PLN	3,530	5.75%, 10/25/2021		1,147
				5,051
		Russia - 1.9%
		Russian Federation
	2,600	3.63%, 04/29/2015 §☼		2,711
	2,600	5.00%, 04/29/2020 §		2,811
	2,616	7.50%, 03/31/2030 §		3,136
	1,500	12.75%, 06/24/2028 §		2,716
				11,374
		Singapore - 0.1%
		Singapore (Republic of)
SGD	490	3.75%, 09/01/2016		453
		South Africa - 1.1%
		South Africa (Republic of)
	2,100	6.88%, 05/27/2019 ☼		2,570
ZAR	2,325	7.00%, 02/28/2031		255
ZAR	14,580	8.00%, 12/21/2018		1,944
ZAR	5,655	8.25%, 09/15/2017		768
ZAR	6,935	10.50%, 12/21/2026		1,066
				6,603
		Spain - 0.8%
		Spain (Kingdom of)
EUR	1,025	3.30%, 10/31/2014		1,350
EUR	1,500	3.80%, 01/31/2017		1,899
EUR	1,000	5.50%, 04/30/2021		1,301
				4,550
		Sweden - 0.2%
		Sweden (Kingdom of)
SEK	6,235	3.75%, 08/12/2017 ☼		1,036
		Switzerland - 0.1%
		Switzerland (Republic of)
CHF	270	3.00%, 01/08/2018		343
		Turkey - 2.5%
		Turkey (Republic of)
	3,630	5.13%, 03/25/2022 ☼		3,697
	2,750	6.00%, 01/14/2041 ‡		2,798
	2,500	7.25%, 03/15/2015 ‡		2,783
	2,250	7.50%, 07/14/2017 ‡		2,635
TRY	3,455	9.58%, 05/15/2013 ○		1,788
TRY	1,860	10.68%, 01/15/2020		1,137
				14,838
		Ukraine - 0.3%
		Ukraine (Government of)
	1,750	6.25%, 06/17/2016 §		1,610
		United Kingdom - 0.2%
		United Kingdom (Government of)
GBP	710	2.00%, 01/22/2016		1,201
		Venezuela - 1.6%
		Venezuela (Republic of)
	3,950	7.00%, 12/01/2018 §		3,397
	3,000	11.95%, 08/05/2031 §		2,992
	2,680	12.75%, 08/23/2022 §		2,888
				9,277
		Total foreign government obligations
		(cost $174,155)	$	175,297
SENIOR FLOATING RATE INTERESTS ♦ - 9.6%
		Agriculture, Construction, Mining and Machinery - 0.1%
		Veyance Technologies, Inc. Delayed Draw Term Loan
$	62	2.74%, 07/31/2014	$	60
		Veyance Technologies, Inc. Initial Term Loan
	434	2.74%, 07/31/2014		419
				479
		Air Transportation - 0.4%
		Delta Air Lines, Inc., Term Loan
	1,000	5.50%, 04/20/2017 ◊		1,001
		Macquarie Aircraft Leasing Finance S.A., Second Lien Term Loan
	1,574	4.24%, 11/29/2013		1,550
				2,551
		Apparel Manufacturing - 0.2%
		J. Crew Group, Inc.
	1,000	4.75%, 02/24/2017 ◊		990
		Arts, Entertainment and Recreation - 1.0%
		Caesar's Entertainment Operating Co., Inc.
	1,000	4.49%, 01/28/2018 ◊☼		877
	1,955	9.50%, 10/31/2016		2,007
		CCM Merger, Inc.
	1,162	6.01%, 03/01/2017 ☼		1,165
		Formula One Holdings
	930	6.01%, 04/19/2017 ☼		936
		Pittsburgh Gaming Holdings L.P.
	995	12.00%, 06/30/2015		1,037
				6,022

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 9.6% - (continued)
		Chemical Manufacturing - 0.1%
		Ineos Group, New Term Loan C-2
$	103	8.00%, 12/16/2014	$	107
		Ineos Holdings Ltd.
	530	5.47%, 04/27/2018 ◊☼		532
				639
		Computer and Electronic Product Manufacturing - 0.2%
		Freescale Semiconductor, Inc.
	1,500	4.49%, 12/01/2016 ☼		1,469
		Finance and Insurance - 0.6%
		Asurion Corp., Second Lien Term Loan
	1,552	9.00%, 05/24/2019		1,574
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	322	8.75%, 12/17/2017		318
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	768	8.75%, 12/17/2017		759
		Nuveen Investments, Inc., Extended First Lien Term Loan
	1,000	5.97%, 05/13/2017 ◊		1,000
				3,651
		Food Services - 0.3%
		Landry's Restaurants, Inc.
	720	6.00%, 04/19/2018 ◊☼		720
		Wendy's International, Inc.
	750	4.51%, 04/20/2019 ◊☼		754
				1,474
		Health Care and Social Assistance - 0.8%
		Axcan Pharma, Inc.
	2,250	5.50%, 02/10/2017		2,228
		Catalent Pharma Solutions, Inc.
	305	5.01%, 09/15/2017 ◊☼		305
		HCA, Inc., Tranche B-3 Term Loan
	750	3.49%, 05/01/2018 ◊☼		737
		Health Management Associates, Inc.
	750	4.50%, 11/16/2018		750
		Multiplan, Inc.
	400	4.75%, 08/26/2017 ◊☼		399
				4,419
		Information - 1.8%
		CDW Corp.
	1,000	4.00%, 07/15/2017 ◊☼		982
		Charter Communications Operating LLC
	951	4.00%, 05/15/2019		947
		Emdeon, Inc.
	250	5.00%, 11/02/2018 ◊☼		252
		First Data Corp.
	123	5.24%, 03/24/2017		117
		First Data Corp., Extended 1st Lien Term Loan
	1,000	4.24%, 03/23/2018		911
		Metro PCS Wireless, Inc., Term Loan B3
	800	4.00%, 03/17/2018 ◊☼		791
		Northland Communications Corp.
	1,968	7.75%, 12/30/2016		1,899
		Property Data U.S., Inc.
	1,975	7.00%, 01/04/2017		1,847
		Sorenson Communications, Inc.
	1,000	6.00%, 08/13/2016 ◊☼		973
		Syniverse Technologies, Inc.
	920	4.51%, 04/20/2019 ◊☼		921
		WideOpenWest Finance LLC, Second Lien Term Loan
	249	6.49%, 06/29/2015 Þ		246
		WideOpenWest Finance LLC, Term Loan B Add-On
	718	6.74%, 06/28/2014		717
				10,603
		Media - 0.3%
		PRIMEDIA, Inc.
	1,985	7.50%, 01/13/2018		1,763
		Mining - 0.4%
		American Gilsonite Co.
	1,561	7.25%, 12/10/2015		1,530
		American Rock Salt Holdings LLC
	551	5.50%, 04/25/2017 ◊☼		531
				2,061
		Motor Vehicle and Parts Manufacturing - 0.9%
		Allison Transmission, Inc.
	1,000	2.74%, 08/07/2014 ◊☼		997
		General Motors Co.
	3,975	0.38%, 10/27/2015 ◊☼		3,560
		SRAM LLC
	746	4.78%, 06/07/2018 ◊☼		753
				5,310
		Petroleum and Coal Products Manufacturing - 0.1%
		Dynegy Midwest Generation LLC
	129	9.25%, 08/05/2016		132
		Dynegy Power LLC
	557	9.25%, 08/05/2016		583
				715
		Pipeline Transportation - 0.1%
		El Paso Corp.
	520	6.27%, 04/10/2018 ◊☼		525
		Plastics and Rubber Products Manufacturing - 0.2%
		Goodyear Tire & Rubber Co.
	900	4.25%, 03/21/2019 ◊☼		887
		Kranson Industries, Inc.
	385	5.51%, 04/30/2018 ◊☼		381
				1,268
		Professional, Scientific and Technical Services - 0.6%
		Advantage Sales & Marketing, Inc., Second Lien Term Loan
	1,430	9.25%, 06/18/2018		1,428
		Decision Resources, Inc.
	1,975	7.75%, 12/28/2016		1,955
				3,383
		Real Estate, Rental and Leasing - 0.1%
		Delos Aircraft, Inc.
	240	4.75%, 03/17/2016		241
		Realogy Corp.
	188	3.24%, 10/05/2013		177
				418

The accompanying notes are an integral part of these financial statements.

9

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 9.6% - (continued)
		Retail Trade - 1.0%
		Easton-Bell Sports, Inc.
$	3,636	11.50%, 12/31/2015 Þ	$	3,599
		Freedom Group, Inc.
	291	5.50%, 04/13/2019		293
		Schrader, Inc.
	230	5.76%, 04/27/2018 ☼		227
	200	9.47%, 04/27/2019 ☼		198
		Sports Authority, Inc.
	834	7.50%, 11/16/2017		808
		Sprouts Farmers Market LLC
	666	6.00%, 04/18/2018 ◊☼		659
				5,784
		Utilities - 0.2%
		Energy Transfer Equity L.P.
	1,000	3.75%, 05/08/2018		988
		TPF Generation Holdings LLC, Second Lien Term Loan
	149	4.72%, 12/21/2014		144
				1,132
		Wholesale Trade - 0.2%
		HD Supply, Inc.
	360	7.25%, 09/26/2017		361
		Reynolds Consumer Products, Inc.
	1,000	6.50%, 02/09/2018		1,008
				1,369
		Total senior floating rate interests
		(cost $56,208)	$	56,025
U.S. GOVERNMENT AGENCIES - 21.5%
		Federal Home Loan Mortgage Corporation - 3.2%
$	3,000	3.50%, 05/15/2041 ☼	$	3,109
	9,036	4.99%, 08/25/2018 ►		952
	6,421	5.00%, 10/25/2020 ►		143
	12,500	5.50%, 05/15/2039 ☼		13,611
	2,081	5.50%, 08/25/2020 ►		183
	3,146	10.05%, 05/15/2037 ►		507
				18,505
		Federal National Mortgage Association - 8.9%
	13,312	3.00%, 02/01/2027 - 05/15/2027 ☼		13,892
	5,637	3.50%, 05/15/2041 - 03/01/2042 ☼		5,855
	4,800	4.00%, 05/15/2040 ☼		5,077
	14,572	5.00%, 08/01/2037 - 05/15/2040 ☼		15,832
	3,499	5.50%, 04/01/2038		3,853
	6,600	6.00%, 05/15/2040 ☼		7,296
	3,148	9.70%, 10/25/2036 ►		556
				52,361
		Government National Mortgage Association - 9.4%
	2,000	3.50%, 05/15/2041 ☼		2,107
	13,710	4.00%, 05/15/2040 - 10/20/2040 ☼		14,848
	27,388	4.50%, 05/15/2040 - 06/20/2040 ☼		29,999
	2,400	5.00%, 05/15/2039 ☼		2,659
	5,100	6.00%, 05/15/2039 ☼		5,755
				55,368
		Total U.S. government agencies
		(cost $125,785)	$	126,234
U.S. GOVERNMENT SECURITIES - 10.6%
U.S. Treasury Securities - 10.6%
		U.S. Treasury Bonds - 1.9%
$	3,000	2.00%, 11/15/2021 ‡	$	3,033
	5,737	5.38%, 02/15/2031 ‡		8,012
				11,045
		U.S. Treasury Notes - 8.7%
	14,625	0.38%, 04/15/2015 ‡		14,624
	11,704	0.88%, 12/31/2016 ‡		11,773
	1,560	1.00%, 08/31/2016 ‡		1,582
	2,339	1.75%, 05/31/2016 ‡		2,446
	4,384	2.00%, 04/30/2016 ‡		4,626
	4,085	2.13%, 08/15/2021 ‡		4,190
	10,105	2.25%, 07/31/2018 ‡		10,790
	805	3.13%, 05/15/2021 ‡		897
				50,928
				61,973
		Total U.S. government securities
		(cost $59,865)	$	61,973
COMMON STOCKS - 0.1%
		Energy - 0.1%
	83,644	KCA Deutag ⌂●†	$	393
		Total common stocks
		(cost $1,134)	$	393
PREFERRED STOCKS - 0.3%
		Automobiles & Components - 0.3%
	44	General Motors Co., 4.75% ۞	$	1,720
		Total preferred stocks
		(cost $1,813)	$	1,720
WARRANTS - 0.0%
		Food, Beverage & Tobacco - 0.0%
	1	ASG Consolidated LLC ■	$	56
		Total warrants
		(cost $13)	$	56
		Total long-term investments
		(cost $550,717)	$	557,167
SHORT-TERM INVESTMENTS - 24.9%
Repurchase Agreements - 24.5%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $35,612, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $36,324)
$	35,612	0.20%, 04/30/2012	$	35,612

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬					Market Value ╪
SHORT-TERM INVESTMENTS - 24.9% - (continued)
Repurchase Agreements - 24.5% - (continued)
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $47,707, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $48,660)
$	47,706	0.20%, 04/30/2012			$	47,706
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $18,842, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $19,219)
	18,842	0.21%, 04/30/2012				18,842
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $15,604, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $15,916)
	15,604	0.19%, 04/30/2012				15,604
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $18, collateralized by U.S. Treasury Note 0.75%, 2013, value of $19)
	18	0.17%, 04/30/2012				18
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $25,614, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $26,126)
	25,614	0.21%, 04/30/2012				25,614
						143,396
U.S. Treasury Bills - 0.4%
	2,400	0.06%, 5/3/2012 □○			$	2,400
		Total short-term investments
		(cost $145,796)			$	145,796
		Total investments
		(cost $696,513) ▲	120.0	%	$	702,963
		Other assets and liabilities	(20.0	)%		(117,065	)
		Total net assets	100.0	%	$	585,898

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $697,629 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	11,790
Unrealized Depreciation		(6,456	)
Net Unrealized Appreciation	$	5,334

† These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value of these securities was $393, which represents 0.1% of total net assets.

● Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, cash of $1,130 was received from broker as collateral in connection with swap contracts.

Δ Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.

Þ This security may pay interest in additional principal instead of cash.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $46,616, which represents 8.0% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $30,014, which represents 5.1% of total net assets.

♠ Perpetual maturity security.  Maturity date shown is the first call date.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
03/2011		83,644	KCA Deutag	$	1,134

At April 30, 2012, the aggregate value of these securities was $393, which represents 0.1% of total net assets.

۞ Convertible security.

► Securities disclosed are interest-only strips.  The interest rates represent effective yields based upon estimated future cash flows at April 30, 2012.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $122,090 at April 30, 2012.

◊ The interest rate disclosed for these securities represents an estimated average coupon as of April 30, 2012.

Ω Debt security in default due to bankruptcy.

The accompanying notes are an integral part of these financial statements.

12

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of April 30, 2012.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

□ This security, or a portion of this security, is pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts held at April 30, 2012 as listed in the table below:

Description	Number of Contracts*		Position		Expiration Date	Market  Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
Australian 10-Year Bond Future		4		Long	06/15/2012	$	500	$	482	$	18
Australian 3-Year Bond Future		34		Long	06/15/2012	$	3,847	$	3,832	$	15
Canadian Government 10-Year Bond Future		15		Long	06/20/2012	$	2,005	$	1,995	$	10
Euro-BOBL Future		41		Long	06/07/2012	$	6,800	$	6,760	$	40
Euro-BUND Future		7		Short	06/07/2012	$	1,307	$	1,303	$	(4	)
Euro-BUXL 30-Year Note Future		4		Long	06/07/2012	$	683	$	680	$	3
Euro-Schatz Future		29		Long	06/07/2012	$	4,246	$	4,235	$	11
Japan 10-Year Bond Future		12		Long	06/11/2012	$	21,511	$	21,314	$	197
Long Gilt Future		11		Short	06/27/2012	$	2,064	$	2,063	$	(1	)
U.S. Treasury 10-Year Note Future		157		Long	06/20/2012	$	20,768	$	20,657	$	111
U.S. Treasury 2-Year Note Future		167		Long	06/29/2012	$	36,831	$	36,802	$	29
U.S. Treasury 30-Year Bond Future		44		Short	06/20/2012	$	6,287	$	6,115	$	(172	)
U.S. Treasury 5-Year Note Future		5		Long	06/29/2012	$	619	$	618	$	1
U.S. Treasury CME Ultra Long Term Bond Future		20		Long	06/20/2012	$	3,156	$	3,152	$	4
										$	262

* The number of contracts does not omit 000's.

Θ At April 30, 2012, this security, or a portion of this security, is designated to cover written call options in the table below:

Description		Option Type	Exercise Price/ Rate			Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
	ITRX.EUR.17.1-5	Credit		1.50	%	05/16/2012		87,324,279	$	520	$	409	$	(111	)

* The number of contracts does not omit 000's.

Ø This security, or a portion of this security, collateralized the written put options in the table below:

Description		Option Type	Exercise Price/ Rate			Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
	ITRX.EUR.17.1-5	Credit		1.50	%	05/16/2012		87,324,279	$	188	$	409	$	221

* The number of contracts does not omit 000's.

Shorts Outstanding at April 30, 2012

Description	Principal Amount		Maturity Date	Market Value ╪		Unrealized Appreciation/ Depreciation
FNMA TBA, 4.50%	$	10,700	05/15/2041	$	11,456	$	(82	)
FNMA TBA, 5.50%		4,600	05/15/2039		5,030		(24	)
GNMA TBA, 4.50%		1,200	05/15/2040		1,312		–
				$	17,798	$	(106	)

The accompanying notes are an integral part of these financial statements.

13

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Credit Default Swap Contracts Outstanding at April 30, 2012

Reference Entity	Counterparty	Notional Amount (a)		Buy/Sell Protection		(Pay)/Receive Fixed Rate			Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
ABX.HE.AAA.06-1	BCLY	$	1,512		Buy		(0.18	)%	07/25/45	$	174		$	167		$	(7	)
ABX.HE.PENAAA.06-2	BCLY		360		Buy		(0.11	)%	05/25/46		96			97			1
ABX.HE.PENAAA.07-2	JPM		379		Sell		0.76	%	01/25/38		(241	)		(240	)		1
CDX.NA.HY.18	CSI		8,925		Buy		(5.00	)%	06/20/17		447			296			(151	)
CDX.NA.IG.18.1	JPM		22,070		Sell		1.00	%	06/20/17		63			51			(12	)
CMBX.NA.A.3	MSC		1,150		Sell		3.50	%	02/15/51		(789	)		(790	)		(1	)
CMBX.NA.AA.1	UBS		1,150		Buy		(0.25	)%	10/12/52		343			338			(5	)
CMBX.NA.AA.4	MSC		1,940		Sell		1.65	%	02/17/51		(1,221	)		(1,210	)		11
CMBX.NA.AAA.5	MSC		3,440		Sell		0.35	%	02/15/51		(274	)		(251	)		23
CMBX.NA.AJ.2	JPM		2,300		Sell		1.09	%	03/15/49		(567	)		(546	)		21
CMBX.NA.AJ.3	UBS		975		Sell		1.47	%	12/13/49		(384	)		(354	)		30
CMBX.NA.AJ.4	MSC		1,420		Buy		(0.96	)%	02/17/51		547			561			14
CMBX.NA.AJ.4	UBS		975		Buy		(0.96	)%	02/17/51		398			385			(13	)
CMBX.NA.AM.3	MSC		675		Buy		(0.50	)%	12/13/49		134			118			(16	)
CMBX.NA.AM.4	MSC		1,290		Buy		(0.50	)%	02/17/51		290			255			(35	)
ITRX.EUR.17	BOA		5,222		Buy		(1.00	)%	06/20/17		119			101			(18	)
ITRX.XOV.17	GSC		4,884		Sell		5.00	%	06/20/17		(291	)		(286	)		5
ITRX.XOV.17	JPM		2,283		Sell		5.00	%	06/20/17		(161	)		(134	)		27
LCDX.NA.18	DEUT		9,900		Sell		2.50	%	06/20/17		(148	)		(90	)		58
LCDX.NA.18	GSC		1,980		Sell		2.50	%	06/20/17		(30	)		(18	)		12
PrimeX.ARM.1	MSC		640		Sell		4.42	%	06/25/36		18			21			3
PrimeX.ARM.2	MSC		1,906		Sell		4.58	%	12/25/37		(139	)		(129	)		10
										$	(1,616	)	$	(1,658	)	$	(42	)

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
AUD	BCLY	Buy	$	2,077	$	2,061	05/31/2012	$	16
AUD	BCLY	Sell		296		294	05/31/2012		(2	)
AUD	DEUT	Sell		57		57	05/31/2012		–
AUD	DEUT	Sell		59		59	05/31/2012		–
AUD	JPM	Sell		60		60	05/31/2012		–
AUD	MSC	Buy		337		333	05/31/2012		4
AUD	WEST	Sell		119		119	05/31/2012		–
BRL	BOA	Buy		52		53	05/03/2012		(1	)
BRL	BOA	Sell		52		54	05/03/2012		2
BRL	RBC	Buy		52		53	05/03/2012		(1	)
BRL	RBC	Sell		52		53	05/03/2012		1
BRL	RBC	Sell		52		53	06/04/2012		1
BRL	UBS	Buy		57		58	06/04/2012		(1	)
BRL	UBS	Sell		5		5	06/04/2012		–
CAD	JPM	Sell		8		8	05/31/2012		–
CAD	RBC	Buy		3,215		3,205	05/31/2012		10
CAD	RBC	Sell		56		56	05/31/2012		–
CAD	RBC	Buy		61		61	05/31/2012		–
CHF	CSFB	Sell		110		109	05/31/2012		(1	)
COP	BOA	Sell		55		55	05/31/2012		–
CZK	CSFB	Buy		23		23	05/31/2012		–
CZK	GSC	Buy		34		34	05/31/2012		–
CZK	GSC	Sell		236		235	05/31/2012		(1	)

The accompanying notes are an integral part of these financial statements.

14

Foreign Currency Contracts Outstanding at April 30, 2012 - (continued)

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
CZK	UBS	Buy	$	164	$	164	05/31/2012	$	–
DKK	CSFB	Buy		336		335	05/31/2012		1
EUR	BOA	Buy		324		324	05/31/2012		–
EUR	BOA	Sell		127		126	05/31/2012		(1	)
EUR	CSFB	Sell		264		264	05/03/2012		–
EUR	DEUT	Buy		94		94	05/31/2012		–
EUR	DEUT	Sell		224		223	05/31/2012		(1	)
EUR	DEUT	Buy		60		60	05/31/2012		–
EUR	JPM	Buy		17,574		17,513	05/31/2012		61
EUR	JPM	Sell		616		614	05/31/2012		(2	)
EUR	MSC	Sell		119		119	05/31/2012		–
EUR	UBS	Buy		139		139	05/31/2012		–
EUR	UBS	Sell		206		206	05/31/2012		–
GBP	GSC	Buy		5,898		5,863	05/31/2012		35
GBP	GSC	Sell		57		57	05/31/2012		–
GBP	JPM	Sell		57		56	05/31/2012		(1	)
HUF	CBK	Sell		57		54	05/31/2012		(3	)
HUF	UBS	Buy		57		57	05/31/2012		–
INR	BCLY	Buy		160		162	05/31/2012		(2	)
INR	SCB	Sell		114		113	05/31/2012		(1	)
JPY	BCLY	Buy		31,047		30,566	05/31/2012		481
JPY	BCLY	Sell		204		201	05/31/2012		(3	)
JPY	BOA	Buy		243		240	05/31/2012		3
JPY	BOA	Sell		155		153	05/31/2012		(2	)
KRW	DEUT	Buy		414		411	05/31/2012		3
KRW	UBS	Buy		59		59	05/31/2012		–
MXN	BCLY	Buy		327		323	05/31/2012		4
MXN	GSC	Buy		727		721	05/31/2012		6
MXN	RBC	Buy		1,455		1,438	05/31/2012		17
MYR	JPM	Buy		59		58	05/31/2012		1
NOK	GSC	Buy		198		197	05/31/2012		1
NOK	MSC	Buy		594		592	05/31/2012		2
NZD	BCLY	Sell		114		113	05/31/2012		(1	)
NZD	CSFB	Buy		84		84	05/31/2012		–
NZD	CSFB	Sell		57		57	05/31/2012		–
NZD	DEUT	Buy		57		57	05/31/2012		–
NZD	JPM	Buy		87		87	05/31/2012		–
NZD	RBC	Buy		57		57	05/31/2012		–
NZD	UBS	Sell		57		57	05/31/2012		–
PLN	CBK	Buy		376		372	05/31/2012		4
SEK	BCLY	Sell		465		466	05/31/2012		1
SEK	BCLY	Buy		466		467	05/02/2012		(1	)
SEK	MSC	Buy		92		92	05/31/2012		–
SEK	MSC	Sell		700		698	05/31/2012		(2	)
SEK	UBS	Buy		58		58	05/31/2012		–
SGD	JPM	Sell		125		124	05/31/2012		(1	)
								$	626

╪    See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

15

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays Capital, Inc.
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
CSI	Credit Suisse International
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
UBS	UBS AG
WEST	Westpac International
Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Koruna
DKK	Denmark Krone
EUR	EURO
GBP	British Pound
HUF	Hungarian Forint
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican New Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Phillipine Peso
PLN	Polish New Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish New Lira
ZAR	South African Rand
Index Abbreviations:
ABX.HE	Markit Asset Backed Security Index
CDX.NA.HY	Credit Derivatives North American High Yield Index
CDX.NA.IG	Credit Derivatives North American Investment Grade Index
CMBX.NA	Markit Commercial Mortgage Backed North American Index
ITRX.EUR	Markit iTraxx Index - Europe
ITRX.XOV	Markit iTraxx Index - Europe Crossover
LCDX.NA	Credit Derivatives North American Loan Index
PrimeX.ARM	Markit PrimeX Mortgage Backed Security Index
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

The accompanying notes are an integral part of these financial statements.

16

The Hartford Strategic Income Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	13,309	$	–	$	12,182	$	1,127
Common Stocks ‡		393		–		–		393
Corporate Bonds		122,160		–		119,302		2,858
Foreign Government Obligations		175,297		1,336		173,961		–
Preferred Stocks		1,720		1,720		–		–
Senior Floating Rate Interests		56,025		–		56,025		–
U.S. Government Agencies		126,234		–		126,234		–
U.S. Government Securities		61,973		14,624		47,349		–
Warrants		56		56		–		–
Short-Term Investments		145,796		–		145,796		–
Total	$	702,963	$	17,736	$	680,849	$	4,378
Credit Default Swaps *		216		–		102		114
Foreign Currency Contracts *		654		–		654		–
Futures *		439		439		–		–
Written Options *		221		–		221		–
Total	$	1,530	$	439	$	977	$	114
Liabilities:
Securities Sold Short	$	17,798	$	–	$	17,798	$	–
Total	$	17,798	$	–	$	17,798	$	–
Credit Default Swaps *		258		–		181		77
Foreign Currency Contracts *		28		–		28		–
Futures *		177		177		–		–
Written Options *		111		–		111		–
Total	$	574	$	177	$	320	$	77

♦	For the six-month period ended April 30, 2012, investments valued at $5,984 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:
	1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
	2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
	3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

17

The Hartford Strategic Income Fund

Investment Valuation Hierarchy Level Summary – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of April 30, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	505	$	(297	)	$	299	†	$	7	$	1,142	$	(529	)	$	—	$	—	$	1,127
Common Stocks		728		—			(335	)‡		—		—		—			—		—		393
Corporate Bonds		5,857		112			496	§		20		1,708		(7,043	)		1,708		—		2,858
Total	$	7,090	$	(185	)	$	460		$	27	$	2,850	$	(7,572	)	$	1,708	$	—	$	4,378
Swaps**	$	—	$	—	††	$	114	‡‡	$	—	$	—	$	—		$	—	$	—	$	114
Total	$	—	$	—		$	114		$	—	$	—	$	—		$	—	$	—	$	114
Liabilities:
Swaps**	$	—	$	—	††	$	(77	)‡‡	$	—	$	—	$	—		$	—	$	—	$	(77	)
Total	$	—	$	—		$	(77	)	$	—	$	—	$	—		$	—	$	—	$	(77	)

*	Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:
	1)	Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).
	2)	Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).
	3)	Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).
†	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(17).
‡	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $(335).
§	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $61.
**	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/ depreciation on the investment.
††	The realized gain (loss) earned for swaps during the period ended April 30, 2012 was $(27).
‡‡	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $37.

The accompanying notes are an integral part of these financial statements.

18

The Hartford Strategic Income Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $696,513)	$	702,963
Foreign currency on deposit with custodian (cost $116)		116
Unrealized appreciation on foreign currency contracts		654
Unrealized appreciation on swap contracts		216
Receivables:
Investment securities sold		41,788
Fund shares sold		2,778
Dividends and interest		6,425
Variation margin		50
Swap premiums paid		2,629
Other assets		97
Total assets		757,716
Liabilities:
Unrealized depreciation on foreign currency contracts		28
Unrealized depreciation on swap contracts		258
Bank overdraft		782
Securities sold short, at market value (proceeds $17,692)		17,798
Payables:
Investment securities purchased		144,410
Fund shares redeemed		2,026
Investment management fees		52
Administrative fees		—
Distribution fees		43
Collateral received from broker		1,130
Variation margin		19
Accrued expenses		55
Swap premiums received		4,245
Written options (proceeds $818)		708
Other liabilities		264
Total liabilities		171,818
Net assets	$	585,898
Summary of Net Assets:
Capital stock and paid-in-capital	$	568,433
Undistributed net investment income		1,220
Accumulated net realized gain		8,948
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		7,297
Net assets	$	585,898

The accompanying notes are an integral part of these financial statements.

19

The Hartford Strategic Income Fund

Statement of Assets and Liabilities – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares authorized		900,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.41/$9.85
Shares outstanding		21,822
Net assets	$	205,267
Class B: Net asset value per share	$	9.40
Shares outstanding		1,421
Net assets	$	13,362
Class C: Net asset value per share	$	9.42
Shares outstanding		21,012
Net assets	$	198,008
Class I: Net asset value per share	$	9.43
Shares outstanding		9,914
Net assets	$	93,529
Class R3: Net asset value per share	$	9.41
Shares outstanding		12
Net assets	$	113
Class R4: Net asset value per share	$	9.41
Shares outstanding		11
Net assets	$	107
Class R5: Net asset value per share	$	9.41
Shares outstanding		11
Net assets	$	107
Class Y: Net asset value per share	$	9.40
Shares outstanding		8,018
Net assets	$	75,405

The accompanying notes are an integral part of these financial statements.

20

The Hartford Strategic Income Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012  (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	103
Interest		14,228
Less: Foreign tax withheld		(1	)
Total investment income		14,330
Expenses:
Investment management fees		1,394
Administrative services fees		—
Transfer agent fees		239
Distribution fees
Class A		247
Class B		66
Class C		949
Class R3		—
Class R4		—
Custodian fees		6
Accounting services fees		51
Registration and filing fees		73
Board of Directors' fees		6
Audit fees		6
Other expenses		36
Total expenses (before waivers and fees paid indirectly)		3,073
Expense waivers		(11	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(11	)
Total expenses, net		3,062
Net Investment Income		11,268
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		12,537
Net realized loss on purchased options		(715	)
Net realized gain on futures		1,591
Net realized gain on written options		521
Net realized loss on swap contracts		(601	)
Net realized loss on foreign currency contracts		(1,086	)
Net realized loss on other foreign currency transactions		(766	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		11,481
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		2,381
Net unrealized depreciation of purchased options		(239	)
Net unrealized depreciation of securities sold short		(106	)
Net unrealized depreciation of futures		(917	)
Net unrealized depreciation of written options		(76	)
Net unrealized depreciation of swap contracts		(308	)
Net unrealized appreciation of foreign currency contracts		2,033
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(8	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		2,760
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		14,241
Net Increase in Net Assets Resulting from Operations	$	25,509

The accompanying notes are an integral part of these financial statements.

21

The Hartford Strategic Income Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	11,268		$	21,003
Net realized gain on investments, other financial instruments and foreign currency transactions		11,481			19,827
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		2,760			(21,379	)
Net Increase In Net Assets Resulting From Operations		25,509			19,451
Distributions to Shareholders:
From net investment income
Class A		(4,921	)		(9,829	)
Class B		(282	)		(634	)
Class C		(4,056	)		(6,904	)
Class I		(2,144	)		(2,961	)
Class R3		(2	)		—
Class R4		(3	)		—
Class R5		(3	)		—
Class Y		(698	)		(717	)
Total from net investment income		(12,109	)		(21,045	)
From net realized gain on investments
Class A		(574	)		—
Class B		(40	)		—
Class C		(558	)		—
Class I		(234	)		—
Class R3		—			—
Class R4		—			—
Class R5		(1	)		—
Class Y		(16	)		—
Total from net realized gain on investments		(1,423	)		—
Total distributions		(13,532	)		(21,045	)
Capital Share Transactions:
Class A		9,379			(5,041	)
Class B		(196	)		(1,818	)
Class C		10,446			28,237
Class I		21,294			10,544
Class R3		9			100
Class R4		4			100
Class R5		3			100
Class Y		67,608			(1,283	)
Net increase from capital share transactions		108,547			30,939
Net Increase In Net Assets		120,524			29,345
Net Assets:
Beginning of period		465,374			436,029
End of period	$	585,898		$	465,374
Undistributed (distribution in excess of) net investment income (loss)	$	1,220		$	2,061

The accompanying notes are an integral part of these financial statements.

22

The Hartford Strategic Income Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1.   Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Strategic Income Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2.   Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent

23

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

24

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

25

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. As of March 2012, dividends from net investment income are declared and paid monthly. Prior to March 2012, dividends were declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

26

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

In connection with the Fund’s ability to purchase investments on a when-issued or forward commitment basis, the Fund may enter into to-be announced (“TBA”) commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed-upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. The Fund generally enters into TBA commitments with intent to take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. In a TBA roll, the Fund generally purchases or sells the initial TBA commitment prior to the stipulated settlement date and enters into a new TBA commitment for future delivery or receipt of the mortgage-backed securities. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

The Fund may enter into “dollar rolls” in which the Fund sells securities and contracts with the same counterparty to repurchase substantially similar securities (for example, same issuer, coupon and maturity) on a specified future date at an agreed upon price. The Fund gives up the right to receive interest paid on the investments sold. The Fund would benefit to the extent of any differences between the price received for the security and the lower forward price for the future purchase. Dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions are excluded from the Fund’s

27

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

portfolio turnover rate. The Fund had open dollar roll transactions as of April 30, 2012, as disclosed on the Schedule of Investments, the Statement of Assets and Liabilities and the Statement of Operations.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

f) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of April 30, 2012.

28

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of April 30, 2012.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not

29

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund had no outstanding purchased options contracts as of April 30, 2012. Transactions involving written options contracts for the Fund during the six-month period ended April 30, 2012, are summarized below:

Options Contract Activity During the Six-Month Period Ended April 30, 2012:

Call Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		10,400,000		$	937
Written		87,324,279			409
Expired		—			—
Closed		(10,400,000	)		(937	)
Exercised		—			—
End of Period		87,324,279		$	409

Put Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		25,446,243		$	127
Written		112,187,978			1,070
Expired		(40,734,942	)		(255	)
Closed		(9,575,000	)		(533	)
Exercised		—			—
End of Period		87,324,279		$	409

* The number of contracts does not omit 000's.

d) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, investments or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess

30

of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of April 30, 2012.

31

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

e) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	654	$	—	$	—	$	—	$	—	$	654
Unrealized appreciation on swap contracts		—		—		216		—		—		—		216
Variation margin receivable *		50		—		—		—		—		—		50
Total	$	50	$	654	$	216	$	—	$	—	$	—	$	920
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	28	$	—	$	—	$	—	$	—	$	28
Unrealized depreciation on swap contracts		—		—		258		—		—		—		258
Variation margin payable *		19		—		—		—		—		—		19
Written options, market value		—		—		708		—		—		—		708
Total	$	19	$	28	$	966	$	—	$	—	$	—	$	1,013

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $262 as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on investments in purchased options	$	(875	)	$	818		$	(658	)	$	—	$	—	$	—	$	(715	)
Net realized gain on futures		1,591			—			—			—		—		—		1,591
Net realized gain on written options		—			2			519			—		—		—		521
Net realized loss on swap contracts		—			—			(601	)		—		—		—		(601	)
Net realized loss on foreign currency contracts		—			(1,086	)		—			—		—		—		(1,086	)
Total	$	716		$	(266	)	$	(740	)	$	—	$	—	$	—	$	(290	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of investments in purchased options	$	62		$	(371	)	$	70		$	—	$	—	$	—	$	(239	)
Net change in unrealized depreciation of futures		(917	)		—			—			—		—		—		(917	)
Net change in unrealized appreciation (depreciation) of written options		—			(150	)		74			—		—		—		(76	)
Net change in unrealized depreciation of swap contracts		—			—			(308	)		—		—		—		(308	)
Net change in unrealized appreciation of foreign currency contracts		—			2,033			—			—		—		—		2,033
Total	$	(855	)	$	1,512		$	(164	)	$	—	$	—	$	—	$	493

32

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

33

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	21,163	$	21,940

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,271
Undistributed Long-Term Capital Gain		1,422
Unrealized Appreciation *		2,962
Total Accumulated Earnings	$	5,655

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	1,505
Accumulated Net Realized Gain (Loss)		(1,505	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

34

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

During the year ended October 31, 2011, the Fund utilized $19,176 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective April 2, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to April 2, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.550	%
On next $500 million		0.500	%
On next $1.5 billion		0.475	%
On next $2.5 billion		0.465	%
On next $5 billion		0.455	%
Over $10 billion		0.445	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through April 1, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.550	%
On next $500 million		0.500	%
On next $4 billion		0.475	%
On next $5 billion		0.455	%
Over $10 billion		0.445	%

35

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	0.95	%		1.70	%		1.70	%		0.70	%		1.25	%		0.95	%		0.65	%		0.60	%

From November 1, 2011 through April 1, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.00	%		1.75	%		1.75	%		0.75	%		1.30	%		1.00	%		0.70	%		0.65	%

d) Fees Paid Indirectly – The Fund’s custodian bank, State Street Bank and Trust Co., has agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended April 30, 2012
Class A		0.98	%
Class B		1.74
Class C		1.70
Class I		0.70
Class R3		1.29
Class R4		0.99
Class R5		0.69
Class Y		0.62

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended

36

April 30, 2012, HIFSCO received front-end load sales charges of $505 and contingent deferred sales charges of $33 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $18.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		11		92	%
Class R4		11		100
Class R5		11		100
Class Y		12		0

37

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	638,879
Sales Proceeds Excluding U.S. Government Obligations		537,466
Cost of Purchases for U.S. Government Obligations		37,743
Sales Proceeds for U.S. Government Obligations		30,727

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		3,980		543		(3,504	)		—		1,019			7,314		930		(8,811	)		—		(567	)
Amount	$	36,825	$	5,023	$	(32,469	)	$	—	$	9,379		$	67,160	$	8,543	$	(80,744	)	$	—	$	(5,041	)
Class B
Shares		130		28		(179	)		—		(21	)		250		55		(503	)		—		(198	)
Amount	$	1,201	$	256	$	(1,653	)	$	—	$	(196	)	$	2,300	$	503	$	(4,621	)	$	—	$	(1,818	)
Class C
Shares		3,108		416		(2,394	)		—		1,130			7,320		573		(4,855	)		—		3,038
Amount	$	28,830	$	3,850	$	(22,234	)	$	—	$	10,446		$	67,496	$	5,275	$	(44,534	)	$	—	$	28,237
Class I
Shares		4,361		212		(2,287	)		—		2,286			5,505		250		(4,643	)		—		1,112
Amount	$	40,569	$	1,961	$	(21,236	)	$	—	$	21,294		$	50,801	$	2,298	$	(42,555	)	$	—	$	10,544
Class R3
Shares		1		—		—			—		1			11		—		—			—		11
Amount	$	10	$	2	$	(3	)	$	—	$	9		$	100	$	—	$	—		$	—	$	100
Class R4
Shares		—		—		—			—		—			11		—		—			—		11
Amount	$	—	$	3	$	—		$	—	$	4		$	100	$	—	$	—		$	—	$	100
Class R5
Shares		—		—		—			—		—			11		—		—			—		11
Amount	$	1	$	3	$	—		$	—	$	3		$	100	$	—	$	—		$	—	$	100
Class Y
Shares		7,544		77		(352	)		—		7,269			1,421		78		(1,648	)		—		(149	)
Amount	$	70,158	$	714	$	(3,264	)	$	—	$	67,608		$	13,059	$	717	$	(15,059	)	$	—	$	(1,283	)
Total
Shares		19,124		1,276		(8,716	)		—		11,684			21,843		1,886		(20,460	)		—		3,269
Amount	$	177,594	$	11,812	$	(80,859	)	$	—	$	108,547		$	201,116	$	17,336	$	(187,513	)	$	—	$	30,939

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		37	$	338
For the Year Ended October 31, 2011		119	$	1,095

38

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

39

The Hartford Strategic Income Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of  Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	9.20	$	0.21	$	–	$	0.26		$	0.47		$	(0.23	)	$	(0.03	)	$	–	$	(0.26	)	$	0.21		$	9.41
B		9.20		0.18		–		0.25			0.43			(0.20	)		(0.03	)		–		(0.23	)		0.20			9.40
C		9.21		0.18		–		0.26			0.44			(0.20	)		(0.03	)		–		(0.23	)		0.21			9.42
I		9.22		0.23		–		0.25			0.48			(0.24	)		(0.03	)		–		(0.27	)		0.21			9.43
R3		9.20		0.20		–		0.26			0.46			(0.22	)		(0.03	)		–		(0.25	)		0.21			9.41
R4		9.20		0.21		–		0.26			0.47			(0.23	)		(0.03	)		–		(0.26	)		0.21			9.41
R5		9.20		0.23		–		0.25			0.48			(0.24	)		(0.03	)		–		(0.27	)		0.21			9.41
Y		9.20		0.22		–		0.26			0.48			(0.25	)		(0.03	)		–		(0.28	)		0.20			9.40
For the Year Ended October 31, 2011
A		9.22		0.48		–		(0.01	)		0.47			(0.49	)		–			–		(0.49	)		(0.02	)		9.20
B		9.21		0.41		–		–			0.41			(0.42	)		–			–		(0.42	)		(0.01	)		9.20
C		9.23		0.42		–		(0.02	)		0.40			(0.42	)		–			–		(0.42	)		(0.02	)		9.21
I		9.24		0.51		–		(0.02	)		0.49			(0.51	)		–			–		(0.51	)		(0.02	)		9.22
R3(H)		9.10		0.04		–		0.08			0.12			(0.02	)		–			–		(0.02	)		0.10			9.20
R4(H)		9.10		0.04		–		0.09			0.13			(0.03	)		–			–		(0.03	)		0.10			9.20
R5(H)		9.10		0.04		–		0.09			0.13			(0.03	)		–			–		(0.03	)		0.10			9.20
Y		9.21		0.51		–		–			0.51			(0.52	)		–			–		(0.52	)		(0.01	)		9.20
For the Year Ended October 31, 2010
A		8.69		0.56		–		0.51			1.07			(0.54	)		–			–		(0.54	)		0.53			9.22
B		8.69		0.49		–		0.50			0.99			(0.47	)		–			–		(0.47	)		0.52			9.21
C		8.70		0.49		–		0.52			1.01			(0.48	)		–			–		(0.48	)		0.53			9.23
I		8.71		0.58		–		0.51			1.09			(0.56	)		–			–		(0.56	)		0.53			9.24
Y		8.69		0.60		–		0.49			1.09			(0.57	)		–			–		(0.57	)		0.52			9.21
For the Year Ended October 31, 2009
A		7.35		0.53		–		1.33			1.86			(0.52	)		–			–		(0.52	)		1.34			8.69
B		7.35		0.46		–		1.33			1.79			(0.45	)		–			–		(0.45	)		1.34			8.69
C		7.36		0.47		–		1.33			1.80			(0.46	)		–			–		(0.46	)		1.34			8.70
I		7.37		0.54		–		1.34			1.88			(0.54	)		–			–		(0.54	)		1.34			8.71
Y		7.35		0.57		–		1.32			1.89			(0.55	)		–			–		(0.55	)		1.34			8.69
For the Year Ended October 31, 2008
A		9.75		0.65		–		(2.39	)		(1.74	)		(0.66	)		–			–		(0.66	)		(2.40	)		7.35
B		9.75		0.58		–		(2.40	)		(1.82	)		(0.58	)		–			–		(0.58	)		(2.40	)		7.35
C		9.76		0.59		–		(2.40	)		(1.81	)		(0.59	)		–			–		(0.59	)		(2.40	)		7.36
I		9.77		0.69		–		(2.41	)		(1.72	)		(0.68	)		–			–		(0.68	)		(2.40	)		7.37
Y		9.76		0.69		–		(2.41	)		(1.72	)		(0.69	)		–			–		(0.69	)		(2.41	)		7.35
From May 31, 2007 (date shares became available to the public), through October 31, 2007
A(I)		9.90		0.29		–		(0.14	)		0.15			(0.30	)		–			–		(0.30	)		(0.15	)		9.75
B(I)		9.90		0.26		–		(0.15	)		0.11			(0.26	)		–			–		(0.26	)		(0.15	)		9.75
C(I)		9.90		0.27		–		(0.15	)		0.12			(0.26	)		–			–		(0.26	)		(0.14	)		9.76
I(I)		9.90		0.31		–		(0.13	)		0.18			(0.31	)		–			–		(0.31	)		(0.13	)		9.77
Y(J)		9.57		0.12		–		0.19			0.31			(0.12	)		–			–		(0.12	)		0.19			9.76

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Commenced operations on September 30, 2011.

(I) Shares became available to the public on May 31, 2007.

(J) Commenced operations on August 31, 2007.

40

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	5.18	%(F)	$	205,267		0.98	%(G)		0.98	%(G)		0.98	%(G)		4.65	%(G)		103	%
	4.67	(F)		13,362		1.78	(G)		1.74	(G)		1.74	(G)		3.88	(G)		–
	4.80	(F)		198,008		1.70	(G)		1.70	(G)		1.70	(G)		3.95	(G)		–
	5.31	(F)		93,529		0.71	(G)		0.70	(G)		0.70	(G)		4.96	(G)		–
	5.02	(F)		113		1.32	(G)		1.29	(G)		1.29	(G)		4.34	(G)		–
	5.17	(F)		107		1.02	(G)		0.99	(G)		0.99	(G)		4.64	(G)		–
	5.33	(F)		107		0.72	(G)		0.69	(G)		0.69	(G)		4.94	(G)		–
	5.26	(F)		75,405		0.62	(G)		0.62	(G)		0.62	(G)		4.88	(G)		–
	5.20			191,353		0.98			0.98			0.98			5.27			156
	4.51			13,259		1.78			1.75			1.75			4.52			–
	4.43			183,209		1.71			1.71			1.71			4.50			–
	5.47			70,365		0.71			0.71			0.71			5.47			–
	1.34	(F)		101		1.33	(G)		1.30	(G)		1.30	(G)		5.14	(G)		–
	1.37	(F)		101		1.03	(G)		1.00	(G)		1.00	(G)		5.43	(G)		–
	1.40	(F)		101		0.73	(G)		0.70	(G)		0.70	(G)		5.72	(G)		–
	5.69			6,885		0.63			0.63			0.63			5.50			–
	12.74			196,945		0.97			0.97			0.97			6.26			158
	11.72			15,110		1.77			1.77			1.77			5.48			–
	11.89			155,499		1.70			1.70			1.70			5.53			–
	12.98			60,203		0.71			0.71			0.71			6.53			–
	12.99			8,272		0.62			0.62			0.62			6.70			–
	26.24			146,738		1.00			1.00			1.00			6.70			164
	25.20			14,397		1.83			1.83			1.83			5.87			–
	25.30			120,513		1.74			1.74			1.74			5.98			–
	26.48			45,664		0.75			0.75			0.75			7.00			–
	26.69			15,036		0.65			0.65			0.65			7.22			–
	(19.02	)		79,242		0.97			0.61			0.61			7.14			132
	(19.66	)		6,308		1.81			1.45			1.45			6.33			–
	(19.62	)		67,863		1.75			1.38			1.38			6.40			–
	(18.77	)		24,508		0.75			0.38			0.38			7.37			–
	(18.85	)		36,751		0.67			0.30			0.30			7.49			–
	1.53	(F)		42,949		1.01	(G)		0.46	(G)		0.46	(G)		7.15	(G)		40
	1.21	(F)		2,644		1.80	(G)		1.25	(G)		1.25	(G)		6.42	(G)		–
	1.31	(F)		17,275		1.81	(G)		1.26	(G)		1.26	(G)		6.47	(G)		–
	1.84	(F)		11,212		0.82	(G)		0.27	(G)		0.27	(G)		7.49	(G)		–
	3.28	(F)		10,631		0.80	(G)		0.25	(G)		0.25	(G)		7.73	(G)		–

41

The Hartford Strategic Income Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

42

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

43

The Hartford Strategic Income Fund

Directors and Officers (Unaudited) – (continued)

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

44

The Hartford Strategic Income Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011  through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,051.80	$	5.00	$	1,000.00	$	1,019.99	$	4.92		0.98	%		182		366
Class B	$	1,000.00	$	1,046.70	$	8.86	$	1,000.00	$	1,016.20	$	8.73		1.74			182		366
Class C	$	1,000.00	$	1,048.00	$	8.64	$	1,000.00	$	1,016.43	$	8.51		1.70			182		366
Class I	$	1,000.00	$	1,053.10	$	3.58	$	1,000.00	$	1,021.38	$	3.52		0.70			182		366
Class R3	$	1,000.00	$	1,050.20	$	6.59	$	1,000.00	$	1,018.44	$	6.48		1.29			182		366
Class R4	$	1,000.00	$	1,051.70	$	5.06	$	1,000.00	$	1,019.93	$	4.98		0.99			182		366
Class R5	$	1,000.00	$	1,053.30	$	3.53	$	1,000.00	$	1,021.42	$	3.48		0.69			182		366
Class Y	$	1,000.00	$	1,052.60	$	3.16	$	1,000.00	$	1,021.79	$	3.11		0.62			182		366

45

The Hartford Strategic Income Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on February 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Strategic Income Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on April 2, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Contracts Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehend sive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, And Quality Of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s fixed income capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality fixed income manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global fixed income capabilities, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that during the past ten years, Wellington Management had been committed to supporting the growth of its fixed income teams by allocating additional resources, personnel and technology to these teams, and also noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including fixed income mutual funds, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk management systems, noting that they are embedded within the firm’s fixed income process.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Contracts Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team.

46

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Contracts Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Contracts Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add an additional breakpoint to the Fund’s contractual management fee schedule with HIFSCO that would result in a management fee reduction at certain asset levels. The Board also considered that HIFSCO proposed a change to the contractual annual renewable expense limitations to lower the level of the expense limitation for each class of the Fund. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

47

The Hartford Strategic Income Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add an additional breakpoint to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

48

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-SI12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Target Retirement 2010 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Target Retirement 2010 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2010 Fund inception 09/30/2005

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 9/30/05 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			Since Inception
Target Retirement 2010 A#		7.24	%		1.75	%		3.37	%		4.38	%
Target Retirement 2010 A##					-3.85	%		2.21	%		3.48	%
Target Retirement 2010 R3#		7.18	%		1.56	%		3.14	%		4.23	%
Target Retirement 2010 R4#		7.31	%		1.82	%		3.47	%		4.49	%
Target Retirement 2010 R5#		7.36	%		1.87	%		3.57	%		4.60	%
Target Retirement 2010 Y#		7.36	%		1.96	%		3.61	%		4.62	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		6.37	%		5.90	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.14	%

† Not Annualized

# Without sales charge

## With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2010 Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President
*Appointed as a Porfolio Manager for the Fund as of January 2012.  As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.
Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Rick A. Wurster, CFA, CMT and Stephen A. Gorman, CFA, will serve as the Fund’s Portfolio Managers. As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class A shares of The Hartford Target Retirement 2010 Fund returned 7.24%, before sales charges, for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44% respectively, while the average return for the Lipper Mixed-Asset Target 2010 Funds category, a group of funds with investment strategies similar to those of the Fund, was 5.35%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 55% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and high yield, among others. Over the period, the structural allocation impact was negative, driven by diversification into international equities. Negative structural allocation measures were partially offset by diversification beyond intermediate bonds and into high yield credit, which outperformed the Barclays Capital U.S. Aggregate Bond Index.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying

3

The Hartford Target Retirement 2010 Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

funds the Fund should invest in. We expect this process to cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments
as of April 30, 2012
Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		1.9	%
State Street Bank Money Market Fund		0.0
The Hartford Alternative Strategies Fund, Class Y		9.9
The Hartford Capital Appreciation Fund, Class Y		0.4
The Hartford Capital Appreciation II Fund, Class Y		0.7
The Hartford Disciplined Equity Fund, Class Y		2.2
The Hartford Dividend and Growth Fund, Class Y		5.4
The Hartford Equity Income Fund, Class Y		10.2
The Hartford Floating Rate Fund, Class Y		3.1
The Hartford Fundamental Growth Fund, Class Y		1.6
The Hartford Global Research Fund, Class Y		2.7
The Hartford Growth Fund, Class Y		1.3
The Hartford Growth Opportunities Fund, Class Y		0.7
The Hartford High Yield Fund, Class Y		0.1
The Hartford Inflation Plus Fund, Class Y		10.0
The Hartford International Opportunities Fund, Class Y		2.6
The Hartford International Small Company Fund, Class Y		1.7
The Hartford International Value Fund, Class Y		1.0
The Hartford MidCap Fund, Class Y		0.5
The Hartford MidCap Value Fund, Class Y		3.4
The Hartford Short Duration Fund, Class Y		9.8
The Hartford Small Company Fund, Class Y		1.0
The Hartford Small/Mid Cap Equity Fund, Class Y		0.8
The Hartford SmallCap Growth Fund, Class Y		3.6
The Hartford Strategic Income Fund, Class Y		5.6
The Hartford Total Return Bond Fund, Class Y		14.9
The Hartford Value Fund, Class Y		4.5
The Hartford Value Opportunities Fund, Class Y		0.3
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2010 Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 98.0%
EQUITY FUNDS - 54.5%
	420	The Hartford Alternative Strategies Fund, Class Y	$	4,745
	5	The Hartford Capital Appreciation Fund, Class Y		174
	23	The Hartford Capital Appreciation II Fund, Class Y●		341
	71	The Hartford Disciplined Equity Fund, Class Y		1,048
	125	The Hartford Dividend and Growth Fund, Class Y		2,596
	336	The Hartford Equity Income Fund, Class Y		4,922
	65	The Hartford Fundamental Growth Fund, Class Y		790
	138	The Hartford Global Research Fund, Class Y		1,305
	32	The Hartford Growth Fund, Class Y●		643
	11	The Hartford Growth Opportunities Fund, Class Y●		330
	85	The Hartford International Opportunities Fund, Class Y		1,269
	61	The Hartford International Small Company Fund, Class Y		798
	39	The Hartford International Value Fund, Class Y		459
	10	The Hartford MidCap Fund, Class Y		232
	128	The Hartford MidCap Value Fund, Class Y		1,660
	22	The Hartford Small Company Fund, Class Y		483
	34	The Hartford Small/Mid Cap Equity Fund, Class Y		387
	48	The Hartford SmallCap Growth Fund, Class Y●		1,743
	177	The Hartford Value Fund, Class Y		2,174
	11	The Hartford Value Opportunities Fund, Class Y		153
				26,252
		Total equity funds
		(cost $23,594)	$	26,252
FIXED INCOME FUNDS - 43.5%
	167	The Hartford Floating Rate Fund, Class Y	$	1,478
	6	The Hartford High Yield Fund, Class Y		41
	390	The Hartford Inflation Plus Fund, Class Y		4,815
	476	The Hartford Short Duration Fund, Class Y		4,708
	285	The Hartford Strategic Income Fund, Class Y		2,680
	653	The Hartford Total Return Bond Fund, Class Y		7,198
				20,920
		Total fixed income funds
		(cost $20,440)	$	20,920
		Total investments in affiliated investment companies
		(cost $44,034)	$	47,172
EXCHANGE TRADED FUNDS - 1.9%
	32	Powershares DB Commodity Index Tracking Fund ●	$	907
		Total exchange traded funds
		(cost $729)	$	907
		Total long-term investments
		(cost $44,763)	$	48,079
SHORT-TERM INVESTMENTS - 0.0%
Investment Pools and Funds - 0.0%
	5	State Street Bank Money Market Fund	$	5
		Total short-term investments
		(cost $5)	$	5

Total investments
(cost $44,768) ▲	99.9	%	$	48,084
Other assets and liabilities	0.1	%		67
Total net assets	100.0	%	$	48,151

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $45,089 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	3,346
Unrealized Depreciation		(351	)
Net Unrealized Appreciation	$	2,995

● Non-income producing. 

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2010 Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	47,172	$	47,172	$	–	$	–
Exchange Traded Funds		907		907		–		–
Short-Term Investments		5		5		–		–
Total	$	48,084	$	48,084	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2010 Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $734)	$	912
Investments in underlying affiliated funds, at market value (cost $44,034)		47,172
Receivables:
Investment securities sold		21
Fund shares sold		35
Dividends and interest		37
Other assets		48
Total assets		48,225
Liabilities:
Bank overdraft		5
Payables:
Investment securities purchased		36
Fund shares redeemed		21
Investment management fees		1
Administrative fees		1
Distribution fees		3
Accrued expenses		7
Total liabilities		74
Net assets	$	48,151
Summary of Net Assets:
Capital stock and paid-in-capital	$	44,371
Undistributed net investment income		76
Accumulated net realized gain		388
Unrealized appreciation of investments		3,316
Net assets	$	48,151
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.29/$10.89
Shares outstanding		862
Net assets	$	8,866
Class R3: Net asset value per share	$	10.23
Shares outstanding		1,616
Net assets	$	16,533
Class R4: Net asset value per share	$	10.29
Shares outstanding		1,950
Net assets	$	20,061
Class R5: Net asset value per share	$	10.30
Shares outstanding		245
Net assets	$	2,520
Class Y: Net asset value per share	$	10.29
Shares outstanding		17
Net assets	$	171

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2010 Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	3
Dividends from underlying affiliated funds		465
Total investment income		468
Expenses:
Investment management fees		33
Administrative services fees		29
Transfer agent fees		5
Distribution fees
Class A		11
Class R3		37
Class R4		23
Custodian fees		—
Accounting services fees		3
Registration and filing fees		28
Board of Directors' fees		1
Audit fees		5
Other expenses		5
Total expenses (before waivers)		180
Expense waivers		(112	)
Total waivers		(112	)
Total expenses, net		68
Net Investment Income		400
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		306
Net realized gain on investments in underlying affiliated funds		1,027
Net realized gain on investments in securities		2
Net Realized Gain on Investments		1,335
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		1,375
Net unrealized appreciation of investments		21
Net Changes in Unrealized Appreciation of Investments		1,396
Net Gain on Investments		2,731
Net Increase in Net Assets Resulting from Operations	$	3,131

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2010 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	400		$	743
Net realized gain on investments		1,335			1,594
Net unrealized appreciation (depreciation) of investments		1,396			(1,077	)
Net Increase In Net Assets Resulting From Operations		3,131			1,260
Distributions to Shareholders:
From net investment income
Class A		(197	)		(154	)
Class R3		(262	)		(153	)
Class R4		(403	)		(229	)
Class R5		(61	)		(45	)
Class Y		(4	)		(3	)
Total distributions		(927	)		(584	)
Capital Share Transactions:
Class A		19			(1,508	)
Class R3		3,245			5,283
Class R4		1,952			6,690
Class R5		(146	)		136
Class Y		4			3
Net increase from capital share transactions		5,074			10,604
Net Increase In Net Assets		7,278			11,280
Net Assets:
Beginning of period		40,873			29,593
End of period	$	48,151		$	40,873
Undistributed (distribution in excess of) net investment income (loss)	$	76		$	603

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2010 Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Target Retirement 2010 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of

11

The Hartford Target Retirement 2010 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	584	$	442

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	603
Accumulated Capital Losses *		(626	)
Unrealized Appreciation †		1,599
Total Accumulated Earnings	$	1,576

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	108
Accumulated Net Realized Gain (Loss)		(108	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	626
Total	$	626

During the year ended October 31, 2011, the Fund utilized $1,567 of prior year capital loss carryforwards.

13

The Hartford Target Retirement 2010 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

14

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class A			Class R3			Class R4			Class R5			Class Y
	1.00	%		1.15	%		0.85	%		0.80	%		0.80	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class A, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $2 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares rounds to zero.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual

15

The Hartford Target Retirement 2010 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		11		1	%
Class R5		11		5
Class Y		17		100

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	15,863
Sales Proceeds Excluding U.S. Government Obligations		11,016

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		127		21		(145	)		—		3			217		16		(389	)		—		(156	)
Amount	$	1,245	$	196	$	(1,422	)	$	—	$	19		$	2,142	$	153	$	(3,803	)	$	—	$	(1,508	)
Class R3
Shares		837		27		(534	)		—		330			879		16		(360	)		—		535
Amount	$	8,360	$	261	$	(5,376	)	$	—	$	3,245		$	8,656	$	153	$	(3,526	)	$	—	$	5,283
Class R4
Shares		272		42		(117	)		—		197			1,343		24		(673	)		—		694
Amount	$	2,711	$	403	$	(1,162	)	$	—	$	1,952		$	13,147	$	229	$	(6,686	)	$	—	$	6,690
Class R5
Shares		26		6		(46	)		—		(14	)		87		5		(79	)		—		13
Amount	$	255	$	61	$	(462	)	$	—	$	(146	)	$	856	$	45	$	(765	)	$	—	$	136
Class Y
Shares		—		1		—			—		1			—		—		—			—		—
Amount	$	—	$	4	$	—		$	—	$	4		$	—	$	3	$	—		$	—	$	3
Total
Shares		1,262		97		(842	)		—		517			2,526		61		(1,501	)		—		1,086
Amount	$	12,571	$	925	$	(8,422	)	$	—	$	5,074		$	24,801	$	583	$	(14,780	)	$	—	$	10,604

16

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

17

The Hartford Target Retirement 2010 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	9.81	$	0.09	$	–	$	0.60		$	0.69		$	(0.21	)	$	–		$	–	$	(0.21	)	$	0.48		$	10.29
R3		9.75		0.08		–		0.61			0.69			(0.21	)		–			–		(0.21	)		0.48			10.23
R4		9.82		0.10		–		0.60			0.70			(0.23	)		–			–		(0.23	)		0.47			10.29
R5		9.83		0.10		–		0.61			0.71			(0.24	)		–			–		(0.24	)		0.47			10.30
Y		9.82		0.10		–		0.60			0.70			(0.23	)		–			–		(0.23	)		0.47			10.29
For the Year Ended October 31, 2011 (E)
A		9.59		0.19		–		0.20			0.39			(0.17	)		–			–		(0.17	)		0.22			9.81
R3		9.55		0.17		–		0.20			0.37			(0.17	)		–			–		(0.17	)		0.20			9.75
R4		9.60		0.19		–		0.22			0.41			(0.19	)		–			–		(0.19	)		0.22			9.82
R5		9.61		0.21		–		0.20			0.41			(0.19	)		–			–		(0.19	)		0.22			9.83
Y		9.60		0.21		–		0.20			0.41			(0.19	)		–			–		(0.19	)		0.22			9.82
For the Year Ended October 31, 2010 (E)
A		8.50		0.17		–		1.09			1.26			(0.17	)		–			–		(0.17	)		1.09			9.59
R3		8.48		0.14		–		1.10			1.24			(0.17	)		–			–		(0.17	)		1.07			9.55
R4		8.51		0.18		–		1.09			1.27			(0.18	)		–			–		(0.18	)		1.09			9.60
R5		8.51		0.19		–		1.10			1.29			(0.19	)		–			–		(0.19	)		1.10			9.61
Y		8.50		0.19		–		1.10			1.29			(0.19	)		–			–		(0.19	)		1.10			9.60
For the Year Ended October 31, 2009 (E)
A(H)		7.24		0.22		–		1.15			1.37			(0.11	)		–			–		(0.11	)		1.26			8.50
R3		7.23		0.18		–		1.18			1.36			(0.11	)		–			–		(0.11	)		1.25			8.48
R4		7.23		0.22		–		1.17			1.39			(0.11	)		–			–		(0.11	)		1.28			8.51
R5		7.24		0.22		–		1.16			1.38			(0.11	)		–			–		(0.11	)		1.27			8.51
Y		7.23		0.23		–		1.15			1.38			(0.11	)		–			–		(0.11	)		1.27			8.50
For the Year Ended October 31, 2008
A		10.66		0.30		–		(3.10	)		(2.80	)		(0.41	)		(0.21	)		–		(0.62	)		(3.42	)		7.24
R3		10.66		0.26		–		(3.11	)		(2.85	)		(0.37	)		(0.21	)		–		(0.58	)		(3.43	)		7.23
R4		10.66		0.36		–		(3.17	)		(2.81	)		(0.41	)		(0.21	)		–		(0.62	)		(3.43	)		7.23
R5		10.67		0.37		–		(3.16	)		(2.79	)		(0.43	)		(0.21	)		–		(0.64	)		(3.43	)		7.24
Y		10.66		0.33		–		(3.11	)		(2.78	)		(0.44	)		(0.21	)		–		(0.65	)		(3.43	)		7.23
For the Year Ended October 31, 2007
A		9.65		0.28		–		1.01			1.29			(0.28	)		–			–		(0.28	)		1.01			10.66
R3(I)		9.76		0.14		–		0.89			1.03			(0.13	)		–			–		(0.13	)		0.90			10.66
R4(I)		9.76		0.16		–		0.89			1.05			(0.15	)		–			–		(0.15	)		0.90			10.66
R5(I)		9.76		0.19		–		0.89			1.08			(0.17	)		–			–		(0.17	)		0.91			10.67
Y		9.65		0.32		–		0.99			1.31			(0.30	)		–			–		(0.30	)		1.01			10.66

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Expense ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Classes B and C were merged into Class A on July 24, 2009.

(I) Commenced operations on December 22, 2006.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	7.24	%(F)	$	8,866		0.70	%(G)		0.33	%(G)		0.33	%(G)		1.88	%(G)		25	%
	7.18	(F)		16,533		1.04	(G)		0.48	(G)		0.48	(G)		1.55	(G)		–
	7.31	(F)		20,061		0.74	(G)		0.18	(G)		0.18	(G)		1.95	(G)		–
	7.36	(F)		2,520		0.44	(G)		0.13	(G)		0.13	(G)		2.05	(G)		–
	7.36	(F)		171		0.34	(G)		0.13	(G)		0.13	(G)		2.03	(G)		–
	4.09			8,424		0.74			0.33			0.33			1.96			51
	3.93			12,539		1.08			0.48			0.48			1.71			–
	4.26			17,209		0.77			0.18			0.18			1.96			–
	4.30			2,541		0.48			0.13			0.13			2.11			–
	4.31			160		0.37			0.13			0.13			2.15			–
	15.02			9,738		0.79			0.27			0.27			1.86			49
	14.87			7,168		1.14			0.42			0.42			1.66			–
	15.16			10,173		0.85			0.12			0.12			2.02			–
	15.33			2,361		0.55			0.07			0.07			2.09			–
	15.34			153		0.45			0.07			0.07			2.07			–
	19.29			9,342		0.95			0.24			0.24			3.00			31
	19.24			1,578		1.25			0.39			0.39			2.37			–
	19.58			9,020		1.03			0.09			0.09			3.00			–
	19.48			2,051		0.73			0.04			0.04			2.99			–
	19.56			133		0.65			0.04			0.04			3.12			–
	(27.74	)		6,520		1.02			0.42			0.42			2.87			68
	(28.14	)		8		1.47			0.87			0.87			2.70			–
	(27.84	)		4,823		1.04			0.45			0.45			1.67			–
	(27.64	)		1,131		0.71			0.11			0.11			1.86			–
	(27.60	)		111		0.76			0.16			0.16			3.40			–
	13.55			7,547		1.81			0.50			0.50			2.46			56
	10.56	(F)		11		2.32	(G)		0.90	(G)		0.90	(G)		1.62	(G)		–
	10.88	(F)		442		1.97	(G)		0.60	(G)		0.60	(G)		2.03	(G)		–
	11.15	(F)		11		1.72	(G)		0.30	(G)		0.30	(G)		2.23	(G)		–
	13.83			153		1.54			0.20			0.20			3.21			–

19

The Hartford Target Retirement 2010 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Target Retirement 2010 Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Target Retirement 2010 Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,072.40	$	1.70	$	1,000.00	$	1,023.22	$	1.66		0.33	%		182		366
Class R3	$	1,000.00	$	1,071.80	$	2.47	$	1,000.00	$	1,022.48	$	2.42		0.48			182		366
Class R4	$	1,000.00	$	1,073.10	$	0.93	$	1,000.00	$	1,023.97	$	0.91		0.18			182		366
Class R5	$	1,000.00	$	1,073.60	$	0.67	$	1,000.00	$	1,024.22	$	0.65		0.13			182		366
Class Y	$	1,000.00	$	1,073.60	$	0.67	$	1,000.00	$	1,024.22	$	0.65		0.13			182		366

23

The Hartford Target Retirement 2010 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Target Retirement 2010 Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including managing target date portfolios and constructing target date glidepaths.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team, as well as differences in Wellington Management’s investment process in constructing the Fund’s glidepath.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the

24

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

25

The Hartford Target Retirement 2010 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-TR1012 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Target Retirement 2015 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Target Retirement 2015 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2015 Fund inception 10/31/2008

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to maximize total return  and secondarily, seeks capital preservation.

Performance Overview 10/31/08 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Target Retirement 2015 R3		7.68	%		1.34	%		12.83	%
Target Retirement 2015 R4		7.84	%		1.66	%		13.16	%
Target Retirement 2015 R5		7.89	%		1.64	%		13.22	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		8.31	%
S&P 500 Index		12.76	%		4.73	%		13.53	%

† Not Annualized

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2015 Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President
*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.
Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Rick A. Wurster, CFA, CMT and Stephen A. Gorman, CFA, will serve as the Fund’s Portfolio Managers.  As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2015 Fund returned 7.68% for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target 2015 Funds category, a group of funds with investment strategies similar to those of the Fund, was 6.04%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 61% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and high yield, among others. Over the period, the structural allocation impact was negative, driven by diversification into international equities. Negative structural allocation measures were partially offset by diversification beyond intermediate bonds and into high yield credit, which outperformed the Barclays Capital U.S. Aggregate Bond Index.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved

3

The Hartford Target Retirement 2015 Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. We expect this process to cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments

as of April 30, 2012 

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		1.3	%
State Street Bank Money Market Fund		0.0
The Hartford Alternative Strategies Fund, Class Y		9.0
The Hartford Capital Appreciation Fund, Class Y		0.2
The Hartford Capital Appreciation II Fund, Class Y		0.7
The Hartford Disciplined Equity Fund, Class Y		3.9
The Hartford Dividend and Growth Fund, Class Y		4.7
The Hartford Equity Income Fund, Class Y		8.0
The Hartford Floating Rate Fund, Class Y		1.8
The Hartford Fundamental Growth Fund, Class Y		3.9
The Hartford Global Research Fund, Class Y		5.0
The Hartford Growth Fund, Class Y		1.8
The Hartford Inflation Plus Fund, Class Y		6.6
The Hartford International Opportunities Fund, Class Y		0.8
The Hartford International Small Company Fund, Class Y		1.7
The Hartford International Value Fund, Class Y		2.6
The Hartford MidCap Fund, Class Y		0.5
The Hartford MidCap Value Fund, Class Y		1.5
The Hartford Short Duration Fund, Class Y		10.7
The Hartford Small Company Fund, Class Y		1.0
The Hartford Small/Mid Cap Equity Fund, Class Y		1.5
The Hartford SmallCap Growth Fund, Class Y		5.3
The Hartford Strategic Income Fund, Class Y		5.2
The Hartford Total Return Bond Fund, Class Y		13.2
The Hartford Value Fund, Class Y		8.7
The Hartford Value Opportunities Fund, Class Y		0.3
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2015 Fund

Schedule of Investments

April 30, 2012 (Unaudited)

 (000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 98.6%
EQUITY FUNDS - 61.1%
	397	The Hartford Alternative Strategies Fund, Class Y			$	4,482
	3	The Hartford Capital Appreciation Fund, Class Y				97
	23	The Hartford Capital Appreciation II Fund, Class Y●				335
	133	The Hartford Disciplined Equity Fund, Class Y				1,970
	113	The Hartford Dividend and Growth Fund, Class Y				2,356
	273	The Hartford Equity Income Fund, Class Y				4,000
	162	The Hartford Fundamental Growth Fund, Class Y				1,967
	266	The Hartford Global Research Fund, Class Y				2,518
	45	The Hartford Growth Fund, Class Y●				901
	28	The Hartford International Opportunities Fund, Class Y				421
	63	The Hartford International Small Company Fund, Class Y				827
	112	The Hartford International Value Fund, Class Y				1,314
	12	The Hartford MidCap Fund, Class Y				268
	57	The Hartford MidCap Value Fund, Class Y				738
	23	The Hartford Small Company Fund, Class Y				516
	64	The Hartford Small/Mid Cap Equity Fund, Class Y				731
	73	The Hartford SmallCap Growth Fund, Class Y●				2,633
	353	The Hartford Value Fund, Class Y				4,343
	12	The Hartford Value Opportunities Fund, Class Y				169
						30,586
		Total equity funds
		(cost $27,660)			$	30,586
FIXED INCOME FUNDS - 37.5%
	100	The Hartford Floating Rate Fund, Class Y			$	889
	270	The Hartford Inflation Plus Fund, Class Y				3,328
	543	The Hartford Short Duration Fund, Class Y				5,372
	275	The Hartford Strategic Income Fund, Class Y				2,582
	597	The Hartford Total Return Bond Fund, Class Y				6,590
						18,761
		Total fixed income funds
		(cost $18,423)			$	18,761
		Total investments in affiliated investment companies
		(cost $46,083)			$	49,347
EXCHANGE TRADED FUNDS - 1.3%
	22	Powershares DB Commodity Index Tracking Fund ●			$	637
		Total exchange traded funds
		(cost $542)			$	637
		Total long-term investments
		(cost $46,625)			$	49,984
SHORT-TERM INVESTMENTS - 0.0%
Investment Pools and Funds - 0.0%
	4	State Street Bank Money Market Fund			$	4
		Total short-term investments
		(cost $4)			$	4
		Total investments
		(cost $46,629) ▲	99.9	%	$	49,988
		Other assets and liabilities	0.1	%		46
		Total net assets	100.0	%	$	50,034

Note:   Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $46,706 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	3,422
Unrealized Depreciation		(140	)
Net Unrealized Appreciation	$	3,282

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2015 Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	49,347	$	49,347	$	–	$	–
Exchange Traded Funds		637		637		–		–
Short-Term Investments		4		4		–		–
Total	$	49,988	$	49,988	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.  

6

The Hartford Target Retirement 2015 Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $546)	$	641
Investments in underlying affiliated funds, at market value (cost $46,083)		49,347
Receivables:
Fund shares sold		30
Dividends and interest		32
Other assets		31
Total assets		50,081
Liabilities:
Bank overdraft		4
Payables:
Investment securities purchased		30
Fund shares redeemed		—
Investment management fees		1
Administrative fees		2
Distribution fees		3
Accrued expenses		7
Total liabilities		47
Net assets	$	50,034
Summary of Net Assets:
Capital stock and paid-in-capital	$	45,992
Undistributed net investment income		68
Accumulated net realized gain		615
Unrealized appreciation of investments		3,359
Net assets	$	50,034
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	13.81
Shares outstanding		2,310
Net assets	$	31,906
Class R4: Net asset value per share	$	13.87
Shares outstanding		1,179
Net assets	$	16,351
Class R5: Net asset value per share	$	13.88
Shares outstanding		128
Net assets	$	1,777

 The accompanying notes are an integral part of these financial statements.  

7

The Hartford Target Retirement 2015 Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends from underlying affiliated funds	$	438
Total investment income		438
Expenses:
Investment management fees		32
Administrative services fees		39
Transfer agent fees		—
Distribution fees
Class R3		71
Class R4		16
Custodian fees		—
Accounting services fees		3
Registration and filing fees		18
Board of Directors' fees		1
Audit fees		5
Other expenses		4
Total expenses (before waivers)		189
Expense waivers		(112	)
Total waivers		(112	)
Total expenses, net		77
Net Investment Income		361
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		270
Net realized gain on investments in underlying affiliated funds		422
Net Realized Gain on Investments		692
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		2,168
Net unrealized appreciation of investments		16
Net Changes in Unrealized Appreciation of Investments		2,184
Net Gain on Investments		2,876
Net Increase in Net Assets Resulting from Operations	$	3,237

 The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2015 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	361		$	593
Net realized gain on investments		692			1,048
Net unrealized appreciation (depreciation) of investments		2,184			(688	)
Net Increase In Net Assets Resulting From Operations		3,237			953
Distributions to Shareholders:
From net investment income
Class R3		(479	)		(210	)
Class R4		(234	)		(128	)
Class R5		(37	)		(21	)
Total from net investment income		(750	)		(359	)
From net realized gain on investments
Class R3		(711	)		(241	)
Class R4		(290	)		(140	)
Class R5		(46	)		(24	)
Total from net realized gain on investments		(1,047	)		(405	)
Total distributions		(1,797	)		(764	)
Capital Share Transactions:
Class R3		4,013			12,552
Class R4		5,076			2,990
Class R5		(31	)		237
Net increase from capital share transactions		9,058			15,779
Net Increase In Net Assets		10,498			15,968
Net Assets:
Beginning of period		39,536			23,568
End of period	$	50,034		$	39,536
Undistributed (distribution in excess of) net investment income (loss)	$	68		$	457

  The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2015 Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Target Retirement 2015 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of

10

a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a

11

The Hartford Target Retirement 2015 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund. 

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	427	$	84
Long-Term Capital Gains ‡		337		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	467
Undistributed Long-Term Capital Gain		1,037
Unrealized Appreciation *		1,098
Total Accumulated Earnings	$	2,602

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	70
Accumulated Net Realized Gain (Loss)		(70	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2015 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class R3			Class R4			Class R5
	1.15	%		0.85	%		0.80	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		1	%
Class R5		103		80

15

The Hartford Target Retirement 2015 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	15,220
Sales Proceeds Excluding U.S. Government Obligations		7,328

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		456		94		(247	)		—		303			1,435		34		(537	)		—		932
Amount	$	6,126	$	1,190	$	(3,303	)	$	—	$	4,013		$	19,465	$	451	$	(7,364	)	$	—	$	12,552
Class R4
Shares		431		41		(96	)		—		376			587		20		(388	)		—		219
Amount	$	5,822	$	524	$	(1,270	)	$	—	$	5,076		$	7,988	$	268	$	(5,266	)	$	—	$	2,990
Class R5
Shares		25		7		(33	)		—		(1	)		18		3		(4	)		—		17
Amount	$	340	$	82	$	(453	)	$	—	$	(31	)	$	252	$	45	$	(60	)	$	—	$	237
Total
Shares		912		142		(376	)		—		678			2,040		57		(929	)		—		1,168
Amount	$	12,288	$	1,796	$	(5,026	)	$	—	$	9,058		$	27,705	$	764	$	(12,690	)	$	—	$	15,779

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

16

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

17

The Hartford Target Retirement 2015 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset  Value		Net Asset  Value at End  of  Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
R3	$	13.43	$	0 .11	$	–	$	0.87	$	0.98	$	(0.24	)	$	(0.36	)	$	–	$	(0.60	)	$	0.38	$	13.81
R4		13.50		0.12		–		0.88		1.00		(0.27	)		(0.36	)		–		(0.63	)		0.37		13.87
R5		13.51		0.13		–		0.88		1.01		(0.28	)		(0.36	)		–		(0.64	)		0.37		13.88
For the Year Ended October 31, 2011 (E)
R3		13.29		0.21		–		0.31		0.52		(0.16	)		(0.22	)		–		(0.38	)		0.14		13.43
R4		13.34		0.26		–		0.30		0.56		(0.18	)		(0.22	)		–		(0.40	)		0.16		13.50
R5		13.35		0.27		–		0.29		0.56		(0.18	)		(0.22	)		–		(0.40	)		0.16		13.51
For the Year Ended October 31, 2010
R3		11.69		0.14		–		1.62		1.76		(0.16	)		–			–		(0.16	)		1.60		13.29
R4		11.72		0.16		–		1.64		1.80		(0.18	)		–			–		(0.18	)		1.62		13.34
R5		11.72		0.24		–		1.57		1.81		(0.18	)		–			–		(0.18	)		1.63		13.35
From October 31, 2008  (commencement of operations) through October 31, 2009
R3		10.00		0.21		–		1.59		1.80		(0.11	)		–			–		(0.11	)		1.69		11.69
R4		10.00		0.23		–		1.61		1.84		(0.12	)		–			–		(0.12	)		1.72		11.72
R5		10.00		0.26		–		1.58		1.84		(0.12	)		–			–		(0.12	)		1.72		11.72

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(C)	Expense ratios do not include expenses of the Underlying Funds.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Not annualized.
(G)	Annualized.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	7.68	%(F)	$	31,906		0.99	%(G)		0.46	%(G)		0.46	%(G)		1.60	%(G)		17	%
	7.84	(F)		16,351		0.69	(G)		0.16	(G)		0.16	(G)		1.81	(G)		–
	7.89	(F)		1,777		0.40	(G)		0.11	(G)		0.11	(G)		1.96	(G)		–
	3.95			26,952		1.04			0.47			0.47			1.58			52
	4.24			10,835		0.74			0.17			0.17			1.89			–
	4.26			1,749		0.44			0.12			0.12			1.99			–
	15.16			14,282		1.28			0.40			0.40			1.42			37
	15.50			7,787		1.01			0.10			0.10			1.76			–
	15.63			1,499		0.76			0.05			0.05			1.87			–
	18.33			2,003		2.24			0.37			0.37			2.27			15
	18.70			1,883		1.92			0.07			0.07			2.61			–
	18.71			1,459		1.65			0.02			0.02			2.67			–

19

The Hartford Target Retirement 2015 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Target Retirement 2015 Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Target Retirement 2015 Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning  Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning  Account Value  October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the  period October 31, 2011 through April 30, 2012		Annualized expense  ratio			Days in  the  current  1/2  year		Days  in the  full year
Class R3	$	1,000.00	$	1,076.80	$	2.38	$	1,000.00	$	1,022.58	$	2.31		0.46	%		182		366
Class R4	$	1,000.00	$	1,078.40	$	0.83	$	1,000.00	$	1,024.07	$	0.81		0.16			182		366
Class R5	$	1,000.00	$	1,078.90	$	0.57	$	1,000.00	$	1,024.32	$	0.55		0.11			182		366

23

The Hartford Target Retirement 2015 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Target Retirement 2015 Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including managing target date portfolios and constructing target date glidepaths.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team, as well as differences in Wellington Management’s investment process in constructing the Fund’s glidepath.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the

24

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

25

The Hartford Target Retirement 2015 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-TR1512 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Target Retirement 2020 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Target Retirement 2020 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2020 Fund inception 09/30/2005

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 9/30/05 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			Since Inception
Target Retirement 2020 A#		8.03	%		0.12	%		2.30	%		4.13	%
Target Retirement 2020 A##					-5.38	%		1.15	%		3.24	%
Target Retirement 2020 R3#		8.01	%		-0.04	%		2.08	%		3.97	%
Target Retirement 2020 R4#		8.23	%		0.30	%		2.41	%		4.24	%
Target Retirement 2020 R5#		8.26	%		0.44	%		2.53	%		4.36	%
Target Retirement 2020 Y#		8.16	%		0.34	%		2.56	%		4.39	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		6.37	%		5.90	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.14	%

† Not Annualized

# Without sales charge

## With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2020 Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President

*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.

Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Rick A. Wurster, CFA, CMT and Stephen A. Gorman, CFA, will serve as the Fund’s Portfolio Managers. As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class A shares of The Hartford Target Retirement 2020 Fund returned 8.03%, before sales charges, for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target 2020 Funds category, a group of funds with investment strategies similar to those of the Fund, was 6.58%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 67% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and high yield, among others. Over the period, the structural allocation impact was negative, driven by diversification into international equities. Negative structural allocation measures were partially offset by diversification beyond intermediate bonds and into high yield credit, which outperformed the Barclays Capital U.S. Aggregate Bond Index.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying

3

The Hartford Target Retirement 2020 Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

funds the Fund should invest in. We expect this process to cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments

as of April 30, 2012

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		1.8	%
State Street Bank Money Market Fund		0.0
The Hartford Alternative Strategies Fund, Class Y		9.2
The Hartford Capital Appreciation Fund, Class Y		0.8
The Hartford Capital Appreciation II Fund, Class Y		0.7
The Hartford Disciplined Equity Fund, Class Y		3.0
The Hartford Dividend and Growth Fund, Class Y		8.2
The Hartford Equity Income Fund, Class Y		5.2
The Hartford Floating Rate Fund, Class Y		0.2
The Hartford Fundamental Growth Fund, Class Y		2.1
The Hartford Global Growth Fund, Class Y		0.2
The Hartford Global Research Fund, Class Y		4.2
The Hartford Growth Fund, Class Y		1.4
The Hartford Growth Opportunities Fund, Class Y		0.9
The Hartford Inflation Plus Fund, Class Y		5.0
The Hartford International Opportunities Fund, Class Y		0.5
The Hartford International Small Company Fund, Class Y		3.1
The Hartford International Value Fund, Class Y		2.8
The Hartford MidCap Fund, Class Y		3.7
The Hartford MidCap Value Fund, Class Y		1.8
The Hartford Short Duration Fund, Class Y		8.1
The Hartford Small Company Fund, Class Y		0.7
The Hartford Small/Mid Cap Equity Fund, Class Y		1.7
The Hartford SmallCap Growth Fund, Class Y		5.4
The Hartford Strategic Income Fund, Class Y		5.1
The Hartford Total Return Bond Fund, Class Y		13.1
The Hartford Value Fund, Class Y		10.1
The Hartford Value Opportunities Fund, Class Y		0.9
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2020 Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 98.1%
EQUITY FUNDS - 66.6%
	1,283	The Hartford Alternative Strategies Fund, Class Y			$	14,494
	35	The Hartford Capital Appreciation Fund, Class Y				1,236
	71	The Hartford Capital Appreciation II Fund, Class Y●				1,034
	319	The Hartford Disciplined Equity Fund, Class Y				4,733
	618	The Hartford Dividend and Growth Fund, Class Y				12,838
	563	The Hartford Equity Income Fund, Class Y				8,249
	269	The Hartford Fundamental Growth Fund, Class Y				3,268
	16	The Hartford Global Growth Fund, Class Y●				259
	695	The Hartford Global Research Fund, Class Y				6,581
	114	The Hartford Growth Fund, Class Y●				2,267
	47	The Hartford Growth Opportunities Fund, Class Y●				1,454
	55	The Hartford International Opportunities Fund, Class Y				824
	372	The Hartford International Small Company Fund, Class Y				4,886
	371	The Hartford International Value Fund, Class Y				4,337
	258	The Hartford MidCap Fund, Class Y				5,829
	217	The Hartford MidCap Value Fund, Class Y				2,812
	53	The Hartford Small Company Fund, Class Y				1,188
	238	The Hartford Small/Mid Cap Equity Fund, Class Y				2,702
	234	The Hartford SmallCap Growth Fund, Class Y●				8,461
	1,290	The Hartford Value Fund, Class Y				15,878
	95	The Hartford Value Opportunities Fund, Class Y				1,355
						104,685
		Total equity funds
		(cost $91,550)			$	104,685
FIXED INCOME FUNDS - 31.5%
	39	The Hartford Floating Rate Fund, Class Y			$	350
	641	The Hartford Inflation Plus Fund, Class Y				7,905
	1,290	The Hartford Short Duration Fund, Class Y				12,775
	854	The Hartford Strategic Income Fund, Class Y				8,031
	1,864	The Hartford Total Return Bond Fund, Class Y				20,555
						49,616
		Total fixed income funds
		(cost $48,715)			$	49,616
		Total investments in affiliated investment companies
		(cost $140,265)			$	154,301
EXCHANGE TRADED FUNDS - 1.8%
	101	Powershares DB Commodity Index Tracking Fund ●			$	2,861
		Total exchange traded funds
		(cost $2,327)			$	2,861
		Total long-term investments
		(cost $142,592)			$	157,162
SHORT-TERM INVESTMENTS - 0.0%
Investment Pools and Funds - 0.0%
	13	State Street Bank Money Market Fund			$	13
		Total short-term investments
		(cost $13)			$	13
		Total investments
		(cost $142,605) ▲	99.9	%	$	157,175
		Other assets and liabilities	0.1	%		102
		Total net assets	100.0	%	$	157,277

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $143,220 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	14,880
Unrealized Depreciation		(925	)
Net Unrealized Appreciation	$	13,955

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2020 Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	154,301	$	154,301	$	–	$	–
Exchange Traded Funds		2,861		2,861		–		–
Short-Term Investments		13		13		–		–
Total	$	157,175	$	157,175	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2020 Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,340)	$	2,874
Investments in underlying affiliated funds, at market value (cost $140,265)		154,301
Receivables:
Investment securities sold		198
Fund shares sold		217
Dividends and interest		85
Other assets		60
Total assets		157,735
Liabilities:
Bank overdraft		13
Payables:
Investment securities purchased		215
Fund shares redeemed		203
Investment management fees		4
Administrative fees		4
Distribution fees		8
Accrued expenses		11
Total liabilities		458
Net assets	$	157,277
Summary of Net Assets:
Capital stock and paid-in-capital	$	143,504
Undistributed net investment income		202
Accumulated net realized loss		(999	)
Unrealized appreciation of investments		14,570
Net assets	$	157,277
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.03/$11.67
Shares outstanding		2,196
Net assets	$	24,228
Class R3: Net asset value per share	$	10.96
Shares outstanding		5,468
Net assets	$	59,947
Class R4: Net asset value per share	$	11.03
Shares outstanding		5,264
Net assets	$	58,063
Class R5: Net asset value per share	$	11.05
Shares outstanding		1,351
Net assets	$	14,921
Class Y: Net asset value per share	$	11.04
Shares outstanding		11
Net assets	$	118

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2020 Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	—
Dividends from underlying affiliated funds		1,351
Total investment income		1,351
Expenses:
Investment management fees		104
Administrative services fees		96
Transfer agent fees		15
Distribution fees
Class A		29
Class R3		128
Class R4		63
Custodian fees		—
Accounting services fees		8
Registration and filing fees		30
Board of Directors' fees		2
Audit fees		5
Other expenses		9
Total expenses (before waivers)		489
Expense waivers		(260	)
Total waivers		(260	)
Total expenses, net		229
Net Investment Income		1,122
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		1,287
Net realized gain on investments in underlying affiliated funds		987
Net Realized Gain on Investments		2,274
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		7,455
Net unrealized appreciation of investments		72
Net Changes in Unrealized Appreciation of Investments		7,527
Net Gain on Investments		9,801
Net Increase in Net Assets Resulting from Operations	$	10,923

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2020 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	1,122		$	1,740
Net realized gain on investments		2,274			1,094
Net unrealized appreciation of investments		7,527			17
Net Increase In Net Assets Resulting From Operations		10,923			2,851
Distributions to Shareholders:
From net investment income
Class A		(369	)		(319	)
Class R3		(739	)		(366	)
Class R4		(859	)		(511	)
Class R5		(244	)		(185	)
Class Y		(2	)		(2	)
Total distributions		(2,213	)		(1,383	)
Capital Share Transactions:
Class A		(23	)		(1,605	)
Class R3		11,643			21,015
Class R4		7,802			17,271
Class R5		643			1,398
Class Y		2			2
Net increase from capital share transactions		20,067			38,081
Net Increase In Net Assets		28,777			39,549
Net Assets:
Beginning of period		128,500			88,951
End of period	$	157,277		$	128,500
Undistributed (distribution in excess of) net investment income (loss)	$	202		$	1,293

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Target Retirement 2020 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding.

11

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	1,383	$	797

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,293
Accumulated Capital Losses *		(2,658	)
Unrealized Appreciation †		6,428
Total Accumulated Earnings	$	5,063

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	210
Accumulated Net Realized Gain (Loss)		(210	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	255
2017		2,027
2018		376
Total	$	2,658

During the year ended October 31, 2011, the Fund utilized $1,259 of prior year capital loss carryforwards.

13

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

14

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class A			Class R3			Class R4			Class R5			Class Y
	1.05	%		1.20	%		0.90	%		0.85	%		0.85	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class A, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $27 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $2.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

15

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		10		1	%
Class Y		11		100

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	38,428
Sales Proceeds Excluding U.S. Government Obligations		18,170

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		212		36		(248	)		—		—			598		31		(779	)		—		(150	)
Amount	$	2,233	$	368	$	(2,624	)	$	—	$	(23	)	$	6,348	$	319	$	(8,272	)	$	—	$	(1,605	)
Class R3
Shares		1,301		73		(274	)		—		1,100			2,681		36		(716	)		—		2,001
Amount	$	13,768	$	739	$	(2,864	)	$	—	$	11,643		$	28,128	$	366	$	(7,479	)	$	—	$	21,015
Class R4
Shares		1,093		85		(455	)		—		723			2,152		49		(579	)		—		1,622
Amount	$	11,772	$	859	$	(4,829	)	$	—	$	7,802		$	22,706	$	511	$	(5,946	)	$	—	$	17,271
Class R5
Shares		178		24		(140	)		—		62			396		18		(282	)		—		132
Amount	$	1,897	$	244	$	(1,498	)	$	—	$	643		$	4,216	$	185	$	(3,003	)	$	—	$	1,398
Class Y
Shares		—		1		—			—		1			—		—		—			—		—
Amount	$	—	$	2	$	—		$	—	$	2		$	—	$	2	$	—		$	—	$	2
Total
Shares		2,784		219		(1,117	)		—		1,886			5,827		134		(2,356	)		—		3,605
Amount	$	29,670	$	2,212	$	(11,815	)	$	—	$	20,067		$	61,398	$	1,383	$	(24,700	)	$	—	$	38,081

16

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

17

The Hartford Target Retirement 2020 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	10.38	$	0.09	$	–	$	0.73		$	0.82		$	(0.17	)	$	–		$	–	$	(0.17	)	$	0.65		$	11.03
R3		10.31		0.08		–		0.73			0.81			(0.16	)		–			–		(0.16	)		0.65			10.96
R4		10.38		0.09		–		0.75			0.84			(0.19	)		–			–		(0.19	)		0.65			11.03
R5		10.40		0.10		–		0.74			0.84			(0.19	)		–			–		(0.19	)		0.65			11.05
Y		10.40		0.10		–		0.73			0.83			(0.19	)		–			–		(0.19	)		0.64			11.04
For the Year Ended October 31, 2011 (G)
A		10.12		0.16		–		0.24			0.40			(0.14	)		–			–		(0.14	)		0.26			10.38
R3		10.07		0.13		–		0.25			0.38			(0.14	)		–			–		(0.14	)		0.24			10.31
R4		10.12		0.17		–		0.24			0.41			(0.15	)		–			–		(0.15	)		0.26			10.38
R5		10.14		0.18		–		0.24			0.42			(0.16	)		–			–		(0.16	)		0.26			10.40
Y		10.13		0.18		–		0.25			0.43			(0.16	)		–			–		(0.16	)		0.27			10.40
For the Year Ended October 31, 2010 (G)
A		8.89		0.14		–		1.23			1.37			(0.14	)		–			–		(0.14	)		1.23			10.12
R3		8.87		0.11		–		1.23			1.34			(0.14	)		–			–		(0.14	)		1.20			10.07
R4		8.89		0.16		–		1.22			1.38			(0.15	)		–			–		(0.15	)		1.23			10.12
R5		8.90		0.17		–		1.22			1.39			(0.15	)		–			–		(0.15	)		1.24			10.14
Y		8.90		0.14		–		1.25			1.39			(0.16	)		–			–		(0.16	)		1.23			10.13
For the Year Ended October 31, 2009
A(H)		7.56		0.19		–		1.25			1.44			(0.11	)		–			–		(0.11	)		1.33			8.89
R3		7.55		0.17		–		1.25			1.42			(0.10	)		–			–		(0.10	)		1.32			8.87
R4		7.55		0.19		–		1.26			1.45			(0.11	)		–			–		(0.11	)		1.34			8.89
R5		7.56		0.20		–		1.25			1.45			(0.11	)		–			–		(0.11	)		1.34			8.90
Y		7.56		0.21		–		1.24			1.45			(0.11	)		–			–		(0.11	)		1.34			8.90
For the Year Ended October 31, 2008
A		11.68		0.26		–		(3.86	)		(3.60	)		(0.43	)		(0.09	)		–		(0.52	)		(4.12	)		7.56
R3		11.67		0.35		–		(3.99	)		(3.64	)		(0.39	)		(0.09	)		–		(0.48	)		(4.12	)		7.55
R4		11.67		0.37		–		(3.98	)		(3.61	)		(0.42	)		(0.09	)		–		(0.51	)		(4.12	)		7.55
R5		11.68		0.39		–		(3.97	)		(3.58	)		(0.45	)		(0.09	)		–		(0.54	)		(4.12	)		7.56
Y		11.68		0.29		–		(3.86	)		(3.57	)		(0.46	)		(0.09	)		–		(0.55	)		(4.12	)		7.56
For the Year Ended October 31, 2007
A		10.43		0.24		–		1.29			1.53			(0.24	)		(0.04	)		–		(0.28	)		1.25			11.68
R3(I)		10.55		0.08		–		1.11			1.19			(0.07	)		–			–		(0.07	)		1.12			11.67
R4(I)		10.55		0.10		–		1.12			1.22			(0.10	)		–			–		(0.10	)		1.12			11.67
R5(I)		10.55		0.14		–		1.11			1.25			(0.12	)		–			–		(0.12	)		1.13			11.68
Y		10.43		0.30		–		1.25			1.55			(0.26	)		(0.04	)		–		(0.30	)		1.25			11.68

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Expense ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Per share amounts have been calculated using average shares outstanding method.

(H) Classes B and C were merged into Class A on July 24, 2009.

(I) Commenced operations on December 22, 2006.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.03	%(E)	$	24,228		0.60	%(F)		0.35	%(F)		0.35	%(F)		1.67	%(F)		13	%
	8.01	(E)		59,947		0.93	(F)		0.50	(F)		0.50	(F)		1.40	(F)		–
	8.23	(E)		58,063		0.63	(F)		0.20	(F)		0.20	(F)		1.77	(F)		–
	8.26	(E)		14,921		0.33	(F)		0.15	(F)		0.15	(F)		1.83	(F)		–
	8.16	(E)		118		0.23	(F)		0.15	(F)		0.15	(F)		1.86	(F)		–
	3.91			22,785		0.63			0.35			0.35			1.50			38
	3.75			45,045		0.95			0.50			0.50			1.26			–
	4.07			47,150		0.64			0.20			0.20			1.58			–
	4.09			13,411		0.34			0.15			0.15			1.67			–
	4.22			109		0.24			0.15			0.15			1.69			–
	15.54			23,735		0.65			0.29			0.29			1.54			28
	15.30			23,842		0.98			0.44			0.44			1.30			–
	15.68			29,544		0.68			0.14			0.14			1.67			–
	15.82			11,725		0.38			0.09			0.09			1.76			–
	15.72			105		0.27			0.07			0.07			1.55			–
	19.38			18,297		0.75			0.25			0.25			2.52			20
	19.19			1,151		1.19			0.40			0.40			1.57			–
	19.53			17,503		0.81			0.10			0.10			2.48			–
	19.59			9,213		0.51			0.05			0.05			2.63			–
	19.63			10		0.42			0.05			0.05			2.69			–
	(32.13	)		13,495		0.77			0.48			0.48			2.30			51
	(32.37	)		70		1.21			0.91			0.91			1.00			–
	(32.18	)		8,281		0.83			0.55			0.55			1.12			–
	(31.98	)		6,165		0.53			0.23			0.23			0.96			–
	(31.89	)		9		0.46			0.17			0.17			2.74			–
	14.95			17,710		1.25			0.51			0.51			1.64			16
	11.32	(E)		11		1.72	(F)		0.91	(F)		0.91	(F)		0.86	(F)		–
	11.64	(E)		1,129		1.35	(F)		0.61	(F)		0.61	(F)		1.23	(F)		–
	11.91	(E)		11		1.12	(F)		0.31	(F)		0.31	(F)		1.46	(F)		–
	15.20			12		0.94			0.21			0.21			2.71			–

19

The Hartford Target Retirement 2020 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Target Retirement 2020 Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Target Retirement 2020 Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,080.30	$	1.81	$	1,000.00	$	1,023.12	$	1.76		0.35	%		182		366
Class R3	$	1,000.00	$	1,080.10	$	2.59	$	1,000.00	$	1,022.38	$	2.52		0.50			182		366
Class R4	$	1,000.00	$	1,082.30	$	1.04	$	1,000.00	$	1,023.87	$	1.01		0.20			182		366
Class R5	$	1,000.00	$	1,082.60	$	0.78	$	1,000.00	$	1,024.12	$	0.75		0.15			182		366
Class Y	$	1,000.00	$	1,081.60	$	0.78	$	1,000.00	$	1,024.12	$	0.75		0.15			182		366

23

The Hartford Target Retirement 2020 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Target Retirement 2020 Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including managing target date portfolios and constructing target date glidepaths.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team, as well as differences in Wellington Management’s investment process in constructing the Fund’s glidepath.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the

24

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

25

The Hartford Target Retirement 2020 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-TR2012 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Target Retirement 2025 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Target Retirement 2025 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2025 Fund inception 10/31/2008

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 10/31/08 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Target Retirement 2025 R3		8.28	%		0.15	%		12.81	%
Target Retirement 2025 R4		8.44	%		0.40	%		13.13	%
Target Retirement 2025 R5		8.46	%		0.50	%		13.21	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		8.31	%
S&P 500 Index		12.76	%		4.73	%		13.53	%

† Not Annualized

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2025 Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President

*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.

Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Rick A. Wurster, CFA, CMT and Stephen A. Gorman, CFA, will serve as the Fund’s Portfolio Managers. As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2025 Fund returned 8.28% for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target 2025 Funds category, a group of funds with investment strategies similar to those of the Fund, was 7.58%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 73% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and high yield, among others. Over the period, the structural allocation impact was negative, driven by diversification into international equities. Negative structural allocation measures were partially offset by diversification beyond intermediate bonds and into high yield credit, which outperformed the Barclays Capital U.S. Aggregate Bond Index.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved

3

The Hartford Target Retirement 2025 Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. We expect this process to cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments

as of April 30, 2012

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		1.5	%
Powershares Emerging Markets Sovereign Debt Portfolio		1.7
State Street Bank Money Market Fund		0.0
The Hartford Alternative Strategies Fund, Class Y		14.1
The Hartford Capital Appreciation Fund, Class Y		0.4
The Hartford Capital Appreciation II Fund, Class Y		0.2
The Hartford Disciplined Equity Fund, Class Y		1.9
The Hartford Dividend and Growth Fund, Class Y		4.8
The Hartford Equity Income Fund, Class Y		11.9
The Hartford Fundamental Growth Fund, Class Y		2.2
The Hartford Global Growth Fund, Class Y		1.7
The Hartford Global Research Fund, Class Y		4.1
The Hartford Growth Fund, Class Y		3.6
The Hartford Growth Opportunities Fund, Class Y		1.0
The Hartford Inflation Plus Fund, Class Y		4.8
The Hartford International Growth Fund, Class Y		0.5
The Hartford International Opportunities Fund, Class Y		0.2
The Hartford International Small Company Fund, Class Y		3.4
The Hartford International Value Fund, Class Y		1.4
The Hartford MidCap Fund, Class Y		0.6
The Hartford MidCap Value Fund, Class Y		1.7
The Hartford Short Duration Fund, Class Y		10.4
The Hartford Small Company Fund, Class Y		0.4
The Hartford Small/Mid Cap Equity Fund, Class Y		1.6
The Hartford SmallCap Growth Fund, Class Y		7.2
The Hartford Total Return Bond Fund, Class Y		6.7
The Hartford Value Fund, Class Y		11.5
The Hartford Value Opportunities Fund, Class Y		0.4
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2025 Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 96.7%
EQUITY FUNDS - 74.8%
	813	The Hartford Alternative Strategies Fund, Class Y			$	9,189
	8	The Hartford Capital Appreciation Fund, Class Y				270
	9	The Hartford Capital Appreciation II Fund, Class Y●				131
	83	The Hartford Disciplined Equity Fund, Class Y				1,235
	152	The Hartford Dividend and Growth Fund, Class Y				3,163
	529	The Hartford Equity Income Fund, Class Y				7,750
	117	The Hartford Fundamental Growth Fund, Class Y				1,422
	69	The Hartford Global Growth Fund, Class Y●				1,141
	281	The Hartford Global Research Fund, Class Y				2,665
	117	The Hartford Growth Fund, Class Y●				2,328
	22	The Hartford Growth Opportunities Fund, Class Y●				683
	34	The Hartford International Growth Fund, Class Y				342
	10	The Hartford International Opportunities Fund, Class Y				154
	170	The Hartford International Small Company Fund, Class Y				2,227
	77	The Hartford International Value Fund, Class Y				902
	16	The Hartford MidCap Fund, Class Y				371
	85	The Hartford MidCap Value Fund, Class Y				1,096
	13	The Hartford Small Company Fund, Class Y				297
	89	The Hartford Small/Mid Cap Equity Fund, Class Y				1,017
	130	The Hartford SmallCap Growth Fund, Class Y●				4,703
	609	The Hartford Value Fund, Class Y				7,492
	17	The Hartford Value Opportunities Fund, Class Y				245
						48,823
		Total equity funds
		(cost $44,752)			$	48,823
FIXED INCOME FUNDS - 21.9%
	256	The Hartford Inflation Plus Fund, Class Y			$	3,163
	686	The Hartford Short Duration Fund, Class Y				6,788
	393	The Hartford Total Return Bond Fund, Class Y				4,339
						14,290
		Total fixed income funds
		(cost $14,032)			$	14,290
		Total investments in affiliated investment companies
		(cost $58,784)			$	63,113
EXCHANGE TRADED FUNDS - 3.2%
	34	Powershares DB Commodity Index Tracking Fund ●			$	979
	40	Powershares Emerging Markets Sovereign Debt Portfolio				1,130
						2,109
		Total exchange traded funds
		(cost $1,911)			$	2,109
		Total long-term investments
		(cost $60,695)			$	65,222
SHORT-TERM INVESTMENTS - 0.0%
Investment Pools and Funds - 0.0%
	6	State Street Bank Money Market Fund			$	6
		Total short-term investments
		(cost $6)			$	6
		Total investments
		(cost $60,701) ▲	99.9	%	$	65,228
		Other assets and liabilities	0.1	%		38
		Total net assets	100.0	%	$	65,266

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $60,809 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	4,640
Unrealized Depreciation		(221	)
Net Unrealized Appreciation	$	4,419

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2025 Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	63,113	$	63,113	$	–	$	–
Exchange Traded Funds		2,109		2,109		–		–
Short-Term Investments		6		6		–		–
Total	$	65,228	$	65,228	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2025 Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,917)	$	2,115
Investments in underlying affiliated funds, at market value (cost $58,784)		63,113
Receivables:
Investment securities sold		—
Fund shares sold		142
Dividends and interest		24
Other assets		34
Total assets		65,428
Liabilities:
Bank overdraft		2
Payables:
Investment securities purchased		146
Fund shares redeemed		—
Investment management fees		2
Administrative fees		2
Distribution fees		4
Accrued expenses		6
Total liabilities		162
Net assets	$	65,266
Summary of Net Assets:
Capital stock and paid-in-capital	$	60,133
Undistributed net investment income		25
Accumulated net realized gain		581
Unrealized appreciation of investments		4,527
Net assets	$	65,266
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	14.13
Shares outstanding		2,519
Net assets	$	35,599
Class R4: Net asset value per share	$	14.19
Shares outstanding		1,970
Net assets	$	27,964
Class R5: Net asset value per share	$	14.21
Shares outstanding		120
Net assets	$	1,703

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2025 Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	22
Dividends from underlying affiliated funds		462
Total investment income		484
Expenses:
Investment management fees		42
Administrative services fees		50
Transfer agent fees		—
Distribution fees
Class R3		77
Class R4		30
Custodian fees		—
Accounting services fees		4
Registration and filing fees		18
Board of Directors' fees		1
Audit fees		5
Other expenses		5
Total expenses (before waivers)		232
Expense waivers		(135	)
Total waivers		(135	)
Total expenses, net		97
Net Investment Income		387
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		282
Net realized gain on investments in underlying affiliated funds		407
Net Realized Gain on Investments		689
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		3,465
Net unrealized appreciation of investments		63
Net Changes in Unrealized Appreciation of Investments		3,528
Net Gain on Investments		4,217
Net Increase in Net Assets Resulting from Operations	$	4,604

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2025 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	387		$	479
Net realized gain on investments		689			1,140
Net unrealized appreciation (depreciation) of investments		3,528			(975	)
Net Increase In Net Assets Resulting From Operations		4,604			644
Distributions to Shareholders:
From net investment income
Class R3		(352	)		(144	)
Class R4		(335	)		(110	)
Class R5		(24	)		(20	)
Total from net investment income		(711	)		(274	)
From net realized gain on investments
Class R3		(654	)		(135	)
Class R4		(513	)		(88	)
Class R5		(37	)		(17	)
Total from net realized gain on investments		(1,204	)		(240	)
Total distributions		(1,915	)		(514	)
Capital Share Transactions:
Class R3		7,026			12,683
Class R4		4,914			12,332
Class R5		57			(339	)
Net increase from capital share transactions		11,997			24,676
Net Increase In Net Assets		14,686			24,806
Net Assets:
Beginning of period		50,580			25,774
End of period	$	65,266		$	50,580
Undistributed (distribution in excess of) net investment income (loss)	$	25		$	349

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2025 Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Target Retirement 2025 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding.

11

The Hartford Target Retirement 2025 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	314	$	59
Long-Term Capital Gains ‡		200		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	644
Undistributed Long-Term Capital Gain		909
Unrealized Appreciation *		891
Total Accumulated Earnings	$	2,444

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	44
Accumulated Net Realized Gain (Loss)		(44	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2025 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of

14

certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class R3			Class R4			Class R5
	1.20	%		0.90	%		0.85	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		0	%
Class R5		59		49

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	17,667
Sales Proceeds Excluding U.S. Government Obligations		6,916

15

The Hartford Target Retirement 2025 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		622		79		(181	)		—		520		1,174		21		(263	)		—		932
Amount	$	8,478	$	1,006	$	(2,458	)	$	—	$	7,026	$	16,114	$	279	$	(3,710	)	$	—	$	12,683
Class R4
Shares		563		66		(269	)		—		360		1,273		15		(408	)		—		880
Amount	$	7,755	$	848	$	(3,689	)	$	—	$	4,914	$	17,871	$	198	$	(5,737	)	$	—	$	12,332
Class R5
Shares		7		5		(7	)		—		5		16		3		(48	)		—		(29	)
Amount	$	93	$	61	$	(97	)	$	—	$	57	$	240	$	37	$	(616	)	$	—	$	(339	)
Total
Shares		1,192		150		(457	)		—		885		2,463		39		(719	)		—		1,783
Amount	$	16,326	$	1,915	$	(6,244	)	$	—	$	11,997	$	34,225	$	514	$	(10,063	)	$	—	$	24,676

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure

16

under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

17

The Hartford Target Retirement 2025 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value		Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
R3	$	13.55	$	0.08	$	–	$	0.99	$	1.07	$	(0.17	)	$	(0.32	)	$	–	$	(0.49	)	$	0.58	$	14.13
R4		13.62		0.10		–		0.99		1.09		(0.20	)		(0.32	)		–		(0.52	)		0.57		14.19
R5		13.64		0.11		–		0.98		1.09		(0.20	)		(0.32	)		–		(0.52	)		0.57		14.21
For the Year Ended October 31, 2011 (E)
R3		13.27		0.15		–		0.37		0.52		(0.12	)		(0.12	)		–		(0.24	)		0.28		13.55
R4		13.32		0.18		–		0.38		0.56		(0.14	)		(0.12	)		–		(0.26	)		0.30		13.62
R5		13.33		0.20		–		0.37		0.57		(0.14	)		(0.12	)		–		(0.26	)		0.31		13.64
For the Year Ended October 31, 2010
R3		11.60		0.09		–		1.68		1.77		(0.10	)		–			–		(0.10	)		1.67		13.27
R4		11.63		0.12		–		1.69		1.81		(0.12	)		–			–		(0.12	)		1.69		13.32
R5		11.64		0.16		–		1.66		1.82		(0.13	)		–			–		(0.13	)		1.69		13.33
From October 31, 2008  (commencement of operations) through October 31, 2009
R3		10.00		0.16		–		1.56		1.72		(0.12	)		–			–		(0.12	)		1.60		11.60
R4		10.00		0.18		–		1.57		1.75		(0.12	)		–			–		(0.12	)		1.63		11.63
R5		10.00		0.20		–		1.56		1.76		(0.12	)		–			–		(0.12	)		1.64		11.64

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(C) Expense ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.28	%(F)	$	35,599		0.97	%(G)		0.48	%(G)		0.48	%(G)		1.23	%(G)		12	%
	8.44	(F)		27,964		0.66	(G)		0.18	(G)		0.18	(G)		1.54	(G)		–
	8.46	(F)		1,703		0.37	(G)		0.13	(G)		0.13	(G)		1.66	(G)		–
	3.92			27,080		1.02			0.50			0.50			1.09			46
	4.19			21,926		0.72			0.20			0.20			1.34			–
	4.29			1,574		0.42			0.15			0.15			1.47			–
	15.36			14,148		1.30			0.43			0.43			0.95			26
	15.69			9,714		1.01			0.13			0.13			1.28			–
	15.71			1,912		0.76			0.08			0.08			1.35			–
	17.44			2,046		2.25			0.42			0.42			1.73			12
	17.81			2,060		1.94			0.12			0.12			1.99			–
	17.92			1,381		1.71			0.07			0.07			2.09			–

19

The Hartford Target Retirement 2025 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Target Retirement 2025 Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Target Retirement 2025 Fund

Expense Example  – (continued)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,082.80	$	2.49	$	1,000.00	$	1,022.48	$	2.42		0.48	%		182		366
Class R4	$	1,000.00	$	1,084.40	$	0.93	$	1,000.00	$	1,023.97	$	0.91		0.18			182		366
Class R5	$	1,000.00	$	1,084.60	$	0.67	$	1,000.00	$	1,024.22	$	0.65		0.13			182		366

23

The Hartford Target Retirement 2025 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Target Retirement 2025 Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including managing target date portfolios and constructing target date glidepaths.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team, as well as differences in Wellington Management’s investment process in constructing the Fund’s glidepath.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the

24

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

25

The Hartford Target Retirement 2025 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-TR2512 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Target Retirement 2030 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Target Retirement 2030 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2030 Fund inception 09/30/2005

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 9/30/05 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes. 

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			Since Inception
Target Retirement 2030 A#		8.84	%		-0.78	%		1.76	%		3.76	%
Target Retirement 2030 A##					-6.24	%		0.62	%		2.87	%
Target Retirement 2030 R3#		8.75	%		-0.97	%		1.53	%		3.59	%
Target Retirement 2030 R4#		8.93	%		-0.61	%		1.86	%		3.87	%
Target Retirement 2030 R5#		8.96	%		-0.57	%		1.94	%		3.94	%
Target Retirement 2030 Y#		9.04	%		-0.48	%		2.03	%		4.03	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		6.37	%		5.90	%
S&P 500 Index		12.76	%		4.73	%		1.00	%		4.14	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2030 Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President
*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.
Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Rick A. Wurster, CFA, CMT and Stephen A. Gorman, CFA, will serve as the Fund’s Portfolio Managers. As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class A shares of The Hartford Target Retirement 2030 Fund returned 8.84%, before sales charges, for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target 2030 Funds category, a group of funds with investment strategies similar to those of the Fund, was 7.75%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 79% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and high yield, among others. Over the period, the structural allocation impact was negative, driven by diversification into international equities. Negative structural allocation measures were partially offset by diversification beyond intermediate bonds and into high yield credit, which outperformed the Barclays Capital U.S. Aggregate Bond Index.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved

3

The Hartford Target Retirement 2030 Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. We expect this process to cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments

as of April 30, 2012

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		2.0	%
Powershares Emerging Markets Sovereign Debt Portfolio		1.0
State Street Bank Money Market Fund		0.0
The Hartford Alternative Strategies Fund, Class Y		11.6
The Hartford Capital Appreciation Fund, Class Y		1.8
The Hartford Capital Appreciation II Fund, Class Y		0.7
The Hartford Disciplined Equity Fund, Class Y		3.4
The Hartford Dividend and Growth Fund, Class Y		8.9
The Hartford Equity Income Fund, Class Y		8.3
The Hartford Fundamental Growth Fund, Class Y		1.8
The Hartford Global Growth Fund, Class Y		2.1
The Hartford Global Research Fund, Class Y		3.6
The Hartford Growth Fund, Class Y		2.7
The Hartford Growth Opportunities Fund, Class Y		1.1
The Hartford Inflation Plus Fund, Class Y		3.9
The Hartford International Opportunities Fund, Class Y		0.8
The Hartford International Small Company Fund, Class Y		3.4
The Hartford International Value Fund, Class Y		3.1
The Hartford MidCap Fund, Class Y		1.1
The Hartford MidCap Value Fund, Class Y		2.2
The Hartford Short Duration Fund, Class Y		6.3
The Hartford Small Company Fund, Class Y		1.8
The Hartford Small/Mid Cap Equity Fund, Class Y		3.1
The Hartford SmallCap Growth Fund, Class Y		5.4
The Hartford Total Return Bond Fund, Class Y		7.4
The Hartford Value Fund, Class Y		10.7
The Hartford Value Opportunities Fund, Class Y		1.8
Other Assets and Liabilities		0.0
Total		100.0	%

4

The Hartford Target Retirement 2030 Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 97.0%
EQUITY FUNDS - 79.4%
	1,698	The Hartford Alternative Strategies Fund, Class Y			$	19,188
	82	The Hartford Capital Appreciation Fund, Class Y				2,936
	84	The Hartford Capital Appreciation II Fund, Class Y●				1,224
	384	The Hartford Disciplined Equity Fund, Class Y				5,693
	710	The Hartford Dividend and Growth Fund, Class Y				14,758
	938	The Hartford Equity Income Fund, Class Y				13,741
	248	The Hartford Fundamental Growth Fund, Class Y				3,009
	206	The Hartford Global Growth Fund, Class Y●				3,430
	622	The Hartford Global Research Fund, Class Y				5,894
	224	The Hartford Growth Fund, Class Y●				4,439
	60	The Hartford Growth Opportunities Fund, Class Y●				1,838
	86	The Hartford International Opportunities Fund, Class Y				1,283
	431	The Hartford International Small Company Fund, Class Y				5,659
	444	The Hartford International Value Fund, Class Y				5,199
	78	The Hartford MidCap Fund, Class Y				1,761
	277	The Hartford MidCap Value Fund, Class Y				3,590
	136	The Hartford Small Company Fund, Class Y				3,023
	452	The Hartford Small/Mid Cap Equity Fund, Class Y				5,142
	246	The Hartford SmallCap Growth Fund, Class Y●				8,876
	1,437	The Hartford Value Fund, Class Y				17,695
	213	The Hartford Value Opportunities Fund, Class Y				3,035
						131,413
		Total equity funds
		(cost $114,440)			$	131,413
FIXED INCOME FUNDS - 17.6%
	524	The Hartford Inflation Plus Fund, Class Y			$	6,461
	1,058	The Hartford Short Duration Fund, Class Y				10,475
	1,110	The Hartford Total Return Bond Fund, Class Y				12,245
						29,181
		Total fixed income funds
		(cost $28,635)			$	29,181
		Total investments in affiliated investment companies
		(cost $143,075)			$	160,594
EXCHANGE TRADED FUNDS - 3.0%
	115	Powershares DB Commodity Index Tracking Fund ●			$	3,274
	60	Powershares Emerging Markets Sovereign Debt Portfolio				1,698
						4,972
		Total exchange traded funds
		(cost $4,321)			$	4,972
		Total long-term investments
		(cost $147,396)			$	165,566
SHORT-TERM INVESTMENTS - 0.0%
Investment Pools and Funds - 0.0%
	12	State Street Bank Money Market Fund			$	12
		Total short-term investments
		(cost $12)			$	12
		Total investments
		(cost $147,408) ▲	100.0	%	$	165,578
		Other assets and liabilities	—	%		76
		Total net assets	100.0	%	$	165,654

Note:   Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $148,025 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	18,573
Unrealized Depreciation		(1,020	)
Net Unrealized Appreciation	$	17,553

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2030 Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	160,594	$	160,594	$	–	$	–
Exchange Traded Funds		4,972		4,972		–		–
Short-Term Investments		12		12		–		–
Total	$	165,578	$	165,578	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2030 Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $4,333)	$	4,984
Investments in underlying affiliated funds, at market value (cost $143,075)		160,594
Receivables:
Investment securities sold		5
Fund shares sold		208
Dividends and interest		52
Other assets		64
Total assets		165,907
Liabilities:
Bank overdraft		5
Payables:
Investment securities purchased		214
Fund shares redeemed		5
Investment management fees		4
Administrative fees		4
Distribution fees		9
Accrued expenses		12
Total liabilities		253
Net assets	$	165,654
Summary of Net Assets:
Capital stock and paid-in-capital	$	148,387
Undistributed net investment income		53
Accumulated net realized loss		(956	)
Unrealized appreciation of investments		18,170
Net assets	$	165,654
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.97/$10.55
Shares outstanding		2,529
Net assets	$	25,211
Class R3: Net asset value per share	$	9.85
Shares outstanding		6,173
Net assets	$	60,828
Class R4: Net asset value per share	$	9.95
Shares outstanding		6,830
Net assets	$	67,964
Class R5: Net asset value per share	$	9.97
Shares outstanding		1,152
Net assets	$	11,492
Class Y: Net asset value per share	$	10.00
Shares outstanding		16
Net assets	$	159

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2030 Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	39
Dividends from underlying affiliated funds		1,213
Total investment income		1,252
Expenses:
Investment management fees		110
Administrative services fees		103
Transfer agent fees		23
Distribution fees
Class A		29
Class R3		133
Class R4		75
Custodian fees		—
Accounting services fees		9
Registration and filing fees		31
Board of Directors' fees		2
Audit fees		5
Other expenses		8
Total expenses (before waivers)		528
Expense waivers		(309	)
Total waivers		(309	)
Total expenses, net		219
Net Investment Income		1,033
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		849
Net realized gain on investments in underlying affiliated funds		342
Net realized gain on investments in securities		4
Net Realized Gain on Investments		1,195
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		10,481
Net unrealized appreciation of investments		134
Net Changes in Unrealized Appreciation of Investments		10,615
Net Gain on Investments		11,810
Net Increase in Net Assets Resulting from Operations	$	12,843

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2030 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	1,033		$	1,242
Net realized gain on investments		1,195			694
Net unrealized appreciation of investments		10,615			383
Net Increase In Net Assets Resulting From Operations		12,843			2,319
Distributions to Shareholders:
From net investment income
Class A		(288	)		(198	)
Class R3		(595	)		(240	)
Class R4		(816	)		(440	)
Class R5		(154	)		(99	)
Class Y		(2	)		(2	)
Total distributions		(1,855	)		(979	)
Capital Share Transactions:
Class A		1,570			396
Class R3		9,311			27,269
Class R4		8,873			17,950
Class R5		491			1,294
Class Y		2			2
Net increase from capital share transactions		20,247			46,911
Net Increase In Net Assets		31,235			48,251
Net Assets:
Beginning of period		134,419			86,168
End of period	$	165,654		$	134,419
Undistributed (distribution in excess of) net investment income (loss)	$	53		$	875

The accompanying notes are an integral part of these financial statements. 

9

The Hartford Target Retirement 2030 Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Target Retirement 2030 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding.

11

The Hartford Target Retirement 2030 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	979	$	536

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	875
Accumulated Capital Losses *		(1,534	)
Unrealized Appreciation †		6,938
Total Accumulated Earnings	$	6,279

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	137
Accumulated Net Realized Gain (Loss)		(137	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	778
2018		756
Total	$	1,534

During the year ended October 31, 2011, the Fund utilized $850 of prior year capital loss carryforwards.

13

The Hartford Target Retirement 2030 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

14

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class A			Class R3			Class R4			Class R5			Class Y
	1.05	%		1.20	%		0.90	%		0.85	%		0.85	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class A, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $59 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $5.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

15

The Hartford Target Retirement 2030 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class Y		16		100	%

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	32,399
Sales Proceeds Excluding U.S. Government Obligations		12,130

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares
Class A
Shares		305		32		(168	)		—		169		610		21		(589	)		—		42
Amount	$	2,892	$	286	$	(1,608	)	$	—	$	1,570	$	5,821	$	198	$	(5,623	)	$	—	$	396
Class R3
Shares		1,247		66		(323	)		—		990		3,390		26		(513	)		—		2,903
Amount	$	11,812	$	595	$	(3,096	)	$	—	$	9,311	$	31,878	$	240	$	(4,849	)	$	—	$	27,269
Class R4
Shares		1,198		90		(356	)		—		932		2,261		47		(422	)		—		1,886
Amount	$	11,426	$	816	$	(3,369	)	$	—	$	8,873	$	21,364	$	440	$	(3,854	)	$	—	$	17,950
Class R5
Shares		129		17		(93	)		—		53		295		10		(167	)		—		138
Amount	$	1,229	$	154	$	(892	)	$	—	$	491	$	2,801	$	99	$	(1,606	)	$	—	$	1,294
Class Y
Shares		—		—		—			—		—		—		—		—			—		—
Amount	$	—	$	2	$	—		$	—	$	2	$	—	$	2	$	—		$	—	$	2
Total
Shares		2,879		205		(940	)		—		2,144		6,556		104		(1,691	)		—		4,969
Amount	$	27,359	$	1,853	$	(8,965	)	$	—	$	20,247	$	61,864	$	979	$	(15,932	)	$	—	$	46,911

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment

16

fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

17

The Hartford Target Retirement 2030 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)				Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income				Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	9.28	$	0.07		$		–	$	0.74		$	0.81		$	(0.12	)	$		–		$	–	$	(0.12	)	$	0.69		$	9.97
R3		9.17		0.06				–		0.73			0.79			(0.11	)			–			–		(0.11	)		0.68			9.85
R4		9.27		0.07				–		0.75			0.82			(0.14	)			–			–		(0.14	)		0.68			9.95
R5		9.29		0.08				–		0.74			0.82			(0.14	)			–			–		(0.14	)		0.68			9.97
Y		9.31		0.08				–		0.75			0.83			(0.14	)			–			–		(0.14	)		0.69			10.00
For the Year Ended October 31, 2011 (G)
A		9.01		0.10				–		0.25			0.35			(0.08	)			–			–		(0.08	)		0.27			9.28
R3		8.92		0.08				–		0.26			0.34			(0.09	)			–			–		(0.09	)		0.25			9.17
R4		9.00		0.11				–		0.26			0.37			(0.10	)			–			–		(0.10	)		0.27			9.27
R5		9.02		0.12				–		0.25			0.37			(0.10	)			–			–		(0.10	)		0.27			9.29
Y		9.04		0.12				–		0.25			0.37			(0.10	)			–			–		(0.10	)		0.27			9.31
For the Year Ended October 31, 2010 (G)
A		7.84		0.09				–		1.16			1.25			(0.08	)			–			–		(0.08	)		1.17			9.01
R3		7.77		0.08				–		1.15			1.23			(0.08	)			–			–		(0.08	)		1.15			8.92
R4		7.83		0.10				–		1.16			1.26			(0.09	)			–			–		(0.09	)		1.17			9.00
R5		7.84		0.11				–		1.16			1.27			(0.09	)			–			–		(0.09	)		1.18			9.02
Y		7.86		0.12				–		1.15			1.27			(0.09	)			–			–		(0.09	)		1.18			9.04
For the Year Ended October 31, 2009 (G)
A(H)		6.80		0.12				–		1.04			1.16			(0.12	)			–			–		(0.12	)		1.04			7.84
R3		6.77		0.10				–		1.04			1.14			(0.14	)			–			–		(0.14	)		1.00			7.77
R4		6.78		0.12				–		1.05			1.17			(0.12	)			–			–		(0.12	)		1.05			7.83
R5		6.80		0.13				–		1.04			1.17			(0.13	)			–			–		(0.13	)		1.04			7.84
Y		6.82		0.14				–		1.04			1.18			(0.14	)			–			–		(0.14	)		1.04			7.86
For the Year Ended October 31, 2008 (G)
A		10.92		0.13				–		(3.78	)		(3.65	)		(0.37	)			(0.10	)		–		(0.47	)		(4.12	)		6.80
R3		10.88		(0.01	)			–		(3.68	)		(3.69	)		(0.32	)			(0.10	)		–		(0.42	)		(4.11	)		6.77
R4		10.91		0.02				–		(3.67	)		(3.65	)		(0.38	)			(0.10	)		–		(0.48	)		(4.13	)		6.78
R5		10.93		0.03				–		(3.68	)		(3.65	)		(0.38	)			(0.10	)		–		(0.48	)		(4.13	)		6.80
Y		10.95		0.18				–		(3.82	)		(3.64	)		(0.39	)			(0.10	)		–		(0.49	)		(4.13	)		6.82
For the Year Ended October 31, 2007
A		9.36		0.15				–		1.55			1.70			(0.13	)			(0.01	)		–		(0.14	)		1.56			10.92
R3(I)		9.53		(0.01	)			–		1.36			1.35			–				–			–		–			1.35			10.88
R4(I)		9.53		–				–		1.38			1.38			–				–			–		–			1.38			10.91
R5(I)		9.53		0.05				–		1.35			1.40			–				–			–		–			1.40			10.93
Y		9.36		0.19				–		1.54			1.73			(0.13	)			(0.01	)		–		(0.14	)		1.59			10.95

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Expense ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Per share amounts have been calculated using average shares outstanding method.

(H) Classes B and C were merged into Class A on July 24, 2009.

(I) Commenced operations on December 22, 2006.

18

- - Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.84	%(E)	$	25,211		0.66	%(F)		0.32	%(F)		0.32	%(F)		1.41	%(F)		8	%
	8.75	(E)		60,828		0.93	(F)		0.47	(F)		0.47	(F)		1.22	(F)		–
	8.93	(E)		67,964		0.63	(F)		0.17	(F)		0.17	(F)		1.53	(F)		–
	8.96	(E)		11,492		0.33	(F)		0.12	(F)		0.12	(F)		1.62	(F)		–
	9.04	(E)		159		0.23	(F)		0.12	(F)		0.12	(F)		1.64	(F)		–
	3.91			21,889		0.71			0.33			0.33			1.03			34
	3.75			47,518		0.95			0.48			0.48			0.84			–
	4.06			54,660		0.64			0.18			0.18			1.16			–
	4.09			10,206		0.34			0.13			0.13			1.23			–
	4.08			146		0.24			0.13			0.13			1.24			–
	16.03			20,891		0.73			0.27			0.27			1.09			23
	15.88			20,350		0.99			0.42			0.42			0.97			–
	16.21			36,119		0.68			0.12			0.12			1.24			–
	16.35			8,668		0.39			0.07			0.07			1.30			–
	16.31			140		0.28			0.07			0.07			1.39			–
	17.45			17,090		0.81			0.24			0.24			1.80			16
	17.37			3,209		1.15			0.39			0.39			1.42			–
	17.66			19,940		0.82			0.09			0.09			1.79			–
	17.68			6,082		0.52			0.04			0.04			1.90			–
	17.83			29		0.43			0.04			0.04			2.08			–
	(34.83	)		12,679		0.86			0.51			0.51			1.43			35
	(35.18	)		1,070		1.25			0.86			0.86			(0.10	)		–
	(34.87	)		7,578		0.89			0.54			0.54			0.17			–
	(34.82	)		2,530		0.58			0.22			0.22			0.33			–
	(34.69	)		25		0.54			0.19			0.19			1.89			–
	18.34			15,260		1.45			0.54			0.54			0.75			23
	14.17	(E)		11		1.90	(F)		0.94	(F)		0.94	(F)		(0.06	)(F)		–
	14.48	(E)		640		1.54	(F)		0.64	(F)		0.64	(F)		0.29	(F)		–
	14.69	(E)		11		1.30	(F)		0.34	(F)		0.34	(F)		0.54	(F)		–
	18.60			38		1.12			0.24			0.24			1.90			–

19

The Hartford Target Retirement 2030 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Target Retirement 2030 Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Target Retirement 2030 Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,088.40	$	1.66	$	1,000.00	$	1,023.27	$	1.61	0.32	%		182		366
Class R3	$	1,000.00	$	1,087.50	$	2.44	$	1,000.00	$	1,022.53	$	2.36	0.47			182		366
Class R4	$	1,000.00	$	1,089.30	$	0.88	$	1,000.00	$	1,024.02	$	0.86	0.17			182		366
Class R5	$	1,000.00	$	1,089.60	$	0.62	$	1,000.00	$	1,024.27	$	0.60	0.12			182		366
Class Y	$	1,000.00	$	1,090.40	$	0.62	$	1,000.00	$	1,024.27	$	0.60	0.12			182		366

23

The Hartford Target Retirement 2030 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Target Retirement 2030 Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including managing target date portfolios and constructing target date glidepaths.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team, as well as differences in Wellington Management’s investment process in constructing the Fund’s glidepath.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the

24

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

25

The Hartford Target Retirement 2030 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-TR3012 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Target Retirement 2035 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Target Retirement 2035 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2035 Fund inception 10/31/2008

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 10/31/08 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Target Retirement 2035 R3		9.55	%		-0.67	%		13.66	%
Target Retirement 2035 R4		9.70	%		-0.36	%		13.99	%
Target Retirement 2035 R5		9.73	%		-0.32	%		14.05	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		8.31	%
S&P 500 Index		12.76	%		4.73	%		13.53	%

† Not Annualized

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2035 Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President
*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.
Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Rick A. Wurster, CFA, CMT and Stephen A. Gorman, CFA, will serve as the Fund’s Portfolio Managers. As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2035 Fund returned 9.55% for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target 2035 Funds category, a group of funds with investment strategies similar to those of the Fund, was 8.64%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 84% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and high yield, among others. Over the period, the structural allocation impact was negative, driven by diversification into international equities. Negative structural allocation measures were partially offset by diversification beyond intermediate bonds and into high yield credit, which outperformed the Barclays Capital U.S. Aggregate Bond Index.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see

3

The Hartford Target Retirement 2035 Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

what it actually holds for securities and how it has behaved historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. We expect this process to cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund. Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments
as of April 30, 2012
Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		2.0	%
Powershares Emerging Markets Sovereign Debt Portfolio		0.8
State Street Bank Money Market Fund		0.0
The Hartford Alternative Strategies Fund, Class Y		8.8
The Hartford Capital Appreciation Fund, Class Y		0.2
The Hartford Capital Appreciation II Fund, Class Y		0.5
The Hartford Disciplined Equity Fund, Class Y		5.2
The Hartford Dividend and Growth Fund, Class Y		5.0
The Hartford Equity Income Fund, Class Y		14.8
The Hartford Fundamental Growth Fund, Class Y		2.8
The Hartford Global Growth Fund, Class Y		1.3
The Hartford Global Research Fund, Class Y		4.1
The Hartford Growth Fund, Class Y		2.1
The Hartford Growth Opportunities Fund, Class Y		1.4
The Hartford Inflation Plus Fund, Class Y		2.9
The Hartford International Small Company Fund, Class Y		4.3
The Hartford International Value Fund, Class Y		2.9
The Hartford MidCap Fund, Class Y		1.4
The Hartford MidCap Value Fund, Class Y		6.2
The Hartford Short Duration Fund, Class Y		4.6
The Hartford Small Company Fund, Class Y		0.7
The Hartford Small/Mid Cap Equity Fund, Class Y		3.9
The Hartford SmallCap Growth Fund, Class Y		5.8
The Hartford Total Return Bond Fund, Class Y		6.0
The Hartford Value Fund, Class Y		10.7
The Hartford Value Opportunities Fund, Class Y		0.8
Vanguard MSCI Emerging Markets ETF		0.7
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2035 Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 96.4%
EQUITY FUNDS - 82.9%
	348	The Hartford Alternative Strategies Fund, Class Y			$	3,937
	2	The Hartford Capital Appreciation Fund, Class Y				71
	16	The Hartford Capital Appreciation II Fund, Class Y●				226
	158	The Hartford Disciplined Equity Fund, Class Y				2,336
	109	The Hartford Dividend and Growth Fund, Class Y				2,258
	452	The Hartford Equity Income Fund, Class Y				6,619
	102	The Hartford Fundamental Growth Fund, Class Y				1,242
	36	The Hartford Global Growth Fund, Class Y●				600
	194	The Hartford Global Research Fund, Class Y				1,833
	47	The Hartford Growth Fund, Class Y●				939
	21	The Hartford Growth Opportunities Fund, Class Y●				637
	147	The Hartford International Small Company Fund, Class Y				1,927
	109	The Hartford International Value Fund, Class Y				1,280
	28	The Hartford MidCap Fund, Class Y				624
	216	The Hartford MidCap Value Fund, Class Y				2,796
	15	The Hartford Small Company Fund, Class Y				329
	154	The Hartford Small/Mid Cap Equity Fund, Class Y				1,746
	72	The Hartford SmallCap Growth Fund, Class Y●				2,582
	391	The Hartford Value Fund, Class Y				4,810
	26	The Hartford Value Opportunities Fund, Class Y				365
						37,157
		Total equity funds
		(cost $33,748)			$	37,157
FIXED INCOME FUNDS - 13.5%
	104	The Hartford Inflation Plus Fund, Class Y			$	1,279
	210	The Hartford Short Duration Fund, Class Y				2,081
	243	The Hartford Total Return Bond Fund, Class Y				2,676
						6,036
		Total fixed income funds
		(cost $5,961)			$	6,036
		Total investments in affiliated investment companies
		(cost $39,709)			$	43,193
EXCHANGE TRADED FUNDS - 3.5%
	31	Powershares DB Commodity Index Tracking Fund ●			$	885
	12	Powershares Emerging Markets Sovereign Debt Portfolio				349
	8	Vanguard MSCI Emerging Markets ETF				323
						1,557
		Total exchange traded funds
		(cost $1,468)			$	1,557
		Total long-term investments
		(cost $41,177)			$	44,750
SHORT-TERM INVESTMENTS - 0.0%
Investment Pools and Funds - 0.0%
	3	State Street Bank Money Market Fund			$	3
		Total short-term investments
		(cost $3)			$	3
		Total investments
		(cost $41,180) ▲	99.9	%	$	44,753
		Other assets and liabilities	0.1	%		30
		Total net assets	100.0	%	$	44,783

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $41,275 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	3,712
Unrealized Depreciation		(234	)
Net Unrealized Appreciation	$	3,478

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2035 Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	43,193	$	43,193	$	–	$	–
Exchange Traded Funds		1,557		1,557		–		–
Short-Term Investments		3		3		–		–
Total	$	44,753	$	44,753	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2035 Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,471)	$	1,560
Investments in underlying affiliated funds, at market value (cost $39,709)		43,193
Receivables:
Fund shares sold		28
Dividends and interest		11
Other assets		32
Total assets		44,824
Liabilities:
Bank overdraft		2
Payables:
Investment securities purchased		27
Fund shares redeemed		—
Investment management fees		1
Administrative fees		1
Distribution fees		3
Accrued expenses		7
Total liabilities		41
Net assets	$	44,783
Summary of Net Assets:
Capital stock and paid-in-capital	$	40,955
Undistributed net investment income		21
Accumulated net realized gain		234
Unrealized appreciation of investments		3,573
Net assets	$	44,783
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	14.29
Shares outstanding		1,951
Net assets	$	27,875
Class R4: Net asset value per share	$	14.35
Shares outstanding		1,096
Net assets	$	15,730
Class R5: Net asset value per share	$	14.36
Shares outstanding		82
Net assets	$	1,178

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2035 Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	13
Dividends from underlying affiliated funds		277
Total investment income		290
Expenses:
Investment management fees		28
Administrative services fees		33
Transfer agent fees		—
Distribution fees
Class R3		59
Class R4		15
Custodian fees		—
Accounting services fees		2
Registration and filing fees		18
Board of Directors' fees		1
Audit fees		5
Other expenses		4
Total expenses (before waivers)		165
Expense waivers		(103	)
Total waivers		(103	)
Total expenses, net		62
Net Investment Income		228
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		195
Net realized gain on investments in underlying affiliated funds		131
Net realized gain on investments in securities		2
Net Realized Gain on Investments		328
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		2,864
Net unrealized appreciation of investments		35
Net Changes in Unrealized Appreciation of Investments		2,899
Net Gain on Investments		3,227
Net Increase in Net Assets Resulting from Operations	$	3,455

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2035 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	228		$	244
Net realized gain on investments		328			1,041
Net unrealized appreciation (depreciation) of investments		2,899			(899	)
Net Increase In Net Assets Resulting From Operations		3,455			386
Distributions to Shareholders:
From net investment income
Class R3		(221	)		(87	)
Class R4		(135	)		(53	)
Class R5		(14	)		(13	)
Total from net investment income		(370	)		(153	)
From net realized gain on investments
Class R3		(732	)		(156	)
Class R4		(340	)		(90	)
Class R5		(38	)		(22	)
Total from net realized gain on investments		(1,110	)		(268	)
Total distributions		(1,480	)		(421	)
Capital Share Transactions:
Class R3		6,605			10,393
Class R4		5,578			4,100
Class R5		60			(310	)
Net increase from capital share transactions		12,243			14,183
Net Increase In Net Assets		14,218			14,148
Net Assets:
Beginning of period		30,565			16,417
End of period	$	44,783		$	30,565
Undistributed (distribution in excess of) net investment income (loss)	$	21		$	163

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Target Retirement 2035 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of

11

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	153	$	43
Long-Term Capital Gains ‡		268		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	394
Undistributed Long-Term Capital Gain		880
Unrealized Appreciation *		579
Total Accumulated Earnings	$	1,853

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	17
Accumulated Net Realized Gain (Loss)		(17	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class R3			Class R4			Class R5
	1.20	%		0.90	%		0.85	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		1	%
Class R5		60		73

15

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	15,446
Sales Proceeds Excluding U.S. Government Obligations		4,258

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		541		75		(124	)		—		492		1,057		18		(320	)		—		755
Amount	$	7,362	$	953	$	(1,710	)	$	—	$	6,605	$	14,681	$	243	$	(4,531	)	$	—	$	10,393
Class R4
Shares		488		37		(119	)		—		406		570		10		(302	)		—		278
Amount	$	6,739	$	475	$	(1,636	)	$	—	$	5,578	$	8,127	$	143	$	(4,170	)	$	—	$	4,100
Class R5
Shares		4		4		(3	)		—		5		13		3		(43	)		—		(27	)
Amount	$	52	$	52	$	(44	)	$	—	$	60	$	191	$	35	$	(536	)	$	—	$	(310	)
Total
Shares		1,033		116		(246	)		—		903		1,640		31		(665	)		—		1,006
Amount	$	14,153	$	1,480	$	(3,390	)	$	—	$	12,243	$	22,999	$	421	$	(9,237	)	$	—	$	14,183

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

16

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

17

The Hartford Target Retirement 2035 Fund

Financial Highlights

– Selected Per-Share Data – (A)

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value		Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
R3	$	13.70	$	0.08	$	–	$	1.14	$	1.22	$	(0.14	)	$	(0.49	)	$	–	$	(0.63	)	$	0.59	$	14.29
R4		13.77		0.09		–		1.15		1.24		(0.17	)		(0.49	)		–		(0.66	)		0.58		14.35
R5		13.78		0.10		–		1.15		1.25		(0.18	)		(0.49	)		–		(0.67	)		0.58		14.36
For the Year Ended October 31, 2011 (G)
R3		13.44		0.11		–		0.46		0.57		(0.10	)		(0.21	)		–		(0.31	)		0.26		13.70
R4		13.49		0.15		–		0.46		0.61		(0.12	)		(0.21	)		–		(0.33	)		0.28		13.77
R5		13.49		0.17		–		0.45		0.62		(0.12	)		(0.21	)		–		(0.33	)		0.29		13.78
For the Year Ended October 31, 2010
R3		11.63		0.08		–		1.82		1.90		(0.09	)		–			–		(0.09	)		1.81		13.44
R4		11.66		0.12		–		1.82		1.94		(0.11	)		–			–		(0.11	)		1.83		13.49
R5		11.66		0.14		–		1.81		1.95		(0.12	)		–			–		(0.12	)		1.83		13.49
From October 31, 2008  (commencement of operations) through October 31, 2009
R3		10.00		0.15		–		1.59		1.74		(0.11	)		–			–		(0.11	)		1.63		11.63
R4		10.00		0.17		–		1.61		1.78		(0.12	)		–			–		(0.12	)		1.66		11.66
R5		10.00		0.18		–		1.60		1.78		(0.12	)		–			–		(0.12	)		1.66		11.66

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(C) Expense ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Per share amounts have been calculated using average shares outstanding method.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	9.55	%(E)	$	27,875		1.02	%(F)		0.45	%(F)		0.45	%(F)		1.15	%(F)		12	%
	9.70	(E)		15,730		0.72	(F)		0.15	(F)		0.15	(F)		1.39	(F)		–
	9.73	(E)		1,178		0.43	(F)		0.10	(F)		0.10	(F)		1.60	(F)		–
	4.29			19,991		1.10			0.45			0.45			0.82			54
	4.55			9,508		0.80			0.15			0.15			1.09			–
	4.66			1,066		0.50			0.10			0.10			1.17			–
	16.38			9,464		1.44			0.39			0.39			0.75			30
	16.74			5,550		1.16			0.09			0.09			1.02			–
	16.78			1,403		0.89			0.04			0.04			1.12			–
	17.72			1,508		2.35			0.37			0.37			1.50			15
	18.09			1,777		2.03			0.07			0.07			1.75			–
	18.10			1,198		1.77			0.02			0.02			1.84			–

19

The Hartford Target Retirement 2035 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Target Retirement 2035 Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Target Retirement 2035 Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,095.50	$	2.35	$	1,000.00	$	1,022.62	$	2.27		0.45	%		182		366
Class R4	$	1,000.00	$	1,097.00	$	0.78	$	1,000.00	$	1,024.12	$	0.76		0.15			182		366
Class R5	$	1,000.00	$	1,097.30	$	0.52	$	1,000.00	$	1,024.37	$	0.50		0.10			182		366

23

The Hartford Target Retirement 2035 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Target Retirement 2035 Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including managing target date portfolios and constructing target date glidepaths.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team, as well as differences in Wellington Management’s investment process in constructing the Fund’s glidepath.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the

24

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

25

The Hartford Target Retirement 2035 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-TR3512 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Target Retirement 2040 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Target Retirement 2040 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2040 Fund inception 10/31/2008

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.  

Performance Overview 10/31/08 - 4/30/12 

The chart above shows the growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Target Retirement 2040 R3		9.84	%		-1.22	%		13.67	%
Target Retirement 2040 R4		10.06	%		-0.91	%		14.02	%
Target Retirement 2040 R5		10.09	%		-0.88	%		14.07	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		8.31	%
S&P 500 Index		12.76	%		4.73	%		13.53	%

† Not Annualized

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2040 Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President
*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.
Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Rick A. Wurster, CFA, CMT and Stephen A. Gorman, CFA, will serve as the Fund’s Portfolio Managers.  As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2040 Fund returned 9.84% for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target 2040 Funds category, a group of funds with investment strategies similar to those of the Fund, was 8.62%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 89% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and bonds. Over the period, the structural allocation impact was negative, driven by diversification into international equities.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. We expect this process to

3

The Hartford Target Retirement 2040 Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments

as of April 30, 2012 

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund	3.1	%
State Street Bank Money Market Fund	0.0
The Hartford Alternative Strategies Fund, Class Y	9.2
The Hartford Capital Appreciation Fund, Class Y	0.4
The Hartford Capital Appreciation II Fund, Class Y	0.5
The Hartford Disciplined Equity Fund, Class Y	4.0
The Hartford Dividend and Growth Fund, Class Y	3.4
The Hartford Equity Income Fund, Class Y	14.5
The Hartford Fundamental Growth Fund, Class Y	3.4
The Hartford Global Growth Fund, Class Y	0.0
The Hartford Global Research Fund, Class Y	3.7
The Hartford Growth Fund, Class Y	4.1
The Hartford Growth Opportunities Fund, Class Y	1.1
The Hartford Inflation Plus Fund, Class Y	3.3
The Hartford International Opportunities Fund, Class Y	1.3
The Hartford International Small Company Fund, Class Y	4.5
The Hartford International Value Fund, Class Y	3.4
The Hartford MidCap Fund, Class Y	1.9
The Hartford MidCap Value Fund, Class Y	6.0
The Hartford Small Company Fund, Class Y	0.9
The Hartford Small/Mid Cap Equity Fund, Class Y	4.0
The Hartford SmallCap Growth Fund, Class Y	7.3
The Hartford Total Return Bond Fund, Class Y	5.7
The Hartford Value Fund, Class Y	12.2
The Hartford Value Opportunities Fund, Class Y	0.6
Vanguard MSCI Emerging Markets ETF	1.5
Other Assets and Liabilities	0.0
Total	100.0	%

4

The Hartford Target Retirement 2040 Fund

Schedule of Investments

April 30, 2012 (Unaudited)

 (000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 95.4%
EQUITY FUNDS - 86.4%
	466	The Hartford Alternative Strategies Fund, Class Y			$	5,271
	6	The Hartford Capital Appreciation Fund, Class Y				223
	20	The Hartford Capital Appreciation II Fund, Class Y●				296
	156	The Hartford Disciplined Equity Fund, Class Y				2,311
	93	The Hartford Dividend and Growth Fund, Class Y				1,928
	568	The Hartford Equity Income Fund, Class Y				8,321
	159	The Hartford Fundamental Growth Fund, Class Y				1,931
	–	The Hartford Global Growth Fund, Class Y●				8
	226	The Hartford Global Research Fund, Class Y				2,144
	117	The Hartford Growth Fund, Class Y●				2,321
	20	The Hartford Growth Opportunities Fund, Class Y●				612
	48	The Hartford International Opportunities Fund, Class Y				721
	196	The Hartford International Small Company Fund, Class Y				2,572
	165	The Hartford International Value Fund, Class Y				1,929
	49	The Hartford MidCap Fund, Class Y				1,117
	263	The Hartford MidCap Value Fund, Class Y				3,409
	23	The Hartford Small Company Fund, Class Y				517
	200	The Hartford Small/Mid Cap Equity Fund, Class Y				2,271
	115	The Hartford SmallCap Growth Fund, Class Y●				4,154
	568	The Hartford Value Fund, Class Y				6,994
	25	The Hartford Value Opportunities Fund, Class Y				363
						49,413
		Total equity funds
		(cost $45,092)			$	49,413
FIXED INCOME FUNDS - 9.0%
	154	The Hartford Inflation Plus Fund, Class Y			$	1,902
	292	The Hartford Total Return Bond Fund, Class Y				3,217
						5,119
		Total fixed income funds
		(cost $5,050)			$	5,119
		Total investments in affiliated investment companies
		(cost $50,142)			$	54,532
EXCHANGE TRADED FUNDS - 4.6%
	63	Powershares DB Commodity Index Tracking Fund ●			$	1,801
	20	Vanguard MSCI Emerging Markets ETF				839
						2,640
		Total exchange traded funds
		(cost $2,636)			$	2,640
		Total long-term investments
		(cost $52,778)			$	57,172
SHORT-TERM INVESTMENTS - 0.0%
Investment Pools and Funds - 0.0%
	2	State Street Bank Money Market Fund			$	2
		Total short-term investments
		(cost $2)			$	2
		Total investments
		(cost $52,780) ▲	100.0	%	$	57,174
		Other assets and liabilities	—	%		28
		Total net assets	100.0	%	$	57,202

Note:   Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $52,859 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	4,633
Unrealized Depreciation		(318	)
Net Unrealized Appreciation	$	4,315

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements. 

5

The Hartford Target Retirement 2040 Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	54,532	$	54,532	$	–	$	–
Exchange Traded Funds		2,640		2,640		–		–
Short-Term Investments		2		2		–		–
Total	$	57,174	$	57,174	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.  

6

The Hartford Target Retirement 2040 Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,638)	$	2,642
Investments in underlying affiliated funds, at market value (cost $50,142)		54,532
Receivables:
Fund shares sold		66
Dividends and interest		9
Other assets		34
Total assets		57,283
Liabilities:
Bank overdraft		2
Payables:
Investment securities purchased		65
Investment management fees		1
Administrative fees		2
Distribution fees		4
Accrued expenses		7
Total liabilities		81
Net assets	$	57,202
Summary of Net Assets:
Capital stock and paid-in-capital	$	52,513
Distributions in excess of net investment loss		(4	)
Accumulated net realized gain		299
Unrealized appreciation of investments		4,394
Net assets	$	57,202
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	14.54
Shares outstanding		2,463
Net assets	$	35,824
Class R4: Net asset value per share	$	14.61
Shares outstanding		1,361
Net assets	$	19,886
Class R5: Net asset value per share	$	14.62
Shares outstanding		102
Net assets	$	1,492

 The accompanying notes are an integral part of these financial statements.  

7

The Hartford Target Retirement 2040 Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	18
Dividends from underlying affiliated funds		326
Total investment income		344
Expenses:
Investment management fees		35
Administrative services fees		42
Transfer agent fees		1
Distribution fees
Class R3		74
Class R4		19
Custodian fees		—
Accounting services fees		3
Registration and filing fees		18
Board of Directors' fees		—
Audit fees		5
Other expenses		5
Total expenses (before waivers)		202
Expense waivers		(125	)
Total waivers		(125	)
Total expenses, net		77
Net Investment Income		267
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		314
Net realized gain on investments in underlying affiliated funds		66
Net Realized Gain on Investments		380
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		3,839
Net unrealized appreciation of investments		54
Net Changes in Unrealized Appreciation of Investments		3,893
Net Gain on Investments		4,273
Net Increase in Net Assets Resulting from Operations	$	4,540

 The accompanying notes are an integral part of these financial statements.  

8

The Hartford Target Retirement 2040 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	267		$	261
Net realized gain on investments		380			962
Net unrealized appreciation (depreciation) of investments		3,893			(1,174	)
Net Increase In Net Assets Resulting From Operations		4,540			49
Distributions to Shareholders:
From net investment income
Class R3		(273	)		(79	)
Class R4		(163	)		(48	)
Class R5		(17	)		(15	)
Total from net investment income		(453	)		(142	)
From net realized gain on investments
Class R3		(679	)		(116	)
Class R4		(309	)		(58	)
Class R5		(35	)		(20	)
Total from net realized gain on investments		(1,023	)		(194	)
Total distributions		(1,476	)		(336	)
Capital Share Transactions:
Class R3		7,733			16,483
Class R4		7,023			7,198
Class R5		70			(528	)
Net increase from capital share transactions		14,826			23,153
Net Increase In Net Assets		17,890			22,866
Net Assets:
Beginning of period		39,312			16,446
End of period	$	57,202		$	39,312
Undistributed (distribution in excess of) net investment income (loss)	$	(4	)	$	182

 The accompanying notes are an integral part of these financial statements.  

9

The Hartford Target Retirement 2040 Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Target Retirement 2040 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding.

11

The Hartford Target Retirement 2040 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund. 

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	142	$	42
Long-Term Capital Gains ‡		194		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	534
Undistributed Long-Term Capital Gain		669
Unrealized Appreciation *		422
Total Accumulated Earnings	$	1,625

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	18
Accumulated Net Realized Gain (Loss)		(18	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2040 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class R3			Class R4			Class R5
	1.20	%		0.90	%		0.85	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		1	%
Class R5		58		57

15

The Hartford Target Retirement 2040 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	17,404
Sales Proceeds Excluding U.S. Government Obligations		3,464

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		576		74		(93	)		—		557		1,408		15		(248	)		—		1,175
Amount	$	8,049	$	952	$	(1,268	)	$	—	$	7,733	$	19,879	$	195	$	(3,591	)	$	—	$	16,483
Class R4
Shares		525		36		(53	)		—		508		664		8		(169	)		—		503
Amount	$	7,302	$	471	$	(750	)	$	—	$	7,023	$	9,524	$	106	$	(2,432	)	$	—	$	7,198
Class R5
Shares		8		4		(7	)		—		5		23		2		(66	)		—		(41	)
Amount	$	113	$	52	$	(95	)	$	—	$	70	$	316	$	35	$	(879	)	$	—	$	(528	)
Total
Shares		1,109		114		(153	)		—		1,070		2,095		25		(483	)		—		1,637
Amount	$	15,464	$	1,475	$	(2,113	)	$	—	$	14,826	$	29,719	$	336	$	(6,902	)	$	—	$	23,153

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

16

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

17

The Hartford Target Retirement 2040 Fund

Financial Highlights 

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning  of  Period		Net  Investment Income (Loss)		Payments from  (to) Affiliate		Net  Realized and  Unrealized Gain (Loss) on Investments		Total from  Investment  Operations		Dividends from  Net Investment Income		Distributions from Realized  Capital Gains		Distributions from Capital		Total Distributions		Net Increase (Decrease)  in  Net  Asset Value		Net Asset Value  at  End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
R3	$	13.75	$	0.08	$	–	$	1.20	$	1.28	$	(0.13)	$	(0.36)	$	–	$	(0.49)	$	0.79	$	14.54
R4		13.82		0.09		–		1.23		1.32		(0.17)		(0.36)		–		(0.53)		0.79		14.61
R5		13.83		0.10		–		1.22		1.32		(0.17)		(0.36)		–		(0.53)		0.79		14.62
For the Year Ended October 31, 2011 (G)
R3		13.48		0.10		–		0.41		0.51		(0.09)		(0.15)		–		(0.24)		0.27		13.75
R4		13.52		0.14		–		0.42		0.56		(0.11)		(0.15)		–		(0.26)		0.30		13.82
R5		13.53		0.16		–		0.40		0.56		(0.11)		(0.15)		–		(0.26)		0.30		13.83
For the Year Ended October 31, 2010
R3		11.59		0.06		–		1.91		1.97		(0.08)		–		–		(0.08)		1.89		13.48
R4		11.62		0.11		–		1.90		2.01		(0.11)		–		–		(0.11)		1.90		13.52
R5		11.63		0.12		–		1.89		2.01		(0.11)		–		–		(0.11)		1.90		13.53
From October 31, 2008 (commencement of operations) through October 31, 2009
R3		10.00		0.15		–		1.55		1.70		(0.11)		–		–		(0.11)		1.59		11.59
R4		10.00		0.17		–		1.57		1.74		(0.12)		–		–		(0.12)		1.62		11.62
R5		10.00		0.18		–		1.57		1.75		(0.12)		–		–		(0.12)		1.63		11.63

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(C)	Expense ratios do not include expenses of the Underlying Funds.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Not annualized.
(F)	Annualized.
(G)	Per share amounts have been calculated using average shares outstanding method.

18

- Ratios and Supplemental Data -

Total  Return(B)			Net Assets at End of Period  (000's)		Ratio of Expenses to Average Net  Assets Before Waivers and Reimbursements and Including  Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net  Assets After Waivers and Reimbursements and Including  Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net  Assets After Waivers and Reimbursements and Excluding  Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	9.84	%(E)	$	35,824		0.99	%(F)		0.44	%(F)		0.44	%(F)		1.08	%(F)		7	%
	10.06	(E)		19,886		0.69	(F)		0.14	(F)		0.14	(F)		1.26	(F)		–
	10.09	(E)		1,492		0.40	(F)		0.09	(F)		0.09	(F)		1.52	(F)		–
	3.78			26,194		1.06			0.44			0.44			0.73			41
	4.12			11,782		0.76			0.14			0.14			1.01			–
	4.15			1,336		0.47			0.09			0.09			1.12			–
	17.06			9,856		1.45			0.38			0.38			0.64			24
	17.35			4,727		1.18			0.08			0.08			0.93			–
	17.36			1,863		0.91			0.03			0.03			1.00			–
	17.34			1,301		2.41			0.35			0.35			1.48			15
	17.70			1,629		2.10			0.05			0.05			1.79			–
	17.81			1,321		1.81			–			–			1.83			–

19

The Hartford Target Retirement 2040 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Target Retirement 2040 Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Target Retirement 2040 Fund

Expense Example (Unaudited)   

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,098.40	$	2.30	$	1,000.00	$	1,022.67	$	2.21		0.44	%		182		366
Class R4	$	1,000.00	$	1,100.60	$	0.73	$	1,000.00	$	1,024.17	$	0.71		0.14			182		366
Class R5	$	1,000.00	$	1,100.90	$	0.47	$	1,000.00	$	1,024.42	$	0.45		0.09			182		366

23

The Hartford Target Retirement 2040 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)   

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Target Retirement 2040 Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including managing target date portfolios and constructing target date glidepaths.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team, as well as differences in Wellington Management’s investment process in constructing the Fund’s glidepath.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the  

24

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

25

The Hartford Target Retirement 2040 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-TR4012 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Target Retirement 2045 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Target Retirement 2045 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2045 Fund inception 10/31/2008

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservaion.

Performance Overview 10/31/08 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Target Retirement 2045 R3		9.91	%		-1.75	%		13.68	%
Target Retirement 2045 R4		10.06	%		-1.51	%		14.01	%
Target Retirement 2045 R5		10.10	%		-1.47	%		14.06	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		8.31	%
S&P 500 Index		12.76	%		4.73	%		13.53	%

† Not Annualized

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

27

The Hartford Target Retirement 2045 Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President

*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.

Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Rick A. Wurster, CFA, CMT and Stephen A. Gorman, CFA, will serve as the Fund’s Portfolio Managers. As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2045 Fund returned 9.91% for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target 2045 Funds category, a group of funds with investment strategies similar to those of the Fund, was 9.23%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 93% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and bonds. Over the period, the structural allocation impact was negative, driven by diversification into international equities.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see what it actually holds for securities and how it has behaved historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying

28

The Hartford Target Retirement 2045 Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

funds the Fund should invest in. We expect this process to cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments

as of April 30, 2012

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		2.8	%
SPDR Dow Jones International Real Estate		0.2
SPDR Dow Jones REIT		0.2
The Hartford Alternative Strategies Fund, Class Y		8.7
The Hartford Capital Appreciation Fund, Class Y		0.4
The Hartford Capital Appreciation II Fund, Class Y		1.0
The Hartford Disciplined Equity Fund, Class Y		4.6
The Hartford Dividend and Growth Fund, Class Y		5.0
The Hartford Equity Income Fund, Class Y		15.3
The Hartford Fundamental Growth Fund, Class Y		2.6
The Hartford Global Growth Fund, Class Y		0.0
The Hartford Global Research Fund, Class Y		6.8
The Hartford Growth Fund, Class Y		4.3
The Hartford Growth Opportunities Fund, Class Y		1.1
The Hartford Inflation Plus Fund, Class Y		2.2
The Hartford International Opportunities Fund, Class Y		2.4
The Hartford International Small Company Fund, Class Y		4.9
The Hartford International Value Fund, Class Y		2.3
The Hartford MidCap Value Fund, Class Y		5.6
The Hartford Small Company Fund, Class Y		0.9
The Hartford Small/Mid Cap Equity Fund, Class Y		5.5
The Hartford SmallCap Growth Fund, Class Y		6.0
The Hartford Total Return Bond Fund, Class Y		2.1
The Hartford Value Fund, Class Y		9.7
The Hartford Value Opportunities Fund, Class Y		3.8
Vanguard MSCI Emerging Markets ETF		1.5
Other Assets and Liabilities		0.1
Total		100.0	%

29

The Hartford Target Retirement 2045 Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 95.2%
EQUITY FUNDS - 90.9%
	167	The Hartford Alternative Strategies Fund, Class Y			$	1,892
	2	The Hartford Capital Appreciation Fund, Class Y				84
	14	The Hartford Capital Appreciation II Fund, Class Y●				208
	67	The Hartford Disciplined Equity Fund, Class Y				999
	52	The Hartford Dividend and Growth Fund, Class Y				1,086
	226	The Hartford Equity Income Fund, Class Y				3,316
	46	The Hartford Fundamental Growth Fund, Class Y				553
	—	The Hartford Global Growth Fund, Class Y●				5
	156	The Hartford Global Research Fund, Class Y				1,475
	47	The Hartford Growth Fund, Class Y●				930
	8	The Hartford Growth Opportunities Fund, Class Y●				241
	35	The Hartford International Opportunities Fund, Class Y				524
	81	The Hartford International Small Company Fund, Class Y				1,062
	43	The Hartford International Value Fund, Class Y				500
	93	The Hartford MidCap Value Fund, Class Y				1,203
	9	The Hartford Small Company Fund, Class Y				203
	105	The Hartford Small/Mid Cap Equity Fund, Class Y				1,194
	36	The Hartford SmallCap Growth Fund, Class Y●				1,309
	170	The Hartford Value Fund, Class Y				2,095
	58	The Hartford Value Opportunities Fund, Class Y				833
						19,712
		Total equity funds
		(cost $17,996)			$	19,712
FIXED INCOME FUNDS - 4.3%
	38	The Hartford Inflation Plus Fund, Class Y			$	466
	42	The Hartford Total Return Bond Fund, Class Y				466
						932
		Total fixed income funds
		(cost $920)			$	932
		Total investments in affiliated investment companies
		(cost $18,916)			$	20,644
EXCHANGE TRADED FUNDS - 4.7%
	21	Powershares DB Commodity Index Tracking Fund ●			$	606
	1	SPDR Dow Jones International Real Estate				40
	1	SPDR Dow Jones REIT				44
	8	Vanguard MSCI Emerging Markets ETF				334
						1,024
		Total exchange traded funds
		(cost $983)			$	1,024
		Total long-term investments
		(cost $19,899)			$	21,668
		Total investments
		(cost $19,899) ▲	99.9	%	$	21,668
		Other assets and liabilities	0.1	%		18
		Total net assets	100.0	%	$	21,686

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $19,948 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,842
Unrealized Depreciation		(122	)
Net Unrealized Appreciation	$	1,720

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

30

The Hartford Target Retirement 2045 Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012  (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	20,644	$	20,644	$	–	$	–
Exchange Traded Funds		1,024		1,024		–		–
Total	$	21,668	$	21,668	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

31

The Hartford Target Retirement 2045 Fund

Statement of Assets and Liabilities

April 30, 2012  (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $983)	$	1,024
Investments in underlying affiliated funds, at market value (cost $18,916)		20,644
Receivables:
Fund shares sold		27
Dividends and interest		1
Other assets		26
Total assets		21,722
Liabilities:
Payables:
Investment securities purchased		27
Fund shares redeemed		—
Investment management fees		1
Administrative fees		—
Distribution fees		1
Accrued expenses		7
Total liabilities		36
Net assets	$	21,686
Summary of Net Assets:
Capital stock and paid-in-capital	$	19,786
Distributions in excess of net investment loss		(5	)
Accumulated net realized gain		136
Unrealized appreciation of investments		1,769
Net assets	$	21,686
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	14.06
Shares outstanding		825
Net assets	$	11,598
Class R4: Net asset value per share	$	14.11
Shares outstanding		642
Net assets	$	9,059
Class R5: Net asset value per share	$	14.12
Shares outstanding		73
Net assets	$	1,029

The accompanying notes are an integral part of these financial statements.

32

The Hartford Target Retirement 2045 Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	8
Dividends from underlying affiliated funds		113
Total investment income		121
Expenses:
Investment management fees		13
Administrative services fees		15
Transfer agent fees		—
Distribution fees
Class R3		25
Class R4		8
Custodian fees		—
Accounting services fees		1
Registration and filing fees		18
Board of Directors' fees		—
Audit fees		5
Other expenses		3
Total expenses (before waivers)		88
Expense waivers		(60	)
Total waivers		(60	)
Total expenses, net		28
Net Investment Income		93
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		65
Net realized gain on investments in underlying affiliated funds		120
Net Realized Gain on Investments		185
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		1,354
Net unrealized appreciation of investments		32
Net Changes in Unrealized Appreciation of Investments		1,386
Net Gain on Investments		1,571
Net Increase in Net Assets Resulting from Operations	$	1,664

The accompanying notes are an integral part of these financial statements.

33

The Hartford Target Retirement 2045 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	93		$	80
Net realized gain on investments		185			805
Net unrealized appreciation (depreciation) of investments		1,386			(813	)
Net Increase In Net Assets Resulting From Operations		1,664			72
Distributions to Shareholders:
From net investment income
Class R3		(74	)		(27	)
Class R4		(58	)		(21	)
Class R5		(10	)		(11	)
Total from net investment income		(142	)		(59	)
From net realized gain on investments
Class R3		(500	)		(66	)
Class R4		(295	)		(37	)
Class R5		(53	)		(21	)
Total from net realized gain on investments		(848	)		(124	)
Total distributions		(990	)		(183	)
Capital Share Transactions:
Class R3		2,730			4,479
Class R4		3,759			2,813
Class R5		80			(426	)
Net increase from capital share transactions		6,569			6,866
Net Increase In Net Assets		7,243			6,755
Net Assets:
Beginning of period		14,443			7,688
End of period	$	21,686		$	14,443
Undistributed (distribution in excess of) net investment income (loss)	$	(5	)	$	44

The accompanying notes are an integral part of these financial statements.

34

The Hartford Target Retirement 2045 Fund

Notes to Financial Statements

April 30, 2012  (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Target Retirement 2045 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of

35

a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class

36

The Hartford Target Retirement 2045 Fund

Notes to Financial Statements — (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

37

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	60	$	29
Long-Term Capital Gains ‡		123		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	119
Undistributed Long-Term Capital Gain		773
Unrealized Appreciation *		334
Total Accumulated Earnings	$	1,226

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	5
Accumulated Net Realized Gain (Loss)		(5	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

38

The Hartford Target Retirement 2045 Fund

Notes to Financial Statements — (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

39

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class R3			Class R4			Class R5
	1.25	%		0.95	%		0.90	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		9		1	%
Class R4		60		9
Class R5		60		82

40

The Hartford Target Retirement 2045 Fund

Notes to Financial Statements — (continued)

April 30, 2012  (Unaudited)

(000’s Omitted)

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	7,151
Sales Proceeds Excluding U.S. Government Obligations		1,409

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		192		46		(31	)		—		207		459		7		(139	)		—		327
Amount	$	2,578	$	573	$	(421	)	$	—	$	2,730	$	6,478	$	93	$	(2,092	)	$	—	$	4,479
Class R4
Shares		314		29		(67	)		—		276		293		4		(109	)		—		188
Amount	$	4,296	$	353	$	(890	)	$	—	$	3,759	$	4,190	$	58	$	(1,435	)	$	—	$	2,813
Class R5
Shares		2		5		—			—		7		4		2		(41	)		—		(35	)
Amount	$	26	$	62	$	(8	)	$	—	$	80	$	56	$	32	$	(514	)	$	—	$	(426	)
Total
Shares		508		80		(98	)		—		490		756		13		(289	)		—		480
Amount	$	6,900	$	988	$	(1,319	)	$	—	$	6,569	$	10,724	$	183	$	(4,041	)	$	—	$	6,866

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

41

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

42

The Hartford Target Retirement 2045 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value		Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
R3	$	13.73	$	0.06	$	–	$	1.16	$	1.22	$	(0.10	)	$	(0.79	)	$	–	$	(0.89	)	$	0.33	$	14.06
R4		13.79		0.08		–		1.17		1.25		(0.14	)		(0.79	)		–		(0.93	)		0.32		14.11
R5		13.80		0.09		–		1.16		1.25		(0.14	)		(0.79	)		–		(0.93	)		0.32		14.12
For the Year Ended October 31, 2011 (E)
R3		13.47		0.07		–		0.47		0.54		(0.08	)		(0.20	)		–		(0.28	)		0.26		13.73
R4		13.51		0.11		–		0.47		0.58		(0.10	)		(0.20	)		–		(0.30	)		0.28		13.79
R5		13.51		0.12		–		0.48		0.60		(0.11	)		(0.20	)		–		(0.31	)		0.29		13.80
For the Year Ended October 31, 2010
R3		11.59		0.06		–		1.88		1.94		(0.06	)		–			–		(0.06	)		1.88		13.47
R4		11.62		0.10		–		1.88		1.98		(0.09	)		–			–		(0.09	)		1.89		13.51
R5		11.62		0.11		–		1.87		1.98		(0.09	)		–			–		(0.09	)		1.89		13.51
From October 31, 2008  (commencement of operations) through October 31, 2009
R3		10.00		0.12		–		1.58		1.70		(0.11	)		–			–		(0.11	)		1.59		11.59
R4		10.00		0.15		–		1.58		1.73		(0.11	)		–			–		(0.11	)		1.62		11.62
R5		10.00		0.15		–		1.58		1.73		(0.11	)		–			–		(0.11	)		1.62		11.62

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(C) Expense ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

43

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
9.91	%(F)	$	11,598		1.18	%(G)		0.47	%(G)		0.47	%(G)		0.95	%(G)		8	%
10.06	(F)		9,059		0.87	(G)		0.17	(G)		0.17	(G)		1.18	(G)		–
10.10	(F)		1,029		0.58	(G)		0.12	(G)		0.12	(G)		1.38	(G)		–
4.03			8,477		1.33			0.48			0.48			0.50			50
4.33			5,048		1.03			0.18			0.18			0.81			–
4.44			918		0.73			0.13			0.13			0.86			–
16.79			3,918		1.77			0.42			0.42			0.47			19
17.09			2,399		1.48			0.12			0.12			0.76			–
17.14			1,371		1.18			0.07			0.07			0.84			–
17.28			1,380		2.40			0.39			0.39			1.21			7
17.65			1,499		2.08			0.09			0.09			1.49			–
17.65			1,190		1.82			0.04			0.04			1.54			–

44

The Hartford Target Retirement 2045 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

45

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

46

The Hartford Target Retirement 2045 Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

47

The Hartford Target Retirement 2045 Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,099.10	$	2.45	$	1,000.00	$	1,022.52	$	2.37	0.47	%		182		366
Class R4	$	1,000.00	$	1,100.60	$	0.89	$	1,000.00	$	1,024.02	$	0.86	0.17			182		366
Class R5	$	1,000.00	$	1,101.00	$	0.63	$	1,000.00	$	1,024.27	$	0.60	0.12			182		366

48

The Hartford Target Retirement 2045 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Target Retirement 2045 Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including managing target date portfolios and constructing target date glidepaths.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team, as well as differences in Wellington Management’s investment process in constructing the Fund’s glidepath.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the

49

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

50

The Hartford Target Retirement 2045 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

51

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-TR4512 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Target Retirement 2050 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Target Retirement 2050 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	6
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	7
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	8
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012(Unaudited), and the Year Ended October 31, 2011	9
Notes to Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	18
Directors and Officers (Unaudited)	20
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records(Unaudited)	22
Quarterly Portfolio Holdings Information (Unaudited)	22
Expense Example (Unaudited)	23
Approval of Investment Sub-Advisory Agreement (Unaudited)	24

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2050 Fund inception 10/31/2008

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.  

Performance Overview 10/31/08 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			Since Inception
Target Retirement 2050 R3		10.02	%		-2.33	%		13.45	%
Target Retirement 2050 R4		10.15	%		-2.02	%		13.80	%
Target Retirement 2050 R5		10.20	%		-1.97	%		13.85	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		8.31	%
S&P 500 Index		12.76	%		4.73	%		13.53	%

† Not Annualized

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2050 Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Edward C. Caputo, CFA	Paul Bukowski, CFA*
Vice President	Executive Vice President

*Appointed as a Porfolio Manager for the Fund as of January 2012. As of the same date, Hugh Whelan, CFA no longer serves as a Portfolio Manager for the Fund.

Effective on or about June 4, 2012, Wellington Management Company, LLP is expected to become the sub-adviser to the Fund and Rick A. Wurster, CFA, CMT and Stephen A. Gorman, CFA, will serve as the Fund’s Portfolio Managers. As of the same date, Hartford Investment Management Company will no longer serve as the sub-adviser to the Fund and, as a result, Messrs. Caputo and Bukowski will no longer serve as the Fund’s Portfolio Managers.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2050 Fund returned 10.02% for the six-month period ending April 30, 2012. In comparison, its benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 12.76% and 2.44%, respectively, while the average return for the Lipper Mixed-Asset Target 2050 Funds category, a group of funds with investment strategies similar to those of the Fund, was 8.91%.

Why did the Fund perform this way?

The 6-month period ending April 30, 2012 was characterized by continued upward market momentum, despite having followed on the heels of extreme volatility during the summer and fall of 2011. Although it remains to be seen whether 2012 is destined for yet another mid-year correction, thus far, the S&P 500 has gained a healthy 12.76% over the period. In this risk-on environment, growth stocks outperformed value and large-caps outperformed small-caps. International equities trailed domestic equities, with the MSCI EAFE up only 2.71%, as Europe continued to struggle under the pressures of the sovereign debt crisis.

The U.S. Treasury yield curve flattened slightly over the period, with two-year U.S. Treasuries rising 2 bps to 0.26% and ten-year U.S. Treasuries falling 20 bps to 1.91%. Within the major sectors of the Barclays Capital U.S. Aggregate Bond Index, investment grade corporates were the top performer, while treasuries were the worst. Risk assets, such as U.S. high yield bonds, emerging markets (EM) debt, and bank loans outperformed the Barclays Capital U.S. Aggregate Bond Index, which ended the period up 2.44%.

There are two main drivers of the Fund's performance: the asset allocation among various asset classes and the performance of the underlying funds. The Fund managers have control over the asset allocation decision and the selection of underlying funds. With regard to Asset Allocation, because the stock / bond mix is relatively fixed at 95% equities, we add value by strategically allocating within the stock and bond investment sub asset classes.

We assess two levels of asset allocation impact. The first, structural, addresses the impact of moving beyond the benchmark of large-cap stocks and intermediate bonds into a more traditionally diversified portfolio with exposure to small-cap stocks, international stocks, and bonds. Over the period, the structural allocation impact was negative, driven by diversification into international equities.

The second asset allocation measure, Strategic Asset Allocation, captures the impact of diversifying the portfolio across up to 21 different asset classes. It also captures modest changes we make to our allocations based upon our short-term expectations, known as Smart Strategic positioning. The Fund’s Strategic Asset Allocation decisions within equities had a negative impact on overall Fund performance. The Fund’s long-term value bias detracted from performance, as growth outperformed domestically and abroad. Within inflation-protecting asset classes, exposure to U.S. and international REITs contributed positively to performance, while an allocation to commodities detracted. Within fixed income, the Fund benefited from diversification within the intermediate bonds into treasury inflation-protected securities (TIPS). From a Smart Strategic perspective, the Fund was hurt by risk reduction within domestic fixed income, as high yield outperformed corporate bonds.

Beyond the asset allocation decision, we also seek to add value by selecting the underlying funds that we believe will most effectively deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe, and by looking past each underlying fund’s stated objectives and benchmarks to see

3

The Hartford Target Retirement 2050 Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

what it actually holds for securities and how it has behaved historically. Then each underlying fund’s alpha, tracking error, and peer relative scores are calculated. Finally, a proprietary optimization is run to determine which underlying funds the Fund should invest in. We expect this process to cause the Fund to gravitate to those underlying funds with the most attractive long-term track record. Positive fund selection results were driven by the Fund’s domestic large-cap value allocation.

What is your outlook?

The global economic recovery continues to show signs of progress as risk assets rallied on encouraging U.S. economic data and improved European sentiment. Improved U.S. economic indicators buoyed up investor optimism, sending the S&P 500 up 12.76% in the first quarter, to mark the best quarterly return since the 2009 risk rally. The second tranche of the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) removed the liquidity risk from the European financial system and with it, the immediate risk of disorderly deleveraging and default.

Despite signs of progress, significant risks remain. While we believe U.S. economic data remains firm, transfer payments are slated to decline, the savings rate remains unsustainably low, and real incomes are stagnant. Europe’s long-term solvency issues remain unresolved, and the sovereign debt crisis will likely continue to have a negative impact on growth going forward. Interest rates rose over the first quarter of 2012, as investors began to question the likelihood of additional stimulus. The recent volatility in oil prices, due in part to geopolitical concerns emanating from Iran, has put added strain on the global recovery.

Despite the recent run-up in rates, our view for a continued low rate environment remains. As a result, investors should continue towards higher yielding and higher growth asset classes in search of yield. While we have taken measures to reduce risk, we believe the Fund is still well positioned to benefit from higher yielding asset classes such as high yield bonds and emerging market debt, while allocations to floating rate notes provide a hedge against the possibility of rising rates. Should the outlook for Europe or that of global growth improve, a rally in riskier assets could be swift. In addition, the Fund stands to benefit from exposure to higher growth asset classes such as emerging market equity and debt.

It remains too early to tell whether this year’s rally portends continued strength in global financial markets, or whether it will simply be a replay of last year’s events and a prelude to another mid-year correction. We remain cautiously optimistic, given the current environment of steady, albeit gradual growth in the global economy. While we do not forecast an immediate pullback in the near term, macro-economic headlines out of China and the Eurozone will likely determine investor risk-appetite going forward. The reduction in risk in our asset allocation strategy should position the Fund well in the event of increased market volatility, while exposure to inflation-protection asset classes such as REITs, TIPs and commodities should offer protection from inflationary pressures going forward.

At a meeting of the Board of Directors of The Hartford Mutual Funds, Inc. (the “Board”) on March 27, 2012, the Board approved a sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”) on behalf of the Fund.  Accordingly, on or about June 4, 2012, Wellington Management will serve as the sub-adviser for the Fund and Hartford Investment Management Company (“Hartford Investment Management”) will no longer serve as the sub-adviser for the Fund.

Composition by Investments

as of April 30, 2012

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		2.6	%
SPDR Dow Jones International Real Estate		0.3
SPDR Dow Jones REIT		0.3
The Hartford Alternative Strategies Fund, Class Y		8.8
The Hartford Capital Appreciation Fund, Class Y		1.1
The Hartford Capital Appreciation II Fund, Class Y		2.0
The Hartford Disciplined Equity Fund, Class Y		9.5
The Hartford Dividend and Growth Fund, Class Y		1.6
The Hartford Equity Income Fund, Class Y		17.2
The Hartford Fundamental Growth Fund, Class Y		4.1
The Hartford Global Research Fund, Class Y		9.9
The Hartford Growth Fund, Class Y		1.2
The Hartford Growth Opportunities Fund, Class Y		1.7
The Hartford International Opportunities Fund, Class Y		0.2
The Hartford International Small Company Fund, Class Y		4.9
The Hartford International Value Fund, Class Y		1.1
The Hartford MidCap Fund, Class Y		0.3
The Hartford MidCap Value Fund, Class Y		3.5
The Hartford Small Company Fund, Class Y		0.9
The Hartford Small/Mid Cap Equity Fund, Class Y		5.7
The Hartford SmallCap Growth Fund, Class Y		6.1
The Hartford Total Return Bond Fund, Class Y		2.4
The Hartford Value Fund, Class Y		10.3
The Hartford Value Opportunities Fund, Class Y		2.3
Vanguard MSCI Emerging Markets ETF		1.9
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2050 Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 94.8%
EQUITY FUNDS - 92.4%
	182	The Hartford Alternative Strategies Fund, Class Y			$	2,061
	7	The Hartford Capital Appreciation Fund, Class Y				263
	32	The Hartford Capital Appreciation II Fund, Class Y●				470
	151	The Hartford Disciplined Equity Fund, Class Y				2,237
	18	The Hartford Dividend and Growth Fund, Class Y				371
	277	The Hartford Equity Income Fund, Class Y				4,053
	79	The Hartford Fundamental Growth Fund, Class Y				958
	247	The Hartford Global Research Fund, Class Y				2,343
	14	The Hartford Growth Fund, Class Y●				272
	13	The Hartford Growth Opportunities Fund, Class Y●				396
	4	The Hartford International Opportunities Fund, Class Y				52
	88	The Hartford International Small Company Fund, Class Y				1,150
	23	The Hartford International Value Fund, Class Y				269
	3	The Hartford MidCap Fund, Class Y				67
	64	The Hartford MidCap Value Fund, Class Y				831
	10	The Hartford Small Company Fund, Class Y				220
	118	The Hartford Small/Mid Cap Equity Fund, Class Y				1,345
	40	The Hartford SmallCap Growth Fund, Class Y●				1,428
	198	The Hartford Value Fund, Class Y				2,438
	38	The Hartford Value Opportunities Fund, Class Y				546
						21,770
		Total equity funds
		(cost $19,967)			$	21,770
FIXED INCOME FUNDS - 2.4%
	52	The Hartford Total Return Bond Fund, Class Y			$	579
		Total fixed income funds
		(cost $570)			$	579
		Total investments in affiliated investment companies
		(cost $20,537)			$	22,349
EXCHANGE TRADED FUNDS - 5.1%
	21	Powershares DB Commodity Index Tracking Fund ●			$	609
	2	SPDR Dow Jones International Real Estate				72
	1	SPDR Dow Jones REIT				79
	10	Vanguard MSCI Emerging Markets ETF				439
						1,199
		Total exchange traded funds
		(cost $1,164)			$	1,199
		Total long-term investments (cost $21,701)			$	23,548
		Total investments
		(cost $21,701) ▲	99.9	%	$	23,548
		Other assets and liabilities	0.1	%		20
		Total net assets	100.0	%	$	23,568

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $21,756 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,934
Unrealized Depreciation		(142	)
Net Unrealized Appreciation	$	1,792

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2050 Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	22,349	$	22,349	$	–	$	–
Exchange Traded Funds		1,199		1,199		–		–
Total	$	23,548	$	23,548	$	–	$	–

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2050 Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,164)	$	1,199
Investments in underlying affiliated funds, at market value (cost $20,537)		22,349
Receivables:
Fund shares sold		46
Dividends and interest		2
Other assets		27
Total assets		23,623
Liabilities:
Payables:
Investment securities purchased		46
Investment management fees		1
Administrative fees		1
Distribution fees		1
Accrued expenses		6
Total liabilities		55
Net assets	$	23,568
Summary of Net Assets:
Capital stock and paid-in-capital	$	21,552
Undistributed net investment income		2
Accumulated net realized gain		167
Unrealized appreciation of investments		1,847
Net assets	$	23,568
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	14.12
Shares outstanding		897
Net assets	$	12,674
Class R4: Net asset value per share	$	14.18
Shares outstanding		680
Net assets	$	9,649
Class R5: Net asset value per share	$	14.19
Shares outstanding		88
Net assets	$	1,245

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2050 Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	11
Dividends from underlying affiliated funds		135
Total investment income		146
Expenses:
Investment management fees		15
Administrative services fees		17
Transfer agent fees		—
Distribution fees
Class R3		27
Class R4		9
Custodian fees		—
Accounting services fees		1
Registration and filing fees		18
Board of Directors' fees		—
Audit fees		5
Other expenses		4
Total expenses (before waivers)		96
Expense waivers		(65	)
Total waivers		(65	)
Total expenses, net		31
Net Investment Income		115
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		80
Net realized gain on investments in underlying affiliated funds		143
Net Realized Gain on Investments		223
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		1,506
Net unrealized appreciation of investments		37
Net Changes in Unrealized Appreciation of Investments		1,543
Net Gain on Investments		1,766
Net Increase in Net Assets Resulting from Operations	$	1,881

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2050 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the  Year Ended  October 31, 2011
Operations:
Net investment income	$	115		$	86
Net realized gain on investments		223			714
Net unrealized appreciation (depreciation) of investments		1,543			(882	)
Net Increase (Decrease) In Net Assets Resulting From Operations		1,881			(82	)
Distributions to Shareholders:
From net investment income
Class R3		(78	)		(26	)
Class R4		(69	)		(25	)
Class R5		(12	)		(11	)
Total from net investment income		(159	)		(62	)
From net realized gain on investments
Class R3		(425	)		(62	)
Class R4		(290	)		(53	)
Class R5		(51	)		(23	)
Total from net realized gain on investments		(766	)		(138	)
Total distributions		(925	)		(200	)
Capital Share Transactions:
Class R3		3,202			5,332
Class R4		3,061			3,290
Class R5		116			(343	)
Net increase from capital share transactions		6,379			8,279
Net Increase In Net Assets		7,335			7,997
Net Assets:
Beginning of period		16,233			8,236
End of period	$	23,568		$	16,233
Undistributed (distribution in excess of) net investment income (loss)	$	2		$	46

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2050 Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Target Retirement 2050 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Hartford Investment Management Company (“Hartford Investment Management”), a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), and sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The reports 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. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of

10

a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class

11

The Hartford Target Retirement 2050 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the 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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	71	$	29
Long-Term Capital Gains ‡		129		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	46
Undistributed Long-Term Capital Gain		765
Unrealized Appreciation *		249
Total Accumulated Earnings	$	1,060

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	4
Accumulated Net Realized Gain (Loss)		(4	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2050 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford, serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $4.5 billion		0.10	%
On next $5 billion		0.08	%
Over $10 billion		0.07	%

Effective June 4, 2012, the rates of compensation to be paid to HIFSCO for investment management services rendered will be revised. The new rates of compensation will be as follows:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15	%
On next $500 million		0.10	%
On next $1.5 billion		0.09	%
On next $2.5 billion		0.08	%
On next $2.5 billion		0.07	%
On next $2.5 billion		0.06	%
Over $10 billion		0.05	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012	%
Over $5 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012,

14

HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses as follows:

Class R3			Class R4			Class R5
	1.25	%		0.95	%		0.90	%

Voluntary limitations for total operating expenses include expenses incurred as the result of investing in other investment companies. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		59		9	%
Class R5		68		77

7. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	7,142
Sales Proceeds Excluding U.S. Government Obligations		1,488

15

The Hartford Target Retirement 2050 Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

8. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		259		41		(61	)		—		239		600		6		(218	)		—		388
Amount	$	3,538	$	503	$	(839	)	$	—	$	3,202	$	8,427	$	88	$	(3,183	)	$	—	$	5,332
Class R4
Shares		238		29		(40	)		—		227		347		6		(135	)		—		218
Amount	$	3,246	$	359	$	(544	)	$	—	$	3,061	$	4,996	$	78	$	(1,784	)	$	—	$	3,290
Class R5
Shares		5		5		(1	)		—		9		11		3		(43	)		—		(29	)
Amount	$	60	$	63	$	(7	)	$	—	$	116	$	159	$	34	$	(536	)	$	—	$	(343	)
Total
Shares		502		75		(102	)		—		475		958		15		(396	)		—		577
Amount	$	6,844	$	925	$	(1,390	)	$	—	$	6,379	$	13,582	$	200	$	(5,503	)	$	—	$	8,279

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

16

12. Subsequent Events:

On March 27, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund from Hartford Investment Management to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HIFSCO and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on or about June 4, 2012.

17

The Hartford Target Retirement 2050 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value		Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
R3	$	13.61	$	0.07	$	–	$	1.18	$	1.25	$	(0.11	)	$	(0.63	)	$	–	$	(0.74	)	$	0.51	$	14.12
R4		13.68		0.09		–		1.18		1.27		(0.14	)		(0.63	)		–		(0.77	)		0.50		14.18
R5		13.69		0.10		–		1.18		1.28		(0.15	)		(0.63	)		–		(0.78	)		0.50		14.19
For the Year Ended October 31, 2011 (E)
R3		13.42		0.06		–		0.42		0.48		(0.07	)		(0.22	)		–		(0.29	)		0.19		13.61
R4		13.46		0.10		–		0.43		0.53		(0.09	)		(0.22	)		–		(0.31	)		0.22		13.68
R5		13.47		0.12		–		0.41		0.53		(0.09	)		(0.22	)		–		(0.31	)		0.22		13.69
For the Year Ended October 31, 2010
R3		11.58		0.06		–		1.84		1.90		(0.06	)		–			–		(0.06	)		1.84		13.42
R4		11.61		0.09		–		1.85		1.94		(0.09	)		–			–		(0.09	)		1.85		13.46
R5		11.61		0.10		–		1.85		1.95		(0.09	)		–			–		(0.09	)		1.86		13.47
From October 31, 2008  (commencement of operations) through October 31, 2009
R3		10.00		0.12		–		1.57		1.69		(0.11	)		–			–		(0.11	)		1.58		11.58
R4		10.00		0.15		–		1.57		1.72		(0.11	)		–			–		(0.11	)		1.61		11.61
R5		10.00		0.16		–		1.56		1.72		(0.11	)		–			–		(0.11	)		1.61		11.61

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(C)	Expense ratios do not include expenses of the Underlying Funds.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Not annualized.
(G)	Annualized.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	10.02	%(F)	$	12,674		1.15	%(G)		0.46	%(G)		0.46	%(G)		1.06	%(G)		8	%
	10.15	(F)		9,649		0.84	(G)		0.16	(G)		0.16	(G)		1.32	(G)		–
	10.20	(F)		1,245		0.55	(G)		0.11	(G)		0.11	(G)		1.51	(G)		–
	3.57			8,955		1.28			0.47			0.47			0.46			55
	3.95			6,201		0.98			0.17			0.17			0.73			–
	3.97			1,077		0.68			0.12			0.12			0.82			–
	16.46			3,619		1.79			0.42			0.42			0.44			19
	16.78			3,161		1.49			0.12			0.12			0.84			–
	16.90			1,456		1.20			0.07			0.07			0.82			–
	17.18			1,285		2.42			0.39			0.39			1.23			8
	17.54			1,262		2.13			0.09			0.09			1.53			–
	17.55			1,190		1.83			0.04			0.04			1.56			–

19

The Hartford Target Retirement 2050 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

20

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

21

The Hartford Target Retirement 2050 Fund

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

22

The Hartford Target Retirement 2050 Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,100.20	$	2.40	$	1,000.00	$	1,022.57	$	2.32		0.46	%		182		366
Class R4	$	1,000.00	$	1,101.50	$	0.84	$	1,000.00	$	1,024.07	$	0.81		0.16			182		366
Class R5	$	1,000.00	$	1,102.00	$	0.57	$	1,000.00	$	1,024.32	$	0.55		0.11			182		366

23

The Hartford Target Retirement 2050 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on March 27, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Target Retirement 2050 Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on June 4, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds and in connection with the Board’s approval of Wellington Management as the sub-adviser to certain additional Hartford-sponsored funds at other recent meetings.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, and Quality of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s asset allocation capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global capabilities across various asset classes, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including managing target date portfolios and constructing target date glidepaths.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team, as well as differences in Wellington Management’s investment process in constructing the Fund’s glidepath.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the

24

written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add additional breakpoints to the Fund’s contractual management fee schedule with HIFSCO that would result in management fee reductions at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add additional breakpoints to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

25

The Hartford Target Retirement 2050 Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-TR5012 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Total Return Bond Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Total Return Bond Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	17
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	18
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	19
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	20
Notes to Financial Statements (Unaudited)	21
Financial Highlights (Unaudited)	38
Directors and Officers (Unaudited)	41
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	43
Quarterly Portfolio Holdings Information (Unaudited)	43
Expense Example (Unaudited)	44
Approval of Investment Sub-Advisory Agreement (Unaudited)	45

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Total Return Bond Fund inception 07/22/1996

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks a competitive total return, with income as a secondary objective.

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			10 year
Total Return Bond A#		3.30	%		6.43	%		4.75	%		5.05	%
Total Return Bond A##					1.64	%		3.79	%		4.57	%
Total Return Bond B#		2.85	%		5.59	%		3.98	%		NA	*
Total Return Bond B##					0.59	%		3.64	%		NA	*
Total Return Bond C#		2.82	%		5.55	%		3.97	%		4.32	%
Total Return Bond C##					4.55	%		3.97	%		4.32	%
Total Return Bond I#		3.44	%		6.73	%		5.05	%		5.23	%
Total Return Bond R3#		3.09	%		6.10	%		4.53	%		5.14	%
Total Return Bond R4#		3.25	%		6.43	%		4.79	%		5.28	%
Total Return Bond R5#		3.40	%		6.75	%		5.08	%		5.44	%
Total Return Bond Y#		3.46	%		6.87	%		5.16	%		5.50	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		6.37	%		5.71	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.  Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of March 5, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Total Return Bond Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Joseph  F. Marvan, CFA	Lucius T. Hill III	Campe Goodman, CFA
Senior Vice President and Fixed Income Portfolio Manager	Senior Vice President and Fixed Income Portfolio Manager	Vice President and Fixed Income Portfolio Manager

As of March 5, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Total Return Bond Fund returned 3.30%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the Barclays Capital U.S. Aggregate Bond Index, which returned 2.44% for the same period. The Fund also outperformed the 3.16% return of the average fund in the Lipper Intermediate Investment Grade Debt Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Within fixed-income markets, High Yield Bonds and Corporate Bonds rose during the period. High Yield securities and Investment-Grade Corporate Securities, as measured by the Barclays Capital High Yield (2% issuer cap) and Barclays Capital Corporate indices, gained 6.91% and 3.64% respectively. Positive investor sentiment across capital markets, coupled with strong technical conditions in the bond market, fueled the rally.  The same positive macro factors, better than expected economic data, and earnings momentum drove risk assets, including High Yield, higher than lower risk assets such as U.S. Treasuries or corporate bonds. During the period, the Barclays Capital U.S. Aggregate Bond Index rose by 2.44% led by the higher risk assets and longer duration securities within the index.

The Fund’s outperformance can be attributed to several factors. The Fund earned positive returns from tactical long-duration positioning compared against the benchmark. In anticipation of further stress in Europe, the Fund benefitted by underweighting (i.e. the Fund’s position was less than the benchmark position) European financial securities. With what seem to be the markets pricing in significant risk, the Fund marginally added to overweights (i.e. the Fund’s sector position was greater than the benchmark position) in High Yield and Investment Grade Corporate Debt. Valuations in these and other risk sectors helped the Fund’s performance during the period.

On March 5, 2012, Wellington Management Company, LLP (Wellington) became sub-adviser of the Fund replacing Hartford Investment Management Company. The Fund’s principal investment strategy did not change as a result of the transition, although certain enhancements were made in order to increase the Fund’s investment flexibility.

What is the outlook?

We believe the U.S. economy is expanding at a moderate pace. Therefore, we have a pro-cyclical risk posture. However, from a duration perspective we had a neutral bias at the end of the period as we believe that rates will stay low for an extended period and that QE3 (quantitative easing) is unlikely in the near-term.

As of the end of the period, we continue to be positioned with an underweight to the government sector, as we believe that there are more compelling opportunities in other sectors. We are overweight the credit sector due to what we believe are strong credit fundamentals. Financial companies have de-levered significantly and communications issuers have solid balance sheets. We continue to favor financial and communications issuers. Within high yield credit we have an up-in-quality bias and favor BB (credit rated) issuers. Within the MBS (Mortgage Backed Securities) sector, we believe that rate volatility will be contained and valuations are attractive. As a result we are positioned with an overweight to the agency pass-through sector. In the CMBS (Commercial Mortgage Backed Securities) market, we continue to believe that there is strong collateralization in senior CMBS tranches and are positioned with a modest overweight relative to the benchmark. Within ABS (Asset Backed Securities), we favor the consumer sectors as we believe their structure provides select opportunities. We continue to evaluate non-dollar opportunities, but as of the end of the period do not have any non-dollar securities.

3

The Hartford Total Return Bond Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

Distribution by Credit Quality
as of April 30, 2012
Credit Rating *	Percentage of Net Assets
Aaa / AAA		2.1	%
Aa / AA		2.8
A		12.4
Baa / BBB		15.8
Ba / BB		5.1
B		2.5
Caa / CCC or Lower		2.6
Unrated		0.5
U.S. Government Agencies and Securities		66.8
Non Debt Securities and Other Short-Term Instruments		15.4
Other Assets & Liabilities		(26.0	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry
as of April 30, 2012
Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		0.1	%
Administrative Waste Management and Remediation		0.0
Agriculture, Forestry, Fishing and Hunting		0.0
Air Transportation		0.0
Arts, Entertainment and Recreation		2.1
Beverage and Tobacco Product Manufacturing		0.9
Chemical Manufacturing		1.2
Computer and Electronic Product Manufacturing		0.4
Construction		0.1
Fabricated Metal Product Manufacturing		0.1
Finance and Insurance		22.8
Food Manufacturing		0.2
General Obligations		0.6
Health Care and Social Assistance		1.5
Higher Education (Univ., Dorms, etc.)		0.1
Information		3.4
Machinery Manufacturing		0.3
Mining		0.5
Miscellaneous		0.1
Miscellaneous Manufacturing		0.4
Motor Vehicle and Parts Manufacturing		0.4
Nonmetallic Mineral Product Manufacturing		0.1
Petroleum and Coal Products Manufacturing		2.1
Pipeline Transportation		0.5
Primary Metal Manufacturing		0.3
Printing and Related Support Activities		0.0
Professional, Scientific and Technical Services		0.2
Rail Transportation		0.0
Real Estate, Rental and Leasing		0.6
Retail Trade		1.3
Tax Allocation		0.1
Transportation Equipment Manufacturing		0.1
Utilities		1.7
Utilities - Electric		0.3
Utilities - Water and Sewer		0.2
Wholesale Trade		0.6
Total		43.3	%
Equity Securities
Automobiles & Components		0.0
Banks		0.0
Total		0.0	%
Foreign Government Obligations		0.5
Put Options Purchased		0.0
U.S. Government Agencies		54.0
U.S. Government Securities		12.3
Short-Term Investments		15.9
Other Assets and Liabilities		(26.0	)
Total		100.0	%

4

The Hartford Total Return Bond Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 8.3%
		Finance and Insurance - 8.3%
		Ally Automotive Receivables Trust
$	950	3.00%, 10/15/2015 ■	$	964
	2,420	3.38%, 09/15/2017 ■		2,498
	2,440	3.61%, 08/15/2016 ■		2,550
		Banc of America Commercial Mortgage, Inc.
	3,500	5.36%, 10/10/2045		3,858
		Banc of America Funding Corp.
	3,515	0.54%, 05/20/2047 Δ		2,200
	5,033	5.77%, 05/25/2037		3,995
		Bank of America Automotive Trust
	3,400	3.03%, 10/15/2016 ■		3,438
		BCAP LLC Trust
	2,203	0.42%, 03/25/2037 Δ		1,305
		Bear Stearns Adjustable Rate Mortgage Trust
	4,907	2.25%, 08/25/2035 Δ		4,514
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,585	5.54%, 10/12/2041		1,806
	12,044	15.00%, 11/11/2041 - 07/11/2042 ►		51
		Carnow Automotive Receivables Trust
	1,250	2.09%, 08/15/2013 ■		1,250
		Chase Issuance Trust
	2,660	5.12%, 10/15/2014		2,718
		Citibank Credit Card Issuance Trust
	3,765	6.30%, 06/20/2014		3,793
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	5,200	5.32%, 12/11/2049		5,761
	3,251	5.40%, 12/11/2049 ☼		1,848
		CNH Equipment Trust
	1,250	2.97%, 05/15/2017		1,290
		Commercial Mortgage Loan Trust
	5,080	6.20%, 09/10/2017 Δ		5,775
		Commercial Mortgage Pass-Through Certificates
	11,632	5.30%, 07/10/2046 ■►		1,082
		Consumer Portfolio Services, Inc.
	270	5.01%, 02/15/2016 ■		270
		Countrywide Asset-Backed Certificates
	6,970	0.48%, 02/25/2037 Δ		1,914
		Countrywide Home Loans, Inc.
	1,422	2.97%, 04/20/2036 Δ		689
	5,563	6.00%, 10/25/2037		5,239
		Credit Acceptance Automotive Loan Trust
	2,240	3.12%, 03/16/2020 ■		2,247
		CS First Boston Mortgage Securities Corp.
	2,580	5.50%, 06/25/2035		2,305
		Cwcapital Cobalt Series 2006-C1, Class A4
	5,180	5.22%, 08/15/2048 ☼		5,674
		DBUBS Mortgage Trust
	2,135	4.54%, 05/12/2021 ■		2,240
	11,717	4.89%, 01/01/2021 ■►		655
		Fieldstone Mortgage Investment Corp.
	1,515	0.58%, 04/25/2047 Δ		599
		Ford Credit Automotive Owner Trust
	1,560	3.21%, 07/15/2017		1,624
	710	5.53%, 05/15/2016 ■		758
		Ford Credit Automotive Owner Trust Series 2010B, Class B
	1,500	2.54%, 02/15/2016		1,557
		Ford Credit Floorplan Master Owner Trust
	2,600	1.50%, 09/15/2015		2,623
		FREMF Mortgage Trust
	2,435	4.59%, 11/25/2046 ■Δ		2,431
		GE Business Loan Trust
	1,398	1.24%, 05/15/2034 ■Δ		515
		GE Capital Credit Card Master Note Trust
	1,490	2.21%, 06/15/2016		1,517
		GMAC Mortgage Corp. Loan Trust
	2,435	4.90%, 09/19/2035 Δ		2,070
		Goldman Sachs Mortgage Securities Corp. II
	1,823	5.56%, 11/10/2039		2,067
		Harley-Davidson Motorcycle Trust
	1,780	2.12%, 08/15/2017		1,794
		Hyundai Automotive Receivables Trust
	2,850	2.27%, 02/15/2017		2,924
		Indymac Index Mortgage Loan Trust
	1,632	2.51%, 01/25/2036 Δ		1,251
	943	2.59%, 08/25/2035 Δ		497
	5,942	2.81%, 03/25/2036 Δ		3,161
		JP Morgan Automotive Receivable Trust
	53	12.85%, 07/15/2012 ■		52
		JP Morgan Chase Commercial Mortgage Securities Corp.
	1,705	5.28%, 01/12/2043 Δ		1,866
	5,205	5.34%, 05/15/2047		5,734
	1,285	5.44%, 06/12/2047 Δ		1,440
	2,590	5.57%, 06/12/2041 Δ		2,793
	6,826	6.07%, 02/12/2051		7,260
		JP Morgan Mortgage Trust
	1,790	5.03%, 09/25/2035 Δ		1,498
		LB-UBS Commercial Mortgage Trust
	5,165	5.43%, 02/15/2040		5,705
	16,147	12.00%, 09/15/2039 ►		153
		Lehman Brothers Small Balance Commercial
	396	5.52%, 09/25/2030 ■		327
	122	5.62%, 09/25/2036 ■		123
		Merrill Lynch Mortgage Investors Trust
	5,680	0.50%, 03/25/2037 Δ		2,040
	831	2.70%, 07/25/2035 Δ		566
		Merrill Lynch Mortgage Trust
	2,284	5.20%, 09/12/2042		2,472
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	5,160	5.74%, 06/12/2050 Δ		5,578
	15,060	15.00%, 07/12/2046 ►		236
		Morgan Stanley Capital I
	44,294	4.39%, 09/15/2047 ■►		1,697
		National Credit Union Administration
	2,011	1.84%, 10/07/2020 Δ		2,036
		Option One Mortgage Loan Trust
	1,095	0.49%, 03/25/2037 Δ		400
		Prestige Automotive Receivables Trust
	1,685	2.49%, 04/16/2018 ■		1,697
		Residential Asset Securities Corp.
	6,830	0.48%, 08/25/2036 Δ		1,469

The accompanying notes are an integral part of these financial statements.

5

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 8.3% - (continued)
		Finance and Insurance - 8.3% - (continued)
		Residential Funding Mortgage Securities, Inc.
$	3,692	6.00%, 07/25/2037	$	3,114
		Soundview Home Equity Loan Trust, Inc.
	3,520	0.49%, 06/25/2036 Δ		1,527
	6,810	0.52%, 05/25/2036 Δ		2,815
		Structured Adjustable Rate Mortgage Loan Trust
	840	0.54%, 09/25/2034 Δ		577
		Wachovia Bank Commercial Mortgage Trust
	3,600	5.74%, 06/15/2049 Δ		3,904
	5,100	5.77%, 07/15/2045 Δ		5,767
		Wells Fargo Alternative Loan Trust
	2,503	6.25%, 11/25/2037		2,276
		Wells Fargo Mortgage Backed Securities Trust
	1,508	5.19%, 10/25/2035 Δ		1,448
				163,887
		Total asset & commercial mortgage backed securities
		(cost $162,588)	$	163,887
CORPORATE BONDS - 32.9%
		Accommodation and Food Services - 0.1%
		Wynn Las Vegas LLC
$	495	5.38%, 03/15/2022 ■	$	485
	2,100	7.75%, 08/15/2020		2,321
				2,806
		Administrative Waste Management and Remediation - 0.0%
		Iron Mountain, Inc.
	501	7.75%, 10/01/2019		546
		Agriculture, Forestry, Fishing and Hunting - 0.0%
		American Seafood Group LLC
	284	10.75%, 05/15/2016 ■		257
		Air Transportation - 0.0%
		US Airways Group, Inc.
	262	6.25%, 04/22/2023		270
		Arts, Entertainment and Recreation - 2.0%
		CCO Holdings LLC
	114	7.38%, 06/01/2020		124
		Cenveo, Inc.
	657	8.88%, 02/01/2018		604
		DirecTV Holdings LLC
	4,430	3.80%, 03/15/2022 ■		4,410
	1,820	5.00%, 03/01/2021		1,990
	3,590	7.63%, 05/15/2016 ‡		3,727
		Fidelity National Information Services, Inc.
	660	5.00%, 03/15/2022 ■		660
		First Data Corp.
	829	10.55%, 09/24/2015 Þ		844
		Liberty Media Corp.
	1,761	8.25%, 02/01/2030		1,792
		NAI Entertainment Holdings LLC
	340	8.25%, 12/15/2017 ■		375
		National CineMedia LLC
	65	6.00%, 04/15/2022 ■		66
		NBC Universal Media LLC
	1,580	3.65%, 04/30/2015		1,690
	2,075	5.15%, 04/30/2020		2,388
	1,554	5.95%, 04/01/2041		1,816
		News America, Inc.
	3,430	4.50%, 02/15/2021 ‡		3,705
		Time Warner Entertainment Co., L.P.
	3,190	8.38%, 07/15/2033 ‡		4,276
		Time Warner, Inc.
	1,650	6.10%, 07/15/2040		1,879
	3,315	6.25%, 03/29/2041 ‡		3,855
		UPC Germany GMBH
	379	8.13%, 12/01/2017 ■		406
		Videotron Ltee
	1,485	5.00%, 07/15/2022 ■		1,481
		Virgin Media Finance plc
	1,045	5.25%, 02/15/2022		1,045
	445	9.50%, 08/15/2016		498
		XM Satellite Radio, Inc.
	755	7.63%, 11/01/2018 ■		823
				38,454
		Beverage and Tobacco Product Manufacturing - 0.9%
		Altria Group, Inc.
	1,658	10.20%, 02/06/2039		2,656
		Anheuser-Busch InBev Worldwide, Inc.
	4,125	7.75%, 01/15/2019		5,457
		Constellation Brands, Inc.
	1,715	6.00%, 05/01/2022		1,805
	2,405	7.25%, 05/15/2017		2,718
		Molson Coors Brewing Co.
	865	3.50%, 05/01/2022 ☼		873
		Pernod-Ricard S.A.
	3,655	2.95%, 01/15/2017 ■		3,719
				17,228
		Chemical Manufacturing - 1.2%
		Dow Chemical Co.
	7,420	8.55%, 05/15/2019 ‡		9,839
		Ecolab, Inc.
	960	2.38%, 12/08/2014 ‡		994
	5,380	3.00%, 12/08/2016 ‡		5,666
	1,665	4.35%, 12/08/2021 ‡		1,815
		Hexion Specialty Chemicals
	660	8.88%, 02/01/2018		691
		Ineos Group Holdings plc
	236	8.50%, 02/15/2016 ■		231
		LyondellBasell Industries N.V.
	635	6.00%, 11/15/2021 ■		686
		Yara International ASA
	2,235	7.88%, 06/11/2019 ■		2,803
				22,725
		Computer and Electronic Product Manufacturing - 0.4%
		Hewlett-Packard Co.
	3,225	2.35%, 03/15/2015 ‡		3,290
		Nextel Communications, Inc.
	445	7.38%, 08/01/2015		432

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 32.9% - (continued)
		Computer and Electronic Product Manufacturing - 0.4% - (continued)
		Seagate HDD Cayman
$	2,835	6.88%, 05/01/2020	$	3,040
	1,055	7.75%, 12/15/2018		1,163
		Sorenson Communications
	863	10.50%, 02/01/2015 ■		725
				8,650
		Construction - 0.1%
		D.R. Horton, Inc.
	515	6.50%, 04/15/2016		562
		Pulte Homes, Inc.
	335	7.88%, 06/15/2032		323
				885
		Fabricated Metal Product Manufacturing - 0.1%
		Anixter International, Inc.
	350	5.63%, 05/01/2019		358
		Ball Corp.
	1,830	5.00%, 03/15/2022		1,862
		Masco Corp.
	240	5.95%, 03/15/2022		244
				2,464
		Finance and Insurance - 14.3%
		ABN Amro Bank N.V.
	2,391	4.25%, 02/02/2017 ■		2,419
		Ally Financial, Inc.
	1,325	5.50%, 02/15/2017		1,354
	525	7.50%, 09/15/2020		585
		American Express Bank, FSB
	3,463	5.55%, 10/17/2012		3,541
		American Express Centurion Bank
	4,000	5.95%, 06/12/2017		4,633
		American Express Co.
	2,547	5.50%, 04/16/2013		2,660
		American International Group, Inc.
	1,083	3.65%, 01/15/2014		1,106
	3,960	3.80%, 03/22/2017		4,090
		BAE Systems Holdings, Inc.
	1,714	5.20%, 08/15/2015 ■		1,874
		Bank of America Capital II
	855	8.00%, 12/15/2026		861
		Bank of America Corp.
	3,860	5.65%, 05/01/2018		4,082
	3,605	5.75%, 12/01/2017		3,823
	8,425	6.50%, 08/01/2016		9,211
	1,700	7.63%, 06/01/2019		1,959
		Barclays Bank plc
	4,600	6.05%, 12/04/2017 ■		4,615
		BP Capital Markets plc
	4,920	2.25%, 11/01/2016		5,062
		Capital One Financial Corp.
	1,930	2.15%, 03/23/2015		1,942
	1,577	3.15%, 07/15/2016		1,632
	1,750	6.15%, 09/01/2016		1,935
		CDP Financial, Inc.
	4,620	3.00%, 11/25/2014 ■		4,836
		Cigna Corp.
	5,429	2.75%, 11/15/2016 ‡		5,543
		CIT Group, Inc.
	1,114	5.50%, 02/15/2019 ■		1,145
	485	6.63%, 04/01/2018 ■		527
		Citigroup, Inc.
	2,655	4.45%, 01/10/2017 ‡		2,773
	11,949	4.59%, 12/15/2015 ‡		12,515
	3,800	6.63%, 06/15/2032		3,892
	1,963	8.50%, 05/22/2019		2,439
		CNA Financial Corp.
	1,934	5.75%, 08/15/2021		2,116
		Discover Financial Services, Inc.
	2,600	10.25%, 07/15/2019		3,536
		Dolphin Subsidiary II, Inc.
	3,825	7.25%, 10/15/2021 ■		4,246
		Fibria Overseas Finance Ltd.
	1,685	7.50%, 05/04/2020 ■		1,765
		Ford Motor Credit Co.
	2,920	6.63%, 08/15/2017		3,356
	660	12.00%, 05/15/2015		832
		Fresenius Medical Care U.S. Finance II, Inc.
	260	9.00%, 07/15/2015 ■		298
		General Electric Capital Corp.
	4,508	4.38%, 09/16/2020 ‡		4,831
	2,000	5.30%, 02/11/2021		2,202
	4,670	5.63%, 05/01/2018 ‡		5,413
		GMAC LLC
	405	8.00%, 11/01/2031		464
		Goldman Sachs Group, Inc.
	5,280	5.75%, 01/24/2022 ‡		5,513
	2,821	6.00%, 06/15/2020 ‡		3,018
	1,900	6.45%, 05/01/2036 ‡		1,853
	3,000	6.75%, 10/01/2037 ‡		2,968
		Guardian Life Insurance Co.
	2,643	7.38%, 09/30/2039 ■		3,345
		HCP, Inc.
	2,229	3.75%, 02/01/2016 ‡		2,328
		Health Care REIT, Inc.
	2,071	3.63%, 03/15/2016		2,117
		Host Hotels & Resorts L.P.
	2,565	6.00%, 11/01/2020		2,728
		HSBC Bank USA
	1,721	2.38%, 02/13/2015		1,740
		HSBC Holdings plc
	4,826	4.00%, 03/30/2022 ‡		4,903
	2,500	6.80%, 06/01/2038 ‡		2,823
		Ineos Finance plc
	400	8.38%, 02/15/2019 ■		429
	740	9.00%, 05/15/2015 ■		794
		JP Morgan Chase & Co.
	8,376	3.15%, 07/05/2016 ‡		8,681
	5,125	4.35%, 08/15/2021 ‡		5,366
	2,490	4.50%, 01/24/2022 ‡		2,652
	5,480	4.75%, 03/01/2015 ‡		5,948
	2,745	6.00%, 01/15/2018 ‡		3,172
		Liberty Mutual Group, Inc.
	595	10.75%, 06/15/2058 ■		809
		Lloyds Banking Group plc
	3,730	4.38%, 01/12/2015 ■		3,815
		Massachusetts Mutual Life Insurance Co.
	1,172	8.88%, 06/01/2039 ■		1,702
		Merrill Lynch & Co., Inc.
	5,295	6.05%, 05/16/2016 ‡		5,486

The accompanying notes are an integral part of these financial statements.

7

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 32.9% - (continued)
		Finance and Insurance - 14.3% - (continued)
		MetLife Global Funding I
$	1,400	5.13%, 06/10/2014 ■	$	1,512
		MetLife, Inc.
	220	5.38%, 12/15/2012		226
		Morgan Stanley
	6,555	3.80%, 04/29/2016 ‡		6,410
	1,700	4.75%, 03/22/2017		1,697
	8,000	6.25%, 08/28/2017 ‡		8,362
		Nationwide Financial Services, Inc.
	1,837	5.38%, 03/25/2021 ■		1,912
		Nationwide Mutual Insurance Co.
	2,650	9.38%, 08/15/2039 ■		3,388
		New York Life Global Funding
	5,325	3.00%, 05/04/2015 ■		5,614
		Nordea Bank Ab
	4,075	2.25%, 03/20/2015 ■		4,099
		Offshore Group Investments Ltd.
	392	11.50%, 08/01/2015		429
		Penson Worldwide, Inc.
	944	12.50%, 05/15/2017 ■		354
		PNC Bank NA
	905	6.00%, 12/07/2017		1,048
	1,163	6.88%, 04/01/2018		1,398
		Provident Funding Associates L.P.
	796	10.25%, 04/15/2017 ■		810
		Prudential Financial, Inc.
	3,753	3.00%, 05/12/2016		3,871
		Rabobank Netherlands
	978	11.00%, 06/30/2019 ■♠		1,242
		Royal Bank of Scotland plc
	2,200	3.95%, 09/21/2015		2,229
		Santander Holdings USA
	1,286	4.63%, 04/19/2016 ‡		1,282
		Santander U.S. Debt S.A.
	4,300	3.72%, 01/20/2015 ■		4,085
		SLM Corp.
	2,855	6.25%, 01/25/2016		2,941
	880	7.25%, 01/25/2022		889
	1,635	8.45%, 06/15/2018		1,790
		Standard Chartered plc
	1,588	3.20%, 05/12/2016 ■		1,623
		State Street Corp.
	3,255	4.96%, 03/15/2018		3,449
		Teachers Insurance & Annuity Association
	2,658	6.85%, 12/16/2039 ■		3,329
		UBS AG Stamford CT
	1,860	2.25%, 01/28/2014		1,870
		UnitedHealth Group, Inc.
	4,845	2.88%, 03/15/2022		4,841
		Wells Fargo & Co.
	4,900	2.10%, 05/08/2017 ☼		4,896
	4,500	4.60%, 04/01/2021		4,943
		Wells Fargo Bank NA
	3,190	0.71%, 05/16/2016 Δ		3,001
		Xstrata Finance Canada Corp.
	2,670	3.60%, 01/15/2017 ■		2,774
	2,125	4.95%, 11/15/2021 ■		2,229
				280,846
		Food Manufacturing - 0.2%
		Wrigley Jr., William Co.
	4,155	3.70%, 06/30/2014 ■		4,310
		Health Care and Social Assistance - 1.5%
		Aristotle Holding, Inc.
	3,270	2.10%, 02/12/2015 ■		3,319
	3,715	3.50%, 11/15/2016 ■		3,925
	2,558	3.90%, 02/15/2022 ■		2,632
		Biomet, Inc.
	475	10.38%, 10/15/2017 Þ		514
		CVS Caremark Corp.
	3,740	8.35%, 07/10/2031 ■		4,894
		Gilead Sciences, Inc.
	3,954	4.40%, 12/01/2021 ‡		4,296
		HCA, Inc.
	920	7.25%, 09/15/2020		1,019
	2,141	7.50%, 11/15/2095		1,683
	470	8.50%, 04/15/2019		527
		Memorial Sloan-Kettering Cancer Center
	1,985	5.00%, 07/01/2042 ‡		2,107
		Partners Healthcare Systems
	1,180	3.44%, 07/01/2021 ‡		1,209
		Tenet Healthcare Corp.
	2,599	6.25%, 11/01/2018 ■		2,703
		Valeant Pharmaceuticals International
	535	7.25%, 07/15/2022 ■		534
				29,362
		Information - 3.3%
		AT&T, Inc.
	3,100	5.35%, 09/01/2040 ‡		3,388
	2,400	5.50%, 02/01/2018		2,831
		Audatex North America, Inc.
	275	6.75%, 06/15/2018 ■		288
		CCO Holdings LLC
	4,725	6.63%, 01/31/2022		4,944
		CSC Holdings LLC
	320	6.75%, 11/15/2021 ■		332
		CSC Holdings, Inc.
	1,000	7.63%, 07/15/2018		1,107
		Deutsche Telekom International Finance B.V.
	5,795	3.13%, 04/11/2016 ■		6,005
		DISH DBS Corp.
	2,000	7.88%, 09/01/2019		2,315
		Evertec, Inc.
	330	11.00%, 10/01/2018		358
		Frontier Communications Corp.
	443	7.88%, 01/15/2027		394
		Hughes Satelite Systems
	520	6.50%, 06/15/2019		556
		Inmarsat Finance plc
	210	7.38%, 12/01/2017 ■		226
		Intelsat Bermuda Ltd.
	525	11.50%, 02/04/2017 Þ		547
		Intelsat Jackson Holdings S.A.
	1,117	8.50%, 11/01/2019		1,231
		Kabel Baden Wurttemberg GMBH & Co.
	615	7.50%, 03/15/2019 ■		656

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 32.9% - (continued)
		Information - 3.3% - (continued)
		Level 3 Financing, Inc.
$	981	10.00%, 02/01/2018	$	1,074
		Paetec Holding Corp.
	293	9.88%, 12/01/2018		332
		Qwest Corp.
	2,060	7.20%, 11/10/2026		2,075
	1,325	7.25%, 10/15/2035		1,330
		Rogers Cable, Inc.
	1,240	8.75%, 05/01/2032		1,764
		SBA Telecommunications
	845	8.25%, 08/15/2019		932
		Sprint Nextel Corp.
	1,630	7.00%, 03/01/2020 ■		1,663
	547	9.00%, 11/15/2018 ■		602
		TCI Communications, Inc.
	685	8.75%, 08/01/2015		841
		Telecom Italia Capital
	854	7.18%, 06/18/2019		895
	1,035	7.72%, 06/04/2038 ‡		972
		Telefonica Emisiones SAU
	4,825	3.99%, 02/16/2016 ‡		4,665
	2,255	4.95%, 01/15/2015 ‡		2,262
		Trilogy International Partners LLC
	704	10.25%, 08/15/2016 ■		620
		UPCB Finance III Ltd.
	443	6.63%, 07/01/2020 ■		450
		UPCB Finance VI Ltd.
	1,335	6.88%, 01/15/2022 ■		1,372
		Verizon Communications, Inc.
	2,870	3.50%, 11/01/2021		3,003
		Verizon Virginia, Inc.
	6,870	4.63%, 03/15/2013		7,104
		Videotron Ltee
	380	9.13%, 04/15/2018		420
		Vivendi S.A.
	3,605	2.40%, 04/10/2015 ■		3,577
		Windstream Corp.
	670	7.50%, 04/01/2023		695
	1,890	7.88%, 11/01/2017		2,088
				63,914
		Machinery Manufacturing - 0.3%
		Case New Holland, Inc.
	4,305	7.88%, 12/01/2017		5,015
		Mining - 0.5%
		FMG Resources Pty Ltd.
	416	6.00%, 04/01/2017 ■		423
	542	7.00%, 11/01/2015 ■		561
	286	8.25%, 11/01/2019 ■		310
		Peabody Energy Corp.
	575	6.00%, 11/15/2018 ■		584
	1,372	6.50%, 09/15/2020		1,410
		Rio Tinto Finance USA Ltd.
	1,935	9.00%, 05/01/2019		2,653
		Southern Copper Corp.
	1,825	6.75%, 04/16/2040 ‡		2,015
		Teck Resources Ltd.
	1,635	10.75%, 05/15/2019 ‡		2,023
				9,979
		Miscellaneous Manufacturing - 0.4%
		BE Aerospace, Inc.
	100	5.25%, 04/01/2022		102
	821	6.88%, 10/01/2020		909
		Bombardier, Inc.
	1,370	7.75%, 03/15/2020 ■		1,531
		Owens-Brockway
	835	7.38%, 05/15/2016		943
		Reynolds Group Issuer, Inc.
	2,120	7.88%, 08/15/2019 ■		2,290
	640	9.00%, 04/15/2019 ■		643
		Textron, Inc.
	2,125	4.63%, 09/21/2016		2,274
				8,692
		Motor Vehicle and Parts Manufacturing - 0.2%
		Daimler Finance NA LLC
	2,090	2.63%, 09/15/2016 ■		2,161
		Ford Motor Co.
	590	7.50%, 08/01/2026		670
		TRW Automotive, Inc.
	605	3.50%, 12/01/2015		1,045
				3,876
		Nonmetallic Mineral Product Manufacturing - 0.1%
		Silgan Holdings, Inc.
	2,315	5.00%, 04/01/2020 ■		2,338
		Petroleum and Coal Products Manufacturing - 2.1%
		Alpha Natural Resources, Inc.
	490	6.00%, 06/01/2019		458
		Anadarko Petroleum Corp.
	1,495	6.38%, 09/15/2017		1,777
		Chesapeake Energy Corp.
	2,757	6.78%, 03/15/2019		2,681
	403	6.88%, 08/15/2018		399
		CNOOC Finance 2012 Ltd.
	1,660	3.88%, 05/02/2022 ■☼		1,661
		Concho Resources, Inc.
	1,250	7.00%, 01/15/2021		1,359
		Continental Resources, Inc.
	915	5.00%, 09/15/2022 ■		929
		Ferrellgas Partners L.P.
	326	6.50%, 05/01/2021		298
		Hornbeck Offshore Services, Inc.
	1,565	5.88%, 04/01/2020 ■		1,561
		Newfield Exploration Co.
	2,555	5.75%, 01/30/2022 ‡		2,721
		Noble Corp.
	1,055	2.50%, 03/15/2017 ‡		1,071
		Pemex Project Funding Master Trust
	2,575	6.63%, 06/15/2035		3,019
		Petrobras International Finance Co.
	1,065	2.88%, 02/06/2015		1,088
	1,740	3.88%, 01/27/2016		1,822
	1,205	5.38%, 01/27/2021		1,320
	4,955	5.75%, 01/20/2020 ‡		5,531
		Sempra Energy
	2,096	6.50%, 06/01/2016 ‡		2,494
		Transocean, Inc.
	4,790	1.50%, 12/15/2037 ۞‡		4,742
	1,820	6.38%, 12/15/2021		2,131

The accompanying notes are an integral part of these financial statements.

9

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 32.9% - (continued)
		Petroleum and Coal Products Manufacturing - 2.1% - (continued)
		Valero Energy Corp.
$	2,086	9.38%, 03/15/2019	$	2,758
		WPX Energy, Inc.
	570	6.00%, 01/15/2022 ■		554
				40,374
		Pipeline Transportation - 0.5%
		El Paso Corp.
	661	7.80%, 08/01/2031		754
		Energy Transfer Equity L.P.
	2,313	7.50%, 10/15/2020		2,562
		Kinder Morgan Energy Partners L.P.
	2,480	6.85%, 02/15/2020		2,999
		Kinder Morgan Finance Co.
	1,730	6.00%, 01/15/2018 ■		1,816
		TransCanada Pipelines Ltd.
	1,769	7.25%, 08/15/2038 ‡		2,504
				10,635
		Primary Metal Manufacturing - 0.3%
		ArcelorMittal
	1,630	9.00%, 02/15/2015		1,867
	3,080	9.85%, 06/01/2019		3,723
		Novelis, Inc.
	400	8.75%, 12/15/2020		441
				6,031
		Printing and Related Support Activities - 0.0%
		Sheridan (The) Group, Inc.
	564	12.50%, 04/15/2014		477
		Professional, Scientific and Technical Services - 0.2%
		IBM Corp.
	3,370	1.95%, 07/22/2016 ‡		3,479
		Lamar Media Corp.
	535	5.88%, 02/01/2022 ■		550
				4,029
		Rail Transportation - 0.0%
		RailAmerica, Inc.
	53	9.25%, 07/01/2017		56
		Real Estate, Rental and Leasing - 0.6%
		Air Lease Corp.
	1,015	5.63%, 04/01/2017 ■		990
		ERAC USA Finance Co.
	2,605	6.38%, 10/15/2017 ■		3,042
		International Lease Finance Corp.
	5,560	5.88%, 04/01/2019		5,461
	674	8.88%, 09/01/2017		758
		United Rental Financing Escrow Corp.
	60	5.75%, 07/15/2018 ■		62
	110	7.38%, 05/15/2020 ■		115
	109	7.63%, 04/15/2022 ■		115
		United Rentals North America, Inc.
	510	8.38%, 09/15/2020		537
				11,080
		Retail Trade - 1.2%
		Ahold Lease USA, Inc.
	4,047	8.62%, 01/02/2025		4,887
		Amerigas Partners L.P.
	640	6.25%, 08/20/2019		646
		AutoNation, Inc.
	1,170	5.50%, 02/01/2020		1,193
		AutoZone, Inc.
	7,564	3.70%, 04/15/2022		7,697
		Building Materials Corp.
	496	7.50%, 03/15/2020 ■		528
		Energy Transfer Partners
	3,425	4.65%, 06/01/2021 ‡		3,544
	2,590	6.50%, 02/01/2042 ‡		2,745
		Liz Claiborne, Inc.
	585	10.50%, 04/15/2019 ■		657
		QVC, Inc.
	1,635	7.50%, 10/01/2019 ■		1,799
				23,696
		Transportation Equipment Manufacturing - 0.1%
		Huntington Ingalls Industries, Inc.
	1,710	6.88%, 03/15/2018		1,808
		Utilities - 1.7%
		AES (The) Corp.
	375	9.75%, 04/15/2016		443
		AES El Salvador Trust
	800	6.75%, 02/01/2016 §		802
		Calpine Corp.
	935	7.50%, 02/15/2021 ■		1,001
	305	7.50%, 02/15/2021 §		326
	981	7.88%, 01/15/2023 ■		1,057
		CenterPoint Energy, Inc.
	2,775	6.85%, 06/01/2015		3,150
		Commonwealth Edison Co.
	3,516	5.80%, 03/15/2018 ‡		4,250
		Dominion Resources, Inc.
	1,280	1.95%, 08/15/2016		1,303
	1,185	4.90%, 08/01/2041		1,290
		Intergen N.V.
	1,035	9.00%, 06/30/2017 ■		1,062
		LG & E & KU Energy LLC
	2,995	2.13%, 11/15/2015		3,020
		MidAmerican Energy Holdings Co.
	3,935	8.48%, 09/15/2028 ‡		5,759
		Northeast Utilities
	1,450	5.65%, 06/01/2013		1,522
		Pacific Gas & Electric Energy Recovery Funding LLC
	2,453	8.25%, 10/15/2018		3,304
		PSEG Power
	1,287	5.00%, 04/01/2014		1,371
		Virginia Electric & Power Co.
	2,627	5.10%, 11/30/2012		2,696
				32,356
		Wholesale Trade - 0.6%
		Everest Acquisition LLC
	1,555	9.38%, 05/01/2020 ■		1,656
		International Paper Co.
	1,450	4.75%, 02/15/2022		1,548
		SABMiller Holdings, Inc.
	3,425	2.45%, 01/15/2017 ■		3,508
	3,385	3.75%, 01/15/2022 ■		3,520

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 32.9% - (continued)
		Wholesale Trade - 0.6% - (continued)
		SABMiller plc
$	985	4.95%, 01/15/2042 ■	$	1,047
				11,279
		Total corporate bonds
		(cost $611,616)	$	644,438
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
		Mexico - 0.2%
		United Mexican States
$	3,174	4.75%, 03/08/2044	$	3,263
		Qatar - 0.1%
		Qatar (State of)
	1,600	3.13%, 01/20/2017 ■		1,650
		Russia - 0.2%
		Russian Federation Government
	4,400	3.25%, 04/04/2017 ■		4,460
		Total foreign government obligations
		(cost $9,109)	$	9,373
MUNICIPAL BONDS - 1.4%
		General Obligations - 0.6%
		California State GO
$	1,420	7.50%, 04/01/2034	$	1,818
	1,230	7.60%, 11/01/2040		1,629
		California State GO, Taxable
	4,785	7.55%, 04/01/2039		6,264
		Oregon State GO
	1,250	4.76%, 06/30/2028		1,454
				11,165
		Higher Education (Univ., Dorms, etc.) - 0.1%
		Curators University, System Facs Rev Build America Bonds
	950	5.79%, 11/01/2041		1,251
		Miscellaneous - 0.1%
		Colorado Bridge Enterprise Rev Build America Bond
	1,675	6.08%, 12/01/2040		2,127
		Tax Allocation - 0.1%
		Regional Transportation Dist
	2,180	5.84%, 11/01/2050		2,860
		Utilities - Electric - 0.3%
		Municipal Elec Auth Georgia
	4,510	6.64%, 04/01/2057		5,123
		Utilities - Water and Sewer - 0.2%
		San Francisco City & County Public Utilities Commission
	3,515	6.00%, 11/01/2040		4,230
		Total municipal bonds
		(cost $23,939)	$	26,756
SENIOR FLOATING RATE INTERESTS ♦ - 0.7%
		Air Transportation - 0.0%
		Macquarie Aircraft Leasing Finance S.A., Second Lien Term Loan
$	757	4.24%, 11/29/2013	$	746
		Arts, Entertainment and Recreation - 0.1%
		Kabel Deutschland Holding AG
	930	4.25%, 01/20/2019 ☼		929
		Finance and Insurance - 0.2%
		Asurion Corp., Second Lien Term Loan
	501	9.00%, 05/24/2019		508
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	92	8.75%, 12/17/2017		91
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	218	8.75%, 12/17/2017		216
		Chrysler Group LLC
	3,328	6.00%, 05/24/2017		3,386
				4,201
		Information - 0.1%
		WideOpenWest Finance LLC, Second Lien Term Loan
	1,789	6.49%, 06/29/2015 Þ		1,771
		Motor Vehicle and Parts Manufacturing - 0.2%
		General Motors Co.
	3,580	0.38%, 10/27/2015 ◊☼		3,206
		Retail Trade - 0.1%
		Easton-Bell Sports, Inc.
	2,089	11.50%, 12/31/2015 Þ		2,068
		Total senior floating rate interests
		(cost $13,154)	$	12,921
U.S. GOVERNMENT AGENCIES - 54.0%
		Federal Home Loan Mortgage Corporation - 5.6%
$	7,900	3.50%, 05/15/2041 ☼	$	8,188
	11,975	4.00%, 08/01/2025		12,834
	14,146	4.99%, 08/25/2018 ►		1,490
	32,880	5.00%, 10/25/2020 ►		732
	66,905	5.50%, 02/01/2037 - 05/15/2039 ☼		72,953
	8,904	6.00%, 01/01/2023 - 06/01/2038		9,850
	4,985	10.05%, 05/15/2037 ►		804
	21,738	13.08%, 01/15/2041 ►		3,558
				110,409
		Federal National Mortgage Association - 29.9%
	46,200	3.00%, 05/15/2027 ☼		48,207
	50,164	3.50%, 11/01/2026 - 05/15/2041 ☼		52,312
	305,425	4.00%, 06/01/2025 - 10/01/2041 ☼		323,565
	10,481	4.50%, 08/01/2024 - 08/01/2040		11,272
	67,964	5.00%, 04/01/2018 - 04/25/2038		73,881
	34,429	5.50%, 01/01/2017 - 11/01/2037		37,867
	31,713	6.00%, 03/01/2013 - 05/15/2040 ☼		35,164
	414	7.00%, 10/01/2037		479
	114	7.50%, 12/01/2029 - 09/01/2031		138
	9,925	9.70%, 10/25/2036 ►		1,752
	6,550	16.64%, 11/25/2039 ►		1,366
				586,003

The accompanying notes are an integral part of these financial statements.

11

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
U.S. GOVERNMENT AGENCIES - 54.0% - (continued)
		Government National Mortgage Association - 18.5%
$	8,500	3.50%, 05/15/2041 ☼	$	8,953
	74,895	4.00%, 08/20/2040 - 01/15/2041 ☼		81,243
	155,339	4.50%, 05/15/2040 - 10/20/2040 ╦‡		170,405
	55,580	5.00%, 05/15/2039 - 06/20/2040 ☼		61,724
	12,923	5.50%, 05/15/2033 - 05/15/2039 ☼		14,448
	22,000	6.00%, 05/15/2039 ☼		24,826
	1,213	6.50%, 09/15/2028 - 07/15/2032		1,415
				363,014
		Total U.S. government agencies
		(cost $1,034,301)	$	1,059,426
U.S. GOVERNMENT SECURITIES - 12.3%
U.S. Treasury Securities - 12.3%
		U.S. Treasury Bonds - 6.7%
$	203	2.00%, 11/15/2021 ‡	$	205
	27,086	3.13%, 11/15/2041 ‡		27,171
	544	3.75%, 08/15/2041 ‡		614
	15,802	4.38%, 05/15/2041 ‡		19,819
	17,076	4.75%, 02/15/2041 ‡		22,692
	31,982	5.38%, 02/15/2031 ‡		44,665
	10,325	6.25%, 05/15/2030 ‡		15,672
				130,838
		U.S. Treasury Notes - 5.6%
	14,636	0.25%, 10/31/2013 - 01/31/2014 ‡		14,638
	37,759	0.38%, 10/31/2012 ‡		37,799
	14,013	2.00%, 02/15/2022 ‡		14,118
	39,025	3.13%, 04/30/2017 ‡		43,403
				109,958
				240,796
		Total U.S. government securities
		(cost $235,770)	$	240,796

Contracts			Market Value ╪
PUT OPTIONS PURCHASED - 0.0%
		Interest Rate Contracts - 0.0%
		EURO 3-Year Mid-Curve
	—	Expiration: 12/14/2012, Exercise Rate: $98.00	$	143
		Total put options purchased
		(cost $238)	$	143

Shares or Principal Amount			Market Value ╪
PREFERRED STOCKS - 0.0%
		Automobiles & Components - 0.0%
	24	General Motors Co., 4.75% ۞	$	954
		Banks - 0.0%
	85	Federal Home Loan Mortgage Corp.		106
	—	US Bancorp		366
				472
		Total preferred stocks
		(cost $3,578)	$	1,426
		Total long-term investments
		(cost $2,094,293)	$	2,159,166

SHORT-TERM INVESTMENTS - 15.9%
Repurchase Agreements - 15.4%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $74,829, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $76,325)
$	74,829	0.20%, 04/30/2012			$	74,829
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $100,242, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $102,246)
	100,241	0.20%, 04/30/2012				100,241
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $39,592, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $40,384)
	39,592	0.21%, 04/30/2012				39,592
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $32,787, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $33,443)
	32,787	0.19%, 04/30/2012				32,787
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $38, collateralized by U.S. Treasury Note 0.75%, 2013, value of $39)
	38	0.17%, 04/30/2012				38
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $53,820, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $54,896)
	53,820	0.21%, 04/30/2012				53,820
						301,307
U.S. Treasury Bills - 0.5%
	10,010	0.07%, 5/3/2012 □○				10,010
		Total short-term investments
		(cost $311,317)			$	311,317
		Total investments
		(cost $2,405,610) ▲	126.0	%	$	2,470,483
		Other assets and liabilities	(26.0	)%		(510,406	)
		Total net assets	100.0	%	$	1,960,077

The accompanying notes are an integral part of these financial statements.

12

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $2,410,706 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	72,934
Unrealized Depreciation		(13,157	)
Net Unrealized Appreciation	$	59,777

‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $189,800, which represents 9.7% of total net assets.
§	These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $1,128, which represents 0.1% of total net assets.
♠	Perpetual maturity security.  Maturity date shown is the first call date.
۞	Convertible security.
►	Securities disclosed are interest-only strips.  The interest rates represent effective yields based upon estimated future cash flows at April 30, 2012.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $541,521 at April 30, 2012.
◊	The interest rate disclosed for these securities represents an estimated average coupon as of April 30, 2012.
Þ	This security may pay interest in additional principal instead of cash.
♦	Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of April 30, 2012.
╦	This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, cash of $3,665 was received from broker as collateral in connection with swap contracts.  Securities valued at $566,433, held on behalf of the Fund at the custody bank, were received from broker as collateral in connection with swap contracts.

The accompanying notes are an integral part of these financial statements.

13

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

□ This security, or a portion of this security, is pledged as initial margin deposit and collateral for daily variation margin losss on open futures contracts held at April 30, 2012 as listed in the table below:

Description	Number of Contracts*		Position	Expiration Date	Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note Future		1,001	Short	06/20/2012	$	132,414	$	130,790	$	(1,624	)
U.S. Treasury 2-Year Note Future		541	Long	06/29/2012		119,316		119,126		190
U.S. Treasury 30-Year Bond Future		158	Short	06/20/2012		22,574		22,113		(461	)
U.S. Treasury 5-Year Note Future		1,309	Long	06/29/2012		162,050		160,717		1,333
U.S. Treasury CME Ultra Long Term Bond Future		38	Short	06/20/2012		5,997		5,799		(198	)
									$	(760	)

* The number of contracts does not omit 000's.

Shorts Outstanding at April 30, 2012

Description	Principal Amount		Maturity Date	Market Value ╪		Unrealized Appreciation/ Depreciation
FNMA TBA, 4.50%	$	60,000	05/15/2041	$	64,238	$	(459	)
FNMA TBA, 5.50%		30,500	05/15/2039		33,350		(157	)
FNMA TBA, 5.00%		10,000	05/15/2040		10,859		(17	)
GNMA TBA, 4.50%		6,900	05/15/2040		7,547		(2	)
				$	115,994	$	(635	)

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
EUR	CFSB	Sell	$	540	$	540	05/03/2012	$	–
MXN	GSC	Buy		2,453		2,434	06/20/2012		19
MXN	MSC	Sell		3,695		3,742	06/20/2012		47
MXN	RBC	Buy		3,695		3,786	06/20/2012		(91	)
MXN	RBC	Buy		4,907		4,849	06/20/2012		58
								$	33

The accompanying notes are an integral part of these financial statements.

14

Credit Default Swap Contracts Outstanding at April 30, 2012

Reference Entity	Counterparty	Notional Amount (a)		Buy/Sell Protection		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)		Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
ABX.HE.AAA.06-1	BCLY	$	4,004		Buy		(0.18)%	07/25/45	$	461		$	443		$	(18	)
ABX.HE.PENAAA.06-2	BCLY		958		Buy		(0.11)%	05/25/46		258			259			1
ABX.HE.PENAAA.07-2	JPM		1,003		Sell		0.76%	01/25/38		(639	)		(636	)		3
Allstate Corp.	BCLY		2,260		Buy		1.00% / 0.81%	06/20/17		(32	)		(22	)		10
Allstate Corp.	GSC		520		Buy		1.00% / 0.81%	06/20/17		(7	)		(5	)		2
Allstate Corp.	JPM		1,165		Buy		1.00% / 0.81%	06/20/17		(15	)		(11	)		4
Banco Santander S.A.	BCLY		4,300		Buy		(1.00)% / 3.46%	03/20/15		218			284			66
CDX.NA.HY.18	BOA		39,360		Buy		(5.00)%	06/20/17		1,913			1,304			(609	)
CDX.NA.HY.18	CSI		46,675		Buy		(5.00)%	06/20/17		2,335			1,547			(788	)
CDX.NA.IG.18.1	JPM		44,620		Sell		1.00%	06/20/17		129			104			(25	)
CMBX.NA.A.3	MSC		3,050		Sell		3.50%	02/15/51		(2,092	)		(2,095	)		(3	)
CMBX.NA.AA.1	UBS		3,050		Buy		(0.25)%	10/12/52		910			896			(14	)
CMBX.NA.AA.4	MSC		5,145		Sell		1.65%	02/17/51		(3,240	)		(3,210	)		30
CMBX.NA.AAA.5	MSC		9,115		Sell		0.35%	02/15/51		(726	)		(665	)		61
CMBX.NA.AJ.2	JPM		6,100		Sell		1.09%	03/15/49		(1,504	)		(1,449	)		55
CMBX.NA.AJ.3	UBS		2,585		Sell		1.47%	12/13/49		(1,017	)		(938	)		79
CMBX.NA.AJ.4	MSC		3,585		Buy		(0.96)%	02/17/51		1,380			1,416			36
CMBX.NA.AJ.4	UBS		2,585		Buy		(0.96)%	02/17/51		1,056			1,021			(35	)
CMBX.NA.AM.3	MSC		1,785		Buy		(0.50)%	12/13/49		355			313			(42	)
CMBX.NA.AM.4	MSC		3,420		Buy		(0.50)%	02/17/51		766			675			(91	)
Enterprise Products Operating LLC	CSI		4,600		Sell		1.00% / 1.35%	12/20/16		(153	)		(72	)		81
ITRX.XOV.17	DEUT		2,919		Sell		5.00%	06/20/17		(189	)		(171	)		18
ITRX.XOV.17	GSC		9,981		Sell		5.00%	06/20/17		(594	)		(585	)		9
JP Morgan Chase & Co.	CSI		5,480		Buy		(1.00)% / 0.71%	03/20/15		15			(46	)		(61	)
LCDX.NA.18	GSC		3,965		Sell		2.50%	06/20/17		(59	)		(36	)		23
Morgan Stanley	JPM		2,850		Buy		(1.00)% / 3.57%	09/20/16		264			284			20
Pacific Gas & Electric Co.	CSI		2,200		Sell		1.00% / 1.10%	09/20/16		(18	)		(9	)		9
PrimeX.ARM.1	MSC		1,697		Sell		4.42%	06/25/36		49			57			8
PrimeX.ARM.2	MSC		5,052		Sell		4.58%	12/25/37		(371	)		(343	)		28
									$	(547	)	$	(1,690	)	$	(1,143	)

(a)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(b)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on April 30, 2012. For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

15

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays Capital, Inc.
BOA	Banc of America Securities LLC
CSI	Credit Suisse International
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
UBS	UBS AG
Currency Abbreviations:
EUR	EURO
MXN	Mexican New Peso
Index Abbreviations:
ABX.HE	Markit Asset Backed Security Index
CDX.NA.HY	Credit Derivatives North American High Yield Index
CDX.NA.IG	Credit Derivatives North American Investment Grade Index
CMBX.NA	Markit Commercial Mortgage Backed North American Index
ITRX.XOV	Markit iTraxx Index - Europe Crossover
LCDX.NA	Credit Derivatives North American Loan Index
PrimeX.ARM	Markit PrimeX Mortgage Backed Security Index
Municipal Bond Abbreviations:
GO	General Obligation
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

16

The Hartford Total Return Bond Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	163,887	$	–	$	149,785	$	14,102
Corporate Bonds		644,438		–		634,385		10,053
Foreign Government Obligations		9,373		–		9,373		–
Municipal Bonds		26,756		–		26,756		–
Preferred Stocks		1,426		1,060		366		–
Put Options Purchased		143		143		–		–
Senior Floating Rate Interests		12,921		–		12,921		–
U.S. Government Agencies		1,059,426		–		1,059,426		–
U.S. Government Securities		240,796		14,118		226,678		–
Short-Term Investments		311,317		–		311,317		–
Total	$	2,470,483	$	15,321	$	2,431,007	$	24,155
Credit Default Swaps *		543		–		242		301
Foreign Currency Contracts *		124		–		124		–
Futures *		1,523		1,523		–		–
Total	$	2,190	$	1,523	$	366	$	301
Liabilities:
Securities Sold Short	$	115,994	$	–	$	115,994	$	–
Total	$	115,994	$	–	$	115,994	$	–
Credit Default Swaps *		1,686		–		1,483		203
Foreign Currency Contracts *		91		–		91		–
Futures *		2,283		2,283		–		–
Total	$	4,060	$	2,283	$	1,574	$	203

♦ For the six-month period ended April 30, 2012, investments valued at $601 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of April 30, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	10,304	$	(1,226	)	$	1,931	†	$	157		$	11,986	$	(7,006	)	$	—	$	(2,044	)	$	14,102
Corporate Bonds		5,473		50			169	‡		(16	)		5,170		(793	)		—		—			10,053
U.S. Government Agencies		1,711		—			—			—			—		—			—		(1,711	)		—
Total	$	17,488	$	(1,176	)	$	2,100		$	141		$	17,156	$	(7,799	)	$	—	$	(3,755	)	$	24,155
Swaps§	$	—	$	—	**	$	301	††	$	—		$	—	$	—		$	—	$	—		$	301
Total	$	—	$	—		$	301		$	—		$	—	$	—		$	—	$	—		$	301
Liabilities:
Swaps§	$	—	$	—	**	$	(203	)††	$	—		$	—	$	—		$	—	$	—		$	(203	)
Total	$	—	$	—		$	(203	)	$	—		$	—	$	—		$	—	$	—		$	(203	)

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1)	Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).
2)	Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).
3)	Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

†	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $119.
‡	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $169.
§	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/ depreciation on the investment.
**	The realized gain (loss) earned for swaps during the period ended April 30, 2012 was $983.
††	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $98.

The accompanying notes are an integral part of these financial statements.

17

The Hartford Total Return Bond Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,405,610)	$	2,470,483
Unrealized appreciation on foreign currency contracts		124
Unrealized appreciation on swap contracts		543
Receivables:
Investment securities sold		264,010
Fund shares sold		2,028
Dividends and interest		13,479
Variation margin		55
Swap premiums paid		10,109
Other assets		122
Total assets		2,760,953
Liabilities:
Unrealized depreciation on foreign currency contracts		91
Unrealized depreciation on swap contracts		1,686
Bank overdraft		593
Securities sold short, at market value (proceeds $115,359)		115,994
Payables:
Investment securities purchased		665,202
Fund shares redeemed		1,897
Investment management fees		160
Dividends		72
Administrative fees		1
Distribution fees		54
Collateral received from broker		3,665
Variation margin		160
Accrued expenses		187
Swap premiums received		10,656
Other liabilities		458
Total liabilities		800,876
Net assets	$	1,960,077
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,873,733
Distributions in excess of net investment loss		(2,972	)
Accumulated net realized gain		26,947
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		62,369
Net assets	$	1,960,077
Shares authorized		850,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.88/$11.39
Shares outstanding		61,020
Net assets	$	663,738
Class B: Net asset value per share	$	10.80
Shares outstanding		4,631
Net assets	$	50,028
Class C: Net asset value per share	$	10.89
Shares outstanding		9,516
Net assets	$	103,667
Class I: Net asset value per share	$	10.89
Shares outstanding		1,079
Net assets	$	11,743
Class R3: Net asset value per share	$	11.06
Shares outstanding		944
Net assets	$	10,442
Class R4: Net asset value per share	$	11.04
Shares outstanding		2,266
Net assets	$	25,016
Class R5: Net asset value per share	$	11.04
Shares outstanding		102
Net assets	$	1,130
Class Y: Net asset value per share	$	11.03
Shares outstanding		99,209
Net assets	$	1,094,313

The accompanying notes are an integral part of these financial statements.

18

The Hartford Total Return Bond Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	40
Interest		33,045
Total investment income		33,085
Expenses:
Investment management fees		4,676
Administrative services fees		30
Transfer agent fees		800
Distribution fees
Class A		830
Class B		263
Class C		514
Class R3		26
Class R4		32
Custodian fees		6
Accounting services fees		186
Registration and filing fees		79
Board of Directors' fees		22
Audit fees		11
Other expenses		104
Total expenses (before waivers and fees paid indirectly)		7,579
Expense waivers		(713	)
Transfer agent fee waivers		—
Custodian fee offset		—
Total waivers and fees paid indirectly		(713	)
Total expenses, net		6,866
Net Investment Income		26,219
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		34,754
Net realized loss on purchased options		(378	)
Net realized gain on futures		292
Net realized gain on written options		3,619
Net realized loss on swap contracts		(5,063	)
Net realized loss on foreign currency contracts		(267	)
Net realized loss on other foreign currency transactions		(377	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		32,580
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		6,929
Net unrealized depreciation of purchased options		(1,965	)
Net unrealized depreciation of securities sold short		(635	)
Net unrealized depreciation of futures		(708	)
Net unrealized depreciation of written options		(48	)
Net unrealized depreciation of swap contracts		(1,611	)
Net unrealized depreciation of foreign currency contracts		(90	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		245
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		2,117
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		34,697
Net Increase in Net Assets Resulting from Operations	$	60,916

The accompanying notes are an integral part of these financial statements.

19

The Hartford Total Return Bond Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	26,219		$	65,094
Net realized gain on investments, other financial instruments and foreign currency transactions		32,580			47,414
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		2,117			(35,662	)
Net Increase In Net Assets Resulting From Operations		60,916			76,846
Distributions to Shareholders:
From net investment income
Class A		(10,905	)		(22,890	)
Class B		(677	)		(1,482	)
Class C		(1,306	)		(2,498	)
Class I		(222	)		(292	)
Class R3		(151	)		(263	)
Class R4		(407	)		(769	)
Class R5		(19	)		(28	)
Class Y		(18,007	)		(36,618	)
Total from net investment income		(31,694	)		(64,840	)
From net realized gain on investments
Class A		(3,390	)		—
Class B		(278	)		—
Class C		(521	)		—
Class I		(68	)		—
Class R3		(56	)		—
Class R4		(123	)		—
Class R5		(5	)		—
Class Y		(4,768	)		—
Total from net realized gain on investments		(9,209	)		—
Total distributions		(40,903	)		(64,840	)
Capital Share Transactions:
Class A		(16,353	)		(163,778	)
Class B		(5,413	)		(16,035	)
Class C		(1,765	)		(14,289	)
Class I		(357	)		2,552
Class R3		(1,580	)		3,242
Class R4		(592	)		(456	)
Class R5		129			325
Class Y		130,889			(51,915	)
Net increase (decrease) from capital share transactions		104,958			(240,354	)
Net Increase (Decrease) In Net Assets		124,971			(228,348	)
Net Assets:
Beginning of period		1,835,106			2,063,454
End of period	$	1,960,077		$	1,835,106
Undistributed (distribution in excess of) net investment income (loss)	$	(2,972	)	$	2,503

The accompanying notes are an integral part of these financial statements.

20

The Hartford Total Return Bond Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Total Return Bond Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent

21

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

22

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including

23

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

24

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

In connection with the Fund’s ability to purchase investments on a when-issued or forward commitment basis, the Fund may enter into to-be announced (“TBA”) commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed-upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. The Fund generally enters into TBA commitments with intent to take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. In a TBA roll, the Fund generally purchases or sells the initial TBA commitment prior to the stipulated settlement date and enters into a new TBA commitment for future delivery or receipt of the mortgage-backed securities. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

The Fund may enter into “dollar rolls” in which the Fund sells securities and contracts with the same counterparty to repurchase substantially similar securities (for example, same issuer, coupon and maturity) on a specified future date at an agreed upon price. The Fund gives up the right to receive interest paid on the investments sold. The Fund would benefit to the extent of any differences between the price received for the security and the lower forward price for the future purchase. Dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions are excluded from the Fund’s portfolio turnover rate. The Fund had open dollar roll transactions as of April 30, 2012, as disclosed on the Schedule of Investments, the Statement of Assets and Liabilities and the Statement of Operations.

25

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

f) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets

26

and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of April 30, 2012.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be

27

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund, as shown on the  Schedule of Investments, had outstanding purchased options contracts as of April 30, 2012. Transactions involving written options contracts during the six-month period ended April 30, 2012, are summarized below:

Options Contract Activity During the Six-Month Period Ended April 30, 2012:
Call Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		123,788,050		$	6,626
Written		—			—
Expired		(39,220,000	)		(1,650	)
Closed		(84,568,050	)		(4,976	)
Exercised		—			—
End of Period		—		$	—
Put Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		137,837,384		$	1,095
Written		235			469
Expired		(101,169,570	)		(1,231	)
Closed		(36,668,049	)		(333	)
Exercised		—			—
End of Period		—		$	—

* The number of contracts does not omit 000's.

d) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, investments or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest

28

rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of April 30, 2012.

29

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

e) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Investments in securities, at value (purchased options), market value	$	143	$	—	$	—	$	—	$	—	$	—	$	143
Unrealized appreciation on foreign currency contracts		—		124		—		—		—		—		124
Unrealized appreciation on swap contracts		—		—		543		—		—		—		543
Variation margin receivable *		55		—		—		—		—		—		55
Total	$	198	$	124	$	543	$	—	$	—	$	—	$	865
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	91	$	—	$	—	$	—	$	—	$	91
Unrealized depreciation on swap contracts		—		—		1,686		—		—		—		1,686
Variation margin payable *		160		—		—		—		—		—		160
Total	$	160	$	91	$	1,686	$	—	$	—	$	—	$	1,937

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(760) as reported in the Schedule of Investments.

The ratio of futures contracts to net assets at April 30, 2012, was 18.44% compared to the six-month period average ratio of 12.25% during the six-month period ended April 30, 2012. The volume of the other derivatives that are presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on investments in purchased options	$	(2,051	)	$	3,648		$	(1,975	)	$	—	$	—	$	—	$	(378	)
Net realized gain on futures		292			—			—			—		—		—		292
Net realized gain on written options		743			993			1,883			—		—		—		3,619
Net realized loss on swap contracts		—			—			(5,063	)		—		—		—		(5,063	)
Net realized loss on foreign currency contracts		—			(267	)		—			—		—		—		(267	)
Total	$	(1,016	)	$	4,374		$	(5,155	)	$	—	$	—	$	—	$	(1,797	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of investments in purchased options	$	285		$	(1,496	)	$	(754	)	$	—	$	—	$	—	$	(1,965	)
Net change in unrealized depreciation of futures		(708	)		—			—			—		—		—		(708	)
Net change in unrealized appreciation (depreciation) of written options		(200	)		(1,164	)		1,316			—		—		—		(48	)
Net change in unrealized depreciation of swap contracts		—			—			(1,611	)		—		—		—		(1,611	)
Net change in unrealized depreciation of foreign currency contracts		—			(90	)		—			—		—		—		(90	)
Total	$	(623	)	$	(2,750	)	$	(1,049	)	$	—	$	—	$	—	$	(4,422	)

30

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and

31

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	64,957	$	74,841

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	2,448
Undistributed Long-Term Capital Gain		9,208
Unrealized Appreciation *		54,719
Total Accumulated Earnings	$	66,375

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	1,111
Accumulated Net Realized Gain (Loss)		(1,111	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

During the year ended October 31, 2011, the Fund utilized $40,183 of prior year capital loss carryforwards.

32

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective March 5, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to March 5, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.550	%
On next $500 million		0.500	%
On next $1.5 billion		0.475	%
On next $2.5 billion		0.465	%
On next $5 billion		0.455	%
Over $10 billion		0.445	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.550	%
On next $500 million		0.500	%
On next $4 billion		0.475	%
On next $5 billion		0.455	%
Over $10 billion		0.445	%

HIFSCO has voluntarily agreed to waive management fees of 0.06% of average daily net assets until October 31, 2012.

33

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	0.89	%		1.64	%		1.64	%		0.64	%		1.19	%		0.89	%		0.59	%		0.54	%

d) Fees Paid Indirectly – The Fund’s custodian bank, State Street Bank and Trust Co., has agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended  April 30, 2012
Class A		0.89	%
Class B		1.64
Class C		1.63
Class I		0.63
Class R3		1.19
Class R4		0.89
Class R5		0.59
Class Y		0.49

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $837 and contingent deferred sales charges of $43 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for

34

payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $24.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		10		10	%

35

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	2,095,435
Sales Proceeds Excluding U.S. Government Obligations		1,730,971
Cost of Purchases for U.S. Government Obligations		235,794
Sales Proceeds for U.S. Government Obligations		220,297

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		5,242		1,288		(8,056	)		—		(1,526	)		12,124		2,086		(29,755	)		—		(15,545	)
Amount	$	56,662	$	13,871	$	(86,886	)	$	—	$	(16,353	)	$	128,376	$	22,087	$	(314,241	)	$	—	$	(163,778	)
Class B
Shares		176		83		(765	)		—		(506	)		559		131		(2,219	)		—		(1,529	)
Amount	$	1,886	$	891	$	(8,190	)	$	—	$	(5,413	)	$	5,888	$	1,377	$	(23,300	)	$	—	$	(16,035	)
Class C
Shares		962		149		(1,275	)		—		(164	)		2,298		205		(3,880	)		—		(1,377	)
Amount	$	10,388	$	1,610	$	(13,763	)	$	—	$	(1,765	)	$	24,593	$	2,178	$	(41,060	)	$	—	$	(14,289	)
Class I
Shares		375		19		(426	)		—		(32	)		1,631		21		(1,419	)		—		233
Amount	$	4,037	$	209	$	(4,603	)	$	—	$	(357	)	$	17,317	$	228	$	(14,993	)	$	—	$	2,552
Class R3
Shares		185		19		(349	)		—		(145	)		599		24		(323	)		—		300
Amount	$	2,030	$	207	$	(3,817	)	$	—	$	(1,580	)	$	6,443	$	262	$	(3,463	)	$	—	$	3,242
Class R4
Shares		371		48		(472	)		—		(53	)		565		71		(681	)		—		(45	)
Amount	$	4,052	$	530	$	(5,174	)	$	—	$	(592	)	$	6,085	$	769	$	(7,310	)	$	—	$	(456	)
Class R5
Shares		20		2		(11	)		—		11			57		2		(28	)		—		31
Amount	$	219	$	23	$	(113	)	$	—	$	129		$	611	$	27	$	(313	)	$	—	$	325
Class Y
Shares		18,619		2,085		(8,739	)		—		11,965			28,410		3,411		(36,317	)		—		(4,496	)
Amount	$	203,806	$	22,775	$	(95,692	)	$	—	$	130,889		$	303,536	$	36,618	$	(392,069	)	$	—	$	(51,915	)
Total
Shares		25,950		3,693		(20,093	)		—		9,550			46,243		5,951		(74,622	)		—		(22,428	)
Amount	$	283,080	$	40,116	$	(218,238	)	$	—	$	104,958		$	492,849	$	63,546	$	(796,749	)	$	—	$	(240,354	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		156	$	1,687
For the Year Ended October 31, 2011		320	$	3,383

36

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

37

The Hartford Total Return Bond Fund

Financial Highlights

– Selected Per-Share Data – (A)

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited)
A	$	10.76	$	0.14	$	–	$	0.21		$	0.35		$	(0.18	)	$	(0.05	)	$	–	$	(0.23	)	$	0.12		$	10.88
B		10.69		0.10		–		0.20			0.30			(0.14	)		(0.05	)		–		(0.19	)		0.11			10.80
C		10.78		0.10		–		0.20			0.30			(0.14	)		(0.05	)		–		(0.19	)		0.11			10.89
I		10.77		0.15		–		0.22			0.37			(0.20	)		(0.05	)		–		(0.25	)		0.12			10.89
R3		10.94		0.13		–		0.20			0.33			(0.16	)		(0.05	)		–		(0.21	)		0.12			11.06
R4		10.92		0.15		–		0.20			0.35			(0.18	)		(0.05	)		–		(0.23	)		0.12			11.04
R5		10.92		0.16		–		0.21			0.37			(0.20	)		(0.05	)		–		(0.25	)		0.12			11.04
Y		10.91		0.17		–		0.20			0.37			(0.20	)		(0.05	)		–		(0.25	)		0.12			11.03
For the Year Ended October 31, 2011
A		10.70		0.33		–		0.06			0.39			(0.33	)		–			–		(0.33	)		0.06			10.76
B		10.63		0.25		–		0.07			0.32			(0.26	)		–			–		(0.26	)		0.06			10.69
C		10.71		0.26		–		0.07			0.33			(0.26	)		–			–		(0.26	)		0.07			10.78
I		10.70		0.37		–		0.06			0.43			(0.36	)		–			–		(0.36	)		0.07			10.77
R3		10.87		0.31		–		0.06			0.37			(0.30	)		–			–		(0.30	)		0.07			10.94
R4		10.85		0.34		–		0.06			0.40			(0.33	)		–			–		(0.33	)		0.07			10.92
R5		10.85		0.37		–		0.07			0.44			(0.37	)		–			–		(0.37	)		0.07			10.92
Y		10.84		0.38		–		0.07			0.45			(0.38	)		–			–		(0.38	)		0.07			10.91
For the Year Ended October 31, 2010
A		10.21		0.35		–		0.51			0.86			(0.37	)		–			–		(0.37	)		0.49			10.70
B		10.15		0.27		–		0.50			0.77			(0.29	)		–			–		(0.29	)		0.48			10.63
C		10.23		0.28		–		0.49			0.77			(0.29	)		–			–		(0.29	)		0.48			10.71
I		10.22		0.37		–		0.51			0.88			(0.40	)		–			–		(0.40	)		0.48			10.70
R3		10.36		0.33		–		0.52			0.85			(0.34	)		–			–		(0.34	)		0.51			10.87
R4		10.35		0.36		–		0.51			0.87			(0.37	)		–			–		(0.37	)		0.50			10.85
R5		10.35		0.39		–		0.51			0.90			(0.40	)		–			–		(0.40	)		0.50			10.85
Y		10.34		0.40		–		0.51			0.91			(0.41	)		–			–		(0.41	)		0.50			10.84
For the Year Ended October 31, 2009
A		9.20		0.40		–		1.07			1.47			(0.46	)		–			–		(0.46	)		1.01			10.21
B		9.15		0.33		–		1.06			1.39			(0.39	)		–			–		(0.39	)		1.00			10.15
C		9.22		0.33		–		1.06			1.39			(0.38	)		–			–		(0.38	)		1.01			10.23
I		9.21		0.43		–		1.06			1.49			(0.48	)		–			–		(0.48	)		1.01			10.22
R3		9.32		0.42		–		1.05			1.47			(0.43	)		–			–		(0.43	)		1.04			10.36
R4		9.32		0.42		–		1.07			1.49			(0.46	)		–			–		(0.46	)		1.03			10.35
R5		9.32		0.42		–		1.09			1.51			(0.48	)		–			–		(0.48	)		1.03			10.35
Y		9.31		0.45		–		1.07			1.52			(0.49	)		–			–		(0.49	)		1.03			10.34
For the Year Ended October 31, 2008
A		10.52		0.49		–		(1.29	)		(0.80	)		(0.52	)		–			–		(0.52	)		(1.32	)		9.20
B		10.47		0.42		–		(1.29	)		(0.87	)		(0.45	)		–			–		(0.45	)		(1.32	)		9.15
C		10.54		0.42		–		(1.30	)		(0.88	)		(0.44	)		–			–		(0.44	)		(1.32	)		9.22
I		10.52		0.52		–		(1.28	)		(0.76	)		(0.55	)		–			–		(0.55	)		(1.31	)		9.21
R3		10.64		0.47		–		(1.30	)		(0.83	)		(0.49	)		–			–		(0.49	)		(1.32	)		9.32
R4		10.65		0.51		–		(1.32	)		(0.81	)		(0.52	)		–			–		(0.52	)		(1.33	)		9.32
R5		10.64		0.54		–		(1.31	)		(0.77	)		(0.55	)		–			–		(0.55	)		(1.32	)		9.32
Y		10.64		0.54		–		(1.31	)		(0.77	)		(0.56	)		–			–		(0.56	)		(1.33	)		9.31
For the Year Ended October 31, 2007
A		10.59		0.49		–		(0.06	)		0.43			(0.50	)		–			–		(0.50	)		(0.07	)		10.52
B		10.54		0.41		–		(0.06	)		0.35			(0.42	)		–			–		(0.42	)		(0.07	)		10.47
C		10.61		0.42		–		(0.07	)		0.35			(0.42	)		–			–		(0.42	)		(0.07	)		10.54
I		10.60		0.53		–		(0.07	)		0.46			(0.54	)		–			–		(0.54	)		(0.08	)		10.52
R3(H)		10.76		0.41		–		(0.14	)		0.27			(0.39	)		–			–		(0.39	)		(0.12	)		10.64
R4(H)		10.76		0.42		–		(0.12	)		0.30			(0.41	)		–			–		(0.41	)		(0.11	)		10.65
R5(H)		10.76		0.43		–		(0.12	)		0.31			(0.43	)		–			–		(0.43	)		(0.12	)		10.64
Y		10.71		0.54		–		(0.07	)		0.47			(0.54	)		–			–		(0.54	)		(0.07	)		10.64

38

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	3.30	%(E)	$	663,738		0.98	%(F)		0.89	%(F)		0.89	%(F)		2.66	%(F)		29	%
	2.85	(E)		50,028		1.85	(F)		1.64	(F)		1.64	(F)		1.91	(F)		–
	2.82	(E)		103,667		1.69	(F)		1.63	(F)		1.63	(F)		1.93	(F)		–
	3.44	(E)		11,743		0.69	(F)		0.63	(F)		0.63	(F)		2.94	(F)		–
	3.09	(E)		10,442		1.27	(F)		1.19	(F)		1.19	(F)		2.37	(F)		–
	3.25	(E)		25,016		0.95	(F)		0.89	(F)		0.89	(F)		2.67	(F)		–
	3.40	(E)		1,130		0.66	(F)		0.59	(F)		0.59	(F)		2.98	(F)		–
	3.46	(E)		1,094,313		0.55	(F)		0.49	(F)		0.49	(F)		3.06	(F)		–
	3.78			673,310		0.98			0.95			0.95			3.16			131
	3.03			54,934		1.85			1.70			1.70			2.41			–
	3.10			104,382		1.69			1.69			1.69			2.42			–
	4.15			11,973		0.68			0.68			0.68			3.45			–
	3.49			11,922		1.26			1.25			1.25			2.85			–
	3.81			25,330		0.95			0.95			0.95			3.16			–
	4.12			990		0.66			0.65			0.65			3.46			–
	4.23			952,265		0.54			0.54			0.54			3.56			–
	8.57			835,450		0.99	(G)		0.98	(G)		0.98	(G)		3.38			201
	7.72			70,845		1.87	(G)		1.74	(G)		1.74	(G)		2.62			–
	7.68			118,462		1.71	(G)		1.70	(G)		1.70	(G)		2.66			–
	8.73			9,395		0.74	(G)		0.73	(G)		0.73	(G)		3.62			–
	8.36			8,571		1.29	(G)		1.24	(G)		1.24	(G)		3.12			–
	8.57			25,652		0.97	(G)		0.96	(G)		0.96	(G)		3.40			–
	8.87			655		0.69	(G)		0.67	(G)		0.67	(G)		3.69			–
	9.00			994,424		0.57	(G)		0.56	(G)		0.56	(G)		3.80			–
	16.38			816,191		1.03	(G)		1.00	(G)		1.00	(G)		4.18			215
	15.60			83,760		1.95	(G)		1.68	(G)		1.68	(G)		3.51			–
	15.48			119,568		1.76	(G)		1.75	(G)		1.75	(G)		3.42			–
	16.65			10,680		0.77	(G)		0.75	(G)		0.75	(G)		4.36			–
	16.19			1,836		1.42	(G)		1.25	(G)		1.25	(G)		3.65			–
	16.39			21,920		0.98	(G)		0.98	(G)		0.98	(G)		4.17			–
	16.73			408		0.69	(G)		0.69	(G)		0.69	(G)		4.35			–
	16.87			926,793		0.58	(G)		0.58	(G)		0.58	(G)		4.57			–
	(7.99	)		650,149		1.02			1.00			1.00			4.76			184
	(8.68	)		73,557		1.93			1.71			1.71			4.05			–
	(8.66	)		87,277		1.74			1.74			1.74			4.01			–
	(7.62	)		6,128		0.68			0.68			0.68			5.10			–
	(8.15	)		130		1.44			1.25			1.25			4.62			–
	(7.98	)		12,698		0.99			0.99			0.99			4.81			–
	(7.62	)		271		0.70			0.70			0.70			5.08			–
	(7.62	)		559,555		0.59			0.59			0.59			5.19			–
	4.11			601,301		1.07			1.00			1.00			4.71			268
	3.36			82,376		1.96			1.75			1.75			3.95			–
	3.33			84,793		1.78			1.75			1.75			3.95			–
	4.42			3,050		0.72			0.72			0.72			5.04			–
	2.59	(E)		10		1.38	(F)		1.25	(F)		1.25	(F)		4.47	(F)		–
	2.90	(E)		2,928		1.09	(F)		1.00	(F)		1.00	(F)		4.95	(F)		–
	2.97	(E)		141		0.79	(F)		0.79	(F)		0.79	(F)		5.09	(F)		–
	4.46			359,523		0.61			0.61			0.61			5.09			–

39

The Hartford Total Return Bond Fund

Financial Highlights – (continued)

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Not annualized.

(F) Annualized.

(G) Expense ratios do not include expenses of the Underlying Funds.

(H) Commenced operations on December 22, 2006.

40

The Hartford Total Return Bond Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

41

The Hartford Total Return Bond Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

42

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

43

The Hartford Total Return Bond Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account  Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized  expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,033.00	$	4.50	$	1,000.00	$	1,020.44	$	4.47		0.89	%		182		366
Class B	$	1,000.00	$	1,028.50	$	8.27	$	1,000.00	$	1,016.71	$	8.22		1.64			182		366
Class C	$	1,000.00	$	1,028.20	$	8.21	$	1,000.00	$	1,016.77	$	8.16		1.63			182		366
Class I	$	1,000.00	$	1,034.40	$	3.19	$	1,000.00	$	1,021.72	$	3.17		0.63			182		366
Class R3	$	1,000.00	$	1,030.90	$	6.01	$	1,000.00	$	1,018.94	$	5.97		1.19			182		366
Class R4	$	1,000.00	$	1,032.50	$	4.49	$	1,000.00	$	1,020.44	$	4.47		0.89			182		366
Class R5	$	1,000.00	$	1,034.00	$	2.98	$	1,000.00	$	1,021.93	$	2.97		0.59			182		366
Class Y	$	1,000.00	$	1,034.60	$	2.47	$	1,000.00	$	1,022.44	$	2.45		0.49			182		366

44

The Hartford Total Return Bond Fund

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on November 21, 2011, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Total Return Bond Fund (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on March 5, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, And Quality Of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s fixed income capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality fixed income manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global fixed income capabilities, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that during the past ten years, Wellington Management had been committed to supporting the growth of its fixed income teams by allocating additional resources, personnel and technology to these teams, and also noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including fixed income mutual funds, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk management systems, noting that they are embedded within the firm’s fixed income process.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team. The Board

45

The Hartford Total Return Bond Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

considered that, in connection with the sub-adviser change, HL Advisors and Wellington Management proposed certain changes to the Fund’s principal investment strategy, to take effect on the date that Wellington Management began sub-advising the Fund.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including the performance of the Wellington Management composite for accounts with substantially similar investment objectives, policies and principal investment strategies to one or more components of the Fund’s principal investment strategy. The Board noted that the performance of the relevant Wellington Management composite was favorable when compared to the Fund’s performance under Hartford Investment Management and to the Fund’s benchmark. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add an additional breakpoint to the Fund’s contractual management fee schedule with HIFSCO that would result in a management fee reduction at certain asset levels. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

46

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add an additional breakpoint to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

47

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-TRB12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Unconstrained Bond Fund*

*Prior to April 23, 2012, The Hartford Unconstrained Bond Fund
was known as The Hartford Corporate Opportunities Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Unconstrained Bond Fund

(formerly The Hartford Corportate Opportunities Fund)

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	14
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	15
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	16
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	17
Notes to Financial Statements (Unaudited)	18
Financial Highlights (Unaudited)	36
Directors and Officers (Unaudited)	38
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	40
Quarterly Portfolio Holdings Information (Unaudited)	40
Expense Example (Unaudited)	41
Approval of Investment Sub-Advisory Agreement (Unaudited)	42

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

1 

The Hartford Unconstrained Bond Fund inception 10/31/2002

(formerly The Hartford Corporate Opportunities Fund)

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize long-term total return.

Performance Overview 10/31/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			1 Year			5 year			Since Inception
Unconstrained Bond A#		5.19	%		7.37	%		5.00	%		5.56	%
Unconstrained Bond A##					2.54	%		4.04	%		5.05	%
Unconstrained Bond B#		4.91	%		6.58	%		4.23	%		NA	*
Unconstrained Bond B##					1.58	%		3.89	%		NA	*
Unconstrained Bond C#		4.90	%		6.56	%		4.22	%		4.80	%
Unconstrained Bond C##					5.56	%		4.22	%		4.80	%
Unconstrained Bond R3#		5.15	%		7.44	%		5.27	%		5.20	%
Unconstrained Bond R4#		5.30	%		7.63	%		5.31	%		5.22	%
Unconstrained Bond R5#		5.36	%		7.71	%		5.32	%		5.23	%
Unconstrained Bond Y#		5.05	%		7.41	%		5.26	%		5.20	%
Barclays Capital U.S. Aggregate Bond Index		2.44	%		7.54	%		6.37	%		5.38	%
Barclays Capital U.S. Corporate Index		3.64	%		9.11	%		7.08	%		6.52	%

† Not Annualized

# Without sales charge

## With sales charge

* Since 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class Y shares commenced operations on 11/28/03. Accordingly, the "Since inception" performance shown for Class Y  is since that date. Class R3, R4 and R5 shares commenced operations on 9/30/11. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of April 23, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Includes the Fund’s performance when, prior to April 23, 2012, it utilized different investment strategies and pursured a different investment goal.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

Barclays Capital U.S. Corporate Index is a broad-based benchmark that measures the investment grade, fixed-rate, taxable, corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices.

The Fund has changed its benchmark from the Barclays Capital U.S. Corporate Bond Index to the Barclays Capital U.S. Aggregate Bond Index because the Fund’s investment manager believes that the Barclays Capital U.S. Aggregate Bond Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Manager Discussion (Unaudited)

April 30, 2012 (Unaudited)

Portfolio Managers
Campe Goodman, CFA	Lucius T. Hill III	Joseph F. Marvan, CFA
Vice President and Fixed Income Portfolio Manager	Senior Vice President and Fixed Income Portfolio Manager	Senior Vice President and Fixed Income Portfolio Manager
As of April 23, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund. As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Unconstrained Bond Fund returned 5.19%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the Barclays Capital U.S. Aggregate Bond Index, which returned 2.44% for the same period. The Fund also outperformed the 4.41% return of the average fund in the Lipper Corporate Debt Funds BBB-Rated Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

During the period (October 31, 2011 to April 23, 2012) that the Fund was sub-advised by Hartford Investment Management Company, risk aversion levels across the global capital markets underwent a dramatic transformation. We believe this metamorphosis was triggered by a single defining event that was obscured initially by its complex, technical nature and bureaucratic form of communication during its nascent hours. However, with the clarity that hindsight inevitably offers, the European Central Bank’s (ECB) clinical announcement on December 2011 that:

“The Governing Council of the ECB has today decided on additional enhanced credit support measures to support bank lending and liquidity in the euro area money market…”

proved to be the watershed moment of this current phase of financial market evolution. As investors developed a keener understanding of the ECB’s unprecedented infusion of market liquidity and its far-reaching implications for the European financial system, it became clear that the ‘cornerstone’ for significant compression in global risk premiums had been laid. The tepid improvement in risk asset prices that began in October 2011 quickly intensified into a broad-based rally that continued through much of the first four months of 2012.

A resilient U.S. consumer and solid corporate earnings provided additional support to risk assets domestically and abroad, and U.S. economic indicators exhibited signs of improvement. Investors who retained active exposure across corporate credit and structured product sectors were rewarded with positive excess returns.

The ECB’s decision provided a dramatic shot of adrenaline to global risk sentiment, with corporate credit sectors being significant beneficiaries. The Barclays Capital U.S. Corporate Index returned 3.64% and the Barclays Capital High Yield Corporate Index returned 6.91%, for the six month period ending April 2012. Positive supply-demand dynamics coupled with strong corporate earnings and several positive surprises in U.S. economic releases led to the reversal in spread widening, and spreads retracted to the levels seen in the summer of 2011.

The portfolio’s strong outperformance relative to the index was driven equally by sector allocation and security selection. The portfolio maintained structural, out of index allocations to Leveraged Credit and Commercial Mortgage-Backed Securities as we still believe these sectors provide strong risk-adjusted returns and diversification benefits relative to the fund’s Investment Grade opportunities.

Positive security selection was the primary driver of performance in the Fund’s Investment Grade allocation. The portfolio remained underweight the majority of index sub-sectors, but held concentrated positions in select higher-beta situations, resulting in positive performance. Financials, Energy, and Basic Industries drove portfolio performance, led by exposure to Bank of America, Discover Financial Services and CVS. Within high yield, exposures in the Communications, Automotive, and Consumer Products sectors were the main contributors to performance.

On April 23, 2012, Wellington Management Company, LLP became sub-adviser of the Fund and the name of the Fund changed from The Hartford Corporate Opportunities Fund to The Hartford Unconstrained Bond Fund. In addition, the Fund had changes to its investment goal and principal investment strategy.

What is the outlook?

We believe that the U.S. economy is expanding at a moderate pace. We think that rates will stay low for an extended period and that a third round of quantitative easing (QE3) is unlikely in the near term.

At the end of the period, our duration exposure was primarily to U.S. interest rates achieved via a meaningful allocation to U.S. Treasury Bonds. In addition we have limited, opportunistic exposure to rates in countries such as Mexico and Canada. We also have an allocation to Emerging Markets Debt as we believe valuations in the sector are attractive.

3

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

We have exposure to the credit sector, particularly high yield corporate bonds, due to what we see as strong credit fundamentals and low default rate expectations. We favor an allocation to BB high yield due to attractive valuations. We believe that the high yield market remains on solid ground. We also hold a modest position in bank loans. Default rates within bank loans by principal amount and issuer count remain at historical lows. We believe that challenging technicals, including recent retail outflows, have created opportunities through market dislocation and that current wide yield spreads offer an attractive entry point.

We have a significant allocation to the Agency MBS (mortgage backed securities) sector due to attractive valuations. We remain confident that Agency MBS will outperform U.S. Treasuries over the long run in part by providing extra income. We believe supply and demand technicals still favor the MBS sector. The U.S. Federal Reserve’s purchases of MBS as part of “Operation Twist” also support the sector by reducing supply. Lastly, the agency MBS sector continues to offer good liquidity given the size of the market and trading volumes that are second only to Treasuries. We also have an exposure to the Commercial MBS (CMBS) market as we continue to believe that there is strong collateralization in senior CMBS tranches.

At the end of the period our currency exposure was primarily in U.S. dollars, however, we have limited opportunistic active currency exposure to several currencies including the Mexican Peso, Polish Zloty, and South African Rand.

Distribution by Credit Quality

as of April 30, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		0.5	%
A		2.6
Baa / BBB		6.7
Ba / BB		7.8
B		10.6
Caa / CCC or Lower		7.0
Unrated		2.4
U.S. Government Agencies and Securities		103.0
Non Debt Securities and Other Short-Term Instruments		21.4
Other Assets & Liabilities		(62.0	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of April 30, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		1.4	%
Administrative Waste Management and Remediation		0.3
Agriculture, Forestry, Fishing and Hunting		0.2
Air Transportation		1.0
Apparel Manufacturing		0.1
Arts, Entertainment and Recreation		2.5
Chemical Manufacturing		0.5
Computer and Electronic Product Manufacturing		0.3
Construction		0.5
Fabricated Metal Product Manufacturing		0.0
Finance and Insurance		7.5
Food Manufacturing		0.0
Health Care and Social Assistance		0.8
Information		5.0
Mining		0.0
Motor Vehicle and Parts Manufacturing		2.2
Paper Manufacturing		1.3
Petroleum and Coal Products Manufacturing		2.2
Pipeline Transportation		1.0
Plastics and Rubber Products Manufacturing		0.2
Primary Metal Manufacturing		0.1
Printing and Related Support Activities		0.6
Professional, Scientific and Technical Services		0.5
Real Estate, Rental and Leasing		0.3
Retail Trade		2.2
Soap, Cleaning Compound and Toilet Manufacturing		0.2
Software		0.0
Transportation		0.3
Truck Transportation		0.4
Utilities		1.4
Total		33.0	%
Equity Securities
Automobile Manufacturers		0.4
Packaged Foods & Meats		0.0
Total		0.4	%
Foreign Government Obligations		4.6
U.S. Government Agencies		56.3
U.S. Government Securities		46.1
Short-Term Investments		21.6
Other Assets and Liabilities		(62.0	)
Total		100.0	%

The above table represents sub-industry investments by industry, which combines multiple sub-industries into one industry category.  Detailed information on sub-industry breakdowns is available in the Schedule of Investments.

4

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 1.4%
Finance and Insurance - 1.4%
		Other Financial Investment Activities - 0.1%
		Soundview Home Equity Loan Trust, Inc.
$	300	0.49%, 06/25/2036 Δ	$	130
		Real Estate Credit (Mortgage Banking) - 1.3%
		BCAP LLC Trust
	310	0.42%, 03/25/2037 Δ		184
		Commercial Mortgage Pass-Through Certificates
	1,814	5.30%, 07/10/2046 ■►		169
		Equity One ABS, Inc.
	3	2.74%, 07/25/2034 Δ		—
	21	5.46%, 12/25/2033		7
		JP Morgan Automotive Receivable Trust
	10	12.85%, 07/15/2012 ■		10
		JP Morgan Chase Commercial Mortgage Securities Corp.
	200	5.44%, 06/12/2047 ‡Δ		224
		JP Morgan Mortgage Acquisition Corp.
	1,465	0.48%, 08/25/2036 Δ		426
		JP Morgan Mortgage Trust
	150	5.03%, 09/25/2035 Δ		126
		Long Beach Asset Holdings Corp.
	45	0.00%, 04/25/2046 ■●		—
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	510	5.38%, 08/12/2048 ‡		552
		Nationstar Home Equity Loan Trust
	22	0.00%, 03/25/2037 ■●†		—
		Renaissance Home Equity Loan Trust
	200	6.16%, 05/25/2036		8
		WF-RBS Commercial Mortgage Trust
	4,945	6.02%, 11/15/2044 ■►		619
				2,325
				2,455
		Total asset & commercial mortgage backed securities
		(cost $2,560)	$	2,455
CORPORATE BONDS - 25.0%
Accommodation and Food Services - 1.4%
		Traveler Accommodation - 1.4%
		MGM Mirage, Inc.
$	970	11.13%, 11/15/2017 ‡	$	1,098
		MGM Resorts International
	965	11.38%, 03/01/2018 ‡		1,150
				2,248
Administrative Waste Management and Remediation - 0.3%
		Waste Treatment and Disposal - 0.3%
		Energy Solutions, Inc. LLC
	492	10.75%, 08/15/2018 ‡		510
Agriculture, Forestry, Fishing and Hunting - 0.2%
		Fishing - 0.2%
		American Seafood Group LLC
	445	10.75%, 05/15/2016 ■‡		403
Air Transportation - 0.3%
		Scheduled Air Transportation - 0.3%
		United Air Lines, Inc.
	455	9.88%, 08/01/2013 ■‡		475
Arts, Entertainment and Recreation - 2.2%
		Cable and Other Subscription Programming - 0.2%
		UPC Germany GMBH
	296	8.13%, 12/01/2017 ■‡		318
		Gambling Industries - 0.5%
		Downstream Development Authority
	233	10.50%, 07/01/2019 ■‡		243
		FireKeepers Development Authority
	486	13.88%, 05/01/2015 ■		537
				780
		Motion Picture and Video Industries - 0.3%
		NAI Entertainment Holdings LLC
	519	8.25%, 12/15/2017 ■‡		572
		Newspaper, Periodical, Book and Database Publisher - 1.0%
		Knight Ridder, Inc.
	1,220	6.88%, 03/15/2029 ‡		683
		McClatchy Co.
	269	11.50%, 02/15/2017 ‡		283
		TL Acquisitions, Inc.
	912	10.50%, 01/15/2015 ■‡		727
				1,693
		Other Amusement and Recreation Industries - 0.2%
		Clubcorp Club Operations, Inc.
	277	10.00%, 12/01/2018 ‡		292
				3,655
Chemical Manufacturing - 0.4%
		Paint, Coating, and Adhesive Manufacturing - 0.4%
		Ferro Corp.
	595	7.88%, 08/15/2018 ‡		610
Construction - 0.5%
		Residential Building Construction - 0.5%
		Urbi Desarrollos Urbanos
	788	9.75%, 02/03/2022 ■‡		819
Fabricated Metal Product Manufacturing - 0.0%
		Spring and Wire Product Manufacturing - 0.0%
		Anixter International, Inc.
	30	5.63%, 05/01/2019		31
Finance and Insurance - 5.6%
		Captive Auto Finance - 0.4%
		Ford Motor Credit Co.
	500	6.63%, 08/15/2017 ‡		575
		Commercial Banking - 0.8%
		Rabobank Netherlands
	1,004	11.00%, 06/30/2019 ■‡♠		1,275

The accompanying notes are an integral part of these financial statements.

5

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 25.0% - (continued)
Finance and Insurance - 5.6% - (continued)
		Insurance Carriers - 0.4%
		Liberty Mutual Group, Inc.
$	501	10.75%, 06/15/2058 ■‡	$	681
		Nondepository Credit Banking - 3.1%
		CIT Group, Inc.
	690	5.25%, 03/15/2018 ‡		711
	1,089	5.50%, 02/15/2019 ■‡		1,119
		Discover Financial Services, Inc.
	1,000	10.25%, 07/15/2019 ‡		1,360
		Provident Funding Associates L.P.
	407	10.13%, 02/15/2019 ■‡		364
	813	10.25%, 04/15/2017 ■‡		827
		Springleaf Finance Corp.
	1,013	6.90%, 12/15/2017 ‡		827
				5,208
		Other Investment Pools and Funds - 0.5%
		Ineos Finance plc
	200	8.38%, 02/15/2019 ■		214
	615	9.00%, 05/15/2015 ■‡		660
				874
		Real Estate Investment Trust (REIT) - 0.2%
		CNL Lifestyle Properties
	405	7.25%, 04/15/2019 ‡		370
		Securities and Commodity Contracts and Brokerage - 0.2%
		Penson Worldwide, Inc.
	913	12.50%, 05/15/2017 ■‡		342
				9,325
Food Manufacturing - 0.0%
		Grain and Oilseed Milling - 0.0%
		Post Holdings, Inc.
	76	7.38%, 02/15/2022 ■		79
Health Care and Social Assistance - 0.4%
		General Medical and Surgical Hospitals - 0.4%
		HCA, Inc.
	712	7.50%, 11/15/2095 ‡		560
		Offices of Physicians - 0.0%
		Radiation Therapy Services, Inc.
	60	8.88%, 01/15/2017 ■☼		59
				619
Information - 3.6%
		Cable and Other Program Distribution - 0.7%
		Rogers Cable, Inc.
	800	8.75%, 05/01/2032 ‡		1,138
		Internet Service Providers and Web Search Portals - 0.2%
		GXS Worldwide, Inc.
	443	9.75%, 06/15/2015 ‡		426
		Satellite Telecommunications - 0.6%
		Intelsat Jackson Holdings S.A.
	927	8.50%, 11/01/2019 ‡		1,022
		Telecommunications - Other - 1.3%
		Level 3 Financing, Inc.
	988	10.00%, 02/01/2018 ‡		1,082
		Sprint Nextel Corp.
	602	7.00%, 03/01/2020 ■‡		614
	453	9.00%, 11/15/2018 ■‡		499
				2,195
		Telecommunications - Wireless Carriers - 0.8%
		Clearwire Corp.
	841	12.00%, 12/01/2015 ■‡		776
		Trilogy International Partners LLC
	551	10.25%, 08/15/2016 ■‡		485
				1,261
				6,042
Mining - 0.0%
		Nonmetallic Mineral Mining and Quarrying - 0.0%
		FMG Resources Pty Ltd.
	40	6.00%, 04/01/2017 ■		41
Motor Vehicle and Parts Manufacturing - 1.1%
		Motor Vehicle Manufacturing - 0.6%
		Chrysler Group
	520	8.25%, 06/15/2021 ‡		538
		Ford Motor Co.
	210	7.50%, 08/01/2026 ‡		238
	200	9.22%, 09/15/2021 ‡		247
				1,023
		Motor Vehicle Parts Manufacturing - 0.5%
		TRW Automotive, Inc.
	438	3.50%, 12/01/2015		757
				1,780
Paper Manufacturing - 1.3%
		Pulp, Paper, and Paperboard Mills - 1.3%
		Georgia-Pacific LLC
	1,315	8.88%, 05/15/2031 ‡		1,796
		Mercer International, Inc.
	298	9.50%, 12/01/2017 ‡		309
				2,105
Petroleum and Coal Products Manufacturing - 2.0%
		Oil and Gas Extraction - 1.0%
		Alon Refining Krotz Springs, Inc.
	592	13.50%, 10/15/2014 ‡		639
		Chesapeake Energy Corp.
	409	6.78%, 03/15/2019 ‡		398
		Endeavour International
	673	12.00%, 03/01/2018 ■‡		680
				1,717
		Petroleum and Coal Products Manufacturing - 0.4%
		Tesoro Corp.
	218	9.75%, 06/01/2019 ‡		248
		Western Refining, Inc.
	376	11.25%, 06/15/2017 ■‡		428
				676
		Support Activities For Mining - 0.6%
		Key Energy Services, Inc.
	346	6.75%, 03/01/2021 ‡		356

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 25.0% - (continued)
Petroleum and Coal Products Manufacturing - 2.0% - (continued)
		Support Activities For Mining - 0.6% - (continued)
		Rowan Cos., Inc.
$	500	7.88%, 08/01/2019 ‡	$	602
				958
				3,351
Pipeline Transportation - 1.0%
		Pipeline Transportation of Crude Oil - 0.1%
		Chesapeake Midstream Partners
	225	6.13%, 07/15/2022 ‡		217
		Pipeline Transportation of Natural Gas - 0.9%
		DCP Midstream LLC
	545	4.75%, 09/30/2021 ■‡		588
		Dynegy Holdings, Inc.
	1,201	0.00%, 06/01/2019 Ω		811
				1,399
				1,616
Plastics and Rubber Products Manufacturing - 0.1%
		Plastics Product Manufacturing - 0.1%
		Sealed Air Corp.
	86	8.13%, 09/15/2019 ■		96
Primary Metal Manufacturing - 0.1%
		Alumina and Aluminum Production and Processing - 0.1%
		Aleris International, Inc.
	177	7.63%, 02/15/2018		184
Printing and Related Support Activities - 0.6%
		Printing and Related Support Activities - 0.6%
		Harland Clarke Holdings Corp.
	665	9.50%, 05/15/2015 ‡		602
		Sheridan (The) Group, Inc.
	515	12.50%, 04/15/2014 ‡		435
				1,037
Professional, Scientific and Technical Services - 0.5%
		Advertising and Related Services - 0.5%
		Affinion Group, Inc.
	873	11.50%, 10/15/2015 ‡		773
Real Estate, Rental and Leasing - 0.3%
		Activities Related To Real Estate - 0.2%
		Realogy Corp.
	269	7.63%, 01/15/2020 ■‡		279
		Industrial Machinery and Equipment Rental and Leasing - 0.1%
		Maxim Crane Works L.P.
	233	12.25%, 04/15/2015 ■‡		233
				512
Retail Trade - 1.3%
		Department Stores - 0.2%
		Sears Holdings Corp.
	443	6.63%, 10/15/2018 ‡		393
		Grocery Stores - 0.8%
		Ahold Lease USA, Inc.
	1,067	8.62%, 01/02/2025 ‡		1,288
		Jewelry, Luggage, and Leather Goods Stores - 0.3%
		Liz Claiborne, Inc.
	480	10.50%, 04/15/2019 ■‡		539
				2,220
Soap, Cleaning Compound and Toilet Manufacturing - 0.2%
		Soap, Cleaning Compound and Toilet Manufacturing - 0.2%
		Yankee Candle Co.
	288	10.25%, 02/15/2016 Þ		294
Software - 0.0%
		Software Publishers - 0.0%
		Lawson Software
	15	9.38%, 04/01/2019 ■		16
Truck Transportation - 0.4%
		General Freight Trucking - 0.4%
		Swift Transportation Co., Inc.
	623	12.50%, 05/15/2017 ■		663
Utilities - 1.2%
		Electric Generation, Transmission and Distribution - 1.2%
		AES El Salvador Trust
	625	6.75%, 02/01/2016 §‡		627
		Ipalco Enterprises, Inc.
	1,295	7.25%, 04/01/2016 ■‡		1,411
				2,038
		Total corporate bonds
		(cost $40,387)	$	41,542
FOREIGN GOVERNMENT OBLIGATIONS - 4.6%
		Argentina - 0.0%
		Argentina (Republic of)
$	100	8.28%, 12/31/2033 ☼	$	69
		Brazil - 0.3%
		Brazil (Republic of)
	100	5.63%, 01/07/2041 ☼		119
	100	5.88%, 01/15/2019 ☼		121
	40	8.25%, 01/20/2034 ‡		62
	80	10.50%, 07/14/2014 ☼		97
BRL	250	12.50%, 01/05/2016 ☼		157
				556
		Colombia - 0.1%
		Colombia (Republic of)
	100	7.38%, 09/18/2037 ☼		143
COP	19,000	9.85%, 06/28/2027 ☼		16
	15	11.75%, 02/25/2020 ☼		24
COP	69,000	12.00%, 10/22/2015 ☼		49
				232

The accompanying notes are an integral part of these financial statements.

7

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 4.6% - (continued)
		Hungary - 0.2%
		Hungary (Republic of)
$	45	6.25%, 01/29/2020 ☼	$	43
HUF	49,150	6.75%, 08/22/2014 - 02/24/2017 ☼		220
HUF	14,430	7.50%, 11/12/2020 ☼		64
	24	7.63%, 03/29/2041 ☼		23
				350
		Indonesia - 0.2%
		Indonesia (Republic of)
	100	6.88%, 01/17/2018 §☼		118
	100	7.75%, 01/17/2038 §☼		136
				254
		Malaysia - 0.4%
		Malaysia (Republic of)
MYR	425	5.09%, 04/30/2014 ☼		146
MYR	475	5.73%, 07/30/2019 ☼		179
		Malaysia Government Bond
MYR	125	3.74%, 02/27/2015 ☼		42
MYR	500	4.26%, 09/15/2016 ☼		172
MYR	225	4.39%, 04/15/2026 ☼		79
				618
		Mexico - 0.9%
		Mexican Bonos De Desarrollo
MXN	3,354	6.50%, 06/10/2021 ☼		264
MXN	1,830	7.75%, 05/29/2031 ☼		149
MXN	1,373	8.50%, 11/18/2038 ☼		119
		United Mexican States
	90	4.75%, 03/08/2044 ☼		93
	180	5.63%, 01/15/2017 ☼		210
	65	7.50%, 04/08/2033 ☼		93
MXN	2,004	7.75%, 12/14/2017 ☼		171
MXN	4,690	9.50%, 12/18/2014 ☼		401
MXN	608	10.00%, 12/05/2024 ☼		61
				1,561
		Panama - 0.1%
		Panama (Republic of)
	25	7.25%, 03/15/2015 ☼		29
	45	8.88%, 09/30/2027 ☼		71
				100
		Peru - 0.1%
		Peru (Republic of)
	60	8.75%, 11/21/2033 ☼		96
	25	9.88%, 02/06/2015 ☼		31
		Peru Bono Soberano
PEN	50	6.90%, 08/12/2037 ☼		21
PEN	75	6.95%, 08/12/2031 ☼		31
PEN	100	7.84%, 08/12/2020 ☼		45
				224
		Philippines - 0.2%
		Philippines (Republic of)
	165	10.63%, 03/16/2025 ☼		268
		Poland - 0.6%
		Poland (Republic of)
PLN	850	5.50%, 04/25/2015 ☼		275
		Poland Government Bond
PLN	675	5.25%, 10/25/2020 ☼		213
PLN	425	5.50%, 10/25/2019 ☼		137
PLN	900	5.75%, 04/25/2014 ☼		291
				916
		Russia - 0.2%
		Russian Federation
	100	3.63%, 04/29/2015 §☼		104
	100	5.00%, 04/29/2020 §☼		108
	85	7.50%, 03/31/2030 §☼		101
	35	12.75%, 06/24/2028 §☼		64
				377
		South Africa - 0.5%
		South Africa (Republic of)
ZAR	1,075	6.25%, 03/31/2036 ☼		103
ZAR	2,650	6.75%, 03/31/2021 ☼		321
	100	6.88%, 05/27/2019 ☼		122
ZAR	2,375	8.25%, 09/15/2017 ☼		323
				869
		Turkey - 0.6%
		Turkey (Republic of)
	200	5.13%, 03/25/2022 ☼		204
	60	7.25%, 03/15/2015 ☼		67
	100	7.50%, 07/14/2017 ☼		117
TRY	200	10.68%, 01/15/2020 ☼		122
TRY	700	11.00%, 08/06/2014 ☼		414
				924
		Venezuela - 0.2%
		Venezuela (Republic of)
	125	7.00%, 12/01/2018 §☼		107
	90	11.95%, 08/05/2031 §☼		90
	85	12.75%, 08/23/2022 §☼		92
				289
		Total foreign government obligations
		(cost $7,623)	$	7,607
MUNICIPAL BONDS - 0.3%
		Transportation - 0.3%
		Alameda, CA, Corridor Transportation Auth
$	1,705	9.20%, 10/01/2028 ○‡	$	485
		Total municipal bonds
		(cost $405)	$	485
SENIOR FLOATING RATE INTERESTS♦ - 6.3%
Air Transportation - 0.7%
		Scheduled Air Transportation - 0.7%
		Delta Air Lines, Inc., Term Loan
$	325	5.50%, 04/20/2017 ◊☼	$	325
		Macquarie Aircraft Leasing Finance S.A., Second Lien Term Loan
	856	4.24%, 11/29/2013		844
				1,169
Apparel Manufacturing - 0.1%
		Apparel Knitting Mills - 0.1%
		J. Crew Group, Inc.
	249	4.75%, 02/24/2017 ◊☼		247
Arts, Entertainment and Recreation - 0.3%
		Gambling Industries - 0.3%
		Caesar's Entertainment Operating Co., Inc.
	500	4.49%, 01/28/2018 ◊☼		439

The accompanying notes are an integral part of these financial statements.  

8

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS♦ - 6.3% - (continued)
Chemical Manufacturing - 0.1%
		Other Chemical and Preparations Manufacturing - 0.1%
		Ineos Holdings Ltd.
$	220	5.47%, 04/27/2018 ◊☼	$	221
Computer and Electronic Product Manufacturing - 0.3%
		Semiconductor, Electronic Components - 0.3%
		Freescale Semiconductor, Inc.
	500	4.49%, 12/01/2016 ◊☼		490
Finance and Insurance - 0.5%
		Other Financial Investment Activities - 0.5%
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	112	8.75%, 12/17/2017		111
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	268	8.56%, 12/17/2017		264
		Nuveen Investments, Inc., Extended First Lien Term Loan
	500	5.97%, 05/13/2017 ◊☼		500
				875
Health Care and Social Assistance - 0.4%
		General Medical and Surgical Hospitals - 0.3%
		HCA, Inc., Tranche B-3 Term Loan
	500	3.49%, 05/01/2018 ◊☼		492
		Pharmaceutical and Medicine Manufacturing - 0.1%
		Catalent Pharma Solutions, Inc.
	125	5.01%, 09/15/2017 ◊☼		125
				617
Information - 1.4%
		Cable and Other Program Distribution - 0.5%
		WideOpenWest Finance LLC, Second Lien Term Loan
	802	6.49%, 06/29/2015 Þ		794
		On-Line Information Services - 0.3%
		First Data Corp., Extended 1st Lien Term Loan
	500	4.24%, 03/23/2018 ◊☼		456
		Other Information Services - 0.1%
		CDW Corp.
	250	4.00%, 07/15/2017 ◊☼		245
		Telecommunications - Other - 0.3%
		Sorenson Communications, Inc.
	500	6.00%, 08/13/2016 ◊☼		486
		Telecommunications - Wireless Carriers - 0.2%
		Metro PCS Wireless, Inc., Term Loan B3
	325	4.00%, 03/17/2018 ◊☼		322
				2,303
Motor Vehicle and Parts Manufacturing - 1.1%
		Motor Vehicle Manufacturing - 1.1%
		General Motors Co.
	2,085	0.38%, 10/27/2015 ◊☼		1,867
Petroleum and Coal Products Manufacturing - 0.2%
		Oil & Gas Extraction - 0.2%
		Dynegy Power LLC
	322	9.25%, 08/05/2016		336
Plastics and Rubber Products Manufacturing - 0.1%
		Plastics Product Manufacturing - 0.1%
		Kranson Industries, Inc.
	190	5.51%, 04/30/2018 ◊☼		188
Retail Trade - 0.9%
		Automotive Parts, Accessories and Tire Stores - 0.1%
		Schrader, Inc.
	100	5.76%, 04/27/2018 ◊☼		99
	100	9.47%, 04/27/2019 ◊☼		99
				198
		Sporting Goods, Hobby and Musical Instrument Store - 0.8%
		Easton-Bell Sports, Inc.
	1,361	11.50%, 12/31/2015 Þ		1,347
				1,545
Utilities - 0.2%
		Electric Generation, Transmission and Distribution - 0.2%
		Energy Transfer Equity L.P.
	250	3.75%, 05/08/2018 ◊☼		247
		Total senior floating rate interests
		(cost $10,703)	$	10,544
U.S. GOVERNMENT AGENCIES - 56.3%
		Federal Home Loan Mortgage Corporation - 10.5%
$	900	3.50%, 05/15/2041 ☼	$	933
	12,700	5.50%, 10/01/2036 - 05/15/2039 ☼		13,873
	2,400	6.00%, 05/15/2040 ☼		2,647
				17,453
		Federal National Mortgage Association - 19.7%
	9,600	3.00%, 05/15/2027 ☼		10,017
	8,300	3.50%, 05/15/2041 ☼		8,618
	3,300	4.00%, 05/15/2040 ☼		3,490
	6,700	5.00%, 05/15/2040 ☼		7,276
	3,000	6.00%, 05/15/2040 ☼		3,316
				32,717
		Government National Mortgage Association - 26.1%
	1,100	3.50%, 05/15/2041 ☼		1,158
	9,787	4.00%, 05/15/2040 - 01/15/2041 ☼		10,596
	18,500	4.50%, 05/15/2040 ☼		20,234
	6,700	5.00%, 05/15/2039 ☼		7,424
	800	5.50%, 05/15/2039 ☼		894
	2,400	6.00%, 05/15/2039 ☼		2,708
	400	6.50%, 05/15/2039 ☼		459
				43,473
		Total U.S. government agencies
		(cost $93,589)	$	93,643

The accompanying notes are an integral part of these financial statements.

9

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬					Market Value ╪
U.S. GOVERNMENT SECURITIES - 46.1%
U.S. Treasury Securities - 46.1%
		U.S. Treasury Bonds - 15.4%
$	13,500	2.00%, 11/15/2021 ‡			$	13,648
	4,250	3.13%, 11/15/2041 - 02/15/2042 ‡				4,263
	50	3.50%, 02/15/2039 ╦				54
	50	4.38%, 05/15/2040 ‡				63
	25	5.25%, 11/15/2028 ‡				34
	5,150	5.38%, 02/15/2031 ‡				7,192
	100	6.25%, 08/15/2023 - 05/15/2030 ‡				144
						25,398
		U.S. Treasury Notes - 30.7%
	600	0.13%, 04/15/2016 - 01/15/2022 ◄				646
	400	0.38%, 03/15/2015 ‡				400
	200	0.50%, 04/15/2015 ◄				222
	325	0.63%, 07/15/2021 ◄				362
	475	1.00%, 03/31/2017 ‡				480
	300	1.13%, 01/15/2021 ◄				358
	700	1.25%, 04/15/2014 - 07/15/2020 ◄				814
	300	1.38%, 07/15/2018 - 01/15/2020 ◄				368
	300	1.63%, 01/15/2015 - 01/15/2018 ◄				384
	10,000	1.75%, 03/31/2014 ‡				10,284
	725	1.88%, 07/15/2013 - 07/15/2019 ◄				939
	825	2.00%, 01/15/2014 - 01/15/2016 ◄				1,077
	550	2.00%, 02/15/2022 ‡				554
	125	2.13%, 01/15/2019 ◄				161
	125	2.38%, 01/15/2017 ◄				166
	200	2.38%, 02/28/2015 ‡				211
	150	2.50%, 07/15/2016 ◄				198
	12,375	2.50%, 03/31/2015 - 06/30/2017 ‡				13,150
	125	2.63%, 07/15/2017 ◄				166
	175	2.75%, 05/31/2017 ‡				192
	17,000	3.25%, 03/31/2017 □‡				18,998
	175	3.50%, 02/15/2018 ‡				200
	175	4.13%, 05/15/2015 ‡				195
	375	4.25%, 08/15/2013 - 11/15/2017 ‡ØΘ				417
	175	4.75%, 08/15/2017 ‡				210
						51,152
						76,550
		Total U.S. government securities
		(cost $76,516)			$	76,550
PREFERRED STOCKS - 0.4%
		Automobile Manufacturers - 0.4%
	17	General Motors Co., 4.75% ۞			$	644
		Total preferred stocks
		(cost $690)			$	644
WARRANTS - 0.0%
		Packaged Foods & Meats - 0.0%
	—	ASG Consolidated LLC ■			$	16
		Total warrants
		(cost $9)			$	16
		Total long-term investments
		(cost $232,482)			$	233,486
SHORT-TERM INVESTMENTS - 21.6%
Repurchase Agreements - 21.0%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $8,666, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $8,839)
$	8,666	0.20%, 04/30/2012			$	8,666
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $11,609, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $11,841)
	11,609	0.20%, 04/30/2012				11,609
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4,585, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $4,677)
	4,585	0.21%, 04/30/2012				4,585
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,797, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $3,873)
	3,797	0.19%, 04/30/2012				3,797
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $4, collateralized by U.S. Treasury Note 0.75%, 2013, value of $5)
	4	0.17%, 04/30/2012				4
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $6,233, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $6,357)
	6,233	0.21%, 04/30/2012				6,233
						34,894
U.S. Treasury Bills - 0.6%
	940	0.08%, 5/3/2012□○			$	940
		Total short-term investments
		(cost $35,834)			$	35,834
		Total investments
		(cost $268,316) ▲	162.0	%	$	269,320
		Other assets and liabilities	(62.0)	%		(103,078	)
		Total net assets	100.0	%	$	166,242

The accompanying notes are an integral part of these financial statements. 

10

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $268,330 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,772
Unrealized Depreciation		(1,782	)
Net Unrealized Appreciation	$	990

† These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At April 30, 2012, the aggregate value and percentage of net assets of these securities rounds to zero.

● Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.

Ω Debt security in default due to bankruptcy.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.

Δ Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.

Þ This security may pay interest in additional principal instead of cash.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

► Securities disclosed are interest-only strips.  The interest rates represent effective yields based upon estimated future cash flows at April 30, 2012.

◄ The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.

◊ The interest rate disclosed for these securities represents an estimated average coupon as of April 30, 2012.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of April 30, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $17,875, which represents 10.8% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $1,547, which represents 0.9% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
04/2010 - 07/2010		–	ASG Consolidated LLC Warrants - 144A		9

At April 30, 2012, the aggregate value of these securities was $16, which rounds to zero percent of total net assets.

۞ Convertible security.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

♠ Perpetual maturity security.  Maturity date shown is the first call date.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $108,328 at April 30, 2012.

□ This security, or a portion of this security, is pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts held at April 30, 2012 as listed in the table below:

Description	Number of Contracts*		Position		Expiration Date		Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note Future		59		Short		06/20/2012	$	7,805	$	7,778	$	(27	)
U.S. Treasury 30-Year Bond Future		81		Short		06/20/2012	$	11,573	$	11,566	$	(7	)
U.S. Treasury 5-Year Note Future		135		Short		06/29/2012	$	16,712	$	16,668	$	(44	)
U.S. Treasury CME Ultra Long Term Bond Future		28		Long		06/20/2012	$	4,419	$	4,340	$	79
											$	1

* The number of contracts does not omit 000's.

Θ At April 30, 2012, this security, or a portion of this security, is designated to cover written call options in the table below:

Description		Option Type	Exercise Price/ Rate			Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
	ITRX.EUR.17.1-5	Index		1.50	%	05/16/2012		25,044,344	$	149	$	117	$	(32	)

* The number of contracts does not omit 000's.

Ø This security, or a portion of this security, collateralized the written put options in the table below:

Description		Option Type	Exercise Price/ Rate			Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
	ITRX.EUR.17.1-5	Index		1.50	%	05/16/2012		25,044,344	$	53	$	117	$	64

* The number of contracts does not omit 000's.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
HUF	CSFB	Buy	$	295	$	296	05/04/2012	$	(1	)
MXN	GSC	Buy		417		414	05/31/2012		3
MXN	JPM	Buy		1,203		1,209	05/03/2012		(6	)
MXN	RBC	Buy		834		824	05/31/2012		10
PLN	CSFB	Buy		928		928	05/04/2012		–
TRY	CSFB	Buy		549		548	05/04/2012		1
ZAR	CSFB	Buy		753		755	05/04/2012		(2	)
								$	5

The accompanying notes are an integral part of these financial statements. 

12

Credit Default Swap Contracts Outstanding at April 30, 2012

Reference Entity	Counterparty	Notional Amount (a)		Buy/Sell Protection	(Pay)/Receive Fixed Rate			Expiration Date	Upfront Premiums Paid/ (Received)		Market Value ╪		Unrealized Appreciation/ (Depreciation)
CDX.NA.IG.18.1	DEUT	$	6,300	Sell		1.00	%	06/20/17	$	20	$	15	$	(5	)
ITRX.EUR.17	BOA		1,509	Buy		(1.00	)%	06/20/17		34		29		(5	)
									$	54	$	44	$	(10	)

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Shorts Outstanding at April 30, 2012

Description	Principal Amount		Maturity Date	Market Value ╪		Unrealized Appreciation/ Depreciation
FNMA TBA, 4.50%	$	8,400	05/15/2041	$	8,993	$	(5	)
FNMA TBA, 5.50%		4,200	05/15/2039		4,593		1
				$	13,586	$	(4	)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BOA	Banc of America Securities LLC
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
RBC	RBC Dominion Securities
Currency Abbreviations:
BRL	Brazilian Real
COP	Colombian Peso
HUF	Hungarian Forint
MXN	Mexican New Peso
MYR	Malaysian Ringgit
PEN	Peruvian New Sol
PLN	Polish New Zloty
TRY	Turkish New Lira
ZAR	South African Rand
Index Abbreviations:
CDX.NA.IG	Credit Derivatives Index North American Investment Grade
ITRX.EUR	Markit iTraxx Index - Europe
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

13

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	2,455	$	–	$	1,874	$	581
Corporate Bonds		41,542		–		40,254		1,288
Foreign Government Obligations		7,607		264		7,343		–
Municipal Bonds		485		–		485		–
Preferred Stocks		644		644		–		–
Senior Floating Rate Interests		10,544		–		10,544		–
U.S. Government Agencies		93,643		–		93,643		–
U.S. Government Securities		76,550		1,068		75,482		–
Warrants		16		16		–		–
Short-Term Investments		35,834		–		35,834		–
Total	$	269,320	$	1,992	$	265,459	$	1,869
Foreign Currency Contracts *		14		–		14		–
Futures *		79		79		–		–
Written Options *		64		–		64		–
Total	$	157	$	79	$	78	$	–
Liabilities:
Securities Sold Short	$	13,586	$	–	$	13,586	$	–
Total	$	13,586	$	–	$	13,586	$	–
Credit Default Swaps *		10		–		10		–
Foreign Currency Contracts *		9		–		9		–
Futures *		78		78		–		–
Written Options *		32		–		32		–
Total	$	129	$	78	$	51	$	–

♦ For the six-month period ended April 30, 2012, investments valued at $3,158 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of April 30, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	268	$	(147	)	$	196	†	$	—		$	580	$	(316	)	$	—	$	—	$	581
Corporate Bonds		3,800		66			146	‡		(1	)		268		(3,357	)		366		—		1,288
Total	$	4,068	$	(81	)	$	342		$	(1	)	$	848	$	(3,673	)	$	366	$	—	$	1,869

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $5.

‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $44.

The accompanying notes are an integral part of these financial statements. 

14

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $268,316)	$	269,320
Unrealized appreciation on foreign currency contracts		14
Receivables:
Investment securities sold		33,642
Fund shares sold		359
Dividends and interest		1,784
Variation margin		7
Swap premiums paid		54
Other assets		84
Total assets		305,264
Liabilities:
Unrealized depreciation on foreign currency contracts		9
Unrealized depreciation on swap contracts		10
Bank overdraft		387
Securities sold short, at market value (proceeds $13,582)		13,586
Payables:
Investment securities purchased		124,320
Fund shares redeemed		200
Investment management fees		15
Dividends		40
Administrative fees		—
Distribution fees		11
Variation margin		25
Accrued expenses		33
Written options (proceeds $234)		202
Other liabilities		184
Total liabilities		139,022
Net assets	$	166,242
Summary of Net Assets:
Capital stock and paid-in-capital	$	180,266
Undistributed net investment income		2
Accumulated net realized loss		(15,061	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		1,035
Net assets	$	166,242
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.34/$10.83
Shares outstanding		12,725
Net assets	$	131,585
Class B: Net asset value per share	$	10.34
Shares outstanding		608
Net assets	$	6,289
Class C: Net asset value per share	$	10.36
Shares outstanding		2,705
Net assets	$	28,028
Class R3: Net asset value per share	$	10.33
Shares outstanding		11
Net assets	$	113
Class R4: Net asset value per share	$	10.33
Shares outstanding		10
Net assets	$	107
Class R5: Net asset value per share	$	10.32
Shares outstanding		10
Net assets	$	107
Class Y: Net asset value per share	$	10.29
Shares outstanding		1
Net assets	$	13

The accompanying notes are an integral part of these financial statements.

15

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	42
Interest		6,862
Total investment income		6,904
Expenses:
Investment management fees		696
Administrative services fees		—
Transfer agent fees		137
Distribution fees
Class A		161
Class B		34
Class C		137
Class R3		—
Class R4		—
Custodian fees		3
Accounting services fees		26
Registration and filing fees		58
Board of Directors' fees		3
Audit fees		6
Other expenses		31
Total expenses (before waivers and fees paid indirectly)		1,292
Expense waivers		(117	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(117	)
Total expenses, net		1,175
Net Investment Income		5,729
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		8,800
Net realized loss on purchased options		(991	)
Net realized gain on futures		2,112
Net realized gain on written options		325
Net realized loss on swap contracts		(273	)
Net realized loss on foreign currency contracts		(2	)
Net realized gain on other foreign currency transactions		—
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		9,971
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(1,861	)
Net unrealized appreciation of purchased options		49
Net unrealized depreciation of securities sold short		(4	)
Net unrealized depreciation of futures		(1,215	)
Net unrealized appreciation of written options		17
Net unrealized depreciation of swap contracts		(55	)
Net unrealized appreciation of foreign currency contracts		5
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		7
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		(3,057	)
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		6,914
Net Increase in Net Assets Resulting from Operations	$	12,643

The accompanying notes are an integral part of these financial statements.

16

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	5,729		$	12,947
Net realized gain on investments, other financial instruments and foreign currency transactions		9,971			10,795
Net unrealized depreciation of investments, other financial instruments and foreign currency transactions		(3,057	)		(8,621	)
Net Increase In Net Assets Resulting From Operations		12,643			15,121
Distributions to Shareholders:
From net investment income
Class A		(3,007	)		(5,857	)
Class B		(133	)		(338	)
Class C		(538	)		(963	)
Class R3		(2	)		—
Class R4		(2	)		—
Class R5		(3	)		—
Class Y		(2,211	)		(6,348	)
Total distributions		(5,896	)		(13,506	)
Capital Share Transactions:
Class A		1,244			(12,302	)
Class B		(1,216	)		(2,718	)
Class C		187			179
Class R3		8			100
Class R4		2			100
Class R5		3			100
Class Y		(104,208	)		(45,969	)
Net decrease from capital share transactions		(103,980	)		(60,510	)
Net Decrease In Net Assets		(97,233	)		(58,895	)
Net Assets:
Beginning of period		263,475			322,370
End of period	$	166,242		$	263,475
Undistributed (distribution in excess of) net investment income (loss)	$	2		$	169

The accompanying notes are an integral part of these financial statements.

17

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Unconstrained Bond Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current

18

or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of

19

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

20

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in

21

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

In connection with the Fund’s ability to purchase investments on a when-issued or forward commitment basis, the Fund may enter into to-be announced (“TBA”) commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed-upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. The Fund generally enters into TBA commitments with intent to take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. In a TBA roll, the Fund generally purchases or sells the initial TBA commitment prior to the stipulated settlement date and enters into a new TBA commitment for future delivery or receipt of the mortgage-backed securities. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

The Fund may enter into “dollar rolls” in which the Fund sells securities and contracts with the same counterparty to repurchase substantially similar securities (for example, same issuer, coupon and maturity) on a specified future date at an agreed upon price. The Fund gives up the right to receive interest paid on the investments sold. The Fund would benefit to the extent of any differences between the price received for the security and the lower forward price for the future purchase. Dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions are excluded from the Fund’s portfolio turnover rate. The Fund had open dollar roll transactions as of April 30, 2012, as disclosed on the Schedule of Investments, the Statement of Assets and Liabilities and the Statement of Operations.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which

22

may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the

23

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of April 30, 2012.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements.

24

The Fund had no outstanding purchased options contracts as of April 30, 2012. Transactions involving written options contracts for the Fund during the six-month period ended April 30, 2012, are summarized below:

Options Contract Activity During the Six-Month Period Ended April 30, 2012: 

Call Options Written During the Period	Number of Contracts*		Premium Amounts
Beginning of the period		—	$	—
Written		25,044,344		117
Expired		—		—
Closed		—		—
Exercised		—		—
End of Period		25,044,344	$	117

Put Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		16,924,865		$	73
Written		39,007,189			491
Expired		(25,462,710	)		(145	)
Closed		(5,425,000	)		(302	)
Exercised		—			—
End of Period		25,044,344		$	117

* The number of contracts does not omit 000's.

d) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, investments or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the

25

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of April 30, 2012.

e) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	14	$	—	$	—	$	—	$	—	$	14
Variation margin receivable *		7		—		—		—		—		—		7
Total	$	7	$	14	$	—	$	—	$	—	$	—	$	21
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	9	$	—	$	—	$	—	$	—	$	9
Unrealized depreciation on swap contracts		—		—		10		—		—		—		10
Variation margin payable *		25		—		—		—		—		—		25
Written options, market value		—		—		202		—		—		—		202
Total	$	25	$	9	$	212	$	—	$	—	$	—	$	246

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $1 as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

26

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on investments in purchased options	$	(576	)	$	—		$	(415	)	$	—	$	—	$	—	$	(991	)
Net realized gain on futures		2,112			—			—			—		—		—		2,112
Net realized gain on written options		—			—			325			—		—		—		325
Net realized loss on swap contracts		—			—			(273	)		—		—		—		(273	)
Net realized loss on foreign currency contracts		—			(2	)		—			—		—		—		(2	)
Total	$	1,536		$	(2	)	$	(363	)	$	—	$	—	$	—	$	1,171
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of investments in purchased options	$	32		$	—		$	17		$	—	$	—	$	—	$	49
Net change in unrealized depreciation of futures		(1,215	)		—			—			—		—		—		(1,215	)
Net change in unrealized appreciation of written options		—			—			17			—		—		—		17
Net change in unrealized depreciation of swap contracts		—			—			(55	)		—		—		—		(55	)
Net change in unrealized appreciation of foreign currency contracts		—			5			—			—		—		—		5
Total	$	(1,183	)	$	5		$	(21	)	$	—	$	—	$	—	$	(1,199	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short

27

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	13,521	$	12,003

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	206
Accumulated Capital Losses *		(23,785	)
Unrealized Appreciation †		2,845
Total Accumulated Deficit	$	(20,734	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

28

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2009, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	165
Accumulated Net Realized Gain (Loss)		(165	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	23,785
Total	$	23,785

During the year ended October 31, 2011, the Fund utilized $11,541 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective April 23, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to April 23, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

29

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.550	%
On next $500 million		0.500	%
On next $1.5 billion		0.475	%
On next $2.5 billion		0.465	%
On next $5 billion		0.455	%
Over $10 billion		0.445	%

As of April 23, 2012, HIFSCO has voluntarily agreed to waive all of the Fund’s contractual management fees through August 31, 2012.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through April 22, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.550	%
On next $500 million		0.500	%
On next $4 billion		0.475	%
On next $5 billion		0.455	%
Over $10 billion		0.445	%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class R3			Class R4			Class R5			Class Y
	0.44	%		1.19	%		1.19	%		0.74	%		0.44	%		0.14	%		0.14	%

From November 1, 2011 through April 22, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class R3			Class R4			Class R5			Class Y
	0.95	%		1.70	%		1.70	%		1.25	%		0.95	%		0.65	%		0.65	%

30

Effective September 1, 2012, HIFSCO will contractually limit the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class R3			Class R4			Class R5			Class Y
	0.99	%		1.74	%		1.74	%		1.29	%		0.99	%		0.69	%		0.69	%

d) Fees Paid Indirectly – The Fund’s custodian bank, State Street Bank and Trust Co., has agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended  April 30, 2012
Class A		0.93	%
Class B		1.68
Class C		1.68
Class R3		1.23
Class R4		0.93
Class R5		0.63
Class Y		0.63

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $249 and contingent deferred sales charges of $6 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

31

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $3.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		10		91	%
Class R4		10		100
Class R5		10		100

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	240,658
Sales Proceeds Excluding U.S. Government Obligations		318,677
Cost of Purchases for U.S. Government Obligations		80,860
Sales Proceeds for U.S. Government Obligations		15,356

32

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,434		281		(1,586	)		—		129			3,271		562		(5,098	)		—		(1,265	)
Amount	$	14,490	$	2,858	$	(16,104	)	$	—	$	1,244		$	32,660	$	5,602	$	(50,564	)	$	—	$	(12,302	)
Class B
Shares		37		11		(169	)		—		(121	)		76		29		(379	)		—		(274	)
Amount	$	369	$	112	$	(1,697	)	$	—	$	(1,216	)	$	762	$	292	$	(3,772	)	$	—	$	(2,718	)
Class C
Shares		385		45		(411	)		—		19			997		79		(1,067	)		—		9
Amount	$	3,912	$	462	$	(4,187	)	$	—	$	187		$	9,996	$	789	$	(10,606	)	$	—	$	179
Class R3
Shares		1		—		—			—		1			10		—		—			—		10
Amount	$	6	$	2	$	—		$	—	$	8		$	100	$	—	$	—		$	—	$	100
Class R4
Shares		—		—		—			—		—			10		—		—			—		10
Amount	$	—	$	2	$	—		$	—	$	2		$	100	$	—	$	—		$	—	$	100
Class R5
Shares		—		—		—			—		—			10		—		—			—		10
Amount	$	—	$	3	$	—		$	—	$	3		$	100	$	—	$	—		$	—	$	100
Class Y
Shares		2,024		204		(12,403	)		—		(10,175	)		3,048		638		(8,278	)		—		(4,592	)
Amount	$	20,628	$	2,061	$	(126,897	)	$	—	$	(104,208	)	$	30,349	$	6,347	$	(82,665	)	$	—	$	(45,969	)
Total
Shares		3,881		541		(14,569	)		—		(10,147	)		7,422		1,308		(14,822	)		—		(6,092	)
Amount	$	39,405	$	5,500	$	(148,885	)	$	—	$	(103,980	)	$	74,067	$	13,030	$	(147,607	)	$	—	$	(60,510	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		37	$	378
For the Year Ended October 31, 2011		58	$	575

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The

33

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

34

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35

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	10.06	$	0.23	$	–	$	0.29		$	0.52	$	(0.24	)	$	–	$	–	$	(0.24	)	$	0.28		$	10.34
B		10.05		0.19		–		0.30			0.49		(0.20	)		–		–		(0.20	)		0.29			10.34
C		10.07		0.19		–		0.30			0.49		(0.20	)		–		–		(0.20	)		0.29			10.36
R3		10.04		0.21		–		0.30			0.51		(0.22	)		–		–		(0.22	)		0.29			10.33
R4		10.04		0.23		–		0.30			0.53		(0.24	)		–		–		(0.24	)		0.29			10.33
R5		10.04		0.24		–		0.29			0.53		(0.25	)		–		–		(0.25	)		0.28			10.32
Y		10.04		0.24		–		0.26			0.50		(0.25	)		–		–		(0.25	)		0.25			10.29
For the Year Ended October 31, 2011
A		9.98		0.46		–		0.10			0.56		(0.48	)		–		–		(0.48	)		0.08			10.06
B		9.98		0.38		–		0.09			0.47		(0.40	)		–		–		(0.40	)		0.07			10.05
C		10.00		0.38		–		0.09			0.47		(0.40	)		–		–		(0.40	)		0.07			10.07
R3(H)		9.89		0.03		–		0.15			0.18		(0.03	)		–		–		(0.03	)		0.15			10.04
R4(H)		9.89		0.04		–		0.14			0.18		(0.03	)		–		–		(0.03	)		0.15			10.04
R5(H)		9.89		0.04		–		0.15			0.19		(0.04	)		–		–		(0.04	)		0.15			10.04
Y		9.97		0.49		–		0.09			0.58		(0.51	)		–		–		(0.51	)		0.07			10.04
For the Year Ended October 31, 2010
A		9.54		0.37		–		0.45			0.82		(0.38	)		–		–		(0.38	)		0.44			9.98
B		9.53		0.29		–		0.47			0.76		(0.31	)		–		–		(0.31	)		0.45			9.98
C		9.55		0.30		–		0.46			0.76		(0.31	)		–		–		(0.31	)		0.45			10.00
Y		9.52		0.40		–		0.47			0.87		(0.42	)		–		–		(0.42	)		0.45			9.97
For the Year Ended October 31, 2009
A		8.28		0.48		–		1.27			1.75		(0.49	)		–		–		(0.49	)		1.26			9.54
B		8.28		0.42		–		1.26			1.68		(0.43	)		–		–		(0.43	)		1.25			9.53
C		8.30		0.42		–		1.25			1.67		(0.42	)		–		–		(0.42	)		1.25			9.55
Y		8.27		0.51		–		1.25			1.76		(0.51	)		–		–		(0.51	)		1.25			9.52
For the Year Ended October 31, 2008
A		10.14		0.54		–		(1.87	)		(1.33)		(0.53	)		–		–		(0.53	)		(1.86	)		8.28
B		10.14		0.47		–		(1.87	)		(1.40)		(0.46	)		–		–		(0.46	)		(1.86	)		8.28
C		10.16		0.47		–		(1.87	)		(1.40)		(0.46	)		–		–		(0.46	)		(1.86	)		8.30
Y		10.12		0.57		–		(1.86	)		(1.29)		(0.56	)		–		–		(0.56	)		(1.85	)		8.27
For the Year Ended October 31, 2007
A		10.33		0.57		–		(0.19	)		0.38		(0.57	)		–		–		(0.57	)		(0.19	)		10.14
B		10.33		0.50		–		(0.20	)		0.30		(0.49	)		–		–		(0.49	)		(0.19	)		10.14
C		10.35		0.50		–		(0.19	)		0.31		(0.50	)		–		–		(0.50	)		(0.19	)		10.16
Y		10.32		0.60		–		(0.20	)		0.40		(0.60	)		–		–		(0.60	)		(0.20	)		10.12

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Commenced operations on September 30, 2011.

36

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	5.19	%(F)	$	131,585		1.07	%(G)		0.93	%(G)		0.93	%(G)		4.54	%(G)		129	%
	4.91	(F)		6,289		1.93	(G)		1.68	(G)		1.68	(G)		3.77	(G)		–
	4.90	(F)		28,028		1.76	(G)		1.68	(G)		1.68	(G)		3.79	(G)		–
	5.15	(F)		113		1.35	(G)		1.23	(G)		1.23	(G)		4.24	(G)		–
	5.30	(F)		107		1.04	(G)		0.93	(G)		0.93	(G)		4.54	(G)		–
	5.36	(F)		107		0.74	(G)		0.63	(G)		0.63	(G)		4.84	(G)		–
	5.05	(F)		13		0.66	(G)		0.63	(G)		0.63	(G)		4.81	(G)		–
	5.71			126,654		1.06			0.95			0.95			4.56			207
	4.82			7,324		1.88			1.70			1.70			3.82			–
	4.81			27,057		1.74			1.70			1.70			3.80			–
	1.81	(F)		102		1.34	(G)		1.25	(G)		1.25	(G)		4.29	(G)		–
	1.84	(F)		102		1.04	(G)		0.95	(G)		0.95	(G)		4.58	(G)		–
	1.87	(F)		102		0.74	(G)		0.65	(G)		0.65	(G)		4.87	(G)		–
	5.96			102,134		0.63			0.63			0.63			4.90			–
	8.82			138,388		1.04			1.00			1.00			3.75			210
	8.13			10,007		1.87			1.75			1.75			3.02			–
	8.14			26,778		1.72			1.72			1.72			3.03			–
	9.37			147,197		0.62			0.62			0.62			4.13			–
	21.83			111,456		1.08			0.95			0.95			5.46			178
	20.85			10,389		1.96			1.67			1.67			4.74			–
	20.76			23,237		1.76			1.70			1.70			4.66			–
	22.07			109,639		0.64			0.64			0.64			5.88			–
	(13.71	)		81,569		1.02			0.95			0.95			5.53			177
	(14.36	)		7,779		1.91			1.70			1.70			4.79			–
	(14.34	)		13,007		1.76			1.70			1.70			4.79			–
	(13.37	)		139,935		0.63			0.63			0.63			5.85			–
	3.77			98,047		1.08			0.95			0.95			5.72			147
	3.00			9,837		1.95			1.70			1.70			4.92			–
	3.01			14,263		1.82			1.70			1.70			4.92			–
	3.97			213,417		0.68			0.68			0.68			5.95			–

37

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

38

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

39

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

40

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,051.90	$	4.73	$	1,000.00	$	1,020.25	$	4.66		0.93	%		182		366
Class B	$	1,000.00	$	1,049.10	$	8.55	$	1,000.00	$	1,016.51	$	8.42		1.68			182		366
Class C	$	1,000.00	$	1,049.00	$	8.54	$	1,000.00	$	1,016.52	$	8.41		1.68			182		366
Class R3	$	1,000.00	$	1,051.50	$	6.27	$	1,000.00	$	1,018.75	$	6.17		1.23			182		366
Class R4	$	1,000.00	$	1,053.00	$	4.75	$	1,000.00	$	1,020.24	$	4.67		0.93			182		366
Class R5	$	1,000.00	$	1,053.60	$	3.22	$	1,000.00	$	1,021.73	$	3.17		0.63			182		366
Class Y	$	1,000.00	$	1,050.50	$	3.21	$	1,000.00	$	1,021.73	$	3.17		0.63			182		366

41

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Approval of Investment Sub-Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on February 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement (the “Agreement”) for The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund) (the “Fund”) between Hartford Investment Financial Services, LLC (“HIFSCO”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”). The Agreement went into effect on April 23, 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HIFSCO and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HIFSCO about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Contracts Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, And Quality Of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s fixed income capabilities, the Board considered that HIFSCO believes that Wellington Management is a high quality fixed income manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global fixed income capabilities, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that during the past ten years, Wellington Management had been committed to supporting the growth of its fixed income teams by allocating additional resources, personnel and technology to these teams, and also noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including fixed income mutual funds, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk management systems, noting that they are embedded within the firm’s fixed income process.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Contracts Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team. The Board considered that HIFSCO and Wellington Management proposed certain changes to the Fund’s investment goal and principal investment strategy in connection with the sub-adviser change. In addition, the Board noted that the Fund is being renamed “The

42

Hartford Unconstrained Bond Fund” and that as of April 23, 2012, HIFSCO has voluntarily agreed to waive fees and/or reimburse expenses to achieve certain target expense levels through August 31, 2012.

The Board also considered information previously provided by HIFSCO and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HIFSCO that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Contracts Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including, for purposes of considering the investment skill and experience of the proposed portfolio management team, the performance of the Wellington Management composite for accounts with investment objectives, policies and principal investment strategies comparable to one or more components of the Fund’s principal investment strategy. HIFSCO and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and its investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HIFSCO and Wellington Management

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and the estimated profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HIFSCO, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HIFSCO in respect of the Fund, the Board considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to Wellington Management. The Board also considered information provided by Wellington Management to the Contracts Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HIFSCO’s representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HIFSCO proposed to add an additional breakpoint to the Fund’s contractual management fee schedule that would result in a management fee reduction at certain asset levels. The Board also considered that HIFSCO was proposing to modify the annual renewable expense reimbursement provided on each class of the Fund’s shares by HIFSCO to a level that reflects the change in the Fund’s principal investment strategy after the sub-adviser change. This change may have the effect of raising the actual net total operating expenses by class of the Fund after taking into account expense reimbursement payments from HIFSCO. The Board noted that HIFSCO, not the Fund, would pay the sub-advisory fees to Wellington Management.

43

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HIFSCO’s proposal to add an additional breakpoint to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HIFSCO.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with its deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

44

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-UB12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford Value Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford Value Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	5
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	8
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	9
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	10
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Year Ended October 31, 2011	11
Notes to Financial Statements (Unaudited)	12
Financial Highlights (Unaudited)	24
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Expense Example (Unaudited)	30

The views expressed in the Fund’s Manager Discussion under “Why did the Fund perform this way?” and “What is the outlook?” are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Value Fund inception 04/30/2001

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term total return.

Performance Overview 4/30/02 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)  

	6 Month†			1 Year			5 year			10 year
Value A#		13.03	%		0.85	%		0.55	%		4.83	%
Value A##					-4.70	%		-0.58	%		4.24	%
Value B#		12.53	%		0.05	%		-0.18	%		NA	*
Value B##					-4.94	%		-0.56	%		NA	*
Value C#		12.61	%		0.14	%		-0.19	%		4.06	%
Value C##					-0.86	%		-0.19	%		4.06	%
Value I#		13.20	%		1.16	%		0.85	%		4.99	%
Value R3#		12.89	%		0.57	%		0.28	%		4.84	%
Value R4#		13.05	%		0.93	%		0.60	%		5.01	%
Value R5#		13.24	%		1.24	%		0.90	%		5.18	%
Value Y#		13.33	%		1.28	%		1.02	%		5.25	%
Russell 1000 Value Index		11.62	%		1.03	%		-1.73	%		4.83	%

†	Not Annualized
#	Without sales charge
##	With sales charge
*	10 year 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.

The initial investment in Class A shares reflects the maximum sales charge and Classes B and C reflect a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/31/07. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. (The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.)

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Value Fund

Manager Discussion

April 30, 2012(Unaudited)

Portfolio Managers
Karen H. Grimes, CFA	W. Michael Reckmeyer, III, CFA	Ian R. Link, CFA
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Director and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Value Fund returned 13.03% for the six-month period ended April 30, 2012, outperforming its benchmark, the Russell 1000 Value Index, which returned 11.62% for the same period. The Fund outperformed the 11.21% return of the average fund in the Lipper Large-Cap Value Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period as generally improving economic data and growing consumer confidence helped to counter a persistent slump in housing. Investors mostly shrugged off lingering uncertainty over eurozone sovereign debt, focusing instead on the improving health of the U.S. economy. Strong corporate earnings news and the U.S. Federal Reserve’s pledge to keep interest rates “exceptionally low” until at least late 2014 buoyed investors’ appetites for risk assets. The Greek debt restructuring deal added to investors’ optimism, helping to offset heightened geopolitical risks, a rise in oil prices, and fears of a slowdown in China. In April, U.S. equities retreated for the first time in five months as disappointing employment and GDP (gross domestic product) data overshadowed continued strength in corporate earnings. In addition, increased political uncertainty in Europe, growing concerns about Spain’s fiscal sustainability, and a less dovish tone from the U.S. Federal Reserve underpinned a rise in risk aversion among investors.

Sector returns within the Russell 1000 Value Index were all positive, with Consumer Discretionary (+17%), Financials (+15%) and Industrials (+15%) performing the best. Energy (+3%) and Utilities (+5%) lagged on a relative basis during the period.

The Fund’s outperformance versus its benchmark was primarily due to strong stock selection. Stock selection contributed most in Consumer Staples, Industrials, and Health Care, more than offsetting weaker selection in Energy. Sector positioning, which is a result of bottom-up stock selection decisions (i.e. stock by stock fundamental research), was a modest contributor during the period. The Fund’s underweight (i.e. the Fund’s sector position was less than the benchmark position) to Utilities contributed, while an underweight to Financials and Telecommunication Services detracted. A modest cash position detracted in an upward trending market.

Among the top contributors to benchmark-relative returns were Procter & Gamble (Consumer Staples), Ingersoll-Rand (Industrials), and Comcast (Consumer Discretionary). Shares of Procter & Gamble, a provider of consumer packaged goods, were relatively flat during the period and underperformed the broader market; not owning the position contributed positively to relative performance. Shares of Ingersoll-Rand, a provider of industrial machinery, climate control systems, and security products, moved higher after residential markets strengthened and the company beat consensus quarterly earnings estimates. Shares of Comcast, the largest U.S. cable communications company and new owner of NBC Universal, moved higher after the company posted strong quarterly earnings and announced an increase in its dividend and a $3 billion stock buyback. Top absolute (i.e. total return) contributors for the period also included financials holdings Wells Fargo and JPMorgan Chase.

Holdings of Baker Hughes (Energy), Southwestern Energy (Energy), and Mosaic (Materials) detracted most from benchmark-relative returns during the period. Shares of Baker Hughes, an oilfield services provider, fell after the company saw reduced pricing, under-utilization and logistics issues at its recently-acquired pressure pumping subsidiary. Shares of Southwestern Energy, a natural gas producer with core operations in the Fayetteville shale in Arkansas and a high-growth position in the Pennsylvania Marcellus shale, came under pressure because of poor North American natural gas pricing. Mosaic, a large North American producer of phosphate and potash fertilizers, saw its shares fall as a result of the prospects for a large U.S. corn crop that will likely weigh on market expectations for corn prices next year. Credit Suisse (Financials) was among the top detractors from absolute performance.

What is the outlook?

There are several factors, particularly in the U.S., which we believe indicate support for positive economic growth, but there are also potential offsetting risks that could weigh on the markets. We continue to believe that coordinated, global efforts toward economic recovery are supportive for equity markets. Importantly, we have been encouraged that policymakers around the globe seem to be finally embracing

3

The Hartford Value Fund

Manager Discussion  – (continued)

April 30, 2012 (Unaudited)

the severity of the sovereign debt crisis and its potential impact on global economic stability. The Greek debt package announced in February illustrates one example of the coordinated effort.

In the U.S., economic reports have generally been upbeat, with encouraging trends in U.S. housing prices, and a stabilizing labor market, which shows signs of healing. We still consider the U.S. to be well positioned in a global context, but expect its pace of economic acceleration to moderate. We believe the remarkably mild winter weather undoubtedly provided a boost to housing, the service sector, and employment in the early months of 2012. This likely pulled forward some growth from second quarter growth.

In our view, the Euro zone remains a concern for the market, given the recessionary environment in the region and continued unease over sovereign debt. A deceleration of economic growth in China, is also something markets are watching closely. In the U.S., there is uncertainty over fiscal policies and the potential impact of pending financial regulations. In light of these mixed factors, we believe economic growth likely will remain tepid in 2012.

Based on bottom-up stock decisions, we ended the period most overweight to the Materials, Health Care, and Consumer Discretionary sectors relative to the Russell 1000 Value Index; our largest underweights were in Utilities, Financials, and Telecommunication Services.

Diversification by Industry
as of April 30, 2012
Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		0.8	%
Banks (Financials)		7.1
Capital Goods (Industrials)		10.4
Consumer Durables & Apparel (Consumer Discretionary)		1.6
Diversified Financials (Financials)		8.3
Energy (Energy)		11.4
Food & Staples Retailing (Consumer Staples)		1.6
Food, Beverage & Tobacco (Consumer Staples)		6.6
Health Care Equipment & Services (Health Care)		5.6
Insurance (Financials)		7.8
Materials (Materials)		5.6
Media (Consumer Discretionary)		3.5
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		8.4
Retailing (Consumer Discretionary)		4.8
Semiconductors & Semiconductor Equipment (Information Technology)		5.4
Software & Services (Information Technology)		1.6
Technology Hardware & Equipment (Information Technology)		3.2
Telecommunication Services (Services)		2.3
Utilities (Utilities)		3.5
Short-Term Investments		0.6
Other Assets and Liabilities		(0.1	)
Total		100.0	%

4

The Hartford Value Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.5%
		Automobiles & Components - 0.8%
	85	General Motors Co. ●	$	1,952
	241	Goodyear Tire & Rubber Co. ●		2,650
				4,602
		Banks - 7.1%
	262	BB&T Corp.		8,388
	183	PNC Financial Services Group, Inc.		12,121
	614	Wells Fargo & Co.		20,537
				41,046
		Capital Goods - 10.4%
	66	3M Co.		5,891
	67	Boeing Co.		5,130
	663	General Electric Co.		12,985
	120	Illinois Tool Works, Inc.		6,874
	176	Ingersoll-Rand plc		7,464
	106	PACCAR, Inc.		4,534
	98	Stanley Black & Decker, Inc.		7,161
	182	Tyco International Ltd.		10,227
				60,266
		Consumer Durables & Apparel - 1.6%
	187	Mattel, Inc.		6,284
	163	Newell Rubbermaid, Inc.		2,959
				9,243
		Diversified Financials - 8.3%
	83	Ameriprise Financial, Inc.		4,477
	42	BlackRock, Inc.		8,043
	134	Citigroup, Inc.		4,431
	125	Credit Suisse Group ADR		2,920
	64	Goldman Sachs Group, Inc.		7,403
	480	JP Morgan Chase & Co.		20,641
				47,915
		Energy - 11.4%
	41	Apache Corp.		3,958
	104	Baker Hughes, Inc.		4,568
	164	Chevron Corp.		17,478
	30	EOG Resources, Inc.		3,309
	94	Exxon Mobil Corp.		8,139
	144	Marathon Oil Corp.		4,219
	124	Noble Corp.		4,724
	118	Occidental Petroleum Corp.		10,798
	75	Royal Dutch Shell plc ADR		5,537
	100	Southwestern Energy Co. ●		3,155
				65,885
		Food & Staples Retailing - 1.6%
	189	CVS Caremark Corp.		8,444
	26	Sysco Corp.		753
				9,197
		Food, Beverage & Tobacco - 6.6%
	95	Anheuser-Busch InBev N.V.		6,915
	145	Archer Daniels Midland Co.		4,457
	130	General Mills, Inc.		5,064
	168	Kraft Foods, Inc.		6,706
	89	PepsiCo, Inc.		5,857
	102	Philip Morris International, Inc.		9,116
				38,115
		Health Care Equipment & Services - 5.6%
	91	Baxter International, Inc.		5,054
	134	Covidien plc		7,410
	132	HCA Holdings, Inc.		3,544
	105	St. Jude Medical, Inc.		4,073
	158	UnitedHealth Group, Inc.		8,854
	56	Zimmer Holdings, Inc.		3,522
				32,457
		Insurance - 7.8%
	166	ACE Ltd.		12,616
	108	Chubb Corp.		7,857
	288	Marsh & McLennan Cos., Inc.		9,624
	147	Principal Financial Group, Inc.		4,069
	80	Swiss Re Ltd.		5,021
	234	Unum Group		5,563
				44,750
		Materials - 5.6%
	186	Dow Chemical Co.		6,291
	106	E.I. DuPont de Nemours & Co.		5,645
	148	International Paper Co.		4,933
	90	Mosaic Co.		4,731
	67	Nucor Corp.		2,636
	118	Rexam plc ADR		4,101
	306	Steel Dynamics, Inc.		3,904
				32,241
		Media - 3.5%
	102	CBS Corp. Class B		3,398
	353	Comcast Corp. Class A		10,708
	196	Thomson Reuters Corp.		5,836
				19,942
		Pharmaceuticals, Biotechnology & Life Sciences - 8.4%
	109	Amgen, Inc.		7,778
	103	Johnson & Johnson		6,701
	319	Merck & Co., Inc.		12,530
	665	Pfizer, Inc.		15,258
	136	Teva Pharmaceutical Industries Ltd. ADR		6,227
				48,494
		Retailing - 4.8%
	149	Home Depot, Inc.		7,730
	131	Kohl's Corp.		6,561
	154	Lowe's Co., Inc.		4,851
	101	Nordstrom, Inc.		5,648
	184	Staples, Inc.		2,826
				27,616
		Semiconductors & Semiconductor Equipment - 5.4%
	152	Analog Devices, Inc.		5,928
	475	Intel Corp.		13,480
	167	Maxim Integrated Products, Inc.		4,937
	185	Xilinx, Inc.		6,746
				31,091
		Software & Services - 1.6%
	285	Microsoft Corp.		9,138
		Technology Hardware & Equipment - 3.2%
	756	Cisco Systems, Inc.		15,226
	128	Hewlett-Packard Co.		3,162
				18,388
		Telecommunication Services - 2.3%
	405	AT&T, Inc.		13,327
		Utilities - 3.5%
	117	Edison International		5,146
	71	Entergy Corp.		4,667
	53	NextEra Energy, Inc.		3,405

The accompanying notes are an integral part of these financial statements. 

5

The Hartford Value Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 99.5% - (continued)
		Utilities - 3.5% - (continued)
	140	Northeast Utilities			$	5,149
	66	PPL Corp.				1,807
						20,174
		Total common stocks
		(cost $476,127)			$	573,887
		Total long-term investments
		(cost $476,127)			$	573,887
SHORT-TERM INVESTMENTS - 0.6%
Repurchase Agreements - 0.6%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $802, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $818)
$	802	0.20%, 04/30/2012			$	802
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,074, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $1,096)
	1,074	0.20%, 04/30/2012				1,074
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $424, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $433)
	424	0.21%, 04/30/2012				424
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $351, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $358)
	351	0.19%, 04/30/2012				351
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1, collateralized by U.S. Treasury Note 0.75%, 2013, value of $1)
	1	0.17%, 04/30/2012				1
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $577, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $588)
	577	0.21%, 04/30/2012				577
						3,229
		Total short-term investments
		(cost $3,229)			$	3,229
		Total investments
		(cost $479,356) ▲	100.1	%	$	577,116
		Other assets and liabilities	(0.1	)%		(550	)
		Total net assets	100.0	%	$	576,566

The accompanying notes are an integral part of these financial statements. 

6

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $482,681 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	110,172
Unrealized Depreciation		(15,737	)
Net Unrealized Appreciation	$	94,435

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford Value Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	573,887	$	568,866	$	5,021	$	–
Short-Term Investments		3,229		–		3,229		–
Total	$	577,116	$	568,866	$	8,250	$	–

♦	For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Value Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $479,356)	$	577,116
Cash		—
Receivables:
Investment securities sold		468
Fund shares sold		201
Dividends and interest		799
Other assets		77
Total assets		578,661
Liabilities:
Payables:
Investment securities purchased		1,478
Fund shares redeemed		515
Investment management fees		65
Administrative fees		—
Distribution fees		7
Accrued expenses		30
Total liabilities		2,095
Net assets	$	576,566
Summary of Net Assets:
Capital stock and paid-in-capital	$	506,658
Undistributed net investment income		3,650
Accumulated net realized loss		(31,502	)
Unrealized appreciation of investments		97,760
Net assets	$	576,566
Shares authorized		550,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$12.39/$13.11
Shares outstanding		5,871
Net assets	$	72,743
Class B: Net asset value per share	$	12.15
Shares outstanding		245
Net assets	$	2,979
Class C: Net asset value per share	$	12.11
Shares outstanding		1,389
Net assets	$	16,821
Class I: Net asset value per share	$	12.31
Shares outstanding		995
Net assets	$	12,247
Class R3: Net asset value per share	$	12.12
Shares outstanding		217
Net assets	$	2,629
Class R4: Net asset value per share	$	12.21
Shares outstanding		623
Net assets	$	7,607
Class R5: Net asset value per share	$	12.28
Shares outstanding		227
Net assets	$	2,790
Class Y: Net asset value per share	$	12.31
Shares outstanding		37,270
Net assets	$	458,750

The accompanying notes are an integral part of these financial statements.

9

The Hartford Value Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	8,146
Interest		2
Less: Foreign tax withheld		(44	)
Total investment income		8,104
Expenses:
Investment management fees		1,961
Administrative services fees		10
Transfer agent fees		105
Distribution fees
Class A		86
Class B		16
Class C		80
Class R3		6
Class R4		10
Custodian fees		4
Accounting services fees		40
Registration and filing fees		54
Board of Directors' fees		7
Audit fees		7
Other expenses		24
Total expenses (before waivers and fees paid indirectly)		2,410
Expense waivers		(101	)
Transfer agent fee waivers		(3	)
Commission recapture		(3	)
Total waivers and fees paid indirectly		(107	)
Total expenses, net		2,303
Net Investment Income		5,801
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		8,933
Net realized loss on foreign currency contracts		(2	)
Net realized gain on other foreign currency transactions		2
Net Realized Gain on Investments and Foreign Currency Transactions		8,933
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		57,512
Net Changes in Unrealized Appreciation of Investments		57,512
Net Gain on Investments and Foreign Currency Transactions		66,445
Net Increase in Net Assets Resulting from Operations	$	72,246

The accompanying notes are an integral part of these financial statements.

10

The Hartford Value Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Year Ended October 31, 2011
Operations:
Net investment income	$	5,801		$	8,316
Net realized gain on investments and foreign currency transactions		8,933			10,002
Net unrealized appreciation of investments		57,512			1,655
Net Increase In Net Assets Resulting From Operations		72,246			19,973
Distributions to Shareholders:
From net investment income
Class A		(230	)		(749	)
Class B		(7	)		(7	)
Class C		(38	)		(60	)
Class I		(44	)		(120	)
Class R3		(7	)		(20	)
Class R4		(29	)		(93	)
Class R5		(11	)		(31	)
Class Y		(2,024	)		(7,070	)
Total distributions		(2,390	)		(8,150	)
Capital Share Transactions:
Class A		(4,513	)		1,294
Class B		(803	)		(2,304	)
Class C		(480	)		1,855
Class I		1,573			4,870
Class R3		58			1,340
Class R4		(1,826	)		8,320
Class R5		(85	)		2,374
Class Y		(61,152	)		77,723
Net increase (decrease) from capital share transactions		(67,228	)		95,472
Net Increase In Net Assets		2,628			107,295
Net Assets:
Beginning of period		573,938			466,643
End of period	$	576,566		$	573,938
Undistributed (distribution in excess of) net investment income (loss)	$	3,650		$	239

The accompanying notes are an integral part of these financial statements.

11

The Hartford Value Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford Value Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current

12

or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market

13

The Hartford Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the six-month period ended April 30, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

14

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of April 30, 2012.

15

The Hartford Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	(2	)
Total	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	(2	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

16

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011		For the Year Ended October 31, 2010
Ordinary Income	$	8,174	$	4,815

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	239
Accumulated Capital Losses *		(37,110	)
Unrealized Appreciation †		36,923
Total Accumulated Earnings	$	52

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(169	)
Accumulated Net Realized Gain (Loss)		169

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

17

The Hartford Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

At October 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	37,110
Total	$	37,110

During the year ended October 31, 2011, the Fund utilized $9,872 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7000	%
On next $500 million		0.6000	%
On next $1.5 billion		0.5900	%
On next $2.5 billion		0.5850	%
On next $5 billion		0.5800	%
Over $10 billion		0.5750	%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.7000	%
On next $4.5 billion		0.6000	%
On next $5 billion		0.5975	%
Over $10 billion		0.5950	%

HIFSCO has voluntarily agreed to waive 0.05% of its investment management fee until February 29, 2012.

18

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014	%
On next $5 billion		0.012	%
Over $10 billion		0.010	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.15	%		1.90	%		1.90	%		0.90	%		1.35	%		1.05	%		0.80	%		0.75	%

From November 1, 2011 through February 29, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.20	%		1.95	%		1.95	%		0.95	%		1.40	%		1.10	%		0.80	%		0.75	%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank, State Street Bank and Trust Co., has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the six-month period ended April 30, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Annualized Six- Month Period Ended  April 30, 2012
Class A		1.15	%
Class B		1.93
Class C		1.86
Class I		0.84
Class R3		1.38
Class R4		1.08
Class R5		0.80
Class Y		0.70

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended

19

The Hartford Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

April 30, 2012, HIFSCO received front-end load sales charges of $133 and contingent deferred sales charges of $5 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $1.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – On November 8, 2006, the SEC issued an order setting forth the terms of a settlement reached with three subsidiaries of The Hartford that resolved the SEC’s Division of Enforcement’s investigation of aspects of The Hartford’s variable annuity and mutual fund operations related to directed brokerage and revenue sharing. The Hartford settled this matter without admitting or denying the findings of the SEC.

20

The total return in the accompanying financial highlights includes a payment from affiliate. Had the payment from affiliate been excluded, the impact and total return for the periods listed below would have been as follows:

	Impact from Payment from Affiliate for SEC Settlement for the Year ended October 31, 2007			Total Return Excluding Payment from Affiliate for the Year Ended October 31, 2007
Class A		–	%		16.60	%
Class B		–			15.62
Class C		–			15.62
Class Y		–			17.06

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		10		2	%
Class R5		10		4

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	52,394
Sales Proceeds Excluding U.S. Government Obligations		115,725

21

The Hartford Value Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	For the Six-Month Period Ended April 30, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		559		20		(982	)		—		(403	)		1,702		65		(1,682	)		—		85
Amount	$	6,540	$	219	$	(11,272	)	$	—	$	(4,513	)	$	19,788	$	715	$	(19,209	)	$	—	$	1,294
Class B
Shares		12		1		(83	)		—		(70	)		25		—		(233	)		—		(208	)
Amount	$	140	$	6	$	(949	)	$	—	$	(803	)	$	272	$	7	$	(2,583	)	$	—	$	(2,304	)
Class C
Shares		133		3		(175	)		—		(39	)		421		5		(270	)		—		156
Amount	$	1,477	$	30	$	(1,987	)	$	—	$	(480	)	$	4,826	$	48	$	(3,019	)	$	—	$	1,855
Class I
Shares		466		3		(327	)		—		142			652		8		(242	)		—		418
Amount	$	5,364	$	34	$	(3,825	)	$	—	$	1,573		$	7,561	$	86	$	(2,777	)	$	—	$	4,870
Class R3
Shares		32		1		(28	)		—		5			140		2		(28	)		—		114
Amount	$	366	$	7	$	(315	)	$	—	$	58		$	1,623	$	20	$	(303	)	$	—	$	1,340
Class R4
Shares		48		1		(214	)		—		(165	)		791		2		(59	)		—		734
Amount	$	559	$	8	$	(2,393	)	$	—	$	(1,826	)	$	8,934	$	24	$	(638	)	$	—	$	8,320
Class R5
Shares		9		1		(18	)		—		(8	)		225		3		(3	)		—		225
Amount	$	106	$	11	$	(202	)	$	—	$	(85	)	$	2,372	$	31	$	(29	)	$	—	$	2,374
Class Y
Shares		1,709		184		(7,081	)		—		(5,188	)		9,949		647		(3,674	)		—		6,922
Amount	$	19,508	$	2,024	$	(82,684	)	$	—	$	(61,152	)	$	111,250	$	7,069	$	(40,596	)	$	—	$	77,723
Total
Shares		2,968		214		(8,908	)		—		(5,726	)		13,905		732		(6,191	)		—		8,446
Amount	$	34,060	$	2,339	$	(103,627	)	$	—	$	(67,228	)	$	156,626	$	8,000	$	(69,154	)	$	—	$	95,472

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the six-month period ended April 30, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Six-Month Period Ended April 30, 2012		33	$	373
For the Year Ended October 31, 2011		37	$	426

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

22

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

23

The Hartford Value Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (E)
A	$	11.00	$	0.10	$	–	$	1.33		$	1.43		$	(0.04	)	$	–		$	–	$	(0.04	)	$	1.39		$	12.39
B		10.82		0.05		–		1.30			1.35			(0.02	)		–			–		(0.02	)		1.33			12.15
C		10.78		0.06		–		1.30			1.36			(0.03	)		–			–		(0.03	)		1.33			12.11
I		10.92		0.12		–		1.32			1.44			(0.05	)		–			–		(0.05	)		1.39			12.31
R3		10.77		0.08		–		1.31			1.39			(0.04	)		–			–		(0.04	)		1.35			12.12
R4		10.84		0.10		–		1.31			1.41			(0.04	)		–			–		(0.04	)		1.37			12.21
R5		10.89		0.12		–		1.32			1.44			(0.05	)		–			–		(0.05	)		1.39			12.28
Y		10.91		0.12		–		1.33			1.45			(0.05	)		–			–		(0.05	)		1.40			12.31
For the Year Ended October 31, 2011 (E)
A		10.65		0.14		–		0.33			0.47			(0.12	)		–			–		(0.12	)		0.35			11.00
B		10.46		0.04		–		0.34			0.38			(0.02	)		–			–		(0.02	)		0.36			10.82
C		10.44		0.05		–		0.33			0.38			(0.04	)		–			–		(0.04	)		0.34			10.78
I		10.58		0.17		–		0.33			0.50			(0.16	)		–			–		(0.16	)		0.34			10.92
R3		10.45		0.11		–		0.32			0.43			(0.11	)		–			–		(0.11	)		0.32			10.77
R4		10.51		0.14		–		0.34			0.48			(0.15	)		–			–		(0.15	)		0.33			10.84
R5		10.56		0.15		–		0.35			0.50			(0.17	)		–			–		(0.17	)		0.33			10.89
Y		10.57		0.19		–		0.32			0.51			(0.17	)		–			–		(0.17	)		0.34			10.91
For the Year Ended October 31, 2010 (E)
A		9.63		0.09		–		1.01			1.10			(0.08	)		–			–		(0.08	)		1.02			10.65
B		9.47		0.01		–		0.99			1.00			(0.01	)		–			–		(0.01	)		0.99			10.46
C		9.45		0.02		–		0.98			1.00			(0.01	)		–			–		(0.01	)		0.99			10.44
I		9.59		0.12		–		0.99			1.11			(0.12	)		–			–		(0.12	)		0.99			10.58
R3		9.47		0.06		–		1.00			1.06			(0.08	)		–			–		(0.08	)		0.98			10.45
R4		9.52		0.09		–		1.01			1.10			(0.11	)		–			–		(0.11	)		0.99			10.51
R5		9.55		0.12		–		1.01			1.13			(0.12	)		–			–		(0.12	)		1.01			10.56
Y		9.55		0.14		–		1.01			1.15			(0.13	)		–			–		(0.13	)		1.02			10.57
For the Year Ended October 31, 2009 (E)
A		8.95		0.11		–		0.78			0.89			(0.21	)		–			–		(0.21	)		0.68			9.63
B		8.73		0.06		–		0.77			0.83			(0.09	)		–			–		(0.09	)		0.74			9.47
C		8.72		0.04		–		0.77			0.81			(0.08	)		–			–		(0.08	)		0.73			9.45
I		8.97		0.10		–		0.81			0.91			(0.29	)		–			–		(0.29	)		0.62			9.59
R3		8.87		0.07		–		0.77			0.84			(0.24	)		–			–		(0.24	)		0.60			9.47
R4		8.89		0.11		–		0.77			0.88			(0.25	)		–			–		(0.25	)		0.63			9.52
R5		8.92		0.14		–		0.77			0.91			(0.28	)		–			–		(0.28	)		0.63			9.55
Y		8.93		0.15		–		0.77			0.92			(0.30	)		–			–		(0.30	)		0.62			9.55
For the Year Ended October 31, 2008
A		14.13		0.16		–		(4.60	)		(4.44	)		(0.10	)		(0.64	)		–		(0.74	)		(5.18	)		8.95
B		13.78		0.08		–		(4.49	)		(4.41	)		–			(0.64	)		–		(0.64	)		(5.05	)		8.73
C		13.78		0.06		–		(4.48	)		(4.42	)		–			(0.64	)		–		(0.64	)		(5.06	)		8.72
I		14.15		0.17		–		(4.56	)		(4.39	)		(0.15	)		(0.64	)		–		(0.79	)		(5.18	)		8.97
R3		14.00		0.03		–		(4.46	)		(4.43	)		(0.06	)		(0.64	)		–		(0.70	)		(5.13	)		8.87
R4		14.03		0.08		–		(4.48	)		(4.40	)		(0.10	)		(0.64	)		–		(0.74	)		(5.14	)		8.89
R5		14.07		0.19		–		(4.56	)		(4.37	)		(0.14	)		(0.64	)		–		(0.78	)		(5.15	)		8.92
Y		14.09		0.21		–		(4.57	)		(4.36	)		(0.16	)		(0.64	)		–		(0.80	)		(5.16	)		8.93
For the Year Ended October 31, 2007
A		12.91		0.12		–		1.89			2.01			–			(0.79	)		–		(0.79	)		1.22			14.13
B		12.71		0.01		–		1.85			1.86			–			(0.79	)		–		(0.79	)		1.07			13.78
C		12.71		0.02		–		1.84			1.86			–			(0.79	)		–		(0.79	)		1.07			13.78
I(I)		13.85		0.03		–		0.27			0.30			–			–			–		–			0.30			14.15
R3(J)		12.51		0.05		–		1.44			1.49			–			–			–		–			1.49			14.00
R4(J)		12.51		0.09		–		1.43			1.52			–			–			–		–			1.52			14.03
R5(J)		12.51		0.12		–		1.44			1.56			–			–			–		–			1.56			14.07
Y		12.91		0.09		–		1.97			2.06			(0.09	)		(0.79	)		–		(0.88	)		1.18			14.09

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	13.03	%(F)	$	72,743		1.20	%(G)		1.15	%(G)		1.15	%(G)		1.69	%(G)		9	%
	12.53	(F)		2,979		2.21	(G)		1.93	(G)		1.93	(G)		0.91	(G)		–
	12.61	(F)		16,821		1.90	(G)		1.86	(G)		1.86	(G)		0.98	(G)		–
	13.20	(F)		12,247		0.87	(G)		0.84	(G)		0.84	(G)		2.01	(G)		–
	12.89	(F)		2,629		1.46	(G)		1.38	(G)		1.38	(G)		1.45	(G)		–
	13.05	(F)		7,607		1.14	(G)		1.08	(G)		1.08	(G)		1.77	(G)		–
	13.24	(F)		2,790		0.84	(G)		0.80	(G)		0.80	(G)		2.04	(G)		–
	13.33	(F)		458,750		0.74	(G)		0.70	(G)		0.70	(G)		2.14	(G)		–
	4.41			69,016		1.20			1.15			1.15			1.20			16
	3.59			3,409		2.15			1.95			1.95			0.39			–
	3.67			15,395		1.91			1.86			1.86			0.49			–
	4.75			9,310		0.86			0.81			0.81			1.53			–
	4.09			2,288		1.47			1.40			1.40			0.98			–
	4.54			8,543		1.15			1.10			1.10			1.27			–
	4.73			2,563		0.86			0.80			0.80			1.47			–
	4.86			463,414		0.74			0.69			0.69			1.65			–
	11.41			65,915		1.30			1.28			1.28			0.88			33
	10.59			5,467		2.22			2.09			2.09			0.08			–
	10.63			13,276		2.02			2.00			2.00			0.15			–
	11.57			4,604		0.92			0.90			0.90			1.26			–
	11.22			1,024		1.53			1.50			1.50			0.62			–
	11.51			564		1.21			1.19			1.19			0.94			–
	11.86			101		0.89			0.87			0.87			1.21			–
	12.02			375,692		0.82			0.80			0.80			1.36			–
	10.29			57,687		1.41			1.40			1.40			1.27			50
	9.61			7,286		2.43			1.89			1.89			0.77			–
	9.47			10,591		2.18			2.14			2.14			0.49			–
	10.60			2,534		1.00			1.00			1.00			1.24			–
	9.92			248		1.63			1.63			1.63			0.86			–
	10.26			163		1.29			1.29			1.29			1.36			–
	10.65			8		0.97			0.97			0.97			1.67			–
	10.74			296,799		0.88			0.88			0.88			1.73			–
	(33.00	)		56,864		1.32			1.32			1.32			1.32			57
	(33.43	)		7,211		2.27			2.06			2.06			0.57			–
	(33.50	)		9,160		2.10			2.10			2.10			0.54			–
	(32.67	)		598		0.96			0.96			0.96			1.66			–
	(33.14	)		122		1.73			1.65			1.65			0.87			–
	(32.93	)		166		1.31			1.31			1.31			1.29			–
	(32.71	)		8		0.98			0.98			0.98			1.65			–
	(32.65	)		211,366		0.88			0.88			0.88			1.76			–
	16.61	(H)		89,023		1.32			1.32			1.32			0.89			32
	15.63	(H)		12,976		2.23			2.15			2.15			0.07			–
	15.63	(H)		13,710		2.09			2.09			2.09			0.13			–
	2.17	(F)		46		1.00	(G)		1.00	(G)		1.00	(G)		1.00	(G)		–
	11.91	(F)		11		1.65	(G)		1.65	(G)		1.65	(G)		0.47	(G)		–
	12.15	(F)		11		1.35	(G)		1.35	(G)		1.35	(G)		0.78	(G)		–
	12.47	(F)		11		1.05	(G)		1.05	(G)		1.05	(G)		1.07	(G)		–
	17.07	(H)		301,813		0.89			0.89			0.89			1.30			–

25

The Hartford Value Fund

Financial Highlights - (continued)

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Not annualized.

(G) Annualized.

(H) Total return without the inclusion of the Payments from (to) Affiliate, can be found in Expenses in the accompanying Notes to Financial Statements.

(I) Commenced operations on May 31, 2007.

(J) Commenced operations on December 22, 2006.

26

The Hartford Value Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford Value Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

28

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

29

The Hartford Value Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,130.30	$	6.09	$	1,000.00	$	1,019.14	$	5.78		1.15	%		182		366
Class B	$	1,000.00	$	1,125.30	$	10.21	$	1,000.00	$	1,015.25	$	9.69		1.93			182		366
Class C	$	1,000.00	$	1,126.10	$	9.85	$	1,000.00	$	1,015.60	$	9.34		1.86			182		366
Class I	$	1,000.00	$	1,132.00	$	4.43	$	1,000.00	$	1,020.71	$	4.20		0.84			182		366
Class R3	$	1,000.00	$	1,128.90	$	7.32	$	1,000.00	$	1,017.99	$	6.94		1.38			182		366
Class R4	$	1,000.00	$	1,130.50	$	5.70	$	1,000.00	$	1,019.51	$	5.40		1.08			182		366
Class R5	$	1,000.00	$	1,132.40	$	4.24	$	1,000.00	$	1,020.89	$	4.02		0.80			182		366
Class Y	$	1,000.00	$	1,133.30	$	3.73	$	1,000.00	$	1,021.36	$	3.54		0.70			182		366

30

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-V12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Semi Annual Report

The Hartford World Bond Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds. Although it’s not yet clear that the recent market volatility is truly behind us, we believe there are several reasons to remain optimistic about the markets in 2012.

Market Review

Stocks soared in October as a result of solid corporate earnings reports, generally better-than-expected economic data, and renewed hopes for a solution to the eurozone debt crisis. However, November saw some of those gains dissipate due to pessimism about European contagion and its implications for global economic growth. The quarter ended on a positive note, a result of encouraging employment and manufacturing data in December.

The S&P 500 Index was virtually unchanged for the year: 1257.64 on 12/31/2010, and 1257.60 on 12/31/2011. Dividends, however, helped produce a 2.11% total return for the Index for the year.

In 2012, U.S. equities surged in the first quarter, with the S&P 500 up 12.59% as investors shrugged off lingering uncertainty over eurozone sovereign debt and focused instead on improving economic data. Strong corporate earnings news and the Federal Reserve’s pledge to keep interest rates low buoyed investors’ appetites.

The Hartford Mutual Funds Expands Relationship with Wellington Management

We’re very pleased that we are expanding our relationship with Wellington Management which will now serve as the sole sub-adviser for the retail Hartford Mutual Funds including equity, fixed-income, and asset-allocation funds.* One of America’s oldest and largest investment management firms, Wellington Management has resources that span the entire globe, with multiple offices across the U.S. and numerous offices abroad. Wellington Management’s most distinctive strength is its proprietary research, which is shared across the entire organization.

We believe that aligning more closely with a well-respected money manager like Wellington Management puts us in a strong position to drive significant growth and to continue delivering innovative fund strategies to help our investors meet their financial goals.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President 

The Hartford Mutual Funds

*Hartford Investment Management Company will continue to sub-advise The Hartford Money Market Fund.

The Hartford World Bond Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at April 30, 2012 (Unaudited)	6
Investment Valuation Hierarchy Level Summary at April 30, 2012 (Unaudited)	20
Statement of Assets and Liabilities at April 30, 2012 (Unaudited)	21
Statement of Operations for the Six-Month Period Ended April 30, 2012 (Unaudited)	22
Statement of Changes in Net Assets for the Six-Month Period Ended April 30, 2012 (Unaudited), and the Period May 31, 2011, (commencement of operations) through October 31, 2011	23
Notes to Financial Statements (Unaudited)	24
Financial Highlights (Unaudited)	40
Directors and Officers (Unaudited)	42
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	44
Quarterly Portfolio Holdings Information (Unaudited)	44
Expense Example (Unaudited)	45

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford World Bond Fund inception 05/31/2011

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks capital appreciation with income as a secondary goal.

Performance Overview 5/31/11 - 4/30/12

The chart above shows the growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 4/30/12)

	6 Month†			Since Inception
World Bond A#		3.41	%		7.27	%
World Bond A##					2.45	%
World Bond C#		3.04	%		6.47	%
World Bond C##					5.47	%
World Bond I#		3.52	%		7.50	%
World Bond R3#		3.13	%		6.82	%
World Bond R4#		3.28	%		7.11	%
World Bond R5#		3.44	%		7.39	%
World Bond Y#		3.46	%		7.45	%
Citigroup World Government Bond Index		0.30	%		3.46	%

†	Not Annualized
#	Without sales charge
##	With sales charge

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The initial investment in Class A shares reflects the maximum sales charge and Class C reflects a contingent deferred sales charge.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on April 30, 2012, which may exclude investment transactions as of this date.

Citigroup World Government Bond Index includes the most significant and liquid government bond markets globally that carry at least an investment grade rating. Index weights are based on the market capitalization of qualifying outstanding debt stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

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 the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford World Bond Fund

Manager Discussion

April 30, 2012 (Unaudited)

Portfolio Managers
Robert L. Evans	Mark H. Sullivan, CFA
Director and Fixed Income Portfolio Manager	Vice President and Fixed Income Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford World Bond Fund returned 3.41%, before sales charge, for the six-month period ended April 30, 2012, outperforming its benchmark, the Citigroup World Government Bond Index, which returned 0.30% for the same period. The Fund also outperformed the 3.08% return of the average fund in the Lipper Global Income Funds peer group, a group of funds that invests primarily in U.S. dollar (USD) and non-U.S. dollar debt securities of issuers located in at least three countries, one of which may be the United States.

Why did the Fund perform this way?

For the six-month period, benchmark-relative outperformance was primarily driven by our currency positioning, particularly significant underweights (i.e. the Fund’s position was less than the benchmark position) to the euro and Japanese yen. Our overall cautious duration positioning and the resulting significant exposure to high quality government bond markets like Australia, Germany, Denmark, Sweden, and Norway was also additive to relative performance. Our opportunistic allocation to emerging market and credit sectors, including investment-grade, high yield corporate credit, securitized and emerging local debt was also additive to relative performance. On an absolute basis, the main driver of return was our allocation to high quality, core government bonds. Other positive contributors included duration, country rotation, and credit strategies.

After a rocky 2011, positive developments out of Europe and improving U.S. economic data helped boost investor sentiment during the first quarter of 2012. Yields rose in most high-quality government bond markets, equity markets rallied, and fixed income spreads tightened in response to the “risk-on” tone. Most currencies — including those of emerging markets, which had a particularly rough 2011 — appreciated versus the U.S. dollar based on the pick-up in global growth momentum and exceptionally loose global fiscal and monetary policy. While the U.S. Federal Reserve relied primarily on forward rate guidance and enhanced communication to anchor policy rate expectations, the European Central Bank (ECB) and the Bank of Japan (BOJ) expanded their balance sheets considerably to ease monetary policy.

Yields in most high-quality government bond markets ended lower during the period. Short-term yields on peripheral European government bonds particularly fell in response to the ECB’s injection of liquidity through its long term refinancing operation (LTRO) program.

The main influences on currency markets during the period were improved growth expectations and supportive policy conditions; however, currency performance was mixed. Emerging markets (EM) currencies in particular saw a healthy rally after a challenging 2011. High-yielding and commodity currencies like the New Zealand dollar (3.0%), Canadian dollar (2.0%), Australian dollar (1.3%) and Mexican peso (4.4%) appreciated versus the USD. A notable exception was the euro (-4.0%) which weakened considerably versus the USD as uncertainty remained in the Eurozone area.

Global Investment-Grade Corporates ended the period with a 4.0% total return on a U.S. dollar-hedged basis. Extremely loose global liquidity conditions, progress toward containing the European sovereign debt crisis, and an improving global macroeconomic climate supported the asset class. Commercial mortgage-backed securities (MBS) (5.1%), Agency MBS (2.1%), and asset-backed securities (2.6%) all posted positive total returns.

Overall, our currency strategies were strongly additive to relative performance during the period. Our avoidance of the Japanese yen exposure helped performance as the yen weakened against the USD. Our limited exposure to the euro also helped as the euro continued to weaken due to continued uncertainty in the Eurozone. Our exposure to North American currencies (U.S., Canada, Mexico) and Asian currencies (particularly Malaysian) were additive, as North America outperformed most other advanced economies. On an absolute basis, our currency strategies contributed modestly to total return. Our currency positioning is primarily implemented through the use of currency forward contracts.

Within country strategies, our exposure to core developed government bond markets such as Australia, Germany, Denmark, Sweden, and Norway was a major contributor to relative performance, as interest rates significantly decreased and government bond prices rose during the period. Most high quality, global government bond markets exhibited frequent swings in sentiment, albeit with an overall richening bias. Although the European Central Bank hiked interest rates in July 2011, major central banks developed a more cautious and dovish tilt as the period progressed and market expectations

3

The Hartford World Bond Fund

Manager Discussion – (continued)

April 30, 2012 (Unaudited)

about global growth were gradually scaled back. Within our active duration positioning, our tactical overweight to the front-end of the yield curve in countries like Sweden, Germany, and Australia positively contributed to relative results, as markets normalized their policy tightening expectations in these countries. In addition, our active inter-country rotation strategies where we were overweight Germany versus the U.S. at the 10-year part of the yield curve, also contributed positively to relative results. On an absolute basis, our duration exposure to high quality, core developed governments contributed significantly to total return. Our country (duration and yield curve) positioning is primarily implemented through the use of government bond futures and cash bonds.

Credit strategies had a positive impact on both absolute and relative performance during the period, despite our limited and very selective exposure to these sectors. Our opportunistic allocation to the high yield sector, particularly within Industrial issues, was additive to relative performance during the period. Our allocation to global investment grade corporates, particularly U.S. Industrial and Financial issues, was also additive. Our allocation to securitized debt, in particular Agency CMOs (collateralized mortgage obligations) and Non-Agency Residential MBS, was additive to relative performance. Within emerging markets debt, our exposure to Brazilian interest rates was additive but our exposure to Israeli interest rates detracted from relative performance. Our credit positioning is primarily implemented through the use of cash bonds and credit default swaps (index and single name).

What is the outlook?

We continue to tactically manage duration. Recently reported Purchasing Managers Index (PMI) data has been on the weaker side. The U.S. continues to outperform most advanced economies, while the eurozone continues to underperform. We believe that this divergence will persist and can only get worse. Particularly, it appears that even Germany has now started to see some weakness in industrial production and employment numbers. Although European Monetary Unit (EMU) growth is expected to be weaker this year, the consensus view is that German growth will remain strong, relative to peripheral eurozone economies. If that entrenched view gets challenged, we could see some buildup in the political risk in Germany, similar to the pushback against austerity in Netherlands. The positive outcome of this development could be that Germany, ECB, and other major officials could shift the pendulum in terms of advocating more pro-growth measures in the eurozone, rather than primarily emphasizing the fiscal compact and budget discipline.

Our current positioning reflects early signs of a softening in global data releases. Overall, given divergent cyclical performance across developed markets, we continue to favor country relative value strategies, which are implemented primarily through futures, while leaning towards a cautious, underweight bias in our duration strategies. We continue to maintain exposure to core developed government bond markets such as Germany, United States, Denmark, Sweden, Canada, and Australia. We continue to avoid exposure to peripheral european sovereigns like Spain and Italy.

Looking ahead, we think the outlook for the USD in the next few months is likely to be strong, particularly versus the Euro and Yen, driven by favorable valuation, better cyclical performance, and a relative tightening of monetary policy. The U.S. economy is likely to outperform most major developed countries in 2012, as large private sector deleveraging over recent years, we believe, will give way to a U.S. private sector more able to increase employment and consumption. Meanwhile, economies elsewhere, particularly in Europe, are likely to perform very poorly in 2012, as a consequence of significant fiscal tightening, banking sector deleveraging, and overvalued exchange rates.

In the next few months, we believe the peripheral G10 currencies (currencies of the world’s most developed countries) could experience diverging performance. Cyclically, we believe Australia faces three major headwinds to growth – a weaker Chinese housing cycle, a weaker domestic housing cycle, and material domestic fiscal tightening. We expect the Australian dollar to underperform other commodity currencies, particularly the New Zealand dollar and the Canadian dollar. Meanwhile, Norway seems to be benefitting from strong credit and housing cycles as well as from the higher levels of oil prices. Despite the recent monetary easing by the Norgesbank, we expect the Norwegian krone to outperform other European currencies. Although emerging market currency fundamentals are no longer as uniform as they were at the early stages of their appreciation trend in the early 2000s, a number of emerging market currencies are still likely to benefit from the support of their external balances and relatively tight monetary policies. Emerging markets countries generally have far less slack in their labor markets than most developed market countries, which suggests the central banks are less likely to ease monetary conditions. We expect emerging market currencies to appreciate versus the Euro and Yen.

Over the next several months, we think that further market volatility is likely until there is greater clarity regarding the solution to the fiscal crisis in peripheral European countries. Until there is some resolution on this front, we believe that credit spreads will also likely remain volatile. Nonetheless,

4

we believe that fundamentals for the credit sector remain solid as corporate balance sheets remain healthy while asset allocation flows should continue to be supportive for both High Yield and Investment Grade corporate credit. Companies around the world have reduced leverage, termed out maturities, lessened their reliance on short-term debt and commercial paper, and stockpiled cash. As a result, corporate credit quality seems substantially stronger than in the period immediately preceding the 2008 – 2009 financial crises, and also compared with longer-term historical credit metrics and ratios. We believe that shareholder-friendly activity, which had increased in early 2011 before sovereign volatility picked up, would likely resurface should the growth outlook improve. Demand for high-quality investment-grade securities remains strong due to ultra-low front-end rates and a resulting demand for income, limited supply of spread products, continued implementation of liability-driven investment strategies, and interest from retail investors seeking to offset falling government interest rates. We expect shifts in our credit exposure to remain tactical and opportunistic in nature given that we anticipate further market volatility.

Distribution by Credit Quality

as of April 30, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		47.6	%
Aa / AA		6.8
A		5.3
Baa / BBB		3.8
Ba / BB		2.3
B		2.5
Caa / CCC or Lower		1.4
Unrated		1.6
U.S. Government Agencies and Securities		19.3
Non Debt Securities and Other Short-Term Instruments		6.2
Other Assets & Liabilities		3.2
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of April 30, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		0.1	%
Administrative Waste Management and Remediation		0.0
Agriculture, Forestry, Fishing and Hunting		0.0
Apparel Manufacturing		0.0
Arts, Entertainment and Recreation		0.3
Chemical Manufacturing		0.0
Computer and Electronic Product Manufacturing		0.2
Construction		0.1
Fabricated Metal Product Manufacturing		0.0
Finance and Insurance		6.4
Food Manufacturing		0.1
Food Services		0.1
Furniture and Related Product Manufacturing		0.0
Health Care and Social Assistance		0.5
Information		0.8
Machinery Manufacturing		0.0
Mining		0.2
Miscellaneous Manufacturing		0.1
Motor Vehicle and Parts Manufacturing		0.1
Nonmetallic Mineral Product Manufacturing		0.0
Other Services		0.1
Petroleum and Coal Products Manufacturing		1.0
Pipeline Transportation		0.1
Plastics and Rubber Products Manufacturing		0.0
Professional, Scientific and Technical Services		0.0
Real Estate, Rental and Leasing		0.9
Retail Trade		0.1
Soap, Cleaning Compound and Toilet Manufacturing		0.0
Truck Transportation		0.1
Utilities		0.2
Water Transportation		0.1
Wholesale Trade		0.3
Total		11.9	%
Equity Securities
Diversified Financials		0.1
Total		0.1	%
Call Options Purchased		0.0
Foreign Government Obligations		59.4
Put Options Purchased		0.0
U.S. Government Agencies		0.0
U.S. Government Securities		7.2
Short-Term Investments		18.2
Other Assets and Liabilities		3.2
Total		100.0	%

5

The Hartford World Bond Fund

Schedule of Investments

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 3.6%
		United Kingdom - 0.4%
		Granite Master Issuer plc
$	556	0.28%, 12/20/2054 Δ	$	533
	469	0.33%, 12/17/2034 Δ		451
				984
		United States - 3.2%
		AmeriCredit Automobile Receivables Trust
	565	0.74%, 03/08/2016 Δ		565
	170	3.34%, 04/08/2016		177
	21	5.56%, 06/06/2014		21
		Argent Securities, Inc.
	217	0.52%, 04/25/2036 Δ		65
		Asset Backed Funding Certificates
	300	0.46%, 10/25/2036 Δ		112
		Banc of America Funding Corp.
	561	5.77%, 05/25/2037		445
		Bank of America Automotive Trust
	104	3.52%, 06/15/2016 ■		105
		Bear Stearns Adjustable Rate Mortgage Trust
	505	2.25%, 08/25/2035 Δ		464
		Bear Stearns Commercial Mortgage Securities, Inc.
	80	5.20%, 12/11/2038		90
	18	5.33%, 01/12/2045		18
		Citibank Omni Master Trust
	250	2.34%, 05/16/2016 ■Δ		250
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	417	5.40%, 12/11/2049 ☼		237
	10	5.89%, 11/15/2044		12
		CNH Equipment Trust
	155	1.20%, 05/16/2016		156
		Consumer Portfolio Services, Inc.
	262	2.78%, 06/17/2019 ■		262
		Countrywide Alternative Loan Trust
	121	0.36%, 06/25/2036 Δ		67
		DBUBS Mortgage Trust
	3,122	4.89%, 01/01/2021 ■►		175
		Fieldstone Mortgage Investment Corp.
	153	0.58%, 04/25/2047 Δ		60
		Ford Credit Automotive Lease Trust
	101	0.74%, 09/15/2013		102
		GMAC Mortgage Corp. Loan Trust
	404	4.90%, 09/19/2035 Δ		343
		Greenwich Capital Commercial Funding Corp.
	150	5.88%, 07/10/2038 Δ		171
		GSR Mortgage Loan Trust
	470	4.53%, 05/25/2047 Δ		289
		Honda Automotive Receivables Owner Trust
	104	0.57%, 07/18/2013		104
	165	0.67%, 04/21/2014		165
		Indymac Index Mortgage Loan Trust
	145	2.59%, 08/25/2035 Δ		76
	457	2.81%, 09/25/2036 Δ		271
		JP Morgan Chase Commercial Mortgage Securities Corp.
	200	5.49%, 12/12/2043		111
	150	5.72%, 02/15/2051		166
	200	6.07%, 02/12/2051		213
		LB-UBS Commercial Mortgage Trust
	310	5.43%, 02/15/2040		342
		Merrill Lynch Mortgage Investors Trust
	53	0.44%, 12/25/2036 Δ		36
	100	5.66%, 05/12/2039 Δ		113
		Merrill Lynch Mortgage Investors, Inc.
	122	0.35%, 03/25/2037 Δ		67
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	400	5.74%, 06/12/2050 Δ		433
	105	5.90%, 06/12/2046 Δ		119
		Morgan Stanley Capital I
	40	5.16%, 10/12/2052 Δ		44
	100	5.26%, 09/15/2047 ■Δ		108
	105	5.40%, 12/15/2043		74
	170	5.57%, 12/15/2044		183
	50	5.82%, 06/11/2042 Δ		58
		Morgan Stanley Capital, Inc.
	444	0.38%, 08/25/2036 - 11/25/2036 Δ		207
	840	0.47%, 10/25/2036 Δ		250
		Option One Mortgage Loan Trust
	69	0.34%, 02/25/2037 Δ		36
		Prestige Automotive Receivables Trust
	315	1.23%, 12/15/2015 ■		315
		Santander Consumer USA, Inc.
	165	2.32%, 04/15/2015 ■		166
		Securitized Asset Backed Receivables LLC Trust
	147	0.37%, 05/25/2037 Δ		75
		Soundview Home Equity Loan Trust, Inc.
	309	0.52%, 06/25/2037 Δ		112
		Structured Adjustable Rate Mortgage Loan Trust
	342	0.54%, 09/25/2034 Δ		256
		Wells Fargo Mortgage Backed Securities Trust
	171	5.19%, 10/25/2035 Δ		164
				8,450
		Total asset & commercial mortgage backed securities
		(cost $9,437)	$	9,434
CORPORATE BONDS - 7.3%
		Australia - 0.1%
		FMG Resources Pty Ltd.
$	35	6.00%, 04/01/2017 ■	$	36
	150	7.00%, 11/01/2015 ■		155
				191
		Belgium - 0.1%
		Ontex IV
EUR	100	7.50%, 04/15/2018 §		126
		Brazil - 0.1%
		Fibria Overseas Finance Ltd.
	125	7.50%, 05/04/2020 ■		131

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 7.3% - (continued)
		British Virgin Islands - 0.2%
		CNOOC Finance 2012 Ltd.
$	515	3.88%, 05/02/2022 ■☼	$	516
		Canada - 0.2%
		Harvest Operations Corp.
	20	6.88%, 10/01/2017 ■		21
		Lone Pine Resources, Inc.
	25	10.38%, 02/15/2017 ■		26
		National Money Mart Co.
	225	10.38%, 12/15/2016		252
		Videotron Ltee
	36	5.00%, 07/15/2022 ■		36
	40	9.13%, 04/15/2018		44
				379
		France - 0.2%
		BNP Paribas
	640	2.13%, 12/21/2012		641
		Ireland - 0.0%
		Elan Corp.
	100	8.75%, 10/15/2016		110
		Luxembourg - 0.1%
		SB Capital (Sberbank)
	350	5.72%, 06/16/2021 §		354
		Netherlands - 0.1%
		Conti-Gummi Finance B.V.
EUR	50	7.13%, 10/15/2018 §		70
		ING Groep N.V.
EUR	5	8.00%, 04/29/2049		6
		Repsol International Finance B.V.
EUR	100	4.88%, 02/19/2019 §		127
		Volkswagen Financial Services N.V.
EUR	100	1.31%, 11/27/2012 Δ		132
				335
		South Africa - 0.0%
		Consol Glass Ltd.
EUR	50	7.63%, 04/15/2014 §		67
		Switzerland - 0.7%
		UBS AG Jersey Brank
EUR	15	4.28%, 04/15/2015		16
		UBS AG Stamford CT
	1,825	2.25%, 08/12/2013		1,836
				1,852
		United Kingdom - 0.3%
		FCE Bank plc
EUR	200	7.25%, 07/15/2013 §		279
		HSBC Holdings plc
EUR	400	1.09%, 09/30/2020 Δ		466
				745
		United States - 5.2%
		ACL I Corp.
	115	10.63%, 02/15/2016 ■Þ		112
		AES (The) Corp.
	130	7.75%, 10/15/2015		146
	50	8.00%, 10/15/2017		57
		Air Lease Corp.
	1,836	5.63%, 04/01/2017 ■		1,790
		Alere, Inc.
	80	9.00%, 05/15/2016		83
		Ally Financial, Inc.
	65	6.75%, 12/01/2014		69
	35	8.00%, 03/15/2020		40
		Alpha Natural Resources, Inc.
	20	6.00%, 06/01/2019		19
		AMC Entertainment, Inc.
	59	8.00%, 03/01/2014		59
	70	8.75%, 06/01/2019		75
		American Express Bank, FSB
	175	0.37%, 05/29/2012 Δ		175
		American Rock Salt Co. LLC
	10	8.25%, 05/01/2018 ■		9
		AmeriGas Finance LLC
	10	7.00%, 05/20/2022		10
		Anixter International, Inc.
	20	5.63%, 05/01/2019		20
		Antero Resources Finance Corp.
	10	7.25%, 08/01/2019 ■		10
	25	9.38%, 12/01/2017		27
		ARAMARK Corp.
	55	8.50%, 02/01/2015		56
		ARAMARK Holdings Corp.
	60	8.63%, 05/01/2016 ■Þ		61
		Atwood Oceanics, Inc.
	311	6.50%, 02/01/2020		327
		Audatex North America, Inc.
	56	6.75%, 06/15/2018 ■		59
		Ball Corp.
	20	7.13%, 09/01/2016		22
		BE Aerospace, Inc.
	50	8.50%, 07/01/2018		55
		Beagle Acquisition Corp.
	25	11.00%, 12/31/2019 ■		28
		Biomet, Inc.
	85	10.00%, 10/15/2017		92
		Caesars Operating Escrow
	110	8.50%, 02/15/2020 ■		113
		Calpine Corp.
	160	7.25%, 10/15/2017 ■		171
		Case Corp.
	95	7.25%, 01/15/2016		105
		CCO Holdings LLC
	175	7.25%, 10/30/2017		190
		CDW Escrow Corp.
	70	8.50%, 04/01/2019		75
		CenturyTel, Inc.
	55	6.00%, 04/01/2017		59
		Chesapeake Energy Corp.
	65	2.50%, 05/15/2037 ۞		55
	35	6.50%, 08/15/2017		35
		CIT Group, Inc.
	30	5.25%, 04/01/2014 ■		31
	65	5.25%, 03/15/2018		67
		CNH Capital LLC
	60	6.25%, 11/01/2016 ■		64

The accompanying notes are an integral part of these financial statements.

7

The Hartford World Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 7.3% - (continued)
		United States - 5.2% - (continued)
		Community Health Systems, Inc.
$	38	8.88%, 07/15/2015	$	39
		Continental Resources, Inc.
	65	5.00%, 09/15/2022 ■		66
		Cricket Communications, Inc.
	140	7.75%, 05/15/2016		147
		Crown Americas, Inc.
	20	6.25%, 02/01/2021		22
		El Paso Corp.
	40	7.00%, 06/15/2017		45
		Endeavour International
	50	12.00%, 03/01/2018 ■		50
		Energy Transfer Equity L.P.
	20	7.50%, 10/15/2020		22
		Everest Acquisition LLC
	15	6.88%, 05/01/2019 ■		16
	110	9.38%, 05/01/2020 ■		117
		Ferrellgas Partners L.P.
	6	6.50%, 05/01/2021		5
		First Data Corp.
	25	7.38%, 06/15/2019 ■		26
		Ford Motor Credit Co.
	25	7.00%, 10/01/2013		27
	60	7.45%, 07/16/2031		76
		Freescale Semiconductor, Inc.
	20	8.05%, 02/01/2020		20
		Fresenius Medical Care U.S. Finance II, Inc.
	260	5.63%, 07/31/2019 ■		265
	260	5.88%, 01/31/2022 ■		264
	60	9.00%, 07/15/2015 ■		69
		Frontier Communications Corp.
	30	8.25%, 05/01/2014		33
		General Electric Capital Corp.
	1,850	2.30%, 04/27/2017		1,853
		Gray Television, Inc.
	35	10.50%, 06/29/2015		37
		HCA, Inc.
	120	6.38%, 01/15/2015		128
		HD Supply, Inc.
	30	8.13%, 04/15/2019 ■		32
		Hexion U.S. Finance Corp.
	55	6.63%, 04/15/2020 ■		57
		Host Marriott L.P.
	50	6.38%, 03/15/2015		51
		Huntsman International LLC
	35	5.50%, 06/30/2016		35
		Intelsat Bermuda Ltd.
	55	11.25%, 06/15/2016		58
	130	11.50%, 02/04/2017 Þ		136
		International Lease Finance Corp.
	90	5.65%, 06/01/2014		92
	75	6.50%, 09/01/2014 ■		80
		Iron Mountain, Inc.
	30	7.75%, 10/01/2019		33
	50	8.38%, 08/15/2021		55
		J.M. Huber Corp.
	10	9.88%, 11/01/2019 ■		11
		Jabil Circuit, Inc.
	20	5.63%, 12/15/2020		21
		KB Home
	110	8.00%, 03/15/2020		107
		Kinder Morgan Finance Co.
	110	5.70%, 01/05/2016		115
		Leap Wireless International, Inc.
	30	4.50%, 07/15/2014 ۞		28
		Lennar Corp.
	30	5.60%, 05/31/2015		31
		Level 3 Financing, Inc.
	120	4.51%, 02/15/2015 Δ		116
		Markwest Energy
	20	6.25%, 06/15/2022		21
		Masco Corp.
	65	4.80%, 06/15/2015		67
		MBNA Capital
	40	8.28%, 12/01/2026		40
		Mediacom Broadband LLC
	60	8.50%, 10/15/2015		62
		Mediacom LLC
	85	9.13%, 08/15/2019		93
		MetroPCS Wireless, Inc.
	110	7.88%, 09/01/2018		113
		MGM Mirage, Inc.
	30	11.13%, 11/15/2017		34
		Michaels Stores, Inc.
	70	7.75%, 11/01/2018		74
		Newfield Exploration Co.
	15	5.75%, 01/30/2022		16
		Newmont Mining Corp.
	62	1.63%, 07/15/2017 ۞		79
		NGPL Pipeco LLC
	40	7.12%, 12/15/2017 ■		39
		Noble Corp.
	405	2.50%, 03/15/2017		411
	115	3.95%, 03/15/2022		117
		Number Merger Sub, Inc.
	70	11.00%, 12/15/2019 ■		76
		Offshore Group Investments Ltd.
	45	11.50%, 08/01/2015 ■		49
		Owens-Brockway
	85	7.38%, 05/15/2016		96
		Peabody Energy Corp.
	120	7.38%, 11/01/2016		133
		Peninsula Gaming LLC
	55	8.38%, 08/15/2015		58
		Pioneer Natural Resources Co.
	40	5.88%, 07/15/2016		44
		Plains Exploration & Production Co.
	615	6.13%, 06/15/2019		621
		Post Holdings, Inc.
	325	7.38%, 02/15/2022 ■		338
		Provident Funding Associates L.P.
	55	10.25%, 04/15/2017 ■		56
		PSS World Medical, Inc.
	111	6.38%, 03/01/2022 ■		114
		Pulte Homes, Inc.
	60	5.20%, 02/15/2015		62
		QVC, Inc.
	40	7.50%, 10/01/2019 ■		44

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 7.3% - (continued)
		United States - 5.2% - (continued)
		Radiation Therapy Services, Inc.
$	35	8.88%, 01/15/2017 ■☼	$	35
	70	9.88%, 04/15/2017		56
		Range Resources Corp.
	15	6.75%, 08/01/2020		16
		Realogy Corp.
	75	7.63%, 01/15/2020 ■		78
		Revlon Consumer Products
	60	9.75%, 11/15/2015		65
		Reynolds Group Escrow
	100	7.75%, 10/15/2016 ■		106
		Reynolds Group Issuer, Inc.
	100	7.13%, 04/15/2019 ■		104
		SABMiller Holdings, Inc.
	450	2.45%, 01/15/2017 ■		461
		Savient Pharmaceuticals, Inc.
	27	4.75%, 02/01/2018 ۞		15
		SBA Telecommunications
	36	8.00%, 08/15/2016		39
		Service Corp. International
	25	7.38%, 10/01/2014		27
		Sinclair Television Group
	60	9.25%, 11/01/2017 ■		67
		SLM Corp.
	85	6.25%, 01/25/2016		88
	100	8.45%, 06/15/2018		109
		Sprint Nextel Corp.
	75	7.00%, 03/01/2020 ■		76
	75	9.00%, 11/15/2018 ■		83
		SunGard Data Systems, Inc.
	100	10.25%, 08/15/2015		104
		Texas Competitive Electric Co.
	55	11.50%, 10/01/2020 ■		34
		Transdigm, Inc.
	50	7.75%, 12/15/2018		54
		TRW Automotive, Inc.
	96	8.88%, 12/01/2017 ■		107
		United Rental Financing Escrow Corp.
	10	5.75%, 07/15/2018 ■		10
	170	7.63%, 04/15/2022 ■		180
		United Rentals North America, Inc.
	70	10.88%, 06/15/2016		79
		Windstream Corp.
	65	7.50%, 06/01/2022		68
		Wynn Las Vegas LLC
	20	7.75%, 08/15/2020		22
		Yankee Acquisition Corp.
	2	8.50%, 02/15/2015		2
				13,693
		Total corporate bonds
		(cost $19,008)	$	19,140
FOREIGN GOVERNMENT OBLIGATIONS - 59.4%
		Australia - 3.8%
		Australian Government
AUD	7,375	4.75%, 06/15/2016 - 04/21/2027	$	8,181
AUD	1,100	5.25%, 03/15/2019		1,277
AUD	450	5.50%, 04/21/2023		541
				9,999
		Belgium - 6.1%
		Belgium (Kingdom of)
EUR	6,925	4.00%, 03/28/2017 - 03/28/2022		9,833
EUR	2,800	4.25%, 09/28/2014 - 03/28/2041		3,949
EUR	1,425	5.00%, 03/28/2035		2,205
				15,987
		Brazil - 0.5%
		Brazil Notas do Tesouro Nacional Serie F
BRL	2,520	10.00%, 01/01/2015		1,341
		Canada - 4.3%
		Canadian Government
CAD	1,950	1.50%, 03/01/2017		1,963
CAD	4,125	2.25%, 08/01/2014		4,255
CAD	2,760	4.00%, 06/01/2017 - 06/01/2041		3,415
CAD	1,090	5.00%, 06/01/2037		1,577
		Ontario (Province of)
	125	1.88%, 11/19/2012		126
				11,336
		Denmark - 6.5%
		Denmark (Kingdom of)
DKK	33,475	4.00%, 11/15/2015 - 11/15/2019		6,895
DKK	18,725	4.50%, 11/15/2039		4,787
DKK	12,175	5.00%, 11/15/2013		2,324
DKK	10,875	7.00%, 11/10/2024		2,999
				17,005
		Finland - 6.4%
		Finnish Government
EUR	4,900	1.75%, 04/15/2016		6,721
EUR	1,850	3.13%, 09/15/2014		2,606
EUR	2,785	3.50%, 04/15/2021		4,111
EUR	2,270	4.00%, 07/04/2025		3,481
				16,919
		France - 0.0%
		Caisse D'Amortissement de la Dette Sociale
GBP	75	1.19%, 06/17/2013 Δ		121
		Germany - 4.1%
		Bundesobligation
EUR	4,725	2.00%, 02/26/2016		6,642
		Bundesrepublik Deutschland
EUR	1,010	4.75%, 07/04/2034 - 07/04/2040		1,956
EUR	1,230	5.63%, 01/04/2028		2,332
				10,930
		Mexico - 3.1%
		Mexican Bonos De Desarrollo
MXN	92,884	8.00%, 06/11/2020		8,069
		Norway - 7.0%
		Norwegian Government
NOK	20,900	4.25%, 05/19/2017		4,109
NOK	21,775	4.50%, 05/22/2019		4,463
NOK	28,375	5.00%, 05/15/2015		5,460
NOK	23,425	6.50%, 05/15/2013		4,296
				18,328
		Poland - 2.6%
		Poland Government Bond
PLN	21,525	5.75%, 10/25/2021		6,994

The accompanying notes are an integral part of these financial statements.

9

The Hartford World Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 59.4% - (continued)
		Singapore - 6.7%
		Singapore (Republic of)
SGD	1,150	2.88%, 09/01/2030	$	1,012
SGD	3,310	3.25%, 09/01/2020		3,045
SGD	2,280	3.50%, 03/01/2027		2,127
SGD	5,900	3.63%, 07/01/2014		5,118
SGD	6,850	3.75%, 09/01/2016		6,331
				17,633
		Sweden - 8.3%
		Sweden (Kingdom of)
SEK	31,500	3.00%, 07/12/2016		5,000
SEK	30,125	3.50%, 06/01/2022 - 03/30/2039		5,320
SEK	29,375	3.75%, 08/12/2017 ☼		4,881
SEK	17,650	4.25%, 03/12/2019		3,076
SEK	21,300	6.75%, 05/05/2014		3,517
				21,794
		Total foreign government obligations
		(cost $154,442)	$	156,456
SENIOR FLOATING RATE INTERESTS ♦ - 1.0%
		Canada - 0.1%
		Telesat Canada
$	220	4.25%, 03/26/2019	$	220
		Netherlands - 0.1%
		NXP Semiconductors Netherlands B.V.
	200	5.25%, 02/03/2019		200
		United States - 0.8%
		Asurion Corp., Second Lien Term Loan
	150	9.00%, 05/24/2019		152
		Asurion Corp., Term Loan
	166	5.50%, 05/24/2018		166
		CDW Corp.
	87	4.00%, 07/15/2017		85
		Cequel Communication LLC
	185	4.00%, 02/09/2019		183
		Chrysler Group LLC
	100	6.00%, 05/24/2017 ☼◊		101
		Cumulus Media, Inc., Term Loan B
	100	5.75%, 09/17/2018		100
		Energy Transfer Equity L.P.
	180	3.75%, 05/08/2018		178
		First Data Corp., Extended 1st Lien Term Loan
	150	4.24%, 03/23/2018		137
		Freescale Semiconductor, Inc.
	100	4.49%, 12/01/2016		98
	145	6.00%, 02/27/2019		145
		International Lease Finance Corp.
	100	5.00%, 06/30/2017		100
		J. Crew Group, Inc.
	99	4.75%, 02/24/2017		99
		Metro PCS Wireless, Inc., Term Loan B3
	100	4.00%, 03/17/2018		99
		Michaels Stores, Inc., B-2 Term Loan
	100	5.00%, 07/31/2016		101
		Rexnord Corp.
	106	5.00%, 04/30/2018		106
		Sorenson Communications, Inc.
	125	6.00%, 08/13/2016 ☼◊		122
		Swift Transportation Co., Inc.
	118	5.00%, 12/15/2017		118
		Syniverse Technologies, Inc.
	200	4.51%, 04/20/2019 ☼◊		200
				2,290
		Total senior floating rate interests
		(cost $2,687)	$	2,710
U.S. GOVERNMENT AGENCIES - 0.0%
		United States - 0.0%
		Federal Home Loan Mortgage Corporation
	1,540	7.97%, 08/25/2016 ►		89
		Total U.S. government agencies
		(cost $89)	$	89
U.S. GOVERNMENT SECURITIES - 7.2%
		United States - 7.2%
		U.S. Treasury Bonds
$	1,010	4.75%, 02/15/2041 □	$	1,342
	1,055	6.75%, 08/15/2026 □		1,606
	1,400	8.13%, 08/15/2021 ╦		2,172
				5,120
		U.S. Treasury Notes
	2,250	3.25%, 05/31/2016		2,487
	3,225	3.88%, 05/15/2018 ‡		3,757
	6,900	4.75%, 05/15/2014		7,525
				13,769
		Total U.S. government securities
		(cost $18,713)	$	18,889
CONTRACTS				Market Value ╪
CALL options PURCHASED - 0.0%
		United States - 0.0%
		U.S. Treasury 30-Year Bond Future Option
	—	Expiration: 05/29/2012, Exercise Rate:
		1.44%	$	39
		Total call options purchased
		(cost $19)	$	39
CONTRACTS				Market Value ╪
put options PURCHASED - 0.0%
		United States - 0.0%
		AUD Put/USD Call Binary
	19	Expiration: 06/15/2012 и	$	—
		GBP Put/USD Call Binary
	690	Expiration: 07/09/2012 Ҹ		1
				1
		Total put options purchased
		(cost $25)	$	1

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬					Market Value ╪
PREFERRED STOCKS - 0.1%
		United States - 0.1%
	5	Citigroup Capital XIII			$	133
	2	GMAC Capital Trust I ۞				48
		Total preferred stocks
		(cost $188)			$	181
		Total long-term investments
		(cost $204,608)			$	206,939
SHORT-TERM INVESTMENTS - 18.2%
		Repurchase Agreements - 6.1%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $3,987, collateralized by FHLB 4.91%, 2015, FHLMC 2.46% - 3.33%, 2040 - 2042, FNMA 2.24% - 5.50%, 2024 - 2042, value of $4,067)
$	3,987	0.20%, 04/30/2012			$	3,987
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $5,341, collateralized by FHLMC 4.00% - 4.50%, 2039 - 2041, FNMA 3.00% - 5.00%, 2027 - 2040, value of $5,448)
	5,341	0.20%, 04/30/2012				5,341
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,110, collateralized by FNMA 3.00% - 7.00%, 2023 - 2042, value of $2,152)
	2,110	0.21%, 04/30/2012				2,110
		TD Securities TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $1,747, collateralized by FFCB 0.27% - 5.38%, 2012 - 2020, FHLB 0.88% - 1.38%, 2013 - 2014, FHLMC 4.00% - 6.00%, 2014 - 2041, FNMA 4.00% - 4.50%, 2025 - 2042, value of $1,782)
	1,747	0.19%, 04/30/2012				1,747
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2, collateralized by U.S. Treasury Note 0.75%, 2013, value of $2)
	2	0.17%, 04/30/2012				2
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 05/01/2012 in the amount of $2,868, collateralized by FHLMC 4.00%, 2026 - 2042, FNMA 2.50% - 4.50%, 2022 - 2042, value of $2,925)
	2,868	0.21%, 04/30/2012				2,868
						16,055
		U.S. Treasury Bills - 12.1%
	10,000	0.07%, 05/31/2012 - 06/14/2012 ○				9,999
	10,000	0.08%, 06/28/2012 - 07/19/2012 ○				9,999
	6,850	0.09%, 7/26/2012 ○				6,849
	5,000	0.10%, 8/23/2012 ○				4,998
						31,845
		Total short-term investments
		(cost $47,900)			$	47,900
		Total investments
		(cost $252,508) ▲	96.8	%	$	254,839
		Other assets and liabilities	3.2	%		8,389
		Total net assets	100.0	%	$	263,228

The accompanying notes are an integral part of these financial statements.

11

The Hartford World Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At April 30, 2012, the cost of securities for federal income tax purposes was $252,606 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,917
Unrealized Depreciation		(684	)
Net Unrealized Appreciation	$	2,233

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Δ Variable rate securities; the rate reported is the coupon rate in effect at April 30, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At April 30, 2012, the aggregate value of these securities was $7,860, which represents 3.0% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At April 30, 2012, the aggregate value of these securities was $1,023, which represents 0.4% of total net assets.

۞ Convertible security.

► Securities disclosed are interest-only strips.  The interest rates represent effective yields based upon estimated future cash flows at April 30, 2012.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $1,850 at April 30, 2012.

◊ The interest rate disclosed for these securities represents an estimated average coupon as of April 30, 2012.

и This security has limitations.  If the Australian Dollar to U.S. Dollar exchange rate is less than or equal to 0.85 on expiration date, the counterparty will be required to pay the Fund the equivalent of par on the number of contracts traded.

Ҹ This security has limitations.  If the British Pound to U.S. Dollar exchange rate is less than or equal to 1.45 on expiration date, the counterparty will be required to pay the Fund the equivalent of par on the number of contracts traded.

Þ This security may pay interest in additional principal instead of cash.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities respresents the average coupon as of April 30, 2012.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, cash of $530 was received from broker as collateral in connection with swap contracts.

The accompanying notes are an integral part of these financial statements.

12

□ This security, or a portion of this security, is pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts held at April 30, 2012 as listed in the table below:

Description	Number of Contracts*	Position		Expiration Date	Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
Australian 10-Year Bond Future	31		Long	06/15/2012	$	3,870	$	3,858	$	12
Australian 3-Year Bond Future	151		Long	06/15/2012		17,083		17,009		74
Canadian Government 10-Year Bond Future	58		Long	06/20/2012		7,753		7,752		1
Euro-BOBL Future	10		Long	06/07/2012		1,658		1,653		5
Euro-BUND Future	92		Short	06/07/2012		17,182		17,114		(68	)
Euro-BUXL 30-Year Note Future	19		Long	06/07/2012		3,244		3,211		33
Euro-Schatz Future	37		Long	06/07/2012		5,417		5,416		1
Japan 10-Year Bond Future	7		Short	06/11/2012		12,548		12,461		(87	)
Long Gilt Future	152		Short	06/27/2012		28,519		28,528		9
U.S. Treasury 10-Year Note Future	525		Long	06/20/2012		69,448		69,003		445
U.S. Treasury 2-Year Note Future	109		Long	06/29/2012		24,040		24,019		21
U.S. Treasury 30-Year Bond Future	27		Short	06/20/2012		3,858		3,845		(13	)
U.S. Treasury 5-Year Note Future	194		Short	06/29/2012		24,016		23,807		(209	)
U.S. Treasury CME Ultra Long Term Bond Future	2		Long	06/20/2012		316		318		(2	)
									$	222

* The number of contracts does not omit 000's.

Foreign Currency Contracts Outstanding at April 30, 2012

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
AUD	BCLY	Buy	$	1,973	$	1,958	05/31/2012	$	15
AUD	BCLY	Sell		1,241		1,232	05/31/2012		(9	)
AUD	DEUT	Sell		249		248	05/31/2012		(1	)
AUD	DEUT	Sell		254		255	05/31/2012		1
AUD	GSC	Buy		228		225	05/31/2012		3
AUD	JPM	Buy		1,023		1,017	05/31/2012		6
AUD	JPM	Sell		254		255	05/31/2012		1
AUD	RBC	Sell		17,867		17,738	05/31/2012		(129	)
AUD	UBS	Buy		8,800		8,697	05/31/2012		103
AUD	WEST	Sell		395		395	05/31/2012		–
AUD	WEST	Sell		509		510	05/31/2012		1
BRL	DEUT	Buy		92		93	05/03/2012		(1	)
BRL	DEUT	Sell		92		95	05/03/2012		3
BRL	MSC	Sell		1,312		1,447	06/04/2012		135
BRL	RBC	Buy		228		230	05/03/2012		(2	)
BRL	RBC	Sell		228		235	05/03/2012		7
BRL	RBC	Sell		227		229	06/04/2012		2
BRL	UBS	Buy		247		250	06/04/2012		(3	)
BRL	UBS	Sell		21		21	06/04/2012		–
CAD	JPM	Buy		329		329	05/31/2012		–
CAD	JPM	Sell		5		5	05/31/2012		–
CAD	RBC	Buy		253		253	05/31/2012		–
CAD	RBC	Sell		11,368		11,334	05/31/2012		(34	)
CAD	RBC	Buy		2,285		2,278	05/31/2012		7
CAD	RBC	Sell		331		333	05/31/2012		2
CHF	CSFB	Sell		419		415	05/31/2012		(4	)
CNY	JPM	Buy		24		24	09/07/2012		–
CNY	JPM	Buy		104		105	09/07/2012		(1	)
CNY	JPM	Sell		128		126	09/07/2012		(2	)
CNY	SCB	Buy		106		105	09/10/2012		1
CNY	SCB	Buy		1,198		1,205	09/10/2012		(7	)

The accompanying notes are an integral part of these financial statements.

13

The Hartford World Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Foreign Currency Contracts Outstanding at April 30, 2012 - (continued)

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
CNY	SCB	Sell	$	1,304	$	1,293	09/10/2012	$	(11	)
COP	BOA	Sell		214		213	05/31/2012		(1	)
CZK	BCLY	Sell		135		134	05/31/2012		(1	)
CZK	CSFB	Buy		98		98	05/31/2012		–
CZK	GSC	Buy		146		146	05/31/2012		–
CZK	GSC	Sell		1,158		1,151	05/31/2012		(7	)
CZK	MSC	Buy		452		455	05/31/2012		(3	)
CZK	UBS	Buy		245		246	05/31/2012		(1	)
DKK	CSFB	Sell		17,130		17,074	05/31/2012		(56	)
DKK	UBS	Sell		109		109	05/31/2012		–
EUR	BCLY	Sell		263		260	05/18/2012		(3	)
EUR	BCLY	Sell		430		430	05/31/2012		–
EUR	BOA	Sell		160		159	05/31/2012		(1	)
EUR	CBK	Sell		127		126	05/18/2012		(1	)
EUR	CBK	Buy		97		97	05/02/2012		–
EUR	CSFB	Sell		325		325	05/04/2012		–
EUR	CSFB	Sell		215		215	05/03/2012		–
EUR	DEUT	Buy		245		244	05/31/2012		1
EUR	DEUT	Buy		400		401	05/31/2012		(1	)
EUR	DEUT	Sell		614		612	05/31/2012		(2	)
EUR	JPM	Buy		9		9	05/31/2012		–
EUR	JPM	Sell		53,039		52,854	05/31/2012		(185	)
EUR	MSC	Sell		1,172		1,169	05/31/2012		(3	)
EUR	RBC	Buy		5,742		5,703	05/31/2012		39
EUR	UBS	Buy		590		591	05/31/2012		(1	)
EUR	UBS	Sell		245		244	05/31/2012		(1	)
EUR	UBS	Sell		34		34	05/02/2012		–
GBP	GSC	Buy		320		318	05/31/2012		2
GBP	GSC	Sell		365		363	05/31/2012		(2	)
GBP	JPM	Sell		243		241	05/31/2012		(2	)
HUF	CBK	Sell		253		242	05/31/2012		(11	)
HUF	UBS	Buy		253		251	05/31/2012		2
INR	BCLY	Buy		632		639	05/31/2012		(7	)
INR	JPM	Buy		101		101	05/31/2012		–
INR	SCB	Sell		482		480	05/31/2012		(2	)
JPY	BCLY	Sell		775		763	05/31/2012		(12	)
JPY	DEUT	Sell		110		108	05/31/2012		(2	)
KRW	DEUT	Buy		15,758		15,633	05/31/2012		125
KRW	JPM	Buy		704		702	05/31/2012		2
KRW	UBS	Buy		254		254	05/31/2012		–
MXN	BCLY	Buy		2,616		2,589	05/31/2012		27
MXN	BCLY	Sell		8,215		8,129	05/31/2012		(86	)
MXN	JPM	Buy		401		402	05/31/2012		(1	)
MYR	JPM	Buy		6,679		6,607	05/31/2012		72
MYR	JPM	Buy		363		363	05/31/2012		–
NOK	DEUT	Buy		133		133	05/31/2012		–
NOK	GSC	Buy		3,595		3,585	05/31/2012		10
NOK	GSC	Sell		4,422		4,410	05/31/2012		(12	)
NOK	JPM	Buy		857		855	05/31/2012		2
NOK	JPM	Sell		1,240		1,235	05/31/2012		(5	)
NOK	MSC	Buy		10,784		10,756	05/31/2012		28
NOK	MSC	Sell		13,266		13,231	05/31/2012		(35	)
NZD	BCLY	Buy		1,992		1,982	05/31/2012		10
NZD	BCLY	Sell		437		435	05/31/2012		(2	)
NZD	CSFB	Buy		366		364	05/31/2012		2
NZD	CSFB	Sell		249		248	05/31/2012		(1	)
NZD	DEUT	Buy		249		248	05/31/2012		1
NZD	JPM	Buy		551		551	05/31/2012		–

The accompanying notes are an integral part of these financial statements.

14

Foreign Currency Contracts Outstanding at April 30, 2012 - (continued)

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
NZD	JPM	Buy	$	376	$	375	05/31/2012	$	1
NZD	RBC	Buy		249		249	05/31/2012		–
NZD	UBS	Sell		249		248	05/31/2012		(1	)
PLN	BCLY	Sell		101		100	05/31/2012		(1	)
PLN	BCLY	Sell		296		295	06/20/2012		(1	)
PLN	CBK	Sell		6,593		6,519	05/31/2012		(74	)
PLN	JPM	Sell		273		268	05/31/2012		(5	)
PLN	UBS	Sell		150		150	05/31/2012		–
RUB	BOA	Buy		13		12	07/09/2012		1
RUB	BOA	Sell		14		14	07/09/2012		–
SEK	BCLY	Sell		778		780	05/31/2012		2
SEK	BCLY	Buy		779		781	05/02/2012		(2	)
SEK	CSFB	Sell		1,609		1,598	05/31/2012		(11	)
SEK	MSC	Sell		22,611		22,530	05/31/2012		(81	)
SEK	RBC	Sell		117		117	05/31/2012		–
SEK	UBS	Buy		245		244	05/31/2012		1
SGD	DEUT	Sell		756		749	05/31/2012		(7	)
SGD	JPM	Buy		594		594	05/31/2012		–
SGD	JPM	Sell		17,499		17,358	05/31/2012		(141	)
SGD	JPM	Buy		3,876		3,845	05/31/2012		31
								$	(329	)

Credit Default Swap Contracts Outstanding at April 30, 2012

Reference Entity	Counterparty	Notional Amount (a)		Buy/Sell Protection	(Pay)/Receive Fixed Rate / Implied Credit Spread (b)		Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
ABX.HE.AAA.06-1	BCLY	$	124	Buy		(0.18)%	07/25/45	$	17		$	14		$	(3	)
ABX.HE.AAA.06-1	BOA		111	Buy		(0.18)%	07/25/45		11			12			1
ABX.HE.AAA.06-1	GSC		190	Buy		(0.18)%	07/25/45		19			21			2
ABX.HE.AAA.06-1	GSC		63	Buy		(0.18)%	07/25/45		9			7			(2	)
ABX.HE.AAA.06-1	MSC		634	Buy		(0.18)%	07/25/45		89			70			(19	)
ABX.HE.AAA.06-2	JPM		930	Buy		(0.11)%	05/25/46		458			475			17
ABX.HE.PENAAA.06-2	BCLY		137	Buy		(0.11)%	05/25/46		37			37			–
ABX.HE.PENAAA.06-2	JPM		681	Buy		(0.11)%	05/25/46		187			184			(3	)
ABX.HE.PENAAA.06-2	MSC		1,613	Buy		(0.11)%	05/25/46		446			437			(9	)
ABX.HE.PENAAA.07-2	CSI		34	Sell		0.76%	01/25/38		(22	)		(21	)		1
ABX.HE.PENAAA.07-2	JPM		62	Sell		0.76%	01/25/38		(41	)		(39	)		2
Avis Budget Group, Inc.	BOA		75	Buy		(5.00)% / 6.91%	03/20/17		3			6			3
CDX.NA.HY.18	JPM		575	Buy		(5.00)%	06/20/17		23			19			(4	)
Cie de Saint-Gobain	DEUT		794	Buy		1.00% / 1.69%	06/20/17		11			26			15
CMBX.NA.A.5	BCLY		145	Sell		3.50%	02/15/51		(95	)		(100	)		(5	)
CMBX.NA.A.5	MSC		80	Sell		3.50%	02/15/51		(41	)		(55	)		(14	)
CMBX.NA.A.5	MSC		210	Sell		3.50%	02/15/51		(152	)		(145	)		7
CMBX.NA.AA.1	CSI		445	Buy		(0.25)%	10/12/52		110			131			21
CMBX.NA.AA.4	CSI		190	Sell		1.65%	02/17/51		(108	)		(118	)		(10	)
CMBX.NA.AA.4	DEUT		65	Sell		1.65%	02/17/51		(37	)		(41	)		(4	)
CMBX.NA.AA.4	MSC		40	Sell		1.65%	02/17/51		(23	)		(25	)		(2	)
CMBX.NA.AA.4	UBS		250	Sell		1.65%	02/17/51		(154	)		(156	)		(2	)
CMBX.NA.AAA.5	DEUT		100	Sell		0.35%	02/15/51		(10	)		(7	)		3
CMBX.NA.AAA.5	GSC		880	Sell		0.35%	02/15/51		(86	)		(64	)		22
CMBX.NA.AAA.5	JPM		50	Sell		0.35%	02/15/51		(5	)		(4	)		1
CMBX.NA.AAA.5	MSC		290	Sell		0.35%	02/15/51		(30	)		(21	)		9
CMBX.NA.AJ.2	CSI		145	Sell		1.09%	03/15/49		(30	)		(34	)		(4	)
CMBX.NA.AJ.2	DEUT		435	Sell		1.09%	03/15/49		(87	)		(103	)		(16	)
CMBX.NA.AJ.2	JPM		300	Sell		1.09%	03/15/49		(60	)		(72	)		(12	)

The accompanying notes are an integral part of these financial statements.

15

The Hartford World Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Credit Default Swap Contracts Outstanding at April 30, 2012 - (continued)

Reference Entity	Counterparty	Notional Amount (a)		Buy/Sell Protection	(Pay)/Receive Fixed Rate / Implied Credit Spread (b)		Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
CMBX.NA.AJ.2	MSC	$	290	Sell		1.09%	03/15/49	$	(57	)	$	(69	)	$	(12	)
CMBX.NA.AJ.3	GSC		125	Sell		1.47%	12/13/49		(47	)		(45	)		2
CMBX.NA.AJ.3	JPM		250	Sell		1.47%	12/13/49		(78	)		(91	)		(13	)
CMBX.NA.AJ.4	CSI		110	Buy		(0.96)%	02/17/51		36			43			7
CMBX.NA.AJ.4	MSC		620	Buy		(0.96)%	02/17/51		231			245			14
CMBX.NA.AM.3	GSC		170	Buy		(0.50)%	12/13/49		42			30			(12	)
CMBX.NA.AM.3	MSC		285	Buy		(0.50)%	12/13/49		47			50			3
CMBX.NA.AM.4	BOA		220	Buy		(0.50)%	02/17/51		65			43			(22	)
CMBX.NA.AM.4	MSC		165	Buy		(0.50)%	02/17/51		32			33			1
CMBX.NA.AM.4	MSC		110	Buy		(0.50)%	02/17/51		36			22			(14	)
Commerzbank AG	BOA		1,026	Buy		(1.00)% / 2.46%	06/20/17		73			69			(4	)
Domtar Corp.	GSC		55	Buy		(1.00)% / 1.39%	12/20/16		3			1			(2	)
Eni S.p.A.	JPM		960	Buy		(1.00)% / 1.66%	06/20/17		34			30			(4	)
Frontier Communications Corp.	CSI		95	Buy		(5.00)% / 6.43%	03/20/17		8			5			(3	)
Gap, Inc.	BCLY		25	Buy		(1.00)% / 1.74%	09/20/16		2			1			(1	)
GDF Suez	DEUT		794	Sell		1.00% / 1.22%	06/20/17		6			(8	)		(14	)
ITRX.EUR9V1	JPM		4,931	Buy		(0.56)%	06/20/15		–			6			6
ITRX.SUB.FIN.16	JPM		205	Buy		(5.00)%	12/20/16		2			(7	)		(9	)
ITRX.SNR.FIN.17	DEUT		4,209	Sell		1.00%	06/20/17		(268	)		(268	)		–
ITRX.SNR.FIN.17	JPM		3,402	Sell		1.00%	06/20/17		(219	)		(220	)		(1	)
J.C. Penney Co., Inc.	GSC		80	Buy		(1.00)% / 3.78%	03/20/17		8			10			2
Lafarge S.A.	CBK		93	Buy		(1.00)% / 3.87%	12/20/16		14			11			(3	)
Levi Strauss & Co.	CSI		30	Buy		(5.00)% / 4.92%	09/20/16		1			–			(1	)
Neiman Marcus Group, Inc.	JPM		25	Sell		5.00% / 4.01%	09/20/16		2			1			(1	)
NRG Energy, Inc.	GSC		65	Buy		(5.00)% / 6.06%	12/20/16		2			3			1
Peugeot S.A.	CBK		93	Buy		(1.00)% / 5.55%	12/20/16		17			16			(1	)
PrimeX.ARM.1	CSI		86	Sell		4.42%	06/25/36		(1	)		3			4
PrimeX.ARM.1	MSC		73	Sell		4.42%	06/25/36		(1	)		2			3
PrimeX.ARM.2	BCLY		93	Sell		4.58%	12/25/37		(13	)		(7	)		6
PrimeX.ARM.2	CBK		418	Sell		4.58%	12/25/37		(74	)		(28	)		46
PrimeX.ARM.2	CSI		77	Sell		4.58%	12/25/37		(12	)		(6	)		6
PrimeX.ARM.2	JPM		40	Sell		4.58%	12/25/37		(6	)		(3	)		3
PrimeX.ARM.2	MSC		317	Sell		4.58%	12/25/37		(31	)		(22	)		9
Repsol International Finance B.V.	BOA		900	Sell		1.00% / 3.39%	06/20/17		(97	)		(94	)		3
Repsol International Finance B.V.	JPM		324	Sell		1.00% / 3.39%	06/20/17		(35	)		(34	)		1
Rite Aid Corp.	GSC		40	Buy		(5.00)% / 7.32%	03/20/17		6			4			(2	)
Rite Aid Corp.	GSC		105	Buy		(5.00)% / 7.44%	06/20/17		8			10			2
Southwest Airlines Co.	CSI		55	Buy		(1.00)% / 1.44%	12/20/16		3			1			(2	)
Telefonica S.A.	BOA		351	Buy		(1.00)% / 3.60%	06/20/17		40			40			–
Telefonica S.A.	CBK		576	Buy		(1.00)% / 3.60%	06/20/17		67			66			(1	)
Telefonica S.A.	GSC		232	Buy		(1.00)% / 3.60%	06/20/17		27			27			–
Whirlpool Corp.	MSC		50	Buy		(1.00)% / 1.94%	12/20/16		4			2			(2	)
Wolters Kluwer N.V.	CBK		927	Buy		(1.00)% / 0.59%	12/20/16		(4	)		(17	)		(13	)
								$	312		$	289		$	(23	)

The accompanying notes are an integral part of these financial statements.

16

Credit Default Swap Contracts Outstanding at April 30, 2012 - (continued)

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on April 30, 2012. For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

Interest Rate Swap Contracts Outstanding at April 30, 2012

Counterparty

Payments made by Fund

Payments received by Fund

Notional Amount

Expiration Date

Upfront Premiums Paid/ (Received)

Market Value ╪

Unrealized Appreciation/ (Depreciation)

BCLY

1.85% Fixed

CZK PRIBOR Reference Banks 6M

$

331

03/22/17

$

–

$

(1

)

$

(1

)

BCLY

4.13% Fixed

3M CD KSDA

15

06/01/21

–

(1

)

(1

)

BCLY*

Float 3M TELBOR

3.70% Fixed

355

03/22/17

–

5

5

BOA

3.57% Fixed

KRW CD KSDA

83

01/11/22

–

–

–

BOA

3.62% Fixed

KRW CD KSDA

167

10/21/21

–

–

–

BOA

BZDIOVRA

10.69% Fixed

151

01/02/17

–

6

6

CBK*

Float 3M TELBOR

3.45% Fixed

351

04/16/17

–

–

–

DEUT

0.59% Fixed

3M LIBOR

12,965

04/12/14

–

(14

)

(14

)

DEUT

0.63% Fixed

3M LIBOR

12,960

06/20/14

–

(18

)

(18

)

DEUT

2.42% Fixed

3M LIBOR

2,315

06/20/22

–

(73

)

(73

)

DEUT

3.56% Fixed

KRW CD KSDA

293

10/07/21

–

1

1

DEUT

3.59% Fixed

KRW CD KSDA

422

12/14/21

–

1

1

DEUT

BZDIOVRA

10.07% Fixed

367

01/02/15

–

8

8

DEUT

BZDIOVRA

10.58% Fixed

271

01/02/17

–

9

9

DEUT

BZDIOVRA

9.47% Fixed

582

01/02/15

–

3

3

DEUT

BZDIOVRA

9.61% Fixed

447

01/02/15

–

4

4

DEUT

BZDIOVRA

9.78% Fixed

403

01/02/15

–

6

6

DEUT*

Float 3M TELBOR

3.25% Fixed

3,583

02/20/17

–

(24

)

(24

)

DEUT*

Float 3M TELBOR

3.47% Fixed

420

03/05/17

–

1

1

DEUT

MXIBTIIE

7.72% Fixed

644

01/28/22

–

4

4

DEUT

MXIBTIIE

7.78% Fixed

598

03/31/22

–

4

4

DEUT

MXIBTIIE

7.89% Fixed

572

02/10/22

–

7

7

GSC

1.62% Fixed

CZK PRIBOR Reference Banks 6M

3,694

02/10/17

–

30

30

GSC

6M EURIBOR

1.44% Fixed

5,348

06/20/17

–

–

–

GSC

BZDIOVRA

10.44% Fixed

759

01/02/17

–

21

21

GSC

BZDIOVRA

10.82% Fixed

142

01/02/17

–

7

7

GSC

BZDIOVRA

9.96% Fixed

398

01/02/15

–

7

7

GSC

MXIBTIIE

7.70% Fixed

397

04/14/22

–

1

1

GSC

MXIBTIIE

7.80% Fixed

481

03/18/22

–

4

4

GSC

MXIBTIIE

7.87% Fixed

410

12/29/21

–

5

5

GSC

MXIBTIIE

7.87% Fixed

334

02/18/22

–

4

4

The accompanying notes are an integral part of these financial statements.

17

The Hartford World Bond Fund

Schedule of Investments – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

Interest Rate Swap Contracts Outstanding at April 30, 2012 - (continued)

Counterparty

Payments made by Fund

Payments received by Fund

Notional Amount

Expiration Date

Upfront Premiums Paid/ (Received)

Market Value ╪

Unrealized Appreciation/ (Depreciation)

JPM

1.68% Fixed

CZK PRIBOR Reference Banks 6M

64

03/05/17

–

–

–

JPM

1.69% Fixed

CZK PRIBOR Reference Banks 6M

90

03/05/17

–

1

1

JPM

1.69% Fixed

CZK PRIBOR Reference Banks 6M

430

03/12/17

–

2

2

JPM

1.76% Fixed

CZK PRIBOR Reference Banks 6M

285

04/26/17

–

–

–

JPM

1.79% Fixed

CZK PRIBOR Reference Banks 6M

295

04/02/17

–

–

–

JPM

2.42% Fixed

3M LIBOR

2,310

06/20/22

–

(79

)

(79

)

JPM

6M EURIBOR

1.51% Fixed

5,308

06/20/17

–

8

8

JPM

BZDIOVRA

10.27% Fixed

679

01/02/15

–

18

18

JPM

BZDIOVRA

9.93% Fixed

410

01/02/15

–

7

7

JPM*

Float 3M TELBOR

3.47% Fixed

336

04/27/17

–

–

–

JPM*

Float 3M TELBOR

3.53% Fixed

301

03/12/17

–

2

2

JPM*

Float 3M TELBOR

3.55% Fixed

246

04/02/17

–

1

1

JPM

MXIBTIIE

7.80% Fixed

428

03/03/22

–

4

4

JPM

MXIBTIIE

7.93% Fixed

383

03/09/22

–

5

5

JPM

MXIBTIIE

8.07% Fixed

1,928

12/01/21

–

41

41

JPM

MXIBTIIE

8.50% Fixed

1,276

09/23/21

–

51

51

MSC

3.61% Fixed

KRW CD KSDA

1,239

01/27/22

–

–

–

MSC

3.62% Fixed

KRW CD KSDA

64

12/23/21

–

–

–

MSC

BZDIOVRA

10.70% Fixed

215

01/02/17

–

9

9

MSC

MXIBTIIE

7.46% Fixed

205

01/14/22

–

(1

)

(1

)

UBS

1.75% Fixed

CZK PRIBOR Reference Banks 6M

487

04/13/17

–

1

1

$

–

$

77

$

77

* The aggregate value of investments valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors at April 30, 2012, was $(15), which rounds to zero percent of total net assets.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays Capital, Inc.
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
CSI	Credit Suisse International
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
UBS	UBS AG
WEST	Westpac International

The accompanying notes are an integral part of these financial statements.

18

GLOSSARY: (abbreviations used in preceding Schedule of Investments) - (continued)

Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Denmark Krone
EUR	EURO
GBP	British Pound
HUF	Hungarian Forint
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican New Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish New Zloty
RUB	New Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
Index Abbreviations:
ABX.HE	Markit Asset Backed Security Index
CDX.NA.HY	Credit Derivatives North American High Yield Index
CMBX.NA	Markit Commercial Mortgage Backed North American Index
ITRX.EUR	Markit iTraxx Index - Europe
ITRX.SNR.FIN	Markit iTraxx Index - Europe Senior Financials
ITRX.SUB.FIN	Markit iTraxx Index - Europe Sub Financials
PrimeX.ARM	Markit PrimeX Mortgage Backed Security Index
Other Abbreviations:
BZDIOVRA	Brazil Cetip Interbank Deposit Rate
EURIBOR	Euro Interbank Offered Rate
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
KSDA	Korea Securities Dealers Association
LIBOR	London Interbank Offered Rate
MXIBTIIE	Mexico Interbank Equilibrium Interest Rate
PRIBOR	Prague Interbank Offered Rate
TELBOR	Tel Aviv Interbank Offered Rate

The accompanying notes are an integral part of these financial statements.

19

The Hartford World Bond Fund

Investment Valuation Hierarchy Level Summary

April 30, 2012 (Unaudited)

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	9,434	$	75	$	9,232	$	127
Call Options Purchased		39		39		–		–
Corporate Bonds		19,140		–		19,114		26
Foreign Government Obligations		156,456		–		156,456		–
Preferred Stocks		181		181		–		–
Put Options Purchased		1		–		1		–
Senior Floating Rate Interests		2,710		–		2,710		–
U.S. Government Agencies		89		–		89		–
U.S. Government Securities		18,889		–		18,889		–
Short-Term Investments		47,900		–		47,900		–
Total	$	254,839	$	295	$	254,391	$	153
Credit Default Swaps *		223		–		33		190
Foreign Currency Contracts *		646		–		646		–
Futures *		601		601		–		–
Interest Rate Swaps *		288		–		288		–
Total	$	1,758	$	601	$	967	$	190
Liabilities:
Credit Default Swaps *		246		–		68		178
Foreign Currency Contracts *		975		–		975		–
Futures *		379		379		–		–
Interest Rate Swaps *		211		–		59		152
Total	$	1,811	$	379	$	1,102	$	330

♦ For the six-month period ended April 30, 2012, there were no transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of April 30, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	61		$	3		$	14	†	$	1	$	55	$	(7	)	$	—	$	—		$	127
Corporate Bonds		35			—			1	‡		—		25		—			—		(35	)		26
Total	$	96		$	3		$	15		$	1	$	80	$	(7	)	$	—	$	(35	)	$	153
Swaps§	$	60		$	—	**	$	130	††	$	—	$	—	$	—		$	—	$	—		$	190
Total	$	60		$	—		$	130		$	—	$	—	$	—		$	—	$	—		$	190
Liabilities:
Swaps§	$	(50	)	$	—	**	$	(280	)††	$	—	$	—	$	—		$	—	$	—		$	(330	)
Total	$	(50	)	$	—		$	(280	)	$	—	$	—	$	—		$	—	$	—		$	(330	)

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $14.

‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $1.

§ Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/ depreciation on the investment.

** The realized gain (loss) earned for swaps during the period ended April 30, 2012 was $17.

†† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at April 30, 2012 was $43.

The accompanying notes are an integral part of these financial statements.

20

The Hartford World Bond Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $252,508)	$	254,839
Foreign currency on deposit with custodian (cost $4)		4
Unrealized appreciation on foreign currency contracts		646
Unrealized appreciation on swap contracts		511
Receivables:
Investment securities sold		997
Fund shares sold		7,532
Dividends and interest		3,399
Variation margin		138
Swap premiums paid		2,236
Other assets		140
Total assets		270,442
Liabilities:
Unrealized depreciation on foreign currency contracts		975
Unrealized depreciation on swap contracts		457
Bank overdraft		7
Payables:
Investment securities purchased		2,893
Fund shares redeemed		208
Investment management fees		29
Administrative fees		—
Distribution fees		10
Collateral received from broker		530
Variation margin		125
Accrued expenses		15
Swap premiums received		1,924
Other liabilities		41
Total liabilities		7,214
Net assets	$	263,228
Summary of Net Assets:
Capital stock and paid-in-capital	$	258,843
Distributions in excess of net investment loss		(961	)
Accumulated net realized gain		3,061
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		2,285
Net assets	$	263,228
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.47/$10.96
Shares outstanding		7,926
Net assets	$	82,960
Class C: Net asset value per share	$	10.46
Shares outstanding		3,975
Net assets	$	41,588
Class I: Net asset value per share	$	10.47
Shares outstanding		11,546
Net assets	$	120,903
Class R3: Net asset value per share	$	10.46
Shares outstanding		216
Net assets	$	2,261
Class R4: Net asset value per share	$	10.46
Shares outstanding		205
Net assets	$	2,143
Class R5: Net asset value per share	$	10.46
Shares outstanding		205
Net assets	$	2,149
Class Y: Net asset value per share	$	10.46
Shares outstanding		1,073
Net assets	$	11,224

The accompanying notes are an integral part of these financial statements.

21

The Hartford World Bond Fund

Statement of Operations

For the Six-Month Period Ended April 30, 2012 (Unaudited)

(000’s Omitted)

Investment Income:
Dividends	$	5
Interest		1,732
Total investment income		1,737
Expenses:
Investment management fees		524
Administrative services fees		5
Transfer agent fees		54
Distribution fees
Class A		66
Class C		107
Class R3		5
Class R4		3
Custodian fees		10
Accounting services fees		15
Registration and filing fees		71
Board of Directors' fees		2
Audit fees		5
Other expenses		9
Total expenses (before waivers)		876
Expense waivers		(187	)
Total waivers		(187	)
Total expenses, net		689
Net Investment Income		1,048
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		668
Net realized loss on purchased options		(6	)
Net realized gain on futures		1,062
Net realized gain on swap contracts		5
Net realized gain on foreign currency contracts		1,764
Net realized loss on other foreign currency transactions		(408	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		3,085
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		1,957
Net unrealized depreciation of purchased options		(2	)
Net unrealized appreciation of futures		212
Net unrealized appreciation of swap contracts		14
Net unrealized depreciation of foreign currency contracts		(659	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		27
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		1,549
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		4,634
Net Increase in Net Assets Resulting from Operations	$	5,682

The accompanying notes are an integral part of these financial statements.

22

The Hartford World Bond Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Six-Month Period Ended April 30, 2012 (Unaudited)			For the Period May 31, 2011*  through October 31, 2011
Operations:
Net investment income	$	1,048		$	294
Net realized gain on investments, other financial instruments and foreign currency transactions		3,085			27
Net unrealized appreciation of investments, other financial instruments and foreign currency transactions		1,549			736
Net Increase In Net Assets Resulting From Operations		5,682			1,057
Distributions to Shareholders:
From net investment income
Class A		(669	)		(63	)
Class C		(174	)		(10	)
Class I		(699	)		(27	)
Class R3		(29	)		(8	)
Class R4		(31	)		(10	)
Class R5		(34	)		(12	)
Class Y		(164	)		(58	)
Total from net investment income		(1,800	)		(188	)
From net realized gain on investments
Class A		(157	)		—
Class C		(44	)		—
Class I		(112	)		—
Class R3		(8	)		—
Class R4		(8	)		—
Class R5		(8	)		—
Class Y		(35	)		—
Total from net realized gain on investments		(372	)		—
Total distributions		(2,172	)		(188	)
Capital Share Transactions:
Class A		48,517			33,101
Class C		31,840			9,123
Class I		94,778			24,457
Class R3		158			2,007
Class R4		39			2,010
Class R5		43			2,012
Class Y		1,706			9,058
Net increase from capital share transactions		177,081			81,768
Net Increase In Net Assets		180,591			82,637
Net Assets:
Beginning of period		82,637			—
End of period	$	263,228		$	82,637
Undistributed (distribution in excess of) net investment income (loss)	$	(961	)	$	(209	)

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

23

The Hartford World Bond Fund

Notes to Financial Statements

April 30, 2012 (Unaudited)

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of fifty-one portfolios. Financial statements for The Hartford World Bond Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a non-diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may

24

cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to

25

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost. 

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign investments where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate 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.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the

26

close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV 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 NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. As of March 2012, dividends from net investment income are declared and paid monthly. Prior to March 2012, dividends were declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

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. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of April 30, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments 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 the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid 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 investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of April 30, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the

27

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery investments as of April 30, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated. The Fund, as shown on the Schedule of Investments, had senior floating rate interests as of April 30, 2012.

e) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of April 30, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative

28

Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of April 30, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of April 30, 2012.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to

29

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund, as shown on the  Schedule of Investments, had outstanding purchased options contracts as of April 30, 2012. There were no transactions involving written options contracts during the six-month period ended April 30, 2012.

d) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, investments or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

30

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of April 30, 2012.

Interest Rate Swap Agreements – The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) or index (e.g., U.S. Consumer Price Index), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap agreement is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayments rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the agreement’s remaining life, to the extent that the amount is positive. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) or by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. The Fund, as shown on the Schedule of Investments, had outstanding interest rate swaps as of April 30, 2012.

31

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

e) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Investments in securities, at value (purchased options), market value	$	39	$	1	$	—	$	—	$	—	$	—	$	40
Unrealized appreciation on foreign currency contracts		—		646		—		—		—		—		646
Unrealized appreciation on swap contracts		288		—		223		—		—		—		511
Variation margin receivable *		138		—		—		—		—		—		138
Total	$	465	$	647	$	223	$	—	$	—	$	—	$	1,335
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	975	$	—	$	—	$	—	$	—	$	975
Unrealized depreciation on swap contracts		211		—		246		—		—		—		457
Variation margin payable *		125		—		—		—		—		—		125
Total	$	336	$	975	$	246	$	—	$	—	$	530	$	2,087

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures   cumulative appreciation (depreciation) of $222 as reported in the Schedule of Investments.

The ratio of foreign currency contracts to net assets at April 30, 2012, was 41.68% compared to the six-month period average ratio of 49.01%. The ratio of futures contracts to net assets at April 30, 2012, was 45.50% compared to the six-month period average ratio of 33.43% for the six-month period ended April 30, 2012. The volume of the other derivatives that are presented in the Schedule of Investments is consistent with the derivative activity during the six-month period ended April 30, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the six-month period ended April 30, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on investments in purchased options	$	(2	)	$	(4	)	$	—		$	—		$	—	$	—	$	(6	)
Net realized gain (loss) on futures		1,063			—			—			(1	)		—		—		1,062
Net realized gain on swap contracts		—			—			5			—			—		—		5
Net realized gain on foreign currency contracts		—			1,764			—			—			—		—		1,764
Total	$	1,061		$	1,760		$	5		$	(1	)	$	—	$	—	$	2,825
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of investments in purchased options	$	19		$	(21	)	$	—		$	—		$	—	$	—	$	(2	)
Net change in unrealized appreciation of futures		212			—			—			—			—		—		212
Net change in unrealized appreciation (depreciation) of swap contracts		38			—			(24	)		—			—		—		14
Net change in unrealized depreciation of foreign currency contracts		—			(659	)		—			—			—		—		(659	)
Total	$	269		$	(680	)	$	(24	)	$	—		$	—	$	—	$	(435	)

32

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise 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.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend

33

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended October 31, 2011 *
Ordinary Income	$	186

*  The Fund commenced operations on May 31, 2011

As of October 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,141
Undistributed Long-Term Capital Gain		93
Unrealized Depreciation *		(357	)
Total Accumulated Earnings	$	877

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the period May 31, 2011, (commencement of operations) through October 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(315	)
Accumulated Net Realized Gain (Loss)		321
Capital Stock and Paid-in-Capital		(6	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2011.

34

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions expected to be taken on the tax return for the fiscal year ended October 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the six-month period ended April 30, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.7000	%
On next $250 million		0.6500	%
On next $4.5 billion		0.6000	%
On next $5 billion		0.5750	%
Over $10 billion		0.5725	%

HIFSCO contractually agreed to waive investment management fees of 0.10% of average daily net assets until February 28, 2014.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of April 30, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	0.95	%		1.70	%		0.70	%		1.25	%		0.95	%		0.65	%		0.60	%

35

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

d) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the six-month period ended April 30, 2012, HIFSCO received front-end load sales charges of $375 and contingent deferred sales charges of $6 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. 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 R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $8.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the six-month period ended April 30, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of April 30, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		615		8	%
Class C		204		5
Class I		205		2
Class R3		204		94
Class R4		205		100
Class R5		205		100
Class Y		924		86

36

9. Investment Transactions:

For the six-month period ended April 30, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	259,132
Sales Proceeds Excluding U.S. Government Obligations		132,182
Cost of Purchases for U.S. Government Obligations		16,078
Sales Proceeds for U.S. Government Obligations		3,567

10. Capital Share Transactions:

The following information is for the six-month period ended April 30, 2012, and the period May 31, 2011, (commencement of operations) through October 31, 2011:

	For the Six-Month Period Ended April 30, 2012											For the Period Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		6,808		79		(2,193	)		—		4,694		3,329		6		(103	)		—		3,232
Amount	$	70,242	$	804	$	(22,529	)	$	—	$	48,517	$	34,105	$	60	$	(1,064	)	$	—	$	33,101
Class C
Shares		3,256		20		(191	)		—		3,085		922		1		(33	)		—		890
Amount	$	33,599	$	203	$	(1,962	)	$	—	$	31,840	$	9,452	$	10	$	(339	)	$	—	$	9,123
Class I
Shares		9,660		72		(565	)		—		9,167		2,388		3		(12	)		—		2,379
Amount	$	99,866	$	741	$	(5,829	)	$	—	$	94,778	$	24,555	$	26	$	(124	)	$	—	$	24,457
Class R3
Shares		12		3		—			—		15		200		1		—			—		201
Amount	$	121	$	37	$	—		$	—	$	158	$	2,000	$	7	$	—		$	—	$	2,007
Class R4
Shares		—		4		—			—		4		200		1		—			—		201
Amount	$	—	$	39	$	—		$	—	$	39	$	2,000	$	10	$	—		$	—	$	2,010
Class R5
Shares		—		4		—			—		4		200		1		—			—		201
Amount	$	1	$	42	$	—		$	—	$	43	$	2,000	$	12	$	—		$	—	$	2,012
Class Y
Shares		166		20		(19	)		—		167		900		6		—			—		906
Amount	$	1,698	$	199	$	(191	)	$	—	$	1,706	$	9,000	$	58	$	—		$	—	$	9,058
Total
Shares		19,902		202		(2,968	)		—		17,136		8,139		19		(148	)		—		8,010
Amount	$	205,527	$	2,065	$	(30,511	)	$	—	$	177,081	$	83,112	$	183	$	(1,527	)	$	—	$	81,768

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million 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. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the six-month period ended April 30, 2012, the Fund did not have any borrowings under this facility.

37

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

April 30, 2012 (Unaudited)

(000’s Omitted)

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

No accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

38

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39

The Hartford World Bond Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value		Net Asset Value at End of Period
For the Six-Month Period Ended April 30, 2012 (Unaudited) (D)
A	$	10.32	$	0.07	$	–	$	0.28	$	0.35	$	(0.16	)	$	(0.04	)	$	–	$	(0.20	)	$	0.15	$	10.47
C		10.31		0.03		–		0.28		0.31		(0.12	)		(0.04	)		–		(0.16	)		0.15		10.46
I		10.32		0.08		–		0.28		0.36		(0.17	)		(0.04	)		–		(0.21	)		0.15		10.47
R3		10.32		0.05		–		0.27		0.32		(0.14	)		(0.04	)		–		(0.18	)		0.14		10.46
R4		10.32		0.07		–		0.26		0.33		(0.15	)		(0.04	)		–		(0.19	)		0.14		10.46
R5		10.32		0.09		–		0.26		0.35		(0.17	)		(0.04	)		–		(0.21	)		0.14		10.46
Y		10.32		0.09		–		0.26		0.35		(0.17	)		(0.04	)		–		(0.21	)		0.14		10.46
From May 31, 2011 (commencement of operations), through October 31, 2011  (D)
A(G)		10.00		0.09		–		0.28		0.37		(0.05	)		–			–		(0.05	)		0.32		10.32
C(G)		10.00		0.05		–		0.28		0.33		(0.02	)		–			–		(0.02	)		0.31		10.31
I(G)		10.00		0.09		–		0.29		0.38		(0.06	)		–			–		(0.06	)		0.32		10.32
R3(G)		10.00		0.07		–		0.29		0.36		(0.04	)		–			–		(0.04	)		0.32		10.32
R4(G)		10.00		0.09		–		0.28		0.37		(0.05	)		–			–		(0.05	)		0.32		10.32
R5(G)		10.00		0.10		–		0.28		0.38		(0.06	)		–			–		(0.06	)		0.32		10.32
Y(G)		10.00		0.10		–		0.28		0.38		(0.06	)		–			–		(0.06	)		0.32		10.32

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(D) Per share amounts have been calculated using average shares outstanding method.

(E) Not annualized.

(F) Annualized.

(G) Commenced operations on May 31, 2011.

40

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	3.41	%(E)	$	82,960		1.17	%(F)		0.92	%(F)		0.92	%(F)		1.39	%(F)		106	%
	3.04	(E)		41,588		1.92	(F)		1.68	(F)		1.68	(F)		0.65	(F)		–
	3.52	(E)		120,903		0.94	(F)		0.69	(F)		0.69	(F)		1.63	(F)		–
	3.13	(E)		2,261		1.55	(F)		1.25	(F)		1.25	(F)		1.06	(F)		–
	3.28	(E)		2,143		1.25	(F)		0.95	(F)		0.95	(F)		1.36	(F)		–
	3.44	(E)		2,149		0.95	(F)		0.65	(F)		0.65	(F)		1.66	(F)		–
	3.46	(E)		11,224		0.85	(F)		0.60	(F)		0.60	(F)		1.71	(F)		–
	3.74	(E)		33,346		1.27	(F)		0.85	(F)		0.85	(F)		1.93	(F)		50
	3.33	(E)		9,175		2.03	(F)		1.61	(F)		1.61	(F)		1.18	(F)		–
	3.84	(E)		24,552		1.01	(F)		0.59	(F)		0.59	(F)		2.10	(F)		–
	3.58	(E)		2,071		1.72	(F)		1.25	(F)		1.25	(F)		1.64	(F)		–
	3.70	(E)		2,073		1.42	(F)		0.95	(F)		0.95	(F)		1.94	(F)		–
	3.83	(E)		2,076		1.12	(F)		0.65	(F)		0.65	(F)		2.24	(F)		–
	3.85	(E)		9,344		1.02	(F)		0.60	(F)		0.60	(F)		2.29	(F)		–

41

The Hartford World Bond Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of April 30, 2012, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and 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 Fund’s 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.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

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.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

42

The Hartford World Bond Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman 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 HL 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 serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012*

Mr. Annoni serves as the Assistant Vice President and Director of Investment Finance (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group. Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis Financial Group (July 1997 to April 2001).

* Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Controller and Treasurer since 2002 (MF) and 1993 (MF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

43

The Hartford World Bond Fund

Directors and Officers (Unaudited) – (continued)

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’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.

44

The Hartford World Bond Fund

Expense Example (Unaudited)

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) and (2) ongoing costs, including investment 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, 2011 through April 30, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 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 set of columns 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 set of columns 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 182/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Beginning Account Value October 31, 2011		Ending Account Value April 30, 2012		Expenses paid during the period October 31, 2011 through April 30, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,034.10	$	4.67	$	1,000.00	$	1,020.27	$	4.64	0.92	%		182		366
Class C	$	1,000.00	$	1,030.40	$	8.46	$	1,000.00	$	1,016.53	$	8.40	1.68			182		366
Class I	$	1,000.00	$	1,035.20	$	3.51	$	1,000.00	$	1,021.41	$	3.49	0.69			182		366
Class R3	$	1,000.00	$	1,031.30	$	6.31	$	1,000.00	$	1,018.65	$	6.27	1.25			182		366
Class R4	$	1,000.00	$	1,032.80	$	4.80	$	1,000.00	$	1,020.14	$	4.77	0.95			182		366
Class R5	$	1,000.00	$	1,034.40	$	3.29	$	1,000.00	$	1,021.63	$	3.27	0.65			182		366
Class Y	$	1,000.00	$	1,034.60	$	3.04	$	1,000.00	$	1,021.88	$	3.02	0.60			182		366

45

You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.     “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.         MFSAR-WB12 4/12 110743 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

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 12, 2012	By:	/s/ James E. Davey
		James E. Davey
		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 12, 2012	By:	/s/ James E. Davey
		James E. Davey
		Its: President

Date: June 12, 2012	By:	/s/ Mark A. Annoni
		Mark A. Annoni
		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

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