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14.07.2010 19:00:00
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The Hartford Mutual Funds Reduces Fees on 36 Funds, including Institutional, Retirement and Retail Share Classes
The Hartford Mutual Funds announces permanent mutual fund expense reductions effective July 1, 2010. The changes impact 36 funds covering institutional and retirement share classes as well as the retail share classes of six funds.
Net operating expenses1 have been decreased up to 30 basis points for institutional, retirement and retail share classes, of the following funds:
- The Hartford Diversified International Fund2
- The Hartford Fundamental Growth Fund3
- The Hartford Global Research Fund2
- The Hartford International Growth Fund4
- The Hartford International Opportunities Fund2
- The Hartford Value Fund5 (Includes an additional temporary management fee waiver of five basis points for one year, ending June 30, 2011.)
"We’re seeing high demand for these products and we want to keep that momentum going,” says Keith Sloane, senior vice president of The Hartford Mutual Funds. "Strong-performing funds like Value, Fundamental Growth and International Opportunities were specifically targeted for significant expense reductions to be more competitive in their Morningstar categories.”
Additionally, net operating expenses have been decreased up to 15 basis points for the institutional and retirement share classes of 30 other Hartford Mutual Funds.
"We want to expand our institutional market share and the expense reductions enhance our offerings for investment consultants and financial advisors,” says Joseph Eck, vice president of The Hartford’s investment-only business.
"The trend that started in large retirement plans is now spreading down market. Advisors moving to an RIA model also want lower expenses and fee transparency for small- and mid-size retirement plans. The changes will sharpen our competitive advantage over products like collective trust funds, and help The Hartford be more competitive when selling to retirement plan sponsors and recordkeepers, defined benefit plans, endowments and foundations, bank trusts and for existing 401(k), 457 and 403(b) programs that already offer these funds as investment options,” adds Eck.
The Hartford Mutual Funds investment-only business permits institutional investors and retirement plan sponsors choose from a broad range of more than 50 mutual funds spread across all investment styles, according to Eck. The funds are offered as Class R Shares (R3, R4 and R5) and Class Y Shares.
New expense tables are shown in the updated Summary Prospectus and supplements, which are available online at www.hartfordmutualfunds.com/prospectuses.
About The Hartford Mutual Funds
The Hartford Mutual Funds, established in 1996, offers a wide array of both broad-mandate and style-focused equity and fixed-income investment options. The Hartford Mutual Funds draw on the investment strength, experience and expertise of sub-advisers Wellington Management and Hartford Investment Management. These two organizations bring their decades of market experience, in-house investment capabilities, rigorous research and time-tested investment process to bear in managing the funds to help The Hartford Mutual Fund investors meet their long-term financial goals. Mutual Fund assets under management were $95.8 billion as of March 31, 2010. For more information on The Hartford Mutual Funds, including current holdings, visit www.hartfordmutualfunds.com.
About The Hartford
Celebrating 200 years of helping its customers achieve what's ahead, The Hartford (NYSE: HIG) is an insurance and wealth management company. Through its unique focus on customer needs, the company serves businesses and consumers by providing the products and solutions they need to protect their assets and income from risks and manage their wealth and retirement needs. A Fortune 100 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
HIG-L
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2009 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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, which can be obtained from your investment representative or by calling 888-843-7824. Please read it carefully before you invest or send money.
| 1 | Net operating expenses are the expenses you are currently paying to own the Fund. If the net operating expenses shown are lower than the gross operating expenses, then the net operating expenses reflect contractual fee waivers and expense reimbursements that may not be renewed. Certain contractual fee waivers expire on May 31, 2011 or June 30, 2011. Other contractual fee waivers or reimbursements remain in effect until February 28, 2011, and automatically renew for one-year terms unless terminated by the Fund’s Adviser or Transfer Agent. For more information about the fee arrangements and expiration dates, please see the expense table in the prospectus. | |
| 2 | The Fund may invest in foreign securities, which can be riskier than investments in U.S. securities (risks may include currency risk, illiquidity risks, and risks from substantially lower trading volume on foreign markets). | |
| The Fund may invest in securities of companies that conduct their principal business activities (or that trade principally on exchanges) in emerging markets (including Asia, Latin America, Eastern Europe, and Africa), which is riskier than investing in securities of more developed countries (including risks of illiquidity and increased price volatility). | ||
| The sub-adviser's investment strategy will influence performance significantly and the Fund could underperform its peers or lose money if that strategy does not perform as expected. | ||
| The Fund invests in securities of small-cap and/or mid-cap companies, which is riskier than stocks of larger companies, because smaller companies generally are young, have limited business history, and frequently rely on narrow product lines and niche markets. | ||
| 3 | The Fund may invest in foreign securities, which can be riskier than investments in U.S. securities (risks may include currency risk, illiquidity risks, and risks from substantially lower trading volume on foreign markets). | |
| The sub-adviser's investment strategy will influence performance significantly and the Fund could underperform its peers or lose money if that strategy does not perform as expected. | ||
| The fund invests in growth stocks, which may be more volatile because they are more sensitive to investors' perceptions about the issuing company's growth potential. | ||
| 4 | The Fund may invest in foreign securities, which can be riskier than investments in U.S. securities (risks may include currency risk, illiquidity risks, and risks from substantially lower trading volume on foreign markets). | |
| The Fund may invest in securities of companies that conduct their principal business activities (or that trade principally on exchanges) in emerging markets (including Asia, Latin America, Eastern Europe, and Africa), which is riskier than investing in securities of more developed countries (including risks of illiquidity and increased price volatility). | ||
| The Fund invests in securities of small-cap and/or mid-cap companies, which is riskier than stocks of larger companies, because smaller companies generally are young, have limited business history, and frequently rely on narrow product lines and niche markets. | ||
| The sub-adviser's investment strategy will influence performance significantly and the Fund could underperform its peers or lose money if that strategy does not perform as expected. | ||
| Active trading may increase the Fund's transaction costs, affect performance, and increase your taxable distributions. | ||
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5 |
The Fund may invest in foreign securities, which can be riskier than investments in U.S. securities (risks may include currency risk, illiquidity risks, and risks from substantially lower trading volume on foreign markets). | |
| The Fund may invest in securities of companies that conduct their principal business activities (or that trade principally on exchanges) in emerging markets (including Asia, Latin America, Eastern Europe, and Africa), which is riskier than investing in securities of more developed countries (including risks of illiquidity and increased price volatility). | ||
Mutual fund inception dates range from 1949 to date. The Hartford Mutual Funds are not a subsidiary of The Hartford but are underwritten, distributed by, and advised by subsidiaries of The Hartford. Investments in The Hartford Mutual Funds are not guaranteed by The Hartford or any other entity. The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services, LLC.
Wellington Management Company, LLP is an independent and unaffiliated sub-adviser to The Hartford.
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.
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