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Hartford Mutual Funds Inc/CT – ‘485BPOS’ on 8/9/17

On: Wednesday, 8/9/17, at 4:12pm ET · Effective: 8/9/17 · Accession #: 1104659-17-50703 · File #: 333-219219

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/09/17  Hartford Mutual Funds Inc/CT      485BPOS     8/09/17    1:2.1M                                   Merrill Corp-MD/FA
          → The Hartford Strategic Income Fund ⇒ Class A (HSNAX) — Class B (HSNBX) — Class C (HSNCX) — Class F (HSNFX) — Class I (HSNIX) — Class R3 (HSNRX) — Class R4 (HSNSX) — Class R5 (HSNTX) — Class T — Class Y (HSNYX)

Post-Effective Amendment
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 485BPOS     Post-Effective Amendment Filed Pursuant to          HTML   1.43M 
                          Securities Act Rule 485(B)

This is an HTML Document rendered as filed. [ Alternative Formats ]

As filed with the Securities and Exchange Commission on August 9, 2017
Securities Act File No. 333-219219

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x

Pre-Effective Amendment No. o

Post-Effective Amendment No. 1 x

The Hartford Mutual Funds, Inc.
(Exact Name of Registrant as Specified in Charter)

690 Lee Road

Wayne, Pennsylvania 19087
(Address of Principal Executive Offices) (Zip Code)

1-610-386-4068
(Registrant’s Area Code and Telephone Number)

Thomas R. Phillips, Esq.

Hartford Funds Management Company, LLC
690 Lee Road

Wayne, Pennsylvania 19087

(Name and Address of Agent for Service)

With copies to:

John V. O’Hanlon, Esq.

Dechert LLP

One International Place, 40th Floor
100 Oliver Street
Boston, Massachusetts 02110-2605

Approximate Date of Proposed Public Offering:

As soon as practicable after this Registration Statement becomes effective.

It is proposed that this filing will become effective immediately upon filing, pursuant to Rule 485(b)
under the Securities Act of 1933, as amended.

No filing fee is required because an indefinite number of shares have previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended.

THE HARTFORD MUTUAL FUNDS, INC.

FORM N-14

CONTENTS OF REGISTRATION STATEMENT ON FORM N-14

This Registration Statement consists of the following papers and documents:

Cover Sheet

Contents of Registration Statement on Form N-14

Letter to Shareholders

Part A — Combined Information Statement and Prospectus

Part B — Statement of Additional Information

Part C — Other Information

Signature Page

THE HARTFORD MUTUAL FUNDS, INC.,
on behalf of
The Hartford Unconstrained Bond Fund

August 9, 2017

Dear Shareholder:

At a meeting held on May 1-2, 2017, the Board of Directors (the "Board") of The Hartford Mutual Funds, Inc., a Maryland corporation (the "Company"), approved an Agreement and Plan of Reorganization (the "Reorganization Agreement") that provides for the reorganization of The Hartford Unconstrained Bond Fund ("Unconstrained Bond Fund"), a series of the Company, into The Hartford Strategic Income Fund ("Strategic Income Fund" and, collectively, with Unconstrained Bond Fund, the "Funds"), another series of the Company (the "Reorganization"). The Reorganization does not require shareholder approval. The Reorganization is expected to occur on or about September 25, 2017 (the "Closing Date"), at which time you will receive shares of Strategic Income Fund of the same class and of equivalent dollar value to your shares in Unconstrained Bond Fund as of the Closing Date.

After carefully considering the merits of the Reorganization, the Board determined that combining the Funds is in the best interests of each Fund. In connection with the Reorganization, you should note the following:

• The Reorganization is expected to qualify as a tax-free transaction;

• The value of your investment will not change as a result of the Reorganization; and

• The Reorganization is also expected to provide shareholders of both Funds with the opportunity to potentially benefit from economies of scale.

Hartford Funds Management Company, LLC ("HFMC"), the Funds' investment adviser, is committed to offering a differentiated product line that it believes adds value for shareholders.

The Reorganization Agreement provides for:

• the transfer of all of the assets of Unconstrained Bond Fund to Strategic Income Fund in exchange for shares of Strategic Income Fund that have an aggregate net asset value equal to the aggregate net asset value of the shares of Unconstrained Bond Fund on the valuation date for the Reorganization;

• the assumption by Strategic Income Fund of all of the liabilities of Unconstrained Bond Fund; and

• the distribution of shares of Strategic Income Fund to the shareholders of Unconstrained Bond Fund in complete liquidation of Unconstrained Bond Fund.

The Reorganization is expected to be completed on or about September 25, 2017 at 8:00 a.m. Eastern Time based on the net asset value of each Fund as of the close of regular trading on the New York Stock Exchange on September 22, 2017, or at such earlier or later date as determined by an officer of the Company. Existing shareholders will be able to purchase additional shares of Unconstrained Bond Fund through the close of business on or about September 22, 2017. Unconstrained Bond Fund was closed to new investors effective June 12, 2017.

The Reorganization does not require shareholder approval, and you are not being asked to vote or take any other action in connection with the Reorganization. We do, however, ask that you review the enclosed combined Information Statement/Prospectus, which contains information about Strategic Income Fund, including its investment objective, strategies, risks, performance, fees and expenses. As of the date of the Reorganization, your assets will automatically be invested in Strategic Income Fund, which has a similar investment objective, similar investment strategies (through different investment styles as explained in the attached materials) and similar risk factors as Unconstrained Bond Fund.

Enclosed is an Information Statement/Prospectus which provides details of the Reorganization.

If you have any questions, please call the Funds at 1-888-843-7824.

Sincerely,

Graphic -- Picture -- j17169355_ba004.jpg

James E. Davey
President and Chief Executive Officer

COMBINED INFORMATION STATEMENT/PROSPECTUS

August 9, 2017

INFORMATION STATEMENT FOR:

THE HARTFORD UNCONSTRAINED BOND FUND
(a series of The Hartford Mutual Funds, Inc.)
690 Lee Road
Wayne, Pennsylvania 19087

PROSPECTUS FOR:

THE HARTFORD STRATEGIC INCOME FUND
(a series of The Hartford Mutual Funds, Inc.)
690 Lee Road
Wayne, Pennsylvania 19087
610-386-4068

THE SECURITIES AND EXCHANGE COMMISSION AND THE COMMODITY FUTURES TRADING COMMISSION HAVE NOT APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS INFORMATION STATEMENT/PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY

QUESTIONS AND ANSWERS ABOUT THE INFORMATION STATEMENT/PROSPECTUS

General Information About the Reorganization

Q. Why am I receiving this Information Statement/Prospectus?

A. The Hartford Unconstrained Bond Fund ("Unconstrained Bond Fund") is being reorganized into The Hartford Strategic Income Fund ("Strategic Income Fund") (the "Reorganization"). You are receiving this combined Information Statement and Prospectus ("Information Statement/Prospectus") because you were a shareholder of Unconstrained Bond Fund as of the close of business on July 21, 2017 (the "Record Date") and so that we can provide you with details about the Reorganization. The Unconstrained Bond Fund and Strategic Income Fund are referred to herein as the "Funds." Each of the Funds is a separate series of The Hartford Mutual Funds, Inc., a Maryland corporation (the "Company").

The Funds have similar investment objectives, similar investment strategies (through different investment styles) and similar risk factors. At the time of the Reorganization, shareholders of Unconstrained Bond Fund (the "Shareholders") will become shareholders of Strategic Income Fund.

This Information Statement/Prospectus provides the information about Strategic Income Fund that Shareholders should know when evaluating the Reorganization. We suggest that you keep this Information Statement/Prospectus for your records and future reference.

All documents may be obtained without charge by writing to Hartford Funds, P.O. Box 55022, Boston, MA 02205-5022 or by calling 1-888-843-7824.

Q. How did the Board reach its decision to approve the Reorganization?

A. In determining whether to approve the Reorganization, the Board considered, among other things, the potential impact of the Reorganization on each Fund's shareholders and a variety of related factors, including, among others, (1) the comparability of the Funds' investment objectives, policies and restrictions; (2) the terms and conditions of the Reorganization Agreement, including provisions intended to avoid any dilution of Shareholder interests; (3) the costs to the Funds of the Reorganization; (4) the fact that the Reorganization is intended to qualify as a tax-free reorganization under federal tax laws; (5) the fact that the pro forma gross and net operating expenses of Strategic Income Fund after the Reorganization are estimated to be lower than the current gross and net operating expenses of Unconstrained Bond Fund; (6) the fact that the management fee schedule of Strategic Income Fund is identical to the management fee schedule of Unconstrained Bond Fund at all asset levels; (7) the fact that the Reorganization would increase the assets of Strategic Income Fund, which may reduce Strategic Income Fund's overall costs through economies of scale with possible beneficial effects on Strategic Income Fund's expense ratio; and (8) possible alternatives to the Reorganization. The Board also considered that the Reorganization does not require, and, therefore, would be effected without, a vote of Unconstrained Bond Fund's Shareholders.

After careful consideration, the Board determined that the Reorganization is in the best interests of Strategic Income Fund and Unconstrained Bond Fund.

Q. Who is receiving this Information Statement/Prospectus?

A. Shareholders of record of Unconstrained Bond Fund on the Record Date are receiving this Information Statement/Prospectus.

Q. Who will bear the costs of the Reorganization?

A. The legal and shareholder communication costs relating to the Reorganization will be borne solely by Hartford Funds Management Company, LLC ("HFMC"), the investment adviser to both Funds, or its affiliates. No such costs shall be borne by Unconstrained Bond Fund or Strategic Income Fund. All other expenses, including any brokerage fees and brokerage-related expenses, incurred in connection with the Reorganization will be borne by the Unconstrained Bond Fund and Strategic Income Fund.

Q. How will the Reorganization affect me as a Shareholder?

A. Upon the Closing Date, shareholders of Unconstrained Bond Fund will become shareholders of Strategic Income Fund. Specifically, shareholders of Class A, Class B, Class C, Class I, Class R3, Class R4, Class R5, Class Y, and Class F shares, respectively, of Unconstrained Bond Fund will receive shares of the corresponding class of Strategic Income Fund that are equal in value to their shares in Unconstrained Bond Fund as of the Closing Date. The number of shares you receive will depend on the relative net asset value of the Funds' shares immediately prior to the Reorganization. Thus, although the aggregate net asset value of the shares in your account will be the same, you may receive a greater or lesser number of shares than you currently hold in Unconstrained Bond Fund.

Q. Can I exchange or redeem my Unconstrained Bond Fund shares before the Reorganization takes place?

A. Yes. You may exchange your Unconstrained Bond Fund shares for appropriate shares, as described in Appendix D — Exchanging Shares, of another fund offered by the Company, or redeem your shares, at any time before the Reorganization takes place, as set forth in Unconstrained Bond Fund's prospectus. If you choose to do so, your request will be treated as a normal exchange or redemption of shares and may be a taxable transaction. Unconstrained Bond Fund was closed to new investors effective June 12, 2017. Existing shareholders will be able to purchase shares of Unconstrained Bond Fund through the close of business on or about September 22, 2017. No purchases of Unconstrained Bond Fund's shares will be allowed after that time.

General Information About the Funds

Q. How comparable are the Funds' investment objectives and investment strategies?

A. Unconstrained Bond Fund and Strategic Income Fund have similar investment objectives. Unconstrained Bond Fund's investment objective is to maximize long-term total return. Strategic Income Fund's investment objective is to provide current income and long-term total return. Although the Funds have similar investment strategies, each Fund uses a different investment style.

Unconstrained Bond Fund invests at least 80% of its net assets in fixed income securities and derivatives related to fixed income securities and expects that its average portfolio duration will normally vary from negative 1 year to positive 7 years, while Strategic Income Fund invests primarily in domestic and foreign debt securities of any maturity or duration that the sub-adviser, Wellington Management Company LLP ("Wellington Management"), considers to be attractive from a yield perspective while considering total return.

Unconstrained Bond Fund normally invests in a broad range of fixed income securities, including but not limited to, non-investment grade debt securities (also known as "junk bonds"), highly rated securities and foreign securities, including those from emerging markets, other asset classes of U.S. or foreign issuers, including, but not limited to, bank loans or loan participation interests in secured, second lien or unsecured variable, fixed or floating rate loans, securitized debt, convertible securities, preferred stock, and common stock. Strategic Income Fund also normally invests in junk bonds, highly rated securities and foreign securities, including those from emerging markets.

Unconstrained Bond Fund principally may use derivatives for the purposes of enhancing Fund returns, increasing liquidity, gaining exposure to particular instruments in more efficient or less expensive ways and/or hedging risks related to changes in interest rates and other market factors. Strategic Income Fund principally may use derivatives to manage portfolio risk, for efficient replication of securities the Fund could buy or for other investment purposes.

Both Funds will also generally hold a diversified portfolio of investments in various sectors, but the Funds are not required to invest in all sectors at all times and may invest 100% of their net assets in one sector if conditions warrant. Both Funds may also trade securities actively.

For more information regarding each Fund's investment strategies and styles, please see the "COMPARISON OF INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES, PRINCIPAL RISKS, AND MANAGEMENT OF UNCONSTRAINED BOND FUND AND STRATEGIC INCOME FUND" section below.

Q. How comparable are the Funds' risks?

A. The Funds have comparable risk factors, with the exception of those risks identified immediately below. The risks of investing in each Fund are identified in the "COMPARISON OF INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES, PRINCIPAL RISKS, AND MANAGEMENT OF UNCONSTRAINED BOND FUND AND STRATEGIC INCOME FUND" section below.

The following principal risk is unique to an investment in Unconstrained Bond Fund: Event Risk (Principal Risk).

The following principal risk is unique to an investment in Strategic Income Fund: Sovereign Debt Risk (Principal Risk).

Additional Information is Available. This Information Statement/Prospectus provides the information about Strategic Income Fund that Shareholders should know when evaluating the Reorganization. We suggest that you keep this Information Statement/Prospectus for your records and future reference. A Statement of Additional Information ("SAI") dated August 9, 2017 relating to this Information Statement/Prospectus, and containing additional information about the Reorganization Agreement and the parties thereto, has been filed with the U.S. Securities and Exchange Commission ("SEC") and is incorporated by reference. In addition, the following documents have been filed with the SEC are available, without charge, on the Funds' website at www.hartfordfunds.com, by calling 1-888-843-7824, or by writing to the Hartford Funds, P.O. Box 55022, Boston, MA 02205-5022: the Prospectuses of Unconstrained Bond Fund and Strategic Income Fund; and each Fund's annual report dated

October 31, 2016 and semi-annual report dated April 30, 2017 (File Nos. 811-07589 (Unconstrained Bond Fund and Strategic Income Fund)).

NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS INFORMATION STATEMENT/PROSPECTUS AND IN THE MATERIALS EXPRESSLY INCORPORATED BY REFERENCE. IF ANY PERSON PROVIDES ANY OTHER REPRESENTATION OR INFORMATION, YOU SHOULD NOT RELY ON THOSE OTHER REPRESENTATIONS OR INFORMATION SINCE NEITHER UNCONSTRAINED BOND FUND NOR STRATEGIC INCOME FUND HAS AUTHORIZED THOSE REPRESENTATIONS.

TABLE OF CONTENTS

INTRODUCTION					1
THE REORGANIZATION					1
COMPARISON OF INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES, PRINCIPAL RISKS, AND MANAGEMENT OF UNCONSTRAINED BOND FUND AND STRATEGIC INCOME FUND					2
REASONS FOR THE REORGANIZATION					12
Board Considerations and Benefits of the Reorganization					12
Board Considerations Regarding the Approval of Strategic Income Fund's Investment Management and Sub-Advisory Agreements					13
Comparison of Fees and Expenses of Unconstrained Bond Fund and Strategic Income Fund					13
Operating Expenses					14
Portfolio Turnover					21
MANAGEMENT AND PERFORMANCE OF STRATEGIC INCOME FUND					21
The Investment Adviser and Sub-Adviser					21
Performance of Unconstrained Bond Fund and Strategic Income Fund					22
INFORMATION ABOUT THE REORGANIZATION					25
The Reorganization Agreement					25
Tax Considerations					25
Expenses of the Reorganization					26
Accounting Survivor					26
ADDITIONAL INFORMATION ABOUT THE FUNDS					26
Form of Organization					26
Dividends and Distributions					26
Disclosure of Portfolio Holdings					26
Capitalization of the Funds					27
GENERAL INFORMATION					28
The Investment Manager					28
Independent Registered Public Accounting Firm					28
Shareholder Reports					28
Beneficial Owners					28
Information About the Funds					28
Legal Proceedings					28
MORE INFORMATION REGARDING THE FUNDS					29
Investment Management Arrangements					29
Purchase and Redemption of Shares					29
Exchanging Shares					31
Additional Investor Services — Class A and Class C Shares					32
Distribution Arrangements					32
Distribution Plans					32
Payments to Financial Intermediaries and Other Entities					33
Execution of Requests					35
Payments to Broker-Dealers and Other Financial Intermediaries					35
TAXES					35
Taxability of Dividends					35
Taxability of Transactions					36
Additional Information					36
FINANCIAL HIGHLIGHTS FOR STRATEGIC INCOME FUND					37
INDEX OF APPENDICES					41
APPENDIX A: AGREEMENT AND PLAN OF REORGANIZATION AGREEMENT AND PLAN OF REORGANIZATION					A-1
APPENDIX B: 5% BENEFICIAL OWNERS OF FUND SHARES AS OF JUNE 16, 2017					B-1
APPENDIX C: INTERMEDIARY-SPECIFIC SALES CHARGE WAIVERS AND DISCOUNTS					C-1
APPENDIX D: ADDITIONAL INFORMATION APPLICABLE TO THE ACQUIRING FUND					D-1

INTRODUCTION

You should read this entire Information Statement/Prospectus carefully. For additional information, you should consult each Fund's Prospectus and the Combined Statement of Additional Information of the Company and The Hartford Mutual Funds II, Inc. ("The Hartford Mutual Funds II" and collectively with the Company, "Hartford Funds") (File Nos. 333-02381/811-07589 (Unconstrained Bond Fund and Strategic Income Fund)), as supplemented, and the Reorganization Agreement. A copy of the Reorganization Agreement is attached hereto as APPENDIX A.

THE REORGANIZATION

At a meeting held on May 1-2, 2017, the Board reviewed a proposal from HFMC regarding the future of Unconstrained Bond Fund, given, among other reasons, HFMC's belief that Unconstrained Bond Fund would not experience meaningful future net inflows or growth in assets. For the reasons set forth herein, the Board approved a Reorganization Agreement that provides for the reorganization of Unconstrained Bond Fund into Strategic Income Fund. The Reorganization does not require shareholder approval. The Reorganization is expected to occur on or about September 25, 2017 (the "Closing Date"), at which time you will receive shares of Strategic Income Fund of the same class and of equal value to your shares in Unconstrained Bond Fund as of the Closing Date.

The Reorganization Agreement provides for:

• the assumption by Strategic Income Fund of all of the liabilities of Unconstrained Bond Fund; and

• the distribution of shares of Strategic Income Fund to the shareholders of Unconstrained Bond Fund in complete liquidation of Unconstrained Bond Fund.

The Reorganization is expected to be completed on the Closing Date at 8:00 a.m. Eastern Time based on the net asset value of each Fund's shares as of the close of business on the New York Stock Exchange on September 22, 2017 (the "Valuation Date") and after the declaration of any dividends on September 22, 2017. Unconstrained Bond Fund was closed to new investors effective June 12, 2017. Existing shareholders will be able to purchase shares of Unconstrained Bond Fund through the close of business on or about September 22, 2017. No purchases of Unconstrained Bond Fund's shares will be allowed after that time.

The Reorganization does not require shareholder approval, and you are not being asked to vote or take any other action in connection with the Reorganization. As of the date of the Reorganization, your assets will automatically be invested in Strategic Income Fund, which has a similar investment objective, similar investment strategies (through different investment styles as explained below) and similar risk factors as Unconstrained Bond Fund.

Effects of the Reorganization on Shareholders

The Reorganization Agreement approved by the Board provides for the reorganization of Unconstrained Bond Fund with and into Strategic Income Fund in exchange for Class A, Class T, Class B, Class C, Class I, Class R3, Class R4, Class R5, Class Y, and Class F shares issued by Strategic Income Fund. The net asset value of the Class A, Class T, Class B, Class C, Class I, Class R3, Class R4, Class R5, Class Y, and Class F shares, respectively, issued by Strategic Income Fund in connection with the Reorganization will be equal at the time of the Reorganization to the net asset value of the Class A, Class T, Class B, Class C, Class I, Class R3, Class R4, Class R5, Class Y, and Class F shares, respectively, of Unconstrained Bond Fund acquired by Strategic Income Fund. As a result of the Reorganization, each Shareholder of Unconstrained Bond Fund will cease to be a shareholder of that Fund and will instead become a shareholder of Strategic Income Fund and will own that number of full and fractional Class A, Class T, Class B, Class C, Class I, Class R3, Class R4, Class R5, Class Y, and Class F shares of Strategic Income Fund that have an aggregate net asset value at the time of the Reorganization equal to the aggregate net asset value of the Class A, Class T, Class B, Class C, Class I, Class R3, Class R4, Class R5, Class Y, and Class F shares, respectively, of Unconstrained Bond Fund that were held by that Shareholder at the Valuation Date.

Tax Consequences

Strategic Income Fund and Unconstrained Bond Fund anticipate receiving a tax opinion from Dechert LLP to the effect that, based on certain facts, assumptions and representations, the Reorganization will be a tax-free reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"). Consequently, in general, no gain or loss is expected to be recognized for federal income tax purposes by Unconstrained Bond Fund or its shareholders as a result of the Reorganization. Additional information about the federal income tax consequences of the Reorganization is included under "INFORMATION ABOUT THE REORGANIZATION — Tax Considerations."

COMPARISON OF INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES, PRINCIPAL RISKS, AND MANAGEMENT OF UNCONSTRAINED BOND FUND AND STRATEGIC INCOME FUND

The investment objectives, principal investment strategies, and risks of Unconstrained Bond Fund and Strategic Income Fund are similar in many respects. Each Fund is managed by the same investment adviser and sub-adviser, using the same team of portfolio managers. The charts and summaries below describe the important similarities and differences between Unconstrained Bond Fund and Strategic Income Fund. There can be no assurance that either Unconstrained Bond Fund or Strategic Income Fund will achieve its stated goal. Each Fund's investment objective may be changed by the Board without approval of the shareholders of the Fund. Unconstrained Bond Fund may engage in transition management techniques in anticipation of the Reorganization, during which time it may not pursue its investment objective and principal investment strategies.

There are some differences in the investment objectives, principal investment strategies and principal investment risks of Unconstrained Bond Fund and Strategic Income Fund, including:

• Unconstrained Bond Fund's investment objective is to seek to maximize long-term total return, while Strategic Income Fund's investment objective is to seek to provide current income and long-term total return.

• Unconstrained Bond Fund invests at least 80% of its net assets in fixed income securities and derivatives related to fixed income securities, while Strategic Income Fund invests primarily in domestic and foreign debt securities of any maturity or duration that the sub-adviser, Wellington Management, considers to be attractive from a yield perspective while considering total return.

• Although both Funds may invest in debt securities, Unconstrained Bond Fund invests in a broad range of fixed income securities, including other asset classes of U.S. or foreign issuers, including, but not limited to, bank loans or loan participation interests in secured, second lien or unsecured variable, fixed or floating rate loans, securitized debt, convertible securities, preferred stock, and common stock. Both Funds invest in junk bonds, highly rated securities and foreign securities, including those from emerging markets.

• Both Funds may trade securities actively and may invest in debt securities of any maturity. However, the Unconstrained Bond Fund also expects that its average portfolio duration will normally vary from negative 1 year to positive 7 years, depending on the sub-adviser's forecast of interest rates and assessment of market risks generally, whereas the principal investment strategies of Strategic Income Fund do not contain such a limitation.

• Unconstrained Bond Fund's principal investment risks are similar but not identical to those of Strategic Income Fund. In contrast to Strategic Income Fund, a principal risk of investing in Unconstrained Bond Fund is Event Risk, which is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company's bonds and/or other debt securities may decline significantly. Strategic Income Fund may be subject to Event Risk from time to time but, generally, does not anticipate investing in corporate issuers that may undergo restructuring to the same extent as does Unconstrained Bond Fund.

Additionally, in contrast to Unconstrained Bond Fund, a principal risk of investing in Strategic Income Fund is Sovereign Debt Risk, which is the risk that the issuer of the non-U.S. sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country or economic region, levels of foreign debt or foreign currency exchange rates. Unconstrained Bond Fund is subject to Sovereign Debt Risk but does not invest in sovereign debt to the same extent as does Strategic Income Fund.

There are no differences between the rights of shareholders of Unconstrained Bond Fund and Strategic Income Fund.

	Unconstrained Bond Fund	Strategic Income Fund
Investment objective	Seeks to maximize long-term total return.	Seeks to provide current income and long-term total return.
Principal Investment Strategies	The Fund seeks to achieve its investment objective by investing at least 80% of its net assets in fixed income securities and derivatives related to fixed income securities. The Fund normally invests in a broad range of fixed income securities, including but not limited to, non-investment grade debt securities (also	The Fund seeks to achieve its investment objective by investing primarily in domestic and foreign debt securities that the sub-adviser, Wellington Management, considers to be attractive from a yield perspective while considering total return. The Fund normally invests in non-investment grade debt securities

Unconstrained Bond Fund				Strategic Income Fund
known as "junk bonds"), highly rated securities and foreign securities, including those from emerging markets, other asset classes of U.S. or foreign issuers, including, but not limited to, bank loans or loan participation interests in secured, second lien or unsecured variable, fixed or floating rate loans, securitized debt, convertible securities, preferred stock, and common stock. The sub-adviser, Wellington Management, may use derivatives including futures contracts, options, swaps and forward foreign currency contracts for the purposes of enhancing Fund returns, increasing liquidity, gaining exposure to particular instruments in more efficient or less expensive ways and/or hedging risks relating to changes in interest rates and other market factors. The Fund will generally hold a diversified portfolio of investments in various sectors, although the Fund is not required to invest in all sectors at all times and may invest 100% of its net assets in one sector if conditions warrant. The Fund may trade securities actively and may invest in debt securities of any maturity. The Fund expects that its average portfolio duration will normally vary from negative 1 year to positive 7 years, depending on the sub-adviser's forecast of interest rates and assessment of market risks generally. Duration is a measure of the sensitivity of a fixed income security's price to changes in interest rates. The Fund's average duration measure incorporates a bond's yield, coupon, final maturity, and the effect of derivatives, such as interest rate swaps and futures that may be used to manage the Fund's interest rate risk. The use of derivatives, such as interest rate swaps and futures, may have the effect of shortening or lengthening the duration of a fixed income portfolio. The Fund may invest in "to-be-announced" investments, including when-issued and delayed delivery securities and forward commitment transactions. The Fund may invest in "Rule 144A" securities, which are privately placed, restricted securities that may only be resold under certain circumstances to other qualified institutional buyers. As part of the Fund's secondary investment strategy, the Fund may also engage in short-selling of "to-be-announced" investments and may enter into bond forwards. Wellington Management combines top-down strategy with bottom-up fundamental research and comprehensive risk management within the portfolio construction process. Bottom-up, internally generated, fundamental research is				(also known as "junk bonds"), highly rated securities and foreign securities, including those from emerging markets. The Fund may invest in other asset classes of U.S. or foreign issuers, including, but not limited to, bank loans or loan participation interests in secured, second lien or unsecured variable, fixed or floating rate loans, securitized debt (such as mortgage-backed and asset-backed securities (which may include "to-be-announced" investments)), convertible securities, preferred stock, and common stock. The Fund may use derivatives, including futures contracts, swaps, options, and forward foreign currency contracts, to manage portfolio risk, for efficient replication of securities the Fund could buy or for other investment purposes. The Fund will generally hold a diversified portfolio of investments in various sectors, although the Fund is not required to invest in all sectors at all times and may invest 100% of its net assets in one sector if conditions warrant. The Fund may invest in "Rule 144A" securities, which are privately placed, restricted securities that may only be resold under certain circumstances to other qualified institutional buyers. The Fund may trade securities actively and may invest in debt securities of any maturity or duration. As part of the Fund's secondary investment strategy, the Fund may also engage in short-selling of "to-be-announced" investments and the Fund may enter into bond forwards. The sub-adviser, Wellington Management, blends longer-term, strategic positioning with shorter term, tactical investment strategies. Wellington Management seeks to add value from top-down sector rotation decisions, bottom-up security selection within sectors, and interest rate management. Wellington Management may also consider certain environmental, social and/or governance (ESG) factors during its assessment. In order to implement the Fund's investment strategy, the portfolio managers may allocate a portion of the Fund's assets to another portfolio management team within Wellington Management. Non-investment grade debt securities are securities rated "Ba" or lower by Moody's, "BB" or lower by S&P or "BB" or lower by Fitch, or securities which, if unrated, are determined by Wellington Management to be of comparable quality. Highly rated securities include, but are not limited to, U.S. government securities, mortgage-backed securities, asset-backed securities and commercial mortgage backed securities that are rated investment grade. Investment grade securities are securities rated

	Unconstrained Bond Fund	Strategic Income Fund
	combined with top down/sector themes which includes an analysis of the economic cycle, together with sector and quality positioning. An important component of the portfolio construction process aims to build portfolios that are well diversified by industry and issuer but also take advantage of favorable secular or cyclical industry and company trends. Economic cycle analysis is important in determining the overall risk posture of the Fund. Risk control is emphasized throughout the investment process through strong credit research, portfolio diversification, and sophisticated analytics. Wellington Management may also consider certain environmental, social and/or governance (ESG) factors during its assessment. In order to implement the Fund's investment strategy, the portfolio managers may allocate a portion of the Fund's assets to another portfolio management team within Wellington Management. Investment grade securities are securities within the four highest categories assigned by Moody's ("Aaa", "Aa", "A" or "Baa") or S&P ("AAA", "AA", "A" or "BBB") or Fitch ("AAA", "AA", "A" or "BBB") or are unrated securities that are judged by Wellington Management to be of comparable quality to securities rated within these four highest categories. Non-investment grade securities are securities rated "Ba" or lower by Moody's, "BB" or lower by S&P or "BB" or lower by Fitch, or securities which, if unrated, are determined by Wellington Management to be of comparable quality.	within the four highest categories assigned by Moody's ("Aaa", "Aa", "A" or "Baa")or S&P ("AAA", "AA", "A" or "BBB") or Fitch ("AAA", "AA", "A" or "BBB") or are unrated securities that are judged by Wellington Management to be of comparable quality to securities rated within these four highest categories. Foreign securities are securities issued by foreign corporations or governments, including issuers located in emerging markets.
Principal Risks	The principal risks of investing in the Fund are described below. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money as a result of your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any fund, there is no guarantee that the Fund will achieve its investment objective. Market Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Securities may decline in value due to the activities and financial prospects of individual companies or to general market and economic movements and trends, including adverse changes to credit markets.	The principal risks of investing in the Fund are described below. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money as a result of your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any fund, there is no guarantee that the Fund will achieve its investment objective. Market Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Securities may decline in value due to the activities and financial prospects of individual companies or to general market and economic movements and trends, including adverse changes to credit markets.

Unconstrained Bond Fund				Strategic Income Fund
Interest Rate Risk — The risk that your investment may go down in value when interest rates rise, because when interest rates rise, the prices of bonds and fixed rate loans fall. A wide variety of factors can cause interest rates to rise, including central bank monetary policies and inflation rates. Generally, the longer the maturity of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund's income. These risks are greater during periods of rising inflation. Volatility in interest rates and in fixed income markets may increase the risk that the Fund's investment in fixed income securities will go down in value. Risks associated with rising interest rates are currently heightened because interest rates in the U.S. are at, or near, historic lows. Credit Risk — Credit risk is the risk that the issuer of a security or other instrument will not be able to make principal and interest payments when due. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Call Risk — Call risk is the risk that an issuer, especially during a period of falling interest rates, may redeem a security by repaying it early, which may reduce the Fund's income if the proceeds are reinvested at lower interest rates. Investment Strategy Risk — The risk that, if the sub-adviser's investment strategy does not perform as expected, the Fund could underperform its peers or lose money. There is no guarantee that the Fund's investment objective will be achieved. High Yield Investments Risk — High yield investments rated below investment grade (also referred to as "junk bonds") are considered to be speculative and are subject to heightened credit risk, which may make the Fund more sensitive to adverse developments in the U.S. and abroad. Lower rated debt securities generally involve greater risk of default or price changes due to changes in the issuer's creditworthiness than higher rated debt securities. The market prices of these securities may fluctuate more than higher quality securities and may decline significantly in periods of general economic				Interest Rate Risk — The risk that your investment may go down in value when interest rates rise, because when interest rates rise, the prices of bonds and fixed rate loans fall. A wide variety of factors can cause interest rates to rise, including central bank monetary policies and inflation rates. Generally, the longer the maturity of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund's income. These risks are greater during periods of rising inflation. Volatility in interest rates and in fixed income markets may increase the risk that the Fund's investment in fixed income securities will go down in value. Risks associated with rising interest rates are currently heightened because interest rates in the U.S. are at, or near, historic lows. Credit Risk — Credit risk is the risk that the issuer of a security or other instrument will not be able to make principal and interest payments when due. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. High Yield Investments Risk — High yield investments rated below investment grade (also referred to as "junk bonds") are considered to be speculative and are subject to heightened credit risk, which may make the Fund more sensitive to adverse developments in the U.S. and abroad. Lower rated debt securities generally involve greater risk of default or price changes due to changes in the issuer's creditworthiness than higher rated debt securities. The market prices of these securities may fluctuate more than higher quality securities and may decline significantly in periods of general economic difficulty. There may be little trading in the secondary market for particular debt securities, which may make them more difficult to value or sell. Foreign Investments Risk — Investments in foreign securities may be riskier than investments in U.S. securities. Differences between the U.S. and foreign regulatory regimes and securities markets, including the less stringent investor protection and disclosure standards of some foreign markets, as well as

Unconstrained Bond Fund				Strategic Income Fund
difficulty. There may be little trading in the secondary market for particular debt securities, which may make them more difficult to value or sell. Loans and Loan Participations Risk — Loans and loan participations, including floating rate loans, are subject to credit risk, including the risk of nonpayment of principal or interest. Also, substantial increases in interest rates may cause an increase in loan defaults. Although the loans the Fund holds may be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid, or lose all or substantially all of its value subsequent to investment. In addition, in the event an issuer becomes insolvent, a loan could be subject to settlement risks or administrative disruptions that could adversely affect the Fund's investment. It may also be difficult to obtain reliable information about a loan or loan participation. Many loans are relatively illiquid or are subject to restrictions on resale and may be difficult to value, which will have an adverse impact on the Fund's ability to dispose of particular loans or loan participations when necessary to meet redemption requests or liquidity needs, or to respond to a specific economic event, such as deterioration in the creditworthiness of the borrower. Loans may also be subject to extension risk (the risk that borrowers will repay a loan more slowly in periods of rising interest rates) and prepayment risk (the risk that borrowers will repay a loan more quickly in periods of falling interest rates). The Fund may acquire a participation interest in a loan that is held by another party. When the Fund's loan interest is a participation, the Fund may have less control over the exercise of remedies than the party selling the participation interest, and it normally would not have any direct rights against the borrower. Loan interests may not be considered "securities," and purchasers, such as the Fund, may not, therefore, be entitled to rely on the anti-fraud protections of the federal securities laws. The Fund may be in possession of material non-public information about a borrower or issuer as a result of its ownership of a loan or security of such borrower or issuer. Because of prohibitions on trading in securities of issuers while in possession of such information, the Fund may be unable to enter into a transaction in a loan or security of such a borrower or issuer when it would otherwise be advantageous to do so.				political and economic developments in foreign countries and regions, may affect the value of the Fund's investments in foreign securities. Changes in currency exchange rates may also adversely affect the Fund's foreign investments. Certain European countries in which the Fund may invest have recently experienced significant volatility in financial markets and may continue to do so in the future. The impact of the United Kingdom's intended departure from the European Union, commonly known as "Brexit," and the potential departure of one or more other countries from the European Union may have significant political and financial consequences for global markets. This may adversely impact Fund performance. Emerging Markets Risk — The risks related to investing in foreign securities are generally greater with respect to investments in companies that conduct their principal business activities in emerging markets or whose securities are traded principally on exchanges in emerging markets. The risks of investing in emerging markets include risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, significant delays in settlement of trades, risk of loss resulting from problems in share registration and custody and substantial economic and political disruptions. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, the risks of investing in emerging markets are magnified in frontier markets. Derivatives Risk — Derivatives are instruments whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund's original investment. Successful use of derivative instruments by the Fund depends on the sub-adviser's judgment with respect to a number of factors and the Fund's performance could be worse and/or more volatile than if it had not used these instruments. In addition, the fluctuations in the value of derivatives may not correlate perfectly with the value of any portfolio assets being hedged, the performance

Unconstrained Bond Fund				Strategic Income Fund
Foreign Investments Risk — Investments in foreign securities may be riskier than investments in U.S. securities. Differences between the U.S. and foreign regulatory regimes and securities markets, including the less stringent investor protection and disclosure standards of some foreign markets, as well as political and economic developments in foreign countries and regions, may affect the value of the Fund's investments in foreign securities. Changes in currency exchange rates may also adversely affect the Fund's foreign investments. Certain European countries in which the Fund may invest have recently experienced significant volatility in financial markets and may continue to do so in the future. The impact of the United Kingdom's intended departure from the European Union, commonly known as "Brexit," and the potential departure of one or more other countries from the European Union may have significant political and financial consequences for global markets. This may adversely impact Fund performance. Emerging Markets Risk — The risks related to investing in foreign securities are generally greater with respect to investments in companies that conduct their principal business activities in emerging markets or whose securities are traded principally on exchanges in emerging markets. The risks of investing in emerging markets include risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, significant delays in settlement of trades, risk of loss resulting from problems in share registration and custody and substantial economic and political disruptions. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, the risks of investing in emerging markets are magnified in frontier markets. Event Risk — Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company's bonds and/or other debt securities may decline significantly.				of the asset class to which the sub-adviser seeks exposure, or the overall securities markets. Leverage Risk — Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. Leverage may also cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. Swaps Risk — A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Certain swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. Futures and Options Risks — Futures and options may be more volatile than direct investments in the securities underlying the futures and options, may not correlate perfectly to the underlying securities, may involve additional costs, and may be illiquid. Futures and options also may involve the use of leverage as the Fund may make a small initial investment relative to the risk assumed, which could result in losses greater than if futures or options had not been used. Futures and options are also subject to the risk that the other party to the transaction may default on its obligation. Forward Currency Contracts Risk — A forward currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward currency contract fluctuates with changes in foreign currency exchange rates. While forward foreign currency exchange contracts do not eliminate fluctuations in the value of foreign securities, they do allow the Fund to establish a fixed rate of exchange for a future point in time.

Unconstrained Bond Fund				Strategic Income Fund
Derivatives Risk — Derivatives are instruments whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund's original investment. Successful use of derivative instruments by the Fund depends on the sub-adviser's judgment with respect to a number of factors and the Fund's performance could be worse and/or more volatile than if it had not used these instruments. In addition, the fluctuations in the value of derivatives may not correlate perfectly with the value of any portfolio assets being hedged, the performance of the asset class to which the sub-adviser seeks exposure, or the overall securities markets. Leverage Risk — Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. Leverage may also cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. Swaps Risk — A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Certain swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. Futures and Options Risks — Futures and options may be more volatile than direct investments in the securities underlying the futures and options, may not correlate perfectly to the underlying securities, may involve additional costs, and may be illiquid. Futures and options also may involve the use of leverage as the Fund may make a small initial investment relative to the risk assumed, which could result				Use of such contracts, therefore, can have the effect of reducing returns and minimizing opportunities for gain. The Fund could also lose money when the contract is settled. Gains from foreign currency contracts are typically taxable as ordinary income and may significantly increase an investor's tax liability. Call Risk — Call risk is the risk that an issuer, especially during a period of falling interest rates, may redeem a security by repaying it early, which may reduce the Fund's income if the proceeds are reinvested at lower interest rates. Investment Strategy Risk — The risk that, if the sub-adviser's investment strategy does not perform as expected, the Fund could underperform its peers or lose money. There is no guarantee that the Fund's investment objective will be achieved. Mortgage- and Asset-Backed Securities Risk — Mortgage- and asset-backed securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage-backed securities are subject to credit risk, interest rate risk, "prepayment risk" (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and "extension risk" (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may only receive payments after the pool's obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The risk of such defaults is generally higher in the case of mortgage pools that include so-called "subprime" mortgages. Rule 144A Securities Risk — Rule 144A investments are subject to certain additional risks compared to publicly traded securities. If there are not enough qualified buyers interested in purchasing Rule 144A securities when the Fund wishes to sell such securities, the Fund may be unable to dispose of such securities promptly or at reasonable prices. For this reason, although Rule 144A securities are generally

Unconstrained Bond Fund				Strategic Income Fund
in losses greater than if futures or options had not been used. Futures and options are also subject to the risk that the other party to the transaction may default on its obligation. Forward Currency Contracts Risk — A forward currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward currency contract fluctuates with changes in foreign currency exchange rates. While forward foreign currency exchange contracts do not eliminate fluctuations in the value of foreign securities, they do allow the Fund to establish a fixed rate of exchange for a future point in time. Use of such contracts, therefore, can have the effect of reducing returns and minimizing opportunities for gain. The Fund could also lose money when the contract is settled. Gains from foreign currency contracts are typically taxable as ordinary income and may significantly increase an investor's tax liability. Mortgage- and Asset-Backed Securities Risk — Mortgage- and asset-backed securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage-backed securities are subject to credit risk, interest rate risk, "prepayment risk" (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and "extension risk" (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may only receive payments after the pool's obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The risk of such defaults is generally higher in the case of mortgage pools that include so-called "subprime" mortgages. Rule 144A Securities Risk — Rule 144A investments are subject to certain additional risks compared to publicly traded securities. If there are not enough qualified buyers interested in purchasing Rule 144A securities when the				considered to be liquid, the Fund's holdings in Rule 144A securities may adversely affect the Fund's overall liquidity if qualified buyers become uninterested in buying them at a particular time. Issuers of Rule 144A securities are required to furnish information to potential investors upon request. However, the required disclosure is much less extensive than that required of public companies and is not publicly available. Further, issuers of Rule 144A securities can require recipients of the information (such as the Fund) to agree contractually to keep the information confidential, which could also adversely affect the Fund's ability to dispose of a security. Loans and Loan Participations Risk — Loans and loan participations, including floating rate loans, are subject to credit risk, including the risk of nonpayment of principal or interest. Also, substantial increases in interest rates may cause an increase in loan defaults. Although the loans the Fund holds may be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid, or lose all or substantially all of its value subsequent to investment. In addition, in the event an issuer becomes insolvent, a loan could be subject to settlement risks or administrative disruptions that could adversely affect the Fund's investment. It may also be difficult to obtain reliable information about a loan or loan participation. Many loans are relatively illiquid or are subject to restrictions on resale and may be difficult to value, which will have an adverse impact on the Fund's ability to dispose of particular loans or loan participations when necessary to meet redemption requests or liquidity needs, or to respond to a specific economic event, such as deterioration in the creditworthiness of the borrower. Loans may also be subject to extension risk (the risk that borrowers will repay a loan more slowly in periods of rising interest rates) and prepayment risk (the risk that borrowers will repay a loan more quickly in periods of falling interest rates). The Fund may acquire a participation interest in a loan that is held by another party. When the Fund's loan interest is a participation, the Fund may have less control over the exercise of remedies than the party selling the participation interest, and it normally would not have any direct rights against the borrower.

Unconstrained Bond Fund				Strategic Income Fund
Fund wishes to sell such securities, the Fund may be unable to dispose of such securities promptly or at reasonable prices. For this reason, although Rule 144A securities are generally considered to be liquid, the Fund's holdings in Rule 144A securities may adversely affect the Fund's overall liquidity if qualified buyers become uninterested in buying them at a particular time. Issuers of Rule 144A securities are required to furnish information to potential investors upon request. However, the required disclosure is much less extensive than that required of public companies and is not publicly available. Further, issuers of Rule 144A securities can require recipients of the information (such as the Fund) to agree contractually to keep the information confidential, which could also adversely affect the Fund's ability to dispose of a security. Liquidity Risk — The risk that the market for a particular investment or type of investment is or becomes relatively illiquid, making it difficult for the Fund to sell that investment at an advantageous time or price. Illiquidity may be due to events relating to the issuer of the securities, market events, rising interest rates, economic conditions or investor perceptions. Illiquid securities may be difficult to value and their value may be lower than the market price of comparable liquid securities, which would negatively affect the Fund's performance. U.S. Government Securities Risk — Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Securities backed by the U.S. Treasury or the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government. U.S. Government securities are also subject to the risk that the U.S. Treasury will be unable to meet its payment obligations.				Loan interests may not be considered "securities," and purchasers, such as the Fund, may not, therefore, be entitled to rely on the anti-fraud protections of the federal securities laws. The Fund may be in possession of material non-public information about a borrower or issuer as a result of its ownership of a loan or security of such borrower or issuer. Because of prohibitions on trading in securities of issuers while in possession of such information, the Fund may be unable to enter into a transaction in a loan or security of such a borrower or issuer when it would otherwise be advantageous to do so. U.S. Government Securities Risk — Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Securities backed by the U.S. Treasury or the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government. U.S. Government securities are also subject to the risk that the U.S. Treasury will be unable to meet its payment obligations. Sovereign Debt Risk — Investments in sovereign debt are subject to the risk that the issuer of the non-U.S. sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country or economic region, levels of foreign debt or foreign currency exchange rates. Liquidity Risk — The risk that the market for a particular investment or type of investment is or becomes relatively illiquid, making it difficult for the Fund to sell that investment at an advantageous time or price. Illiquidity may be due to events relating to the issuer of the securities, market events, rising interest rates,

	Unconstrained Bond Fund	Strategic Income Fund
	To Be Announced (TBA) Transactions Risk — TBA investments include when-issued and delayed delivery securities and forward commitments. TBA transactions involve the risk that the security the Fund buys will lose value prior to its delivery. The Fund is subject to this risk whether or not the Fund takes delivery of the securities on the settlement date for a transaction. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price. The Fund may also take a short position in a TBA investment when it owns or has the right to obtain, at no added cost, identical securities. If the Fund takes such a short position, it may reduce the risk of a loss if the price of the securities declines in the future, but will lose the opportunity to profit if the price rises. Asset Allocation Risk — The risk that if the Fund's strategy for allocating assets among different portfolio management teams does not work as intended, the Fund may not achieve its objective or may underperform other funds with similar investment strategies. The investment styles employed by the portfolio managers may not be complementary, which could adversely affect the performance of the Fund. Active Trading Risk — Active trading could increase the Fund's transaction costs and may increase your tax liability as compared to a fund with less active trading policies. These effects may adversely affect Fund performance.	economic conditions or investor perceptions. Illiquid securities may be difficult to value and their value may be lower than the market price of comparable liquid securities, which would negatively affect the Fund's performance. To Be Announced (TBA) Transactions Risk — TBA investments include when-issued and delayed delivery securities and forward commitments. TBA transactions involve the risk that the security the Fund buys will lose value prior to its delivery. The Fund is subject to this risk whether or not the Fund takes delivery of the securities on the settlement date for a transaction. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price. The Fund may also take a short position in a TBA investment when it owns or has the right to obtain, at no added cost, identical securities. If the Fund takes such a short position, it may reduce the risk of a loss if the price of the securities declines in the future, but will lose the opportunity to profit if the price rises. Asset Allocation Risk — The risk that if the Fund's strategy for allocating assets among different portfolio management teams does not work as intended, the Fund may not achieve its objective or may underperform other funds with similar investment strategies. The investment styles employed by the portfolio managers may not be complementary, which could adversely affect the performance of the Fund. Active Trading Risk — Active trading could increase the Fund's transaction costs and may increase your tax liability as compared to a fund with less active trading policies. These effects may adversely affect Fund performance.
Fundamental Investment Restrictions	Fundamental investment restrictions are identical to those of Strategic Income Fund.	Fundamental investment restrictions are identical to those of Unconstrained Bond Fund.
Investment Manager and Management Fees	HFMC The Fund pays HFMC an investment management fee, which is accrued daily and paid monthly, equal on an annual basis to a stated percentage of each Fund's average daily net assets, shown below.	HFMC The Fund pays HFMC an investment management fee, which is accrued daily and paid monthly, equal on an annual basis to a stated percentage of each Fund's average daily net assets, shown below.

	Unconstrained Bond Fund	Strategic Income Fund
	The management fee set forth in the Fund's investment advisory agreement is: 0.5500% of the first $500 million, 0.5000% of the next $500 million, 0.4750% of the next $1.5 billion, 0.4650% of the next $2.5 billion, 0.4550% of the next $5 billion, and 0.4450% in excess of $10 billion annually of the Fund's average daily net assets.	The management fee set forth in the Fund's investment advisory agreement is: 0.5500% of the first $500 million, 0.5000% of the next $500 million, 0.4750% of the next $1.5 billion, 0.4650% of the next $2.5 billion, 0.4550% of the next $5 billion, and 0.4450% in excess of $10 billion annually of the Fund's average daily net assets.
Investment Sub-Adviser and Sub-Advisory Fees	Wellington Management HFMC, not the Fund, pays a sub-advisory fee to Wellington Management.	Wellington Management HFMC, not the Fund, pays a sub-advisory fee to Wellington Management.
Portfolio Manager(s)	Campe Goodman, CFA, Senior Managing Director and Fixed Income Portfolio Manager	Campe Goodman, CFA, Senior Managing Director and Fixed Income Portfolio Manager
	Joseph F. Marvan, CFA, Senior Managing Director and Fixed Income Portfolio Manager	Joseph F. Marvan, CFA, Senior Managing Director and Fixed Income Portfolio Manager
	Robert D. Burn, CFA, Managing Director and Fixed Income Portfolio Manager	Robert D. Burn, CFA, Managing Director and Fixed Income Portfolio Manager
Net Assets (as of 6/30/17)	$65 million	$385 million

REASONS FOR THE REORGANIZATION

The Reorganization is being proposed to address Unconstrained Bond Fund's ongoing low asset levels and lack of growth. The Reorganization is expected to provide Unconstrained Bond Fund shareholders with lower net operating expenses as well as a greater opportunity to realize economies of scale.

HFMC, the investment adviser for both Unconstrained Bond Fund and Strategic Income Fund, or its affiliates will bear all legal and shareholder communication expenses associated with the Reorganization. All other expenses, including any brokerage fees and brokerage-related expenses, incurred in connection with the Reorganization will be borne by Unconstrained Bond Fund and Strategic Income Fund.

Board Considerations and Benefits of the Reorganization

The Reorganization was presented to the Board of Directors of the Company for consideration and approval at a meeting held on May 1-2, 2017. In advance of the meeting, the Board requested and received detailed information regarding the Reorganization. After reviewing and evaluating this information, including the factors summarized below and other information in this Information Statement/Prospectus, the Board, including all of the Directors who are not "interested persons" (as defined in the Investment Company Act of 1940 (the "1940 Act")) (the "Independent Directors") of the Company, unanimously approved the Reorganization. In approving the Reorganization, the Board, including all of the Independent Directors, determined that the interests of the shareholders of each Fund would not be diluted as a result of the Reorganization, and that the Reorganization was in the best interests of each Fund. The determinations were made on the basis of each Director's judgment after consideration of all of the factors taken as a whole, though individual Directors may have attributed different weights to various factors.

The Board considered all factors it deemed to be pertinent, including the following:

• The Reorganization would address the ongoing low asset levels in Unconstrained Bond Fund and provide an opportunity for shareholders to benefit from potential economies of scale that may be realized by combining the Funds' assets in the Reorganization.

• Unconstrained Bond Fund and Strategic Income Fund have similar investment objectives. Unconstrained Bond Fund's investment objective is to seek to maximize long-term total return. Strategic Income Fund's investment objective is to seek to provide current income and long-term total return.

• Unconstrained Bond Fund and Strategic Income Fund have similar investment strategies (although different investment styles) and similar risk factors.

• Strategic Income Fund has also generated better performance over the past one-year and three-year periods and since transition to Wellington Management as sub-adviser for each Fund (period beginning May 1, 2012) than Unconstrained Bond Fund through March 31, 2017.

• Strategic Income Fund's management fee schedule provides for the same fee rate at all asset levels as the Unconstrained Bond Fund. The Reorganization is expected to result in lower gross and net operating expenses for shareholders of Unconstrained Bond Fund. The contractual operating expense caps for each share class of Strategic Income Fund will remain in effect until February 28, 2018, and, thereafter, the caps, which are automatically renewable for one-year terms, cannot be terminated unless HFMC provides written notice of termination prior to the start of the next term or upon approval of the Board.

• Unconstrained Bond Fund and Strategic Income Fund have the same investment adviser, HFMC, and sub-adviser, Wellington Management, and the same portfolio management team. HFMC will continue to oversee the investment program of Strategic Income Fund and the performance of Wellington Management after consummation of the Reorganization. The Reorganization is not expected to result in diminution in the level or quality of services that Unconstrained Bond Fund shareholders currently receive.

• The share purchase and redemption provisions for Unconstrained Bond Fund and Strategic Income Fund are the same. For additional information on purchase and redemption provisions, see "MORE INFORMATION REGARDING THE FUNDS."

• The Reorganization will not dilute the interests of the shareholders of the Funds because Unconstrained Bond Fund shareholders will receive shares of Strategic Income Fund with the same aggregate net asset value as their Unconstrained Bond Fund shares at the time of the Reorganization.

• Unconstrained Bond Fund and Strategic Income Fund anticipate that the Reorganization will be considered a tax-free reorganization within the meaning of Section 368(a)(1) of the Code. As such, shareholders of Unconstrained Bond Fund and Strategic Income Fund are not expected to recognize gain or loss as a result of the Reorganization. See "INFORMATION ABOUT THE REORGANIZATION — TAX CONSIDERATIONS."

• HFMC or its affiliates will bear the legal and shareholder communication costs relating to the Reorganization. No such costs shall be borne by Unconstrained Bond Fund or Strategic Income Fund. All other expenses, including any brokerage fees and brokerage-related expenses, incurred in connection with the Reorganization will be borne by the Unconstrained Bond Fund and Strategic Income Fund, respectively. HFMC expects that transaction costs to be incurred by the Funds as the assets of Unconstrained Bond Fund are transitioned to Strategic Income Fund's investment strategies will be minimal.

• Strategic Income Fund is the larger fund (approximately $385 million in assets versus $65 million in assets for Unconstrained Bond Fund, as of June 30, 2017).

• The share class structure of Unconstrained Bond Fund is identical to that of Strategic Income Fund, except that Strategic Income Fund also offers Class R6 Shares.

• The Reorganization does not require shareholder approval.

• HFMC's belief that the Reorganization provides a better resolution for Unconstrained Bond Fund than other options.

• HFMC and its affiliates may realize potential benefits from the Reorganization, including as a result of the increase in assets of Strategic Income Fund, which would increase the asset-based fee revenue for HFMC and its affiliates. HFMC believes that any such potential benefits are outweighed by the benefits to the Funds and their shareholders.

Board Considerations Regarding the Approval of Strategic Income Fund's Investment Management and Sub-Advisory Agreements

A discussion regarding the basis for the Board's approval of the investment management and investment sub-advisory agreements of Strategic Income Fund is available in the annual report to shareholders of Strategic Income Fund for the fiscal year ended October 31, 2016.

Comparison of Fees and Expenses of Unconstrained Bond Fund and Strategic Income Fund

The following describes and compares the fees and expenses that you may pay if you buy and hold shares of Unconstrained Bond Fund and Strategic Income Fund. It is expected that combining Unconstrained Bond Fund into Strategic Income Fund in the manner proposed in the Reorganization Agreement may permit shareholders of Strategic Income Fund a greater opportunity to realize economies of scale. For further information on the fees and expenses of Strategic Income Fund, please see "MORE INFORMATION REGARDING THE FUNDS" in this Information Statement/Prospectus.

Operating Expenses

The current expenses of each Fund, as of April 30, 2017, and estimated pro forma expenses after giving effect to the proposed Reorganization are shown in the table below. Pro forma fees and expenses show estimated fees and expenses of Strategic Income Fund after giving effect to the proposed Reorganization as of April 30, 2017. Pro forma numbers are estimated in good faith and are hypothetical.

The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Funds. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Hartford Funds. For purchases of Class T shares, you may qualify for a sales charge discount if you purchase $250,000 or more in a single transaction. More information about these and other discounts is available from your financial professional and in the "How Sales Charges Are Calculated" section of each Fund's statutory prospectus and the "Purchase and Redemption of Shares" section of each Fund's statement of additional information. In addition, descriptions of any financial intermediary specific sales load waivers and/or discounts are reproduced in Appendix C based on information provided by the financial intermediaries. The tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries. In addition, the tables and examples below do not reflect any commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class F shares.

Unconstrained
Bond Fund

Strategic
Income Fund

Strategic
Income Fund
Pro Forma⁽¹⁾

SHAREHOLDER FEES
(fees paid directly from your investment)

Class A

Maximum sales charge (load) as a percentage of offering price

4.50