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Hartford Equity Growth Allocation Fund to reorganize May 25
By Toni Weeks
San Diego, March 28 - The board of directors of the Hartford Mutual Funds, Inc. approved at a Tuesday meeting a plan of reorganization for the Hartford Equity Growth Allocation Fund.
Effective May 25, the fund will merge into the Hartford Growth Allocation Fund. The reorganization does not require shareholder approval.
The board said that the reorganization is in the best interests of shareholders of both funds and would not result in a dilution of the interests of those shareholders. The board cited the advantage to shareholders of the Equity Growth Allocation Fund of a strategic asset allocation strategy used by the Growth Allocation Fund that invests in both domestic and international equity funds, with about 20% of its assets in fixed-income funds. The Equity Growth Allocation Fund invests 100% of its assets solely in equity funds.
Shareholders will also benefit from the reorganization due to lower management fees and net expenses. The net annual fund operating expenses for the Growth Allocation Fund are between 0.1% and 0.12% lower than for the Equity Growth Allocation Fund, depending on the share class.
The filing noted that no sales load, commission or other transactional fee will be imposed on shareholders due to the reorganization.
The board also approved a subadvisery agreement with Wellington Management Co. LLP on behalf of the Growth Allocation Fund. Wellington will replace current subadviser Hartford Investment Management on or before June 30.
The portfolio managers, Ed Caputo and Paul Bukowski, are the same for both funds and will not change.
Simsbury, Conn.-based Hartford Investment Financial Services, LLC serves as the investment adviser to the fund.
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