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A Different Approach to Core Bond Investing
Combining investment grade tax-exempt bonds with taxable fixed income may help investors seeking total returns on an after-tax basis.
After-Tax Returns of Fixed Income Indices
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| US Municipals 3.26% |
US Corporates 3.85% |
US Municipals 4.48% |
US Municipals 1.66% |
US Corporates 11.07% |
US Corporates 8.03% |
US Municipals 1.91% |
US Municipals -5.97% |
US Corporates 6.59% |
US Municipals 1.88% |
| US Treasuries 1.01% |
US Treasuries 0.50% |
US Corporates 3.36% |
US Treasuries 0.58% |
US Municipals 7.70% |
US Treasuries 7.76% |
US Corporates -2.46% |
US Treasuries -9.95% |
US Municipals 5.78% |
US Corporates 1.44% |
| US Corporates -0.50% |
US Municipals 0.26% |
US Treasuries 0.73% |
US Corporates -2.22% |
US Treasuries 5.89% |
US Municipals 5.63% |
US Treasuries -3.38% |
US Corporates -12.50% |
US Treasuries 3.53% |
US Treasuries -0.15% |
Source: Bloomberg and Schroders, through 2024.
Past performance does not guarantee future results.Indices are unmanaged and not available for direct investment.
Corporates are represented by the Bloomberg US Credit Corporate 5-7 Year Index; Treasuries are represented by the Bloomberg US Treasury 5-7 Year Index for 2018-2021 and 2023-2024, the Bloomberg US Treasury 4-7 Year Index from 2015-2017 and the Bloomberg US Treasury 3-7 Year Index for 2022. Tax-Exempt Municipals are represented by the Bloomberg Municipal Bond 15 Year Index for 2021, the Bloomberg Municipal Bond 10 Year Index for 2019-2020 and 2023-2024, the Bloomberg Municipal Bond 7 Year Index for 2017-2018 and 2022 and the Bloomberg Municipal Bond Index for 2015-2016. Taxable Municipals are represented by the Bloomberg Taxable Municipal 5-10 Year index. Duration between indices within each period is within 0.5 years of one another. This analysis highlights comparable duration sectors over each period. As the durations of those sectors change, so too do the indices used for the analysis. Tax rate used: 43.4% for 2015 – 2017 and 40.8% for 2018-2024. The tax rates include the net investment income tax. Returns do not reflect state and/or local taxes, nor do they reflect the AMT. Other effective tax rates would have achieved different results. Actual results will vary. No allocation strategy can guarantee increased returns or protect against loss of principal.
Portfolio Management
Portfolio Manager
5
YRS
MANAGING THIS FUND
15
YRS
AT SCHRODERS
18
YRS
EXPERIENCE IN THIS INDUSTRY
Portfolio Manager
13
YRS
MANAGING THIS FUND
12
YRS
AT SCHRODERS
28
YRS
EXPERIENCE IN THIS INDUSTRY
Portfolio Manager
13
YRS
MANAGING THIS FUND
12
YRS
AT SCHRODERS
27
YRS
EXPERIENCE IN THIS INDUSTRY
Portfolio Manager
4
YRS
MANAGING THIS FUND
6
YRS
AT SCHRODERS
15
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio managers are supported by the full resources of Schroders.
Performance
PERFORMANCE %
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
SI = Since Inception.
Fund Inception: 10/03/2011
Performance prior to 10/24/16 for Class I-shares reflects the performance, fees, and expenses of the Investor Class of the predecessor fund Schroder Broad Tax-Aware Value Bond Fund. If Class I fees and expenses were reflected, performance would have differed. SI performance is calculated from 10/03/11.
Hartford Schroders Tax-Aware Bond Fund I Share Morningstar Ratings
overall
(as of 1/31/2025)
Overall, 5 stars, 3-Year, 5 stars, 5-Year, 5 stars, and 10-Year, 5 stars, rated against 431, 431, 388 and 275 products, respectively. Morningstar RatingTM
is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures
. Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
431 PRODUCTS
|
Intermediate Core Bond Category
Based on Risk-Adjusted Returns
3 YEAR
(as of 1/31/2025)
Overall, 5 stars, 3-Year, 5 stars, 5-Year, 5 stars, and 10-Year, 5 stars, rated against 431, 431, 388 and 275 products, respectively. Morningstar RatingTM
is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures
. Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
431 PRODUCTS
|
Intermediate Core Bond Category
Based on Risk-Adjusted Returns
5 YEAR
(as of 1/31/2025)
Overall, 5 stars, 3-Year, 5 stars, 5-Year, 5 stars, and 10-Year, 5 stars, rated against 431, 431, 388 and 275 products, respectively. Morningstar RatingTM
is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures
. Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
388 PRODUCTS
|
Intermediate Core Bond Category
Based on Risk-Adjusted Returns
10 YEAR
(as of 1/31/2025)
Overall, 5 stars, 3-Year, 5 stars, 5-Year, 5 stars, and 10-Year, 5 stars, rated against 431, 431, 388 and 275 products, respectively. Morningstar RatingTM
is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures
. Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
275 PRODUCTS
|
Intermediate Core Bond Category
Based on Risk-Adjusted Returns
Characteristics
FUND STATS
| Dividend Frequency | Monthly |
|---|---|
| # of Issuers | 167 |
| # of Holdings | 239 |
Holdings Characteristics
| Yield to Worst (%) | 4.27% |
|---|---|
| Effective Duration | 8.64 yrs |
Portfolio Composition (%)
| Tax Exempt Municipal | 89 |
| US Treasuries | 5 |
| Cash and Cash Equivalents | 3 |
| Agency Mortgage Backed Securities | 2 |
| Taxable Municipal | 1 |
| Other | 0 |
| Corporate | 0 |
| Mortgage Backed Securities | 0 |
| Cash | 0 |
| Asset Backed Securities | 0 |
| Government Related Agencies | 0 |
Credit Exposure (%)
| Aaa/AAA | 43 |
| Aa/AA | 38 |
| A | 17 |
| Baa/BBB | 2 |
| Ba/BB | 0 |
| B | 0 |
| Caa/CCC or lower | 0 |
| Not Rated | 0 |
| Cash & Cash Offsets | 0 |
Credit exposure is the credit ratings for the underlying securities of the Fund as provided by Standard and Poor's (S&P), Moody's Investors Service, or Fitch and typically range from AAA/Aaa (highest) to C/D (lowest). If S&P, Moody's, and Fitch assign different ratings, the average rating is used. If only two ratings agencies assign ratings, the average rating is used. Securities that are not rated by any of the three agencies are listed as "Not Rated". The ratings breakdown includes cash and cash equivalents. Ratings do not apply to the Fund itself or to Fund shares. Ratings may change.
Top Ten Issuers (%)
| U.S. Treasury Bonds | 5.30 |
| Main Street Natural Gas, Inc., GA, Rev | 3.49 |
| FHLMC Multifamily VRD Certificates, VA, Rev | 2.53 |
| New Mexico Mortgage Finance Auth, NM, Rev | 2.49 |
| Kentucky Public Energy Auth, KY, Rev | 2.07 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, TX, Rev | 1.90 |
| Iowa Finance Auth, IA, Rev | 1.80 |
| Texas Department of Housing & Community Affairs, TX, Rev | 1.68 |
| Federal National Mortgage Association | 1.66 |
| Patriots Energy Group Financing Agency, SC, Rev | 1.64 |
| Total Portfolio % | 24.56 |
Yields (%)
(as of 1/31/25)
| Distribution Yield at NAV | 2.89 |
| 30-Day SEC Yield | 3.66 |
|
Unsubsidized 30-Day SEC Yield
|
3.56 |
Tax Exempt Municipal Sector Exposure
| General Obligation | 31 |
| Fed Agency | 23 |
| Corp Supported | 13 |
| Healthcare | 5 |
| Utilities | 5 |
| Transportation | 4 |
| Other Revenue | 3 |
| Sales Tax Revenue | 2 |
| Education | 2 |
| Leasing | 1 |
| Higher Education | 1 |
| Housing | 0 |
| Pre-Refunded | 0 |
| Moral Obligation | 0 |
| Floating Rate Bonds | 0 |
| Tax Increment Financing | 0 |
| Tax Exempt Municipal | 0 |
| Special Assessment | 0 |
| Not for Profit | 0 |
| Other | 0 |
| Insured | 0 |
distributions and capital gains
| Distribution Date | Distribution NAV | ordinary income | short term capital gains | long term capital gains | total distribution |
|---|---|---|---|---|---|
| 1/30/2025 | 10.12 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
| 12/27/2024 | 10.10 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |
| 12/17/2024 | 10.23 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| 11/27/2024 | 10.33 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
| 10/28/2024 | 10.22 | $0.0290 | $0.0000 | $0.0000 | $0.0290 |
| 9/26/2024 | 10.36 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
| 8/27/2024 | 10.29 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
| 7/26/2024 | 10.20 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
| 6/26/2024 | 10.14 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
| 5/29/2024 | 9.98 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
| 4/26/2024 | 9.98 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
| 3/26/2024 | 10.16 | $0.0279 | $0.0000 | $0.0000 | $0.0279 |
| 2/27/2024 | 10.18 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
Past distributions are not indicative of future distributions.
Insights
Fund Literature
12/31/2024 - PDF (228 KB)
This Fund Fact Sheet summarizes the Fund's investment approach, portfolio statistics, top holdings, and current performance.
12/31/2024 - PDF (183 KB)
This Fund Story outlines three distinguishing characteristics to help investors better understand the Fund.
12/31/2024 - PDF (218 KB)
This flyer provides additional detail on the Hartford Schroders Tax-Aware Bond Fund.
02/19/2025 - PDF (176 KB)
Current monthly commentary from our sub-adviser, Schroders, which includes a performance review, attribution, and positioning and outlook for the Fund.
12/31/2024 - PDF (166 KB)
Current quarterly commentary from sub-adviser, Schroders, which includes a performance review, attribution, statistics, and positioning and outlook for the Fund.
PDF (167 KB)
A summary of a fund's full-length prospectus that provides key information potential investors should consider before making an investment decision
12/31/2024 - PDF (815 KB)
This Pitchbook reviews the Fund's investment approach, investment team, investment process, portfolio statistics, top holdings, and current performance.
An unaudited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
PDF (13 KB)
A legal document that discloses essential information about a fund, including investment objectives, risks, fees, expenses, fund manager background and other information.
An audited financial report, which includes a fund's financial statements. These reports are intended for shareholders and others who have reviewed the fund's prospectus.
Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Fixed income security risks include credit, liquidity, call, duration, and interest-rate risk. As interest rates rise, bond prices generally fall. • Municipal securities may be adversely impacted by state/local, political, economic, or market conditions; these risks may be magnified if the Fund focuses its assets in municipal securities of issuers in a few select states. Investors may be subject to the federal Alternative Minimum Tax as well as state and local income taxes. Capital gains, if any, are taxable. • Obligations of U.S. Government agencies are supported by varying degrees of credit but are generally not backed by the full faith and credit of the U.S. Government. • Mortgage-related and asset-backed securities' risks include credit, interest-rate, prepayment, and extension risk. • Derivatives are generally more volatile and sensitive to changes in market or economic conditions than other securities; their risks include currency, leverage, liquidity, index, pricing, regulatory and counterparty risk. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. • The Fund may have high portfolio turnover, which could increase its transaction costs and an investor's tax liability. • Financially material environmental, social and/or governance (ESG) characteristics are one of several factors that may be considered and as a result, the investment process may not work as intended.
BLOOMBERG® and any Bloomberg Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Hartford Funds. Bloomberg is not affiliated with Hartford Funds, and Bloomberg does not approve, endorse, review, or recommend any Hartford Funds product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Hartford Funds products.
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