Hartford Adds I Class to Two Funds

The Hartford Mutual Funds has launched Class I shares for two of its funds.

According to a press release, the Hartford Balanced Income Fund (ticker: HBLIX) and The Hartford Short Duration Fund (ticker: HSDIX). Class I shares do not carry a 12b-1 fee and are available for use in advisory fee-based wrap programs sponsored by financial intermediaries.       

The Hartford Mutual Funds first rolled out I shares on July 31, 2006, for 19 retail mutual funds. Over time, I shares were added to funds as they gained traction with advisers or as new funds were launched, according to the firm. With the addition of I shares to Balanced Income and Short Duration, there are 31 Hartford funds that offer the share class.       

“We are very committed to the advisory fee-based wrap market and see it as an important area of potential growth for the fund family,” said Keith Sloane, senior vice president of The Hartford Mutual Funds, in announcing the change. “We think it is important that broker/dealer-sponsored wrap programs and registered investment advisers have access to these funds in a lower cost, more efficient way so they can help their clients meet their long-term financial goals.”

In addition, a 0.50% management fee waiver was applied to all share classes of The Hartford Balanced Income Fund, effective October 1, 2009. The management fee waiver now applies to Class I shares as well, and remains in effect until October 31, 2010, according to the firm.