TD Mutual Funds Simplified Prospectus July 29, 2020

Series Offered Series Offered Money Market Funds U.S. Equity Funds TD Canadian Money Market Fund 1, 7, 10, 16, 17 TD U.S. Risk Managed Equity Fund 1, 2, 6, 7, 8, 10, 11, 12, 14, 17 TD Premium Money Market Fund 1, 10 TD U.S. Low Volatility Fund 1, 3, 6, 7, 9, 10, 11, 12, 14, 17 TD U.S. Money Market Fund 1, 4, 10, 14 TD North American Dividend Fund 1, 3, 6, 7, 9, 10, 11, 12 Fixed Income Funds TD North American Sustainability 1, 3, 6, 7, 9, 10, 11, 12, 14, 17 TD Ultra Short Term Fund 1, 6, 7, 10, 17 Equity Fund TD Short Term Bond Fund 1, 6, 7, 10, 14, 16, 17 TD U.S. Dividend Growth Fund 1, 3, 6, 7, 9, 10, 11, 12, 14, 17 TD Canadian Bond Fund 1, 6, 7, 10, 14, 16, 17 TD U.S. Blue Chip Equity Fund 1, 3, 6, 7, 9, 10, 11, 12, 15, 16, 17 TD Income Advantage Portfolio 1, 2, 4, 6, 7, 8, 10, 11, 16, 17 TD U.S. Quantitative Equity Fund 1, 6, 10, 14, 17 TD Canadian Core Plus Bond Fund 1, 4, 6, 7, 10, 16, 17 TD U.S. Equity Pool 1, 6, 7, 10 (formerly TD U.S. Equity Portfolio) TD Canadian Corporate Bond Fund 1, 6, 7, 10, 14 TD North American Small-Cap Equity 1, 6, 7, 10, 14, 17 TD Corporate Bond Plus Fund 1, 7, 10 Fund TD U.S. Corporate Bond Fund 1, 6, 7, 10, 14, 17 TD U.S. Mid-Cap Growth Fund 1, 6, 7, 10, 15, 16, 17 TD Real Return Bond Fund 1, 6, 7, 10, 14, 17 TD U.S. Small-Cap Equity Fund 1, 6, 7, 10, 17 TD Global Income Fund 1, 2, 6, 7, 8, 10, 11, 14, 17 Global Equity Funds TD Global Core Plus Bond Fund 1, 2, 6, 7, 8, 10, 11, 14, 16, 17 TD Global Risk Managed Equity Fund 1, 2, 6, 7, 8, 10, 11, 12, 14, 17 TD Global Unconstrained Bond Fund 1, 2, 6, 7, 8, 10, 11, 14, 17 TD Global Low Volatility Fund 1, 3, 6, 7, 9, 10, 11, 12, 14, 17 TD High Yield Bond Fund 1, 3, 6, 7, 9, 10, 11, 12, 14, 16, 17 TD Global Equity Focused Fund 1, 3, 6, 7, 9, 10, 11, 12, 14, 17 Balanced Funds TD International Fund 1, 6, 7, 10, 14, 17 TD Global Conservative Opportunities 1, 6, 7, 10, 14, 17 TD Emerging Markets Low Volatility Fund 1, 3, 6, 7, 9, 10, 11, 12, 14, 17 Fund TD China Income & Growth Fund 1, 6, 7, 10, 14, 16, 17 TD Global Balanced Opportunities Fund 1, 6, 7, 10, 14, 17 (formerly TD Asian Growth Fund) TD Monthly Income Fund 1, 3, 6, 7, 9, 10, 11, 12 TD Emerging Markets Fund 1, 6, 7, 10, 15, 17 TD Tactical Monthly Income Fund 1, 3, 4, 6, 7, 9, 10, 11, 12, 17 Epoch Funds TD North American Sustainability 1, 3, 6, 7, 9, 10, 11, 12 Balanced Fund Epoch U.S. Shareholder Yield Fund 1, 3, 6, 7, 9, 10, 11, 12, 14, 17 TD U.S. Monthly Income Fund 1, 3, 4, 6, 7, 9, 10, 11, 12 Epoch U.S. Blue Chip Equity Fund 6, 14 TD U.S. Monthly Income Fund – C$ 1, 3, 6, 7, 9, 10, 11, 12 Epoch U.S. Blue Chip Equity Currency 6, 14 Neutral Fund TD Diversified Monthly Income Fund 1, 3, 6, 7, 9, 10, 11, 12, 17 Epoch U.S. Large-Cap Value Fund 1, 6, 7, 10, 14, 16, 17 TD Global Tactical Monthly Income Fund 1, 3, 6, 7, 9, 10, 11, 12 Epoch Global Shareholder Yield Fund 1, 3, 6, 7, 9, 10, 11, 12, 14, 16, 17 TD Balanced Growth Fund 1, 6, 7, 10 Epoch Global Equity Fund 1, 6, 7, 10, 14, 17 TD Dividend Income Fund 1, 3, 4, 6, 7, 9, 10, 11, 12, 16, 17 Epoch International Equity Fund 1, 6, 7, 10, 14, 17 TD Canadian Diversified Yield Fund 6, 14 Sector Funds Canadian Equity Funds TD Resource Fund 1, 6, 7, 10 TD Canadian Low Volatility Fund 1, 3, 6, 7, 9, 10, 11, 12, 14, 17 TD Precious Metals Fund 1, 6, 7, 10, 17 TD Dividend Growth Fund 1, 3, 4, 6, 7, 9, 10, 11, 12, 16, 17 TD Global Entertainment & 1, 6, 7, 10 TD Canadian Blue Chip Dividend Fund 6, 14 Communications Fund TD Canadian Large-Cap Equity Fund 6, 14, 17 TD Science & Technology Fund 1, 6, 7, 10 TD Canadian Equity Fund 1, 6, 7, 10, 14, 16, 17 TD Health Sciences Fund 1, 6, 7, 10 TD Canadian Small-Cap Equity Fund 1, 6, 7, 10, 17 (continued on inside flap)

No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and the securities issued by the Funds offered under this Simplified Prospectus are not registered with the United States Securities and Exchange Commission (SEC). The securities are not offered for sale or sold in the United States or to residents of the United States except in reliance on exemptions from registration with the SEC. In addition, the securities are not qualified, registered or permitted for public offering in any other foreign jurisdiction. Series Offered Series Offered Index Funds Corporate Class Funds TD Canadian Bond Index Fund 1, 5, 10, 17 TD Short Term Investment Class* 1, 7, 10 TD Balanced Index Fund 1, 17 TD Tactical Monthly Income Class* 1, 7, 10 TD Canadian Index Fund 1, 5, 10, 17 TD Dividend Income Class* 1, 7, 10 TD Dow Jones Industrial Average Index 1, 5, 10 TD Canadian Low Volatility Class* 1, 7, 10 Fund TD Dividend Growth Class* 1, 7, 10 TD U.S. Index Fund 1, 5, 10, 16, 17 TD Canadian Equity Class* 1, 7, 10 TD U.S. Index Currency Neutral Fund 1, 5, 10, 17 TD Canadian Small-Cap Equity Class* 1, 7, 10 TD Nasdaq® Index Fund 1, 5, 10 TD U.S. Risk Managed Equity Class* 1, 7, 10 TD International Index Fund 1, 5, 10, 17 Epoch U.S. Large-Cap Value Class* 1, 7, 10 TD International Index Currency 1, 5, 10 TD U.S. Mid-Cap Growth Class* 1, 7, 10 Neutral Fund TD Global Risk Managed Equity Class* 1, 7, 10 TD European Index Fund 1, 5, 10 TD Global Low Volatility Class* 1, 7, 10 Retirement Portfolios Epoch Global Equity Class* 1, 7, 10 TD US$ Retirement Portfolio 1, 2, 7, 8, 10, 11, 12 TD International Stock Class* 1, 7, 10 TD Retirement Conservative Portfolio 1, 2, 4, 6, 7, 8, 10, 11, 12, 17 (formerly TD International Growth Class) TD Retirement Balanced Portfolio 1, 2, 4, 6, 7, 8, 10, 11, 12, 17 TD Emerging Markets Class* 1, 7, 10 TD Advantage Investment Portfolios TD Managed Pools TD Advantage Balanced Income 1, 7, 10 TD Fixed Income Pool 7, 10, 13, 14 Portfolio TD Risk Management Pool 13 TD Advantage Balanced Portfolio 1, 7, 10 TD Canadian Equity Pool 13, 14 TD Advantage Balanced Growth Portfolio 1, 7, 10 TD Canadian Equity Pool Class* 13 Comfort Portfolios TD Global Equity Pool 13, 14 TD Comfort Conservative Income 1, 6, 10 TD Global Equity Pool Class* 13 Portfolio TD Tactical Pool 13, 14 TD Comfort Balanced Income Portfolio 1, 6, 10 TD Tactical Pool Class* 13 TD Comfort Balanced Portfolio 1, 6, 10 TD Comfort Balanced Growth Portfolio 1, 6, 10 TD Comfort Growth Portfolio 1, 6, 10 TD Comfort Aggressive Growth Portfolio 1, 6, 10

Legend 1 Investor Series 6 D-Series 11 FT5 Series 16 Institutional Series 2 H5 Series 7 Advisor Series 12 FT8 Series 17 O-Series 3 H8 Series 8 T5 Series 13 W-Series * A class of TD Mutual Funds 4 Premium Series 9 T8 Series 14 Private Series Corporate Class Ltd. 5 e-Series 10 F-Series 15 Private-EM Series

Table of Contents

Introduction ...... 1 Impact of sales charges ...... 29 What is a mutual fund and what are the risks of Dealer compensation ...... 30 investing in a mutual fund? ...... 2 Income tax considerations for investors ...... 32 Organization and management of TD Mutual Funds ...... 9 What are your legal rights? ...... 36 Purchases, switches and redemptions ...... 12 Additional information ...... 36 Optional services ...... 21 Your guide to understanding the Fund Profile ...... 39 Fees and expenses ...... 23 Glossary ...... 318

Fund-Specific Information Money Market Funds TD U.S. Quantitative Equity Fund...... 144 TD Canadian Money Market Fund ...... 44 TD U.S. Equity Pool ...... 146 TD Premium Money Market Fund ...... 46 TD North American Small-Cap Equity Fund ...... 148 TD U.S. Money Market Fund ...... 48 TD U.S. Mid-Cap Growth Fund ...... 150 TD U.S. Small-Cap Equity Fund ...... 152 Fixed Income Funds TD Ultra Short Term Bond Fund ...... 50 Global Equity Funds TD Short Term Bond Fund ...... 52 TD Global Risk Managed Equity Fund ...... 154 TD Canadian Bond Fund ...... 55 TD Global Low Volatility Fund ...... 157 TD Income Advantage Portfolio ...... 57 TD Global Equity Focused Fund...... 160 TD Canadian Core Plus Bond Fund ...... 60 TD International Stock Fund ...... 162 TD Canadian Corporate Bond Fund ...... 62 TD Emerging Markets Low Volatility Fund ...... 164 TD Corporate Bond Plus Fund ...... 65 TD China Income & Growth Fund...... 167 TD U.S. Corporate Bond Fund ...... 67 TD Emerging Markets Fund ...... 169 TD Real Return Bond Fund ...... 69 TD Global Income Fund ...... 71 Epoch Funds TD Global Core Plus Bond Fund...... 74 Epoch U.S. Shareholder Yield Fund ...... 171 TD Global Unconstrained Bond Fund ...... 77 Epoch U.S. Blue Chip Equity Fund ...... 174 TD High Yield Bond Fund ...... 80 Epoch U.S. Blue Chip Equity Currency Neutral Fund .. 176 Epoch U.S. Large-Cap Value Fund ...... 178 Balanced Funds Epoch Global Shareholder Yield Fund ...... 181 TD Global Conservative Opportunities Fund ...... 82 Epoch Global Equity Fund ...... 184 TD Global Balanced Opportunities Fund ...... 85 Epoch International Equity Fund...... 186 TD Monthly Income Fund ...... 88 TD Tactical Monthly Income Fund ...... 91 Sector Funds TD North American Sustainability Balanced Fund ...... 94 TD Resource Fund ...... 189 TD U.S. Monthly Income Fund ...... 97 TD Precious Metals Fund ...... 191 TD U.S. Monthly Income Fund – C$ ...... 100 TD Global Entertainment & Communications Fund...... 193 TD Diversified Monthly Income Fund ...... 103 TD Science & Technology Fund ...... 195 TD Global Tactical Monthly Income Fund ...... 105 TD Health Sciences Fund ...... 197 TD Balanced Growth Fund ...... 108 TD Dividend Income Fund ...... 110 Index Funds TD Canadian Diversified Yield Fund ...... 112 TD Canadian Bond Index Fund ...... 199 TD Balanced Index Fund ...... 201 Canadian Equity Funds TD Canadian Index Fund ...... 203 TD Canadian Low Volatility Fund ...... 114 TD Dow Jones Industrial Average Index Fund ...... 205 TD Dividend Growth Fund ...... 117 TD U.S. Index Fund ...... 208 TD Canadian Blue Chip Dividend Fund ...... 119 TD U.S. Index Currency Neutral Fund ...... 210 TD Canadian Large-Cap Equity Fund ...... 121 TD Nasdaq® Index Fund ...... 213 TD Canadian Equity Fund ...... 123 TD International Index Fund ...... 216 TD Canadian Small-Cap Equity Fund ...... 125 TD International Index Currency Neutral Fund ...... 218 TD European Index Fund ...... 221 U.S. Equity Funds TD U.S. Risk Managed Equity Fund ...... 127 Retirement Portfolios TD U.S. Low Volatility Fund ...... 130 TD US$ Retirement Portfolio ...... 224 TD North American Dividend Fund ...... 133 TD Retirement Conservative Portfolio ...... 227 TD North American Sustainability Equity Fund ...... 135 TD Retirement Balanced Portfolio ...... 230 TD U.S. Dividend Growth Fund...... 138 TD U.S. Blue Chip Equity Fund...... 141

TD Advantage Investment Portfolios TD Advantage Balanced Income Portfolio ...... 233 TD Advantage Balanced Portfolio...... 235 TD Advantage Balanced Growth Portfolio ...... 237

Comfort Portfolios TD Comfort Conservative Income Portfolio ...... 239 TD Comfort Balanced Income Portfolio ...... 242 TD Comfort Balanced Portfolio ...... 244 TD Comfort Balanced Growth Portfolio ...... 246 TD Comfort Growth Portfolio ...... 248 TD Comfort Aggressive Growth Portfolio ...... 250

Corporate Class Funds TD Short Term Investment Class ...... 252 TD Tactical Monthly Income Class ...... 254 TD Dividend Income Class ...... 257 TD Canadian Low Volatility Class ...... 259 TD Dividend Growth Class ...... 262 TD Canadian Equity Class ...... 264 TD Canadian Small-Cap Equity Class ...... 267 TD U.S. Risk Managed Equity Class ...... 270 Epoch U.S. Large-Cap Value Class ...... 273 TD U.S. Mid-Cap Growth Class ...... 276 TD Global Risk Managed Equity Class ...... 279 TD Global Low Volatility Class...... 282 Epoch Global Equity Class ...... 285 TD International Stock Class ...... 288 TD Emerging Markets Class ...... 291

TD Managed Pools TD Fixed Income Pool ...... 294 TD Risk Management Pool ...... 297 TD Canadian Equity Pool ...... 300 TD Canadian Equity Pool Class ...... 303 TD Global Equity Pool ...... 306 TD Global Equity Pool Class ...... 309 TD Tactical Pool...... 312 TD Tactical Pool Class ...... 315

TD Mutual Funds

• if a Fund has not yet filed annual financial Introduction statements, the most recently filed interim financial report; In this document, we, us, our, the Manager and TDAM refer to TD Asset Management Inc. TD Bank Group refers • if a Fund has not filed an interim financial report, the to The Toronto-Dominion Bank and its affiliates. TDAM is audited financial statements and accompanying notes a wholly-owned subsidiary of The Toronto-Dominion filed with this or a prior simplified prospectus; Bank. • the most recently filed annual management report of This simplified prospectus contains selected important fund performance; information about: • any interim management report of fund performance (i) the Investor Series, H5 Series, H8 Series, Premium filed after that annual management report of fund Series, e-Series, D-Series, Advisor Series, T5 Series, performance; and T8 Series, F-Series, FT5 Series, FT8 Series, • if the Fund has not filed an annual management W-Series, Private Series, Private-EM Series, report of fund performance, the most recently filed Institutional Series and O-Series units, as applicable, interim management report of fund performance filed of TD Mutual Funds formed as trusts (collectively, the before or after the date of this simplified prospectus. “TD Mutual Fund Trusts”; or individually, a “TD Mutual Fund Trust”) listed on the front cover; and These documents are incorporated by reference into this simplified prospectus which means that they legally form (ii) the Investor Series, Advisor Series, F-Series and part of this document, just as if they were printed as a W-Series shares of classes (collectively, the part of this document. “Classes”; or individually, a “Class”), as applicable, of TD Mutual Funds Corporate Class Ltd. (a multi-class If you purchased Securities of the Funds through a mutual fund corporation referred to in this document representative of TD Investment Services Inc. (“TDIS”) by as “TD Mutual Funds Corporate Class”) as noted on phone, at a TD Canada Trust branch or online via the front cover. EasyWeb, you can request a copy of any or all of these documents, at no cost, by contacting TDIS as follows: This information is provided to help you make an informed investment decision and understand your rights Telephone (toll-free) as an investor in units of the TD Mutual Fund Trusts and English: 1-800-386-3757 shares of the Classes (such units and shares are referred to collectively as “Securities”). The TD Mutual Fund French: 1-800-409-7125 Trusts and Classes are referred to collectively as Chinese: 1-800-288-1177 “TD Mutual Funds” or the “Funds” and individually as a “Fund”. The use of the words “fund” or “funds” refers to E-mail mutual funds generally. TD Mutual Funds are managed [email protected] by TDAM. Any reference in the simplified prospectus to a Fund’s last financial year means the financial year ended If you purchased Securities of the Funds through a dealer December 31, 2019 for the TD Mutual Fund Trusts and other than TDIS, you can request a copy of any or all of May 31, 2020 for TD Mutual Funds Corporate Class. these documents, at no cost, from your dealer or by contacting TDAM as follows: This simplified prospectus is divided into two parts: Telephone (toll-free) • the first part, from pages 1 to 43, contains general information applicable to TD Mutual Funds; and 1-800-588-8054 (English and French) • the second part, from pages 44 to 317, contains E-mail specific information about each of the Funds [email protected] described in this document (collectively the “Fund Profiles”, or individually, a “Fund Profile”). These documents and other information about the Funds are also available on SEDAR (System for Electronic Additional information about each Fund is available in the Document Analysis and Retrieval) at www.sedar.com or, following documents: for certain documents, on TDAM’s website at • the annual information form (“AIF”); www.tdassetmanagement.com. • the most recently filed fund facts; The person through whom you purchase Securities of the Funds is referred to in this simplified prospectus as your • the most recently filed annual financial statements; financial advisor (“Financial Advisor”). Your Financial • any interim financial report filed after those annual Advisor could be a broker, financial planner, financial statements; representative or other person who is registered to sell mutual funds. Your dealer is the firm with which your Financial Advisor works or any other firm through which you place your transactions. The dealer and Financial 1 TD Mutual Funds

Advisor you select are your agents to place orders on • You buy units of a mutual fund trust and shares of a your behalf. mutual fund corporation. • A mutual fund trust has its own investment objectives. What is a mutual fund and what • A mutual fund corporation may have more than one class of shares. Each class has its own investment are the risks of investing in a objectives. mutual fund? • Mutual fund trusts and classes of a mutual fund corporation may offer different series of securities, What is a mutual fund? each of which will have different features. A mutual fund is an investment vehicle that pools the • Mutual fund trusts are separate taxpayers. money of many individual investors and uses it to buy • Mutual fund corporations are taxed as a single entity. securities such as and bonds. A multi-class mutual fund corporation must Each mutual fund has an investment objective. Some consolidate the income, capital gains, expenses and mutual funds may invest for capital growth, which means capital losses from all its classes to determine the the fund is trying to increase the value of your investment amount of tax payable. over the long term by purchasing securities, such as • stocks, that have a potential to increase in value as A mutual fund trust makes taxable distributions of net opposed to generating an income stream to the fund. income, including net taxable capital gains, to its Others may invest for income, which means the fund is unitholders. trying to deliver regular payments to you by buying • A mutual fund corporation pays ordinary dividends or income-paying securities. capital gains dividends to its shareholders. A professional money manager makes the buy-and-sell Switching between mutual fund trusts, between a mutual decisions concerning which stocks, bonds and other fund trust and a mutual fund corporation, and between securities will be used to pursue the investment objective classes of a mutual fund corporation, is generally a of the mutual fund. The values of these securities may disposition for income tax purposes and will have tax vary as a result of changes in interest rates, exchange implications if the securities are held in a non-registered rates, economic conditions in North America and abroad, account. and any related company or market news. When the values of these securities change, the value of your Converting between different series or purchase options investment may also change. Therefore, the value of your of the same mutual fund and in the same currency is investment at redemption may be more or less than the generally not a disposition for income tax purposes. value at purchase. The TD Mutual Fund Trusts may invest in other mutual Mutual fund trusts issue units and mutual fund funds which are also trusts. The Classes are each a class corporations issue shares. Each mutual fund records your of shares of TD Mutual Funds Corporate Class, and a share of the securities it issues. The more you invest, the Class may also invest in mutual funds which are trusts. more securities you own and the greater your share of the Some Classes and TD Mutual Fund Trusts have the mutual fund’s income, gains and losses. same or similar investment objectives. As a result, you may have the to invest in either a Class or the In order to withdraw an investment from a mutual fund, equivalent TD Mutual Fund Trust depending on the tax the securities issued by the mutual fund can be redeemed consequences and costs suitable to your investment by selling them back to the mutual fund. Under program. exceptional circumstances, a mutual fund may suspend redemptions. See Purchases, switches and How do you determine which Fund(s) to redemptions for details. invest in? Mutual fund investments are not guaranteed. Unlike bank accounts or guaranteed investment certificates (GICs), Selecting the appropriate Fund(s) depends on your: securities issued by a mutual fund are not insured by the • investment goals; Canada Deposit Insurance Corporation (“CDIC”) or any other government deposit insurer. • willingness and capacity to accept risk; and • investment time horizon. How are mutual funds structured? It is important for you to understand these and other Both mutual fund trusts and mutual fund corporations considerations before investing. The Securities of all allow you to pool your money with other investors, but TD Mutual Funds may be purchased within a Registered there are differences between the two types of mutual Plan (as defined under Optional services – Retirement funds: and savings plans). Your Financial Advisor can help you select the Fund(s) that best suit your investment needs.

2 TD Mutual Funds

What are the risks of investing in a mutual one or more mutual funds (“underlying fund(s)”), please fund? also refer to the fund profile in the simplified prospectus of the applicable underlying funds for information about Risk is often measured by volatility or the extent to which investment risks associated with the underlying funds. the value of a mutual fund’s securities fluctuates. The more frequent and greater the fluctuations, the more volatile the Capital depreciation risk mutual fund. As a general rule, investments with the Some mutual funds and/or some series of a mutual fund greatest risk also have the greatest potential return. While may make distributions comprised in whole or in part, of this risk/return trade-off has generally been true over return of capital. A return of capital distribution is a return periods of five years or longer, there have been times in the of a portion of an investor’s original investment and may, past when the least volatile investments have been the over time, result in the return of the entire amount of the most rewarding, particularly over periods of a year or less. original investment to the investor. This distribution should not be confused with yield or income generated by Each investor has a different tolerance for risk. Some a fund. Return of capital distributions that are not investors are significantly more conservative than others reinvested will reduce the net asset value of the fund, when making their investment decisions. It is important to which could reduce the fund’s ability to generate future take into account your own comfort with risk as well as income. the amount of risk suitable for your financial circumstances and goals. The risks associated with Commodity risk investing in a mutual fund include the risks associated The market value of a mutual fund’s investments in with the securities in which the mutual fund invests. commodities, such as oil and gold, or commodity-based securities may be affected by adverse movements in commodity prices. When commodity prices decline, this How do you reduce risk? generally has a negative impact on the earnings of One way to help reduce risk is to diversify your companies whose business is based in commodities. investments across the three main asset classes: money Consequently, the value of a fund that is invested in, or market investments for safety, bonds for income and has exposure to, commodities or commodity-based equity investments for growth. Since different types of securities will also be negatively impacted when investments tend to move independently from one commodity prices decline. another, positive performance in one asset class may Concentration risk help offset negative performance in another, thereby A mutual fund may, at times, have more than 10% of its potentially reducing volatility and overall risk in the long net asset value invested in, or exposed to, a single issuer. term. A fund may also choose to concentrate its holdings in a When deciding how much risk is right for you, think about small number of issuers. An index fund may have an how much time you have until you need the money: investment objective that requires it to track the performance of a particular index. Depending on market • If you are investing for less than a year, you should conditions, the securities of one or more of the not take undue risk. There may not be enough time to constituents of an index may account for more than 10% recover the full amount of your investment if the of that index, which may result in the index fund having mutual fund falls in value. Lower-risk money market more than 10% of its net asset value invested in, or funds might be the best choice in these exposed to, those securities. A relatively high circumstances. concentration of assets in, or exposure to, a single or • A longer time horizon generally allows you to take on small number of issuers may reduce the diversification more risk. Although the value of your investments and liquidity of a fund, and increase its volatility. As a may drop in the short term, longer investment result of reduced liquidity, a fund’s ability to satisfy horizons may help lessen the effects of short-term redemption requests may be reduced. market volatility. Short investment horizons may Credit risk result in you having to sell your investments in Credit risk is the risk that the government, company or adverse conditions. Ideally, investors in growth funds special purpose vehicle (such as a trust) issuing a fixed have an investment horizon of five years or more, income or money market security will be unable to make which should provide enough time for their interest payments or pay back the principal. Securities investments to overcome any short-term decreases in that have a lower credit rating generally have higher value and grow. credit risk. Lower-rated debt securities issued by companies or governments in developing countries often Fund-specific risks have higher credit risk. Securities issued by well- established companies or by governments of developed The following is a summary of the various types of countries tend to have lower credit risk. The market value investment risks that may be applicable to a Fund. In of a debt security can be affected by a change in the addition, please refer to the Fund Profiles for specific issuer’s credit rating, creditworthiness or perceived risks that may apply to each Fund as at the date of this creditworthiness, or in the case of asset-backed simplified prospectus. If a Fund invests in securities of commercial paper, any assets backing the security.

3 TD Mutual Funds

Mutual funds that invest in companies or markets with • Prices of options and futures on a stock index may be high credit risk tend to be more volatile in the short term. distorted if trading of certain stocks in the index is However, they may offer the potential of higher returns interrupted or if trading of a large number of stocks in over the long term. the index is halted. Such price distortions could make it difficult to close out a position. A fund that invests in certain securities issued by Canada’s domestic systemically important banks • A fund that uses derivatives is subject to credit risk (“D-SIBs”) could end up holding securities of a different associated with the ability of counterparties to meet type and quality for a period of time which may not be of their obligations. In addition, a fund could lose its the type and quality in which such fund would normally deposits if a dealer with whom a fund has an invest. Federal amendments that were made to the Bank open derivatives position goes bankrupt. Act (Canada) and the Canada Deposit Insurance Corporation Act (Canada) that implemented a bail-in • There is no assurance that a fund’s hedging regime for D-SIBs received Royal Assent on June 22, strategies will be effective. There may be an 2016. The Office of the Superintendent of Financial imperfect correlation between the behaviour of the Institutions (the “OSFI”) declared the six largest domestic derivative instrument and the investment or currency Canadian banks, including The Toronto-Dominion Bank, being hedged. Any historical correlation may not as D-SIBs. On June 19, 2013, the Autorité des marchés continue for the period during which the hedge is in financiers designated the Desjardins Group as a domestic place. systemically important financial institution. On July 13, • Using futures and forward contracts to hedge against 2018, amendments to the Deposit Insurance Act changes in currencies, stock markets or interest rates (Québec) came into force, which established a bail-in cannot eliminate fluctuations in the prices of regime that applies to the Desjardins Group. Subject to securities in the portfolio or prevent losses if the the adoption of implementing regulations, the Desjardins prices of these securities decline. Group will be subject to a bail-in regime that is similar to the one applicable to D-SIBs. If the OSFI is of the opinion • Hedging may also limit the opportunity for gains if the that a D-SIB has ceased, or is about to cease, to be value of the hedged currency or stock market rises or viable, the CDIC may, in certain circumstances, take if the hedged interest rate falls. The inability to close temporary control or ownership of the D-SIB and convert out options, futures, forwards and other derivative all or a portion of the D-SIB’s bail-inable securities into positions could prevent a fund from using derivatives common shares of the D-SIB. The term “bail-inable to effectively hedge its portfolio or implement its securities” refers to certain debt and preferred shares strategy. issued by D-SIBs before any conversion occurs under the • Gains or losses from derivatives contracts may result Canadian bail-in regime. Bail-inable securities generally in fluctuations in a fund’s taxable income. As a result, includes unsecured senior debt with an original term to a fund that uses derivatives in a given taxation year maturity of over 400 days that is tradeable and may have larger or smaller distributions in that transferable and subordinated debt and preferred shares taxation year, an inability to make a regular issued by a D-SIB that are not non-viability contingent distribution and/or distributions which include a return capital. Explicit exclusions from the bail-in regime are of capital. provided for covered bonds, derivatives and certain structured notes. A Fund may only invest in bail-inable Equity risk securities provided that an investment in such securities Mutual funds that invest in equities – also called stocks or is consistent with the Fund’s investment objectives and shares – are affected by stock market movements. When any such security continues to be a permitted investment the economy is strong, the outlook for many companies under National Instrument 81-102 – Investment Funds will be good, and share prices will generally rise, as will (“NI 81-102”). the value of funds that own these shares. On the other hand, share prices usually decline in times of general Derivatives risk economic or industry downturn. The price of equity The use of derivatives by a mutual fund is subject to securities of certain companies or companies within a certain risks, including the following: particular industry sector may fluctuate differently than the • There is no assurance that liquid markets will exist for value of the overall stock market because of changes in a fund to close out its derivative positions. Derivative the outlook for those individual companies or the instruments in foreign markets may be less liquid and particular industry. more risky than comparable instruments traded in Exchange-traded fund risk North American markets. A mutual fund may invest in an exchange-traded fund • Exchange-imposed trading limits could affect the (an “ETF”) whose securities are listed for trading on a ability of a fund to close out its positions in , and the price of the ETF’s securities may derivatives. These events could prevent a fund from change throughout a trading day as they are bought and making a profit or limiting its losses. sold. ETFs may invest in equities, bonds, commodities and/or other financial instruments. Some ETFs may attempt to replicate the performance of a recognized 4 TD Mutual Funds index. A fund’s investment in an ETF may carry the International market risk following risks: Mutual funds that invest in securities of foreign issuers are subject to additional risks, such as: • There can be no assurance that an ETF’s securities will trade at prices that reflect their net asset value. • The economic environment or the particular As such, it is possible for a fund to pay more, or economic and political factors of the country or receive less, than the ETF’s net asset value per geographic region in which the foreign issuer security upon the purchase or sale of the ETF’s operates may impact the value of its securities. securities. • Certain foreign countries may have different • There is no guarantee that an active trading market accounting, auditing and financial reporting standards for an ETF’s securities will develop or be maintained. for issuers of securities, making their securities more difficult to evaluate. • Brokerage commissions may apply to the purchase and/or sale of an ETF’s securities by a fund. These • There may be less information publicly available commissions will result in a reduction in the return about a foreign firm than about a Canadian or U.S. that a fund would otherwise realize on its investment company, and the quality of the information may be in the ETF. less reliable. • When a fund invests in an ETF, it is exposed to the • Volume and liquidity in some foreign stock and bond risks associated with the securities in which the ETF markets are less than in Canada and the U.S. and, at invests, in proportion to its investment in that ETF. times, price volatility can be greater than in Canada and the U.S. Foreign currency risk The value of an investment held by a mutual fund will be • Stock exchanges, listed companies and investment affected by changes in the value of the currency in which dealers in foreign countries may be less regulated the investment is denominated, relative to the base than in Canada and the U.S. currency of the fund. For example, if the U.S. dollar rises in value relative to the Canadian dollar, a U.S. dollar- • Political, regulatory and social instability, restrictions denominated investment will be worth more for a fund on the movement of capital and the threat of based in Canadian dollars. On the other hand, if the value expropriation can affect the value of investments in of the U.S. dollar falls, a U.S. dollar-denominated foreign countries, particularly countries that are less investment will be worth less for a fund based in developed. Canadian dollars. This decline in value may reduce, or Large investor risk even eliminate, any return a fund has earned. Securities of mutual funds may be purchased and sold by Fund-of-funds risk large investors, including other funds. If a large investor If a mutual fund invests in an underlying fund, the risks redeems a portion or all of its investment from a fund, that associated with investing in that mutual fund include the fund may have to realize capital gains and other risks associated with the securities in which the transaction costs in the process of making the redemption underlying fund invests, along with the other risks of the and any income and realized capital gains recognized underlying fund. Accordingly, a mutual fund takes on the within the fund may have to be distributed to risk of an underlying fund and its respective securities in securityholders. In addition, some securities may have to proportion to its investment in that underlying fund. If an be sold at unfavourable prices, thus reducing the fund’s underlying fund suspends redemptions, a fund that potential return. Conversely, if a large investor were to invests in the underlying fund may be unable to value part increase its investment in a fund, that fund may have to of its portfolio and may be unable to process redemption hold a relatively large position in cash for a period of time orders. until the portfolio adviser finds suitable investments, which could also negatively impact the performance of Interest rate risk the fund. Since the performance of the fund may be The value of mutual funds that invest in bonds, negatively impacted, so may the investment return of any mortgages and other income-producing securities is investors in the fund. primarily affected by changes in the general level of interest rates. Bonds generally pay interest based on the Liquidity risk level of rates when the bonds were issued. When interest Liquidity refers to the speed and ease with which an rates fall, the price of bonds generally rises. That is investment can be sold and converted into cash at a because existing bonds pay higher rates than new ones, reasonable price. If an investment cannot be quickly or and are therefore in greater demand and worth more. On easily sold, it is considered illiquid. Some investments are the other hand, when interest rates rise, bond prices illiquid because of legal restrictions, the nature of the generally fall, reducing the value of funds that hold them. investment itself, settlement terms, a shortage of buyers Additionally, to the extent a fund invests in fixed income or other reasons. In addition, in highly volatile markets, securities with a negative yield (for example, under investments that were considered liquid may suddenly conditions where there are negative interest rates), the and unexpectedly become illiquid. Generally, investments value of the fund may decline. with lower liquidity tend to have more dramatic price

5 TD Mutual Funds changes. Certain types of investments, such as high-yield liquidated and repatriated. The CSRC and China’s State bonds, securities of issuers located in emerging markets Administration of Foreign Exchange may announce or equity securities of small capitalization issuers may be changes to the QFII license rules at any time which may more susceptible to liquidity concerns. Difficulty in selling include changes to rules that allow the fund to repatriate such investments may result in a loss, a reduced return or cash from China. These changes may limit the fund’s additional costs for a mutual fund. ability to buy or sell China A-share securities at the fund’s Market disruption risk desired time and its ability to provide liquidity to The market value of a mutual fund’s investment may rise securityholders in a timely manner. In addition, under the and fall based on specific company developments, QFII program, there are limits to foreign ownership of broader market conditions, including financial conditions China A-share securities which may also impact the in countries where the investments are based, or other fund’s ability to invest in certain China A-share securities factors. Political, regulatory, economic or other at the fund’s desired time. developments, such as: war and occupation; terrorism and related geopolitical risks; natural disasters; and public Regulatory risk Certain issuers involved in specially regulated industries, health emergencies, including an epidemic or pandemic, such as the energy or telecommunications industry, may may lead to increased short-term market volatility, experience an adverse impact on revenue or costs as a unusual liquidity concerns, and may have adverse long- result of compliance with the relevant regulatory term effects on world economies and markets generally, requirements. In addition, issuers in regulated industries including in Canada and the U.S. The effects of these or may require permits and approvals before commencing similar events on the economies and markets of countries projects. Delays or rejections of these proposed plans cannot be predicted. These events could also have an would hinder the issuer’s growth and increase its costs. acute effect on individual issuers or related groups of Such events could result in a decline in the value of an issuers. These risks could also adversely affect securities issuer’s securities. markets, fixed income markets, inflation and other factors relating to the portfolio securities of the mutual fund. Repurchase and reverse repurchase transactions risk Sometimes mutual funds enter into repurchase Multi-class risk transactions and reverse repurchase transactions. A Each class of a mutual fund corporation has its own repurchase transaction is where a fund sells a security investment objective and fees and expenses, which are that it owns to a third party for cash and agrees to buy the tracked separately. If one class cannot pay its own same security back from the same party at a specified expenses or liabilities out of the class’ share of the price on an agreed future date. In a reverse repurchase corporation’s assets, the mutual fund corporation as a transaction, a fund buys a security at one price from a whole may have to pay those expenses or liabilities out of third party and agrees to sell the same security back to the other classes’ share of the corporation’s assets, which the same party at a specified price on an agreed future could lower the investment return of the other classes. As date. well, the tax consequences of an investment in a class of a mutual fund corporation will depend in part on the tax The risk with these types of transactions is that the other position of the mutual fund corporation as a whole, and party may default under the agreement or go bankrupt. In a reverse repurchase transaction, the fund is left holding will differ from an investment in a mutual fund corporation the security and may not be able to sell the security at the that does not have a multi-class structure. For example, same price it paid for it, plus interest, if the other party taxable income is calculated at the level of the mutual defaults and the value of the security has dropped in the fund corporation as a whole, which may cause expenses meantime. In the case of a repurchase transaction, the of one class to effectively be used by another class of the fund could incur a loss if the other party defaults and the mutual fund corporation. value of the security sold has increased more than the QFII risk value of the cash and collateral held. Certain mutual funds may invest in eligible China These risks are reduced by requiring the other party to A-shares listed and traded on the Shanghai Stock provide collateral to the fund. The value of the collateral Exchange (“SSE”) and the Shenzhen Stock Exchange must be at least 102% of the market value of the security (“SZSE”) accessed through a Qualified Foreign sold (for a repurchase transaction) or of the cash paid for Institutional Investor (“QFII”) license. A QFII license is the securities purchased (for a reverse repurchase granted, on a selective basis, by the China Securities transaction). Under applicable securities laws, repurchase Regulatory Commission (“CSRC”) to eligible institutions. transactions, together with securities lending transactions The QFII license grants the license holder direct access (as described below), are limited to 50% of a fund’s net to China A-shares and other Chinese securities markets. asset value determined immediately after the fund enters A QFII license may be revoked or terminated at any time into any such transaction. due to changes in applicable Chinese law, regulations, Securities lending risk policy or act of omission by the license holder. In such Mutual funds may engage in securities lending event, the China A-share securities purchased through transactions. In a securities lending transaction, the fund the QFII license that are held by a fund would be lends portfolio securities that it owns to a third-party 6 TD Mutual Funds borrower and the borrower promises to return an equal securities short must post margin with the lender from number of the same securities to the fund at a later date whom it is borrowing securities as collateral for the and to pay a fee to the fund for borrowing the securities. borrowed securities. This margin can be in the form of As security for the loan, and to reduce the risk of loss if cash and/or securities. In addition to paying interest to the the borrower defaults on its obligation to return the lender on the borrowed securities, the fund may also be securities to the fund, the borrower provides the fund with required to pay other fees in connection with the short collateral equal to at least 102% of the market value of sale. If the value of the securities declines between the the securities loaned. However, in the event the borrower time that the fund borrows the securities and the time it defaults on its obligation, there is still a risk that the repurchases and returns the securities to the lender, the collateral may be insufficient to enable the fund to fund profits by the amount of the change in the value of purchase replacement securities and the fund may suffer the securities (less any borrowing and transaction costs). a loss for the difference. A fund that engages in short selling is subject to the following risks: If a fund accepts cash from the borrower as collateral for a securities loan, the fund will invest the cash it receives. • There is no assurance that the value of the securities As a result, there is an additional risk that the value of will decline during the period of the short sale to an such cash investment may decrease and the fund may extent that would offset the borrowing and transaction suffer a loss for the difference when it is required to return costs payable by the fund and generate a profit for the cash to the borrower upon completion of the lending the fund. The securities sold short may instead transaction. increase in value and the fund will need to repurchase the securities at a higher price to return Under applicable securities laws, securities lending the borrowed securities, resulting in a loss to the transactions, together with repurchase transactions (as fund. described above), are limited to 50% of a fund’s net asset value determined immediately after the fund enters into • The fund may also experience difficulties any such transaction. repurchasing the borrowed securities if a liquid If securities are on loan on the record date established for market for the securities does not exist. a particular voting matter, the fund is generally not • The lender may go bankrupt and the fund may lose entitled to exercise the voting right of such loaned the collateral it has deposited with the lender. securities. • The lender may decide to recall the borrowed TDAM has entered into a securities lending authorization securities, which would force the fund to return the agreement with The Bank of New York Mellon borrowed securities early. If the fund is unable to (“BNY Mellon”), a sub-custodian of those Funds that borrow the securities from another lender to return to engage in securities lending, as lending agent. Under the the original lender, the fund may have to repurchase terms of the securities lending authorization agreement, the securities at a higher price than what it might BNY Mellon will assess the creditworthiness of, and otherwise pay. approve, each borrower. Small company risk A fund will not be responsible for any expenses incurred The share price of smaller companies is usually more in respect of the securities lending program other than volatile than that of more established larger companies. such reasonable expenses that the fund may incur in Smaller companies may be developing new products connection with the performance of its obligations under which have not yet been tested in the marketplace or their the securities lending authorization agreement. products may quickly become obsolete. They may have Series risk limited resources, including limited access to funds, or A mutual fund may have more than one series of unproven management and their shares may trade less securities. If so, each series has its own fees and certain frequently and in smaller volume than shares of large expenses, which the fund tracks separately. If a fund companies. They may have few shares outstanding, so a cannot pay the expenses of one series out of that series’ sale or purchase of shares will have a greater impact on proportionate share of the fund’s assets, the fund could the share price. The value of these investments may rise have to pay those expenses out of the other series’ and fall substantially. proportionate share of the fund’s assets, which would Specialization risk lower the investment return of the other series of the fund. Some mutual funds invest primarily in companies in Short selling risk particular industries or particular geographic areas of the Mutual funds may engage in short selling in accordance world. If the particular industry or geographic region with specific regulatory requirements. A short sale is prospers, the outlook for companies in the industry or where a fund borrows securities from a lender and then geographic region will generally improve, and the value of sells the borrowed securities (or “sells short” the the funds that invest in them will generally increase. securities) in the open market. At a later date, an equal Conversely, if the particular industry or geographic region number of the same securities are repurchased by the experiences a downturn, the outlook for companies in the fund and returned to the lender. A fund that sells industry or geographic region will generally deteriorate,

7 TD Mutual Funds and the value of the funds that invest in them will or Reference Securities because the Tracking Fund bears generally decline. In addition, the fund may suffer its own fees and expenses, including commissions and because it holds relatively few other investments in the costs of any derivatives that it may use to achieve its companies within other industries or geographic areas to investment objectives. offset the downturn. There may be a delay between the time an investor buys Stock Connect risk securities of a Tracking Fund and the time the Tracking Certain mutual funds may invest in eligible China Fund gets additional exposure to the Reference A-shares (“Stock Connect Securities”) listed and traded Index(es), Reference Fund(s) or Reference Securities. on the SSE or the SZSE offered through the During this delay, the Tracking Fund may be unable to Shanghai-Hong Kong and Shenzhen-Hong Kong Stock track closely the performance of its corresponding Connect programs (collectively, the “Stock Connect Reference Index(es), Reference Fund(s) or Reference Programs”). The Stock Connect Programs offer foreign Securities. investors access to a subset of China A-share securities Other factors that may affect the ability of a Tracking listed and traded on both the SSE and SZSE and allow Fund to match the return of its Reference Index(es), investors to trade and settle Stock Connect Securities via Reference Fund(s) or Reference Securities include: The Stock Exchange of Hong Kong Limited (“SEHK”). The Shanghai-Hong Kong Stock Connect program is • the size of the Tracking Fund; operated by SSE, Hong Kong Securities Clearing Company (“HKSCC”) and the China Securities Depository • the composition of the Reference Index(es), and Clearing Corporation Limited (“ChinaClear”). The Reference Fund(s) or Reference Securities; Shenzhen-Hong Kong Stock Connect program is • investment strategies employed to track the operated by SZSE, HKSCC and ChinaClear. performance of the Reference Index(es), Reference Stock Connect Securities generally may not be sold, Fund(s) or Reference Securities; and/or purchased or transferred through channels outside of the • the level of trading activity by the Tracking Fund’s Stock Connect Programs, in accordance with the securityholders. If new purchases or redemptions of respective Stock Connect Programs’ rules and securities of the Tracking Fund are large compared to regulations. While each Stock Connect Program is not the overall size of the Tracking Fund, the ability of the subject to individual investment quotas, there are daily Tracking Fund to track its Reference Index(es), investment quotas imposed by Chinese regulators which Reference Fund(s) or Reference Securities may be apply to all Stock Connect participants. There are several significantly reduced. trading days throughout the year when the SSE and SZSE are open while the SEHK and Stock Connect are Valuation risk for illiquid assets closed for trading. In addition, the list of eligible China A mutual fund may invest a limited amount of its portfolio A-share securities is subject to change by the Chinese in illiquid assets in accordance with its investment regulators. These daily trading quota limits, unaligned objectives and regulatory requirements. Illiquid assets trading days and changes to the subset of China may be purchased in the public marketplace or may be A-shares available through Stock Connect may restrict a purchased privately. Additionally, some securities may fund’s ability to buy or sell China A-share securities become illiquid subsequent to their original purchase. An available through the Stock Connect Programs at the illiquid asset that trades on an exchange or that trades in fund’s desired time. As Stock Connect Securities are held the public marketplace is valued using the exchange by HKSCC on behalf of a fund through a nominee-based specific closing price unless there was no trading activity system, in the unlikely event that the HKSCC becomes for the asset, in which case a price between the latest subject to wind-up proceedings in Hong Kong, there is a available bid and ask prices for the asset is generally risk that the Stock Connect Securities may not be used. In cases where the latest available bid and ask regarded as held for the beneficial ownership of the fund. prices of an illiquid asset available for sale in the public marketplace are deemed to be unreliable or stale and for Tracking risk any illiquid asset for which no published market exists, Certain mutual funds (the “Tracking Funds”) may seek to valuations are determined based on fair value of the have all or a substantial portion of their returns linked to asset (see additional information in the AIF under NET the performance of one or more recognized indices ASSET VALUE). The valuation of illiquid assets that have (each, a “Reference Index”), one or more mutual funds not had recent trading activity or for which market (each, a “Reference Fund”) or a basket of securities quotations are not publicly available has inherent (“Reference Securities”). uncertainties and the resulting values may differ from Tracking Funds will be subject to the same risks as those values that would have been used had a ready market associated with the Reference Index(es), Reference existed for the investment. The fair value process has an Fund(s) or Reference Securities that they are attempting inherent degree of subjectivity and, to the extent that to track. these valuations are inaccurate, investors in a mutual fund which invests in or has exposure to illiquid assets The return of a Tracking Fund may be different from that may gain a benefit or suffer a loss when they purchase or of its respective Reference Index(es), Reference Fund(s) redeem securities of the mutual fund. The value of a

8 TD Mutual Funds mutual fund that holds illiquid assets may fall substantially than those used in calculating the net asset value of the if the mutual fund sells the illiquid assets at prices less mutual fund.

Organization and management of TD Mutual Funds

The following table sets out the parties that are involved in managing or providing services to the Funds and the functions they perform.

Manager TDAM manages the overall day-to-day business, operations and affairs of the TD Asset Management Inc. Funds. P.O. Box 100 66 Wellington Street West TD Bank Tower Toronto-Dominion Centre Toronto, Ontario M5K 1G8

Trustee TDAM is the trustee of the TD Mutual Fund Trusts and holds actual title to the TD Asset Management Inc. property of the TD Mutual Fund Trusts – the cash, securities and other assets Toronto, Ontario – on behalf of unitholders. When you invest in a TD Mutual Fund Trust you are buying units of a trust.

There is no trustee for the Classes of TD Mutual Funds Corporate Class.

Board of directors of TD Mutual The board of directors (“board”) is responsible for the oversight of TD Mutual Funds Corporate Class Ltd. Funds Corporate Class.

The board is currently comprised of 7 members, 3 of whom are independent of TDAM and its affiliates. Additional information about the board, including the names of the directors, is available in the AIF.

Principal distributors TDIS (a wholly-owned subsidiary of The Toronto-Dominion Bank) is the TD Investment Services Inc. principal distributor of the Investor Series and e-Series units of the TD Mutual Toronto, Ontario Fund Trusts, other than:

• TD Ultra Short Term Bond Fund • TD Income Advantage Portfolio • TD Canadian Corporate Bond Fund • TD Corporate Bond Plus Fund • TD U.S. Corporate Bond Fund • TD Global Income Fund • TD Global Unconstrained Bond Fund • TD Global Conservative Opportunities Fund • TD Global Balanced Opportunities Fund • TD Tactical Monthly Income Fund • TD U.S. Monthly Income Fund – C$ • TD Global Tactical Monthly Income Fund • TD Canadian Low Volatility Fund • TD U.S. Risk Managed Equity Fund • TD U.S. Low Volatility Fund • TD North American Sustainability Equity Fund • TD U.S. Dividend Growth Fund • TD U.S. Equity Pool • TD North American Small-Cap Equity Fund • TD Global Risk Managed Equity Fund • TD Global Equity Focused Fund • TD International Stock Fund • TD Emerging Markets Low Volatility Fund

9 TD Mutual Funds

• Epoch U.S. Shareholder Yield Fund • Epoch International Equity Fund • TD Retirement Balanced Portfolio • the TD Advantage Investment Portfolios

TD Waterhouse Canada Inc. TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank, is Toronto, Ontario the principal distributor of the W-Series Securities of the Funds.

Custodians Each custodian, or any sub-custodian it may appoint, has physical or book- CIBC Mellon Trust Company based custody of the assets of the relevant Fund(s). (“CMT”) Toronto, Ontario CMT is the custodian of all Funds, other than TD Balanced Index Fund. CMT is independent of TDAM.

The Toronto-Dominion Bank The Toronto-Dominion Bank is the custodian of TD Balanced Index Fund. Toronto, Ontario The Toronto-Dominion Bank is the parent company of TDAM.

Securities lending agent BNY Mellon, a sub-custodian of those Funds that engage in securities lending, The Bank of New York Mellon acts on behalf of the Funds to administer the securities lending transactions (“BNY Mellon”) entered into by the Funds. BNY Mellon is independent of TDAM. New York, NY, U.S.A.

Registrar and transfer agent As registrar and transfer agent, The Toronto-Dominion Bank maintains all The Toronto-Dominion Bank securityholder records, processes purchase, switch, conversion and Toronto, Ontario redemption orders, and issues investor account statements and annual tax reporting information on behalf of the Funds. The Toronto-Dominion Bank is the parent company of TDAM.

Portfolio adviser TDAM provides or arranges to provide investment advice and portfolio TD Asset Management Inc. management services to the Funds. The investment decisions made by the Toronto, Ontario individual portfolio managers are not subject to the approval or ratification of a committee; however, they are subject to oversight by the Investment Performance Oversight Committee of TDAM. TDAM may also retain other portfolio advisers or sub-advisers to provide investment expertise for the Funds, particularly for Funds that invest in securities of companies in specialized niche markets or particular industry or geographic sectors. TDAM has agreed to accept responsibility for loss if a sub-adviser who is not registered, or is exempt from registration, as an adviser in Canada fails to meet its standard of care in performing services for the applicable Fund. It may be difficult to enforce legal rights against advisers located outside Canada because they reside outside Canada and all or a substantial portion of their assets are situated outside Canada.

See below for the advisers retained by TDAM to provide investment advice for the applicable Fund(s).

Portfolio adviser Connor, Clark & Lunn provides investment advice for TD Canadian Small-Cap Connor, Clark & Lunn Equity Fund. Connor, Clark & Lunn is independent of TDAM. Investment Management Ltd. (“Connor, Clark & Lunn”) Vancouver, British Columbia, Canada

10 TD Mutual Funds

Portfolio adviser Epoch provides investment advice for Epoch U.S. Shareholder Yield Fund, Epoch Investment Partners, Epoch U.S. Blue Chip Equity Fund, Epoch U.S. Blue Chip Equity Currency Inc. (“Epoch”) Neutral Fund, Epoch U.S. Large-Cap Value Fund, Epoch Global Shareholder New York, NY, U.S.A. Yield Fund, Epoch Global Equity Fund and Epoch International Equity Fund. Epoch is an affiliate of TDAM.

Sub-adviser Morgan Stanley provides investment advice for TD Emerging Markets Fund. Morgan Stanley Investment Morgan Stanley is independent of TDAM. Management Inc. (“Morgan Stanley”) New York, NY, U.S.A.

Sub-adviser T. Rowe Price provides investment advice for TD U.S. Blue Chip Equity Fund, T. Rowe Price Associates, TD U.S. Mid-Cap Growth Fund, TD U.S. Small-Cap Equity Fund, TD Global Inc. Entertainment & Communications Fund, TD Science & Technology Fund and (“T. Rowe Price”) TD Health Sciences Fund. T. Rowe Price is independent of TDAM. Baltimore, Maryland, U.S.A.

Sub-adviser TDAM USA provides investment advice for TD U.S. Corporate Bond Fund. TDAM USA Inc. TDAM USA is an affiliate of TDAM. (“TDAM USA”) New York, NY, U.S.A.

Auditor Ernst & Young LLP audits each Fund’s annual financial statements in Ernst & Young LLP accordance with Canadian generally accepted auditing standards, and Chartered Professional expresses an opinion thereon. Ernst & Young LLP has advised the Manager Accountants, Licensed Public that it is independent with respect to the Funds within the meaning of the Accountants Rules of Professional Conduct of the Chartered Professional Accountants of Toronto, Ontario Ontario.

Effective April 15, 2020, Ernst & Young LLP replaced PricewaterhouseCoopers LLP as the Funds’ auditor. PricewaterhouseCoopers LLP audited each Fund’s 2019 annual financial statements in accordance with Canadian generally accepted auditing standards, and expressed an opinion thereon. PricewaterhouseCoopers LLP is an independent chartered professional accounting firm.

Independent review committee In accordance with National Instrument 81-107 – Independent Review Committee for Investment Funds (“NI 81-107”), TDAM has established an independent review committee (“IRC”) in respect of each of the Funds. The IRC acts as an impartial and independent committee to review and provide recommendations or, if required by securities laws, approvals respecting any conflict of interest matters referred to it by TDAM. The IRC is composed of three independent members. The IRC prepares, at least annually, a report of its activities for securityholders of the Funds. The report is available on TDAM’s website at www.tdassetmanagement.com. A copy of the report may also be requested, at no cost, by e-mailing TDAM at [email protected].

Additional information about the IRC, including the names of the members, is available in the Funds’ AIF.

Certain Funds invest in other mutual funds, including mutual funds managed by TDAM. Securityholders of such Funds have no rights of ownership in the securities of the underlying fund(s). In the event of a securityholder meeting of an underlying fund in which a Fund has invested and where TDAM is the manager of both the Fund and the underlying fund, the Fund will not exercise its right to vote the securities of the underlying fund. TDAM may arrange for these securities to be voted by securityholders of the Fund. However, given the costs and complexity of doing so, TDAM may not arrange for a flow-through of voting rights.

11 TD Mutual Funds

Purchases, switches and redemptions

When you invest in a TD Mutual Fund Trust, you are buying units of an open-end mutual fund formed as a trust. When you invest in a Class of TD Mutual Funds Corporate Class, you are buying shares of a class of a mutual fund corporation. Certain series of Securities of the Funds offered under this simplified prospectus are offered on a no-load basis. This means that you do not automatically pay a sales charge when you purchase, switch, convert or redeem Securities of the no-load series of a Fund. See Fees and expenses and Impact of sales charges. Securities of the Funds offered under this simplified prospectus are categorized into different series as set out below. It is up to you or your Financial Advisor, if applicable, to determine which series is appropriate for you.

Investor Series Investors transacting on a no-load basis. H5 Series Investors transacting on a no-load basis who wish to receive a regular monthly H8 Series cash flow from a Fund. Monthly distributions may consist of net income, net realized capital gains and/or a return of capital. The target annualized distribution rate for the H5 Series is 5% and the target annualized distribution rate for the H8 Series is 8%. These distribution rates are based on the Series net asset value per Security at the end of the previous calendar year. TDAM may change the target annualized distribution rate at any time. Premium Series Large investors and others transacting on a no-load basis who make the required minimum investment, as determined by TDAM from time to time. Premium Series of the Funds are closed to any purchases by new investors. Investors who held Premium Series of the following Funds at the close of business on March 28, 2017, and whose dealer continues to make such series available, may continue to make additional investments in the Premium Series of the Fund(s) currently held by those investors: • TD U.S. Money Market Fund • TD Income Advantage Portfolio • TD Canadian Core Plus Bond Fund • TD Tactical Monthly Income Fund • TD U.S. Monthly Income Fund • TD Dividend Income Fund • TD Dividend Growth Fund • TD Retirement Conservative Portfolio • TD Retirement Balanced Portfolio e-Series Investors transacting on a no-load basis who want to complete their transactions electronically. D-Series Investors transacting on a no-load basis who want to complete their transactions through TD Direct Investing, a division of TD Waterhouse Canada Inc., or other discount brokers. Where D-Series Securities of a Fund is available and you are currently holding another series of the same Fund in an account with TD Direct Investing or another discount broker, your Securities will not be automatically converted to D-Series. Should you wish to convert your existing series Securities of a Fund to D-Series, it is your sole responsibility to instruct your discount broker to do so.

12 TD Mutual Funds

Advisor Series Investors who are seeking investment advice and want the option of transacting on a front-end load, back-end load, low-load or low-load-2 basis. Effective November 1, 2019, the back-end load, low-load and low-load-2 purchase options of Advisor Series of the Funds were closed to all purchases by investors. A switch to one of these purchase options is permitted if the securities of the TD Mutual Fund or TD Managed Assets Program portfolio you are switching from are held in the same purchase option. A conversion to one of these purchase options is permitted if the Securities of the Fund you are converting from are held in the same purchase option. The front-end load purchase option will continue to be available for purchase. T5 Series Investors who wish to receive a regular monthly cash flow from a Fund, while T8 Series seeking investment advice, and want the option of transacting on a front-end load, back-end load, low-load or low-load-2 basis. Effective November 1, 2019, the back-end load, low-load and low-load-2 purchase options of T5 Series and T8 Series of the Funds were closed to all purchases by investors. A switch to one of these purchase options is permitted if the securities of the TD Mutual Fund or TD Managed Assets Program portfolio you are switching from are held in the same purchase option. A conversion to one of these purchase options is permitted if the Securities of the Fund you are converting from are held in the same purchase option. The front-end load purchase option will continue to be available for purchase. Monthly distributions may consist of net income, net realized capital gains and/or a return of capital. The target annualized distribution rate for the T5 Series is 5% and the target annualized distribution rate for the T8 Series is 8%. These distribution rates are based on the Series net asset value per Security at the end of the previous calendar year. TDAM may change the target annualized distribution rate at any time. F-Series Investors participating in programs that usually do not require the payment of sales or redemption transaction charges by investors or payment of service fees by TDAM. Potential investors include clients of “fee-for-service” Financial Advisors, clients with dealer-sponsored “wrap accounts”, and others who pay an annual fee to their dealer instead of transactional sales charges. FT5 Series Investors who wish to receive a regular monthly cash flow from a Fund, while FT8 Series participating in programs that usually do not require the payment of sales or redemption transaction charges by investors, or payment of service fees by TDAM. Monthly distributions may consist of net income, net realized capital gains and/or a return of capital. The target annualized distribution rate for the FT5 Series is 5% and the target annualized distribution rate for the FT8 Series is 8%. These distribution rates are based on the Series net asset value per Security at the end of the previous calendar year. TDAM may change the target annualized distribution rate at any time. Potential investors include clients of “fee-for-service” Financial Advisors, clients with dealer-sponsored “wrap accounts”, and others who pay an annual fee to their dealer instead of transactional sales charges. W-Series Investors participating in programs that usually do not require the payment of sales or redemption transaction charges by investors or payment of service fees by TDAM. Potential investors include clients of “fee-for-service” Financial Advisors, clients with dealer-sponsored “wrap accounts”, and others who pay an annual fee to their dealer instead of transactional sales charges. W-Series Securities of the Funds are available through certain wealth management businesses of TD Bank Group, including certain divisions of TD Waterhouse Canada Inc., or other dealers authorized by TDAM.

13 TD Mutual Funds

Private Series Large investors, such as institutions and dealers, transacting on a no-load Private-EM Series basis who make the required minimum investment as determined by TDAM and have entered into a Private Series agreement with TDAM. Individual clients may hold Private Series and/or Private-EM Series Securities through an account with a dealer or Financial Advisor pursuant to a separate agreement with such dealer or Financial Advisor. Institutional Series Large investors, such as group savings plans and others, transacting on a no- load basis who make the required minimum investment, as determined by TDAM from time to time. O-Series Large investors, such as institutions and mutual funds, transacting on a no- load basis who make the required minimum investment as determined by TDAM and have entered into an O-Series agreement with TDAM.

Other series of the Funds, as well as other TD Mutual Funds, may be offered under separate simplified prospectuses, confidential offering memoranda or otherwise. You should carefully consider, from time to time, which series may be appropriate for you and instruct or consult with your dealer or Financial Advisor accordingly. trading, but in some circumstances, it may be calculated How a Fund’s Securities are priced at another time. The Series NAV per Security can change A separate net asset value (“NAV”) is calculated for each daily. series of Securities of a Fund (“Series NAV”). The Money Market Funds endeavour to maintain a unit A Series NAV for units of a TD Mutual Fund Trust is price of $10 (other than TD U.S. Money Market Fund, calculated by taking the series’ proportionate share of the which endeavours to maintain a unit price of U.S. $10) by Fund’s common assets, less the series’ proportionate allocating net income and net realized gains on a daily share of the Fund’s common liabilities, and deducting basis to unitholders of record on the previous day and from this amount all liabilities that relate solely to that distributing these amounts monthly. Although the Money series. The Series NAV for each unit of a TD Mutual Fund Market Funds intend to maintain a constant price for their Trust (“Series NAV per unit”) is calculated by dividing the units, there is no guarantee that the price will not go up or Series NAV by the total number of units outstanding for down. The Money Market Funds report all net income and that series. realized gains and losses on income account. A Series NAV for shares of a Class of TD Mutual Funds How to purchase, switch, convert or redeem Corporate Class is calculated by taking the series’ proportionate share of the Class’ common assets, less Securities the aggregate of (i) the series’ proportionate share of the You may purchase, switch, convert or redeem Securities common liabilities of TD Mutual Funds Corporate Class; of the Funds in the following ways: and (ii) the series’ proportionate share of the Class’ common liabilities, and deducting from this amount all Through TDIS for Investor Series liabilities that relate solely to that series. The common For Investor Series Securities of certain Funds, for which liabilities of TD Mutual Funds Corporate Class are shared TDIS is the principal distributor (see Organization and among all Classes and are allocated to Classes based on Management of TD Mutual Funds): their relative NAV. The Series NAV for each share of a Class of TD Mutual Funds Corporate Class (“Series NAV • In person through a TDIS representative at any per share”) is calculated by dividing the Series NAV by TD Canada Trust branch. the total number of shares outstanding for that series. • If you have a TD Mutual Funds account opened Series NAV per unit and Series NAV per share are through TDIS: referred to collectively as “Series NAV per Security”. The  By mail – If purchasing, your order must be Series NAV per Security is the price for all purchases mailed with a cheque made out to TDIS. For all (including purchases made on the reinvestment of transaction orders, you must provide clear and distributions/dividends), switches, conversions and full instructions with a signature for verification. redemptions. You will find more information about the  By telephone – by contacting a TDIS calculation of Series NAV in the AIF. representative at: The valuation day for each Fund is each day on which a 1-800-386-3757 (English) Series NAV per Security is calculated (“Valuation Date”). 1-800-409-7125 (French) Each Series NAV per Security of a Fund is generally 1-800-288-1177 (Chinese) calculated as at 4 p.m. Eastern Time (“ET”) on each day  Through the TD Canada Trust website via that the Toronto Stock Exchange (“TSX”) is open for EasyWeb at www.tdcanadatrust.com.

14 TD Mutual Funds

Through TDIS for e-Series Through certain wealth management businesses of TD Bank Group for W-Series The e-Series Securities are designed specifically for investors who want to complete their transactions through Currently, W-Series Securities of the Funds are only the Internet or by other means authorized by TDAM. available to investors who have entered into a fee-based program with certain wealth management businesses of To become an e-Series securityholder, you must have a TD Bank Group, including certain divisions of valid e-mail address and either an active TD e-Series TD Waterhouse Canada Inc. Funds account (opened through TDIS) that is accompanied by a completed TD e-Series Funds Through TDAM Understanding and Consent form, or another account For the Private Series, Private-EM Series, Institutional approved by TDAM. Series or O-Series Securities of the Funds, investors who By completing a TD e-Series Funds Understanding and have entered into the applicable agreement with TDAM Consent form, you consent to receive all securityholder may purchase, switch, convert or redeem Securities in information electronically. Securityholder information accordance with their agreement with TDAM. includes simplified prospectuses, fund facts, confirmations, annual financial statements, interim Through another dealer or Financial Advisor financial reports and other information that is delivered to For Investor Series, H5 Series, H8 Series, Premium a securityholder. Series, e-Series, Advisor Series, T5 Series, T8 Series, F-Series, FT5 Series and FT8 Series Securities of the If you wish to revoke this consent, you may be required to Funds, you may contact your dealer or Financial Advisor. convert your e-Series Securities to the appropriate Your dealer or Financial Advisor may charge you a fee for Investor Series Securities or redeem your e-Series its services. Please contact your dealer or Financial Securities of a Fund. While a conversion will generally not Advisor for more information. result in a disposition for income tax purposes as described under Conversions in this section, any switch or redemption would be a disposition for income tax Currency purchase options purposes and may result in a capital gain or capital loss, All Funds have a base currency in Canadian dollars, which will have tax implications if you hold your e-Series except for TD U.S. Money Market Fund, TD U.S. Securities in a non-registered account. Corporate Bond Fund, TD U.S. Monthly Income Fund, TDAM and TDIS reserve the right to deliver paper-based TD Dow Jones Industrial Average Index Fund, TD U.S. documents in certain circumstances, at their discretion. Index Fund and TD US$ Retirement Portfolio, which have You may obtain more information about TD e-Series a base currency in U.S. dollars. Funds at Certain series of the TD Mutual Fund Trusts are offered in www.tdcanadatrust.com/mutualfunds/tdeseriesfunds and both Canadian and U.S. dollars, as set out below: clicking on “Learn more” under “Index Solutions”. • TD Global Income Fund (Investor Series, D-Series, Through TD Direct Investing for D-Series Advisor Series, F-Series and Private Series) The D-Series Securities are designed specifically for • TD Global Core Plus Bond Fund (F-Series) investors who want to complete their transactions through • TD Global Unconstrained Bond Fund (Investor TD Direct Investing, a division of TD Waterhouse Canada Series, D-Series, Advisor Series, F-Series and Inc., or other discount brokers. Private Series) • TD High Yield Bond Fund (F-Series) Through TD Wealth Financial Planning for Investor • TD Global Tactical Monthly Income Fund (Investor Series, H5 Series, H8 Series, Premium Series and Series, D-Series, Advisor Series and F-Series) F-Series • TD U.S. Risk Managed Equity Fund (Investor Series, • In person through a TD Wealth Financial Planner. To D-Series, Advisor Series and F-Series) locate a TD Wealth Financial Planner in your area, • TD U.S. Low Volatility Fund (Investor Series, please contact your local TD Canada Trust branch; D-Series, Advisor Series, F-Series, Private Series visit www.td.com/ca/en/investing/wealth/financial- and O-Series) planning; or call 1-800-577-9594. • TD North American Dividend Fund (Investor Series, D-Series and F-Series) • If you have an account opened through TD Wealth • Financial Planning: TD North American Sustainability Equity Fund (Investor Series, Advisor Series, F-Series and Private  By mail – If purchasing, your order must be Series) mailed with a cheque made out to TD Wealth • TD U.S. Dividend Growth Fund (Investor Series, Financial Planning. For all transaction orders, you D-Series, Advisor Series, F-Series and Private must provide clear and full instructions with a Series) signature for verification. • TD U.S. Blue Chip Equity Fund (Investor Series, D-Series, F-Series and Private-EM Series) • TD U.S. Quantitative Equity Fund (Private Series) 15 TD Mutual Funds

• TD U.S. Equity Pool (Investor Series, Advisor Series How we process your purchase, switch, and F-Series) conversion or redemption orders • TD U.S. Mid-Cap Growth Fund (Investor Series, D-Series, Advisor Series, F-Series and Private-EM When you purchase, switch, convert or redeem Securities Series) of a Fund, the price you pay or receive for those • TD U.S. Small-Cap Equity Fund (Investor Series, Securities is based on that Fund’s Series NAV per D-Series and F-Series) Security next determined after we have received your • TD Global Risk Managed Equity Fund (F-Series) order. • TD Global Low Volatility Fund (F-Series) If we receive your order before 4 p.m. ET (3 p.m. ET for • TD Global Equity Focused Fund (Investor Series, e-Series Securities or orders placed over the Internet in Advisor Series, F-Series and Private Series) an account opened through TDIS) on a Valuation Date, • TD International Stock Fund (F-Series) you will pay or receive that day’s applicable Series NAV • TD Emerging Markets Low Volatility Fund (F-Series) per Security. Your dealer may set earlier times for its • TD Emerging Markets Fund (Investor Series and receipt of orders than the times set by a Fund. If we F-Series) receive your order at or after 4 p.m. ET (3 p.m. ET for • Epoch U.S. Shareholder Yield Fund (Investor Series, e-Series Securities or orders placed over the Internet in D-Series, Advisor Series, F-Series and Private an account opened through TDIS) on a Valuation Date, or Series) at any time on a day that is not a Valuation Date, you will • Epoch U.S. Large-Cap Value Fund (Investor Series, pay or receive the applicable Series NAV per Security on D-Series, Advisor Series, F-Series and Private the next Valuation Date. If it is determined that the Series Series) NAV per Security will be calculated at a time other than • Epoch Global Shareholder Yield Fund (Private as at 4 p.m. ET on each day that the TSX is open for Series) trading, the Series NAV per Security paid or received will • Epoch Global Equity Fund (F-Series) be determined relative to that other time. All complete • Epoch International Equity Fund (F-Series) orders are processed within two business days (one • TD Global Entertainment & Communications Fund business day for the Money Market Funds), or such (Investor Series, D-Series and F-Series) shorter period as may be required by Canadian securities regulatory authorities. You will find more information • TD Science & Technology Fund (Investor Series, about purchasing, switching, converting and redeeming D-Series and F-Series) Securities of the Funds in the AIF. • TD Health Sciences Fund (Investor Series, D-Series and F-Series) If we do not receive your payment or if your payment is • TD Dow Jones Industrial Average Index Fund returned, we will cancel your purchase order and redeem (Investor Series and e-Series) the Securities. If we redeem the Securities for more than • TD U.S. Index Fund (Investor Series and e-Series) the amount of your payment, the difference will go to the Fund. If we redeem the Securities for less than the Units of TD U.S. Money Market Fund, TD U.S. Corporate amount of your payment, we will pay the Fund the Bond Fund, TD U.S. Monthly Income Fund and TD US$ difference and may collect this difference from your Retirement Portfolio offered under this simplified dealer, including TDIS or TD Waterhouse Canada Inc., prospectus are available in U.S. dollars only. The who may be entitled to collect this difference from you, Securities of all other Funds offered under this simplified together with any additional costs incurred in connection prospectus, including TD U.S. Monthly Income Fund – with the cancelled order. C$, are available in Canadian dollars only. We may accept or reject an order to purchase, switch or Purchase options in a currency different than the base convert Securities within one business day of receiving it. currency of a Fund are offered as a convenience to If we accept your order, you will receive a confirmation, investors who prefer to transact in that currency. Such which is your proof of the transaction. If we reject your additional options do not modify any Foreign currency risk order, we will return any money we have received associated with an investment in that Fund; do not act as immediately, without interest. If you sign up for a a hedge against that Fund’s currency exposures; nor do Pre-Authorized Purchase Plan, Pre-Authorized they negate the effect of any hedging within that Fund. Contribution Plan, Monthly Income Plan or Systematic For more information on Foreign currency risk, see What Withdrawal Plan, you will only receive confirmation of the is a mutual fund and what are the risks of investing in first transaction made under the plan. a mutual fund? – Fund-specific risks. We generally do not issue a certificate when you All purchases, switches, conversions, redemptions of and purchase, switch or convert Securities, but you should distributions with respect to U.S. dollar-denominated units receive a confirmation of the transaction. A record of the are made in U.S. dollars. A U.S. dollar bank account is number of Securities you own and their value should required to place an order to purchase or redeem these appear on your account statement. If you have received a units and to enroll in a Pre-Authorized Purchase Plan, certificate, it must be returned, duly endorsed, in order to Pre-Authorized Contribution Plan, Monthly Income Plan switch, convert or redeem your Securities. or Systematic Withdrawal Plan in respect of such units.

16 TD Mutual Funds

Short-term trading paying a sales charge. See Fees and expenses and Impact of sales charges. Mutual funds are typically considered long-term investments. Short-term or excessive trading to time the Advisor Series, T5 Series and T8 Series market can negatively affect the investment performance Advisor Series, T5 Series and T8 Series of the Funds are and/or increase the administrative costs of a fund, available for purchase under the front-end load purchase affecting all securityholders in that fund, and interfere with option only. You pay a sales charge when you purchase the long-term investment decisions of the manager of that Securities of a Fund. The sales charge may be negotiated fund. between you and your Financial Advisor. See Fees and TDAM has adopted policies and procedures to monitor, expenses. detect and deter short-term or excessive trading. You Effective November 1, 2019, the back-end load, low-load may be charged a short-term trading fee of up to 2% of and low-load-2 purchase options of Advisor Series, the acquisition cost of the Securities of a Fund you T5 Series and T8 Series of the Funds were closed to all acquired if you switch or redeem within the relevant purchases by investors. If you hold Securities of a Fund minimum holding period (except for Securities acquired under the back-end load or either of the low-load options, through distribution/dividend reinvestment, and Pre- we reserve the right to convert the purchase option of Authorized Purchase Plans or Pre-Authorized certain of your Securities so that such Securities are Contribution Plans set up in an account administered by deemed, starting on a particular date, to have been TDAM). There is no minimum holding period for the purchased under the front-end load option. We may do Money Market Funds and TD Short Term Investment so, for example, once a redemption fee is no longer Class. The minimum holding period is 30 days for the payable on the redemption of such Securities under the Index Funds and 7 days for all other Funds. This short- back-end load or either of the low-load options. If we term trading fee is in addition to any other switch or convert the purchase option, there is no increased cost to redemption fees you may incur. See Fees and you; however, your dealer may receive increased expenses. This fee is paid to the applicable Fund. compensation. See Fees and expenses, Impact of We retain the right to reject a purchase or switch of sales charges and Dealer compensation for details. Securities by a securityholder who, in TDAM’s opinion, is F-Series, FT5 Series, FT8 Series and W-Series engaging in short-term or excessive trading. If we reject your order, we will return any money we have received F-Series, FT5 Series, FT8 Series and W-Series immediately, without interest. Securities of the Funds are considered to be “no-load” series and are only available to investors participating in While TDAM attempts to monitor, detect and deter short- programs that usually do not require the payment of term or excessive trading, we cannot ensure that such transaction charges by investors or payment of service trading activity will be eliminated. fees by TDAM. Purchases F-Series, FT5 Series and FT8 Series Securities of the Funds are available from dealers through a fee-based or Investor Series, H5 Series, H8 Series, Premium fee-for-service account, or if you pay an annual fee to Series, e-Series, D-Series, Private Series, Private-EM your dealer instead of transactional sales charges. Please Series, Institutional Series and O-Series consult your Financial Advisor to see if you are eligible to purchase these Securities. Investor Series, H5 Series, H8 Series, Premium Series, e-Series, D-Series, Private Series, Private-EM Series, W-Series Securities of the Funds are only available Institutional Series and O-Series Securities of the Funds through certain wealth management businesses of are offered on a no-load basis, which means you can buy TD Bank Group, including certain divisions of such Securities of a Fund through certain dealers without TD Waterhouse Canada Inc., or through dealers who are specifically authorized by TDAM to distribute them.

Minimum purchases and minimum ongoing balances You must meet the minimum initial and any applicable subsequent purchase requirements for the Securities you are purchasing. Minimum purchase amounts and minimum ongoing balances are established in an effort to control costs, which impact all securityholders. If at any time the value of your Securities of a Fund falls below the minimum ongoing balance requirement applicable to such series, we may: • convert your Securities to another series of the same Fund, which series may have higher fees and expenses, if you meet the minimum initial purchase requirements for that series; or • if conversion is not possible, redeem the Securities of such series of that Fund at the then applicable Series NAV per Security (less any applicable fees) and send the proceeds to either your mailing address or your designated bank account; or

17 TD Mutual Funds

• if you hold a series of TD Premium Money Market Fund, switch your units and any related Pre-Authorized Purchase Plan or Pre-Authorized Contribution Plan to the same series of TD Canadian Money Market Fund, which series may have higher fees and expenses. In addition, we may convert your Securities to another series of the same Fund, which series may have higher fees and expenses, if you do not meet other eligibility requirements as specified by TDAM. You or your Financial Advisor should receive a transaction confirmation as a notification if any of these events happen in your account. The minimum initial purchase, minimum subsequent purchase and minimum ongoing balance requirements for each series of Securities of a Fund are as follows:

Minimum Minimum Minimum initial subsequent ongoing purchase purchase balance Series per Fund per Fund per Fund Investor Series or F-Series of: $100,000 No minimum $100,000 • TD Premium Money Market Fund Investor Series, Advisor Series§ or F-Series of: • TD Income Advantage Portfolio $2,000 No minimum $1,000 • TD U.S. Equity Pool • the TD Advantage Investment Portfolios Premium Series∆ of: • TD Retirement Conservative Portfolio $150,000 No minimum $150,000 • TD Retirement Balanced Portfolio D-Series of: • TD Income Advantage Portfolio $2,000 No minimum $1,000 • TD U.S. Equity Pool All other Series Investor Series $100 No minimum $100 H5 Series $5,000 No minimum $5,000 H8 Series $5,000 No minimum $5,000 Premium Series∆ $100,000 No minimum $100,000 e-Series $100 No minimum $100 D-Series $100 No minimum $100 Advisor Series§ $500 No minimum $100 T5 Series§ $5,000 No minimum $5,000 T8 Series§ $5,000 No minimum $5,000 F-Series $500 No minimum $100 FT5 Series $5,000 No minimum $5,000 FT8 Series $5,000 No minimum $5,000 W-Series * * * Private Series ** ** ** Private-EM Series ** ** ** Institutional Series ** ** ** O-Series ** ** ** § Minimums for this series are imposed on each purchase option under which Securities are acquired. Depending on the purchase option you select, a sales charge may apply. ∆ Premium Series of the Funds are closed to any purchases by new investors. Investors who held Premium Series of a Fund at the close of business on March 28, 2017, and whose dealer continues to make such series available, may continue to make additional investments in the Premium Series of the Fund(s) currently held by those investors. * TDAM does not impose minimums for this series, however your authorized dealer may. ** Minimum amount is negotiated with TDAM on an individual client basis. The minimum purchase amounts and minimum ongoing balances shown in the table above are those set by TDAM; your dealer may set higher minimums. The minimum purchase requirements do not apply to Securities purchased

18 TD Mutual Funds through the reinvestment of distributions/dividends. TDAM may waive the minimum initial purchase, minimum subsequent purchase and minimum ongoing balance requirements in our absolute discretion. Please note that if you are purchasing units of a TD Mutual Fund Trust in U.S. dollars, the above minimum requirements for each series of units are applicable in U.S. dollars. See Optional services for details and requirements for setting up a Pre-Authorized Purchase Plan, Pre-Authorized Contribution Plan, Monthly Income Plan and/or Systematic Withdrawal Plan. exceed your Free Redemption Entitlement. See Fees Switches and expenses and Free Redemption Entitlement. Subject to certain restrictions described in the following • Depending on the TD Mutual Fund/TD MAP Portfolio paragraphs, you may instruct your dealer or Financial you switch to, and the series and purchase option of Advisor to redeem all or a portion of your Securities of a the new securities, your Financial Advisor may be Fund to purchase Securities of another TD Mutual Fund paid a higher trail commission. See Dealer or units of a TD Managed Assets Program portfolio compensation. (“TD MAP Portfolio”) on the same Valuation Date as long as you meet the minimum purchase requirements as For other types of fees that may be applicable to you described under Minimum purchases and minimum upon a switch, see Fees and expenses – Fees and ongoing balances in the applicable simplified expenses payable directly by you. prospectus. This is called a switch. When we receive your A switch between (i) two TD Mutual Fund Trusts; or (ii) a order to switch, we will redeem your Securities in the TD Mutual Fund Trust and a Class of TD Mutual Funds original Fund and use the proceeds to purchase Corporate Class or a TD MAP Portfolio; or (iii) a Class of Securities of the new TD Mutual Fund or units of a TD Mutual Funds Corporate Class and a TD MAP TD MAP Portfolio. TDAM may limit your right to switch Portfolio; or (iv) two Classes of TD Mutual Funds without notice. Corporate Class, is generally considered a disposition for Effective November 1, 2019, the back-end load, low-load income tax purposes and may result in a capital gain or and low-load-2 purchase options of Advisor Series, capital loss, which will have tax implications if you hold T5 Series and T8 Series of the Funds were closed to all your Securities in a non-registered account. See Income purchases by investors. A switch to one of these tax considerations for investors – TD Mutual Fund purchase options will only be permitted if the securities of Trust units held in a non-registered account and the TD Mutual Fund or TD Managed Assets Program Income tax considerations for investors – TD Mutual portfolio you are switching from are held in the same Funds Corporate Class and shares of a Class held in purchase option. a non-registered account for more details. Depending on the TD Mutual Fund/TD MAP Portfolio, If you switch Securities of a Fund that are denominated in series and purchase options you are switching between one currency to securities of another TD Mutual Fund or a and the length of time you have owned the Securities, TD MAP Portfolio denominated in another currency, a your switch may affect the fees you pay and/or the currency conversion will be required, which may result in compensation your Financial Advisor receives, including a spread being earned by The Toronto-Dominion Bank or the following: an affiliate of The Toronto-Dominion Bank. See Fees and expenses. • A short-term trading fee may apply if the switch occurs within the applicable minimum holding period after the Securities were acquired. See Fees and Conversions expenses. Subject to certain restrictions described in the following • Until approximately December 31, 2020, your dealer paragraphs, you may convert your series or purchase may charge you a fee for doing a switch. This fee is option to another series or purchase option of the same negotiated between you and your Financial Advisor. Fund, which series may have different fees and Effective on or about January 1, 2021, TDAM will no expenses, as long as you meet the minimum initial longer permit dealers to charge a switch fee. See purchase requirement as described under Minimum Fees and expenses. purchases and minimum ongoing balances. It is your sole responsibility to instruct your dealer (including if your • A switch within the same purchase option will not dealer is a discount broker) or Financial Advisor if you result in a redemption fee. The redemption fee on the wish to convert your series or purchase option. new securities is based on the date and purchase price of the Securities originally purchased by you You will not be automatically converted to another series which are subsequently switched to other securities. unless you no longer meet the minimum ongoing balance requirement applicable to the series you currently hold. • A switch from Securities purchased under the back- Effective November 1, 2019, the back-end load, low-load end load or either of the low-load purchase options to and low-load-2 purchase options of Advisor Series, securities of a different series or purchase option may T5 Series and T8 Series of the Funds were closed to all result in a redemption fee being charged if you 19 TD Mutual Funds purchases by investors. A conversion to one of these will pay the redemption proceeds to you within two purchase options will only be permitted if the Securities of business days (one business day for the Money Market the Fund you are converting from are held in the same Funds), or such shorter period as may be required by purchase option. For example, you could convert Advisor Canadian securities regulatory authorities, upon receiving Series Securities of a Fund held under the back-end load your redemption order and as long as we have received option, to the back-end load option of T5 Series or all required documentation. See PURCHASES, T8 Series, as applicable, of the same Fund. SWITCHES, CONVERSIONS AND REDEMPTIONS – Processing your redemption request in the AIF for A conversion to a different series or purchase option may more details. result in a redemption fee being charged if you exceed your Free Redemption Entitlement. See Fees and If we have not received all of the documentation needed expenses and Free Redemption Entitlement. to settle your redemption request within ten business days of the date your redemption order is received, we Your choice will affect the fees you pay and the are required under securities laws to repurchase your compensation your Financial Advisor receives. For Securities. If the redemption proceeds are less than the example: repurchase amount, we will pay the Fund the difference • Depending on the series and purchase options you and may collect this difference from your dealer, including convert between, your Financial Advisor may be paid TDIS or TD Waterhouse Canada Inc., together with any a higher trail commission. See Dealer additional costs incurred in connection with the compensation. incomplete order. Your dealer may be entitled to recover those amounts from you. If the redemption proceeds are • Your dealer may charge you a fee for doing a greater than the repurchase amount, the Fund will keep conversion. This fee is negotiated between you and the difference. your Financial Advisor. See Fees and expenses. TDAM has the authority to redeem units of a TD Mutual A conversion of Securities from one series or purchase Fund Trust in the event unitholders who are not resident option to another series or purchase option of the same in Canada for purposes of the Income Tax Act (Canada) Fund and in the same currency will generally not be (the “Tax Act”) collectively own 40% or more of the units considered a taxable disposition except to the extent that of the TD Mutual Fund Trust. Notice will be given to Securities are redeemed to pay any applicable fees. If non-resident unitholders of the TD Mutual Fund Trust and you hold your Securities in a non-registered account, you a redemption of units will be done in a manner that is may be required to pay tax on any capital gain you realize equitable and practicable as determined by TDAM so that from the redemption of Securities to pay any applicable the number of units of the TD Mutual Fund Trust fees. For the types of fees that may be applicable to you collectively held by non-resident unitholders will return upon a conversion, see Fees and expenses – Fees and below the 40% threshold. expenses payable directly by you. A redemption of Securities of a Fund is a disposition for If you convert Securities of a series of a Fund that are income tax purposes and may result in a capital gain or denominated in one currency to Securities of a series of capital loss, which will have tax implications if you hold the same Fund denominated in another currency, the your Securities in a non-registered account. See Income transaction may be considered a disposition of the tax considerations for investors for more details. original Securities and may result in a capital gain or capital loss, which will have tax implications if you hold your Securities in a non-registered account. In addition, a Free Redemption Entitlement currency conversion will be required in order to complete Every calendar year, you may switch, convert or redeem, the transaction, which may result in a spread being with no redemption fees, up to 10% of your Advisor earned by The Toronto-Dominion Bank or an affiliate of Series, T5 Series or T8 Series Securities purchased The Toronto-Dominion Bank. See Fees and expenses. under the back-end load option or either of the low-load options that would otherwise be subject to a redemption For the income tax implications associated with a fee. This Free Redemption Entitlement (“FRE”) is based conversion, see Income tax considerations for on 10% of the number of Securities you held at investors – TD Mutual Fund Trust units held in a non- December 31 of the preceding year purchased under the registered account and Income tax considerations for back-end load option or either of the low-load options, as investors – TD Mutual Funds Corporate Class and the case may be, plus 10% of Securities purchased in the shares of a Class held in a non-registered account for current year under the back-end load option or the more details. applicable low-load option, as the case may be. You cannot carry any unused amount forward to the next year. Redemptions If you switch Securities from one Fund to another You may redeem all or a portion of your Securities in any TD Mutual Fund or a TD MAP Portfolio, as long as you series of a Fund. The redemption price of your Securities remain within the same purchase option, we will transfer will be the relevant Series NAV per Security next your remaining FRE from the original Fund to the other determined after we receive your redemption order. We

20 TD Mutual Funds

TD Mutual Fund or TD MAP Portfolio. Short-term trading allowance for liabilities, and are not traded on any fees may apply. See Fees and expenses. other exchange that represents a reasonably practical alternative for the Fund; If you convert Securities between Advisor Series, T5 Series and T8 Series of the same Fund and purchase • if the Fund is a clone fund and if the fund whose option, we will transfer your remaining FRE to the new performance it tracks has suspended redemptions; or series. • with the consent of Canadian securities regulatory authorities. Calculating the redemption fee For Advisor Series, T5 Series and T8 Series Securities, you pay us a redemption fee if you redeem Securities Optional services acquired on a deferred sales charge basis under: • the back-end load option within six years from the This section tells you about the optional services we offer date of original purchase. to investors. • the low-load option within two years from the date of Pre-Authorized Purchase Plans and original purchase. Pre-Authorized Contribution Plans • the low-load-2 option within four years from the date of original purchase. If you want to invest in one or more Funds on a regular basis, you can set up a Pre-Authorized Purchase Plan If you are redeeming Advisor Series, T5 Series and (“PPP”) through TDIS or a Pre-Authorized Contribution T8 Series Securities that were switched from another Plan (“PAC”) through your dealer or Financial Advisor. TD Mutual Fund or a TD MAP Portfolio, the redemption fee is based on the acquisition date and purchase price of You can set up a PPP/PAC at any time, including at the the original securities to which the redeemed Securities time of initial investment. To set up a PPP/PAC, you must are attributable. meet the minimum initial purchase or the minimum ongoing balance requirements for each series of For Advisor Series, T5 Series and T8 Series Securities Securities of a Fund, as set out in Minimum purchases purchased under the back-end load option or either of the and minimum ongoing balances, at the time of set up. low-load options, we will redeem Securities in the following order for each applicable purchase option: For Private Series, Private-EM Series, Institutional Series and O-Series Securities of a Fund, minimum PPP/PAC • FRE Securities, as described under Free requirements are negotiated with TDAM on an individual Redemption Entitlement; then client basis. For all other series there are no minimum PPP/PAC purchase amounts set by TDAM, however • Securities issued through distribution/dividend minimums may be set by your dealer. reinvestment as these Securities are not subject to a redemption fee; then For Advisor Series, T5 Series and T8 Series Securities of a Fund, you pay a sales charge when you purchase • Securities in the order that they were purchased. Securities under the front-end load option, including The redemption fee declines over time as shown under purchases made through a PAC. See Purchases, Fees and expenses. We will deduct the redemption fee switches and redemptions – Purchases for more from the proceeds of the redemption. information. If you hold Advisor Series, T5 Series or T8 Series Effective November 1, 2019, the back-end load, low-load Securities of a Fund purchased under two or more and low-load-2 purchase options of Advisor Series, purchase options and wish to redeem them, you must tell T5 Series and T8 Series of the Funds were closed to all us which Securities you want to redeem. purchases by investors, including purchases made through a PAC. When you may not be allowed to redeem If your mutual fund account is administered for you by your Securities TDAM, as is the case with TD Mutual Funds accounts opened through TDIS and accounts at some other Under exceptional circumstances, as permitted by dealers, here is how the PPP and PAC work: Canadian securities laws, we may suspend your right to redeem Securities of any Fund: • You may invest weekly, bi-weekly, semi-monthly, monthly, quarterly, semi-annually or annually. • if normal trading is suspended on a stock, options or futures exchange within or outside Canada on which • We will automatically transfer money from your securities or specified derivatives are traded, and if bank account to purchase Securities in the Fund those securities or specified derivatives represent you choose. more than 50% by value or underlying market • exposure of the total assets of that Fund without You can change the amount you are investing, or suspend or cancel your PPP or PAC at any time,

21 TD Mutual Funds

by providing one business day’s prior notice to a invest in the Funds through a PPP or PAC, unless you TDIS representative or to TDAM (if you transact request it from TDAM, your dealer or Financial Advisor. directly with TDAM). Other dealers may require These documents are also available at more than one business day’s prior notice. www.tdassetmanagement.com or on SEDAR at www.sedar.com. • We may cancel your PPP or PAC if your payment is returned due to insufficient funds in your bank You may exercise your statutory right to withdraw from account. the initial PPP or PAC investment. This right will not apply in respect of any subsequent PPP or PAC investments, If your mutual fund account is not administered by TDAM, but you continue to have all other statutory rights under please contact your dealer or Financial Advisor for more securities law, including rights arising from any information. misrepresentation, whether or not you request to receive The Funds are not required to deliver the most recently a copy of the most recently filed fund facts. See What are filed fund facts to you for subsequent purchases if you your legal rights? for more details.

Monthly Income Plans and Systematic Withdrawal Plans If you hold your Securities in a non-registered account and would like to make regular redemptions from your investment in a Fund, you can set up a Monthly Income Plan (“MIP”) through TDIS or a Systematic Withdrawal Plan (“SWP”) through your dealer or Financial Advisor, provided that you meet the minimum starting balance per Fund. If your mutual fund account is administered for you by TDAM, as is the case with TD Mutual Funds accounts opened through TDIS and accounts at some other dealers, here is how the MIP and SWP work: • You may request redemptions from your investment in a Fund on a monthly basis under a MIP, or on a monthly, bi-monthly, quarterly, semi-annual or annual basis under a SWP. A redemption fee may apply to any Securities acquired through the back-end load or either of the low-load options. For more information, please contact TDIS, your dealer or Financial Advisor. • We will deposit the proceeds directly to your designated bank account or mail a cheque for the proceeds to the address you specify. • You may change the amount of your redemptions or cancel your MIP or SWP at any time by providing one business day’s prior notice to a TDIS representative or to TDAM (if you transact directly with TDAM). Other dealers may require more than one business day’s prior notice. • If the balance of a Fund held in your account falls below the minimum ongoing balance requirement for that series of the Fund, we may ask you to increase your investment to the minimum ongoing balance amount (if your dealer continues to offer that series) or to cancel your MIP/SWP. If your mutual fund account is not administered by TDAM, please contact your dealer or Financial Advisor for more information. The minimum MIP/SWP requirements for each series of Securities of a Fund are as follows:

Minimum Minimum Minimum MIP/SWP starting ongoing redemption balance balance per Series per Fund per Fund Fund Investor Series or F-Series of: $100 $200,000 $100,000 • TD Premium Money Market Fund Premium Series of: • TD Retirement Conservative Portfolio $100 $250,000 $150,000 • TD Retirement Balanced Portfolio All other Series Investor Series $100 $10,000 $1,000 H5 Series $100 $10,000 $5,000 H8 Series $100 $10,000 $5,000 Premium Series $100 $200,000 $100,000 e-Series $100 $10,000 $1,000 D-Series $100 $10,000 $1,000 Advisor Series§ $100 $10,000 $1,000

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Minimum Minimum Minimum MIP/SWP starting ongoing redemption balance balance per Series per Fund per Fund Fund T5 Series§ $100 $10,000 $5,000 T8 Series§ $100 $10,000 $5,000 F-Series $100 $10,000 $1,000 FT5 Series $100 $10,000 $5,000 FT8 Series $100 $10,000 $5,000 W-Series * * * Private Series ** ** ** Private-EM Series ** ** ** Institutional Series ** ** ** O-Series ** ** ** § Minimums for this series are imposed on each purchase option under which Securities are acquired. * TDAM does not impose minimums for this series, however your authorized dealer may. ** Minimum amount is negotiated with TDAM on an individual client basis. TDAM does not charge for this service, however, your dealer may. Minimums shown in the table are those set by TDAM; your dealer may set higher minimums. Please note that for units of a TD Mutual Fund Trust denominated in U.S. dollars, the above minimum requirements are applicable in U.S. dollars. It is important to remember that if your regular redemptions are more than what your Securities of the Fund are earning, you will eventually redeem the full amount of your original investment. • Registered Education Savings Plans (“RESPs”) Retirement and savings plans • Registered Disability Savings Plans (“RDSPs”) Securities of the Funds are, or are expected to be at all • Tax-Free Savings Accounts (“TFSAs”) relevant times, “qualified investments” under the Tax Act • Deferred Profit Sharing Plans (“DPSPs”) and the regulations thereunder for the following These plans are referred to as “Registered Plans” in this retirement and savings plans: simplified prospectus. Your dealer may not offer all types • Registered Retirement Savings Plans (“RRSPs”) of Registered Plans. • Group Retirement Savings Plans You can open a Registered Plan, if offered by your • Locked-in Retirement Plans dealer, by completing an application form that may be • Registered Retirement Income Funds (“RRIFs”) obtained from your dealer or Financial Advisor. Securities • Life Income Funds of the Funds may also be purchased within a self- • Locked-in Retirement Income Funds administered Registered Plan. • Prescribed Retirement Income Funds For further details, please refer to • Locked-in Retirement Accounts TAX INFORMATION – Qualification for investment in the AIF. Fees and expenses

The following table lists the fees and expenses you may pay if you invest in a Fund. You pay some of these fees and expenses directly. Others are payable by the Fund, which will reduce the value of your investment in the Fund. All series, other than Advisor Series, T5 Series and T8 Series, of the Funds offered under this simplified prospectus are considered to be “no-load” series. As a result, unless required under the trust indenture or declaration of trust, TDAM is not required to seek securityholder approval for the introduction of, or a change in the basis of calculating, a fee or expense that is charged to Securities of such series, or charged directly to the securityholders of such series by the Fund, TDAM or an arm’s length party, in connection with the holding of such Securities, in a way that could result in an increase in the fees or expenses that are charged to such Securities or directly to securityholders provided any such introduction, or change, will only be made if notice is mailed to securityholders of the applicable series at least 60 days prior to the date on which the increase is to take effect. For Advisor Series, T5 Series and T8 Series, TDAM is not required to seek securityholder approval for the introduction of, or a change in the basis of calculating, a fee or expense that is charged to Securities of such series, or charged directly to securityholders of such series by an arm’s length party in connection with the holding of such Securities, in a 23 TD Mutual Funds way that could result in an increase in the fees or expenses that are charged to such Securities or directly to securityholders provided any such introduction, or change, will only be made if notice is mailed to securityholders of the applicable series at least 60 days prior to the date on which the increase is to take effect.

Fees and expenses payable by the Funds Management fees Other than for Private-EM Series, management fees are paid to us in consideration of providing, or arranging for the provision of, management, distribution, and portfolio management services and oversight of any portfolio sub-advisory services provided to the Fund. Services provided in exchange for the management fee include, but are not limited to: • the directing of the business, operations and affairs of the Funds; • the making of investment portfolio decisions and the execution of portfolio transactions; • developing applicable investment restrictions and/or policies; • the preparation and filing of the disclosure documents to permit continuous offering of Securities of the Funds; • the preparation of all written and printed material for distribution to potential investors and existing securityholders in compliance with the registration, filing, reporting and similar requirements of all regulatory bodies having jurisdiction over the Funds; • the provision of office space and facilities, clerical help and bookkeeping services required by the Funds; • the provision of registry and transfer agency services, distribution crediting services and all other securityholder services and management services; • the payment of annual trailing commissions to your dealer (including if your dealer is a discount broker) in connection with the distribution of the applicable Securities; and • the provision of marketing advice and assistance to dealers selling the Funds. For Private-EM Series, management fees are paid to us in consideration of providing, or arranging for the provision of, management and portfolio management services and oversight of any portfolio sub-advisory services provided to the Fund. TDAM receives an annual management fee in respect of certain series of a Fund. If the Fund has more than one series of Securities, a different management fee based on the Series NAV per Security is payable in respect of certain series. The fee is calculated and accrued daily and paid monthly. Where the Fund invests in other mutual funds, there are fees and expenses payable by the other funds in addition to those paid by the Fund. However, no management fees are payable by the Fund that, to a reasonable person, would duplicate a fee payable by an underlying fund for the same service, including if that underlying fund is a TD Exchange-Traded Fund (“TD ETF”) or another investment fund managed by TDAM. Management fees, where applicable, are included in the management expense ratio (“MER”) for each series of the Fund. Where applicable, for the annual management fee, which excludes goods and services tax (“GST”) and harmonized sales tax (“HST”), payable by each series of a Fund, see the Fund details section of each Fund Profile. We may waive a portion of the management fees we are otherwise entitled to charge in respect of a series of a Fund. Any waivers of management fees may be suspended or terminated at any time by us without giving notice to securityholders. The Funds do not pay any management fees with respect to Private Series and O-Series Securities. Instead, we charge a fee directly to holders of Private

24 TD Mutual Funds

Fees and expenses payable by the Funds Series and O-Series Securities for services provided to such holders. See Private Series fee and O-Series fee for details. Management fee distributions If you make a large investment in a TD Mutual Fund Trust, as determined by TDAM from time to time, we may charge fees to the particular Fund that are less than our usual management fee that would otherwise apply in respect of your investment in the Fund. In such cases, the Fund will distribute to you the amount of the reduction (“management fee distribution”) which will be reinvested in additional units of the same series of the Fund. Any management fee distribution is paid out of net income or net realized capital gains of a Fund first, then as a return of capital. Fund expenses – portfolio Each Fund may pay costs associated with portfolio transactions (“Portfolio transaction costs Transaction Costs”), including, but not limited to, brokerage commissions to purchase and sell portfolio securities and research and execution costs, if any. Where TDAM or an affiliate is the manager of an underlying fund, no sales charges or redemption fees are payable by a Fund in relation to its purchase or redemption of units of the underlying fund. Where neither TDAM nor an affiliate is the manager of an underlying fund, no sales charges or redemption fees are payable by a Fund in relation to its purchase or redemption of units of the underlying fund which, to a reasonable person, would duplicate a fee payable by a securityholder of the Fund. However, there may be brokerage commissions associated with the purchase or sale of units of an ETF by a Fund. While Portfolio Transaction Costs, if any, are charged to the Fund, they are not currently included in the MER calculation of the Fund but are disclosed as a percentage of the daily average NAV of the Fund in the management report of fund performance. This percentage is called the trading expense ratio (“TER”). Where a Fund invests in other funds, the underlying funds are generally responsible for their own Portfolio Transaction Costs. However, the Fund’s TER includes its proportionate share of the TER of any underlying funds held in the Fund. Fund expenses – Fund operating Operating expenses, whether payable by TDAM or a Fund, as described expenses below, include expenses in connection with services provided by us or our affiliates. TD Mutual Fund Trusts TDAM pays all of the operating expenses with respect to O-Series Securities of the TD Mutual Fund Trusts. Private Series and Private-EM Series of the TD Mutual Fund Trusts and Advisor Series of TD U.S. Equity Pool bear their respective pro rata share of the operating expenses of the applicable Fund which are common to the operation of all series of the Fund as well as those expenses which are attributable solely to that series. These operating expenses (which may be paid to TDAM or our affiliates) include recordkeeping and communication costs, custodial, legal, audit and filing fees, bank charges and Trust Fund Costs (as defined below), and are included in the MER of such series. For all other series of the TD Mutual Fund Trusts, TDAM pays all of the operating expenses, other than “Trust Fund Costs”. The Trust Fund Costs are costs and expenses associated with: • all taxes; • borrowing; • each TD Mutual Fund Trust’s IRC*;

25 TD Mutual Funds

• the compliance with any new governmental and regulatory requirement(s); and • new types of costs or expenses not incurred prior to the date of this document or any amendment thereof. * As at the date of this simplified prospectus, each member of the IRC receives an annual retainer of $55,000 ($65,000 for the Chair) and $4,000 for each meeting of the IRC that the member attends, plus expenses for each meeting. These fees and expenses, plus associated legal and insurance costs, are allocated among the investment funds managed by TDAM, including the TD Mutual Fund Trusts, in a manner that is considered by TDAM to be fair and reasonable. Classes of TD Mutual Funds Corporate Class TDAM pays the following operating expenses, costs and fees for the Classes: • audit fees; • recordkeeping costs; • communication costs; • insurance costs; • custodial costs; • costs of printing and disseminating prospectuses, annual information forms, fund facts and continuous disclosure materials; • advisory fees pertaining to accounting and tax matters; • legal fees, costs and expenses relating to the preparation of prospectuses, annual information forms, fund facts, continuous disclosure materials, contracts and regulatory applications; • bank charges, excluding costs and expenses associated with borrowing; • regulatory filing fees; and • all sales taxes for such expenses, costs and fees. The Classes pay any other Class expenses, costs or fees (“Class Costs”), including expenses, costs or fees associated with: • all taxes; • borrowing; • directors’ fees; • each Class’ IRC**; • the compliance with any new governmental and regulatory requirement(s); and • new types of expenses, costs or fees, including those arising from new governmental or regulatory requirements, not incurred prior to the date of this document or any amendment thereof. Trust Fund Costs and Class Costs are collectively referred to as “Fund Costs”. If a Fund has more than one series of Securities, each series bears its pro rata share of the Fund Costs which are common to the operation of all series as well as those expenses which are attributable solely to that series. Each Class pays its share of TD Mutual Funds Corporate Class’ expenses. Fund Costs, where applicable, are included in the MER of each series of a Fund. Certain series of the Funds pay an administration fee to TDAM. Please see the next section of this table entitled Administration fee for more information. ** As at the date of this simplified prospectus, each member of the IRC receives an annual retainer of $55,000 ($65,000 for the Chair) and $4,000 for each meeting of the IRC that the member attends, plus expenses for each meeting. These fees and expenses, plus associated legal and insurance costs, are allocated among the investment funds managed by TDAM, including the Classes, in a manner that is considered by TDAM to be fair and reasonable. Sales taxes on management fees, administration fees and Fund Costs Each Fund is required to pay applicable GST and HST at a blended rate on management fees, administration fees and certain Fund Costs, as applicable, based on the province or territory of residence of the investors in each applicable series of the Fund. Any such taxes are part of the Fund Costs and are included in the MER of each such series of the Fund. Changes in existing

26 TD Mutual Funds

Fees and expenses payable by the Funds HST rates, adoption of HST by other provinces or territories, the repeal of HST by HST-participating provinces and differences in the provincial and territorial distribution of assets within each applicable series of the Fund all may have an impact on the MER of that series year over year. Administration fee An annual administration fee is payable to TDAM by the Funds with respect to certain series in consideration for TDAM paying the operating expenses (or certain of the operating expenses). Please see the previous section of this table entitled Fund expenses – Fund operating expenses for more information about the operating expenses that TDAM pays. Each Fund pays its Fund Costs and Portfolio Transaction Costs. The administration fee is payable in respect of Investor Series, H5 Series, H8 Series, D-Series, Advisor Series, T5 Series and T8 Series Securities of each Fund, as applicable, other than the Money Market Funds, TD Ultra Short Term Bond Fund, TD Short Term Bond Fund, TD Canadian Bond Fund, TD Global Conservative Opportunities Fund, TD Global Balanced Opportunities Fund, the Index Funds, TD Short Term Investment Class and Advisor Series units of TD U.S. Equity Pool. The administration fee is also payable in respect of Premium Series Securities of each Fund, other than TD U.S. Money Market Fund, TD Income Advantage Portfolio and TD Canadian Core Plus Bond Fund. The administration fee is equal to a specified percentage of the NAV of the Investor Series, H5 Series, H8 Series, Premium Series, D-Series, Advisor Series, T5 Series and T8 Series Securities, respectively, of the Fund calculated and accrued daily and paid monthly. Where applicable, for the annual administration fee payable by each series of a Fund, see the Fund details section of each Fund Profile. No administration fee is charged with respect to other series Securities of the Funds offered under this simplified prospectus. The administration fee, if any, paid to TDAM by a Fund in respect of a series may, in any particular period, exceed or be lower than the operating expenses TDAM incurs for that series of the Fund.

Management expense ratio (MER) The MER for each series of Securities is the total of the series’ proportionate share of the Fund Costs and series- specific fees and expenses, if any, expressed as an annualized percentage of the average NAV allocated to that series of Securities of the Fund during the period. This includes the Fund’s proportionate share of the MER of any underlying fund, including exchange-traded funds, in which the Fund has invested. The MER includes GST and HST, but excludes Portfolio Transaction Costs.

Fees and expenses payable directly by you Sales charges For Advisor Series, T5 Series or T8 Series Securities purchased on a front- end load basis, you negotiate a sales charge with your Financial Advisor. This charge may be up to 5% of the purchase price of your Securities. We collect the sales charge that you owe your dealer from the amount you invest and remit it to your dealer as a commission. We do not charge a sales charge for purchases of Investor Series, H5 Series, H8 Series, Premium Series, e-Series, D-Series, F-Series, FT5 Series, FT8 Series, W-Series, Private Series, Private-EM Series, Institutional Series and O-Series Securities. However, some dealers may charge you for their services. Any fees charged to you by your dealer when you hold F-Series, FT5 Series, FT8 Series or W-Series Securities may be negotiated between you and your Financial Advisor.

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Fees and expenses payable directly by you Switch fees We do not charge a switch fee for switches of Securities from one Fund to another TD Mutual Fund or units of a TD MAP Portfolio. Until approximately December 31, 2020, some dealers may charge you a switch fee or charge for their services. You may be charged up to 2% of the NAV of the switched Securities. This fee is not paid to the Fund. You negotiate the fee and pay it to your Financial Advisor. Effective on or about January 1, 2021, TDAM will no longer permit dealers to charge a switch fee. In addition, a short-term trading fee (as described below) may apply for switching from one Fund to another TD Mutual Fund or a TD MAP Portfolio if the switch occurs within the relevant minimum holding period. Conversion fees We do not charge a conversion fee for conversions of Securities from one series or purchase option to another series or purchase option of the same Fund. Some dealers may charge you a conversion fee or charge for their services. This fee is not paid to the Fund. You negotiate the fee and pay it to your Financial Advisor. A conversion to a different series or purchase option may result in a redemption fee being charged if you exceed your Free Redemption Entitlement. See Purchases, switches and redemptions – Free Redemption Entitlement and Redemption fees (as described below). Redemption fees You will pay us a redemption fee if you redeem or convert your Advisor Series, T5 Series or T8 Series Securities acquired under the back-end load option or either of the low-load options, other than FRE Securities or Securities acquired through distribution/dividend reinvestment, within the specified time periods. The charge is based on the original cost of your Securities, how long you held them and, in each case, the purchase option under which the Securities were purchased. We deduct the charge from the value of Securities you redeem or convert. The following table shows the redemption fee schedule:

Redemption fee rates under: Securities sold during the following periods Back-end load Low-load Low-load-2 after you bought them option option option during the first year 5.5% 2.0% 3.5% during the second year 5.0% 2.0% 3.0% during the third year 4.5% Nil 2.0% during the fourth year 4.0% Nil 1.0% during the fifth year 3.0% Nil Nil during the sixth year 1.5% Nil Nil after the sixth year Nil Nil Nil

Short-term trading fee You may be charged a short-term trading fee of up to 2% of the acquisition cost of the Securities of a Fund you acquired if you switch or redeem within the relevant minimum holding period (except for Securities acquired through distribution/dividend reinvestment, and PPPs or PACs set up in an account administered by TDAM). There is no minimum holding period for the Money Market Funds and TD Short Term Investment Class. The minimum holding period is 30 days for the Index Funds and 7 days for all other Funds. This fee is in addition to any other switch or redemption fees you may incur. Short-term trading fees are paid to the Fund, and may be retained by the Fund or may be passed on by the Fund to any underlying funds. Some dealers, including TD Waterhouse Canada Inc., may also charge you a short-term trading fee and may have different fee rates or minimum holding periods. Short-term trading fees charged by dealers are not paid to the Fund; they are paid to your dealer or Financial Advisor.

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Fees and expenses payable directly by you Registered Plan fees No fees are charged by TDAM for opening or administering a Registered Plan sponsored by The Toronto-Dominion Bank or any of its affiliates. We may charge a fee of up to $25 (plus applicable taxes) to a Registered Plan, regardless of its sponsor, upon termination of a Registered Plan account. We may also charge a fee of up to $75 (plus applicable taxes) to transfer a Registered Plan to a third-party dealer and/or financial institution. Some dealers, including TDIS and TD Waterhouse Canada Inc., may also charge you a fee for their services to transfer or terminate a Registered Plan account. Private Series fee Large investors who hold Private Series and/or Private-EM Series Securities in an account with TDAM pay a negotiable annual fee to TDAM for management services that will not exceed 1.25% per annum (excluding applicable taxes) of the market value of Private Series and/or Private-EM Series Securities held in the account. This fee is calculated and accrued daily and paid monthly. Individual clients holding Private Series and/or Private-EM Series Securities through an account with a dealer or Financial Advisor separately negotiate and pay any account-related fees directly to their dealer or Financial Advisor. O-Series fee Large investors who hold O-Series Securities in an account with TDAM pay a negotiable annual fee to TDAM for management and administrative services that will not exceed 1.25% per annum (excluding applicable taxes) of the market value of O-Series Securities held in the account. This fee is calculated and accrued daily and paid monthly. Early redemption fee See Short-term trading fee. Fee for wiring redemption In addition to the bank wire costs, we charge an administrative handling fee of proceeds to your account up to $25 if redemption proceeds are wired to a designated account. NSF charge You or your bank may be charged up to $50 if any transactions are cancelled due to insufficient funds in your bank account. Foreign currency spread If you switch Securities of a Fund that are denominated in one currency to securities of another TD Mutual Fund or a TD MAP Portfolio denominated in another currency, or convert Securities denominated in one currency to Securities of the same Fund denominated in another currency, a currency conversion will be required. In such circumstances, The Toronto-Dominion Bank, or an affiliate of The Toronto-Dominion Bank, will convert the currency at rates established or determined by it. The Toronto-Dominion Bank, or an affiliate of The Toronto-Dominion Bank, may earn revenue, based on the difference between the applicable buy and sell rates for the currencies and the rate at which the buy and sell rates are offset in the market. Conversion of currency, if required, will take place on the Valuation Date associated with your switch or conversion request.

Impact of sales charges

The following table shows the amount of fees you would pay if you made an investment of $1,000 in Securities of a particular series of a Fund offered under this simplified prospectus, if you held that investment for one, three, five or ten years and redeemed the entire investment immediately before the end of each period. In addition: • The front-end load option example assumes the maximum possible charge, although you may negotiate a lower charge with your Financial Advisor. • Under the back-end load and either of the low-load options, you may also redeem up to 10% of your investment under each such option free of redemption fee charges in each calendar year. The 10% Free Redemption

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Entitlement is not used in determining the redemption fees indicated in the following table. Redemption fees apply only if you redeem your Advisor Series, T5 Series or T8 Series Securities while the applicable redemption fee schedule is in effect. See Fees and expenses.

Fee at time Redemption fee before the end of: of purchase 1 Year 3 Years 5 Years 10 Years Investor Series H5 Series H8 Series Premium Series e-Series D-Series F-Series* Nil Nil Nil Nil Nil FT5 Series* FT8 Series* W-Series* Private Series Private-EM Series Institutional Series O-Series Advisor Series, T5 Series or T8 Series: - front-end load option $50 Nil Nil Nil - back-end load option Nil $55 $45 $30 Nil - low-load option Nil $20 Nil Nil - low-load-2 option Nil $35 $20 Nil * Your dealer may charge you an annual fee or fee-based account charge to hold F-Series, FT5 Series, FT8 Series or W-Series Securities. Some dealers may charge you a fee for purchasing, converting or redeeming Securities. Until approximately December 31, 2020, some dealers may also charge you a fee for switching Securities. Effective on or about January 1, 2021, TDAM will no longer permit dealers to charge a switch fee.

Financial Advisor decide on the percentage you will be Dealer compensation charged. The percentage ranges from 0% to 5% of the amount you invest. We deduct the sales charge from the Sales commissions amount you invest and pay it to your dealer as a commission. See Fees and expenses for details. Your dealer or Financial Advisor places orders on your behalf. Certain dealers, such as TDIS and TDAM does not pay dealer compensation of any kind to TD Waterhouse Canada Inc., may be affiliates of TDAM your dealer or Financial Advisor on F-Series, FT5 Series, and may be entitled to receive compensation similar to FT8 Series, W-Series, Private Series, Private-EM Series the compensation received by other dealers. TDAM and or O-Series Securities. the Funds are not liable for any recommendations or Sales commissions are not paid when you switch from investment advice provided to you by your dealer or one Fund to another TD Mutual Fund or a TD MAP Financial Advisor. Portfolio. Until approximately December 31, 2020, your Your dealer usually receives a commission when you dealer may charge you a switch fee of up to 2% of the invest in the front-end load option of Advisor Series, cost of the switched Securities, as negotiated between T5 Series or T8 Series Securities of the Funds. The you and your Financial Advisor. We deduct the fee from commission depends on the amount you invest. Your the value of the Securities you switch and pay it to your Financial Advisor usually receives a portion of the dealer. Effective on or about January 1, 2021, TDAM will commission that is paid to your dealer. You and your no longer permit dealers to charge a switch fee.

30 TD Mutual Funds

Trail commissions TDAM may pay your dealer, including if your dealer is a discount broker, an annual trail commission based on the average daily value of each of Investor Series, H5 Series, H8 Series, Premium Series, e-Series, D-Series, Advisor Series, T5 Series, T8 Series or Institutional Series Securities, as applicable, of a Fund held by the dealer’s clients. Dealers generally pay a portion of the trail commission to Financial Advisors for the services they provide to their clients. The amount of commissions that we pay to the dealer depends on the Fund and the purchase option. If you switch from one Fund to another TD Mutual Fund or a TD MAP Portfolio, your Financial Advisor may be paid a higher trail commission depending on the series and purchase option of the new TD Mutual Fund/TD MAP Portfolio. We may change or cancel the terms of the trail commissions at any time without notice. Trail commissions are paid out of our management fee and are calculated and accrued daily and paid no less frequently than quarterly. The following table shows the maximum annual trail commission rates:

Maximum annual trail commission rate Investor Series, Advisor Series, T5 Series or T8 Series H5 Series, Securities: H8 Series, Premium Front- Back- Series, e-Series or end end Low- Low- Institutional Series D-Series load load load load-2 Securities: Securities: option option option option* TD Canadian Money Market 0.25% N/A 0.25% 0.10% 0.25% 0.10% Fund TD Premium Money Market Fund 0.25% N/A N/A N/A N/A N/A TD U.S. Money Market Fund TD Ultra Short Term Bond Fund 0.50% 0.25% 0.50% N/A N/A N/A TD Fixed Income Pool TD Short Term Bond Fund 0.50% 0.25% 0.50% 0.25% 0.50% 0.25% TD Canadian Bond Fund TD Canadian Core Plus Bond Fund TD Canadian Corporate Bond Fund TD Corporate Bond Plus Fund TD U.S. Corporate Bond Fund TD Real Return Bond Fund TD Global Income Fund TD Global Core Plus Bond Fund TD Global Unconstrained Bond Fund TD High Yield Bond Fund TD Monthly Income Fund TD Income Advantage Portfolio 0.75% 0.25% 0.75% 0.375% 0.75% 0.375% TD Global Conservative Opportunities Fund TD Diversified Monthly Income Fund TD Balanced Growth Fund TD US$ Retirement Portfolio TD Retirement Conservative Portfolio TD Advantage Balanced Income Portfolio All Index Funds 0.25% N/A N/A N/A N/A N/A All Comfort Portfolios 0.75% N/A N/A N/A N/A N/A TD Short Term Investment Class 0.25% N/A 0.25% 0.10% 0.25% 0.10%

31 TD Mutual Funds

Investor Series, Advisor Series, T5 Series or T8 Series H5 Series, Securities: H8 Series, Premium Front- Back- Series, e-Series or end end Low- Low- Institutional Series D-Series load load load load-2 Securities: Securities: option option option option* All other Funds 1.00% 0.25% 1.00% 0.50% 1.00% 0.50% * The disclosed maximum annual trail commission rates for the low-load-2 option are applicable for the first 4 years after the Securities are acquired under this purchase option. Once Securities acquired under this purchase option are held for periods greater than 4 years, the maximum annual trail commission rate that can be paid to your dealer may automatically increase to the maximum annual trail commission rate payable under the front-end load option for the same Fund.

Tax Act and at all relevant times, you (i) are, or are Other forms of dealer support – Sales deemed to be, resident in Canada, (ii) deal at arm’s practices length and are not affiliated with the Funds, and (iii) hold your Securities as capital property. More detailed We may provide a broad range of marketing and support information is available in the AIF. You should consult programs to assist dealers or Financial Advisors in your tax advisor about your tax situation. promoting the sale of Securities of the Funds, in accordance with applicable securities laws. The support Securities held in a Registered Plan provided may include paying a portion of a dealer’s investor-related marketing costs of the Funds. We may If you hold Securities of a Fund in a Registered Plan, also pay a portion of a dealer’s cost to hold educational distributions/dividends paid by the Fund and any capital seminars or conferences for its Financial Advisors or hold gains from switching or redeeming your Securities are our own seminars or conferences for Financial Advisors. generally sheltered from tax. Any amount withdrawn from In both instances, we do not decide which Financial a Registered Plan (other than from a TFSA and certain Advisors will attend nor will we pay for their travel, withdrawals from an RESP or RDSP) is fully taxable. accommodation or personal expenses associated with Generally, amounts withdrawn from an RESP or RDSP attending these events. We may provide research and are taxable to the extent they are not refunds of marketing materials, including brochures, reports, and contributions. Amounts withdrawn from a TFSA are not domestic and global market commentaries. We may also taxable. You should consult your tax advisor regarding provide Financial Advisors with non-monetary benefits specific rules relating to withdrawals of amounts rolled such as hosting them for the occasional meal or activity, into an RDSP from certain other Registered Plans, as as well as giving them TD-branded item(s) of nominal well as regarding the impact of TFSA withdrawals on value. TFSA contribution room. Equity interests You will be subject to adverse tax consequences if Securities of a Fund are a “prohibited investment” within The Toronto-Dominion Bank owns 100%, directly or the meaning of the Tax Act for an RRSP or RRIF of which indirectly, of TDAM, TDIS and TD Waterhouse Canada you are the annuitant, for a TFSA or an RDSP of which Inc., each of which may distribute Securities of the Funds you are the holder, or for an RESP of which you are the for which they could be paid a fee. subscriber. For further details, please refer to TAX INFORMATION – Qualification for investment in the Dealer compensation from management fees AIF. In its last completed financial year ended October 31, 2019, TDAM paid dealers, including TDIS and TD Mutual Fund Trust units held in a TD Waterhouse Canada Inc., approximately 41% of the non-registered account total management fees it earned on all TD Mutual Funds If you hold units of a TD Mutual Fund Trust in a non- (whether offered under this or another simplified registered account, you must take into account prospectus). distributions paid or payable to you by the Fund in calculating your taxable income, whether or not they are reinvested in additional units of the Fund. You must also Income tax considerations for include in your taxable income any taxable capital gains investors from switching or redeeming your units. Distributions This information is a general summary of the current Distributions from a TD Mutual Fund Trust (in the case of Canadian federal income tax rules under the Tax Act, as units of a TD Mutual Fund Trust denominated in U.S. applicable to investors of the Funds. It assumes you are dollars, converted into a Canadian dollar amount), an individual (other than a trust) and, for purposes of the including management fee distributions, are generally taxable in your hands whether these amounts were paid

32 TD Mutual Funds to you in cash or reinvested in additional units of the Generally, one-half of a capital gain must be included in Fund. Distributions may include capital gains, interest computing your taxable income as a “taxable capital income, foreign source income or “taxable dividends” gain”. One-half of a capital loss (an “allowable capital from “taxable Canadian corporations” (each as defined in loss”) must be deducted against your taxable capital the Tax Act), which are generally taxed just as if you had gains in the same year of disposition. Subject to certain received the same type of income directly. Dividends from limitations imposed under the Tax Act, any excess of your taxable Canadian corporations are eligible for the allowable capital losses over your taxable capital gains dividend tax credit. An enhanced gross-up and dividend for the year may be carried back three years or forward tax credit is available for “eligible dividends” designated indefinitely for deduction against net taxable capital gains as such by a taxable Canadian corporation in accordance realized in those years. with the Tax Act. To the extent available under the Tax Where you hold units of a Fund through an account fully Act and the administrative practice of the Canada managed by TDAM, or an affiliate of TDAM, (a “managed Revenue Agency (the “CRA”), a Fund will designate any account”) and have provided prior written consent, you eligible dividends it receives as eligible dividends to the may receive portfolio securities held by the Fund as extent they are included in distributions to unitholders. payment for units redeemed (an “in specie redemption”). Generally, any distributions to you in excess of your The cost to you for income tax purposes of any portfolio share of a Fund’s net income and net realized capital securities received from a Fund in an in specie gains for the year, if any, represent a return of your redemption of units held in a managed account will capital. A return of capital may not give rise to tax generally be equal to the fair market value of the portfolio immediately but will reduce the adjusted cost base securities at the time of receipt. (“ACB”) of your units in the Fund and may result in In certain situations, where you dispose of units of a you realizing a larger capital gain or smaller capital TD Mutual Fund Trust and would otherwise realize a loss on a subsequent disposition of units. It is capital loss, the loss will be denied. This may occur if you, expected that distributions paid on the H5 Series, your spouse or a person affiliated with you (including a H8 Series, T5 Series, T8 Series, FT5 Series or corporation controlled by you) has acquired units of the FT8 Series units of a Fund are more likely to include a same Fund, within 30 days before or after you disposed return of capital than other series of the Funds. In of the units, which are considered to be “substituted addition, it is expected that distributions paid on all series property”. In these circumstances, the capital loss may be of TD Tactical Monthly Income Fund and TD Global deemed to be a “superficial loss” and denied. The amount Tactical Monthly Income Fund will include a return of of the denied capital loss will be added to the ACB of the capital. If the ACB of your units is reduced to less than units which are substituted property. zero as a result of receiving a distribution on your units that represents a return of capital, you will be deemed to Converting units have realized a capital gain to the extent that your ACB is Based, in part, on the administrative practice of the CRA, below zero, and the ACB of your units will be increased a conversion from one series of units or purchase option by the amount of such deemed gain to zero. to another series of units or purchase option of the same TD Mutual Fund Trust and in the same currency is Distributions are payable to those who are unitholders of generally not considered a taxable disposition, except to record as at the close of business on the Valuation Date the extent that units are redeemed to pay any applicable immediately preceding the date on which such fees. If you hold your units in a non-registered account, distributions become payable. you may be required to pay tax on any capital gain you Some of the TD Mutual Fund Trusts may make interim realize from the redemption of units to pay any applicable (such as monthly) distributions from a series during the fees. The cost of the units you receive from a conversion year and may make a final distribution in December. For between series denominated in the same currency is such Funds, net income and net realized capital gains for equal to the ACB of the units that were converted, not income tax purposes may not be allocated amongst including the ACB of any units redeemed to pay fees in series until December and will generally be based on connection with the conversion. each series’ proportionate share of the Fund at the In addition, if you convert units of a series of a Fund that relevant time in December. are denominated in one currency to units of a series of Switching or redeeming units the same Fund denominated in another currency, the If your units are switched or redeemed, a capital gain or transaction may be considered a disposition of the capital loss may be realized. The capital gain (or capital original units and may result in a capital gain or capital loss) will be equal to the difference between the amount loss, which will have tax implications if you hold your units you receive for the switch or redemption, net of any in a non-registered account. The capital gain (or capital reasonable costs of switching or redeeming the units, and loss) will be equal to the difference between the amount the ACB of the units. You must calculate the ACB of your you receive for the conversion, net of any reasonable units. See Calculating adjusted cost base for more fees or costs of converting your units, in Canadian details. dollars, and the ACB of your units in Canadian dollars. See Calculating adjusted cost base for more details. Generally, one-half of a capital gain must be included in

33 TD Mutual Funds computing your taxable income as a taxable capital gain. Switching or redeeming shares One-half of a capital loss (an “allowable capital loss”) Any switch or redemption of shares is generally must be deducted against your taxable capital gains in considered a taxable disposition of those shares at their the same year of disposition. Subject to certain limitations fair market value and will trigger a capital gain or capital imposed under the Tax Act, any excess of your allowable loss. The cost of the shares you receive from a switch will capital losses over your taxable capital gains for the year be equal to the fair market value of the shares at the time may be carried back three years or forward indefinitely for of the switch, less any fees paid in connection with the deduction against net taxable capital gains realized in switch. You must calculate the ACB of your shares. See those years. Calculating adjusted cost base for more details. Generally, one-half of a capital gain must be included in TD Mutual Funds Corporate Class and computing your taxable income as a “taxable capital shares of a Class held in a non-registered gain”. One-half of an allowable capital loss must be account deducted against your taxable capital gains in the same year of disposition. Subject to certain limitations imposed TD Mutual Funds Corporate Class must consolidate under the Tax Act, any excess of your allowable capital income, expenses, and capital gains and losses from all losses over your taxable capital gains for the year may be Classes in determining its taxable income and amount of carried back three years or forward indefinitely for tax payable. Any taxes payable or recoverable will be deduction against net taxable capital gains realized in allocated to the Classes and series. those years. Dividends Where you hold shares of a Fund through a managed Any of the Classes of TD Mutual Funds Corporate Class account and have provided prior written consent, you may may pay ordinary dividends and/or capital gains receive portfolio securities held by the Fund as payment dividends. The board of directors of TD Mutual Funds for an in specie redemption. The cost to you for income Corporate Class determines whether any dividends are tax purposes of any portfolio securities received from a paid by a particular Class of TD Mutual Funds Corporate Fund in an in specie redemption of shares held in a Class, based upon our recommendation. managed account will generally be equal to the fair Dividends are payable to those who are shareholders of market value of the portfolio securities at the time of record as at the close of business on the Valuation Date receipt. immediately preceding the date on which such dividends In certain situations, where you dispose of shares of a become payable. Class of TD Mutual Funds Corporate Class and would Dividends from any of the Classes of TD Mutual Funds otherwise realize a capital loss, the loss will be denied. Corporate Class are taxable in the year you receive them, This may occur if you, your spouse or a person affiliated whether you receive them in cash or have them with you (including a corporation controlled by you) has reinvested in additional shares. acquired shares of the same Fund, within 30 days before or after you disposed of the shares, which are considered Ordinary dividends you receive from any Class of to be “substituted property”. In these circumstances, the TD Mutual Funds Corporate Class are treated as “taxable capital loss may be deemed to be a “superficial loss” and dividends” from a Canadian corporation and are subject denied. The amount of the denied capital loss will be to the applicable gross-up and dividend tax credit added to the ACB of the shares which are substituted available for eligible or ineligible dividends, as the case property. may be. Converting shares Capital gains dividends are treated as realized capital A conversion from one series of shares or purchase gains. In general, you must include one-half of the option to another series of shares or purchase option of amount of a capital gain in your income for income tax the same Class is generally not considered a taxable purposes. TD Mutual Funds Corporate Class may pay disposition, except to the extent that shares are capital gains dividends in order to obtain a refund of redeemed to pay any applicable fees. If you hold your capital gains taxes paid by TD Mutual Funds Corporate shares in a non-registered account, you may be required Class. Generally, capital gains dividends would be to pay tax on any capital gain you realize from the payable on a proportional basis to each Class, but the redemption of shares to pay any applicable fees. The cost board of directors may determine to distribute capital of the shares you receive from a conversion is equal to gains dividends to a particular Class if the board of the ACB of the shares that were converted, not including directors believes it is reasonable to do so based upon the ACB of any shares redeemed to pay fees in our recommendation. The dividend to be paid to a Class connection with the conversion. will be paid proportionately amongst the series of such Class, after adjusting for series expenses.

34 TD Mutual Funds

Calculating adjusted cost base buying and selling all of the portfolio securities in the Fund once in the course of the reporting period. The In order to calculate your gain or loss on a taxable higher the portfolio turnover rate in a reporting period, the disposition of Securities, you need to calculate the ACB of greater the trading costs payable by the Fund in that the Securities before disposition. The ACB of a series of reporting period and the greater the likelihood that any Securities of a Fund you own will generally be averaged gains or losses will be realized by the Fund. Any with the ACB of any other series of Securities of a Fund distribution of net income or the taxable portion of the net you own that is an identical property for purposes of the realized capital gains paid or payable by the Fund to you, Tax Act. We suggest you consult a tax advisor in this in a non-registered account, must be included in your regard. income for income tax purposes for that taxation year. How to calculate the adjusted cost base of your total There is not necessarily a relationship between a high investment in Securities of a particular series of a Fund turnover rate and the performance of a Fund. Certain Funds may have a portfolio turnover rate greater than ACB = the cost of your initial investment 70% in a financial year. If applicable, this is indicated in + the cost of any additional investments the Investment strategies section of the Fund Profiles of + the value of any Securities switched in from the Funds. another Fund + reinvested distributions (including return of capital and management fee distributions) or dividends Tax statements - the portion of any distributions that was a return If you hold Securities of a Fund in a non-registered of capital account, for each year that the Fund pays a - the ACB of any Securities previously converted distribution/dividend on your Securities, you will be or switched out to another Fund provided with the required tax slips showing your portion - the ACB of any Securities previously redeemed of the amount and type of distributions/dividends paid by each Fund. You should keep detailed records of your ACB per Security = ACB ÷ number of such Securities you own transactions, sales charges (if any) and distributions/dividends related to your investments so you In the case of units of a TD Mutual Fund Trust can calculate your ACB. We suggest you consult a tax denominated in U.S. dollars, you must convert all U.S. advisor to help you with these calculations. dollar transactions to Canadian dollars using the appropriate exchange rates as determined under the Enhanced tax information reporting applicable rules in the Tax Act. Pursuant to the Intergovernmental Agreement for the Private Series or O-Series fees paid directly to TDAM on Enhanced Exchange of Tax Information under the Private Series, Private-EM Series or O-Series Securities Canada-U.S. Tax Convention entered into by Canada generally should not be included in the calculation of the and the U.S. (the “IGA”) and related Canadian legislation ACB. found in Part XVIII of the Tax Act, securityholders may be requested to provide their registered dealer with Buying Securities before a distribution or information relating to their citizenship, tax residency, dividend U.S. federal tax identification number (“TIN”), if applicable, or such information relating to the “controlling When you acquire Securities of a Fund by purchasing or persons” of certain entities. If a securityholder does not switching into that Fund, a portion of the acquisition price provide the requested information, or if a securityholder or you pay may reflect unrealized capital gains and realized their “controlling person(s)”, is identified to be a “Specified income and capital gains that have not been distributed or U.S. Person”, as defined under the IGA (including a U.S. paid out as a dividend, as the case may be. If a Fund citizen who is resident in Canada), the Fund and/or the pays a distribution or dividend to you in a year, it must be dealer are required to report certain account information included in your income for that year even though the and transactions to the CRA, unless Securities of the Fund may have earned the income and/or capital gains Funds are held through Registered Plans. The CRA will before you owned the Securities. This could occur if you then provide the information to the U.S. Internal Revenue acquire Securities prior to a distribution or dividend date, Service pursuant to the provisions of the Canada-U.S. including at year end. See the Distribution policy Tax Convention. section in the Fund Profile of each Fund for when distributions or dividends may be paid. Part XIX of the Tax Act contains legislation implementing the Organisation for Economic Co-operation and Portfolio turnover rate Development Common Reporting Standard. The Funds and registered dealers are required by law to have Each Fund discloses its portfolio turnover rate in its procedures in place to identify accounts held by tax management report of fund performance. The portfolio residents of countries other than Canada and the United turnover rate indicates how actively the portfolio adviser States, or by certain entities the “controlling persons” of manages the investments of the Fund. A portfolio which are tax resident in a country other than Canada turnover rate of 100% is equivalent to the portfolio adviser and the United States, and to report certain account

35 TD Mutual Funds information and transactions relating to such accounts to The Funds have received regulatory approval to purchase the CRA. Such information will be exchanged on a and hold non-exchange-traded debt securities, other than reciprocal, bilateral basis with countries that are asset-backed commercial paper securities, with a term to signatories of the Multilateral Competent Authority maturity of 365 days or more, issued by a related issuer Agreement on Automatic Exchange of Financial Account in the primary market if IRC approval is obtained and Information or that have otherwise agreed to a bilateral certain other terms are met. information exchange with Canada under the Common TD Short Term Bond Fund, TD Canadian Corporate Bond Reporting Standard. Securityholders are required by law Fund and TD Monthly Income Fund have received to provide certain information regarding their investment regulatory approval to engage in principal transactions in in a Fund for the purposes of such information exchange, guaranteed mortgages with affiliates of TDAM. Such unless the investment is held within a Registered Plan. transactions must receive IRC approval and comply with the other terms of the regulatory approval. What are your legal rights? The IRC has approved the respective Funds engaging in the above transactions in securities of issuers that are Under securities laws in some provinces and territories, related parties. you have the right to: Transactions with dealers that are related • withdraw from your agreement to buy Securities of a parties Fund within two business days of receiving the simplified prospectus or fund facts, or cancel your The Funds may engage in secondary market transactions purchase within 48 hours of receiving confirmation of with dealers that are related to TDAM to purchase or sell your order. For PPPs or PACs, you do not have this debt securities or equities. Such transactions must withdrawal right with respect to purchases of receive IRC approval and comply with the terms of any Securities of a Fund (after the initial purchase) where related regulatory approval. you do not request to receive the most recently filed The Funds have received regulatory approval to purchase fund facts. securities of an issuer in a distribution in respect of which • cancel your purchase agreement and get your money a dealer related to TDAM has acted as an underwriter back, or make a claim for damages, if the simplified provided that the distribution is made by prospectus. The prospectus, annual information form, fund facts or Funds may also purchase equity securities of an issuer in financial statements misrepresent any facts about the a distribution where an affiliate of TDAM has acted as an Fund. The time limit to exercise these rights depends underwriter, notwithstanding that the distribution is not on the governing legislation in your province or made by prospectus, provided IRC approval is obtained territory. and the other terms of the regulatory approval are complied with. For more information, refer to the securities laws of your province or territory or consult your lawyer. The Funds may invest in debt securities, other than asset-backed commercial paper, that do not have a designated rating (as that term is defined in National Additional information Instrument 44-101 – Short Form Prospectus Distributions) from a designated rating organization in a distribution for which a dealer related to TDAM has acted as an TDAM may waive any term or condition, including the underwriter provided IRC approval is obtained and the minimum initial investment, minimum account balance other terms of the regulatory approval are complied with. and other requirements relating to the offering of Securities of the Funds, at any time in its sole discretion. The IRC has approved the Funds engaging in the above transactions with dealers that are related parties. Transactions in securities of issuers that are related parties Transactions with related funds The Funds are permitted to purchase securities issued by Each Fund may purchase portfolio securities from, or sell The Toronto-Dominion Bank or any of its affiliates if the portfolio securities to, any other Fund or any other mutual purchase is made on an exchange, receives IRC fund managed by TDAM, or an affiliate of TDAM, that is approval and complies with the other terms of NI 81-107. subject to NI 81-102. The Funds have received regulatory approval to purchase portfolio securities from, or sell The Funds have received regulatory approval to purchase portfolio securities to, a mutual fund managed by TDAM, and hold non-exchange-traded debt securities of a related or an affiliate of TDAM, that is not subject to NI 81-102 (a issuer in the secondary market. Such transactions must “pooled fund”) or an account fully managed by TDAM, or receive IRC approval and comply with the other terms of an affiliate of TDAM, (a “managed account”) provided the regulatory approval. that:

36 TD Mutual Funds

(i) the purchase or sale of portfolio securities is (ii) the value of the portfolio securities is at least consistent with the investment objectives of the Fund, equal to the issue price of the Securities of the pooled fund or managed account, as the case may Fund for which they are payment, valued as if the be; portfolio securities were assets of that Fund; (ii) the IRC has approved the transaction; (iii) the account statement for the managed account includes a note describing the transaction and the (iii) if the transaction is with a pooled fund, the IRC of the value which was assigned to the portfolio pooled fund has approved the transaction; securities; and (iv) if the transaction is with a managed account, the (iv) the Fund keeps detailed written records of investment management agreement or other in specie transactions for five years after the end documentation with respect to the managed account of the financial year in which the transaction took authorizes the transaction; and place and shall keep records of the most recent (v) the transaction complies with certain other terms of two years reasonably accessible; NI 81-107. (b) where a managed account redeems Securities of a The Funds have received regulatory relief to engage in Fund and receives portfolio securities held by the in specie transactions with a pooled fund provided that: Fund as payment for the Securities redeemed: (i) the IRC has approved the in specie transaction; (i) the portfolio securities delivered by the Fund to the managed account are acceptable to the (ii) if a pooled fund is purchasing Securities of the Fund: portfolio manager of the managed account and (a) the Fund would be permitted to purchase the consistent with the managed account’s portfolio securities received as payment, and (b) any investment objectives; portfolio securities received by the Fund are acceptable to TDAM and consistent with the (ii) the value of the portfolio securities is equal to the investment objectives of the Fund; amount at which those portfolio securities were valued in calculating the NAV per Security used (iii) the value of the portfolio securities being used as to establish the redemption price; payment is equal to the NAV of the Securities of the Fund being purchased or redeemed; (iii) the managed account holder has not provided notice to terminate its managed account with (iv) the account statement for the pooled fund includes a TDAM or an affiliate of TDAM; description of the transaction, including the value assigned to the portfolio securities; (iv) the account statement for the managed account includes a note describing the transaction and the (v) the Fund keeps written records of in specie value which was assigned to the portfolio transactions for five years after the end of the securities; and financial year in which the transaction took place and shall keep records of the most recent two years (v) the Fund keeps detailed written records of reasonably accessible; and in specie transactions for five years after the end of the financial year in which the transaction took (vi) TDAM does not receive any compensation with place and shall keep records of the most recent respect to the sale or redemption of Securities of a two years reasonably accessible; and Fund other than redemption fees that have been disclosed and, in respect of any delivery of portfolio (c) TDAM, or an affiliate of TDAM, does not receive any securities, the only charge paid by a pooled fund with compensation for a transaction or for delivery of respect to an in specie transaction is the commission portfolio securities further to a transaction other than charged by the dealer executing the trade, if the commission charged by the dealer to the applicable. managed account for executing the trade and/or administrative charges levied by the custodian, if The Funds have received regulatory relief to engage in applicable. in specie transactions with a managed account provided that TDAM, or an affiliate of TDAM, has obtained the prior The Funds have received regulatory approval to purchase written consent of the managed account holder and such or sell private debt securities and loans (or a portion of a consent has not been revoked and provided that: loan) in respect of which the bid and ask price is not readily available (“Private Debt”) (i) between funds (a) where a managed account acquires Securities of a (including the Funds) for which TDAM or an affiliate is the Fund and pays for the Securities using portfolio manager or portfolio manager (each, an “Investment securities held by the managed account: Fund”), or (ii) between a managed account and a fund (i) the portfolio securities delivered by the managed (including the Funds) for which TDAM or an affiliate is the account to the Fund are acceptable to TDAM and manager or portfolio manager (each, an “Inter-Fund consistent with the investment objectives of the Trade”), provided that: Fund;

37 TD Mutual Funds

In the case of an Inter-Fund Trade between Investment private debt obligations made by a Fund may rank Funds: subordinate or equal to debt owed by the issuer to an affiliate of TDAM. (i) the Inter-Fund Trade is consistent with the investment objectives of the Investment Fund; The Funds may, in compliance with all applicable regulatory requirements, purchase and hold securities of (ii) the IRC of each Investment Fund has approved the exchange-traded funds, including exchange-traded funds Inter-Fund Trade; managed by TDAM. (iii) the Inter-Fund Trade complies with certain other Certain Funds may, in compliance with the terms of the sections of NI 81-107; and regulatory relief granted by the Canadian securities regulatory authorities, purchase, hold or obtain exposure (iv) the transaction is executed at the fair value of the to certain exchange-traded funds that would otherwise be Private Debt, as determined by a reputable valuation prohibited under securities laws. These Funds intend to firm that is independent of TDAM and its affiliates and purchase, hold or obtain exposure to exchange-traded that TDAM determines to have sufficient expertise in funds that seek to replicate the performance of gold or the valuing Private Debt. value of a specified derivative, the underlying interest of which is gold on an unlevered basis, that are traded on a In the case of an Inter-Fund Trade between a managed Canadian or U.S. stock exchange and may not be account and an Investment Fund: qualified for distribution in the same Canadian (i) the Inter-Fund Trade is consistent with the investment jurisdictions as the Fund. Where applicable, investment in objectives of the Investment Fund and the managed such securities is disclosed in the Investment strategies account, as applicable; section of the Fund Profiles of the respective Funds. (ii) the IRC of the Investment Fund has approved the Certain Funds may, in compliance with the terms of the Inter-Fund Trade; regulatory relief granted by the Canadian securities regulatory authorities, purchase securities of Canadian (iii) the investment management agreement or other and U.S. exchange-traded funds that are not index documentation in respect of the managed account participation units and that would otherwise be prohibited authorizes the Inter-Fund Trade; under securities laws. Where applicable, investment in (iv) the Inter-Fund Trade complies with certain other such securities is disclosed in the Investment strategies sections of NI 81-107; and section of the Fund Profiles of the respective Funds. (v) the transaction is executed at the fair value of the Additional information regarding the terms of the Private Debt, as determined by a reputable valuation regulatory approvals obtained by the Funds and/or the firm that is independent of TDAM and its affiliates and Funds’ investment practices is provided under that TDAM determines to have sufficient expertise in INVESTMENT RESTRICTIONS AND PRACTICES in the valuing Private Debt. AIF. TDAM may change the auditor of a Fund or reorganize a Other Fund by merging it with another mutual fund managed by TDAM has formed a team to originate, structure and TDAM, in each case with the approval of the IRC and invest in Canadian, U.S. and international investment without the approval of securityholders of the Fund, grade private debt securities and other evidences of provided securityholders of the Fund have been given indebtedness (including investments in loans) written notice of at least 60 days before the effective date (collectively, “debt obligations”) on behalf of accounts of the change or reorganization and the change or managed by TDAM. Certain of the Funds may, in a reorganization complies with other applicable provisions manner consistent with their investment objectives, invest of NI 81-102. in such private debt obligations together with other TDAM or one of its affiliates may provide seed capital in accounts and investment funds managed by TDAM. This order to establish a Fund and/or allow it to operate. This may include accounts held by entities affiliated with type of investment is intended to be temporary pending TDAM or investment funds in which affiliates of TDAM purchases by unrelated investors and is not made for the may, from time to time, have a material investment purpose of earning investment returns. As a result, TDAM (“TD Accounts”). Participation by certain of the Funds or one of its affiliates may hedge a seed capital may positively influence the amount that can be investment in a Fund, including by short selling committed to investment opportunities in private debt exchange-traded funds or the individual securities held by obligations which may benefit other accounts and a Fund. Neither TDAM nor any of its affiliates are investment funds managed by TDAM, any affiliate that obligated to maintain a minimum investment in a Fund. holds units in these investment funds or any TD Account. Where an investment is made by TDAM or one of its Affiliates of TDAM may earn fees related to their role as affiliates, all or any portion of such investment may be an arranger for syndicated loans in which a Fund invests, redeemed at any time without notice to securityholders, proceeds from an investment may be used to repay so long as all the applicable regulatory requirements monies to an affiliate of TDAM and/or an investment in regarding seed capital have been met. 38 TD Mutual Funds

Fund-linked deposit notes measures will be implemented to decrease any risks to a From time to time, notes (the “Notes”) may be issued by Fund associated with these transactions. Transactions in The Toronto-Dominion Bank or others, the returns of respect of the Notes will generally be in accordance with which are linked, in whole or in part, to the performance a pre-defined, formulaic trading strategy. In addition, the of a notional investment portfolio comprised of one or Manager has imposed limits with respect to the portion of more Funds. TDAM and its affiliates may each receive a Fund that can be held by the issuer of the Notes which fees and/or other benefits in connection with the Notes take into consideration the impact on a Fund of potential and in connection with the hedging of any obligation purchases and redemptions of Fund Securities by the under the Notes. issuer of the Notes. However, there is a risk that the issuer of the Notes will need to redeem Securities of the TDAM, as manager of the Funds, reviews the structure of applicable Fund, which may create realized capital gains the Notes and reviews testing done to determine the or losses and increase the transaction costs of the Fund. impact on a Fund of transactions associated with the See What is a mutual fund and what are the risks of Notes. Potential risks to a Fund include large investor risk investing in a mutual fund? – Fund-specific risks – and the possibility of short-term trading to meet Large investor risk and Purchases, switches and redemption requests in respect of the Notes. Certain redemptions – Short-term trading. Your guide to understanding the Fund Profile

The Fund Profiles provide important information to help you evaluate the Funds in light of your investment needs. Each Fund Profile gives you specific information about a Fund offered under this simplified prospectus. You should refer to this section when reading the Fund Profile to make sure you have complete information about a particular Fund.

Fund details Fund type Identifies the category to which the Fund belongs. Securities offered Identifies the type of securities and series that are offered by the Fund. Each TD Mutual Fund Trust is an open-end mutual fund formed as a trust which issues units and distributes its earnings to unitholders as income, dividends or capital gains and may return capital to unitholders. TD Mutual Funds Corporate Class is a multi-class mutual fund corporation which issues multiple classes of shares and multiple series within each class. TD Mutual Funds Corporate Class may pay ordinary or capital gains dividends and may also return capital to shareholders. Each Fund is authorized to issue an unlimited number of Securities of each series. Each Security of a Fund entitles the holder to one vote at applicable meetings of securityholders (other than in respect of a matter where there is a separate series vote because a particular series of Securities is affected in a manner that is different than other series of Securities). Start date Date when Securities of each series of the Fund were first made available to the public, unless otherwise noted in the Fund Profiles. If a series has not yet been made available to the public as at the date of this document, the date represents the date when the series was first prospectus- qualified. Portfolio adviser(s) Identifies the portfolio adviser(s) of the Fund. Sub-adviser Identifies the sub-adviser of the Fund, if any. Registered Plan eligibility Discloses whether the Fund is a qualified investment for Registered Plans. Management fee Discloses the annual rate of fees payable to the Manager by the Fund (in respect of each series) for providing, or arranging for the provision of, among other things, management and portfolio management services and oversight of any portfolio sub-advisory services provided to the Fund.

39 TD Mutual Funds

Fund details Administration fee Discloses the annual rate of fees, if applicable, in respect of Investor Series, H5 Series, H8 Series, Premium Series, D-Series, Advisor Series, T5 Series and T8 Series Securities payable to the Manager as consideration for the Manager paying certain operating expenses of the Fund.

What does the Fund invest in? acquire such underlying interest in sufficient quantities to permit the Fund to meet its obligations under the Investment objectives derivative contract without recourse to the other assets of Each Fund has its own fundamental investment objective the Fund. which describes what the Fund intends to achieve. The Underlying funds fundamental investment objective of a Fund may only be Certain Funds may invest in other mutual funds changed with the approval of a majority of (underlying funds). securityholders, given at a meeting called for that purpose. Where TDAM or an affiliate is the manager of an underlying fund, no sales charges or redemption fees are Investment strategies payable by a Fund in relation to its purchase or This section outlines the investment strategies used by redemption of units of the underlying fund. Where neither the portfolio adviser or sub-adviser to seek to achieve a TDAM nor an affiliate is the manager of an underlying Fund’s investment objectives. We may change a Fund’s fund, no sales charges or redemption fees are payable by investment strategies at our discretion without notice or a Fund in relation to its purchase or redemption of units of approval. the underlying fund which, to a reasonable person, would Investment restrictions duplicate a fee payable by a securityholder of the Fund. The Funds have adopted the standard investment No management fees are payable by a Fund that, to a restrictions and practices set out by Canadian securities reasonable person, would duplicate a fee payable by an regulatory authorities, except where noted in the Fund underlying fund for the same service, including if that Profiles. underlying fund is a TD ETF or another investment fund Use of derivatives managed by TDAM. From time to time, and as disclosed in the Fund Profiles, Certain Funds may, from time to time, invest in ETFs as certain Funds may use derivatives as permitted by part of their investment strategy. There may be brokerage Canadian securities regulatory authorities, provided their commissions associated with the purchase or sale of use is consistent with the investment objectives and ETFs. An ETF is typically required to pay management strategies of the Fund. A Fund may use derivatives, such fees to their manager. as options, swaps, futures and forward contracts, for both hedging and non-hedging purposes. You can obtain copies of the fund facts, simplified prospectus, annual information form, management Securities laws prohibit money market funds from using reports of fund performance and financial statements of specified derivatives. As a result, the Money Market an underlying fund on SEDAR at www.sedar.com or by Funds in this simplified prospectus will not use specified contacting your dealer, Financial Advisor or TDAM. You derivatives. may also obtain copies of these documents, other than When using derivatives for hedging purposes, a Fund annual information forms, on our website at seeks to offset or reduce a specific risk associated with www.tdassetmanagement.com. All documents through all, or a portion, of an existing investment or position, or the above sources are available free of charge. group of investments or positions. A Fund’s hedging Securities lending, repurchase and reverse activity may therefore involve the use of derivatives to repurchase transactions manage certain risks such as interest rate risk or to With a view to increasing returns, certain Funds may manage the Fund’s exposure to underlying interests such enter into securities lending, repurchase or reverse as securities, indices and currencies. repurchase transactions, as outlined in each of the Fund A Fund may also use derivatives for non-hedging Profiles, in a manner consistent with their respective purposes to gain exposure to underlying interests, such investment objectives and as permitted by the Canadian as individual securities, asset classes, indices, securities regulatory authorities. currencies, market sectors and markets without having to In a securities lending transaction, a mutual fund lends invest directly in such underlying interests; to reduce portfolio securities that it owns to a third-party borrower. transaction costs; and to expedite changes to the Fund’s The borrower promises to return an equal number of the investment portfolio. While derivatives are being used by same securities to the fund at a later date and to pay a a Fund for non-hedging purposes, the Fund must fee to the fund for borrowing the securities. While the generally hold cash or cash equivalents, the interest securities are borrowed, the borrower provides the fund underlying the derivative and/or a right or obligation to with collateral which may consist of a combination of cash

40 TD Mutual Funds and securities. In this way, the fund intends to retain an equal number of the same securities are repurchased exposure to changes in the value of the borrowed by the fund and returned to the lender. A fund that sells securities while earning additional fees. securities short must post margin with the lender from whom it is borrowing securities as collateral for the A repurchase transaction is where a mutual fund sells a borrowed securities. This margin can be in the form of portfolio security that it owns to a third party for cash and cash and/or securities. In addition to paying interest to the agrees to buy the same security back from the same lender on the borrowed securities, the fund may also be party at a specified price on an agreed future date. In this required to pay other fees in connection with the short way, the fund intends to retain its exposure to changes in sale. If the value of the securities declines between the the value of the security, while earning fees for time that the fund borrows and sells the securities and the participating in the repurchase transaction. time it repurchases and returns the securities to the A reverse repurchase transaction is where a mutual fund lender, the fund profits by the amount of the change buys a portfolio security at one price from a third party (decline) in the value of the securities (less any borrowing and agrees to sell the same security back to the same and transaction costs). There is no assurance that the party at a specified price on an agreed future date. The value of the securities will decline during the period of the difference between the fund’s purchase price for the short sale to an extent that would offset the borrowing security and the resale price is intended to provide the and transaction costs payable by the fund and generate a fund with additional income. profit for the fund. The securities sold short may instead increase in value and the fund will need to repurchase the Securities lending, repurchase and reverse repurchase securities at a higher price to return the borrowed transactions will be entered into in accordance with securities, resulting in a loss to the fund. applicable Canadian securities laws including the following requirements: Short selling by the Funds will adhere to Canadian securities laws. A Fund may short sell eligible securities • the value of the collateral must be at least 102% of subject to a maximum of 5% of the NAV of the Fund (at the market value of the securities sold (for a the time the Fund sells the securities short) in all repurchase transaction), or of the cash paid for the securities of a single issuer. The aggregate short securities purchased (for a reverse repurchase positions will not comprise more than 20% of the NAV of transaction) or loaned (for a securities lending the Fund (at the time the Fund sells the securities short). transaction); Cash cover of 150% of the aggregate market value of all • securities lending transactions, together with securities sold short by the Fund on a daily mark-to- repurchase transactions, are limited to 50% of the market basis will be maintained. Compliance with Fund’s NAV determined immediately after the Fund regulatory rules is monitored on a daily basis. enters into any such transaction; Securities laws prohibit money market funds from short • the value of the securities and collateral will be selling. As a result, the Money Market Funds in this monitored and reset each day on which regular simplified prospectus will not engage in short selling. trading occurs; A Fund that engages in short selling may also enter into • internal controls, procedures and records will be other strategies, such as securities lending. maintained, including collateral requirements, limits on transaction sizes and a list of approved third What are the risks of investing in the parties for such transactions based on factors such Fund? as creditworthiness; and General information about risks is outlined under What is • securities lending agreements may be terminated at a mutual fund and what are the risks of investing in a any time and repurchase and reverse repurchase mutual fund? In addition, risks specific to the individual transactions must be completed within 30 days. Fund and a risk rating (also referred to as an “investment risk level”) are identified in this section. TDAM has All requirements described above will be reviewed assigned a risk rating to each Fund based on the annually to ensure the risks associated with securities investment risk classification methodology described lending, repurchase and reverse repurchase transactions below. The risk rating of each Fund is reviewed annually. are being properly managed. Short selling Investment risk classification methodology With a goal of increasing returns, specific Funds may The investment risk level of a Fund is determined in short sell portfolio securities, as set out in each Fund accordance with a standardized risk classification Profile. Short selling will occur in a manner consistent methodology that is based on the Fund’s historical with a Fund’s investment objectives and as permitted by volatility as measured by the 10-year standard deviation the Canadian securities regulatory authorities. of the returns of the Fund. Short selling is where a fund borrows securities from a If the historical performance of a Fund is less than the lender and then sells the borrowed securities (or “sells required 10-year period, the actual return history of the short” the securities) in the open market. At a later date, Fund is calculated and the standard deviation of the

41 TD Mutual Funds remaining period is imputed based on the return history of Distribution policy one or more reference index(es) or, if appropriate, a reference fund. The reference index selected by the The distribution policy of the Fund is described in this Manager must reasonably approximate, or for a newly section and outlines when the distributions may be made established Fund, is expected to reasonably approximate, by the Fund and/or when ordinary/capital gains dividends the standard deviation and risk profile of the Fund and may be paid by the Class. Distributions/dividends may be have regard to specific factors outlined in the paid at times other than what is indicated in each of the standardized risk classification methodology. The return Fund Profiles. Each Fund that offers H5 Series, T5 Series history of a reference fund may be used if: (i) the Fund is or FT5 Series intends to make monthly distributions on a clone fund (as defined under NI 81-102) and the such series based on a target annualized distribution rate underlying reference fund has 10 years of performance of 5% of the respective Series NAV per Security at the history; or (ii) the reference fund is subject to NI 81-102, end of the previous calendar year. Each Fund that offers has 10 years of performance history and has the same H8 Series, T8 Series or FT8 Series intends to make manager, portfolio manager, investment objectives and monthly distributions on such series based on a target investment strategies of the Fund. annualized distribution rate of 8% of the respective Series NAV per Security at the end of the previous calendar The investment risk level is assigned based on the year. The Fund may change its distribution policy at any standard deviation ranges published by the Canadian time without notice or approval. Securities Administrators (“CSA”) as set out in the table below. Distributions/dividends are payable to those who are securityholders of record as at the close of business on CSA standard deviation ranges and investment risk the Valuation Date immediately preceding the date on levels which such distributions/dividends become payable. Standard deviation Investment risk level Securityholders will receive distributions/dividends in the range same currency in which their Securities are held. Distributions/dividends are automatically reinvested in 0 to less than 6 Low additional Securities of the same series of the relevant 6 to less than 11 Low to Medium Fund, including H5 Series, H8 Series, T5 Series, 11 to less than 16 Medium T8 Series, FT5 Series and FT8 Series Securities of the Fund (as applicable). In the case of Advisor Series, 16 to less than 20 Medium to High T5 Series or T8 Series, Securities acquired pursuant to 20 or greater High the automatic reinvestment of distributions/dividends will be deemed to be acquired under the same purchase TDAM may increase the investment risk level of a Fund option as the Securities to which the distribution/dividend above the investment risk level that would otherwise be was attributable. If you do not wish to have determined based solely on standard deviation if TDAM distributions/dividends reinvested, you may have one determines that it is reasonable to do so in the or more of the following options: circumstances. • If you hold your Securities in a non-registered You can obtain a copy of the methodology at no cost by account, you may send us a written request through contacting TDIS toll-free at 1-800-386-3757 or by writing your dealer or Financial Advisor to have to TD Asset Management Inc., P.O. Box 100, distributions/dividends paid to you by cheque or 66 Wellington Street West, TD Bank Tower, deposited into your designated bank account. If you Toronto-Dominion Centre, Toronto, Ontario M5K1G8. hold your Securities in a non-registered account with a dealer other than TDIS, you may also request in Who should invest in the Fund? writing to have distributions/dividends deposited in cash within your non-registered account. This section identifies the type of investor the Fund may be suitable for in terms of risk tolerance and investment • If you hold your Securities in a registered account time horizon. with a dealer other than TDIS, you may send us a written request through your dealer or Financial In determining the level of investor risk tolerance that Advisor to have distributions/dividends deposited in would be appropriate for investment in a Fund as cash within your registered account. indicated in each of the Fund Profiles, TDAM has considered several factors, including the risk rating as • If you hold your Securities in a registered account indicated under the heading What are the risks of (other than a TFSA) with TDIS, investing in the Fund? in each of the Fund Profiles. distributions/dividends are automatically reinvested in Other factors may include an investor’s time horizon (as additional Securities of the same series of the disclosed in the Fund Profiles) and an investor’s desire relevant Fund. In the case of a TFSA with TDIS, you for capital preservation versus capital growth. may send us a written request through TDIS to have distributions/dividends paid to you by cheque or

42 TD Mutual Funds

deposited into your designated bank account, which are considered withdrawals from your TFSA. Distributions/dividends paid by a Fund are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not make/pay a distribution/dividend on a particular day. Please consult TDIS, your dealer or Financial Advisor to determine which distribution/dividend options are available to you. TD Mutual Fund Trusts Every year, each TD Mutual Fund Trust will distribute a sufficient amount of its net income and net realized capital gains, if any, such that no ordinary income tax will generally be payable under Part I of the Tax Act by the Fund (other than alternative minimum tax, where applicable) after taking into account applicable losses and any available capital gains tax refunds applicable to that TD Mutual Fund Trust. For any TD Mutual Fund Trust, if the distributions throughout a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will make an additional distribution payment in December. TD Mutual Funds Corporate Class TD Mutual Funds Corporate Class may pay ordinary or capital gains dividends from time to time. Any dividends would generally be allocated amongst all Classes on a proportional basis, but the board has the right to pay dividends on a different basis if it considers it appropriate to do so. Any dividends payable in respect of a particular Class would generally be shared proportionately amongst all series of that Class, after adjusting for series-specific expenses. As a result, dividends would likely be different for each series of a Class. Fund expenses indirectly borne by investors This section provides you with information intended to help you compare the cost of investing in a Fund with the cost of investing in other mutual funds. TDAM may have waived or absorbed a portion of a Fund’s operating expenses during the Fund’s last financial year. In such cases, the Fund’s operating expenses would have been higher had TDAM not done so and, consequently, would have increased the Fund expenses indirectly borne by you. Any waivers or absorptions of expenses by TDAM may be suspended or terminated at any time by TDAM without notice.

43 TD Mutual Funds

Specific Information about Each of the Mutual Funds Described in this Document

TD Canadian Money Market Fund

Fund details Fund type Canadian Money Market Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) June 29, 1988 0.80% Advisor Series (C$) November 1, 2000 0.80% F-Series (C$) November 1, 2000 0.55% Institutional Series (C$) September 24, 2003 0.30% O-Series (C$) July 23, 2008 (offered via prospectus N/A* exemption from January 9, 2006 to July 23, 2008)

* No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund may engage in securities lending, repurchase or reverse repurchase transactions in a manner Investment objectives consistent with its investment objectives and as permitted The fundamental investment objective is to earn a high by Canadian securities regulatory authorities. For more information, see rate of interest income and at the same time to preserve Securities lending, repurchase and in capital and maintain liquidity by investing primarily in reverse repurchase transactions Your guide to in the first part of this high-quality money market securities, generally maturing understanding the Fund Profile document. in not more than one year. The fundamental investment objective may only be The Fund may not invest in foreign securities. changed with the approval of a majority of unitholders, We may change the Fund’s investment strategies at our given at a meeting called for that purpose. discretion without notice or approval. Investment strategies What are the risks of investing in the The portfolio adviser seeks to achieve the fundamental Fund? investment objective of the Fund by having a significant proportion of the Fund invested in high-quality corporate Risks of investing in the Fund may include: debt instruments while taking into consideration the global • credit risk macroeconomic environment. • interest rate risk The Fund may invest in treasury bills and other short-term • large investor risk debt instruments of, or guaranteed by, the Canadian • market disruption risk federal or provincial governments, Canadian chartered • repurchase and reverse repurchase transactions risk banks or Canadian loan or trust companies, as well as • securities lending risk commercial paper issued by Canadian corporations and • series risk bank-sponsored asset-backed commercial paper which These and other risks, which may also apply to the Fund, may allow the Fund to enhance its yield while maintaining are described under the heading Fund-specific risks in credit quality. Part of its strategy is to anticipate interest the first part of this document. Investors in the Fund face rate changes with a three- to six-month view on short- the following additional risks: term rates. The portfolio adviser also performs extensive and continuous credit analysis on all corporate debt. • Despite the Fund’s intention to maintain a unit price Generally, the Fund employs a “buy-and-hold” strategy. of $10, there can be no assurance that a constant Series NAV per unit can be maintained as the value The Fund endeavours to maintain a unit price of $10.

44 TD Mutual Funds TD Canadian Money Market Fund

of its portfolio securities may fluctuate under certain Fund expenses indirectly borne by conditions. investors • The yield on a unitholder’s investment in the Fund will vary or fluctuate with changes in the interest rates Mutual funds pay for some expenses out of fund assets. payable on money market investments. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The risk rating of the Fund is low. For more information, see Investment risk classification methodology in The following table is intended to help you compare the Your guide to understanding the Fund Profile in the cumulative cost of investing in this Fund with the cost of first part of this document. investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time Who should invest in the Fund? periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the The Fund may be suitable for short-term investors who Fund was the same in all periods as the MER that each are: respective series incurred in the Fund’s last financial • interested in monthly interest and minimum capital year. risk Although your actual costs may be higher or lower, based • looking for safety of principal on these assumptions, your costs would be:

For more information about how TDAM has determined 1 year 3 years 5 years 10 years the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should Investor Series ($) 6.77 21.33 37.38 85.09 invest in the Fund? in Your guide to understanding Advisor Series ($) 6.77 21.33 37.38 85.09 the Fund Profile in the first part of this document. F-Series ($) 5.64 17.77 31.15 70.91 Distribution policy Institutional Series ($) 3.28 10.34 18.12 41.26 O-Series* ($) 0 0 0 0 The Fund allocates any net income and any net realized gains to unitholders on a daily basis and distributes these * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of amounts on or about month end. O-Series units pay a negotiable annual O-Series fee to TDAM. Distributions will automatically be reinvested in See Fees and expenses in the first part of this document additional units of the same series of the Fund. For for more information on the costs of investing in the Fund other options that may be available to you, see that are not included in the calculation of the MER. Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

45 TD Mutual Funds TD Premium Money Market Fund

Fund details Fund type Canadian Money Market Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) July 23, 1999 (offered via prospectus 0.30%◊ exemption from November 13, 1997 to July 23, 1999) F-Series (C$) July 30, 2007 0.25%

◊ The MER for the Investor Series units of the Fund has been capped at 0.30% (excluding GST and HST and brokerage commissions). TDAM is responsible for compensating the Fund to ensure the MER does not exceed the stated cap.

What does the Fund invest in? We may change the Fund’s investment strategies at our discretion without notice or approval. Investment objectives The fundamental investment objective is to earn a high What are the risks of investing in the rate of interest income and at the same time to preserve Fund? capital and maintain liquidity, by investing primarily in Risks of investing in the Fund may include: high-quality money market securities, generally maturing in not more than one year. • credit risk • interest rate risk The fundamental investment objective may only be • changed with the approval of a majority of unitholders, large investor risk • given at a meeting called for that purpose. market disruption risk • repurchase and reverse repurchase transactions risk Investment strategies • securities lending risk The portfolio adviser seeks to achieve the fundamental • series risk investment objective of the Fund by having a significant These and other risks, which may also apply to the Fund, proportion of the Fund invested in high-quality corporate are described under the heading Fund-specific risks in debt instruments while taking into consideration the global the first part of this document. Investors in the Fund face macroeconomic environment. The Fund may invest in the following additional risks: treasury bills or other debt obligations of, or guaranteed by, the Canadian federal, provincial or municipal • Despite the Fund’s intention to maintain a unit price governments, Canadian chartered banks, Canadian loan of $10, there can be no assurance that a constant or trust companies or Canadian corporations, as well as Series NAV per unit can be maintained as the value bank-sponsored asset-backed commercial paper which of its portfolio securities may fluctuate under certain may allow the Fund to enhance its yield while maintaining conditions. credit quality. Part of its strategy is to anticipate interest • The yield on a unitholder’s investment in the Fund will rate changes with a three- to six-month view on short- vary or fluctuate with changes in the interest rates term rates. The portfolio adviser also performs extensive payable on money market investments. and continuous credit analysis on all corporate debt. Generally, the Fund employs a “buy-and-hold” strategy. The risk rating of the Fund is low. For more information, see Investment risk classification methodology in The Fund endeavours to maintain a unit price of $10. Your guide to understanding the Fund Profile in the The Fund may engage in securities lending, repurchase first part of this document. or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to understanding the Fund Profile in the first part of this document. The Fund may not invest in foreign securities.

46 TD Mutual Funds TD Premium Money Market Fund

Who should invest in the Fund? The Fund may be suitable for short-term investors who are: • interested in monthly interest and minimum capital risk • looking for safety of principal For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Distribution policy The Fund allocates any net income and any net realized gains to unitholders on a daily basis and distributes these amounts on or about month end. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 3.38 10.66 18.69 42.54 F-Series ($) 2.77 8.72 15.29 34.81

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

47 TD Mutual Funds TD U.S. Money Market Fund

Fund details Fund type U.S. Money Market Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (US$) June 29, 1988 0.80% Premium Seriesꬷ (US$) October 14, 2004 0.39% F-Series (US$) September 12, 2017 0.55% Private Series (US$) September 12, 2017 N/A∆

ꬷ Effective March 28, 2017, Premium Series of the Fund was closed to any purchases by new investors. Investors who held Premium Series of the Fund at the close of business on March 28, 2017, and whose dealer continues to make this series available, may continue to make additional investments. ∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM.

What does the Fund invest in? understanding the Fund Profile in the first part of this document. Investment objectives We may change the Fund’s investment strategies at our The fundamental investment objective is to earn a high discretion without notice or approval. rate of interest income and at the same time to preserve capital and maintain liquidity by investing primarily in What are the risks of investing in the high-quality money market securities denominated in U.S. Fund? dollars. Risks of investing in the Fund may include: The fundamental investment objective may only be changed with the approval of a majority of unitholders, • credit risk given at a meeting called for that purpose. • foreign currency risk • interest rate risk Investment strategies • large investor risk The portfolio adviser seeks to achieve the fundamental • market disruption risk investment objective of the Fund by investing principally • repurchase and reverse repurchase transactions risk in high-quality U.S. dollar-denominated debt securities • securities lending risk issued or guaranteed by Canadian federal, provincial or • series risk municipal governments, U.S. governments, or issued by Canadian or U.S. corporations, that mature in not more These and other risks, which may also apply to the Fund, than one year, as well as bank-sponsored asset-backed are described under the heading Fund-specific risks in commercial paper. The portfolio adviser also incorporates the first part of this document. Investors in the Fund face interest rate anticipation through global macroeconomic the following additional risks: analysis. In addition, the portfolio adviser performs • Despite the Fund’s intention to maintain a unit price extensive and continuous credit analysis on all corporate of U.S. $10, there can be no assurance that a debt. Generally, the Fund employs a “buy-and-hold” constant Series NAV per unit can be maintained as strategy. the value of its portfolio securities may fluctuate The Fund endeavours to maintain a unit price of U.S. under certain conditions. $10. • The yield on a unitholder’s investment in the Fund will The Fund may invest in foreign securities to an extent vary or fluctuate with changes in the interest rates that will vary from time to time and such investment may payable on money market investments. be up to 100% of the total value of the assets of the Fund. The risk rating of the Fund is low. For more information, The Fund may engage in securities lending, repurchase see Investment risk classification methodology in or reverse repurchase transactions in a manner Your guide to understanding the Fund Profile in the consistent with its investment objectives and as permitted first part of this document. by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to 48 TD Mutual Funds TD U.S. Money Market Fund

Who should invest in the Fund? The Fund may be suitable for short-term investors who are: • interested in monthly interest, minimum capital risk and exposure to the U.S. dollar • looking for safety of principal For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Distribution policy The Fund allocates any net income and any net realized gains to unitholders on a daily basis and distributes these amounts on or about month end. Distributions are paid in U.S. dollars only. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 4.61 14.54 25.49 58.02 Premium Series ($) 3.18 10.02 17.56 39.97 F-Series ($) 2.05 6.46 11.33 25.78 Private Series◊ ($) 0.10 0.32 0.57 1.29 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

49 TD Mutual Funds TD Ultra Short Term Bond Fund

Fund details Fund type Canadian Short Term Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) September 7, 2010 1.00% D-Series (C$) October 20, 2015 0.80% Advisor Series (C$) September 7, 2010 1.00% F-Series (C$) September 7, 2010 0.55% O-Series (C$) July 23, 2015 (offered via prospectus N/A* exemption from January 10, 2014 to July 23, 2015)

* No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? • swap credit risk Investment objectives The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. The fundamental investment objective is to seek to maximize income while simultaneously preserving The Fund may invest in foreign securities to an extent investment capital and liquidity primarily by investing in that will vary from time to time but is not typically debt obligations issued or guaranteed by the Canadian expected to exceed 30% of the total value of the assets of federal or provincial governments or any agency of such the Fund at the time that foreign securities are purchased. governments, debt obligations of Schedule I Canadian The Fund may engage in securities lending, repurchase chartered banks, debt obligations of loan or trust or reverse repurchase transactions in a manner companies and debt obligations of corporations and consistent with its investment objectives and as permitted trusts. In each case such obligations may have a term to by Canadian securities regulatory authorities. For more maturity of up to three years. information, see Securities lending, repurchase and The fundamental investment objective may only be reverse repurchase transactions in Your guide to changed with the approval of a majority of unitholders, understanding the Fund Profile in the first part of this given at a meeting called for that purpose. document. Investment strategies We may change the Fund’s investment strategies at our discretion without notice or approval. The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by focusing on the What are the risks of investing in the Canadian corporate debt market as well as global Fund? macroeconomic trends. The portfolio adviser believes a bottom-up strategy using diligent credit analysis will add Risks of investing in the Fund may include: value and enhance long-term performance and at the • credit risk same time reduce risk. Generally, the Fund employs a • “buy-and-hold” strategy. derivatives risk • foreign currency risk The Fund may use specified derivatives, such as options, • interest rate risk futures, forward contracts and swaps, as permitted by • international market risk Canadian securities laws to, among other things: • large investor risk • hedge against losses associated with rising interest • market disruption risk rates • repurchase and reverse repurchase transactions risk • gain exposure to fixed income instruments without • securities lending risk actually investing in them directly (including when • series risk owning the derivative investment is more efficient or These and other risks, which may also apply to the Fund, less costly than owning the fixed income instrument are described under the heading Fund-specific risks in itself) the first part of this document. • reduce the risk associated with currency fluctuations

50 TD Mutual Funds TD Ultra Short Term Bond Fund

The risk rating of the Fund is low. Since the Fund has Fund expenses indirectly borne by less than 10 years of performance history, TDAM has used the performance history of the reference index in the investors table below, in addition to the Fund’s actual return history, Mutual funds pay for some expenses out of fund assets. to calculate the risk rating of the Fund: That means investors in a mutual fund indirectly pay for Proportion (%) Reference Index these expenses through lower returns. 100% FTSE Canada 365 Day T‑Bill Index The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of The FTSE Canada 365 Day T-Bill Index tracks the investing in other mutual funds. This example assumes performance of Government of Canada 1-year Treasury that: (i) you invest $1,000 in units of the Fund for the time Bills. For more information, see Investment risk periods indicated; (ii) your investment has an annual 5% classification methodology in Your guide to return; and (iii) the MER for each series of units of the understanding the Fund Profile in the first part of this Fund was the same in all periods as the MER that each document. respective series incurred in the Fund’s last financial Who should invest in the Fund? year. The Fund may be suitable for short-term investors who: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: • are seeking regular monthly income from conservative investments 1 year 3 years 5 years 10 years • are contributing to the income component of a Investor Series ($) 6.05 19.06 33.42 76.06 diversified portfolio D-Series ($) 3.28 10.34 18.12 41.26 • can handle small changes in the value of their Advisor Series ($) 6.05 19.06 33.42 76.06 investment F-Series ($) 4.61 14.54 25.49 58.02 For more information about how TDAM has determined O-Series* ($) 0 0 0 0 the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should * There were no indirect expenses associated with the O-Series units in of the Fund because the MER of this series was zero. Holders of invest in the Fund? Your guide to understanding O-Series units pay a negotiable annual O-Series fee to TDAM. the Fund Profile in the first part of this document. See Fees and expenses in the first part of this document Distribution policy for more information on the costs of investing in the Fund that are not included in the calculation of the MER. The Fund intends to distribute any net income on or about month end and distributes any remaining net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

51 TD Mutual Funds TD Short Term Bond Fund

Fund details Fund type Canadian Short Term Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) January 23, 1989 1.00% D-Series (C$) October 20, 2015 0.80% Advisor Series (C$) December 1, 2003 1.00% F-Series (C$) November 1, 2004 0.55% Private Series (C$) February 4, 2016 N/A∆ Institutional Series (C$) April 2, 2002 0.40% O-Series (C$) May 20, 2005 N/A*

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? a lending institution with which the Fund, its management company and/or insiders of either of them are dealing at Investment objectives arm’s length, such mortgages shall be acquired at the dollar amount which produces at least the yield prevailing The fundamental investment objective is to maximize for the sale of comparable unserviced mortgages by income while simultaneously preserving investment major mortgage lenders under similar conditions. In all capital and liquidity by investing primarily in debt other cases, mortgages shall be acquired by the Fund obligations issued or guaranteed by the Canadian federal according to only one of the following three methods: or provincial governments or any agency of such governments, as well as debt obligations of Schedule I (a) at that principal amount which will produce a yield to Canadian chartered banks, debt obligations of loan or the Fund equal to the interest rate at which the trust companies and debt obligations of corporations. In lending institution is making commitments to loan on each case such obligations may have a term to maturity the security of comparable mortgages at the time of of up to five years. purchase by the Fund; or The fundamental investment objective may only be (b) at that principal amount which will produce the same changed with the approval of a majority of unitholders, yield to the Fund as the interest rate charged by the given at a meeting called for that purpose. lending institution to the mortgagor on the date of commitment, provided that the date of commitment is Investment strategies not more than 120 days prior to the date of purchase The portfolio adviser seeks to achieve the fundamental of the mortgage by the Fund, and the interest rate is investment objective of the Fund by focusing on the equal to the rate at which the lending institution made Canadian corporate debt market as well as global commitments to loan on the security of comparable macroeconomic trends. The Fund’s main attribute is its mortgages on the date of commitment; or high corporate bond weighting. The portfolio adviser (c) at that principal amount which will produce a yield to believes a bottom-up strategy using diligent credit the Fund of not more than a quarter of one percent analysis will add value and enhance long-term less than the interest rate at which the lending performance and at the same time reduce risk. Generally, institution is making commitments, at the time of the Fund employs a “buy-and-hold” strategy. purchase, to loan on the security of comparable In addition, the Fund may invest up to 10% of its net mortgages, provided that the lending institution which asset value in guaranteed mortgages, as defined in sells mortgages to the Fund has entered into an National Instrument 81-102 – Investment Funds, including agreement to repurchase the mortgages from the guaranteed mortgages administered by TD Bank Group Fund in circumstances benefiting the Fund and that (being The Toronto-Dominion Bank or an affiliate of such an agreement is considered by the administrator The Toronto-Dominion Bank). to justify the difference in yield to the Fund. The Canadian securities regulatory authorities have The choice of valuation method affects yield as follows: stated that where a mutual fund acquires mortgages from method (a) and method (b) will result in identical yields,

52 TD Mutual Funds TD Short Term Bond Fund provided that no change in the interest rate charged What are the risks of investing in the occurs within the 120-day period. Method (a) will result in a greater yield than method (b) where the interest rate Fund? has increased during the 120-day period. Method (a) will Risks of investing in the Fund may include: result in a lesser yield than method (b) where the interest rate has decreased during the 120-day period. • credit risk Method (a) will always result in a yield greater than that of • derivatives risk method (c). • foreign currency risk • interest rate risk Regarding mortgages purchased from TD Bank Group, • the method used by the Fund is method (c) referred to international market risk above, on the basis that mortgages are offered for sale to • large investor risk (as at June 30, 2020, four the Fund by TD Bank Group for a price determined as unitholders held 28.41%, 12.97%, 12.52% and being that principal amount which will produce a yield to 10.60%, respectively, of the net asset value of the the Fund of not more than one quarter of one percent Fund) (0.25%) less than the interest rate at which TD Bank • market disruption risk Group is making commitments, at that time, to loan on the • repurchase and reverse repurchase transactions risk security of comparable mortgages. As required by • securities lending risk method (c), TD Bank Group has agreed to repurchase • series risk from the Fund any mortgage purchased from TD Bank These and other risks, which may also apply to the Fund, Group if such mortgage has been in default for ninety are described under the heading Fund-specific risks in days or more. Such mortgages must be repurchased by the first part of this document. TD Bank Group for an amount equal to the outstanding principal balance owing on the mortgage on the date of The risk rating of the Fund is low. For more information, purchase, plus accrued interest thereon at the rate of see Investment risk classification methodology in interest specified in such mortgage loan to the date of Your guide to understanding the Fund Profile in the purchase. first part of this document. The Fund may use specified derivatives, such as options, Who should invest in the Fund? futures, forward contracts and swaps, as permitted by Canadian securities laws to, among other things: The Fund may be suitable for short to medium-term investors who: • hedge against losses associated with rising interest rates • are seeking regular monthly income from • gain exposure to fixed income instruments without conservative investments actually investing in them directly (including when • are contributing to the income component of a owning the derivative investment is more efficient or diversified portfolio less costly than owning the fixed income instrument • can handle small changes in the value of their itself) investment • reduce the risk associated with currency fluctuations For more information about how TDAM has determined • swap credit risk the level of investor risk tolerance that would be The Fund may hold money market instruments or cash to appropriate for investment in the Fund, see Who should meet its obligations under the derivative instruments. invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. The Fund may invest in foreign securities to an extent that will vary from time to time but is not typically Distribution policy expected to exceed 30% of the total value of the assets of the Fund at the time that foreign securities are purchased. The Fund intends to distribute any net income on or about month end and distributes any remaining net income and The Fund may engage in securities lending, repurchase any net realized capital gains annually in December. or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted Distributions will automatically be reinvested in by Canadian securities regulatory authorities. For more additional units of the same series of the Fund. For information, see Securities lending, repurchase and other options that may be available to you, see reverse repurchase transactions in Your guide to Distribution policy in Your guide to understanding the understanding the Fund Profile in the first part of this Fund Profile in the first part of this document. document. We may change the Fund’s investment strategies at our discretion without notice or approval.

53 TD Mutual Funds TD Short Term Bond Fund

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 11.28 35.54 62.30 141.82 D-Series ($) 9.02 28.44 49.84 113.45 Advisor Series ($) 11.28 35.54 62.30 141.82 F-Series ($) 6.25 19.71 34.55 78.64 Private Series◊ ($) 0.10 0.32 0.57 1.29 Institutional Series ($) 4.72 14.86 26.05 59.30 O-Series* ($) 0 0 0 0 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

54 TD Mutual Funds TD Canadian Bond Fund

Fund details Fund type Canadian Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) June 29, 1988 1.00% D-Series (C$) October 20, 2015 0.80% Advisor Series (C$) November 1, 2000 1.00% F-Series (C$) November 1, 2000 0.55% Private Series (C$) February 4, 2016 N/A∆ Institutional Series (C$) March 24, 2003 0.40% O-Series (C$) May 20, 2005 N/A*

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? less costly than owning the fixed income instrument itself) Investment objectives • reduce the risk associated with currency fluctuations • The fundamental investment objective is to earn a high swap credit risk rate of interest income through investments in high-quality The Fund may hold money market instruments or cash to bonds and debentures issued principally by Canadian meet its obligations under the derivative instruments. borrowers in Canadian dollars. These securities may consist of debt obligations of, or guaranteed by, Canadian The Fund may invest in foreign securities to an extent federal, provincial or municipal governments, Canadian that will vary from time to time but is not typically chartered banks, Canadian loan or trust companies or expected to exceed 30% of the total value of the assets of Canadian corporations. the Fund at the time that foreign securities are purchased. The fundamental investment objective may only be The Fund may engage in securities lending, repurchase changed with the approval of a majority of unitholders, or reverse repurchase transactions in a manner given at a meeting called for that purpose. consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more Investment strategies information, see Securities lending, repurchase and The portfolio adviser seeks to achieve the fundamental reverse repurchase transactions in Your guide to investment objective of the Fund by focusing on the understanding the Fund Profile in the first part of this Canadian corporate debt market as well as global document. macroeconomic trends. The portfolio adviser believes a We may change the Fund’s investment strategies at our strategy using rigorous bottom-up security selection in discretion without notice or approval. regard to the macro environment will add value and enhance long-term performance while at the same time What are the risks of investing in the reducing risk. Generally, the Fund employs a “buy-and- Fund? hold” strategy. In addition, the Fund may invest in exchange-traded funds. Risks of investing in the Fund may include: The Fund may use specified derivatives, such as options, • credit risk futures, forward contracts and swaps, as permitted by • derivatives risk Canadian securities laws to, among other things: • foreign currency risk • interest rate risk • hedge against losses associated with rising interest • international market risk rates • large investor risk (as at June 30, 2020, three • gain exposure to fixed income instruments without unitholders held 25.04%, 24.74% and 16.53%, actually investing in them directly (including when respectively, of the net asset value of the Fund) owning the derivative investment is more efficient or • liquidity risk • market disruption risk

55 TD Mutual Funds TD Canadian Bond Fund

• repurchase and reverse repurchase transactions risk Fund expenses indirectly borne by • securities lending risk • series risk investors These and other risks, which may also apply to the Fund, Mutual funds pay for some expenses out of fund assets. are described under the heading Fund-specific risks in That means investors in a mutual fund indirectly pay for the first part of this document. these expenses through lower returns. The risk rating of the Fund is low. For more information, The following table is intended to help you compare the see Investment risk classification methodology in cumulative cost of investing in this Fund with the cost of Your guide to understanding the Fund Profile in the investing in other mutual funds. This example assumes first part of this document. that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% Who should invest in the Fund? return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each The Fund may be suitable for medium to long-term respective series incurred in the Fund’s last financial investors who: year. • are seeking a high-quality income investment Although your actual costs may be higher or lower, based • are seeking a regular income stream on these assumptions, your costs would be: • are contributing to the income component of a diversified portfolio 1 year 3 years 5 years 10 years • can handle small changes in the value of their Investor Series ($) 11.28 35.54 62.30 141.82 investment D-Series ($) 9.02 28.44 49.84 113.45 For more information about how TDAM has determined Advisor Series ($) 11.28 35.54 62.30 141.82 the level of investor risk tolerance that would be F-Series ($) 6.15 19.39 33.98 77.35 appropriate for investment in the Fund, see Who should ◊ invest in the Fund? in Your guide to understanding Private Series ($) 0.10 0.32 0.57 1.29 the Fund Profile in the first part of this document. Institutional Series ($) 4.61 14.54 25.49 58.02 O-Series* ($) 0 0 0 0 Distribution policy ◊ Holders of Private Series units also pay a negotiable annual Private The Fund intends to distribute any net income on or about Series fee to TDAM. calendar quarter end (March, June, September and * There were no indirect expenses associated with the O-Series units December) and distributes any remaining net income and of the Fund because the MER of this series was zero. Holders of any net realized capital gains annually in December. O-Series units pay a negotiable annual O-Series fee to TDAM. Distributions will automatically be reinvested in See Fees and expenses in the first part of this document additional units of the same series of the Fund. For for more information on the costs of investing in the Fund other options that may be available to you, see that are not included in the calculation of the MER. Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

56 TD Mutual Funds TD Income Advantage Portfolio

Fund details Fund type Canadian Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) October 31, 2003 1.40% 0.08% H5 Series (C$) January 9, 2006 1.40% 0.08% Premium Seriesꬷ (C$) September 7, 2010 1.40% N/A D-Series (C$) October 20, 2015 0.95% 0.08% Advisor Series (C$) December 1, 2003 1.40% 0.08% T5 Series (C$) January 9, 2006 1.40% 0.08% F-Series (C$) November 1, 2005 0.70% N/A FT5 Series (C$) January 9, 2006 0.70% N/A Institutional Series (C$) July 22, 2009 (offered 0.45% N/A via prospectus exemption from November 14, 2008 to July 22, 2009) O-Series (C$) June 10, 2010 N/A* N/A

ꬷ Effective March 28, 2017, Premium Series of the Fund was closed to any purchases by new investors. Investors who held Premium Series of the Fund at the close of business on March 28, 2017, and whose dealer continues to make this series available, may continue to make additional investments. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The portfolio adviser: • Investment objectives monitors allocations to the underlying funds to ensure that they are made in accordance with the asset class The fundamental investment objective of the Fund is to exposure set out above; and emphasize income with some potential for capital appreciation. TD Income Advantage Portfolio invests • considers, in determining the allocations to the primarily in units of TD Mutual Funds and may include underlying funds, factors which include its own other mutual funds managed by parties other than TDAM market expectations, each underlying fund’s (or affiliates or associates), from time to time, investment objective and strategies, past emphasizing mutual funds with income generating performance and historical volatility in the context of a potential. diversified holding of underlying funds suitable for the Fund. The fundamental investment objective may only be changed with the approval of a majority of unitholders, The strategic asset allocation incorporates the portfolio given at a meeting called for that purpose. adviser's medium- to long-term view. In addition, to take advantage of short-term opportunities in the market, the Investment strategies portfolio adviser may, from time to time, adopt a tactical The portfolio adviser primarily uses strategic asset asset allocation. allocation to seek to achieve the fundamental investment The Fund may have exposure to foreign securities to an objective. The Fund’s asset mix exposure will generally extent that will vary from time to time but is not typically be 75-100% in fixed income and 0-25% in equities. In expected to exceed 30% of the total value of the assets of calculating the Fund’s asset mix exposure, benchmarks of the Fund at the time that foreign securities are purchased. the underlying funds, as published by such funds, may be used by TDAM. TDAM may vary the percentage of the Fund’s holdings in any mutual fund or change the mutual funds in which the Fund invests by adding or removing mutual funds, in each case, without notice to unitholders.

57 TD Mutual Funds TD Income Advantage Portfolio

The Fund has obtained permission from Canadian • short selling risk securities regulatory authorities to invest in Canadian and U.S. exchange-traded funds that are not index These and other risks, which may also apply to the Fund, participation units and that would otherwise be prohibited are described under the heading Fund-specific risks in under securities laws (the “Underlying ETFs”), provided the first part of this document. that, among other conditions: (i) such Underlying ETFs do The risk rating of the Fund is low. For more information, not exceed 30% of the net asset value of the Fund, taken see Investment risk classification methodology in at the time of purchase (excluding securities of Your guide to understanding the Fund Profile in the Underlying ETFs that are managed by TDAM or an first part of this document. associate or affiliate of TDAM); (ii) Underlying ETFs that are traded on a U.S. exchange do not exceed 10% of the Who should invest in the Fund? net asset value of the Fund, taken at the time of The Fund may be suitable for medium-term investors purchase; (iii) Underlying ETFs that provide leverage who: exposure do not exceed 10% of the net asset value of the Fund, taken at the time of purchase; and (iv) the Fund will • prefer to have professional managers determine the not short sell securities of any Underlying ETF. selection and composition of their investments, as While the Fund does not engage in short selling well as provide ongoing monitoring services transactions directly, one or more of the underlying funds • are seeking a flow of income with a moderate degree may engage in short selling in a manner consistent with of capital growth their respective investment objectives and as permitted • can handle small changes in the value of their by Canadian securities regulatory authorities. For more investment information, see Short selling in Your guide to • in the case of H5 Series, T5 Series and FT5 Series understanding the Fund Profile in the first part of this units, are seeking a monthly distribution that may document. include a return of capital A unitholder of the Fund does not have ownership rights For more information about how TDAM has determined in securities of any underlying fund held by the Fund. the level of investor risk tolerance that would be Where TDAM is the manager of both the Fund and an appropriate for investment in the Fund, see Who should underlying fund in which the Fund has invested, the Fund invest in the Fund? in Your guide to understanding will not exercise its right to vote the securities of the the Fund Profile in the first part of this document. underlying fund. TDAM may arrange for these securities to be voted by unitholders of the Fund. However, given Distribution policy the costs and complexity of doing so, TDAM may not The Fund intends to make a distribution on or about arrange for a flow-through of voting rights. month end that in the case of Investor Series, Premium We may change the Fund’s investment strategies at our Series, D-Series, Advisor Series, F-Series, Institutional discretion without notice or approval. Series and O-Series units, may consist of net income and in the case of H5 Series, T5 Series and FT5 Series units, What are the risks of investing in the may consist of net income, net realized capital gains and/or return of capital. Any distributions made in Fund? excess of the Fund’s net income and net realized Risks of investing in the Fund may include: capital gains for the year represent a return of your capital. For any series, if the distributions in a year are • capital depreciation risk less than the Fund’s net income and net realized capital • credit risk gains for the year, the Fund will make an additional • derivatives risk distribution in December. • equity risk Distributions will automatically be reinvested in • exchange-traded fund risk additional units of the same series of the Fund. For • foreign currency risk other options that may be available to you, see • fund-of-funds risk Distribution policy in Your guide to understanding the • interest rate risk Fund Profile in the first part of this document. • international market risk • large investor risk • liquidity risk • market disruption risk • repurchase and reverse repurchase transactions risk • securities lending risk • series risk

58 TD Mutual Funds TD Income Advantage Portfolio

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 16.91 53.32 93.45 212.72 H5 Series ($) 16.81 52.99 92.89 211.43 Premium Series ($) 15.89 50.09 87.79 199.83 D-Series ($) 11.17 35.22 61.74 140.53 Advisor Series ($) 16.81 52.99 92.89 211.43 T5 Series ($) 16.91 53.32 93.45 212.72 F-Series ($) 8.00 25.20 44.18 100.56 FT5 Series ($) 7.89 24.88 43.61 99.27 Institutional Series ($) 4.92 15.51 27.19 61.88 O-Series* ($) 0.10 0.32 0.57 1.29 * Holders of O-Series units also pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

59 TD Mutual Funds TD Canadian Core Plus Bond Fund

Fund details Fund type Canadian Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 4, 2007 1.05% 0.15% Premium Seriesꬷ (C$) September 7, 2010 1.00% N/A D-Series (C$) February 10, 2015 0.80% 0.15% Advisor Series (C$) September 4, 2007 1.05% 0.15% F-Series (C$) September 4, 2007 0.55% N/A Institutional Series (C$) July 8, 2013 0.45% N/A O-Series (C$) November 14, 2008 N/A* N/A

ꬷ Effective March 28, 2017, Premium Series of the Fund was closed to any purchases by new investors. Investors who held Premium Series of the Fund at the close of business on March 28, 2017, and whose dealer continues to make this series available, may continue to make additional investments. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? • hedge against losses associated with rising interest rates Investment objectives • gain exposure to fixed income instruments without The fundamental investment objective is to seek to earn a actually investing in them directly (including when high rate of interest income by investing primarily in owning the derivative investment is more efficient or Canadian dollar-denominated, investment-grade debt less costly than owning the fixed income instrument instruments. The Fund may, from time to time, also seek itself) added value from non-Canadian and/or non-investment- • reduce the risk associated with currency fluctuations grade debt instruments to enhance total return. • swap credit risk The fundamental investment objective may only be The Fund may hold money market instruments or cash to changed with the approval of a majority of unitholders, meet its obligations under the derivative instruments. given at a meeting called for that purpose. The Fund may invest in foreign securities to an extent Investment strategies that will vary from time to time but is not typically expected to exceed 30% of the total value of the assets of The portfolio adviser seeks to achieve the fundamental the Fund at the time that foreign securities are purchased. investment objective of the Fund by focusing on bonds denominated in Canadian dollars, which may include debt The Fund may engage in securities lending, repurchase obligations of, or guaranteed by, Canadian federal, or reverse repurchase transactions in a manner provincial or municipal governments, Canadian consistent with its investment objectives and as permitted corporations, or foreign issuers (Maple bonds). In by Canadian securities regulatory authorities. For more addition, the Fund may invest in any one or combination information, see Securities lending, repurchase and of: global investment- and non-investment-grade bonds, reverse repurchase transactions in Your guide to emerging market debt and other evidences of understanding the Fund Profile in the first part of this indebtedness (including investments in loans). The document. portfolio adviser believes a strategy using rigorous We may change the Fund’s investment strategies at our bottom-up security selection in regard to the macro discretion without notice or approval. environment will add value and enhance long-term performance. The Fund may also invest in What are the risks of investing in the exchange-traded funds. Fund? The Fund may use specified derivatives, such as options, futures, forward contracts and swaps, as permitted by Risks of investing in the Fund may include: Canadian securities laws to, among other things: • credit risk • derivatives risk

60 TD Mutual Funds TD Canadian Core Plus Bond Fund

• foreign currency risk Fund expenses indirectly borne by • interest rate risk • international market risk investors • large investor risk (as at June 30, 2020, four Mutual funds pay for some expenses out of fund assets. unitholders held 21.55%, 18.00%, 13.60% and That means investors in a mutual fund indirectly pay for 11.94%, respectively, of the net asset value of the these expenses through lower returns. Fund) The following table is intended to help you compare the • liquidity risk cumulative cost of investing in this Fund with the cost of • market disruption risk investing in other mutual funds. This example assumes • repurchase and reverse repurchase transactions risk that: (i) you invest $1,000 in units of the Fund for the time • securities lending risk periods indicated; (ii) your investment has an annual 5% • series risk return; and (iii) the MER for each series of units of the • valuation risk for illiquid assets Fund was the same in all periods as the MER that each These and other risks, which may also apply to the Fund, respective series incurred in the Fund’s last financial are described under the heading Fund-specific risks in year. the first part of this document. Although your actual costs may be higher or lower, based The risk rating of the Fund is low. For more information, on these assumptions, your costs would be: see Investment risk classification methodology in 1 year 3 years 5 years 10 years Your guide to understanding the Fund Profile in the first part of this document. Investor Series ($) 13.63 42.98 75.33 171.47 Premium Series ($) 11.28 35.54 62.30 141.82 Who should invest in the Fund? D-Series ($) 10.87 34.25 60.04 136.66 The Fund may be suitable for medium to long-term Advisor Series ($) 13.74 43.30 75.89 172.76 investors who: F-Series ($) 6.25 19.71 34.55 78.64 • are seeking a high level of income Institutional Series ($) 5.13 16.16 28.32 64.46 • are contributing to the income component of a O-Series* ($) 0 0 0 0 diversified portfolio • * There were no indirect expenses associated with the O-Series units can handle small changes in the value of their of the Fund because the MER of this series was zero. Holders of investment O-Series units pay a negotiable annual O-Series fee to TDAM. For more information about how TDAM has determined See Fees and expenses in the first part of this document the level of investor risk tolerance that would be for more information on the costs of investing in the Fund appropriate for investment in the Fund, see Who should that are not included in the calculation of the MER. invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Distribution policy The Fund intends to distribute any net income on or about month end and distributes any remaining net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

61 TD Mutual Funds TD Canadian Corporate Bond Fund

Fund details Fund type Canadian Corporate Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) March 1, 2016 1.10% 0.15% D-Series (C$) April 26, 2016 0.85% 0.15% Advisor Series (C$) March 1, 2016 1.10% 0.15% F-Series (C$) March 1, 2016 0.60% N/A Private Series (C$) October 12, 2000 N/A∆ N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM.

What does the Fund invest in? less costly than owning the fixed income instrument itself) Investment objectives • reduce the risk associated with currency fluctuations The fundamental investment objective is to achieve rates The Fund may hold money market instruments or cash to of total return that, over the longer term, exceed those of meet its obligations under the derivative instruments. a market index of Canadian corporate bonds. The Fund may invest in foreign securities to an extent The Fund invests primarily in high-quality debt securities that will vary from time to time but is not typically issued by Canadian corporations and trusts, including expected to exceed 30% of the total value of the assets of mortgage-backed or asset-backed securities, as well as the Fund at the time that foreign securities are purchased. securities issued by Canadian governments and agencies. In addition, the Fund may invest up to 10% of its net asset value in guaranteed mortgages, as defined in The fundamental investment objective may only be National Instrument 81-102 – Investment Funds, including changed with the approval of a majority of unitholders, guaranteed mortgages administered by TD Bank Group given at a meeting called for that purpose. (being The Toronto-Dominion Bank or an affiliate of Investment strategies The Toronto-Dominion Bank). The portfolio adviser seeks to achieve the fundamental The Canadian securities regulatory authorities have investment objective of the Fund by focusing on high- stated that where a mutual fund acquires mortgages from quality corporate bonds. The portfolio adviser uses a a lending institution with which the Fund, its management bottom-up strategy emphasizing analysis of individual company and/or insiders of either of them are dealing at corporations in the context of a global macroeconomic arm’s length, such mortgages shall be acquired at the environment, as well as employing yield curve strategies, dollar amount which produces at least the yield prevailing with a view to adding value and enhancing long-term for the sale of comparable unserviced mortgages by performance. The selection process is based on major mortgage lenders under similar conditions. In all methodical risk/return analysis with the objective of other cases, mortgages shall be acquired by the Fund maximizing risk-adjusted returns for the Fund. Generally, according to only one of the following three methods: the Fund employs a “buy-and-hold” strategy. In addition, (a) at that principal amount which will produce a yield to the Fund may invest in exchange-traded funds and other the Fund equal to the interest rate at which the evidences of indebtedness (including investments in lending institution is making commitments to loan on loans). the security of comparable mortgages at the time of The Fund may use specified derivatives, such as options, purchase by the Fund; or futures, forward contracts and swaps, as permitted by (b) at that principal amount which will produce the same Canadian securities laws to, among other things: yield to the Fund as the interest rate charged by the lending institution to the mortgagor on the date of • hedge against losses associated with rising interest rates commitment, provided that the date of commitment is not more than 120 days prior to the date of purchase • gain exposure to fixed income instruments without of the mortgage by the Fund, and the interest rate is actually investing in them directly (including when equal to the rate at which the lending institution made owning the derivative investment is more efficient or

62 TD Mutual Funds TD Canadian Corporate Bond Fund

commitments to loan on the security of comparable What are the risks of investing in the mortgages on the date of commitment; or Fund? (c) at that principal amount which will produce a yield to the Fund of not more than a quarter of one percent Risks of investing in the Fund may include: less than the interest rate at which the lending • credit risk institution is making commitments, at the time of • derivatives risk purchase, to loan on the security of comparable • foreign currency risk mortgages , provided that the lending institution • interest rate risk which sells mortgages to the Fund has entered into • an agreement to repurchase the mortgages from the international market risk Fund in circumstances benefiting the Fund and that • large investor risk (as at June 30, 2020, two such an agreement is considered by the administrator unitholders held 87.40% and 12.07%, respectively, of to justify the difference in yield to the Fund. the net asset value of the Fund) • liquidity risk The choice of valuation method affects yield as follows: • market disruption risk method (a) and method (b) will result in identical yields, • repurchase and reverse repurchase transactions risk provided that no change in the interest rate charged • securities lending risk occurs within the 120-day period. Method (a) will result in • series risk a greater yield than method (b) where the interest rate • valuation risk for illiquid assets has increased during the 120-day period. Method (a) will result in a lesser yield than method (b) where the interest These and other risks, which may also apply to the Fund, rate has decreased during the 120-day period. are described under the heading Fund-specific risks in Method (a) will always result in a yield greater than that of the first part of this document. method (c). The risk rating of the Fund is low. For more information, Regarding mortgages purchased from TD Bank Group, see Investment risk classification methodology in the method used by the Fund is method (c) referred to Your guide to understanding the Fund Profiles in the above, on the basis that mortgages are offered for sale to first part of this document. the Fund by TD Bank Group for a price determined as being that principal amount which will produce a yield to Who should invest in the Fund? the Fund of not more than one quarter of one percent The Fund may be suitable for medium to long-term (0.25%) less than the interest rate at which TD Bank investors who: Group is making commitments, at that time, to loan on the security of comparable mortgages. As required by • are seeking regular income method (c), TD Bank Group has agreed to repurchase • are contributing to the income component of a from the Fund any mortgage purchased from TD Bank diversified portfolio Group if such mortgage has been in default for ninety • can handle small changes in the value of their days or more. Such mortgages must be repurchased by investment TD Bank Group for an amount equal to the outstanding principal balance owing on the mortgage on the date of For more information about how TDAM has determined purchase, plus accrued interest thereon at the rate of the level of investor risk tolerance that would be interest specified in such mortgage loan to the date of appropriate for investment in the Fund, see Who should purchase. invest in the Fund? in Your guide to understanding the Fund Profiles in the first part of this document. The Fund may engage in securities lending, repurchase or reverse repurchase transactions in a manner Distribution policy consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more The Fund intends to distribute any net income on or about month end and distributes any remaining net income and information, see Securities lending, repurchase and any net realized capital gains annually in December. reverse repurchase transactions in Your guide to understanding the Fund Profiles in the first part of this Distributions will automatically be reinvested in document. additional units of the same series of the Fund. For We may change the Fund’s investment strategies at our other options that may be available to you, see discretion without notice or approval. Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

63 TD Mutual Funds TD Canadian Corporate Bond Fund

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 14.04 44.27 77.59 176.63 D-Series ($) 11.48 36.19 63.43 144.39 Advisor Series ($) 13.94 43.95 77.03 175.34 F-Series ($) 6.97 21.97 38.51 87.67 Private Series◊ ($) 0.10 0.32 0.57 1.29 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

64 TD Mutual Funds TD Corporate Bond Plus Fund

Fund details Fund type Canadian Corporate Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 6, 2006 1.15% 0.15% Advisor Series (C$) September 6, 2006 1.15% 0.15% F-Series (C$) September 6, 2006 0.65% N/A

What does the Fund invest in? The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. Investment objectives The fundamental investment objective is to seek to earn The Fund may engage in securities lending, repurchase income by primarily investing in, or gaining exposure to, or reverse repurchase transactions in a manner North American and/or international corporate bonds and consistent with its investment objectives and as permitted other debt instruments (collectively, “corporate bonds”). by Canadian securities regulatory authorities. For more Corporate bonds include those which are issued and/or information, see Securities lending, repurchase and guaranteed by a corporation, a limited partnership, a reverse repurchase transactions in Your guide to trust, a special purpose entity, a company which has not understanding the Fund Profile in the first part of this been incorporated and educational institutions. document. The fundamental investment objective may only be We may change the Fund’s investment strategies at our changed with the approval of a majority of unitholders, discretion without notice or approval. given at a meeting called for that purpose. What are the risks of investing in the Investment strategies Fund? The portfolio adviser seeks to achieve the fundamental Risks of investing in the Fund may include: investment objective of the Fund by primarily investing in North American and/or international corporate bonds. • credit risk • derivatives risk The Fund’s investable universe covers the global • foreign currency risk corporate debt market, which includes high-yield bonds • as well as investment grade bonds and other evidences interest rate risk of indebtedness (including investments in loans). The • international market risk Fund may also invest in credit default swaps. The • large investor risk portfolio adviser believes a strategy using rigorous • liquidity risk bottom-up security selection in regard to the macro • market disruption risk environment will add value and enhance long-term • repurchase and reverse repurchase transactions risk performance while at the same time reducing risk. In • securities lending risk addition, the Fund may invest in exchange-traded funds. • series risk • The Fund may use specified derivatives, such as options, valuation risk for illiquid assets futures, forward contracts and swaps, as permitted by These and other risks, which may also apply to the Fund, Canadian securities laws to, among other things: are described under the heading Fund-specific risks in the first part of this document. • gain exposure to fixed income instruments without actually investing in them directly (including when The risk rating of the Fund is low. For more information, owning the derivative investment is more efficient or see Investment risk classification methodology in less costly than owning the fixed income instrument Your guide to understanding the Fund Profile in the itself) first part of this document. • hedge against losses associated with rising interest rates • hedge a portion or all of the foreign currency exposure for significant periods of time • swap credit risk

65 TD Mutual Funds TD Corporate Bond Plus Fund

Who should invest in the Fund? The Fund may be suitable for medium to long-term investors who: • are seeking regular income • are contributing to the fixed income portion of a diversified portfolio • can handle small changes in the value of their investment For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Distribution policy The Fund intends to distribute any net income on or about month end and distributes any remaining net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 14.97 47.18 82.69 188.23 Advisor Series ($) 14.97 47.18 82.69 188.23 F-Series ($) 7.48 23.59 41.35 94.11

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

66 TD Mutual Funds TD U.S. Corporate Bond Fund

Fund details Fund type U.S. Corporate Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Sub-adviser TDAM USA Inc. (New York, NY, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (US$) March 1, 2016 1.10% 0.15% D-Series (US$) April 26, 2016 0.85% 0.15% Advisor Series (US$) March 1, 2016 1.10% 0.15% F-Series (US$) March 1, 2016 0.60% N/A Private Series (US$) May 4, 2010 N/A∆ N/A O-Series (US$) March 1, 2016 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? less costly than owning the fixed income instrument itself) Investment objectives The Fund may hold money market instruments or cash to The fundamental investment objective is to seek to earn a meet its obligations under the derivative instruments. high rate of interest income through investments primarily in investment-grade debt securities issued by U.S. The Fund may engage in securities lending, repurchase corporations and trusts, including mortgage-backed or or reverse repurchase transactions in a manner asset-backed securities, as well as securities issued by consistent with its investment objectives and as permitted U.S. governments and agencies. by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and The fundamental investment objective may only be reverse repurchase transactions in Your guide to changed with the approval of a majority of unitholders, understanding the Fund Profiles in the first part of this given at a meeting called for that purpose. document. Investment strategies The portfolio adviser may engage in active and frequent trading of portfolio securities such that the portfolio The sub-adviser seeks to achieve the fundamental turnover rate may be greater than 70% for the upcoming investment objective of the Fund by focusing on financial year. The higher the portfolio turnover rate in a investment-grade U.S. corporate bonds. The sub-adviser financial year, the greater the trading costs payable by a uses a bottom-up strategy emphasizing analysis of mutual fund in the year, and the greater the chance of an individual corporations in the context of a global investor receiving taxable distributions in the year. There macroeconomic environment, as well as employing yield is not necessarily a relationship between a high turnover curve strategies, with a view to adding value and rate and the performance of a fund. For more information, enhancing long-term performance. The selection process see in the first is based on methodical risk/return analysis with the Income tax considerations for investors part of this document. objective of maximizing risk-adjusted returns for the Fund. We may change the Fund’s investment strategies at our The Fund may invest in exchange-traded funds to provide discretion without notice or approval. exposure to U.S. dollar-denominated bonds. The Fund may use specified derivatives, such as options, What are the risks of investing in the futures and forward contracts, as permitted by Canadian Fund? securities laws to, among other things: Risks of investing in the Fund may include: • hedge against losses associated with rising interest rates • credit risk • gain exposure to fixed income instruments without • derivatives risk actually investing in them directly (including when • interest rate risk owning the derivative investment is more efficient or

67 TD Mutual Funds TD U.S. Corporate Bond Fund

• large investor risk (as at June 30, 2020, three Fund expenses indirectly borne by unitholders held 50.92%, 25.66% and 16.58%, respectively, of the net asset value of the Fund) investors • liquidity risk Mutual funds pay for some expenses out of fund assets. • market disruption risk That means investors in a mutual fund indirectly pay for • repurchase and reverse repurchase transactions risk these expenses through lower returns. • securities lending risk The following table is intended to help you compare the • series risk cumulative cost of investing in this Fund with the cost of These and other risks, which may also apply to the Fund, investing in other mutual funds. This example assumes are described under the heading Fund-specific risks in that: (i) you invest $1,000 in units of the Fund for the time the first part of this document. periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the The risk rating of the Fund is low. For more information, Fund was the same in all periods as the MER that each see in Investment risk classification methodology respective series incurred in the Fund’s last financial in the Your guide to understanding the Fund Profiles year. first part of this document. Although your actual costs may be higher or lower, based Who should invest in the Fund? on these assumptions, your costs would be:

The Fund may be suitable for medium to long-term 1 year 3 years 5 years 10 years investors who: Investor Series ($) 14.25 44.92 78.73 179.20 • are seeking income through exposure to investment- D-Series ($) 11.28 35.54 62.30 141.82 grade debt securities of U.S. issuers Advisor Series ($) 13.84 43.62 76.45 174.05 • are contributing to the income component of a F-Series ($) 6.97 21.97 38.51 87.67 diversified portfolio ◊ • can handle small changes in the value of their Private Series ($) 0.21 0.65 1.13 2.58 investment O-Series* ($) 0 0 0 0 For more information about how TDAM has determined ◊ Holders of Private Series units also pay a negotiable annual Private the level of investor risk tolerance that would be Series fee to TDAM. appropriate for investment in the Fund, see Who should * There were no indirect expenses associated with the O-Series units invest in the Fund? in Your guide to understanding of the Fund because the MER of this series was zero. Holders of the Fund Profiles in the first part of this document. O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document Distribution policy for more information on the costs of investing in the Fund The Fund intends to distribute any net income on or about that are not included in the calculation of the MER. month end and distributes any remaining net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

68 TD Mutual Funds TD Real Return Bond Fund

Fund details Fund type Canadian Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) November 23, 1994 1.20% 0.15% D-Series (C$) October 20, 2015 0.95% 0.15% Advisor Series (C$) November 19, 2001 1.20% 0.15% F-Series (C$) November 19, 2001 0.55% N/A Private Series (C$) February 4, 2016 N/A∆ N/A O-Series (C$) September 6, 2006 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. Investment objectives The fundamental investment objective is to provide a The Fund may engage in securities lending, repurchase regular level of interest income that is hedged against or reverse repurchase transactions in a manner inflation, by investing primarily in Canadian government consistent with its investment objectives and as permitted guaranteed real return bonds, as well as those issued by by Canadian securities regulatory authorities. For more the governments of foreign countries. information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to The fundamental investment objective may only be understanding the Fund Profile in the first part of this changed with the approval of a majority of unitholders, document. given at a meeting called for that purpose. We may change the Fund’s investment strategies at our Investment strategies discretion without notice or approval. The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by investing mainly in What are the risks of investing in the Canadian government inflation-linked bonds. The Fund Fund? may invest in foreign securities to an extent that will vary Risks of investing in the Fund may include: from time to time but is not typically expected to exceed 30% of the total value of the assets of the Fund at the • credit risk time that foreign securities are purchased. This may • derivatives risk include investments in foreign government inflation-linked • foreign currency risk bonds. Generally, the Fund employs a “buy-and-hold” • interest rate risk strategy. • international market risk • large investor risk (as at June 30, 2020, one The Fund may use specified derivatives, such as options, unitholder held 64.80% of the net asset value of the futures, forward contracts and swaps, as permitted by Fund) Canadian securities laws to, among other things: • liquidity risk • hedge against losses associated with rising interest • market disruption risk rates • repurchase and reverse repurchase transactions risk • gain exposure to fixed income instruments without • securities lending risk actually investing in them directly (including when • series risk owning the derivative investment is more efficient or These and other risks, which may also apply to the Fund, less costly than owning the fixed income instrument are described under the heading in itself) Fund-specific risks the first part of this document. • reduce the risk associated with currency fluctuations • swap credit risk The risk rating of the Fund is low to medium. For more information, see Investment risk classification

69 TD Mutual Funds TD Real Return Bond Fund methodology in Your guide to understanding the Although your actual costs may be higher or lower, based Fund Profile in the first part of this document. on these assumptions, your costs would be: Who should invest in the Fund? 1 year 3 years 5 years 10 years Investor Series ($) 15.27 48.15 84.39 192.10 The Fund may be suitable for medium to long-term investors who: D-Series ($) 12.40 39.10 68.53 156.00 Advisor Series ($) 15.27 48.15 84.39 192.10 • are concerned about the long-term effects of inflation F-Series ($) 6.25 19.71 34.55 78.64 • are seeking a high-quality income investment • can accept some interest rate risk to achieve Private Series◊ ($) 1.95 6.14 10.76 24.50 moderate capital growth O-Series* ($) 0 0 0 0 • are contributing to the income component of a ◊ Holders of Private Series units also pay a negotiable annual Private diversified portfolio Series fee to TDAM. • can handle changes in the value of their investment * There were no indirect expenses associated with the O-Series units For more information about how TDAM has determined of the Fund because the MER of this series was zero. Holders of the level of investor risk tolerance that would be O-Series units pay a negotiable annual O-Series fee to TDAM. appropriate for investment in the Fund, see Who should See Fees and expenses in the first part of this document invest in the Fund? in Your guide to understanding for more information on the costs of investing in the Fund the Fund Profile in the first part of this document. that are not included in the calculation of the MER. Distribution policy The Fund intends to distribute any net income on or about calendar quarter end (March, June, September and December) and distributes any remaining net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year.

70 TD Mutual Funds TD Global Income Fund

Fund details Fund type Global Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) November 21, 2017 1.20% 0.20% H5 Series (C$) November 21, 2017 1.20% 0.20% D-Series (C$) (US$) November 21, 2017 0.95% 0.20% Advisor Series (C$) (US$) November 21, 2017 1.20% 0.20% T5 Series (C$) November 21, 2017 1.20% 0.20% F-Series (C$) (US$) November 21, 2017 0.70% N/A FT5 Series (C$) November 21, 2017 0.70% N/A Private Series (C$) (US$) November 21, 2017 N/A∆ N/A O-Series (C$) November 21, 2017 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? funds that would otherwise be prohibited under securities laws. Currently, the Fund intends to purchase, hold or Investment objectives obtain exposure to exchange-traded funds that seek to The fundamental investment objective is to seek to earn replicate the performance of gold or the value of a specified derivative the underlying interest of which is current income while preserving capital by investing gold on an unlevered basis (the “Gold ETFs”). The primarily in fixed-income securities of issuers anywhere in Gold ETFs are traded on a Canadian or U.S. stock the world. exchange and may not be qualified for distribution in the The fundamental investment objective may only be same Canadian jurisdictions as the Fund. The risks changed with the approval of a majority of unitholders associated with the Fund’s exposure to Gold ETFs are given at a meeting called for that purpose. primarily commodity risk and exchange-traded fund risk. Investment strategies The Fund has obtained permission from Canadian securities regulatory authorities to invest in Canadian and The portfolio adviser seeks to achieve the fundamental U.S. exchange-traded funds that are not index investment objective of the Fund by investing primarily in participation units and that would otherwise be prohibited government and corporate debt securities of issuers under securities laws (the “Underlying ETFs”), provided located anywhere in the world. that, among other conditions: (i) such Underlying ETFs do The portfolio adviser employs a strategy of fundamental not exceed 30% of the net asset value of the Fund, taken economic analysis of each country and currency region. at the time of purchase (excluding securities of Interest rate anticipation is based on global Underlying ETFs that are managed by TDAM or an macroeconomic trends and the impact on fiscal and associate or affiliate of TDAM); (ii) Underlying ETFs that monetary policies of the respective countries. The Fund are traded on a U.S. exchange do not exceed 10% of the may invest in global (including emerging markets) debt net asset value of the Fund, taken at the time of securities, including investment-grade corporate debt purchase; (iii) Underlying ETFs and Gold ETFs that obligations, non-investment grade (high-yield) corporate provide leverage exposure do not exceed 10% of the net debt obligations and other evidences of indebtedness asset value of the Fund, taken at the time of purchase; (including investments in loans). In addition, the Fund and (iv) the Fund will not short sell securities of any may invest in exchange-traded funds. The portfolio Underlying ETF. adviser may hedge any or all foreign currency exposure The Fund may use specified derivatives, such as options, in the Fund. futures, forward contracts and swaps, as permitted by The Fund has obtained permission from Canadian Canadian securities laws to, among other things: securities regulatory authorities to purchase, hold or • hedge against losses associated with rising interest obtain exposure to, up to 10% of the Fund’s net assets, rates taken at the time of purchase, certain exchange-traded

71 TD Mutual Funds TD Global Income Fund

• gain exposure to fixed income instruments without is not necessarily a relationship between a high turnover actually investing in them directly (including when rate and the performance of a fund. For more information, owning the derivative investment is more efficient or see Income tax considerations for investors in the first less costly than owning the fixed income instrument part of this document. itself) We may change the Fund’s investment strategies at our • reduce the risk associated with currency fluctuations discretion without notice or approval. • obtain the desired foreign currency exposure • enhance income What are the risks of investing in the • swap credit risk Fund? The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. Risks of investing in the Fund may include: TDAM has obtained an exemption from securities • capital depreciation risk regulatory requirements to permit the Fund to invest: • commodity risk • concentration risk • up to 20% of its net asset value in securities of any • credit risk one issuer if those securities are issued, or • derivatives risk guaranteed fully as to principal and interest, by a • exchange-traded fund risk foreign government (other than the United States) or • foreign currency risk certain supranational entities, such as the World • interest rate risk Bank, and are rated AA or higher by • international market risk Standard & Poor’s Rating Services (Canada), a • large investor risk (as at June 30, 2020, five designated rating organization (“DRO”), or its DRO unitholders held 17.40%, 15.26%, 14.85%, 12.75% affiliate (as defined in NI 81-102) or have an and 10.38%, respectively, of the net asset value of equivalent rating by one or more other designated the Fund) rating organizations or their DRO affiliates; or • liquidity risk • up to 35% of its net asset value in securities of any • market disruption risk one issuer if those securities are issued, or • repurchase and reverse repurchase transactions risk guaranteed fully as to principal and interest, by a • securities lending risk foreign government (other than the United States) or • series risk certain supranational entities, such as the World • short selling risk Bank, and are rated AAA by Standard & Poor’s • valuation risk for illiquid assets Rating Services (Canada) or its DRO affiliate or have These and other risks, which may also apply to the Fund, an equivalent rating by one or more other designated are described under the heading Fund-specific risks in rating organizations or their DRO affiliates. the first part of this document. The Fund may engage in securities lending, repurchase The risk rating of the Fund is low. Since the Fund has or reverse repurchase transactions in a manner less than 10 years of performance history, TDAM has consistent with its investment objectives and as permitted used the performance history of the reference index in the by Canadian securities regulatory authorities. For more table below, in addition to the Fund’s actual return history, information, see Securities lending, repurchase and to calculate the risk rating of the Fund: reverse repurchase transactions in Your guide to understanding the Fund Profile in the first part of this Proportion (%) Reference Index document. Bloomberg Barclays Multiverse Total Return 100% Index Hedged CAD The Fund may engage in short selling in a manner consistent with its investment objectives and as permitted The Bloomberg Barclays Multiverse Total Return Index by Canadian securities regulatory authorities. For more Hedged CAD provides a broad-based measure of the information, see Short selling in Your guide to global fixed-income bond market, capturing investment- understanding the Fund Profile in the first part of this grade and high yield securities in all eligible currencies. document. For more information, see Investment risk classification methodology in Your guide to The portfolio adviser may engage in active and frequent understanding the Fund Profile in the first part of this trading of portfolio securities such that the portfolio document. turnover rate may be greater than 70% for the upcoming financial year. The higher the portfolio turnover rate in a financial year, the greater the trading costs payable by a mutual fund in the year, and the greater the chance of an investor receiving taxable distributions in the year. There

72 TD Mutual Funds TD Global Income Fund

Who should invest in the Fund? Fund expenses indirectly borne by The Fund may be suitable for medium to long-term investors investors who: Mutual funds pay for some expenses out of fund assets. • are seeking a high level of income That means investors in a mutual fund indirectly pay for • are contributing to the income portion of a diversified these expenses through lower returns. portfolio The following table is intended to help you compare the • can handle changes in the value of their investment cumulative cost of investing in this Fund with the cost of • in the case of H5 Series, T5 Series and FT5 Series investing in other mutual funds. This example assumes units, are seeking a monthly distribution that may that: (i) you invest $1,000 in units of the Fund for the time include a return of capital periods indicated; (ii) your investment has an annual 5% For more information about how TDAM has determined return; and (iii) the MER for each series of units of the the level of investor risk tolerance that would be Fund was the same in all periods as the MER that each appropriate for investment in the Fund, see Who should respective series incurred in the Fund’s last financial invest in the Fund? in Your guide to understanding year. the Fund Profile in the first part of this document. Although your actual costs may be higher or lower, based Distribution policy on these assumptions, your costs would be: 1 year 3 years 5 years 10 years In the case of Investor Series, D-Series, Advisor Series, F-Series, Private Series and O-Series units, the Fund Investor Series ($) 14.66 46.21 80.99 184.36 intends to distribute any net income on or about month H5 Series ($) 14.56 45.88 80.43 183.07 end. In the case of H5 Series, T5 Series and FT5 Series D-Series ($) 12.30 38.78 67.97 154.71 units, the Fund intends to make a distribution on or about Advisor Series ($) 14.97 47.18 82.69 188.23 month end that may consist of net income, net realized capital gains and/or return of capital. Any distributions T5 Series ($) 14.56 45.88 80.43 183.07 made in excess of the Fund’s net income and net F-Series ($) 7.28 22.94 40.21 91.54 realized capital gains for the year represent a return FT5 Series ($) 7.07 22.30 39.08 88.96 of your capital. For any series, if the distributions in a Private Series◊ ($) 0.41 1.29 2.27 5.16 year are less than the Fund’s net income and net realized capital gains for the year, the Fund will make an O-Series* ($) 0.21 0.65 1.13 2.58 additional distribution in December. ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. Distributions will automatically be reinvested in additional units of the same series of the Fund. For * Holders of O-Series units also pay a negotiable annual O-Series fee to TDAM. other options that may be available to you, see Distribution policy in Your guide to understanding the See Fees and expenses in the first part of this document Fund Profile in the first part of this document. for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

73 TD Mutual Funds TD Global Core Plus Bond Fund

Fund details Fund type Global Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) January 4, 1994 1.20% 0.20% H5 Series (C$) November 21, 2017 1.20% 0.20% D-Series (C$) October 20, 2015 0.95% 0.20% Advisor Series (C$) December 1, 2003 1.20% 0.20% T5 Series (C$) November 21, 2017 1.20% 0.20% F-Series (C$) (US$) November 1, 2005 0.70% N/A FT5 Series (C$) November 21, 2017 0.70% N/A Private Series (C$) February 4, 2016 N/A∆ N/A Institutional Series (C$) January 17, 2002 0.40% N/A O-Series (C$) July 23, 2015 (offered N/A* N/A via prospectus exemption from March 16, 2012 to July 23, 2015)

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund may use specified derivatives, such as options, futures, forward contracts and swaps, as permitted by Investment objectives Canadian securities laws to, among other things: The fundamental investment objective is to seek to earn • hedge against losses associated with rising interest interest income through investing primarily in fixed- rates income securities of issuers anywhere in the world. • gain exposure to fixed income instruments without The fundamental investment objective may only be actually investing in them directly (including when changed with the approval of a majority of unitholders owning the derivative investment is more efficient or given at a meeting called for that purpose. less costly than owning the fixed income instrument itself) Investment strategies • obtain the desired foreign currency exposure • The portfolio adviser seeks to achieve the fundamental swap credit risk investment objective of the Fund by investing primarily in The Fund may hold money market instruments or cash to fixed income securities of governments, government meet its obligations under the derivative instruments. agencies, supranational organizations or companies located anywhere in the world. The portfolio adviser TDAM has obtained an exemption from securities employs a strategy of fundamental economic analysis of regulatory requirements to permit the Fund to invest: each country and currency region. Interest rate • up to 20% of its net asset value in securities of any anticipation is based on global macroeconomic trends one issuer if those securities are issued, or and the impact on fiscal and monetary policies of the guaranteed fully as to principal and interest, by a respective countries. The Fund may invest in global foreign government (other than the United States) or (including emerging markets) debt securities, including certain supranational entities, such as the World investment-grade corporate debt obligations, non- Bank, and are rated AA or higher by investment grade (high-yield) corporate debt obligations Standard & Poor’s Rating Services (Canada), a and other evidences of indebtedness (including designated rating organization (“DRO”), or its DRO investments in loans). In addition, the Fund may invest in affiliate (as defined in NI 81-102) or have an exchange-traded funds. equivalent rating by one or more other designated rating organizations or their DRO affiliates; or

74 TD Mutual Funds TD Global Core Plus Bond Fund

• up to 35% of its net asset value in securities of any The risk rating of the Fund is low to medium. For more one issuer if those securities are issued, or information, see Investment risk classification guaranteed fully as to principal and interest, by a methodology in Your guide to understanding the foreign government (other than the United States) or Fund Profile in the first part of this document. certain supranational entities, such as the World Bank, and are rated AAA by Standard & Poor’s Who should invest in the Fund? Rating Services (Canada) or its DRO affiliate or have The Fund may be suitable for medium to long-term an equivalent rating by one or more other designated investors who: rating organizations or their DRO affiliates. • would like to have foreign currency exposure The Fund may engage in securities lending, repurchase • are contributing to the income portion of a diversified or reverse repurchase transactions in a manner portfolio consistent with its investment objectives and as permitted • can handle changes in the value of their investment by Canadian securities regulatory authorities. For more • in the case of H5 Series, T5 Series and FT5 Series information, see Securities lending, repurchase and units, are seeking a monthly distribution that may reverse repurchase transactions in Your guide to include a return of capital understanding the Fund Profile in the first part of this document. For more information about how TDAM has determined the level of investor risk tolerance that would be The portfolio adviser may engage in active and frequent appropriate for investment in the Fund, see trading of portfolio securities such that the portfolio Who should in turnover rate may be greater than 70% for the upcoming invest in the Fund? Your guide to understanding in the first part of this document. financial year. The higher the portfolio turnover rate in a the Fund Profile financial year, the greater the trading costs payable by a Distribution policy mutual fund in the year, and the greater the chance of an investor receiving taxable distributions in the year. There In the case of Investor Series, D-Series, Advisor Series, is not necessarily a relationship between a high turnover F-Series, Private Series, Institutional Series and O-Series rate and the performance of a fund. For more information, units, the Fund intends to distribute any net income on or see Income tax considerations for investors in the first about calendar quarter end (March, June, September and part of this document. December). In the case of H5 Series, T5 Series and FT5 Series units, the Fund intends to make a distribution We may change the Fund’s investment strategies at our on or about month end that may consist of net income, discretion without notice or approval. net realized capital gains and/or return of capital. Any What are the risks of investing in the distributions made in excess of the Fund’s net income and net realized capital gains for the year Fund? represent a return of your capital. For any series, if the Risks of investing in the Fund may include: distributions in a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will • capital depreciation risk make an additional distribution in December. • concentration risk • credit risk Distributions will automatically be reinvested in For • derivatives risk additional units of the same series of the Fund. other options that may be available to you, see • foreign currency risk Distribution policy in Your guide to understanding the • interest rate risk Fund Profile in the first part of this document. • international market risk • large investor risk (as at June 30, 2020, two Fund expenses indirectly borne by unitholders held 60.68% and 22.13%, respectively, of the net asset value of the Fund) investors • liquidity risk Mutual funds pay for some expenses out of fund assets. • market disruption risk That means investors in a mutual fund indirectly pay for • repurchase and reverse repurchase transactions risk these expenses through lower returns. • securities lending risk • series risk The following table is intended to help you compare the • valuation risk for illiquid assets cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes These and other risks, which may also apply to the Fund, that: (i) you invest $1,000 in units of the Fund for the time are described under the heading Fund-specific risks in periods indicated; (ii) your investment has an annual 5% the first part of this document. return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each

75 TD Mutual Funds TD Global Core Plus Bond Fund respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 15.79 49.76 87.22 198.54 H5 Series ($) 16.30 51.38 90.05 204.99 D-Series ($) 13.33 42.01 73.63 167.60 Advisor Series ($) 16.09 50.73 88.92 202.41 T5 Series ($) 16.40 51.70 90.62 206.28 F-Series ($) 8.10 25.53 44.74 101.85 FT5 Series ($) 8.20 25.85 45.31 103.14 Private Series◊ ($) 0.41 1.29 2.27 5.16 Institutional Series ($) 4.20 13.25 23.22 52.86 O-Series* ($) 0.10 0.32 0.57 1.29 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * Holders of O-Series units also pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

76 TD Mutual Funds TD Global Unconstrained Bond Fund

Fund details Fund type Global Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) November 21, 2017 1.30% 0.20% H5 Series (C$) November 21, 2017 1.30% 0.20% D-Series (C$) (US$) November 21, 2017 1.05% 0.20% Advisor Series (C$) (US$) November 21, 2017 1.30% 0.20% T5 Series (C$) November 21, 2017 1.30% 0.20% F-Series (C$) (US$) November 21, 2017 0.80% N/A FT5 Series (C$) November 21, 2017 0.80% N/A Private Series (C$) (US$) November 21, 2017 N/A∆ N/A O-Series (C$) November 21, 2017 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? exposures will be actively managed to exploit or hedge the Fund’s foreign currency exposure. Bond prices will Investment objectives generally move in the opposite direction of interest rates. However, the portfolio adviser may use derivatives to The fundamental investment objective is to seek to maximize total return while preserving capital by investing manage the Fund’s sensitivity to interest rates (also primarily in fixed-income securities of issuers anywhere in known as duration) such that the value of the Fund’s the world. portfolio could increase when interest rates rise. The Fund may also hold a significant portion of its assets The fundamental investment objective may only be in cash or cash-equivalent instruments when the portfolio changed with the approval of a majority of unitholders adviser believes it is prudent to do so. given at a meeting called for that purpose. The Fund may use specified derivatives, such as options, Investment strategies futures, forward contracts and swaps, as permitted by The portfolio adviser seeks to achieve the fundamental Canadian securities laws to, among other things: investment objective of the Fund by investing in • hedge against losses associated with rising interest government and corporate debt securities located anywhere in the world. The Fund has broad investment rates • discretion to invest in issuers in any industry or sector in gain exposure to fixed income instruments without order to achieve positive returns in any market conditions. actually investing in them directly (including when owning the derivative investment is more efficient or The portfolio adviser employs a strategy of fundamental less costly than owning the fixed income instrument economic analysis of each country and currency region itself) that is complemented with a bottom-up approach to • reduce the risk associated with currency fluctuations fixed-income security selection. Interest rate anticipation • obtain the desired foreign currency exposure is based on global macroeconomic trends and the impact • enhance income on fiscal and monetary policies of the respective • swap credit risk countries. The Fund may invest in global (including emerging markets) debt securities, including investment- The Fund may hold money market instruments or cash to grade corporate debt obligations, non-investment grade meet its obligations under the derivative instruments. (high-yield) corporate debt obligations and other The Fund has obtained permission from Canadian evidences of indebtedness (including investments in securities regulatory authorities to purchase, hold or loans). The Fund may also invest in other types of obtain exposure to, up to 10% of the Fund’s net assets, securities such as common and preferred shares and taken at the time of purchase, certain exchange-traded exchange-traded funds. The Fund’s holdings funds that would otherwise be prohibited under securities denominated in foreign currencies and the currency laws. Currently, the Fund intends to purchase, hold or

77 TD Mutual Funds TD Global Unconstrained Bond Fund obtain exposure to exchange-traded funds that seek to understanding the Fund Profile in the first part of this replicate the performance of gold or the value of a document. specified derivative the underlying interest of which is The Fund may engage in short selling in a manner gold on an unlevered basis (the “Gold ETFs”). The consistent with its investment objectives and as permitted Gold ETFs are traded on a Canadian or U.S. stock by Canadian securities regulatory authorities. For more exchange and may not be qualified for distribution in the information, see in same Canadian jurisdictions as the Fund. The risks Short selling Your guide to in the first part of this associated with the Fund’s exposure to Gold ETFs are understanding the Fund Profile document. primarily commodity risk and exchange-traded fund risk. The portfolio adviser may engage in active and frequent The Fund has obtained permission from Canadian trading of portfolio securities such that the portfolio securities regulatory authorities to invest in Canadian and turnover rate may be greater than 70% for the upcoming U.S. exchange-traded funds that are not index financial year. The higher the portfolio turnover rate in a participation units and that would otherwise be prohibited financial year, the greater the trading costs payable by a under securities laws (the “Underlying ETFs”), provided mutual fund in the year, and the greater the chance of an that, among other conditions: (i) such Underlying ETFs do investor receiving taxable distributions in the year. There not exceed 30% of the net asset value of the Fund, taken is not necessarily a relationship between a high turnover at the time of purchase (excluding securities of rate and the performance of a fund. For more information, Underlying ETFs that are managed by TDAM or an see in the first associate or affiliate of TDAM); (ii) Underlying ETFs that Income tax considerations for investors part of this document. are traded on a U.S. exchange do not exceed 10% of the net asset value of the Fund, taken at the time of We may change the Fund’s investment strategies at our purchase; (iii) Underlying ETFs and Gold ETFs that discretion without notice or approval. provide leverage exposure do not exceed 10% of the net asset value of the Fund, taken at the time of purchase; What are the risks of investing in the and (iv) the Fund will not short sell securities of any Fund? Underlying ETF. Risks of investing in the Fund may include: TDAM has obtained an exemption from securities regulatory requirements to permit the Fund to invest: • capital depreciation risk • commodity risk • up to 20% of its net asset value in securities of any • concentration risk one issuer if those securities are issued, or • credit risk guaranteed fully as to principal and interest, by a • derivatives risk foreign government (other than the United States) or • exchange-traded fund risk certain supranational entities, such as the World • foreign currency risk Bank, and are rated AA or higher by • interest rate risk Standard & Poor’s Rating Services (Canada), a • international market risk designated rating organization (“DRO”), or its DRO • large investor risk (as at June 30, 2020, four affiliate (as defined in NI 81-102) or have an unitholders held 29.36%, 17.97%, 17.88% and equivalent rating by one or more other designated 15.05%, respectively, of the net asset value of the rating organizations or their DRO affiliates; or Fund) • up to 35% of its net asset value in securities of any • liquidity risk one issuer if those securities are issued, or • market disruption risk guaranteed fully as to principal and interest, by a • repurchase and reverse repurchase transactions risk foreign government (other than the United States) or • securities lending risk certain supranational entities, such as the World • series risk Bank, and are rated AAA by Standard & Poor’s • short selling risk Rating Services (Canada) or its DRO affiliate or have • valuation risk for illiquid assets an equivalent rating by one or more other designated These and other risks, which may also apply to the Fund, rating organizations or their DRO affiliates. are described under the heading Fund-specific risks in The Fund may engage in securities lending, repurchase the first part of this document. or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to

78 TD Mutual Funds TD Global Unconstrained Bond Fund

The risk rating of the Fund is low to medium. Since the Distribution policy in Your guide to understanding the Fund has less than 10 years of performance history, Fund Profile in the first part of this document. TDAM has used the performance history of the reference index in the table below, in addition to the Fund’s actual Fund expenses indirectly borne by return history, to calculate the risk rating of the Fund: investors Proportion (%) Reference Index Mutual funds pay for some expenses out of fund assets. ▽ 100% Bloomberg Barclays Global Aggregate Index That means investors in a mutual fund indirectly pay for ▽ these expenses through lower returns. Calculated in Canadian dollars for purposes of determining the risk

rating of the Fund. The following table is intended to help you compare the The Bloomberg Barclays Global Aggregate Index is a cumulative cost of investing in this Fund with the cost of flagship measure of global investment-grade debt from investing in other mutual funds. This example assumes twenty-four local currency markets and includes treasury, that: (i) you invest $1,000 in units of the Fund for the time government-related, corporate and securitized fixed-rate periods indicated; (ii) your investment has an annual 5% bonds from both developed and emerging markets return; and (iii) the MER for each series of units of the issuers. For more information, see Investment risk Fund was the same in all periods as the MER that each classification methodology in Your guide to respective series incurred in the Fund’s last financial understanding the Fund Profile in the first part of this year. document. Although your actual costs may be higher or lower, based Who should invest in the Fund? on these assumptions, your costs would be: 1 year 3 years 5 years 10 years The Fund may be suitable for medium to long-term investors who: Investor Series ($) 15.89 50.09 87.79 199.83 H5 Series ($) 16.61 52.35 91.75 208.86 • can accept foreign currency exposure • are contributing to the income portion of a diversified D-Series ($) 13.74 43.30 75.89 172.76 portfolio Advisor Series ($) 16.20 51.05 89.49 203.70 • can handle changes in the value of their investment T5 Series ($) 15.48 48.79 85.52 194.67 • in the case of H5 Series, T5 Series and FT5 Series F-Series ($) 8.41 26.50 46.44 105.72 units, are seeking a monthly distribution that may include a return of capital FT5 Series ($) 8.10 25.53 44.74 101.85 Private Series◊ ($) 0.31 0.97 1.70 3.87 For more information about how TDAM has determined the level of investor risk tolerance that would be O-Series* ($) 0.21 0.65 1.13 2.58 appropriate for investment in the Fund, see Who should ◊ Holders of Private Series units also pay a negotiable annual Private invest in the Fund? in Your guide to understanding Series fee to TDAM. the Fund Profile in the first part of this document. * Holders of O-Series units also pay a negotiable annual O-Series fee to TDAM. Distribution policy See Fees and expenses in the first part of this document In the case of Investor Series, D-Series, Advisor Series, for more information on the costs of investing in the Fund F-Series, Private Series and O-Series units, the Fund that are not included in the calculation of the MER. intends to distribute any net income on or about calendar quarter end (March, June, September and December). In the case of H5 Series, T5 Series and FT5 Series units, the Fund intends to make a distribution on or about month end that may consist of net income, net realized capital gains and/or return of capital. Any distributions made in excess of the Fund’s net income and net realized capital gains for the year represent a return of your capital. For any series, if the distributions in a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will make an additional distribution in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see

79 TD Mutual Funds TD High Yield Bond Fund

Fund details Fund type High Yield Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) June 29, 1998 1.45% 0.15% H8 Series (C$) September 15, 2009 1.45% 0.15% D-Series (C$) February 10, 2015 1.20% 0.15% Advisor Series (C$) November 12, 2002 1.45% 0.15% T8 Series (C$) September 15, 2009 1.45% 0.15% F-Series (C$) (US$) December 1, 2003 0.85% N/A FT5 Series (C$) August 16, 2018 0.85% N/A FT8 Series (C$) September 15, 2009 0.85% N/A Private Series (C$) February 4, 2016 N/A∆ N/A Institutional Series (C$) September 24, 2003 0.55% N/A O-Series (C$) April 6, 2010 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? • gain exposure to fixed income instruments without actually investing in them directly (including when Investment objectives owning the derivative investment is more efficient or The fundamental investment objective is to seek to less costly than owning the fixed income instrument provide income and the opportunity for capital itself) • appreciation over the longer term by investing primarily in hedge a portion or all of the foreign currency high-yield bonds or other income-producing securities. exposure for significant periods of time • swap credit risk The fundamental investment objective may only be changed with the approval of a majority of unitholders, The Fund may hold money market instruments or cash to given at a meeting called for that purpose. meet its obligations under the derivative instruments. The Fund may engage in securities lending, repurchase Investment strategies or reverse repurchase transactions in a manner The portfolio adviser seeks to achieve the fundamental consistent with its investment objectives and as permitted investment objective of the Fund by focusing on high- by Canadian securities regulatory authorities. For more yield corporate bonds, other evidences of indebtedness information, see Securities lending, repurchase and (including investments in loans) and other income- reverse repurchase transactions in Your guide to producing securities from issuers located anywhere in the understanding the Fund Profile in the first part of this world. The portfolio adviser believes a bottom-up strategy document. emphasizing analysis of individual corporations in the context of a global macroeconomic environment will add We may change the Fund’s investment strategies at our value and enhance long-term performance. The selection discretion without notice or approval. process is based on methodical risk/return analysis with the objective of maximizing risk-adjusted returns for the What are the risks of investing in the Fund. Generally, the Fund employs a “buy-and-hold” Fund? strategy. Risks of investing in the Fund may include: The Fund may use specified derivatives, such as options, • capital depreciation risk futures, forward contracts and swaps, as permitted by • credit risk Canadian securities laws to, among other things: • derivatives risk • hedge against losses associated with rising interest • equity risk rates • foreign currency risk

80 TD Mutual Funds TD High Yield Bond Fund

• interest rate risk Fund expenses indirectly borne by • international market risk • large investor risk (as at June 30, 2020, four investors unitholders held 19.65%, 16.34%, 15.27% and Mutual funds pay for some expenses out of fund assets. 11.11%, respectively, of the net asset value of the That means investors in a mutual fund indirectly pay for Fund) these expenses through lower returns. • liquidity risk • market disruption risk The following table is intended to help you compare the • repurchase and reverse repurchase transactions risk cumulative cost of investing in this Fund with the cost of • securities lending risk investing in other mutual funds. This example assumes • series risk that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% These and other risks, which may also apply to the Fund, return; and (iii) the MER for each series of units of the are described under the heading Fund-specific risks in Fund was the same in all periods as the MER that each the first part of this document. respective series incurred in the Fund’s last financial The risk rating of the Fund is low to medium. For more year. information, see Investment risk classification Although your actual costs may be higher or lower, based methodology in Your guide to understanding the on these assumptions, your costs would be: Fund Profile in the first part of this document. 1 year 3 years 5 years 10 years Who should invest in the Fund? Investor Series ($) 18.25 57.52 100.82 229.48 The Fund may be suitable for long-term investors who: H8 Series ($) 18.25 57.52 100.82 229.48 • are seeking a high level of income D-Series ($) 15.27 48.15 84.39 192.10 • would like to have some currency diversification Advisor Series ($) 18.14 57.19 100.25 228.19 • are contributing to the income portion of a diversified T8 Series ($) 18.45 58.16 101.95 232.06 portfolio F-Series ($) 9.74 30.70 53.81 122.48 • can handle changes in the value of their investment FT5 Series ($) 9.84 31.02 54.37 123.77 • in the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, are seeking a monthly distribution FT8 Series ($) 9.64 30.37 53.24 121.19 that may include a return of capital Private Series◊ ($) 0.10 0.32 0.57 1.29 For more information about how TDAM has determined Institutional Series ($) 5.84 18.42 32.28 73.49 the level of investor risk tolerance that would be O-Series* ($) 0 0 0 0 appropriate for investment in the Fund, see Who should ◊ Holders of Private Series units also pay a negotiable annual Private invest in the Fund? in Your guide to understanding Series fee to TDAM. the Fund Profile in the first part of this document. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of Distribution policy O-Series units pay a negotiable annual O-Series fee to TDAM. The Fund intends to make a distribution on or about See Fees and expenses in the first part of this document month end that in the case of Investor Series, D-Series, for more information on the costs of investing in the Fund Advisor Series, F-Series, Private Series, Institutional that are not included in the calculation of the MER. Series and O-Series units, may consist of net income and in the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, may consist of net income, net realized capital gains and/or return of capital. Any distributions made in excess of the Fund’s net income and net realized capital gains for the year represent a return of your capital. For any series, if the distributions in a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will make an additional distribution in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

81 TD Mutual Funds TD Global Conservative Opportunities Fund

Fund details Fund type Tactical Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) September 7, 2011 1.50% D-Series (C$) February 10, 2015 1.00% Advisor Series (C$) April 2, 2013 1.50% F-Series (C$) November 28, 2011 0.75% Private Series (C$) February 4, 2016 N/A∆ O-Series (C$) July 23, 2015 (offered via prospectus N/A* exemption from March 16, 2012 to July 23, 2015)

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? such as derivatives to modify the return and risk profile of the Fund. The Fund may have significant exposure to Investment objectives money market securities for long periods of time. The fundamental investment objective is to seek to The Fund utilizes these strategies to seek to achieve an achieve a total return that exceeds that of Government of average annual compound return of Government of Canada 91-day Treasury Bills over a 5-year period Canada 91-day Treasury Bills plus 3% over a 5-year regardless of market conditions, with a focus on income period before fees and expenses, which will reduce and some potential for capital growth. returns to investors. The Fund may invest directly in, or provide exposure to, The Fund has obtained permission from Canadian investments including, but not limited to, any of the securities regulatory authorities to purchase, hold or following: money market securities, debt and debt-like obtain exposure to, up to 10% of the Fund’s net assets, instruments, preferred shares, exchange-traded funds taken at the time of purchase, certain exchange-traded and/or equity and equity-like instruments of Canadian, funds that would otherwise be prohibited under securities U.S. and/or international markets. More often than not, laws. Currently, the Fund intends to purchase, hold or the Fund will have a greater exposure to money market, obtain exposure to exchange-traded funds that seek to debt/debt-like instruments and defensive strategies than replicate the performance of gold or the value of a direct equity exposure. specified derivative the underlying interest of which is gold on an unlevered basis (the “Gold ETFs”). The The fundamental investment objective may only be Gold ETFs are traded on a Canadian or U.S. stock changed with the approval of a majority of unitholders, exchange and may not be qualified for distribution in the given at a meeting called for that purpose. same Canadian jurisdictions as the Fund. The risks Investment strategies associated with the Fund’s exposure to Gold ETFs are primarily commodity risk and exchange-traded fund risk. The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by investing in, or The Fund has obtained permission from Canadian obtaining exposure to, securities of any type including, securities regulatory authorities to invest in Canadian and but not limited to: money market, debt and other U.S. exchange-traded funds that are not index evidences of indebtedness (including investments in participation units and that would otherwise be prohibited loans), preferred shares, exchange-traded funds and/or under securities laws (the “Underlying ETFs”), provided equity and equity-like instruments of Canadian, U.S. that, among other conditions: (i) such Underlying ETFs do and/or international markets. The investment strategy not exceed 30% of the net asset value of the Fund, taken uses a top-down investment approach, including a at the time of purchase (excluding securities of thorough analysis of the global macroeconomic Underlying ETFs that are managed by TDAM or an environment, to allocate assets and select securities. The associate or affiliate of TDAM); (ii) Underlying ETFs that portfolio adviser may dynamically shift between any asset are traded on a U.S. exchange do not exceed 10% of the classes and markets and may use defensive strategies net asset value of the Fund, taken at the time of

82 TD Mutual Funds TD Global Conservative Opportunities Fund purchase; (iii) Underlying ETFs and Gold ETFs that The portfolio adviser may engage in active and frequent provide leverage exposure do not exceed 10% of the net trading of portfolio securities such that the portfolio asset value of the Fund, taken at the time of purchase; turnover rate may be greater than 70% for the upcoming and (iv) the Fund will not short sell securities of any financial year. The higher the portfolio turnover rate in a Underlying ETF. financial year, the greater the trading costs payable by a mutual fund in the year, and the greater the chance of an The Fund may, from time to time, invest in other funds investor receiving taxable distributions in the year. There managed by TDAM when the portfolio adviser believes is not necessarily a relationship between a high turnover that an investment in other funds is a more efficient or rate and the performance of a fund. For more information, cost-effective way of achieving the Fund’s investment see Income tax considerations for investors in the first objective. part of this document. The Fund may use specified derivatives, such as options, We may change the Fund’s investment strategies at our futures, forward contracts and swaps, as permitted by discretion without notice or approval. Canadian securities laws to, among other things: • gain exposure to fixed income and equity instruments What are the risks of investing in the without actually investing in them directly (including Fund? when owning the derivative investment is more efficient or less costly than owning the fixed income Risks of investing in the Fund may include: or equity instrument itself) • commodity risk • obtain the desired foreign currency exposure • credit risk • gain exposure to gold • derivatives risk • enhance income • equity risk • provide downside risk protection for one or more • exchange-traded fund risk securities to which the Fund has exposure • foreign currency risk • swap credit risk • fund-of-funds risk The Fund may hold money market instruments or cash to • interest rate risk meet its obligations under the derivative instruments. • international market risk • large investor risk (as at June 30, 2020, four The Fund may engage in securities lending, repurchase unitholders held 34.46%, 16.44%, 16.12% and or reverse repurchase transactions in a manner 15.56%, respectively, of the net asset value of the consistent with its investment objectives and as permitted Fund) by Canadian securities regulatory authorities. For more • liquidity risk information, see Securities lending, repurchase and • market disruption risk reverse repurchase transactions in Your guide to • repurchase and reverse repurchase transactions risk understanding the Fund Profile in the first part of this • securities lending risk document. • series risk The Fund may engage in short selling in a manner • short selling risk consistent with its investment objectives and as permitted • small company risk by Canadian securities regulatory authorities. For more • valuation risk for illiquid assets information, see in Short selling Your guide to These and other risks, which may also apply to the Fund, understanding the Fund Profile in the first part of this are described under the heading Fund-specific risks in document. the first part of this document. TDAM may vary the percentage of the Fund’s holdings in The risk rating of the Fund is low. Since the Fund has any mutual fund or asset class, or change the securities less than 10 years of performance history, TDAM has in which the Fund invests, in each case, without notice to used the performance history of the following reference unitholders. indexes, in addition to the Fund’s actual return history, to A unitholder of the Fund does not have ownership rights calculate the risk rating of the Fund in the proportions in securities of any underlying fund held by the Fund. noted in the table below: Where TDAM is the manager of both the Fund and an Proportion (%) Reference Indexes underlying fund in which the Fund has invested, the Fund will not exercise its right to vote the securities of the 60% FTSE Canada Short Term Overall Bond Index underlying fund. TDAM may arrange for these securities 30% S&P/TSX Composite Index (Total Return) ® to be voted by unitholders of the Fund. However, given 10% S&P 500 CAD Hedged Index (Total Return) the costs and complexity of doing so, TDAM may not The FTSE Canada Short Term Overall Bond Index is arrange for a flow-through of voting rights. comprised of Canadian investment-grade bonds with a

83 TD Mutual Funds TD Global Conservative Opportunities Fund term to maturity of one to five years. The S&P/TSX Fund expenses indirectly borne by Composite Index is the headline index and the principal broad market measure for the Canadian equity markets. It investors includes common stocks and income trust units. The Mutual funds pay for some expenses out of fund assets. ® S&P 500 CAD Hedged Index measures the performance That means investors in a mutual fund indirectly pay for of 500 large-capitalization companies in leading industries these expenses through lower returns. of the U.S. economy, hedged to the Canadian dollar. The following table is intended to help you compare the For more information, see Investment risk cumulative cost of investing in this Fund with the cost of classification methodology in Your guide to investing in other mutual funds. This example assumes understanding the Fund Profile in the first part of this that: (i) you invest $1,000 in units of the Fund for the time document. periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Who should invest in the Fund? Fund was the same in all periods as the MER that each The Fund may be suitable for medium-term investors respective series incurred in the Fund’s last financial who: year. • are seeking a return similar to that of a bond fund Although your actual costs may be higher or lower, based • are seeking an investment to diversify a portfolio of on these assumptions, your costs would be: funds with traditional benchmarks 1 year 3 years 5 years 10 years • can handle small changes in the value of their investment Investor Series ($) 17.22 54.29 95.15 216.59 D-Series ($) 11.28 35.54 62.30 141.82 For more information about how TDAM has determined the level of investor risk tolerance that would be Advisor Series ($) 17.22 54.29 95.15 216.59 appropriate for investment in the Fund, see Who should F-Series ($) 8.51 26.82 47.01 107.01 invest in the Fund? in Your guide to understanding Private Series◊ ($) 0.21 0.65 1.13 2.58 the Fund Profile in the first part of this document. O-Series* ($) 0.10 0.32 0.57 1.29 Distribution policy ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. The Fund intends to distribute any net income on or about * Holders of O-Series units also pay a negotiable annual O-Series fee calendar quarter end (March, June, September and to TDAM. December) and distributes any remaining net income and any net realized capital gains annually in December. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund Distributions will automatically be reinvested in that are not included in the calculation of the MER. additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

84 TD Mutual Funds TD Global Balanced Opportunities Fund

Fund details Fund type Tactical Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) September 7, 2011 2.00% D-Series (C$) February 10, 2015 1.25% Advisor Series (C$) April 2, 2013 2.00% F-Series (C$) November 28, 2011 1.00% Private Series (C$) February 4, 2016 N/A∆ O-Series (C$) December 4, 2017 N/A*

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? Canada 91-day Treasury Bills plus 5% over a 5-year period before fees and expenses, which will reduce Investment objectives returns to investors. The fundamental investment objective is to seek to The Fund has obtained permission from Canadian achieve a total return that exceeds that of Government of securities regulatory authorities to purchase, hold or Canada 91-day Treasury Bills over a 5-year period obtain exposure to, up to 10% of the Fund’s net assets, regardless of market conditions, through a balanced taken at the time of purchase, certain exchange-traded approach of capital growth and income. funds that would otherwise be prohibited under securities laws. Currently, the Fund intends to purchase, hold or The Fund may invest directly in, or provide exposure to, obtain exposure to exchange-traded funds that seek to investments including, but not limited to, any of the following: money market securities, debt and debt-like replicate the performance of gold or the value of a instruments, preferred shares, exchange-traded funds specified derivative the underlying interest of which is and/or equity and equity-like instruments of Canadian, gold on an unlevered basis (the “Gold ETFs”). The Gold ETFs are traded on a Canadian or U.S. stock U.S. and/or international markets. exchange and may not be qualified for distribution in the The fundamental investment objective may only be same Canadian jurisdictions as the Fund. The risks changed with the approval of a majority of unitholders, associated with the Fund’s exposure to Gold ETFs are given at a meeting called for that purpose. primarily commodity risk and exchange-traded fund risk. Investment strategies The Fund has obtained permission from Canadian securities regulatory authorities to invest in Canadian and The portfolio adviser seeks to achieve the fundamental U.S. exchange-traded funds that are not index investment objective of the Fund by investing in, or participation units and that would otherwise be prohibited obtaining exposure to, securities of any type including, under securities laws (the “Underlying ETFs”), provided but not limited to: money market, debt and other that, among other conditions: (i) such Underlying ETFs do evidences of indebtedness (including investments in not exceed 30% of the net asset value of the Fund, taken loans), preferred shares, exchange-traded funds and/or at the time of purchase (excluding securities of equity and equity-like instruments of Canadian, U.S. Underlying ETFs that are managed by TDAM or an and/or international markets. The investment strategy associate or affiliate of TDAM); (ii) Underlying ETFs that uses a top-down investment approach, including a are traded on a U.S. exchange do not exceed 10% of the thorough analysis of the global macroeconomic net asset value of the Fund, taken at the time of environment, to allocate assets and select securities. The purchase; (iii) Underlying ETFs and Gold ETFs that portfolio adviser may dynamically shift between any asset provide leverage exposure do not exceed 10% of the net classes and markets and may use defensive strategies asset value of the Fund, taken at the time of purchase; such as derivatives to modify the return and risk profile of and (iv) the Fund will not short sell securities of any the Fund. The Fund may have significant exposure to Underlying ETF. money market securities for long periods of time. The Fund may, from time to time, invest in other funds The Fund utilizes these strategies to seek to achieve an managed by TDAM when the portfolio adviser believes average annual compound return of Government of 85 TD Mutual Funds TD Global Balanced Opportunities Fund that an investment in other funds is a more efficient or rate and the performance of a fund. For more information, cost-effective way of achieving the Fund’s investment see Income tax considerations for investors in the first objective. part of this document. The Fund may use specified derivatives, such as options, We may change the Fund’s investment strategies at our futures, forward contracts and swaps, as permitted by discretion without notice or approval. Canadian securities laws to, among other things: What are the risks of investing in the • gain exposure to fixed income and equity instruments without actually investing in them directly (including Fund? when owning the derivative investment is more Risks of investing in the Fund may include: efficient or less costly than owning the fixed income or equity instrument itself) • commodity risk • obtain the desired foreign currency exposure • credit risk • gain exposure to gold • derivatives risk • enhance income • equity risk • provide downside risk protection for one or more • exchange-traded fund risk securities to which the Fund has exposure • foreign currency risk • swap credit risk • fund-of-funds risk • interest rate risk The Fund may hold money market instruments or cash to • international market risk meet its obligations under the derivative instruments. • large investor risk (as at June 30, 2020, two The Fund may engage in securities lending, repurchase unitholders held 80.25% and 13.74%, respectively, of or reverse repurchase transactions in a manner the net asset value of the Fund) consistent with its investment objectives and as permitted • liquidity risk by Canadian securities regulatory authorities. For more • market disruption risk information, see Securities lending, repurchase and • repurchase and reverse repurchase transactions risk reverse repurchase transactions in Your guide to • securities lending risk understanding the Fund Profile in the first part of this • series risk document. • short selling risk • small company risk The Fund may engage in short selling in a manner • valuation risk for illiquid assets consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more These and other risks, which may also apply to the Fund, information, see Short selling in Your guide to are described under the heading Fund-specific risks in understanding the Fund Profile in the first part of this the first part of this document. document. The risk rating of the Fund is low to medium. Since the TDAM may vary the percentage of the Fund’s holdings in Fund has less than 10 years of performance history, any mutual fund or asset class, or change the securities TDAM has used the performance history of the following in which the Fund invests, in each case, without notice to reference indexes, in addition to the Fund’s actual return unitholders. history, to calculate the risk rating of the Fund in the proportions noted in the table below: A unitholder of the Fund does not have ownership rights in securities of any underlying fund held by the Fund. Proportion (%) Reference Indexes Where TDAM is the manager of both the Fund and an 60% S&P/TSX Composite Index (Total Return) underlying fund in which the Fund has invested, the Fund 30% FTSE Canada Universe Bond Index will not exercise its right to vote the securities of the 10% S&P 500® CAD Hedged Index (Total Return) underlying fund. TDAM may arrange for these securities to be voted by unitholders of the Fund. However, given The S&P/TSX Composite Index is the headline index and the costs and complexity of doing so, TDAM may not the principal broad market measure for the Canadian arrange for a flow-through of voting rights. equity markets. It includes common stocks and income trust units. The FTSE Canada Universe Bond Index is a The portfolio adviser may engage in active and frequent broad-based measure of the performance of marketable trading of portfolio securities such that the portfolio government and corporate bonds outstanding in the turnover rate may be greater than 70% for the upcoming Canadian market. The S&P 500® CAD Hedged Index financial year. The higher the portfolio turnover rate in a measures the performance of 500 large-capitalization financial year, the greater the trading costs payable by a companies in leading industries of the U.S. economy, mutual fund in the year, and the greater the chance of an hedged to the Canadian dollar. investor receiving taxable distributions in the year. There is not necessarily a relationship between a high turnover 86 TD Mutual Funds TD Global Balanced Opportunities Fund

For more information, see Investment risk Although your actual costs may be higher or lower, based classification methodology in Your guide to on these assumptions, your costs would be: understanding the Fund Profile in the first part of this document. 1 year 3 years 5 years 10 years Investor Series ($) 22.86 72.06 126.30 287.50 Who should invest in the Fund? D-Series ($) 14.45 45.56 79.86 181.78 The Fund may be suitable for medium to long-term Advisor Series ($) 22.76 71.74 125.74 286.21 investors who: F-Series ($) 11.48 36.19 63.43 144.39 • are seeking a return similar to that of a balanced fund Private Series◊ ($) 1.03 3.23 5.66 12.89 • are seeking an investment to diversify a portfolio of O-Series* ($) 0.10 0.32 0.57 1.29 funds with traditional benchmarks ◊ • can handle changes in the value of their investment Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. For more information about how TDAM has determined * Holders of O-Series units also pay a negotiable annual O-Series fee the level of investor risk tolerance that would be to TDAM. appropriate for investment in the Fund, see Who should See Fees and expenses in the first part of this document in invest in the Fund? Your guide to understanding for more information on the costs of investing in the Fund in the first part of this document. the Fund Profile that are not included in the calculation of the MER. Distribution policy The Fund intends to distribute any net income on or about calendar quarter end (March, June, September and December) and distributes any remaining net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year.

87 TD Mutual Funds TD Monthly Income Fund

Fund details Fund type Canadian Income Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) June 29, 1998 1.25% 0.08% H8 Series (C$) January 9, 2006 1.25% 0.08% D-Series (C$) October 20, 2015 1.00% 0.08% Advisor Series (C$) November 12, 2002 1.25% 0.08% T8 Series (C$) January 9, 2006 1.25% 0.08% F-Series (C$) November 1, 2005 0.75% N/A FT5 Series (C$) August 16, 2018 0.75% N/A FT8 Series (C$) January 9, 2006 0.75% N/A

What does the Fund invest in? (being The Toronto-Dominion Bank or an affiliate of The Toronto-Dominion Bank). Investment objectives The Canadian securities regulatory authorities have The fundamental investment objective is to seek to stated that where a mutual fund acquires mortgages from provide a consistent level of monthly income with capital a lending institution with which the Fund, its management appreciation as a secondary objective, by investing company and/or insiders of either of them are dealing at primarily in income-producing securities. arm’s length, such mortgages shall be acquired at the The fundamental investment objective may only be dollar amount which produces at least the yield prevailing changed with the approval of a majority of unitholders, for the sale of comparable unserviced mortgages by given at a meeting called for that purpose. major mortgage lenders under similar conditions. In all other cases, mortgages shall be acquired by the Fund Investment strategies according to only one of the following three methods: The portfolio adviser believes that a bottom-up strategy (a) at that principal amount which will produce a yield to emphasizing analysis of individual corporations in the the Fund equal to the interest rate at which the context of a global macroeconomic environment should lending institution is making commitments to loan on add value and enhance long-term performance. The the security of comparable mortgages at the time of portfolio adviser selects securities based on methodical purchase by the Fund; or risk/return analysis with the objective of maximizing risk- adjusted returns for the Fund. The Fund invests primarily (b) at that principal amount which will produce the same in a diversified portfolio of Canadian securities, which yield to the Fund as the interest rate charged by the may include government and corporate debt obligations, lending institution to the mortgagor on the date of dividend-paying common shares and preferred shares, as commitment, provided that the date of commitment is well as real estate investment trusts, other evidences of not more than 120 days prior to the date of purchase indebtedness (including investments in loans) and other of the mortgage by the Fund, and the interest rate is similar high-yielding instruments. Generally, the Fund equal to the rate at which the lending institution made employs a “buy-and-hold” strategy. The Fund may also commitments to loan on the security of comparable invest in exchange-traded funds. mortgages on the date of commitment; or The Fund may invest in foreign securities to an extent (c) at that principal amount which will produce a yield to that will vary from time to time but is not typically the Fund of not more than a quarter of one percent expected to exceed 30% of the total value of the assets of less than the interest rate at which the lending the Fund at the time that foreign securities are purchased. institution is making commitments, at the time of purchase, to loan on the security of comparable In addition, the Fund may invest up to 10% of its net mortgages, provided that the lending institution which asset value in guaranteed mortgages, as defined in sells mortgages to the Fund has entered into an National Instrument 81-102 – Investment Funds, including agreement to repurchase the mortgages from the guaranteed mortgages administered by TD Bank Group Fund in circumstances benefiting the Fund and that

88 TD Mutual Funds TD Monthly Income Fund

such an agreement is considered by the administrator efficient or less costly than owning the fixed income to justify the difference in yield to the Fund. or equity instrument itself) • reduce the risk associated with currency fluctuations The choice of valuation method affects yield as follows: • enhance income method (a) and method (b) will result in identical yields, • provide downside risk protection for one or more provided that no change in the interest rate charged securities to which the Fund has exposure occurs within the 120-day period. Method (a) will result in a greater yield than method (b) where the interest rate The Fund may hold money market instruments or cash to has increased during the 120-day period. Method (a) will meet its obligations under the derivative instruments. result in a lesser yield than method (b) where the interest The Fund may engage in securities lending, repurchase rate has decreased during the 120-day period. Method (a) will always result in a yield greater than that of or reverse repurchase transactions in a manner method (c). consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more Regarding mortgages purchased from TD Bank Group, information, see Securities lending, repurchase and the method used by the Fund is method (c) referred to reverse repurchase transactions in Your guide to above, on the basis that mortgages are offered for sale to understanding the Fund Profile in the first part of this the Fund by TD Bank Group for a price determined as document. being that principal amount which will produce a yield to the Fund of not more than one quarter of one percent We may change the Fund’s investment strategies at our (0.25%) less than the interest rate at which TD Bank discretion without notice or approval. Group is making commitments, at that time, to loan on the security of comparable mortgages. As required by What are the risks of investing in the method (c), TD Bank Group has agreed to repurchase Fund? from the Fund any mortgage purchased from TD Bank Risks of investing in the Fund may include: Group if such mortgage has been in default for ninety days or more. Such mortgages must be • capital depreciation risk repurchased by TD Bank Group for an amount equal to • credit risk the outstanding principal balance owing on the mortgage • derivatives risk on the date of purchase, plus accrued interest thereon at • equity risk the rate of interest specified in such mortgage loan to the • exchange-traded fund risk date of purchase. • foreign currency risk • interest rate risk The Fund has obtained permission from Canadian • large investor risk securities regulatory authorities to invest in Canadian and • U.S. exchange-traded funds that are not index market disruption risk • participation units and that would otherwise be prohibited repurchase and reverse repurchase transactions risk • under securities laws (the “Underlying ETFs”), provided securities lending risk • that, among other conditions: (i) such Underlying ETFs do series risk not exceed 30% of the net asset value of the Fund, taken • valuation risk for illiquid assets at the time of purchase (excluding securities of These and other risks, which may also apply to the Fund, Underlying ETFs that are managed by TDAM or an are described under the heading Fund-specific risks in associate or affiliate of TDAM); (ii) Underlying ETFs that the first part of this document. are traded on a U.S. exchange do not exceed 10% of the net asset value of the Fund, taken at the time of The risk rating of the Fund is low to medium. For more purchase; (iii) Underlying ETFs that provide leverage information, see Investment risk classification exposure do not exceed 10% of the net asset value of the methodology in Your guide to understanding the Fund, taken at the time of purchase; and (iv) the Fund will Fund Profile in the first part of this document. not short sell securities of any Underlying ETF. Who should invest in the Fund? The Fund may use specified derivatives, such as options, futures, forward contracts and swaps, as permitted by The Fund may be suitable for medium to long-term Canadian securities laws to, among other things: investors who: • • hedge against losses associated with rising interest are seeking a consistent level of monthly income with rates a moderate degree of capital growth • • gain exposure to fixed income and equity instruments can handle changes in the value of their investment without actually investing in them directly (including • in the case of H8 Series, T8 Series, FT5 Series and when owning the derivative investment is more FT8 Series units, are seeking a monthly distribution that may include a return of capital

89 TD Mutual Funds TD Monthly Income Fund

For more information about how TDAM has determined Although your actual costs may be higher or lower, based the level of investor risk tolerance that would be on these assumptions, your costs would be: appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding 1 year 3 years 5 years 10 years the Fund Profile in the first part of this document. Investor Series ($) 15.07 47.50 83.26 189.52 H8 Series ($) 14.97 47.18 82.69 188.23 Distribution policy D-Series ($) 12.30 38.78 67.97 154.71 The Fund intends to make a distribution on or about Advisor Series ($) 14.97 47.18 82.69 188.23 month end that in the case of Investor Series, D-Series, T8 Series ($) 15.17 47.82 83.82 190.81 Advisor Series and F-Series units, may consist of net income and in the case of H8 Series, T8 Series, F-Series ($) 8.51 26.82 47.01 107.01 FT5 Series and FT8 Series units, may consist of net FT5 Series ($) 8.61 27.14 47.58 108.30 income, net realized capital gains and/or return of capital. FT8 Series ($) 8.51 26.82 47.01 107.01 Any distributions made in excess of the Fund’s net income and net realized capital gains for the year See Fees and expenses in the first part of this document represent a return of your capital. For any series, if the for more information on the costs of investing in the Fund distributions in a year are less than the Fund’s net income that are not included in the calculation of the MER. and net realized capital gains for the year, the Fund will make an additional distribution in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year.

90 TD Mutual Funds TD Tactical Monthly Income Fund

Fund details Fund type North American Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 12, 2012 1.75% 0.08% H8 Series (C$) September 12, 2012 1.75% 0.08% Premium Seriesꬷ (C$) November 12, 2013 1.65% 0.08% D-Series (C$) February 10, 2015 1.00% 0.08% Advisor Series (C$) September 12, 2012 1.75% 0.08% T8 Series (C$) September 12, 2012 1.75% 0.08% F-Series (C$) September 12, 2012 0.75% N/A FT5 Series (C$) August 16, 2018 0.75% N/A FT8 Series (C$) September 12, 2012 0.75% N/A O-Series (C$) September 12, 2012 N/A* N/A

ꬷ Effective March 28, 2017, Premium Series of the Fund was closed to any purchases by new investors. Investors who held Premium Series of the Fund at the close of business on March 28, 2017, and whose dealer continues to make this series available, may continue to make additional investments. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? may also hold a significant portion of its assets in cash- equivalent instruments when the portfolio adviser believes Investment objectives it is prudent to do so. The common share investments will tend to focus on dividend-paying, blue-chip companies. The fundamental investment objective is to seek to earn The portfolio adviser selects securities based on income with the potential for capital appreciation, by methodical risk/return analysis with the objective of investing primarily in, or gaining exposure to, income- maximizing risk-adjusted returns for the Fund. Bond producing securities. investments will tend to focus on corporate bonds, which The fundamental investment objective may only be may include non-investment-grade bonds, using rigorous changed with the approval of a majority of unitholders, bottom-up security selection while also being mindful of given at a meeting called for that purpose. the macro environment. Investment strategies The Fund may invest in foreign securities to an extent that will vary from time to time but is not typically The portfolio adviser seeks to achieve the fundamental expected to exceed 49% of the total value of the assets of investment objective of the Fund by investing mainly in a the Fund at the time that foreign securities are purchased. diversified portfolio of income-producing securities of While foreign securities are typically expected to consist Canadian issuers, which may include, but are not limited of securities of U.S. issuers, the Fund may also invest in, to, government and corporate debt obligations, common or gain exposure to, securities of issuers located outside shares and preferred shares, exchange-traded funds, as of the U.S. The portfolio adviser may hedge any or all well as real estate investment trusts, other evidences of foreign currency exposure in the Fund. indebtedness (including investments in loans) and other similar income-producing instruments. The Fund may, from time to time, invest up to 10% of its net asset value in securities of other funds managed by The portfolio adviser may tactically shift between different TDAM when the portfolio adviser believes that an asset classes to favour areas that are expected to have investment in other funds is a more efficient or cost- higher potential returns while seeking to avoid or effective way of achieving the Fund’s investment minimize exposure to areas with greater risk of loss. The objectives. Fund may gain exposure to asset classes through any one or a combination of: derivatives; exchange-traded The Fund has obtained permission from Canadian funds; direct investments in equities, fixed income securities regulatory authorities to purchase, hold or securities or money market securities; and any other obtain exposure to, up to 10% of the Fund’s net assets, instrument that provides the desired exposure. The Fund taken at the time of purchase, certain exchange-traded

91 TD Mutual Funds TD Tactical Monthly Income Fund funds that would otherwise be prohibited under securities the costs and complexity of doing so, TDAM may not laws. Currently, the Fund intends to purchase, hold or arrange for a flow-through of voting rights. obtain exposure to exchange-traded funds that seek to We may change the Fund’s investment strategies at our replicate the performance of gold or the value of a discretion without notice or approval. specified derivative the underlying interest of which is gold on an unlevered basis (the “Gold ETFs”). The What are the risks of investing in the Gold ETFs are traded on a Canadian or U.S. stock exchange and may not be qualified for distribution in the Fund? same Canadian jurisdictions as the Fund. The risks Risks of investing in the Fund may include: associated with the Fund’s exposure to Gold ETFs are primarily commodity risk and exchange-traded fund risk. • capital depreciation risk • commodity risk The Fund may use specified derivatives, such as options, • credit risk futures, forward contracts and swaps, as permitted by • Canadian securities laws to, among other things: derivatives risk • equity risk • hedge against losses associated with rising interest • exchange-traded fund risk rates • foreign currency risk • gain exposure to fixed income and equity instruments • fund-of-funds risk without actually investing in them directly (including • interest rate risk when owning the derivative investment is more • international market risk efficient or less costly than owning the fixed income • large investor risk (as at June 30, 2020, one or equity instrument itself) unitholder held 11.04% of the net asset value of the • reduce the risk associated with currency fluctuations Fund) • gain exposure to gold • market disruption risk • enhance income • repurchase and reverse repurchase transactions risk • provide downside risk protection for one or more • securities lending risk securities to which the Fund has exposure • series risk • swap credit risk • short selling risk The Fund may hold money market instruments or cash to • small company risk meet its obligations under the derivative instruments. • valuation risk for illiquid assets The Fund may engage in securities lending, repurchase These and other risks, which may also apply to the Fund, or reverse repurchase transactions in a manner are described under the heading Fund-specific risks in consistent with its investment objectives and as permitted the first part of this document. by Canadian securities regulatory authorities. For more The risk rating of the Fund is low to medium. Since the information, see Securities lending, repurchase and Fund has less than 10 years of performance history, in reverse repurchase transactions Your guide to TDAM has used the performance history of the following understanding the Fund Profile in the first part of this reference indexes, in addition to the Fund’s actual return document. history, to calculate the risk rating of the Fund in the The Fund may engage in short selling in a manner proportions noted in the table below: consistent with its investment objectives and as permitted Proportion (%) Reference Indexes by Canadian securities regulatory authorities. For more information, see Short selling in Your guide to 50% FTSE Canada Universe Bond Index understanding the Fund Profile in the first part of this 35% S&P/TSX 60 Index (Total Return) ▽ document. 15% S&P 100® Index (Net Dividend, Total Return)

▽ TDAM may vary the percentage of the Fund’s holdings in Calculated in Canadian dollars for purposes of determining the risk any mutual fund or asset class, or change the securities rating of the Fund. in which the Fund invests, in each case, without notice to The FTSE Canada Universe Bond Index is a broad-based unitholders. measure of the performance of marketable government A unitholder of the Fund does not have ownership rights and corporate bonds outstanding in the Canadian market. in securities of any underlying fund held by the Fund. The S&P/TSX 60 Index is comprised of the largest 60 Where TDAM is the manager of both the Fund and an companies on the S&P/TSX Composite Index, by market underlying fund in which the Fund has invested, the Fund capitalization, and is structured to reflect the sector ® will not exercise its right to vote the securities of the weights of the S&P/TSX Composite Index. The S&P 100 ® underlying fund. TDAM may arrange for these securities Index is a subset of the S&P 500 Index and measures to be voted by unitholders of the Fund. However, given

92 TD Mutual Funds TD Tactical Monthly Income Fund the performance of 100 large-capitalization U.S. Fund expenses indirectly borne by companies across multiple industry groups. investors For more information, see Investment risk classification methodology in Your guide to Mutual funds pay for some expenses out of fund assets. understanding the Fund Profile in the first part of this That means investors in a mutual fund indirectly pay for document. these expenses through lower returns. The following table is intended to help you compare the Who should invest in the Fund? cumulative cost of investing in this Fund with the cost of The Fund may be suitable for medium to long-term investing in other mutual funds. This example assumes investors who: that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% • are seeking a regular monthly distribution that may return; and (iii) the MER for each series of units of the include a return of capital Fund was the same in all periods as the MER that each • want a moderate degree of capital growth respective series incurred in the Fund’s last financial • are seeking exposure to mainly Canadian year. investments • can handle changes in the value of their investment Although your actual costs may be higher or lower, based on these assumptions, your costs would be: For more information about how TDAM has determined the level of investor risk tolerance that would be 1 year 3 years 5 years 10 years appropriate for investment in the Fund, see Who should Investor Series ($) 20.91 65.92 115.54 263.00 invest in the Fund? in Your guide to understanding H8 Series ($) 20.60 64.95 113.84 259.14 the Fund Profile in the first part of this document. Premium Series ($) 19.78 62.36 109.31 248.82 Distribution policy D-Series ($) 12.30 38.78 67.97 154.71 The Fund intends to distribute on or about month end an Advisor Series ($) 20.81 65.60 114.97 261.71 amount consisting of net income, net realized capital T8 Series ($) 20.91 65.92 115.54 263.00 gains and/or return of capital. Any distributions made in F-Series ($) 8.51 26.82 47.01 107.01 excess of the Fund’s net income and net realized FT5 Series ($) 8.51 26.82 47.01 107.01 capital gains for the year represent a return of your FT8 Series ($) 8.41 26.50 46.44 105.72 capital. If the distributions in a year are less than the Fund’s net income and net realized capital gains for the O-Series* ($) 0 0 0 0 year, the Fund will make an additional distribution in * There were no indirect expenses associated with the O-Series units December. of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. Distributions will automatically be reinvested in additional units of the same series of the Fund. For See Fees and expenses in the first part of this document other options that may be available to you, see for more information on the costs of investing in the Fund Distribution policy in Your guide to understanding the that are not included in the calculation of the MER. Fund Profile in the first part of this document.

93 TD Mutual Funds TD North American Sustainability Balanced Fund

Fund details Fund type Global Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) July 29, 2020° 1.75% 0.08% H8 Series (C$) July 29, 2020° 1.75% 0.08% D-Series (C$) July 29, 2020° 1.00% 0.08% Advisor Series (C$) July 29, 2020° 1.75% 0.08% T8 Series (C$) July 29, 2020° 1.75% 0.08% F-Series (C$) July 29, 2020° 0.75% N/A FT5 Series (C$) July 29, 2020° 0.75% N/A FT8 Series (C$) July 29, 2020° 0.75% N/A

° New series – represents the date when the series was first prospectus-qualified.

What does the Fund invest in? grade bonds, using rigorous bottom-up security selection while also being mindful of the macro environment. Investment objectives The portfolio adviser may hedge any or all foreign The fundamental investment objective is to seek to earn currency exposure in the Fund. The portfolio adviser may income with the potential for capital appreciation while also invest in exchange-traded funds in order to obtain following a socially responsible approach to investing. the desired equity exposure. The Fund may invest primarily in, or gain exposure to, North American equity and fixed income securities. The Fund may, from time to time, invest up to 100% of its net asset value in securities of other funds managed by The fundamental investment objective may only be TDAM when the portfolio adviser believes that an changed with the approval of a majority of unitholders, investment in other funds is a more efficient or cost- given at a meeting called for that purpose. effective way of achieving the Fund’s investment objectives. Investment strategies The Fund has obtained permission from Canadian The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by investing directly in, securities regulatory authorities to purchase, hold or or gaining exposure to, a diversified portfolio of income- obtain exposure to, up to 10% of the Fund’s net assets, producing securities of North American issuers, which taken at the time of purchase, certain exchange-traded funds that would otherwise be prohibited under securities may include, but are not limited to, government and laws. Currently, the Fund intends to purchase, hold or corporate debt obligations, common shares, preferred obtain exposure to exchange-traded funds that seek to shares, and other similar income-producing instruments. replicate the performance of gold or the value of a The portfolio adviser may tactically shift between different specified derivative the underlying interest of which is asset classes to favour areas that are expected to have gold on an unlevered basis (the “Gold ETFs”). The higher potential returns while seeking to avoid or Gold ETFs are traded on a Canadian or U.S. stock minimize exposure to areas with greater risk of loss. exchange and may not be qualified for distribution in the same Canadian jurisdictions as the Fund. The risks The portfolio adviser will focus on a combination of associated with the Fund’s exposure to Gold ETFs are common share and bond investments that demonstrate primarily commodity risk and exchange-traded fund risk. positive contributions towards the Sustainable Development Goals as set out by the United Nations. The The Fund has obtained permission from Canadian common share investments will tend to focus on industry securities regulatory authorities to invest in Canadian and leaders that, in the portfolio adviser’s view, have U.S. exchange-traded funds that are not index sustainable competitive advantages evidenced by the participation units and that would otherwise be prohibited high returns on capital, strong balance sheets and under securities laws (the “Underlying ETFs”), provided management teams that are able to manage capital that, among other conditions: (i) such Underlying ETFs do efficiently. The bond investments will tend to focus on not exceed 30% of the net asset value of the Fund, taken corporate bonds, which may include non-investment- at the time of purchase (excluding securities of

94 TD Mutual Funds TD North American Sustainability Balanced Fund

Underlying ETFs that are managed by TDAM or an What are the risks of investing in the associate or affiliate of TDAM); (ii) Underlying ETFs that are traded on a U.S. exchange do not exceed 10% of the Fund? net asset value of the Fund, taken at the time of Risks of investing in the Fund may include: purchase; (iii) Underlying ETFs and Gold ETFs that provide leverage exposure do not exceed 10% of the net • capital depreciation risk asset value of the Fund, taken at the time of purchase; • commodity risk and (iv) the Fund will not short sell securities of any • credit risk Underlying ETF. • derivatives risk • The Fund may use specified derivatives, such as options, equity risk futures, forward contracts and swaps, as permitted by • exchange-traded fund risk Canadian securities laws to, among other things: • foreign currency risk • fund-of-funds risk • hedge against losses associated with rising interest • interest rate risk rates • international market risk • gain exposure to fixed income and equity instruments • large investor risk without actually investing in them directly (including • market disruption risk when owning the derivative investment is more • regulatory risk efficient or less costly than owning the fixed income • repurchase and reverse repurchase transactions risk or equity instrument itself) • securities lending risk • reduce the risk associated with currency fluctuations • series risk • gain exposure to gold • small company risk • enhance income • specialization risk • provide downside risk protection for one or more securities to which the Fund has exposure These and other risks, which may also apply to the Fund, • swap credit risk are described under the heading Fund-specific risks in the first part of this document. The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. The risk rating of the Fund is low to medium. Since the Fund is a new fund, TDAM has used the performance The Fund may engage in securities lending, repurchase history of the following reference indexes to calculate the or reverse repurchase transactions in a manner risk rating of the Fund in the proportions noted in the table consistent with its investment objectives and as permitted below: by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and Proportion (%) Reference Indexes reverse repurchase transactions in Your guide to 50% FTSE Canada Universe Bond Index ▽ understanding the Fund Profile in the first part of this 37.5% S&P 500® Index (Net Dividend, Total Return) document. 12.5% S&P/TSX Composite Index (Total Return) TDAM may vary the percentage of the Fund’s holdings in ▽ Calculated in Canadian dollars for purposes of determining the risk any mutual fund or asset class, or change the securities rating of the Fund. in which the Fund invests, in each case, without notice to unitholders. The FTSE Canada Universe Bond Index is a broad-based measure of the performance of marketable government A unitholder of the Fund does not have ownership rights and corporate bonds outstanding in the Canadian market. in securities of any underlying fund held by the Fund. The S&P 500® Index measures the performance of 500 Where TDAM is the manager of both the Fund and an large-capitalization companies in leading industries of the underlying fund in which the Fund has invested, the Fund U.S. economy. The S&P/TSX Composite Index is the will not exercise its right to vote the securities of the headline index and the principal broad market measure underlying fund. TDAM may arrange for these securities for the Canadian equity markets. It includes common to be voted by unitholders of the Fund. However, given stocks and income trust units. the costs and complexity of doing so, TDAM may not arrange for a flow-through of voting rights. For more information, see Investment risk classification methodology in Your guide to We may change the Fund’s investment strategies at our understanding the Fund Profile in the first part of this discretion without notice or approval. document.

95 TD Mutual Funds TD North American Sustainability Balanced Fund

Who should invest in the Fund? Fund expenses indirectly borne by The Fund may be suitable for medium to long-term investors investors who: This information is not applicable as the Fund had not • want to invest in a fund with a socially responsible commenced operations as at the date of this simplified approach to investing prospectus. • prefer the simplicity of investing in a single actively TDAM has agreed to waive or absorb expenses such that managed fund that incorporates both equity and fixed the MER (including GST and HST but excluding income securities brokerage commissions) in respect of the following series • are seeking monthly income with a moderate degree of units of the Fund for the financial year ending on of capital growth December 31, 2021 will not exceed the rates specified in • can handle changes in the value of their investment the following table. Thereafter, TDAM may, from time to • in the case of H8 Series, T8 Series, FT5 Series and time, agree to waive or absorb expenses at its discretion. FT8 Series units, are seeking a monthly distribution Any such waiver or absorption, if implemented, may be that may include a return of capital suspended or terminated by TDAM at any time without For more information about how TDAM has determined notice to unitholders. the level of investor risk tolerance that would be Series Capped MER appropriate for investment in the Fund, see Who should Investor Series 2.07% invest in the Fund? in Your guide to understanding H8 Series 2.07% the Fund Profile in the first part of this document. D-Series 1.23% Distribution policy Advisor Series 2.07% T8 Series 2.07% The Fund intends to make a distribution on or about F-Series 0.85% month end that in the case of Investor Series, D-Series, FT5 Series 0.85% Advisor Series and F-Series units, may consist of net FT8 Series 0.85% income and in the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, may consist of net See Fees and expenses in the first part of this document income, net realized capital gains and/or return of capital. for more information on the costs of investing in the Fund Any distributions made in excess of the Fund’s net that are not included in the calculation of the MER. income and net realized capital gains for the year represent a return of your capital. For any series, if the distributions in a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will make an additional distribution in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

96 TD Mutual Funds TD U.S. Monthly Income Fund

Fund details Fund type U.S. Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (US$) August 16, 2011 1.75% 0.08% H8 Series (US$) August 16, 2011 1.75% 0.08% Premium Seriesꬷ (US$) November 12, 2013 1.65% 0.08% D-Series (US$) February 10, 2015 0.90% 0.08% Advisor Series (US$) August 16, 2011 1.75% 0.08% T8 Series (US$) August 16, 2011 1.75% 0.08% F-Series (US$) August 16, 2011 0.75% N/A FT5 Series (US$) August 16, 2018 0.75% N/A FT8 Series (US$) August 16, 2011 0.75% N/A

ꬷ Effective March 28, 2017, Premium Series of the Fund was closed to any purchases by new investors. Investors who held Premium Series of the Fund at the close of business on March 28, 2017, and whose dealer continues to make this series available, may continue to make additional investments.

What does the Fund invest in? may, from time to time, invest in securities of other funds managed by TDAM, including TD U.S. Corporate Bond Investment objectives Fund, when the portfolio adviser believes that an investment in other funds is a more efficient or cost- The fundamental investment objective is to seek to effective way of achieving the Fund’s investment provide a consistent level of monthly income in U.S. objective. The Fund may also invest up to 30% of the dollars by investing mainly in, or obtaining exposure to, income-producing securities, with capital appreciation as total value of the assets of the Fund in income-producing a secondary objective. Income-producing securities may securities of Canadian and non-U.S. issuers generally include, but is not limited to, dividend-paying common denominated in U.S. dollars. shares and preferred shares, bonds, exchange-traded The Fund may use specified derivatives, such as options, funds and real estate investment trusts. futures, forward contracts and swaps, as permitted by Canadian securities laws to, among other things: The fundamental investment objective may only be changed with the approval of a majority of unitholders, • hedge against losses associated with rising interest given at a meeting called for that purpose. rates • Investment strategies gain exposure to fixed income and equity instruments without actually investing in them directly (including The portfolio adviser seeks to achieve the fundamental when owning the derivative investment is more investment objective of the Fund by investing mainly in a efficient or less costly than owning the fixed income diversified portfolio of U.S. securities, which may include, or equity instrument itself) but are not limited to, bonds, dividend-paying common • enhance income shares and preferred shares, exchange-traded funds and • provide downside risk protection for one or more real estate investment trusts. Within the fixed income securities to which the Fund has exposure portion of the Fund, the portfolio adviser believes that a • swap credit risk strategy using rigorous bottom-up security selection paired with a thorough analysis of the global The Fund may hold money market instruments or cash to macroeconomic environment should add value and meet its obligations under the derivative instruments. enhance long-term performance. The portfolio adviser The Fund may engage in securities lending, repurchase focuses on dividend-paying equities of companies that or reverse repurchase transactions in a manner have sustainable business models, with high-quality consistent with its investment objectives and as permitted balance sheets and the ability to generate free cash flow. by Canadian securities regulatory authorities. For more The portfolio adviser may vary the asset allocation of the information, see Securities lending, repurchase and Fund based on the expected risk-adjusted return and reverse repurchase transactions in Your guide to yield opportunities that exist in the marketplace. The Fund

97 TD Mutual Funds TD U.S. Monthly Income Fund understanding the Fund Profile in the first part of this U.S. economy. The ICE BofA 1-10 Year US Corporate & document. Government Index is a subset of the ICE BofA US Corporate & Government Index and includes all The portfolio adviser may vary the percentage of the securities with a remaining term to final maturity of less Fund’s holdings in any mutual fund, or change the mutual than 10 years. The ICE BofA BB-B US High Yield Index is funds in which the Fund invests, in each case, without a subset of the ICE BofA US High Yield Index and notice to unitholders. includes all securities rated BB1 through B3, inclusive. A unitholder of the Fund does not have ownership rights For more information, see Investment risk in securities of any underlying fund held by the Fund. classification methodology in Your guide to Where TDAM is the manager of both the Fund and an understanding the Fund Profile in the first part of this underlying fund in which the Fund has invested, the Fund document. will not exercise its right to vote the securities of the underlying fund. TDAM may arrange for these securities Who should invest in the Fund? to be voted by unitholders of the Fund. However, given the costs and complexity of doing so, TDAM may not The Fund may be suitable for medium to long-term arrange for a flow-through of voting rights. investors who: We may change the Fund’s investment strategies at our • are seeking a consistent level of U.S. dollar monthly discretion without notice or approval. income with a moderate degree of capital growth • can handle changes in the value of their investment What are the risks of investing in the • in the case of H8 Series, T8 Series, FT5 Series and Fund? FT8 Series units, are seeking a monthly distribution that may include a return of capital Risks of investing in the Fund may include: For more information about how TDAM has determined • capital depreciation risk the level of investor risk tolerance that would be • credit risk appropriate for investment in the Fund, see Who should • derivatives risk invest in the Fund? in Your guide to understanding • equity risk the Fund Profile in the first part of this document. • exchange-traded fund risk • fund-of-funds risk Distribution policy • interest rate risk The Fund intends to make a distribution on or about • international market risk month end that in the case of Investor Series, Premium • large investor risk Series, D-Series, Advisor Series and F-Series units, may • market disruption risk consist of net income and in the case of H8 Series, • repurchase and reverse repurchase transactions risk T8 Series, FT5 Series and FT8 Series units, may consist • securities lending risk of net income, net realized capital gains and/or return of • series risk capital. Distributions are paid in U.S. dollars only. Any distributions made in excess of the Fund’s net These and other risks, which may also apply to the Fund, income and net realized capital gains for the year are described under the heading Fund-specific risks in represent a return of your capital. For any series, if the the first part of this document. distributions in a year are less than the Fund’s net income The risk rating of the Fund is low to medium. Since the and net realized capital gains for the year, the Fund will Fund has less than 10 years of performance history, make an additional distribution in December. TDAM has used the performance history of the following Distributions will automatically be reinvested in reference indexes, in addition to the Fund’s actual return additional units of the same series of the Fund. For history, to calculate the risk rating of the Fund in the other options that may be available to you, see proportions noted in the table below: Distribution policy in Your guide to understanding the Proportion (%) Reference Indexes Fund Profile in the first part of this document. 50% S&P 500® Index (Net Dividend, Total Return) ICE BofA 1-10 Year US Corporate & 35% Government Index ▽ 15% ICE BofA BB-B US High Yield Index

▽ Calculated in U.S. dollars for purposes of determining the risk rating of the Fund. The S&P 500® Index measures the performance of 500 large-capitalization companies in leading industries of the 98 TD Mutual Funds TD U.S. Monthly Income Fund

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 20.81 65.60 114.97 261.71 H8 Series ($) 20.30 63.98 112.14 255.27 Premium Series ($) 18.96 59.78 104.78 238.51 D-Series ($) 10.97 34.58 60.60 137.95 Advisor Series ($) 20.71 65.27 114.41 260.43 T8 Series ($) 20.60 64.95 113.84 259.14 F-Series ($) 8.51 26.82 47.01 107.01 FT5 Series ($) 8.10 25.53 44.74 101.85 FT8 Series ($) 8.51 26.82 47.01 107.01

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

99 TD Mutual Funds TD U.S. Monthly Income Fund – C$

Fund details Fund type U.S. Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 10, 2013 1.75% 0.08% H8 Series (C$) September 10, 2013 1.75% 0.08% D-Series (C$) October 20, 2015 0.90% 0.08% Advisor Series (C$) September 10, 2013 1.75% 0.08% T8 Series (C$) September 10, 2013 1.75% 0.08% F-Series (C$) September 10, 2013 0.75% N/A FT5 Series (C$) August 16, 2018 0.75% N/A FT8 Series (C$) September 10, 2013 0.75% N/A

What does the Fund invest in? effective way of achieving the Fund’s investment objective. The Fund may also invest up to 30% of the Investment objectives total value of the assets of the Fund in income-producing securities of Canadian and non-U.S. issuers generally The fundamental investment objective is to seek to denominated in U.S. dollars. The Fund intends to earn provide a consistent level of monthly income in Canadian income in U.S. dollars but since the Fund’s base currency dollars by investing mainly in, or obtaining exposure to, U.S. income-producing securities, with capital is Canadian dollars, that income may be impacted by appreciation as a secondary objective. Income-producing foreign currency fluctuations. securities may include, but are not limited to, dividend- The Fund may use specified derivatives, such as options, paying common shares and preferred shares, bonds, futures, forward contracts and swaps, as permitted by exchange-traded funds and real estate investment trusts. Canadian securities laws to, among other things: The fundamental investment objective may only be • hedge against losses associated with rising interest changed with the approval of a majority of unitholders, rates given at a meeting called for that purpose. • gain exposure to fixed income and equity instruments Investment strategies without actually investing in them directly (including when owning the derivative investment is more The portfolio adviser seeks to achieve the fundamental efficient or less costly than owning the fixed income investment objective of the Fund by investing mainly in a or equity instrument itself) diversified portfolio of U.S. income-producing securities, • reduce the risk associated with currency fluctuations which may include, but are not limited to, bonds, • enhance income dividend-paying common shares and preferred shares, • provide downside risk protection for one or more exchange-traded funds and real estate investment trusts. securities to which the Fund has exposure Within the fixed income portion of the Fund, the portfolio • swap credit risk adviser believes that a strategy using rigorous bottom-up security selection paired with a thorough analysis of the The Fund may hold money market instruments or cash to global macroeconomic environment should add value and meet its obligations under the derivative instruments. enhance long-term performance. The portfolio adviser The Fund may engage in securities lending, repurchase focuses on dividend-paying equities of companies that or reverse repurchase transactions in a manner have sustainable business models, with high-quality consistent with its investment objectives and as permitted balance sheets and the ability to generate free cash flow. by Canadian securities regulatory authorities. For more The portfolio adviser may vary the asset allocation of the information, see Securities lending, repurchase and Fund based on the expected risk-adjusted return and reverse repurchase transactions in Your guide to yield opportunities that exist in the marketplace. The Fund understanding the Fund Profile in the first part of this may, from time to time, invest in securities of other funds document. managed by TDAM, including TD U.S. Corporate Bond Fund, when the portfolio adviser believes that an The portfolio adviser may vary the percentage of the investment in other funds is a more efficient or cost- Fund’s holdings in any mutual fund, or change the mutual

100 TD Mutual Funds TD U.S. Monthly Income Fund – C$ funds in which the Fund invests, in each case, without securities with a remaining term to final maturity of less notice to unitholders. than 10 years. The ICE BofA BB-B US High Yield Index is a subset of the ICE BofA US High Yield Index and A unitholder of the Fund does not have ownership rights includes all securities rated BB1 through B3, inclusive. in securities of any underlying fund held by the Fund. Where TDAM is the manager of both the Fund and an For more information, see Investment risk underlying fund in which the Fund has invested, the Fund classification methodology in Your guide to will not exercise its right to vote the securities of the understanding the Fund Profile in the first part of this underlying fund. TDAM may arrange for these securities document. to be voted by unitholders of the Fund. However, given the costs and complexity of doing so, TDAM may not Who should invest in the Fund? arrange for a flow-through of voting rights. The Fund may be suitable for medium to long-term We may change the Fund’s investment strategies at our investors who: discretion without notice or approval. • are seeking a consistent level of monthly income in What are the risks of investing in the Canadian dollars through exposure to U.S. income- producing securities Fund? • are seeking a moderate degree of capital growth Risks of investing in the Fund may include: • can handle changes in the value of their investment • in the case of H8 Series, T8 Series, FT5 Series and • capital depreciation risk FT8 Series units, are seeking a monthly distribution • credit risk that may include a return of capital • derivatives risk For more information about how TDAM has determined • equity risk the level of investor risk tolerance that would be • exchange-traded fund risk appropriate for investment in the Fund, see Who should • foreign currency risk invest in the Fund? in Your guide to understanding • fund-of-funds risk the Fund Profile in the first part of this document. • interest rate risk • international market risk Distribution policy • large investor risk The Fund intends to make a distribution on or about • market disruption risk month end that in the case of Investor Series, D-Series, • repurchase and reverse repurchase transactions risk Advisor Series and F-Series units, may consist of net • securities lending risk income and in the case of H8 Series, T8 Series, • series risk FT5 Series and FT8 Series units, may consist of net These and other risks, which may also apply to the Fund, income, net realized capital gains and/or return of capital. are described under the heading Fund-specific risks in Any distributions made in excess of the Fund’s net the first part of this document. income and net realized capital gains for the year represent a return of your capital. For any series, if the The risk rating of the Fund is low to medium. Since the distributions in a year are less than the Fund’s net income Fund has less than 10 years of performance history, and net realized capital gains for the year, the Fund will TDAM has used the performance history of the following make an additional distribution in December. reference indexes, in addition to the Fund’s actual return history, to calculate the risk rating of the Fund in the Distributions will automatically be reinvested in proportions noted in the table below: additional units of the same series of the Fund. For other options that may be available to you, see Proportion (%) Reference Indexes Distribution policy in Your guide to understanding the ▽ 50% S&P 500® Index (Net Dividend, Total Return) Fund Profile in the first part of this document. ICE BofA 1-10 Year US Corporate & 35% ▽ Government Index Fund expenses indirectly borne by 15% ICE BofA BB-B US High Yield Index investors ▽ Calculated in Canadian dollars for purposes of determining the risk Mutual funds pay for some expenses out of fund assets.

rating of the Fund. That means investors in a mutual fund indirectly pay for The S&P 500® Index measures the performance of 500 these expenses through lower returns. large-capitalization companies in leading industries of the The following table is intended to help you compare the U.S. economy. The ICE BofA 1-10 Year US Corporate & cumulative cost of investing in this Fund with the cost of Government Index is a subset of the ICE BofA investing in other mutual funds. This example assumes US Corporate & Government Index and includes all

101 TD Mutual Funds TD U.S. Monthly Income Fund – C$ that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 20.91 65.92 115.54 263.00 H8 Series ($) 20.50 64.63 113.28 257.85 D-Series ($) 11.07 34.90 61.17 139.24 Advisor Series ($) 20.71 65.27 114.41 260.43 T8 Series ($) 20.71 65.27 114.41 260.43 F-Series ($) 8.51 26.82 47.01 107.01 FT5 Series ($) 8.51 26.82 47.01 107.01 FT8 Series ($) 8.51 26.82 47.01 107.01

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

102 TD Mutual Funds TD Diversified Monthly Income Fund

Fund details Fund type Canadian Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) November 30, 1987 1.95% 0.08% H8 Series (C$) September 4, 2007 1.95% 0.08% D-Series (C$) January 15, 2019 1.25% 0.08% Advisor Series (C$) January 8, 2007 1.95% 0.08% T8 Series (C$) September 4, 2007 1.95% 0.08% F-Series (C$) January 8, 2007 1.00% N/A FT5 Series (C$) August 16, 2018 1.00% N/A FT8 Series (C$) September 4, 2007 1.00% N/A O-Series (C$) October 22, 2019 N/A* N/A

* No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund has obtained permission from Canadian securities regulatory authorities to invest in Canadian and Investment objectives U.S. exchange-traded funds that are not index The fundamental investment objective is to seek to participation units and that would otherwise be prohibited provide monthly income with capital appreciation as a under securities laws (the “Underlying ETFs”), provided that, among other conditions: (i) such Underlying ETFs do secondary objective, by investing primarily in income- not exceed 30% of the net asset value of the Fund, taken producing securities. at the time of purchase (excluding securities of The fundamental investment objective may only be Underlying ETFs that are managed by TDAM or an changed with the approval of a majority of unitholders, associate or affiliate of TDAM); (ii) Underlying ETFs that given at a meeting called for that purpose. are traded on a U.S. exchange do not exceed 10% of the net asset value of the Fund, taken at the time of Investment strategies purchase; (iii) Underlying ETFs that provide leverage In order to generate a consistent level of monthly income, exposure do not exceed 10% of the net asset value of the the Fund will invest primarily in a diversified portfolio of Fund, taken at the time of purchase; and (iv) the Fund will Canadian securities, which may include government and not short sell securities of any Underlying ETF. corporate debt obligations, dividend-paying common The Fund may use specified derivatives, such as options, shares and preferred shares, as well as real estate futures, forward contracts and swaps, as permitted by investment trusts and other evidences of indebtedness Canadian securities laws to, among other things: (including investments in loans). Generally, the Fund employs a “buy-and-hold” strategy. The portfolio adviser • hedge against losses associated with rising interest may invest in non-investment grade (high-yield) corporate rates debt obligations. • gain exposure to fixed income and equity instruments The portfolio adviser uses a bottom-up strategy that without actually investing in them directly (including emphasizes the analysis of individual companies to when owning the derivative investment is more determine if they can maintain and increase their income efficient or less costly than owning the fixed income distributions over time. This analysis also focuses on or equity instrument itself) selecting securities and allocating investments among • reduce the risk associated with currency fluctuations asset classes with the objective of maximizing the risk- • enhance income adjusted returns for the Fund. The Fund may also invest • provide downside risk protection for one or more in exchange-traded funds. securities to which the Fund has exposure The Fund may invest in foreign securities to an extent The Fund may hold money market instruments or cash to that will vary from time to time but is not typically meet its obligations under the derivative instruments. expected to exceed 30% of the total value of the assets of the Fund at the time that foreign securities are purchased.

103 TD Mutual Funds TD Diversified Monthly Income Fund

The Fund may engage in securities lending, repurchase Distribution policy or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted The Fund intends to make a distribution on or about by Canadian securities regulatory authorities. For more month end that in the case of Investor Series, D-Series, information, see Securities lending, repurchase and Advisor Series, F-Series and O-Series units, may consist reverse repurchase transactions in Your guide to of net income and in the case of H8 Series, T8 Series, understanding the Fund Profile in the first part of this FT5 Series and FT8 Series units, may consist of net document. income, net realized capital gains and/or return of capital. Any distributions made in excess of the Fund’s net We may change the Fund’s investment strategies at our income and net realized capital gains for the year discretion without notice or approval. represent a return of your capital. For any series, if the distributions in a year are less than the Fund’s net income What are the risks of investing in the and net realized capital gains for the year, the Fund will Fund? make an additional distribution in December. Risks of investing in the Fund may include: Distributions will automatically be reinvested in additional units of the same series of the Fund. For • capital depreciation risk other options that may be available to you, see • credit risk Distribution policy in Your guide to understanding the • derivatives risk Fund Profile in the first part of this document. • equity risk • exchange-traded fund risk Fund expenses indirectly borne by • foreign currency risk • interest rate risk investors • international market risk Mutual funds pay for some expenses out of fund assets. • large investor risk That means investors in a mutual fund indirectly pay for • liquidity risk these expenses through lower returns. • market disruption risk The following table is intended to help you compare the • repurchase and reverse repurchase transactions risk cumulative cost of investing in this Fund with the cost of • securities lending risk investing in other mutual funds. This example assumes • series risk that: (i) you invest $1,000 in units of the Fund for the time • valuation risk for illiquid assets periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the These and other risks, which may also apply to the Fund, Fund was the same in all periods as the MER that each are described under the heading Fund-specific risks in respective series incurred in the Fund’s last financial the first part of this document. year. The risk rating of the Fund is low to medium. For more Although your actual costs may be higher or lower, based information, see Investment risk classification on these assumptions, your costs would be: methodology in Your guide to understanding the Fund Profile in the first part of this document. 1 year 3 years 5 years 10 years Who should invest in the Fund? Investor Series ($) 23.37 73.67 129.13 293.95 H8 Series ($) 23.27 73.35 128.57 292.66 The Fund may be suitable for medium to long-term D-Series ($) 15.27 48.15 84.39 192.10 investors who: Advisor Series ($) 23.47 74.00 129.70 295.23 • are seeking a consistent level of monthly income with T8 Series ($) 23.78 74.97 131.40 299.10 a moderate degree of capital growth • can handle changes in the value of their investment F-Series ($) 11.38 35.87 62.87 143.10 • in the case of H8 Series, T8 Series, FT5 Series and FT5 Series ($) 11.79 37.16 65.13 148.26 FT8 Series units, are seeking a monthly distribution FT8 Series ($) 11.28 35.54 62.30 141.82 that may include a return of capital O-Series* ($) 0 0 0 0 For more information about how TDAM has determined * There were no indirect expenses associated with the O-Series units the level of investor risk tolerance that would be of the Fund because the MER of this series was zero. Holders of appropriate for investment in the Fund, see Who should O-Series units pay a negotiable annual O-Series fee to TDAM. in invest in the Fund? Your guide to understanding See Fees and expenses in the first part of this document the Fund Profile in the first part of this document. for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

104 TD Mutual Funds TD Global Tactical Monthly Income Fund

Fund details Fund type Diversified Income Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) September 12, 2012 1.85% 0.08% H8 Series (C$) September 12, 2012 1.85% 0.08% D-Series (C$) (US$) February 10, 2015 1.00% 0.08% Advisor Series (C$) (US$) September 12, 2012 1.85% 0.08% T8 Series (C$) September 12, 2012 1.85% 0.08% F-Series (C$) (US$) September 12, 2012 0.85% N/A FT5 Series (C$) August 16, 2018 0.85% N/A FT8 Series (C$) September 12, 2012 0.85% N/A

What does the Fund invest in? risk/return analysis with the objective of maximizing risk- adjusted returns for the Fund. Bond investments will tend Investment objectives to focus on corporate bonds, which may include non- investment-grade bonds, using rigorous bottom-up The fundamental investment objective is to seek to earn security selection while also being mindful of the macro income and capital appreciation by investing primarily in, environment. or gaining exposure to, income-producing securities of issuers from anywhere in the world. The Fund may, from time to time, invest in securities of The fundamental investment objective may only be other funds managed by TDAM when the portfolio adviser changed with the approval of a majority of unitholders, believes that an investment in other funds is a more efficient or cost-effective way of achieving the Fund’s given at a meeting called for that purpose. investment objectives. Investment strategies The Fund has obtained permission from Canadian The portfolio adviser seeks to achieve the fundamental securities regulatory authorities to purchase, hold or investment objective of the Fund by investing primarily in obtain exposure to, up to 10% of the Fund’s net assets, a diversified portfolio of income-producing securities, taken at the time of purchase, certain exchange-traded which may include, but are not limited to, government and funds that would otherwise be prohibited under securities corporate debt obligations, dividend-paying common laws. Currently, the Fund intends to purchase, hold or shares and preferred shares, exchange-traded funds, as obtain exposure to exchange-traded funds that seek to well as real estate investment trusts, other evidences of replicate the performance of gold or the value of a indebtedness (including investments in loans) and other specified derivative the underlying interest of which is similar income-producing instruments from anywhere in gold on an unlevered basis (the “Gold ETFs”). The the world. The portfolio adviser may hedge any or all Gold ETFs are traded on a Canadian or U.S. stock foreign currency exposure in the Fund. exchange and may not be qualified for distribution in the same Canadian jurisdictions as the Fund. The risks The portfolio adviser may shift between different asset associated with the Fund’s exposure to Gold ETFs are classes to favour areas that are expected to have higher primarily commodity risk and exchange-traded fund risk. potential returns while seeking to avoid or minimize exposure to areas with greater risk of loss. The Fund may The Fund may use specified derivatives, such as options, gain exposure to asset classes through any one or a futures, forward contracts and swaps, as permitted by combination of: derivatives; exchange-traded funds; direct Canadian securities laws to, among other things: investments in equities, fixed income securities or money • market securities; and any other instrument that provides hedge against losses associated with rising interest the desired exposure. The Fund may also hold a rates significant portion of its assets in cash-equivalent • gain exposure to fixed income and equity instruments instruments when the portfolio adviser believes it is without actually investing in them directly (including prudent to do so. Stocks may be purchased anywhere when owning the derivative investment is more throughout the market capitalization spectrum. The efficient or less costly than owning the fixed income portfolio adviser selects securities based on methodical or equity instrument itself)

105 TD Mutual Funds

TD Global Tactical Monthly Income Fund

• reduce the risk associated with currency fluctuations What are the risks of investing in the • gain exposure to gold • enhance income Fund? • provide downside risk protection for one or more Risks of investing in the Fund may include: securities to which the Fund has exposure • • swap credit risk capital depreciation risk • commodity risk The Fund may hold money market instruments or cash to • concentration risk meet its obligations under the derivative instruments. • credit risk The Fund may engage in securities lending, repurchase • derivatives risk or reverse repurchase transactions in a manner • equity risk consistent with its investment objectives and as permitted • exchange-traded fund risk by Canadian securities regulatory authorities. For more • foreign currency risk information, see Securities lending, repurchase and • fund-of-funds risk reverse repurchase transactions in Your guide to • interest rate risk understanding the Fund Profile in the first part of this • international market risk document. • large investor risk The Fund may engage in short selling in a manner • market disruption risk consistent with its investment objectives and as permitted • repurchase and reverse repurchase transactions risk by Canadian securities regulatory authorities. For more • securities lending risk information, see Short selling in Your guide to • series risk understanding the Fund Profile in the first part of this • short selling risk document. • small company risk • TDAM may vary the percentage of the Fund’s holdings in valuation risk for illiquid assets any mutual fund or asset class, or change the securities These and other risks, which may also apply to the Fund, in which the Fund invests, in each case, without notice to are described under the heading Fund-specific risks in unitholders. the first part of this document. A unitholder of the Fund does not have ownership rights The risk rating of the Fund is low to medium. Since the in securities of any underlying fund held by the Fund. Fund has less than 10 years of performance history, Where TDAM is the manager of both the Fund and an TDAM has used the performance history of the following underlying fund in which the Fund has invested, the Fund reference indexes, in addition to the Fund’s actual return will not exercise its right to vote the securities of the history, to calculate the risk rating of the Fund in the underlying fund. TDAM may arrange for these securities proportions noted in the table below: to be voted by unitholders of the Fund. However, given the costs and complexity of doing so, TDAM may not Proportion (%) Reference Indexes arrange for a flow-through of voting rights. 50% FTSE Canada Universe Bond Index ▽ 50% MSCI World High Dividend Yield Index The portfolio adviser may engage in active and frequent (Net Dividend) trading of portfolio securities such that the portfolio ▽ Calculated in Canadian dollars for purposes of determining the risk turnover rate may be greater than 70% for the upcoming financial year. The higher the portfolio turnover rate in a rating of the Fund. financial year, the greater the trading costs payable by a The FTSE Canada Universe Bond Index is a broad-based mutual fund in the year, and the greater the chance of an measure of the performance of marketable government investor receiving taxable distributions in the year. There and corporate bonds outstanding in the Canadian market. is not necessarily a relationship between a high turnover The MSCI World High Dividend Yield Index includes rate and the performance of a fund. For more information, stocks of large and mid-capitalization companies in see Income tax considerations for investors in the first developed market countries and reflects the performance part of this document. of equities in the MSCI World Index, its parent index, with higher dividend income and quality characteristics than We may change the Fund’s investment strategies at our average dividend yields. discretion without notice or approval. For more information, see Investment risk classification methodology in Your guide to understanding the Fund Profile in the first part of this document.

106 TD Mutual Funds

TD Global Tactical Monthly Income Fund

Who should invest in the Fund? Fund expenses indirectly borne by The Fund may be suitable for medium to long-term investors investors who: Mutual funds pay for some expenses out of fund assets. • are seeking a regular monthly distribution that may That means investors in a mutual fund indirectly pay for include a return of capital these expenses through lower returns. • are seeking income with a moderate degree of capital The following table is intended to help you compare the growth cumulative cost of investing in this Fund with the cost of • can handle changes in the value of their investment investing in other mutual funds. This example assumes For more information about how TDAM has determined that: (i) you invest $1,000 in units of the Fund for the time the level of investor risk tolerance that would be periods indicated; (ii) your investment has an annual 5% appropriate for investment in the Fund, see Who should return; and (iii) the MER for each series of units of the invest in the Fund? in Your guide to understanding Fund was the same in all periods as the MER that each the Fund Profile in the first part of this document. respective series incurred in the Fund’s last financial year. Distribution policy Although your actual costs may be higher or lower, based The Fund intends to distribute on or about month end an on these assumptions, your costs would be: amount consisting of net income, net realized capital 1 year 3 years 5 years 10 years gains and/or return of capital. Any distributions made in excess of the Fund’s net income and net realized Investor Series ($) 22.14 69.80 122.34 278.47 capital gains for the year represent a return of your H8 Series ($) 22.24 70.12 122.90 279.76 capital. If the distributions in a year are less than the D-Series ($) 12.40 39.10 68.53 156.00 Fund’s net income and net realized capital gains for the Advisor Series ($) 21.94 69.15 121.20 275.90 year, the Fund will make an additional distribution in December. T8 Series ($) 21.94 69.15 121.20 275.90 F-Series ($) 9.74 30.70 53.81 122.48 Distributions will automatically be reinvested in additional units of the same series of the Fund. For FT5 Series ($) 9.94 31.34 54.94 125.06 other options that may be available to you, see FT8 Series ($) 9.84 31.02 54.37 123.77 Distribution policy in Your guide to understanding the See in the first part of this document Fund Profile in the first part of this document. Fees and expenses for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

107 TD Mutual Funds TD Balanced Growth Fund

Fund details Fund type Canadian Income Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 4, 1987 2.00% 0.08% D-Series (C$) January 15, 2019 1.25% 0.08% Advisor Series (C$) November 1, 2000 2.00% 0.08% F-Series (C$) November 1, 2000 1.00% N/A

What does the Fund invest in? • hedge against losses associated with rising interest rates Investment objectives • gain exposure to fixed income and equity instruments The fundamental investment objective is to seek to without actually investing in them directly (including provide capital growth and income by investing primarily when owning the derivative investment is more in equity and fixed income securities of issuers in efficient or less costly than owning the fixed income Canada. or equity instrument itself) • obtain the desired foreign currency exposure The fundamental investment objective may only be • enhance income changed with the approval of a majority of unitholders, • provide downside risk protection for one or more given at a meeting called for that purpose. securities to which the Fund has exposure • Investment strategies swap credit risk • provide an opportunity for gains in a falling market, or The portfolio adviser seeks to achieve the fundamental in a market where volatility is changing investment objective of the Fund by balancing the major asset classes of the Fund based on relative valuation The Fund may hold money market instruments or cash to parameters between such asset classes. The asset mix meet its obligations under the derivative instruments. of the Fund is typically expected to be 20% to 50% in The Fund may engage in securities lending, repurchase fixed income and 50% to 80% in equities. The portfolio or reverse repurchase transactions in a manner focuses on high-quality investments. Common stock consistent with its investment objectives and as permitted investments concentrate on those companies which are by Canadian securities regulatory authorities. For more expected to have above-average earnings growth over information, see Securities lending, repurchase and the course of a market cycle. In addition, the Fund may reverse repurchase transactions in Your guide to invest in exchange-traded funds, investment and non- understanding the Fund Profile in the first part of this investment grade bonds and other evidences of document. indebtedness (including investments in loans). We may change the Fund’s investment strategies at our The Fund considers issuers to be in Canada if: (a) the discretion without notice or approval. issuer derives significant revenue from goods produced, sales made or services rendered in Canada, (b) the What are the risks of investing in the principal trading market for the securities of the issuer is in Canada, (c) the issuer is organized under the laws of Fund? Canada or a jurisdiction in Canada, or (d) the issuer has Risks of investing in the Fund may include: significant assets or a principal office in Canada. • credit risk The Fund may invest in foreign securities to an extent • derivatives risk that will vary from time to time but is not typically • equity risk expected to exceed 30% of the total value of the assets of • foreign currency risk the Fund at the time that foreign securities are purchased. • interest rate risk • The Fund may use specified derivatives, such as options, international market risk • futures, forward contracts and swaps, as permitted by large investor risk • Canadian securities laws to, among other things: market disruption risk • repurchase and reverse repurchase transactions risk • securities lending risk

108 TD Mutual Funds TD Balanced Growth Fund

• series risk Fund expenses indirectly borne by • valuation risk for illiquid assets investors These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in Mutual funds pay for some expenses out of fund assets. the first part of this document. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The risk rating of the Fund is low to medium. For more information, see Investment risk classification The following table is intended to help you compare the methodology in Your guide to understanding the cumulative cost of investing in this Fund with the cost of Fund Profile in the first part of this document. investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time Who should invest in the Fund? periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the The Fund may be suitable for medium to long-term Fund was the same in all periods as the MER that each investors who: respective series incurred in the Fund’s last financial • prefer the simplicity of investing in a single fund that year. incorporates both bonds and equities with an Although your actual costs may be higher or lower, based emphasis on equities on these assumptions, your costs would be: • can handle changes in the value of their investment 1 year 3 years 5 years 10 years For more information about how TDAM has determined the level of investor risk tolerance that would be Investor Series ($) 22.76 71.74 125.74 286.21 appropriate for investment in the Fund, see Who should D-Series ($) 15.17 47.82 83.32 190.81 invest in the Fund? in Your guide to understanding Advisor Series ($) 22.86 72.06 126.30 287.50 the Fund Profile in the first part of this document. F-Series ($) 11.38 35.87 62.87 143.10

Distribution policy See Fees and expenses in the first part of this document The Fund intends to distribute any net income on or about for more information on the costs of investing in the Fund calendar quarter end (March, June, September and that are not included in the calculation of the MER. December) and distributes any remaining net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

109 TD Mutual Funds TD Dividend Income Fund

Fund details Fund type Canadian Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) October 31, 1994 1.75% 0.08% H8 Series (C$) September 6, 2006 1.75% 0.08% Premium Seriesꬷ (C$) November 12, 2013 1.70% 0.08% D-Series (C$) October 20, 2015 1.00% 0.08% Advisor Series (C$) December 1, 2003 1.75% 0.08% T8 Series (C$) September 6, 2006 1.75% 0.08% F-Series (C$) November 1, 2005 0.75% N/A FT5 Series (C$) August 16, 2018 0.75% N/A FT8 Series (C$) September 6, 2006 0.75% N/A Institutional Series (C$) September 26, 2001 0.45% N/A O-Series (C$) December 12, 2005 N/A* N/A

ꬷ Effective March 28, 2017, Premium Series of the Fund was closed to any purchases by new investors. Investors who held Premium Series of the Fund at the close of business on March 28, 2017, and whose dealer continues to make this series available, may continue to make additional investments. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund may use specified derivatives, such as options, futures, forward contracts and swaps, as permitted by Investment objectives Canadian securities laws to, among other things: The fundamental investment objective is to seek to • hedge against losses associated with rising interest provide income with capital appreciation as a secondary rates objective, by investing primarily in income-producing • gain exposure to fixed income and equity instruments securities. without actually investing in them directly (including The fundamental investment objective may only be when owning the derivative investment is more changed with the approval of a majority of unitholders, efficient or less costly than owning the fixed income given at a meeting called for that purpose. or equity instrument itself) • reduce the risk associated with currency fluctuations Investment strategies • enhance income • The portfolio adviser seeks to achieve the fundamental provide downside risk protection for one or more investment objective by holding a diversified portfolio of securities to which the Fund has exposure income-producing securities which may include, but are The Fund may hold money market instruments or cash to not limited to, dividend-paying equity securities, meet its obligations under the derivative instruments. government and corporate bonds, real estate investment trusts, other evidences of indebtedness (including The Fund may invest in foreign securities to an extent investments in loans) and other securities primarily of that will vary from time to time but is not typically Canadian issuers. Equity investments will be expected to exceed 30% of the total value of the assets of concentrated in dividend-paying larger-capitalization the Fund at the time that foreign securities are purchased. companies. Bond investments will be concentrated in The Fund may engage in securities lending, repurchase short-to-medium term bonds of highly rated corporate or or reverse repurchase transactions in a manner government issuers, but holdings may also include consistent with its investment objectives and as permitted asset-backed and longer-maturity bonds. The Fund may by Canadian securities regulatory authorities. For more also hold investments in other income-producing information, see Securities lending, repurchase and securities as well as exchange-traded funds. reverse repurchase transactions in Your guide to understanding the Fund Profile in the first part of this document.

110 TD Mutual Funds TD Dividend Income Fund

We may change the Fund’s investment strategies at our made in excess of the Fund’s net income and net discretion without notice or approval. realized capital gains for the year represent a return of your capital. For any series, if the distributions in a What are the risks of investing in the year are less than the Fund’s net income and net realized Fund? capital gains for the year, the Fund will make an additional distribution in December. Risks of investing in the Fund may include: Distributions will automatically be reinvested in • capital depreciation risk additional units of the same series of the Fund. For • credit risk other options that may be available to you, see • derivatives risk Distribution policy in Your guide to understanding the • equity risk Fund Profile in the first part of this document. • foreign currency risk • interest rate risk Fund expenses indirectly borne by • large investor risk (as at June 30, 2020, one investors unitholder held 19.05% of the net asset value of the Fund) Mutual funds pay for some expenses out of fund assets. • market disruption risk That means investors in a mutual fund indirectly pay for • repurchase and reverse repurchase transactions risk these expenses through lower returns. • securities lending risk The following table is intended to help you compare the • series risk cumulative cost of investing in this Fund with the cost of • valuation risk for illiquid assets investing in other mutual funds. This example assumes These and other risks, which may also apply to the Fund, that: (i) you invest $1,000 in units of the Fund for the time are described under the heading Fund-specific risks in periods indicated; (ii) your investment has an annual 5% the first part of this document. return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each The risk rating of the Fund is low to medium. For more respective series incurred in the Fund’s last financial information, see Investment risk classification year. methodology in Your guide to understanding the Fund Profile in the first part of this document. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Who should invest in the Fund? 1 year 3 years 5 years 10 years The Fund may be suitable for medium to long-term Investor Series ($) 20.81 65.60 114.97 261.71 investors who: H8 Series ($) 20.60 64.95 113.84 259.14 • are more interested in income than growth Premium Series ($) 20.40 64.30 112.71 256.56 • want to maximize after-tax income D-Series ($) 12.30 38.78 67.97 154.71 • are contributing to the income component of a diversified portfolio Advisor Series ($) 20.81 65.60 114.97 261.71 • can handle changes in the value of their investment T8 Series ($) 20.81 65.60 114.97 261.71 • in the case of H8 Series, T8 Series, FT5 Series and F-Series ($) 8.41 26.50 46.44 105.72 FT8 Series units, are seeking a monthly distribution FT5 Series ($) 8.41 26.50 46.44 105.72 that may include a return of capital FT8 Series ($) 8.41 26.50 46.44 105.72 For more information about how TDAM has determined Institutional Series ($) 5.13 16.16 28.32 64.46 the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should O-Series* ($) 0 0 0 0 invest in the Fund? in Your guide to understanding * There were no indirect expenses associated with the O-Series units the Fund Profile in the first part of this document. of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. Distribution policy See Fees and expenses in the first part of this document The Fund intends to make a distribution on or about for more information on the costs of investing in the Fund month end that in the case of Investor Series, Premium that are not included in the calculation of the MER. Series, D-Series, Advisor Series, F-Series, Institutional Series and O-Series units, may consist of net income and in the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, may consist of net income, net realized capital gains and/or return of capital. Any distributions

111 TD Mutual Funds TD Canadian Diversified Yield Fund

Fund details Fund type Canadian Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) D-Series (C$) April 26, 2016 1.00% 0.08% Private Series (C$) February 12, 1996 N/A∆ N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM.

What does the Fund invest in? are traded on a U.S. exchange do not exceed 10% of the net asset value of the Fund, taken at the time of Investment objectives purchase; (iii) Underlying ETFs that provide leverage The fundamental investment objective is to seek to exposure do not exceed 10% of the net asset value of the provide a high level of after-tax income, with a view to Fund, taken at the time of purchase; and (iv) the Fund will achieving capital appreciation as a secondary objective. not short sell securities of any Underlying ETF. The Fund may invest directly in, or provide exposure to, The Fund may use specified derivatives, such as options, investments including, but not limited to, dividend-paying futures and forward contracts, as permitted by Canadian common shares of Canadian corporations, high-quality securities laws to, among other things: preferred share issues of Canadian financial institutions, utilities, and other corporations and Canadian dollar- • hedge against losses associated with rising interest denominated bonds. rates • gain exposure to fixed income and equity instruments The fundamental investment objective may only be without actually investing in them directly (including changed with the approval of a majority of unitholders, when owning the derivative investment is more given at a meeting called for that purpose. efficient or less costly than owning the fixed income Investment strategies or equity instrument itself) • reduce the risk associated with currency fluctuations The portfolio adviser seeks to achieve the fundamental • enhance income investment objective of the Fund primarily by holding any • provide downside risk protection for one or more combination of common and preferred shares, securities to which the Fund has exposure government and corporate bonds, and other income- producing securities. The common share investments will The Fund may hold money market instruments or cash to tend to focus on dividend-paying larger capitalization meet its obligations under the derivative instruments. companies in the , pipeline, and utility The Fund may also invest in convertible securities, sectors, but may also include holdings in other sectors. warrants and special warrants, private placements and Preferred share investments will be concentrated in exchange-traded funds. companies with high credit ratings in the financial services, utility and industrial products sectors. The The Fund may invest in foreign securities to an extent preferred shares held may have retraction or conversion that will vary from time to time but is not typically rights. The Fund may also invest in high-quality debt expected to exceed 30% of the total value of the assets of instruments issued by Canadian governments, agencies, the Fund at the time that foreign securities are purchased. and corporations, including mortgage-backed or The Fund may engage in securities lending, repurchase asset-backed securities. or reverse repurchase transactions in a manner The Fund has obtained permission from Canadian consistent with its investment objectives and as permitted securities regulatory authorities to invest in Canadian and by Canadian securities regulatory authorities. For more U.S. exchange-traded funds that are not index information, see Securities lending, repurchase and participation units and that would otherwise be prohibited reverse repurchase transactions in Your guide to under securities laws (the “Underlying ETFs”), provided understanding the Fund Profiles in the first part of this that, among other conditions: (i) such Underlying ETFs do document. not exceed 30% of the net asset value of the Fund, taken In some market conditions, the Fund may invest a portion at the time of purchase (excluding securities of of its assets in short-term or other debt securities. Underlying ETFs that are managed by TDAM or an associate or affiliate of TDAM); (ii) Underlying ETFs that

112 TD Mutual Funds TD Canadian Diversified Yield Fund

We may change the Fund’s investment strategies at our Distribution policy discretion without notice or approval. The Fund intends to distribute any net income on or about What are the risks of investing in the month end and distributes any remaining net income and Fund? any net realized capital gains annually in December. Risks of investing in the Fund may include: Distributions will automatically be reinvested in additional units of the same series of the Fund. For • concentration risk other options that may be available to you, see • credit risk Distribution policy in Your guide to understanding the • derivatives risk Fund Profile in the first part of this document. • equity risk • exchange-traded fund risk Fund expenses indirectly borne by • foreign currency risk investors • interest rate risk Mutual funds pay for some expenses out of fund assets. • international market risk That means investors in a mutual fund indirectly pay for • large investor risk (as at June 30, 2020, two these expenses through lower returns. unitholders held 88.69% and 10.32%, respectively, of the net asset value of the Fund) The following table is intended to help you compare the • market disruption risk cumulative cost of investing in this Fund with the cost of • repurchase and reverse repurchase transactions risk investing in other mutual funds. This example assumes • securities lending risk that: (i) you invest $1,000 in units of the Fund for the time • series risk periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the These and other risks, which may also apply to the Fund, Fund was the same in all periods as the MER that each are described under the heading Fund-specific risks in respective series incurred in the Fund’s last financial the first part of this document. year. The risk rating of the Fund is low to medium. For more Although your actual costs may be higher or lower, based information, see Investment risk classification on these assumptions, your costs would be: methodology in Your guide to understanding the Fund Profiles in the first part of this document. 1 year 3 years 5 years 10 years D-Series ($) 12.10 38.13 66.83 152.13 Who should invest in the Fund? Private Series◊ ($) 0.31 0.97 1.70 3.87 The Fund may be suitable for medium to long-term ◊ Holders of Private Series units also pay a negotiable annual Private investors who: Series fee to TDAM. • are more interested in income than growth See Fees and expenses in the first part of this document • want to maximize after-tax income for more information on the costs of investing in the Fund • are contributing to the income component of a that are not included in the calculation of the MER. diversified portfolio • can handle changes in the value of their investment For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profiles in the first part of this document.

113 TD Mutual Funds TD Canadian Low Volatility Fund

Fund details Fund type Canadian Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) April 15, 2014 1.70% 0.12% H8 Series (C$) April 15, 2014 1.70% 0.12% D-Series (C$) February 10, 2015 1.00% 0.12% Advisor Series (C$) April 15, 2014 1.70% 0.12% T8 Series (C$) April 15, 2014 1.70% 0.12% F-Series (C$) April 15, 2014 0.75% N/A FT5 Series (C$) August 16, 2018 0.75% N/A FT8 Series (C$) April 15, 2014 0.75% N/A Private Series (C$) September 16, 2014 N/A∆ N/A O-Series (C$) April 15, 2014 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? reducing volatility. As a result of this strategy, the Fund may not fully benefit from strong equity markets. Investment objectives The portfolio adviser may also invest in exchange-traded The fundamental investment objective is to seek to funds in order to obtain the desired equity exposure. Over achieve long-term capital appreciation by investing a full market cycle, the portfolio adviser seeks to deliver primarily in, or gaining exposure to, Canadian equity Fund performance similar to that of the S&P/TSX securities, while seeking to reduce volatility. Composite Index but with less volatility than the S&P/TSX Composite Index. The fundamental investment objective may only be changed with the approval of a majority of unitholders, The Fund may use specified derivatives, such as options, given at a meeting called for that purpose. futures and forward contracts, as permitted by Canadian securities laws to, among other things: Investment strategies • The portfolio adviser seeks to achieve the fundamental gain exposure to equity instruments without actually investment objective of the Fund by obtaining exposure to investing in them directly (including when owning the a diversified portfolio of securities consisting primarily of derivative investment is more efficient or less costly Canadian stocks listed on the S&P/TSX Composite Total than owning the equity instrument itself) Return Index (“S&P/TSX Composite Index”), with a focus • reduce the risk associated with currency fluctuations on stocks with lower volatility. Such exposure may be • provide downside risk protection for one or more obtained in one or more of the following ways, and in any securities to which the Fund has exposure combination: The Fund may hold money market instruments or cash to • by investing in units of TD Canadian Low Volatility meet its obligations under the derivative instruments. Pool (the “Underlying Fund”); The Fund may invest in foreign securities to an extent • by investing directly in such equities; that will vary from time to time but is not typically • through the use of derivatives to gain exposure to expected to exceed 30% of the total value of the assets of such equities. the Fund at the time that foreign securities are purchased. The Fund may invest up to 100% of its net asset value in The Fund may engage in securities lending, repurchase units of the Underlying Fund. or reverse repurchase transactions in a manner Where the Fund invests directly in stocks, the portfolio consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more adviser currently uses historical standard deviation as a information, see tool in selecting the stocks, looking at individual stocks Securities lending, repurchase and in and the correlation between stocks, with the aim of reverse repurchase transactions Your guide to

114 TD Mutual Funds TD Canadian Low Volatility Fund understanding the Fund Profile in the first part of this In some market conditions, the Underlying Fund may document. invest a portion of its assets in short-term or other debt securities. In some market conditions, the Fund may invest a portion of its assets in short-term or other debt securities. What are the risks of investing in the A unitholder of the Fund does not have ownership rights Fund? in securities of the Underlying Fund. Where TDAM is the manager of both the Fund and the Underlying Fund in Risks of investing in the Fund may include: which the Fund has invested, the Fund will not exercise • capital depreciation risk its right to vote the securities of the Underlying Fund. • commodity risk TDAM may arrange for these securities to be voted by • derivatives risk unitholders of the Fund. However, given the costs and • equity risk complexity of doing so, TDAM may not arrange for a flow- • foreign currency risk through of voting rights. • fund-of-funds risk We may change the Fund’s investment strategies at our • international market risk discretion without notice or approval. • large investor risk (as at June 30, 2020, one unitholder held 58.96% of the net asset value of the Information about the Underlying Fund Fund) The portfolio adviser of the Underlying Fund seeks to • liquidity risk achieve the Underlying Fund’s fundamental investment • market disruption risk objective by investing primarily in, or gaining exposure to, • repurchase and reverse repurchase transactions risk a diversified portfolio of securities consisting primarily of • securities lending risk Canadian stocks listed in the S&P/TSX Composite Index, • series risk with a focus on stocks with lower volatility. • small company risk • specialization risk The portfolio adviser of the Underlying Fund seeks to optimize the portfolio of the Underlying Fund by These and other risks, which may also apply to the Fund, overweighting stocks that are expected to deliver less are described under the heading Fund-specific risks in volatile returns and by underweighting, or excluding, the first part of this document. stocks that are expected to deliver more volatile returns. The risk rating of the Fund is low to medium. Since the The portfolio adviser of the Underlying Fund currently Fund has less than 10 years of performance history, uses historical standard deviation as a tool in selecting TDAM has used the performance history of the reference the stocks, looking at individual stocks and the correlation index in the table below, in addition to the Fund’s actual between stocks, with the aim of reducing volatility. As a return history, to calculate the risk rating of the Fund: result of this strategy, the Underlying Fund may not fully benefit from strong equity markets. Proportion (%) Reference Index MSCI Canada Minimum Volatility (CAD) Index The portfolio adviser of the Underlying Fund may also 100% (Total Return) invest in exchange-traded funds in order to obtain the desired equity exposure. Over a full market cycle, the The MSCI Canada Minimum Volatility (CAD) Index aims portfolio adviser of the Underlying Fund seeks to deliver to reflect the performance characteristics of a minimum fund performance similar to that of the S&P/TSX variance strategy applied to the MSCI large and Composite Index but with less volatility than the S&P/TSX mid-capitalization Canadian equity universe. It is Composite Index. calculated by optimizing the MSCI Canada Index, its parent index, for the lowest absolute risk (within certain The Underlying Fund may use specified derivatives, such constraints). For more information, see as options, futures and forward contracts, as permitted by Investment risk classification methodology in Your guide to Canadian securities laws, in the same manner as the understanding the Fund Profile in the first part of this Fund. document. The Underlying Fund may also engage in securities lending, repurchase or reverse repurchase transactions in Who should invest in the Fund? the same manner as the Fund. The Fund may be suitable for medium to long-term The Underlying Fund may invest in foreign securities to investors who: an extent that may vary from time to time but is not • want to invest in a diversified Canadian equity fund typically expected to exceed 30% of its assets at the time with less volatility that foreign securities are purchased. • are contributing to the growth component of a diversified portfolio

115 TD Mutual Funds TD Canadian Low Volatility Fund

• can handle changes in the value of their investment Although your actual costs may be higher or lower, based • in the case of H8 Series, T8 Series, FT5 Series and on these assumptions, your costs would be: FT8 Series units, are seeking a monthly distribution that may include a return of capital 1 year 3 years 5 years 10 years Investor Series ($) 20.81 65.60 114.97 261.71 For more information about how TDAM has determined the level of investor risk tolerance that would be H8 Series ($) 20.91 65.92 115.54 263.00 appropriate for investment in the Fund, see Who should D-Series ($) 12.61 39.75 69.66 158.58 invest in the Fund? in Your guide to understanding Advisor Series ($) 20.81 65.60 114.97 261.71 the Fund Profile in the first part of this document. T8 Series ($) 20.91 65.92 115.54 263.00 Distribution policy F-Series ($) 8.61 27.14 47.58 108.30 FT5 Series ($) 8.71 27.47 48.14 109.58 In the case of Investor Series, D-Series, Advisor Series, F-Series, Private Series and O-Series units, the Fund FT8 Series ($) 8.71 27.47 48.14 109.58 distributes any net income and any net realized capital Private Series◊ ($) 0.51 1.62 2.83 6.45 gains annually in December. In the case of H8 Series, O-Series* ($) 0 0 0 0 T8 Series, FT5 Series and FT8 Series units, the Fund ◊ intends to make a distribution on or about month end that Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. may consist of net income, net realized capital gains and/or return of capital. Any distributions made in * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of excess of the Fund’s net income and net realized O-Series units pay a negotiable annual O-Series fee to TDAM. capital gains for the year represent a return of your capital. For any series, if the distributions in a year are See Fees and expenses in the first part of this document less than the Fund’s net income and net realized capital for more information on the costs of investing in the Fund gains for the year, the Fund will make an additional that are not included in the calculation of the MER. distribution in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year.

116 TD Mutual Funds TD Dividend Growth Fund

Fund details Fund type Canadian Dividend Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 4, 1987 1.75% 0.08% H8 Series (C$) September 4, 2007 1.75% 0.08% Premium Seriesꬷ (C$) November 12, 2013 1.70% 0.08% D-Series (C$) October 20, 2015 1.00% 0.08% Advisor Series (C$) November 19, 2001 1.75% 0.08% T8 Series (C$) September 4, 2007 1.75% 0.08% F-Series (C$) November 19, 2001 0.80% N/A FT5 Series (C$) August 16, 2018 0.80% N/A FT8 Series (C$) September 4, 2007 0.80% N/A Institutional Series (C$) September 26, 2001 0.50% N/A O-Series (C$) December 12, 2005 N/A* N/A

ꬷ Effective March 28, 2017, Premium Series of the Fund was closed to any purchases by new investors. Investors who held Premium Series of the Fund at the close of business on March 28, 2017, and whose dealer continues to make this series available, may continue to make additional investments. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? • gain exposure to fixed income and equity instruments without actually investing in them directly (including Investment objectives when owning the derivative investment is more The fundamental investment objective is to provide a high efficient or less costly than owning the fixed income level of after-tax income and steady growth by investing or equity instrument itself) • primarily in high-quality, high-yield equity securities and reduce the risk associated with currency fluctuations • other income-producing instruments of Canadian issuers. enhance income • provide downside risk protection for one or more The fundamental investment objective may only be securities to which the Fund has exposure changed with the approval of a majority of unitholders, given at a meeting called for that purpose. The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. Investment strategies The Fund may invest in foreign securities to an extent The portfolio adviser seeks to achieve the fundamental that will vary from time to time but is not typically investment objective of the Fund by purchasing expected to exceed 30% of the total value of the assets of predominantly large-capitalization common equities that the Fund at the time that foreign securities are purchased. have either an above-average yield or the prospect of an attractive low-risk total return. Equity investments will tend The Fund may engage in securities lending, repurchase to be concentrated in the financial services, pipeline, and or reverse repurchase transactions in a manner utility sectors of the market, but will also include large- consistent with its investment objectives and as permitted capitalization special situations. Investments in real estate by Canadian securities regulatory authorities. For more investment trusts, bonds, preferred shares and information, see Securities lending, repurchase and exchange-traded funds may also be held by the Fund. reverse repurchase transactions in Your guide to understanding the Fund Profile in the first part of this The Fund may use specified derivatives, such as options, document. futures and forward contracts, as permitted by Canadian securities laws to, among other things: In some market conditions, the Fund may invest a portion of its assets in short-term or other debt securities. • hedge against losses associated with rising interest rates We may change the Fund’s investment strategies at our discretion without notice or approval.

117 TD Mutual Funds TD Dividend Growth Fund

What are the risks of investing in the September and December). In the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, the Fund Fund? intends to make a distribution on or about month end that Risks of investing in the Fund may include: may consist of net income, net realized capital gains and/or return of capital. Any distributions made in • capital depreciation risk excess of the Fund’s net income and net realized • concentration risk capital gains for the year represent a return of your • derivatives risk capital. For any series, if the distributions in a year are • equity risk less than the Fund’s net income and net realized capital • foreign currency risk gains for the year, the Fund will make an additional • interest rate risk distribution in December. • large investor risk • market disruption risk Distributions will automatically be reinvested in For • repurchase and reverse repurchase transactions risk additional units of the same series of the Fund. other options that may be available to you, see • securities lending risk Distribution policy in Your guide to understanding the • series risk Fund Profile in the first part of this document. In the twelve-month period ended June 30, 2020, more than 10% of the net asset value of the Fund was invested Fund expenses indirectly borne by in common shares of Royal Bank of Canada. The investors maximum percentage of the net asset value of the Fund invested in the securities of this issuer during this twelve- Mutual funds pay for some expenses out of fund assets. month period was 10.08%. The Fund may have That means investors in a mutual fund indirectly pay for experienced increased concentration risk as a result of these expenses through lower returns. this investment. The following table is intended to help you compare the These and other risks, which may also apply to the Fund, cumulative cost of investing in this Fund with the cost of are described under the heading Fund-specific risks in investing in other mutual funds. This example assumes the first part of this document. that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% The risk rating of the Fund is medium. For more return; and (iii) the MER for each series of units of the information, see Investment risk classification Fund was the same in all periods as the MER that each methodology in Your guide to understanding the respective series incurred in the Fund’s last financial Fund Profile in the first part of this document. year. Who should invest in the Fund? Although your actual costs may be higher or lower, based on these assumptions, your costs would be: The Fund may be suitable for medium to long-term investors who: 1 year 3 years 5 years 10 years • are more interested in growth than income Investor Series ($) 20.71 65.27 114.41 260.43 • want to maximize after-tax income H8 Series ($) 20.50 64.63 113.28 257.85 • are contributing to the growth component of a Premium Series ($) 20.19 63.66 111.58 253.98 diversified portfolio D-Series ($) 12.20 38.45 67.40 153.42 • can handle the ups and downs of the stock market • in the case of H8 Series, T8 Series, FT5 Series and Advisor Series ($) 20.81 65.60 114.97 261.71 FT8 Series units, are seeking a monthly distribution T8 Series ($) 20.91 65.92 115.54 263.00 that may include a return of capital F-Series ($) 9.02 28.44 49.84 113.45 For more information about how TDAM has determined FT5 Series ($) 9.12 28.76 50.41 114.74 the level of investor risk tolerance that would be FT8 Series ($) 9.02 28.44 49.84 113.45 appropriate for investment in the Fund, see Who should Institutional Series ($) 5.13 16.16 28.32 64.46 invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. O-Series* ($) 0 0 0 0 * There were no indirect expenses associated with the O-Series units Distribution policy of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. In the case of Investor Series, Premium Series, D-Series, Advisor Series, F-Series, Institutional Series and See Fees and expenses in the first part of this document O-Series units, the Fund intends to distribute any net for more information on the costs of investing in the Fund income on or about calendar quarter end (March, June, that are not included in the calculation of the MER.

118 TD Mutual Funds TD Canadian Blue Chip Dividend Fund

Fund details Fund type Canadian Dividend Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) D-Series (C$) April 26, 2016 1.00% 0.08% Private Series (C$) April 30, 2010 N/A∆ N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM.

What does the Fund invest in? The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian Investment objectives securities laws to, among other things: The fundamental investment objective is to seek to • gain exposure to equity instruments without actually provide steady growth and a high level of after-tax income investing in them directly (including when owning the by investing primarily in high-quality, dividend-yielding derivative investment is more efficient or less costly equity securities and other income-producing instruments than owning the equity instrument itself) of Canadian issuers. • enhance income The fundamental investment objective may only be • provide downside risk protection for one or more changed with the approval of a majority of unitholders, securities to which the Fund has exposure given at a meeting called for that purpose. The Fund may hold money market instruments or cash to Investment strategies meet its obligations under the derivative instruments. The portfolio adviser seeks to achieve the fundamental The Fund’s investments will, under most circumstances, investment objective of the Fund by purchasing be limited to Canadian securities. In some circumstances, predominantly large-capitalization Canadian common the Fund may hold foreign securities to an extent that will equities that have either an above-average dividend yield vary from time to time but is not typically expected to or the prospect of an attractive, relatively low-risk total exceed 10% of the total value of the assets of the Fund. return. Equity investments will tend to focus on the The Fund may engage in securities lending, repurchase financial services, pipeline, and utility sectors of the or reverse repurchase transactions in a manner market, but may also include holdings in other sectors. consistent with its investment objectives and as permitted Investments in other income-producing securities such as by Canadian securities regulatory authorities. For more preferred shares and exchange-traded funds may also be information, see Securities lending, repurchase and held by the Fund. reverse repurchase transactions in Your guide to The Fund has obtained permission from Canadian understanding the Fund Profiles in the first part of this securities regulatory authorities to invest in Canadian and document. U.S. exchange-traded funds that are not index In some market conditions, the Fund may invest a portion participation units and that would otherwise be prohibited of its assets in short-term or other debt securities. under securities laws (the “Underlying ETFs”), provided that, among other conditions: (i) such Underlying ETFs do We may change the Fund’s investment strategies at our not exceed 30% of the net asset value of the Fund, taken discretion without notice or approval. at the time of purchase (excluding securities of Underlying ETFs that are managed by TDAM or an What are the risks of investing in the associate or affiliate of TDAM); (ii) Underlying ETFs that Fund? are traded on a U.S. exchange do not exceed 10% of the net asset value of the Fund, taken at the time of Risks of investing in the Fund may include: purchase; (iii) Underlying ETFs that provide leverage • derivatives risk exposure do not exceed 10% of the net asset value of the • equity risk Fund, taken at the time of purchase; and (iv) the Fund will • exchange-traded fund risk not short sell securities of any Underlying ETF. • foreign currency risk • interest rate risk

119 TD Mutual Funds TD Canadian Blue Chip Dividend Fund

• large investor risk (as at June 30, 2020, one Fund expenses indirectly borne by unitholder held 91.45% of the net asset value of the Fund) investors • market disruption risk Mutual funds pay for some expenses out of fund assets. • repurchase and reverse repurchase transactions risk That means investors in a mutual fund indirectly pay for • securities lending risk these expenses through lower returns. • series risk The following table is intended to help you compare the These and other risks, which may also apply to the Fund, cumulative cost of investing in this Fund with the cost of are described under the heading Fund-specific risks in investing in other mutual funds. This example assumes the first part of this document. that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% The risk rating of the Fund is medium. For more return; and (iii) the MER for each series of units of the information, see Investment risk classification Fund was the same in all periods as the MER that each methodology in Your guide to understanding the respective series incurred in the Fund’s last financial Fund Profiles in the first part of this document. year. Who should invest in the Fund? Although your actual costs may be higher or lower, based The Fund may be suitable for medium to long-term on these assumptions, your costs would be: investors who: 1 year 3 years 5 years 10 years • are seeking exposure to Canadian equities with D-Series ($) 12.20 38.45 67.40 153.42 steady growth and/or attractive dividend yield Private Series◊ ($) 0.21 0.65 1.13 2.58 characteristics ◊ • want to maximize after-tax income through dividends Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. • are contributing to the growth and income component of a diversified portfolio See Fees and expenses in the first part of this document • can handle the ups and downs of the stock market for more information on the costs of investing in the Fund that are not included in the calculation of the MER. For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profiles in the first part of this document. Distribution policy The Fund intends to distribute any net income on or about month end and distributes any remaining net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

120 TD Mutual Funds TD Canadian Large-Cap Equity Fund

Fund details Fund type Canadian Large-Cap Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) D-Series (C$) April 26, 2016 1.10% 0.12% Private Series (C$) February 12, 1996 N/A∆ N/A O-Series (C$) September 1, 2016 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? and special warrants, private placements and exchange-traded funds. Investment objectives The Fund has obtained permission from Canadian The fundamental investment objective is to achieve rates securities regulatory authorities to purchase, hold or of total return that, over the longer term, exceed those of obtain exposure to, up to 10% of the Fund’s net assets, a broad market index of large-capitalization Canadian taken at the time of purchase, certain exchange-traded stocks. funds that would otherwise be prohibited under securities With the main focus on growth through capital laws. Currently, the Fund intends to purchase, hold or appreciation, the Fund invests primarily in publicly traded obtain exposure to exchange-traded funds that seek to and readily marketable stocks of Canadian corporations replicate the performance of gold or the value of a specified derivative the underlying interest of which is which are listed on stock exchanges or trading on gold on an unlevered basis (the “Gold ETFs”). The quotation systems in Canada or the U.S. Gold ETFs are traded on a Canadian or U.S. stock The fundamental investment objective may only be exchange and may not be qualified for distribution in the changed with the approval of a majority of unitholders, same Canadian jurisdictions as the Fund. The risks given at a meeting called for that purpose. associated with the Fund’s exposure to Gold ETFs are primarily commodity risk and exchange-traded fund risk. Investment strategies The Fund may use specified derivatives, such as options, The portfolio adviser seeks to achieve the fundamental futures and forward contracts, as permitted by Canadian investment objective of the Fund by investing primarily in securities laws to, among other things: common equities of large-capitalization Canadian companies. Fundamental analysis is conducted to reveal • gain exposure to equity instruments without actually companies which appear to possess solid business investing in them directly (including when owning the models, capable management teams, and financial derivative investment is more efficient or less costly flexibility at attractive relative valuations. An integral part than owning the equity instrument itself) of the investment process is meetings with the • reduce the risk associated with currency fluctuations management teams of portfolio companies, as well as • enhance income competitors and other companies in similar businesses. • provide downside risk protection for one or more In addition, the portfolio adviser engages in meetings with securities to which the Fund has exposure external and internal industry and company analysts. While the majority of the investment process is bottom- The Fund may hold money market instruments or cash to up, attention is paid to macroeconomic industry trends. meet its obligations under the derivative instruments. The portfolio adviser undertakes an assessment of The Fund may invest in foreign securities to an extent investment risks as well as potential return when that will vary from time to time but is not typically evaluating potential investments. expected to exceed 30% of the total value of the assets of The portfolio adviser looks at several key metrics to the Fund at the time that foreign securities are purchased. determine the relative attractiveness of companies and to The Fund may engage in securities lending, repurchase identify major risks. Risk control is an important element or reverse repurchase transactions in a manner in determining portfolio construction. consistent with its investment objectives and as permitted The Fund may also invest in other types of securities by Canadian securities regulatory authorities. For more such as preferred stocks, convertible securities, warrants information, see Securities lending, repurchase and

121 TD Mutual Funds TD Canadian Large-Cap Equity Fund reverse repurchase transactions in Your guide to Distribution policy understanding the Fund Profiles in the first part of this document. The Fund intends to distribute any net income on or about calendar quarter end (March, June, September and In some market conditions, the Fund may invest a portion December) and distributes any remaining net income and of its assets in short-term or other debt securities. any net realized capital gains annually in December. We may change the Fund’s investment strategies at our Distributions will automatically be reinvested in discretion without notice or approval. additional units of the same series of the Fund. For other options that may be available to you, see What are the risks of investing in the Distribution policy in Your guide to understanding the Fund? Fund Profile in the first part of this document. Risks of investing in the Fund may include: Fund expenses indirectly borne by • commodity risk investors • derivatives risk • equity risk Mutual funds pay for some expenses out of fund assets. • exchange-traded fund risk That means investors in a mutual fund indirectly pay for • foreign currency risk these expenses through lower returns. • interest rate risk The following table is intended to help you compare the • large investor risk (as at June 30, 2020, three cumulative cost of investing in this Fund with the cost of unitholders held 48.65%, 36.23% and 12.65%, investing in other mutual funds. This example assumes respectively, of the net asset value of the Fund) that: (i) you invest $1,000 in units of the Fund for the time • market disruption risk periods indicated; (ii) your investment has an annual 5% • repurchase and reverse repurchase transactions risk return; and (iii) the MER for each series of units of the • securities lending risk Fund was the same in all periods as the MER that each • series risk respective series incurred in the Fund’s last financial year. These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in Although your actual costs may be higher or lower, based the first part of this document. on these assumptions, your costs would be: The risk rating of the Fund is medium. For more 1 year 3 years 5 years 10 years information, see Investment risk classification D-Series ($) 13.84 43.62 76.46 174.05 in methodology Your guide to understanding the Private Series◊ ($) 0.21 0.65 1.13 2.58 Fund Profiles in the first part of this document. O-Series* ($) 0 0 0 0 Who should invest in the Fund? ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. The Fund may be suitable for medium to long-term investors who: * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of • are seeking a high-quality, large-cap equity O-Series units pay a negotiable annual O-Series fee to TDAM. investment See Fees and expenses in the first part of this document • are seeking capital growth for more information on the costs of investing in the Fund • can handle the ups and downs of the stock market that are not included in the calculation of the MER. For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profiles in the first part of this document.

122 TD Mutual Funds TD Canadian Equity Fund

Fund details Fund type Canadian Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) June 29, 1988 1.85% 0.12% D-Series (C$) October 20, 2015 1.10% 0.12% Advisor Series (C$) November 1, 2000 1.85% 0.12% F-Series (C$) November 1, 2000 0.90% N/A Private Series (C$) February 4, 2016 N/A∆ N/A Institutional Series (C$) September 26, 2001 0.55% N/A O-Series (C$) July 23, 2008 (offered N/A* N/A via prospectus exemption from January 18, 2008 to July 23, 2008)

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? gold on an unlevered basis (the “Gold ETFs”). The Gold ETFs are traded on a Canadian or U.S. stock Investment objectives exchange and may not be qualified for distribution in the The fundamental investment objective is to achieve long- same Canadian jurisdictions as the Fund. The risks associated with the Fund’s exposure to Gold ETFs are term capital appreciation through investments in high- primarily commodity risk and exchange-traded fund risk. quality equity securities issued principally by Canadian corporations judged to offer high growth potential. The Fund may use specified derivatives, such as options, The fundamental investment objective may only be futures and forward contracts, as permitted by Canadian changed with the approval of a majority of unitholders, securities laws to, among other things: given at a meeting called for that purpose. • gain exposure to equity instruments without actually investing in them directly (including when owning the Investment strategies derivative investment is more efficient or less costly The portfolio adviser seeks to achieve the fundamental than owning the equity instrument itself) investment objective of the Fund by emphasizing growth, • reduce the risk associated with currency fluctuations while at the same time containing investment risk. This is • gain exposure to gold addressed by focusing on the quality of management of • enhance income individual companies and the long-term prospects for • provide downside risk protection for one or more individual industries. securities to which the Fund has exposure In general, superior return on equity and a sound balance The Fund may hold money market instruments or cash to sheet are important criteria in the individual security meet its obligations under the derivative instruments. selection process. The Fund may invest in exchange-traded funds. The Fund may invest in foreign securities to an extent that will vary from time to time but is not typically The Fund has obtained permission from Canadian expected to exceed 30% of the total value of the assets of securities regulatory authorities to purchase, hold or the Fund at the time that foreign securities are purchased. obtain exposure to, up to 10% of the Fund’s net assets, taken at the time of purchase, certain exchange-traded The Fund may engage in securities lending, repurchase funds that would otherwise be prohibited under securities or reverse repurchase transactions in a manner laws. Currently, the Fund intends to purchase, hold or consistent with its investment objectives and as permitted obtain exposure to exchange-traded funds that seek to by Canadian securities regulatory authorities. For more replicate the performance of gold or the value of a information, see Securities lending, repurchase and specified derivative the underlying interest of which is reverse repurchase transactions in Your guide to

123 TD Mutual Funds TD Canadian Equity Fund understanding the Fund Profile in the first part of this Distribution policy document. The Fund distributes any net income and any net realized In some market conditions, the Fund may invest a portion capital gains annually in December. of its assets in short-term or other debt securities. Distributions will automatically be reinvested in We may change the Fund’s investment strategies at our additional units of the same series of the Fund. For discretion without notice or approval. other options that may be available to you, see Distribution policy in Your guide to understanding the What are the risks of investing in the Fund Profile in the first part of this document. Fund? Risks of investing in the Fund may include: Fund expenses indirectly borne by investors • commodity risk • derivatives risk Mutual funds pay for some expenses out of fund assets. • equity risk That means investors in a mutual fund indirectly pay for • exchange-traded fund risk these expenses through lower returns. • foreign currency risk The following table is intended to help you compare the • international market risk cumulative cost of investing in this Fund with the cost of • large investor risk (as at June 30, 2020, three investing in other mutual funds. This example assumes unitholders held 16.65%, 14.34% and 14.05%, that: (i) you invest $1,000 in units of the Fund for the time respectively, of the net asset value of the Fund) periods indicated; (ii) your investment has an annual 5% • liquidity risk return; and (iii) the MER for each series of units of the • market disruption risk Fund was the same in all periods as the MER that each • repurchase and reverse repurchase transactions risk respective series incurred in the Fund’s last financial • securities lending risk year. • series risk • small company risk Although your actual costs may be higher or lower, based on these assumptions, your costs would be: These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in 1 year 3 years 5 years 10 years the first part of this document. Investor Series ($) 22.24 70.12 122.90 279.76 The risk rating of the Fund is medium. For more D-Series ($) 13.84 43.62 76.46 174.05 information, see Investment risk classification Advisor Series ($) 22.45 70.77 124.04 282.34 methodology in Your guide to understanding the F-Series ($) 10.15 31.99 56.07 127.63 Fund Profile in the first part of this document. Private Series◊ ($) 0.10 0.32 0.57 1.29 Who should invest in the Fund? Institutional Series ($) 5.74 18.10 31.72 72.20 The Fund may be suitable for medium to long-term O-Series* ($) 0 0 0 0 investors who: ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. • are seeking exposure to a well-diversified portfolio of Canadian growth companies * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of • are seeking some exposure to foreign equities O-Series units pay a negotiable annual O-Series fee to TDAM. • are contributing to the growth component of a diversified portfolio See Fees and expenses in the first part of this document • can handle the ups and downs of the stock market for more information on the costs of investing in the Fund that are not included in the calculation of the MER. For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

124 TD Mutual Funds TD Canadian Small-Cap Equity Fund

Fund details Fund type Canadian Small-Cap Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser Connor, Clark & Lunn Investment Management Ltd. (Vancouver, BC, Canada) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) November 12, 1986 2.00% 0.30% D-Series (C$) February 10, 2015 1.25% 0.30% Advisor Series (C$) November 12, 2002 2.00% 0.30% F-Series (C$) November 1, 2005 1.00% N/A O-Series (C$) July 23, 2008 (offered N/A* N/A via prospectus exemption from May 8, 2008 to July 23, 2008)

* No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? derivative investment is more efficient or less costly than owning the equity instrument itself) Investment objectives • reduce the risk associated with currency fluctuations • The fundamental investment objective is to seek to enhance income • achieve long-term capital growth by investing primarily in provide downside risk protection for one or more equity securities of small or medium-sized issuers in securities to which the Fund has exposure Canada. The Fund may hold money market instruments or cash to The fundamental investment objective may only be meet its obligations under the derivative instruments. changed with the approval of a majority of unitholders, The Fund may invest in foreign securities to an extent given at a meeting called for that purpose. that will vary from time to time but is not typically expected to exceed 30% of the total value of the assets of Investment strategies the Fund at the time that foreign securities are purchased. The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by selecting securities The Fund may engage in securities lending, repurchase based on company fundamentals, including the prospect or reverse repurchase transactions in a manner for growth in sales and profitability, as well as the relative consistent with its investment objectives and as permitted attractiveness of the securities’ price. Both growth and by Canadian securities regulatory authorities. For more value stocks will be purchased in the Fund, consistent information, see Securities lending, repurchase and with an overall growth-at-a-reasonable-price orientation. reverse repurchase transactions in Your guide to The Fund may invest in foreign securities from time to understanding the Fund Profile in the first part of this time, but will be comprised primarily of Canadian document. securities. The portfolio adviser may engage in active and frequent The Fund considers issuers to be in Canada if: (a) the trading of portfolio securities such that the portfolio issuer derives significant revenue from goods produced, turnover rate may be greater than 70% for the upcoming sales made or services rendered in Canada, (b) the financial year. The higher the portfolio turnover rate in a principal trading market for the securities of the issuer is financial year, the greater the trading costs payable by a in Canada, (c) the issuer is organized under the laws of mutual fund in the year, and the greater the chance of an Canada or a jurisdiction in Canada, or (d) the issuer has investor receiving taxable distributions in the year. There is not necessarily a relationship between a high turnover significant assets or a principal office in Canada. rate and the performance of a fund. For more information, The Fund may use specified derivatives, such as options, see Income tax considerations for investors in the first futures and forward contracts, as permitted by Canadian part of this document. securities laws to, among other things: In some market conditions, the Fund may invest a portion • gain exposure to equity instruments without actually of its assets in short-term or other debt securities. investing in them directly (including when owning the

125 TD Mutual Funds TD Canadian Small-Cap Equity Fund

We may change the Fund’s investment strategies at our Distribution policy discretion without notice or approval. The Fund intends to distribute any net income on or about What are the risks of investing in the calendar quarter end (March, June, September and Fund? December) and distributes any remaining net income and any net realized capital gains annually in December. Risks of investing in the Fund may include: Distributions will automatically be reinvested in • commodity risk additional units of the same series of the Fund. For • derivatives risk other options that may be available to you, see • equity risk Distribution policy in Your guide to understanding the • foreign currency risk Fund Profile in the first part of this document. • large investor risk (as at June 30, 2020, two unitholders held 64.16% and 16.69%, respectively, of Fund expenses indirectly borne by the net asset value of the Fund) investors • liquidity risk • market disruption risk Mutual funds pay for some expenses out of fund assets. • repurchase and reverse repurchase transactions risk That means investors in a mutual fund indirectly pay for • securities lending risk these expenses through lower returns. • series risk The following table is intended to help you compare the • small company risk cumulative cost of investing in this Fund with the cost of • valuation risk for illiquid assets investing in other mutual funds. This example assumes These and other risks, which may also apply to the Fund, that: (i) you invest $1,000 in units of the Fund for the time are described under the heading Fund-specific risks in periods indicated; (ii) your investment has an annual 5% the first part of this document. return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each The risk rating of the Fund is medium to high. For more respective series incurred in the Fund’s last financial information, see Investment risk classification year. methodology in Your guide to understanding the Fund Profile in the first part of this document. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Who should invest in the Fund? 1 year 3 years 5 years 10 years The Fund may be suitable for long-term investors who Investor Series ($) 25.83 81.43 142.73 324.89 are: D-Series ($) 17.43 54.93 96.28 219.17 • seeking to enhance the growth potential of their Advisor Series ($) 26.04 82.08 143.86 327.47 portfolio through exposure to small and medium-sized F-Series ($) 10.15 31.99 56.07 127.63 companies • comfortable with the ups and downs of the stock O-Series* ($) 0 0 0 0 market * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of For more information about how TDAM has determined O-Series units pay a negotiable annual O-Series fee to TDAM. the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should See Fees and expenses in the first part of this document invest in the Fund? in Your guide to understanding for more information on the costs of investing in the Fund the Fund Profile in the first part of this document. that are not included in the calculation of the MER.

126 TD Mutual Funds TD U.S. Risk Managed Equity Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) September 15, 2015 1.70% 0.20% H5 Series (C$) September 13, 2016 1.70% 0.20% D-Series (C$) (US$) October 20, 2015 1.05% 0.20% Advisor Series (C$) (US$) September 15, 2015 1.70% 0.20% T5 Series (C$) September 13, 2016 1.70% 0.20% F-Series (C$) (US$) September 15, 2015 0.80% N/A FT5 Series (C$) September 13, 2016 0.80% N/A FT8 Series (C$) January 29, 2019 0.80% N/A Private Series (C$) March 7, 2017 N/A∆ N/A O-Series (C$) September 15, 2015 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The portfolio adviser may also make tactical shifts between cash and the Fund’s investment in, or exposure Investment objectives to, equity securities. The portfolio adviser may hedge any or all foreign currency exposure in the Fund. The fundamental investment objective is to seek to achieve long-term capital appreciation by investing The Fund has obtained permission from Canadian primarily in, or gaining exposure to, equity securities of securities regulatory authorities to purchase, hold or issuers in the United States. The Fund intends to use obtain exposure to, up to 10% of the Fund’s net assets, derivatives to seek to manage portfolio volatility. taken at the time of purchase, certain exchange-traded funds that would otherwise be prohibited under securities The fundamental investment objective may only be laws. Currently, the Fund intends to purchase, hold or changed with the approval of a majority of unitholders, obtain exposure to exchange-traded funds that seek to given at a meeting called for that purpose. replicate the performance of gold or the value of a Investment strategies specified derivative the underlying interest of which is gold on an unlevered basis (the “Gold ETFs”). The Gold The portfolio adviser seeks to achieve the fundamental ETFs are traded on a Canadian or U.S. stock exchange investment objective of the Fund by investing the majority and may not be qualified for distribution in the same of its assets in a large number of equity securities of the Canadian jurisdictions as the Fund. The risks associated S&P 500® Index, broadly diversified across all sectors. with the Fund’s exposure to Gold ETFs are primarily The Fund may also invest in exchange-traded funds. commodity risk and exchange-traded fund risk. The portfolio adviser also utilizes a quantitative equity The Fund may also use specified derivatives, such as strategy to invest a portion of the Fund’s assets to options, futures, forward contracts and swaps, as optimize exposure to stocks that are expected to permitted by Canadian securities laws to, among other outperform the overall market while seeking to limit things: exposure to stocks that are expected to underperform the overall market. As a result of this strategy, the Fund may • gain exposure to equity instruments without actually not fully benefit from strong equity markets. investing in them directly (including when owning the The portfolio adviser seeks to manage the downside risks derivative investment is more efficient or less costly of the equity securities in which the Fund invests through than owning the equity instrument itself) • the use of derivatives including, without limitation, buying reduce the risk associated with currency fluctuations or selling put and call options. There is no assurance that • gain exposure to gold all downside risks associated with the Fund will actually • provide downside risk protection for one or more be reduced. securities to which the Fund has exposure

127 TD Mutual Funds TD U.S. Risk Managed Equity Fund

The Fund may hold money market instruments or cash to The risk rating of the Fund is low to medium. Since the meet its obligations under the derivative instruments. Fund has less than 10 years of performance history, TDAM has used the performance history of the following The Fund may engage in securities lending, repurchase reference indexes, in addition to the Fund’s actual return or reverse repurchase transactions in a manner history, to calculate the risk rating of the Fund in the consistent with its investment objectives and as permitted proportions noted in the table below: by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and Proportion (%) Reference Indexes ▽ reverse repurchase transactions in Your guide to 60% S&P 500® Index (Net Dividend, Total Return) understanding the Fund Profile in the first part of this ▽ 40% document. Bloomberg Barclays US Aggregate Bond Index ▽ The portfolio adviser may engage in active and frequent Calculated in Canadian dollars for purposes of determining the risk rating of the Fund. trading of portfolio securities such that the portfolio turnover rate may be greater than 70% for the upcoming The S&P 500® Index measures the performance of 500 financial year. The higher the portfolio turnover rate in a large-capitalization companies in leading industries of the financial year, the greater the trading costs payable by a U.S. economy. The Bloomberg Barclays US Aggregate mutual fund in the year, and the greater the chance of an Bond Index measures the investment-grade, U.S. dollar- investor receiving taxable distributions in the year. There denominated, fixed-rate taxable bond market. is not necessarily a relationship between a high turnover For more information, see Investment risk rate and the performance of a fund. For more information, classification methodology in Your guide to see Income tax considerations for investors in the first understanding the Fund Profile in the first part of this part of this document. document. In some market conditions, the Fund may invest a portion of its assets in short-term or other debt securities. Who should invest in the Fund? We may change the Fund’s investment strategies at our The Fund may be suitable for medium to long-term discretion without notice or approval. investors who: • are seeking exposure to a diversified portfolio of U.S. What are the risks of investing in the equity securities with reduced market volatility Fund? • are contributing to the growth component of a Risks of investing in the Fund may include: diversified portfolio • can handle changes in the value of their investment • capital depreciation risk • in the case of H5 Series, T5 Series, FT5 Series and • commodity risk FT8 Series units, are seeking a monthly distribution • derivatives risk that may include a return of capital • equity risk For more information about how TDAM has determined • exchange-traded fund risk the level of investor risk tolerance that would be • foreign currency risk appropriate for investment in the Fund, see Who should • large investor risk (as at June 30, 2020, three invest in the Fund? in Your guide to understanding unitholders held 42.36%, 16.59% and 13.06%, the Fund Profile in the first part of this document. respectively, of the net asset value of the Fund) • market disruption risk Distribution policy • repurchase and reverse repurchase transactions risk In the case of Investor Series, D-Series, Advisor Series, • securities lending risk F-Series, Private Series and O-Series units, the Fund • series risk distributes any net income and any net realized capital These and other risks, which may also apply to the Fund, gains annually in December. In the case of H5 Series, are described under the heading Fund-specific risks in T5 Series, FT5 Series and FT8 Series units, the Fund the first part of this document. intends to make a distribution on or about month end that may consist of net income, net realized capital gains and/or return of capital. Any distributions made in excess of the Fund’s net income and net realized capital gains for the year represent a return of your capital. For any series, if the distributions in a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will make an additional distribution in December.

128 TD Mutual Funds TD U.S. Risk Managed Equity Fund

Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 21.42 67.53 118.37 269.45 H5 Series ($) 21.32 67.21 117.81 268.18 D-Series ($) 14.35 45.24 79.29 180.49 Advisor Series ($) 21.73 68.50 120.07 273.32 T5 Series ($) 21.83 68.83 120.64 274.61 F-Series ($) 9.02 28.44 49.84 113.45 FT5 Series ($) 9.12 28.76 50.41 114.74 FT8 Series ($) 10.05 31.67 55.50 126.43 Private Series ◊ ($) 0.92 2.91 5.10 11.60 O-Series* ($) 0.82 2.59 4.53 10.31 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * Holders of O-Series units also pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

129 TD Mutual Funds TD U.S. Low Volatility Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) September 10, 2013 1.70% 0.30% H8 Series (C$) April 15, 2014 1.70% 0.30% D-Series (C$) (US$) February 10, 2015 1.05% 0.30% Advisor Series (C$) (US$) September 10, 2013 1.70% 0.30% T8 Series (C$) April 15, 2014 1.70% 0.30% F-Series (C$) (US$) September 10, 2013 0.80% N/A FT5 Series (C$) August 16, 2018 0.80% N/A FT8 Series (C$) April 15, 2014 0.80% N/A Private Series (C$) (US$) March 7, 2017 N/A∆ N/A O-Series (C$) (US$) November 20, 2014 N/A* N/A (offered via prospectus exemption from July 22, 2014 to November 20, 2014)

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The portfolio adviser may also use exchange-traded funds to gain the desired equity exposure. Over a full Investment objectives market cycle, the portfolio adviser seeks to deliver Fund performance similar to that of the S&P 1500 but with less The fundamental investment objective is to seek to volatility than the S&P 1500. achieve long-term capital appreciation by investing primarily in, or gaining exposure to, equity securities of The Fund may use specified derivatives, such as options, issuers in the United States, while seeking to reduce futures and forward contracts, as permitted by Canadian volatility. securities laws to, among other things: The fundamental investment objective may only be • gain exposure to equity instruments without actually changed with the approval of a majority of unitholders, investing in them directly (including when owning the given at a meeting called for that purpose. derivative investment is more efficient or less costly Investment strategies than owning the equity instrument itself) • reduce the risk associated with currency fluctuations The portfolio adviser seeks to achieve the fundamental • provide downside risk protection for one or more investment objective of the Fund by investing primarily in, securities to which the Fund has exposure or obtaining exposure to, a diversified portfolio of U.S. stocks that are included in the S&P Composite 1500® The Fund may hold money market instruments or cash to Index (“S&P 1500”), with a focus on stocks with lower meet its obligations under the derivative instruments. volatility. The portfolio adviser seeks to optimize the The Fund may engage in securities lending, repurchase portfolio by overweighting stocks which are expected to or reverse repurchase transactions in a manner deliver less volatile returns and by underweighting, or consistent with its investment objectives and as permitted excluding, stocks that are expected to deliver more by Canadian securities regulatory authorities. For more volatile returns. Where the Fund invests directly in stocks, information, see Securities lending, repurchase and the portfolio adviser currently uses historical standard reverse repurchase transactions in Your guide to deviation as a tool in selecting the stocks, looking at understanding the Fund Profile in the first part of this individual stocks and the correlation between stocks, with document. the aim of reducing volatility. As a result of this strategy, the Fund may not fully benefit from strong equity markets. The portfolio adviser may engage in active and frequent trading of portfolio securities such that the portfolio 130 TD Mutual Funds TD U.S. Low Volatility Fund turnover rate may be greater than 70% for the upcoming Who should invest in the Fund? financial year. The higher the portfolio turnover rate in a financial year, the greater the trading costs payable by a The Fund may be suitable for medium to long-term mutual fund in the year, and the greater the chance of an investors who: investor receiving taxable distributions in the year. There • are seeking exposure to a diversified portfolio of U.S. is not necessarily a relationship between a high turnover securities with less volatility rate and the performance of a fund. For more information, • are contributing to the growth component of a see Income tax considerations for investors in the first diversified portfolio part of this document. • can handle the ups and downs of the stock market In some market conditions, the Fund may invest a portion • in the case of H8 Series, T8 Series, FT5 Series and of its assets in short-term or other debt securities. FT8 Series units, are seeking a monthly distribution We may change the Fund’s investment strategies at our that may include a return of capital discretion without notice or approval. For more information about how TDAM has determined the level of investor risk tolerance that would be What are the risks of investing in the appropriate for investment in the Fund, see Who should Fund? invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Risks of investing in the Fund may include: • capital depreciation risk Distribution policy • derivatives risk In the case of Investor Series, D-Series, Advisor Series, • equity risk F-Series, Private Series and O-Series units, the Fund • foreign currency risk intends to distribute any net income and any net realized • international market risk capital gains annually in December. In the case of • large investor risk (as at June 30, 2020, one H8 Series, T8 Series, FT5 Series and FT8 Series units, unitholder held 13.81% of the net asset value of the the Fund intends to make a distribution on or about month Fund) end that may consist of net income, net realized capital • market disruption risk gains and/or return of capital. Any distributions made in • repurchase and reverse repurchase transactions risk excess of the Fund’s net income and net realized • securities lending risk capital gains for the year represent a return of your • series risk capital. For any series, if the distributions in a year are • small company risk less than the Fund’s net income and net realized capital gains for the year, the Fund will make an additional These and other risks, which may also apply to the Fund, distribution in December. are described under the heading Fund-specific risks in the first part of this document. Distributions will automatically be reinvested in additional units of the same series of the Fund. For The risk rating of the Fund is medium. Since the Fund other options that may be available to you, see has less than 10 years of performance history, TDAM has Distribution policy in Your guide to understanding the used the performance history of the reference index in the Fund Profile in the first part of this document. table below, in addition to the Fund’s actual return history, to calculate the risk rating of the Fund: Fund expenses indirectly borne by

Proportion (%) Reference Index investors

▽ 100% S&P 1500 Reduced Volatility Tilt Index Mutual funds pay for some expenses out of fund assets. (Total Return) That means investors in a mutual fund indirectly pay for ▽ Calculated in Canadian dollars for purposes of determining the risk these expenses through lower returns. rating of the Fund. The following table is intended to help you compare the The S&P 1500 Reduced Volatility Tilt Index intends to cumulative cost of investing in this Fund with the cost of provide diversified exposure to low relative volatility in the investing in other mutual funds. This example assumes U.S. stock market and is weighted so that stocks with that: (i) you invest $1,000 in units of the Fund for the time relatively low volatility are overweight relative to the periods indicated; (ii) your investment has an annual 5% S&P 1500 and stocks with relatively high volatility are return; and (iii) the MER for each series of units of the underweight. For more information, see Investment risk Fund was the same in all periods as the MER that each classification methodology in Your guide to respective series incurred in the Fund’s last financial understanding the Fund Profile in the first part of this year. document.

131 TD Mutual Funds TD U.S. Low Volatility Fund

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 22.65 71.41 125.17 284.92 H8 Series ($) 22.14 69.80 122.43 278.47 D-Series ($) 15.27 48.15 84.39 192.10 Advisor Series ($) 22.86 72.06 126.30 287.50 T8 Series ($) 22.14 69.80 122.34 278.47 F-Series ($) 9.23 29.08 50.97 116.03 FT5 Series ($) 9.23 29.08 50.97 116.03 FT8 Series ($) 8.92 28.11 49.27 112.16 Private Series ◊ ($) 0.31 0.97 1.70 3.87 O-Series* ($) 0 0 0 0 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

132 TD Mutual Funds TD North American Dividend Fund

Fund details Fund type North American Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund (excluding GST and HST) (excluding GST and HST) trust) Investor Series (C$) (US$) December 31, 1990 1.70% 0.30% H8 Series (C$) April 15, 2014 1.70% 0.30% D-Series (C$) (US$) February 10, 2015 1.05% 0.30% Advisor Series (C$) January 8, 2007 1.70% 0.30% T8 Series (C$) April 15, 2014 1.70% 0.30% F-Series (C$) (US$) January 8, 2007 0.80% N/A FT5 Series (C$) August 16, 2018 0.80% N/A FT8 Series (C$) April 15, 2014 0.80% N/A

What does the Fund invest in? that, among other conditions: (i) such Underlying ETFs do not exceed 30% of the net asset value of the Fund, taken Investment objectives at the time of purchase (excluding securities of Underlying ETFs that are managed by TDAM or an The fundamental investment objective is to seek to associate or affiliate of TDAM); (ii) Underlying ETFs that provide income and moderate capital growth by investing are traded on a U.S. exchange do not exceed 10% of the primarily in income-producing securities of issuers in net asset value of the Fund, taken at the time of North America. purchase; (iii) Underlying ETFs that provide leverage The fundamental investment objective may only be exposure do not exceed 10% of the net asset value of the changed with the approval of a majority of unitholders, Fund, taken at the time of purchase; and (iv) the Fund will given at a meeting called for that purpose. not short sell securities of any Underlying ETF. Investment strategies The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian The portfolio adviser seeks to achieve the fundamental securities laws to, among other things: investment objective of the Fund by investing primarily in a diversified portfolio of North American income- • gain exposure to equity instruments without actually producing securities which may include, but is not limited investing in them directly (including when owning the to, dividend-paying common and preferred shares, real derivative investment is more efficient or less costly estate investment trusts, and bonds. Common share than owning the equity instrument itself) investments will focus on companies that are expected to • reduce the risk associated with currency fluctuations pay out increasing dividends over time and/or companies • enhance income that have above-average dividend yields. In addition, the • provide downside risk protection for one or more Fund may invest in exchange-traded funds. securities to which the Fund has exposure The Fund considers issuers to be in North America if: The Fund may hold money market instruments or cash to (a) the issuer derives significant revenue from goods meet its obligations under the derivative instruments. produced, sales made or services rendered in North America, (b) the principal trading market for the securities The Fund may invest in foreign securities to an extent of the issuer is in North America, (c) the issuer is that will vary from time to time but is not typically organized under the laws of a jurisdiction in North expected to exceed 90% of the total value of the assets of America, or (d) the issuer has significant assets or a the Fund at the time that foreign securities are purchased. principal office in North America. The Fund may engage in securities lending, repurchase The Fund has obtained permission from Canadian or reverse repurchase transactions in a manner securities regulatory authorities to invest in Canadian and consistent with its investment objectives and as permitted U.S. exchange-traded funds that are not index by Canadian securities regulatory authorities. For more participation units and that would otherwise be prohibited information, see Securities lending, repurchase and under securities laws (the “Underlying ETFs”), provided reverse repurchase transactions in Your guide to

133 TD Mutual Funds TD North American Dividend Fund understanding the Fund Profile in the first part of this may consist of net income, net realized capital gains document. and/or return of capital. Any distributions made in excess of the Fund’s net income and net realized In some market conditions, the Fund may invest a portion capital gains for the year represent a return of your of its assets in short-term or other debt securities. capital. For any series, if the distributions in a year are We may change the Fund’s investment strategies at our less than the Fund’s net income and net realized capital discretion without notice or approval. gains for the year, the Fund will make an additional distribution in December. What are the risks of investing in the Distributions will automatically be reinvested in Fund? additional units of the same series of the Fund. For Risks of investing in the Fund may include: other options that may be available to you, see Distribution policy in Your guide to understanding the • capital depreciation risk Fund Profile in the first part of this document. • concentration risk • derivatives risk Fund expenses indirectly borne by • equity risk investors • exchange-traded fund risk • foreign currency risk Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for • interest rate risk these expenses through lower returns. • large investor risk • market disruption risk The following table is intended to help you compare the • repurchase and reverse repurchase transactions risk cumulative cost of investing in this Fund with the cost of • securities lending risk investing in other mutual funds. This example assumes • series risk that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% These and other risks, which may also apply to the Fund, return; and (iii) the MER for each series of units of the are described under the heading Fund-specific risks in Fund was the same in all periods as the MER that each the first part of this document. respective series incurred in the Fund’s last financial The risk rating of the Fund is low to medium. For more year. information, see Investment risk classification Although your actual costs may be higher or lower, based methodology in Your guide to understanding the on these assumptions, your costs would be: Fund Profile in the first part of this document. 1 year 3 years 5 years 10 years Who should invest in the Fund? Investor Series ($) 22.76 71.74 125.74 286.21 The Fund may be suitable for medium to long-term H8 Series ($) 22.45 70.77 124.04 282.34 investors who: D-Series ($) 15.27 48.15 84.39 192.10 • are seeking income with a moderate degree of capital Advisor Series ($) 22.65 71.41 125.17 284.92 growth T8 -Series ($) 22.55 71.09 124.60 283.63 • can handle changes in the value of their investment F-Series ($) 9.02 28.44 49.84 113.45 • in the case of H8 Series, T8 Series, FT5 Series and FT5 Series ($) 9.23 29.08 50.97 116.03 FT8 Series units, are seeking a monthly distribution that may include a return of capital FT8 Series ($) 9.02 28.44 49.84 113.45 For more information about how TDAM has determined See Fees and expenses in the first part of this document the level of investor risk tolerance that would be for more information on the costs of investing in the Fund appropriate for investment in the Fund, see Who should that are not included in the calculation of the MER. invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Distribution policy In the case of Investor Series, D-Series, Advisor Series and F-Series units, the Fund intends to distribute any net income on or about calendar quarter end (March, June, September and December). In the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, the Fund intends to make a distribution on or about month end that 134 TD Mutual Funds TD North American Sustainability Equity Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund (excluding GST and HST) (excluding GST and HST) trust) Investor Series (C$) (US$) July 29, 2020° 1.75% 0.30% H8 Series (C$) July 29, 2020° 1.75% 0.30% D-Series (C$) July 29, 2020° 1.00% 0.30% Advisor Series (C$) (US$) July 29, 2020° 1.75% 0.30% T8 Series (C$) July 29, 2020° 1.75% 0.30% F-Series (C$) (US$) July 29, 2020° 0.75% N/A FT5 Series (C$) July 29, 2020° 0.75% N/A FT8 Series (C$) July 29, 2020° 0.75% N/A Private Series (C$) (US$) July 29, 2020° N/A∆ N/A O-Series (C$) July 29, 2020° N/A* N/A

° New series – represents the date when the series was first prospectus-qualified. ∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? obtain exposure to, up to 10% of the Fund’s net assets, taken at the time of purchase, certain exchange-traded Investment objectives funds that would otherwise be prohibited under securities laws. Currently, the Fund intends to purchase, hold or The fundamental investment objective is to seek to obtain exposure to exchange-traded funds that seek to achieve long-term capital appreciation while following a replicate the performance of gold or the value of a socially responsible approach to investing. The Fund may invest primarily in, or gain exposure to, North American specified derivative the underlying interest of which is equity securities. gold on an unlevered basis (the “Gold ETFs”). The Gold ETFs are traded on a Canadian or U.S. stock The fundamental investment objective may only be exchange and may not be qualified for distribution in the changed with the approval of a majority of unitholders, same Canadian jurisdictions as the Fund. The risks given at a meeting called for that purpose. associated with the Fund’s exposure to Gold ETFs are primarily commodity risk and exchange-traded fund risk. Investment strategies The Fund has obtained permission from Canadian The portfolio adviser seeks to achieve the fundamental securities regulatory authorities to invest in Canadian and investment objective of the Fund by investing primarily in U.S. exchange-traded funds that are not index a diversified portfolio of North American securities. participation units and that would otherwise be prohibited Security selection will focus on an issuer’s ability to under securities laws (the “Underlying ETFs”), provided profitably generate and grow free cash flow and its that, among other conditions: (i) such Underlying ETFs do efficiency at allocating capital, while also demonstrating not exceed 30% of the net asset value of the Fund, taken positive contributions towards the Sustainable at the time of purchase (excluding securities of Development Goals as set out by the United Nations. The Underlying ETFs that are managed by TDAM or an portfolio adviser will tend to focus on industry leaders associate or affiliate of TDAM); (ii) Underlying ETFs that that, in the portfolio adviser’s view, have sustainable are traded on a U.S. exchange do not exceed 10% of the competitive advantages evidenced by the high returns on net asset value of the Fund, taken at the time of capital, strong balance sheets and management teams purchase; (iii) Underlying ETFs and Gold ETFs that that are able to manage capital efficiently. The portfolio provide leverage exposure do not exceed 10% of the net adviser may hedge any or all foreign currency exposure asset value of the Fund, taken at the time of purchase; in the Fund. and (iv) the Fund will not short sell securities of any The Fund has obtained permission from Canadian Underlying ETF. securities regulatory authorities to purchase, hold or

135 TD Mutual Funds TD North American Sustainability Equity Fund

The Fund may use specified derivatives, such as options, The risk rating of the Fund is medium. Since the Fund is a futures and forward contracts, as permitted by Canadian new fund, TDAM has used the performance history of the securities laws to, among other things: following reference indexes to calculate the risk rating of the Fund in the proportions noted in the table below: • gain exposure to equity instruments without actually investing in them directly (including when owning the Proportion (%) Reference Indexes ▽ derivative investment is more efficient or less costly 75% S&P 500® Index (Net Dividend, Total Return) than owning the equity instrument itself) 25% S&P/TSX Composite Index (Total Return) • reduce the risk associated with currency fluctuations ▽ • enhance income Calculated in Canadian dollars for purposes of determining the risk rating of the Fund. • provide downside risk protection for one or more securities to which the Fund has exposure The S&P 500® Index measures the performance of 500 large-capitalization companies in leading industries of the The Fund may hold money market instruments or cash to U.S. economy. The S&P/TSX Composite Index is the meet its obligations under the derivative instruments. headline index and the principal broad market measure The Fund may engage in securities lending, repurchase for the Canadian equity markets. It includes common or reverse repurchase transactions in a manner stocks and income trust units. consistent with its investment objectives and as permitted For more information, see Investment risk by Canadian securities regulatory authorities. For more classification methodology in Your guide to information, see Securities lending, repurchase and understanding the Fund Profile in the first part of this reverse repurchase transactions in Your guide to document. understanding the Fund Profile in the first part of this document. Who should invest in the Fund? In some market conditions, the Fund may invest a portion The Fund may be suitable for medium to long-term of its assets in short-term or other debt securities. investors who: We may change the Fund’s investment strategies at our • want to invest in a fund with a socially responsible discretion without notice or approval. approach to investing • are contributing to the growth component of a What are the risks of investing in the diversified portfolio Fund? • can handle the ups and downs of the stock market Risks of investing in the Fund may include: • in the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, are seeking a monthly distribution • capital depreciation risk that may include a return of capital • commodity risk For more information about how TDAM has determined • derivatives risk the level of investor risk tolerance that would be • equity risk appropriate for investment in the Fund, see Who should • exchange-traded fund risk invest in the Fund? in Your guide to understanding • foreign currency risk the Fund Profile in the first part of this document. • international market risk • large investor risk Distribution policy • market disruption risk In the case of Investor Series, D-Series, Advisor Series, • regulatory risk F-Series units, Private Series and O-Series, the Fund • repurchase and reverse repurchase transactions risk intends to distribute any net income and any net realized • securities lending risk capital gains annually in December. In the case of • series risk H8 Series, T8 Series, FT5 Series and FT8 Series units, • small company risk the Fund intends to make a distribution on or about month • specialization risk end that may consist of net income, net realized capital These and other risks, which may also apply to the Fund, gains and/or return of capital. Any distributions made in are described under the heading Fund-specific risks in excess of the Fund’s net income and net realized the first part of this document. capital gains for the year represent a return of your capital. For any series, if the distributions in a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will make an additional distribution in December.

136 TD Mutual Funds TD North American Sustainability Equity Fund

Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors This information is not applicable as the Fund had not commenced operations as at the date of this simplified prospectus. TDAM has agreed to waive or absorb expenses such that the MER (including GST and HST but excluding brokerage commissions) in respect of the following series of units of the Fund for the financial year ending on December 31, 2021 will not exceed the rates specified in the following table. Thereafter, TDAM may, from time to time, agree to waive or absorb expenses at its discretion. Any such waiver or absorption, if implemented, may be suspended or terminated by TDAM at any time without notice to unitholders.

Series Capped MER Investor Series 2.32% H8 Series 2.32% D-Series 1.47% Advisor Series 2.32% T8 Series 2.32% F-Series 0.85% FT5 Series 0.85% FT8 Series 0.85% See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

137 TD Mutual Funds TD U.S. Dividend Growth Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) September 12, 2017 1.70% 0.30% H8 Series (C$) September 12, 2017 1.70% 0.30% D-Series (C$) (US$) September 12, 2017 1.05% 0.30% Advisor Series (C$) (US$) September 12, 2017 1.70% 0.30% T8 Series (C$) September 12, 2017 1.70% 0.30% F-Series (C$) (US$) September 12, 2017 0.80% N/A FT5 Series (C$) August 16, 2018 0.80% N/A FT8 Series (C$) September 12, 2017 0.80% N/A Private Series (C$) (US$) September 12, 2017 N/A∆ N/A O-Series (C$) June 1, 2018 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian Investment objectives securities laws to, among other things: The fundamental investment objective is to seek to earn • gain exposure to equity instruments without actually income and moderate capital growth by investing investing in them directly (including when owning the primarily in income-producing securities of issuers in the derivative investment is more efficient or less costly United States. than owning the equity instrument itself) The fundamental investment objective may only be • reduce the risk associated with currency fluctuations changed with the approval of a majority of unitholders, • enhance income given at a meeting called for that purpose. • provide downside risk protection for one or more securities to which the Fund has exposure Investment strategies The Fund may hold money market instruments or cash to The portfolio adviser seeks to achieve the fundamental meet its obligations under the derivative instruments. investment objective of the Fund by investing primarily in a diversified portfolio of income-producing securities of The Fund may engage in securities lending, repurchase issuers in the United States which may include, but is not or reverse repurchase transactions in a manner limited to, dividend-paying common and preferred shares consistent with its investment objectives and as permitted and real estate investment trusts. Common share by Canadian securities regulatory authorities. For more investments will focus on issuers that are expected to pay information, see Securities lending, repurchase and out increasing dividends over time and/or issuers that reverse repurchase transactions in Your guide to have above-average dividend yields. In addition, the Fund understanding the Fund Profile in the first part of this may invest in exchange-traded funds. document. The Fund considers issuers to be in the United States if: In some market conditions, the Fund may invest a portion (a) the issuer derives significant revenue from goods of its assets in short-term or other debt securities. produced, sales made, or services rendered in the United We may change the Fund’s investment strategies at our States, (b) the principal trading market for the securities discretion without notice or approval. of the issuer is in the United States, (c) the issuer is organized under the laws of a jurisdiction in the United States, or (d) the issuer has significant assets or a principal office in the United States.

138 TD Mutual Funds TD U.S. Dividend Growth Fund

What are the risks of investing in the For more information about how TDAM has determined the level of investor risk tolerance that would be Fund? appropriate for investment in the Fund, see Who should Risks of investing in the Fund may include: invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. • capital depreciation risk • concentration risk Distribution policy • derivatives risk In the case of Investor Series, D-Series, Advisor Series, • equity risk F-Series, Private Series and O-Series units, the Fund • foreign currency risk intends to distribute any net income on or about calendar • interest rate risk quarter end (March, June, September and December). In • large investor risk (as at June 30, 2020, five the case of H8 Series, T8 Series, FT5 Series and unitholders held 17.22%, 15.63%, 14.58%, 12.88% FT8 Series units, the Fund intends to make a distribution and 10.25%, respectively, of the net asset value of on or about month end that may consist of net income, the Fund) net realized capital gains and/or return of capital. Any • market disruption risk distributions made in excess of the Fund’s net • repurchase and reverse repurchase transactions risk income and net realized capital gains for the year • securities lending risk represent a return of your capital. For any series, if the • series risk distributions in a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will These and other risks, which may also apply to the Fund, make an additional distribution in December. are described under the heading Fund-specific risks in the first part of this document. Distributions will automatically be reinvested in additional units of the same series of the Fund. For The risk rating of the Fund is low to medium. Since the other options that may be available to you, see Fund has less than 10 years of performance history, Distribution policy in Your guide to understanding the TDAM has used the performance history of the reference Fund Profile in the first part of this document. index in the table below, in addition to the Fund’s actual return history, to calculate the risk rating of the Fund: Fund expenses indirectly borne by Proportion (%) Reference Index investors MSCI USA High Dividend Yield Index 100% ▽ (Net Dividend) Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for ▽ Calculated in Canadian dollars for purposes of determining the risk these expenses through lower returns. rating of the Fund. The following table is intended to help you compare the The MSCI USA High Dividend Yield Index is based on the cumulative cost of investing in this Fund with the cost of MSCI USA Index, its parent index, and includes large- investing in other mutual funds. This example assumes and mid-capitalization stocks. The index reflects the that: (i) you invest $1,000 in units of the Fund for the time performance of equities in its parent index (excluding real periods indicated; (ii) your investment has an annual 5% estate investment trusts) with higher dividend income and return; and (iii) the MER for each series of units of the quality characteristics than average dividend yields that Fund was the same in all periods as the MER that each are both sustainable and persistent. For more respective series incurred in the Fund’s last financial information, see Investment risk classification year. methodology in Your guide to understanding the Fund Profile in the first part of this document. Who should invest in the Fund? The Fund may be suitable for medium to long-term investors who: • are seeking income with a moderate degree of capital growth • can handle changes in the value of their investment • in the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, are seeking a monthly distribution that may include a return of capital

139 TD Mutual Funds TD U.S. Dividend Growth Fund

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 22.65 71.41 125.17 284.92 H8 Series ($) 22.45 70.77 124.04 282.34 D-Series ($) 15.17 47.82 83.82 190.81 Advisor Series ($) 22.45 70.77 124.04 282.34 T8 Series ($) 22.96 72.38 126.87 288.79 F-Series ($) 8.92 28.11 49.27 112.16 FT5 Series ($) 9.02 28.44 49.84 113.45 FT8 Series ($) 9.23 29.08 50.97 116.03 Private Series◊ ($) 0.10 0.32 0.57 1.29 O-Series* ($) 0 0 0 0 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

140 TD Mutual Funds TD U.S. Blue Chip Equity Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Sub-adviser T. Rowe Price Associates, Inc. (Baltimore, MD, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) October 31, 1996 1.85% 0.30% H8 Series (C$) January 29, 2019 1.85% 0.30% D-Series (C$) (US$) October 20, 2015 1.20% 0.30% Advisor Series (C$) November 1, 2000 1.85% 0.30% T8 Series (C$) January 29, 2019 1.85% 0.30% F-Series (C$) (US$) November 1, 2000 0.95% N/A FT5 Series (C$) January 29, 2019 0.95% N/A FT8 Series (C$) January 29, 2019 0.95% N/A Private-EM Series (C$) (US$) February 4, 2016 0.30%§ N/A Institutional Series (C$) October 18, 2000 0.90% N/A O-Series (C$) July 21, 2010 (offered N/A* N/A via prospectus exemption from April 6, 2010 to July 21, 2010)

§ Unitholders will also pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? common stocks, the Fund may also invest in foreign stocks, preferred stocks, convertible securities, warrants, Investment objectives investment-grade fixed income securities, hybrids, and The fundamental investment objective is to achieve long- private placements. term capital growth by investing primarily in common The Fund considers issuers to be in the United States if: stocks of large and medium-sized blue chip companies (a) the issuer derives significant revenue from goods located in the United States which are well established in produced, sales made or services rendered in the United their respective industries with the potential for above States, (b) the principal trading market for the securities average growth. Current income is also an objective, as of the issuer is in the United States, (c) the issuer is many of the stocks in the Fund’s portfolio are expected to organized under the laws of a jurisdiction in the United pay dividends. States, or (d) the issuer has significant assets or a The fundamental investment objective may only be principal office in the United States. changed with the approval of a majority of unitholders, In pursuing its investment objective, the sub-adviser has given at a meeting called for that purpose. the discretion to purchase some securities that do not meet its normal investment criteria, as described above, Investment strategies when it perceives an unusual opportunity for gain. These The sub-adviser seeks to achieve the Fund’s fundamental special situations might arise when the sub-adviser investment objective by investing at least 65% of total believes a security could increase in value for a variety of assets in the common stocks of large and medium-sized reasons, including a change in management, an U.S. blue chip growth companies. These are firms the extraordinary corporate event, or a temporary imbalance sub-adviser believes are well-established in their in the supply of or demand for the securities. industries and have the potential for above-average The Fund may sell securities for a variety of reasons, earnings. Such companies typically possess some or all such as to secure gains, limit losses, or redeploy assets of the following characteristics: leading market positions, seasoned management teams and strong financial into more promising opportunities. fundamentals. While most assets will be invested in U.S.

141 TD Mutual Funds TD U.S. Blue Chip Equity Fund

The Fund may use specified derivatives, such as options, The risk rating of the Fund is medium. For more futures and forward contracts, as permitted by Canadian information, see Investment risk classification securities laws to, among other things: methodology in Your guide to understanding the Fund Profile in the first part of this document. • gain exposure to equity instruments without actually investing in them directly (including when owning the Who should invest in the Fund? derivative investment is more efficient or less costly than owning the equity instrument itself) The Fund may be suitable for medium to long-term • reduce the risk associated with currency fluctuations investors who: • enhance income • are seeking growth of capital through well- • provide downside risk protection for one or more established, high-quality U.S. companies securities to which the Fund has exposure • are seeking a core U.S. holding in a diversified The Fund may hold money market instruments or cash to portfolio meet its obligations under the derivative instruments. • can handle the ups and downs of the stock market • in the case of H8 Series, T8 Series, FT5 Series and The Fund may engage in securities lending, repurchase FT8 Series units, are seeking a monthly distribution or reverse repurchase transactions in a manner that may include a return of capital consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more For more information about how TDAM has determined information, see Securities lending, repurchase and the level of investor risk tolerance that would be reverse repurchase transactions in Your guide to appropriate for investment in the Fund, see Who should understanding the Fund Profile in the first part of this invest in the Fund? in Your guide to understanding document. the Fund Profile in the first part of this document. In some market conditions, the Fund may invest a portion Distribution policy of its assets in short-term or other debt securities. In the case of Investor Series, D-Series, Advisor Series, We may change the Fund’s investment strategies at our F-Series, Private-EM Series, Institutional Series and discretion without notice or approval. O-Series units, the Fund distributes any net income and any net realized capital gains annually in December. In What are the risks of investing in the the case of H8 Series, T8 Series, FT5 Series and Fund? FT8 Series units, the Fund intends to make a distribution on or about month end that may consist of net income, Risks of investing in the Fund may include: net realized capital gains and/or return of capital. Any • capital depreciation risk distributions made in excess of the Fund’s net • concentration risk income and net realized capital gains for the year • derivatives risk represent a return of your capital. For any series, if the • equity risk distributions in a year are less than the Fund’s net income • foreign currency risk and net realized capital gains for the year, the Fund will • international market risk make an additional distribution in December. • large investor risk (as at June 30, 2020, one Distributions will automatically be reinvested in unitholder held 23.98% of the net asset value of the additional units of the same series of the Fund. For Fund) other options that may be available to you, see • market disruption risk Distribution policy in Your guide to understanding the • repurchase and reverse repurchase transactions risk Fund Profile in the first part of this document. • securities lending risk • series risk Fund expenses indirectly borne by In the twelve-month period ended June 30, 2020, more investors than 10% of the net asset value of the Fund was invested in common shares of Amazon.com, Inc. The maximum Mutual funds pay for some expenses out of fund assets. percentage of the net asset value of the Fund invested in That means investors in a mutual fund indirectly pay for the securities of this issuer during this twelve-month these expenses through lower returns. period was 11.71%. The Fund may have experienced The following table is intended to help you compare the increased concentration risk as a result of this cumulative cost of investing in this Fund with the cost of investment. investing in other mutual funds. This example assumes These and other risks, which may also apply to the Fund, that: (i) you invest $1,000 in units of the Fund for the time are described under the heading Fund-specific risks in periods indicated; (ii) your investment has an annual 5% the first part of this document. return; and (iii) the MER for each series of units of the 142 TD Mutual Funds TD U.S. Blue Chip Equity Fund

Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 24.40 76.91 134.80 306.84 H8 Series ($) 24.91 78.52 137.63 313.28 D-Series ($) 16.91 53.32 93.45 212.72 Advisor Series ($) 24.40 76.91 134.80 306.84 T8 Series ($) 23.88 75.29 131.97 300.39 F-Series ($) 10.76 33.93 59.47 135.37 FT5 Series ($) 10.87 34.25 60.04 136.66 FT8 Series ($) 10.97 34.58 60.60 137.95 Private-EM Series◊ ($) 3.59 11.31 19.82 45.12 Institutional Series ($) 10.46 32.96 57.77 131.50 O-Series* ($) 0 0 0 0 ◊ Holders of Private-EM Series units also pay a negotiable annual Private Series fee to TDAM. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

143 TD Mutual Funds TD U.S. Quantitative Equity Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) January 29, 1993 1.15% 0.30% D-Series (C$) February 10, 2015 0.80% 0.30% F-Series (C$) September 13, 2016 0.80% N/A Private Series (C$) (US$) March 7, 2017 N/A∆ N/A O-Series (C$) July 23, 2015 (offered N/A* N/A via prospectus exemption from July 4, 2011 to July 23, 2015)

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund may engage in securities lending, repurchase or reverse repurchase transactions in a manner Investment objectives consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more The fundamental investment objective is to seek to information, see achieve long-term capital growth by investing primarily in Securities lending, repurchase and in equity securities of issuers in the United States. reverse repurchase transactions Your guide to understanding the Fund Profile in the first part of this The fundamental investment objective may only be document. changed with the approval of a majority of unitholders, The portfolio adviser may engage in active and frequent given at a meeting called for that purpose. trading of portfolio securities such that the portfolio Investment strategies turnover rate may be greater than 70% for the upcoming financial year. The higher the portfolio turnover rate in a The portfolio adviser seeks to achieve the fundamental financial year, the greater the trading costs payable by a investment objective of the Fund by utilizing a quantitative mutual fund in the year, and the greater the chance of an equity strategy that exploits market inefficiencies related investor receiving taxable distributions in the year. There to the pricing and valuations of securities in order to add is not necessarily a relationship between a high turnover value. This strategy will generally result in a portfolio of rate and the performance of a fund. For more information, investments in a large number of securities, broadly see Income tax considerations for investors in the first diversified across all sectors of the S&P 500® Index. The part of this document. strategy aims to optimize exposure to stocks that are expected to outperform the overall market while factoring In some market conditions, the Fund may invest a portion in implementation costs and seeking to avoid of its assets in short-term or other debt securities. uncompensated risks. We may change the Fund’s investment strategies at our The Fund considers issuers to be in the United States if: discretion without notice or approval. (a) the issuer derives significant revenue from goods produced, sales made or services rendered in the United What are the risks of investing in the States, (b) the principal trading market for the securities Fund? of the issuer is in the United States, (c) the issuer is organized under the laws of a jurisdiction in the United Risks of investing in the Fund may include: States, or (d) the issuer has significant assets or a • derivatives risk principal office in the United States. • equity risk The Fund may also invest in exchange-traded funds and • foreign currency risk may use specified derivatives to enhance income. • large investor risk (as at June 30, 2020, two unitholders held 36.67% and 14.81%, respectively, of the net asset value of the Fund)

144 TD Mutual Funds TD U.S. Quantitative Equity Fund

• market disruption risk Fund expenses indirectly borne by • repurchase and reverse repurchase transactions risk • securities lending risk investors • series risk Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for These and other risks, which may also apply to the Fund, these expenses through lower returns. are described under the heading Fund-specific risks in the first part of this document. The following table is intended to help you compare the The risk rating of the Fund is medium. For more cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes information, see Investment risk classification that: (i) you invest $1,000 in units of the Fund for the time methodology in Your guide to understanding the periods indicated; (ii) your investment has an annual 5% Fund Profile in the first part of this document. return; and (iii) the MER for each series of units of the Who should invest in the Fund? Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial The Fund may be suitable for medium to long-term year. investors who: Although your actual costs may be higher or lower, based • are seeking U.S. equity exposure in the growth on these assumptions, your costs would be: component of a diversified portfolio • can handle the ups and downs of the stock market 1 year 3 years 5 years 10 years Investor Series ($) 16.40 51.70 90.62 206.28 For more information about how TDAM has determined the level of investor risk tolerance that would be D-Series ($) 12.51 39.42 69.10 157.29 appropriate for investment in the Fund, see Who should F-Series ($) 8.92 28.11 49.27 112.16 invest in the Fund? in Your guide to understanding Private Series◊ ($) 0.31 0.97 1.70 3.87 the Fund Profile in the first part of this document. O-Series* ($) 0 0 0 0 Distribution policy ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. The Fund distributes any net income and any net realized * There were no indirect expenses associated with the O-Series units capital gains annually in December. The Fund reports all of the Fund because the MER of this series was zero. Holders of income and capital gains and losses from derivative O-Series units pay a negotiable annual O-Series fee to TDAM. instruments on income account. See Fees and expenses in the first part of this document Distributions will automatically be reinvested in for more information on the costs of investing in the Fund additional units of the same series of the Fund. For that are not included in the calculation of the MER. other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

145 TD Mutual Funds TD U.S. Equity Pool

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) November 1, 2004 1.85% 0.08% D-Series (C$) October 20, 2015 1.25% 0.08% Advisor Series (C$) (US$) November 1, 2004 1.85% N/A F-Series (C$) (US$) November 1, 2005 0.85% N/A

What does the Fund invest in? ETFs are traded on a Canadian or U.S. stock exchange and may not be qualified for distribution in the same Investment objectives Canadian jurisdictions as the Fund. The risks associated The fundamental investment objective is to achieve long- with the Fund’s exposure to Gold ETFs are primarily term capital growth by investing primarily in units of commodity risk and exchange-traded fund risk. TD Mutual Funds and may include other mutual funds not The Fund has obtained permission from Canadian managed by TDAM emphasizing mutual funds from time securities regulatory authorities to invest in Canadian and to time investing in U.S. equities. U.S. exchange-traded funds that are not index The fundamental investment objective may only be participation units and that would otherwise be prohibited changed with the approval of a majority of unitholders, under securities laws (the “Underlying ETFs”), provided given at a meeting called for that purpose. that, among other conditions: (i) such Underlying ETFs do not exceed 30% of the net asset value of the Fund, taken Investment strategies at the time of purchase (excluding securities of Underlying ETFs that are managed by TDAM or an While the portfolio adviser seeks to achieve the associate or affiliate of TDAM); (ii) Underlying ETFs that fundamental investment objective of the Fund by are traded on a U.S. exchange do not exceed 10% of the investing primarily in TD Mutual Funds, the Fund may net asset value of the Fund, taken at the time of also gain exposure to U.S. equities: purchase; (iii) Underlying ETFs and Gold ETFs that • by holding U.S. equities directly; provide leverage exposure do not exceed 10% of the net • through the use of derivatives or exchange-traded asset value of the Fund, taken at the time of purchase; funds; and (iv) the Fund will not short sell securities of any • by investing in any other instrument that provides the Underlying ETF. desired equity exposure. The Fund may use specified derivatives, such as options, The portfolio adviser may dynamically shift allocations in futures, forward contracts and swaps, as permitted by the equity market with respect to style, volatility and/or Canadian securities laws to, among other things: market capitalization. The portfolio adviser considers, in • gain exposure to equity instruments without actually determining these allocations, factors which include its investing in them directly (including when owning the own market expectations and suitability for the Fund. derivative investment is more efficient or less costly While the Fund will focus on investing primarily in U.S. than owning the equity instrument itself) equities, the Fund may also invest, directly or indirectly, in • reduce the risk associated with currency fluctuations equity securities of issuers located outside of the United • gain exposure to gold States. • enhance income The Fund has obtained permission from Canadian • provide downside risk protection for one or more securities regulatory authorities to purchase, hold or securities to which the Fund has exposure obtain exposure to, up to 10% of the Fund’s net assets, taken at the time of purchase, certain exchange-traded The Fund may hold money market instruments or cash to funds that would otherwise be prohibited under securities meet its obligations under the derivative instruments. laws. Currently, the Fund intends to purchase, hold or In some market conditions, the Fund may invest a portion obtain exposure to exchange-traded funds that seek to of its assets in short-term or other debt securities. replicate the performance of gold or the value of a specified derivative the underlying interest of which is The Fund may engage in securities lending, repurchase gold on an unlevered basis (the “Gold ETFs”). The Gold or reverse repurchase transactions in a manner

146 TD Mutual Funds TD U.S. Equity Pool consistent with its investment objectives and as permitted Who should invest in the Fund? by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and The Fund may be suitable for medium to long-term reverse repurchase transactions in Your guide to investors who: understanding the Fund Profile in the first part of this • are seeking exposure to a well-diversified portfolio of document. U.S. companies A unitholder of the Fund does not have ownership rights • are contributing to the growth component of a in securities of any underlying fund held by the Fund. diversified portfolio Where TDAM is the manager of both the Fund and an • can handle the ups and downs of the stock market underlying fund in which the Fund has invested, the Fund will not exercise its right to vote the securities of the For more information about how TDAM has determined underlying fund. TDAM may arrange for these securities the level of investor risk tolerance that would be to be voted by unitholders of the Fund. However, given appropriate for investment in the Fund, see Who should the costs and complexity of doing so, TDAM may not invest in the Fund? in Your guide to understanding arrange for a flow-through of voting rights. the Fund Profile in the first part of this document. We may change the Fund’s investment strategies at our Distribution policy discretion without notice or approval. The Fund distributes any net income and any net realized What are the risks of investing in the capital gains annually in December. Fund? Distributions will automatically be reinvested in additional units of the same series of the Fund. For Risks of investing in the Fund may include: other options that may be available to you, see • commodity risk Distribution policy in Your guide to understanding the • concentration risk Fund Profile in the first part of this document. • derivatives risk Fund expenses indirectly borne by • equity risk • foreign currency risk investors • fund-of-funds risk Mutual funds pay for some expenses out of fund assets. • interest rate risk That means investors in a mutual fund indirectly pay for • international market risk these expenses through lower returns. • large investor risk The following table is intended to help you compare the • market disruption risk cumulative cost of investing in this Fund with the cost of • repurchase and reverse repurchase transactions risk investing in other mutual funds. This example assumes • securities lending risk that: (i) you invest $1,000 in units of the Fund for the time • series risk periods indicated; (ii) your investment has an annual 5% • small company risk return; and (iii) the MER for each series of units of the These and other risks, which may also apply to the Fund, Fund was the same in all periods as the MER that each are described under the heading Fund-specific risks in respective series incurred in the Fund’s last financial the first part of this document. year. The risk rating of the Fund is medium. For more Although your actual costs may be higher or lower, based information, see Investment risk classification on these assumptions, your costs would be: methodology in Your guide to understanding the 1 year 3 years 5 years 10 years Fund Profile in the first part of this document. Investor Series ($) 22.14 69.80 122.34 278.47 D-Series ($) 15.17 47.82 83.82 190.81 Advisor Series ($) 21.83 68.83 120.64 274.61 F-Series ($) 9.53 30.05 52.67 119.90

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

147 TD Mutual Funds TD North American Small-Cap Equity Fund

Fund details Fund type North American Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 12, 2017 1.80% 0.30% D-Series (C$) September 12, 2017 1.05% 0.30% Advisor Series (C$) September 12, 2017 1.80% 0.30% F-Series (C$) September 12, 2017 0.80% N/A Private Series (C$) September 12, 2017 N/A∆ N/A O-Series (C$) September 12, 2017 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. Investment objectives The fundamental investment objective is to seek to The Fund may engage in securities lending, repurchase achieve long-term capital growth by investing primarily in or reverse repurchase transactions in a manner equity securities of small or medium-sized issuers in consistent with its investment objectives and as permitted North America. by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and The fundamental investment objective may only be reverse repurchase transactions in Your guide to changed with the approval of a majority of unitholders, understanding the Fund Profile in the first part of this given at a meeting called for that purpose. document. Investment strategies The portfolio adviser may engage in active and frequent trading of portfolio securities such that the portfolio The portfolio adviser seeks to achieve the fundamental turnover rate may be greater than 70% for the upcoming investment objective of the Fund by utilizing a quantitative financial year. The higher the portfolio turnover rate in a equity strategy that exploits market inefficiencies related financial year, the greater the trading costs payable by a to the pricing and valuations of securities in order to add mutual fund in the year, and the greater the chance of an value. This strategy will generally result in a portfolio of investor receiving taxable distributions in the year. There investments in a large number of securities, broadly is not necessarily a relationship between a high turnover diversified across all sectors of the S&P/TSX Completion rate and the performance of a fund. For more information, and S&P 600® indices. The strategy aims to optimize see in the first exposure to stocks that are expected to outperform the Income tax considerations for investors part of this document. overall market while factoring in implementation costs and seeking to avoid uncompensated risks. In addition, the In some market conditions, the Fund may invest a portion Fund may invest in exchange-traded funds. of its assets in short-term or other debt securities. The Fund may use specified derivatives, such as options, We may change the Fund’s investment strategies at our futures and forward contracts, as permitted by Canadian discretion without notice or approval. securities laws to, among other things: What are the risks of investing in the • gain exposure to equity instruments without actually investing in them directly (including when owning the Fund? derivative investment is more efficient or less costly Risks of investing in the Fund may include: than owning the equity instrument itself) • reduce the risk associated with currency fluctuations • derivatives risk • enhance income • equity risk • provide downside risk protection for one or more • foreign currency risk securities to which the Fund has exposure • large investor risk (as at June 30, 2020, five unitholders held 31.08%, 24.18%, 18.52%, 10.83%

148 TD Mutual Funds TD North American Small-Cap Equity Fund

and 10.68%, respectively, of the net asset value of Distribution policy the Fund) • liquidity risk The Fund distributes any net income and any net realized • market disruption risk capital gains annually in December. • repurchase and reverse repurchase transactions risk Distributions will automatically be reinvested in • securities lending risk additional units of the same series of the Fund. For • series risk other options that may be available to you, see • small company risk Distribution policy in Your guide to understanding the • valuation risk for illiquid assets Fund Profile in the first part of this document. These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in Fund expenses indirectly borne by the first part of this document. investors The risk rating of the Fund is medium. Since the Fund Mutual funds pay for some expenses out of fund assets. has less than 10 years of performance history, TDAM has That means investors in a mutual fund indirectly pay for used the performance history of the following reference these expenses through lower returns. indexes, in addition to the Fund’s actual return history, to calculate the risk rating of the Fund in the proportions The following table is intended to help you compare the noted in the table below: cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes Proportion (%) Reference Indexes that: (i) you invest $1,000 in units of the Fund for the time 50% S&P/TSX Completion Index (Total Return) periods indicated; (ii) your investment has an annual 5% ▽ 50% S&P SmallCap 600® Index (Total Return) return; and (iii) the MER for each series of units of the

▽ Fund was the same in all periods as the MER that each Calculated in Canadian dollars for purposes of determining the risk respective series incurred in the Fund’s last financial rating of the Fund. year. The S&P/TSX Completion Index is comprised of mid- and Although your actual costs may be higher or lower, based small-sized Canadian companies within the S&P/TSX on these assumptions, your costs would be: Composite Index, that are not included in the ® S&P/TSX 60 Index. The S&P SmallCap 600 Index 1 year 3 years 5 years 10 years measures the performance of 600 small-capitalization Investor Series ($) 23.99 75.61 132.53 301.68 U.S. companies that meet specific investability and financial viability criteria. D-Series ($) 15.48 48.79 85.52 194.67 Advisor Series ($) 23.58 74.32 130.27 296.52 For more information, see Investment risk classification methodology in Your guide to F-Series ($) 9.12 28.76 50.41 114.74 understanding the Fund Profile in the first part of this Private Series◊ ($) 0.31 0.97 1.70 3.87 document. O-Series* ($) 0 0 0 0 ◊ Holders of Private Series units also pay a negotiable annual Private Who should invest in the Fund? Series fee to TDAM. The Fund may be suitable for long-term investors who: * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of • are seeking exposure to small to mid-sized growth O-Series units pay a negotiable annual O-Series fee to TDAM. companies, primarily in North America • are seeking enhanced growth potential in the growth See Fees and expenses in the first part of this document component of a diversified portfolio for more information on the costs of investing in the Fund • can handle the ups and downs of the stock market that are not included in the calculation of the MER. For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

149 TD Mutual Funds TD U.S. Mid-Cap Growth Fund

Fund details Fund type U.S. Small and Mid-Cap Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Sub-adviser T. Rowe Price Associates, Inc. (Baltimore, MD, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) January 4, 1994 2.00% 0.30% D-Series (C$) (US$) October 20, 2015 1.25% 0.30% Advisor Series (C$) (US$) November 1, 2000 2.00% 0.30% F-Series (C$) (US$) November 1, 2000 1.00% N/A Private-EM Series (C$) (US$) February 4, 2016 0.30%§ N/A Institutional Series (C$) September 26, 2001 0.90% N/A O-Series (C$) July 21, 2010 (offered N/A* N/A via prospectus exemption from April 6, 2010 to July 21, 2010)

§ Unitholders will also pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund considers issuers to be in the United States if: (a) the issuer derives significant revenue from goods Investment objectives produced, sales made or services rendered in the United States, (b) the principal trading market for the securities The fundamental investment objective is to seek to of the issuer is in the United States, (c) the issuer is achieve long-term capital growth by investing primarily in organized under the laws of a jurisdiction in the United equity securities of medium-sized issuers in the United States, or (d) the issuer has significant assets or a States. principal office in the United States. The fundamental investment objective may only be In pursuing its investment objective, the sub-adviser has changed with the approval of a majority of unitholders, the discretion to purchase some securities that do not given at a meeting called for that purpose. meet its normal investment criteria, as described above, Investment strategies when it perceives an unusual opportunity for gain. These special situations might arise when the sub-adviser The sub-adviser seeks to achieve the fundamental believes a security could increase in value for a variety of investment objective of the Fund by investing at least reasons, including a change in management, an 65% of the Fund’s total assets in a diversified portfolio of extraordinary corporate event, or a temporary imbalance common stocks of medium-sized U.S. companies whose in the supply of or demand for the securities. The Fund earnings the sub-adviser expects to grow at a faster rate may sell securities for a variety of reasons, such as to than the average company. The sub-adviser defines mid- secure gains, limit losses, or redeploy assets into more cap companies as those whose market capitalization falls promising opportunities. within the range of either the S&P MidCap 400® Total Return Index or the Russell Midcap® Growth Index at the The Fund may use specified derivatives, such as options, time of purchase. Stock selection favours companies with futures and forward contracts, as permitted by Canadian proven products or services, above-average earnings securities laws to, among other things: growth, demonstrated potential to sustain earnings • gain exposure to equity instruments without actually growth, operations in industries experiencing increasing demand, or stock prices that appear to undervalue their investing in them directly (including when owning the growth prospects. While most assets will be invested in derivative investment is more efficient or less costly U.S. common stocks, other securities may also be than owning the equity instrument itself) • purchased, including international stocks, preferred reduce the risk associated with currency fluctuations • stocks, hybrids, convertible securities and warrants. enhance income

150 TD Mutual Funds TD U.S. Mid-Cap Growth Fund

• provide downside risk protection for one or more Distribution policy securities to which the Fund has exposure The Fund distributes any net income and any net realized The Fund may hold money market instruments or cash to capital gains annually in December. meet its obligations under the derivative instruments. Distributions will automatically be reinvested in The Fund may engage in securities lending, repurchase additional units of the same series of the Fund. For or reverse repurchase transactions in a manner other options that may be available to you, see consistent with its investment objectives and as permitted Distribution policy in Your guide to understanding the by Canadian securities regulatory authorities. For more Fund Profile in the first part of this document. information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to Fund expenses indirectly borne by understanding the Fund Profile in the first part of this document. investors In some market conditions, the Fund may invest a portion Mutual funds pay for some expenses out of fund assets. of its assets in short-term or other debt securities. That means investors in a mutual fund indirectly pay for these expenses through lower returns. We may change the Fund’s investment strategies at our discretion without notice or approval. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of What are the risks of investing in the investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time Fund? periods indicated; (ii) your investment has an annual 5% Risks of investing in the Fund may include: return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each • derivatives risk respective series incurred in the Fund’s last financial • equity risk year. • foreign currency risk • international market risk Although your actual costs may be higher or lower, based • large investor risk (as at June 30, 2020, one on these assumptions, your costs would be: unitholder held 32.72% of the net asset value of the 1 year 3 years 5 years 10 years Fund) • market disruption risk Investor Series ($) 26.04 82.08 143.86 327.47 • repurchase and reverse repurchase transactions risk D-Series ($) 17.63 55.58 97.42 221.75 • securities lending risk Advisor Series ($) 26.14 82.40 144.43 328.75 • series risk F-Series ($) 11.38 35.87 62.87 143.10 These and other risks, which may also apply to the Fund, Private-EM Series◊ 3.59 11.31 19.82 45.12 are described under the heading Fund-specific risks in Institutional Series ($) 9.74 30.70 53.81 122.48 the first part of this document. O-Series* ($) 0 0 0 0 The risk rating of the Fund is medium. For more ◊ Holders of Private-EM Series units also pay a negotiable annual information, see Investment risk classification Private Series fee to TDAM. methodology in Your guide to understanding the in the first part of this document. * There were no indirect expenses associated with the O-Series units Fund Profile of the Fund because the MER of this series was zero. Holders of Who should invest in the Fund? O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document The Fund may be suitable for medium to long-term for more information on the costs of investing in the Fund investors who: that are not included in the calculation of the MER. • are seeking exposure to mid-sized growth companies, primarily in the U.S. • are contributing to the growth component of a diversified portfolio • can handle the ups and downs of the stock market For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

151 TD Mutual Funds TD U.S. Small-Cap Equity Fund

Fund details Fund type U.S. Small and Mid-Cap Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Sub-adviser T. Rowe Price Associates, Inc. (Baltimore, MD, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) November 28, 1997 2.00% 0.30% D-Series (C$) (US$) February 10, 2015 1.25% 0.30% Advisor Series (C$) November 12, 2002 2.00% 0.30% F-Series (C$) (US$) November 1, 2005 1.00% N/A O-Series (C$) April 6, 2010 N/A* N/A

* No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? produced, sales made or services rendered in the United States, (b) the principal trading market for the securities Investment objectives of the issuer is in the United States, (c) the issuer is organized under the laws of a jurisdiction in the United The fundamental investment objective is to seek to States, or (d) the issuer has significant assets or a achieve long-term capital growth by investing primarily in equity securities of small or medium-sized issuers in the principal office in the United States. United States. In pursuing its investment objective, the sub-adviser has The fundamental investment objective may only be the discretion to purchase some securities that do not meet its normal investment criteria, as described above, changed with the approval of a majority of unitholders, when it perceives an unusual opportunity for gain. These given at a meeting called for that purpose. special situations might arise when the sub-adviser Investment strategies believes a security could increase in value for a variety of reasons, including a change in management, an The sub-adviser seeks to achieve the fundamental extraordinary corporate event, or a temporary imbalance investment objective of the Fund by investing at least in the supply of or demand for the securities. The Fund 65% of the Fund’s total assets in the common stocks of may sell securities for a variety of reasons, such as to small U.S. companies. The sub-adviser considers small secure gains, limit losses, or redeploy assets into more companies to be those with a market capitalization that promising opportunities. falls either within or below the range of companies in the current Russell 2000® Total Return Index (“Russell 2000® The Fund may use specified derivatives, such as options, Index”), or below the three-year average maximum futures and forward contracts, as permitted by Canadian market cap of companies in the Russell 2000® Index as of securities laws to, among other things: December 31 of the three preceding years. These • gain exposure to equity instruments without actually valuations can change based on market conditions. Stock investing in them directly (including when owning the selection may reflect a growth or value investment approach. The sub-adviser looks for companies with derivative investment is more efficient or less costly capable management and attractive business niches; than owning the equity instrument itself) • pricing flexibility; sound financial and accounting reduce the risk associated with currency fluctuations • practices; demonstrated ability to grow revenues, enhance income • earnings, and cash flow consistently; and the potential for provide downside risk protection for one or more a catalyst (such as increased investor attention, asset securities to which the Fund has exposure sales, strong business prospects, or a change in The Fund may hold money market instruments or cash to management) to cause a stock’s price to rise (among meet its obligations under the derivative instruments. other things). While most assets will be invested in U.S. common stocks, the Fund may invest in international The Fund may engage in securities lending, repurchase common stocks, preferred stocks, hybrids and convertible or reverse repurchase transactions in a manner securities. consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more The Fund considers issuers to be in the United States if: information, see Securities lending, repurchase and (a) the issuer derives significant revenue from goods reverse repurchase transactions in Your guide to

152 TD Mutual Funds TD U.S. Small-Cap Equity Fund understanding the Fund Profile in the first part of this Distribution policy document. The Fund distributes any net income and any net realized In some market conditions, the Fund may invest a portion capital gains annually in December. of its assets in short-term or other debt securities. Distributions will automatically be reinvested in We may change the Fund’s investment strategies at our additional units of the same series of the Fund. For discretion without notice or approval. other options that may be available to you, see Distribution policy in Your guide to understanding the What are the risks of investing in the Fund Profile in the first part of this document. Fund? Risks of investing in the Fund may include: Fund expenses indirectly borne by investors • derivatives risk • equity risk Mutual funds pay for some expenses out of fund assets. • foreign currency risk That means investors in a mutual fund indirectly pay for • international market risk these expenses through lower returns. • large investor risk (as at June 30, 2020, two The following table is intended to help you compare the unitholders held 55.35% and 10.39%, respectively, of cumulative cost of investing in this Fund with the cost of the net asset value of the Fund) investing in other mutual funds. This example assumes • liquidity risk that: (i) you invest $1,000 in units of the Fund for the time • market disruption risk periods indicated; (ii) your investment has an annual 5% • repurchase and reverse repurchase transactions risk return; and (iii) the MER for each series of units of the • securities lending risk Fund was the same in all periods as the MER that each • series risk respective series incurred in the Fund’s last financial • small company risk year. • valuation risk for illiquid assets Although your actual costs may be higher or lower, based These and other risks, which may also apply to the Fund, on these assumptions, your costs would be: are described under the heading Fund-specific risks in the first part of this document. 1 year 3 years 5 years 10 years The risk rating of the Fund is medium to high. For more Investor Series ($) 26.14 82.40 144.43 328.75 information, see Investment risk classification D-Series ($) 17.53 55.26 96.85 220.46 methodology in Your guide to understanding the Advisor Series ($) 25.83 81.43 142.73 324.89 Fund Profile in the first part of this document. F-Series ($) 11.28 35.54 62.30 141.82 Who should invest in the Fund? O-Series* ($) 0 0 0 0 The Fund may be suitable for long-term investors who * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of are: O-Series units pay a negotiable annual O-Series fee to TDAM. • seeking exposure to small to mid-sized growth See Fees and expenses in the first part of this document companies, primarily in the U.S. for more information on the costs of investing in the Fund • seeking enhanced growth potential in the growth that are not included in the calculation of the MER. component of a diversified portfolio • comfortable with the ups and downs of the stock market For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

153 TD Mutual Funds TD Global Risk Managed Equity Fund

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 15, 2015 1.80% 0.20% H5 Series (C$) September 13, 2016 1.80% 0.20% D-Series (C$) October 20, 2015 1.10% 0.20% Advisor Series (C$) September 15, 2015 1.80% 0.20% T5 Series (C$) September 13, 2016 1.80% 0.20% F-Series (C$) (US$) September 15, 2015 0.85% N/A FT5 Series (C$) September 13, 2016 0.85% N/A FT8 Series (C$) January 29, 2019 0.85% N/A Private Series (C$) March 7, 2017 N/A∆ N/A O-Series (C$) September 15, 2015 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The portfolio adviser may also make tactical shifts between cash and the Fund’s investment in, or exposure Investment objectives to, equity securities. The portfolio adviser may hedge any The fundamental investment objective is to seek to or all foreign currency exposure in the Fund. achieve long-term capital appreciation by investing The Fund has obtained permission from Canadian primarily in, or gaining exposure to, equity securities of securities regulatory authorities to purchase, hold or issuers located anywhere in the world. The Fund intends obtain exposure to, up to 10% of the Fund’s net assets, to use derivatives to seek to manage portfolio volatility. taken at the time of purchase, certain exchange-traded The fundamental investment objective may only be funds that would otherwise be prohibited under securities changed with the approval of a majority of unitholders, laws. Currently, the Fund intends to purchase, hold or given at a meeting called for that purpose. obtain exposure to exchange-traded funds that seek to replicate the performance of gold or the value of a Investment strategies specified derivative the underlying interest of which is gold on an unlevered basis (the “Gold ETFs”). The The portfolio adviser seeks to achieve the fundamental Gold ETFs are traded on a Canadian or U.S. stock investment objective of the Fund by investing the majority exchange and may not be qualified for distribution in the of its assets in a large number of equity securities of the same Canadian jurisdictions as the Fund. The risks MSCI World Index, broadly diversified across all sectors. associated with the Fund’s exposure to Gold ETFs are The Fund may also invest in exchange-traded funds. primarily commodity risk and exchange-traded fund risk. The portfolio adviser also utilizes a quantitative equity The Fund may also use specified derivatives, such as strategy to invest a portion of the Fund’s assets to options, futures, forward contracts and swaps, as optimize exposure to stocks that are expected to permitted by Canadian securities laws to, among other outperform the overall market while seeking to limit things: exposure to stocks that are expected to underperform the overall market. As a result of this strategy, the Fund may • gain exposure to equity instruments without actually not fully benefit from strong equity markets. investing in them directly (including when owning the The portfolio adviser seeks to manage the downside risks derivative investment is more efficient or less costly of the equity securities in which the Fund invests through than owning the equity instrument itself) • the use of derivatives including, without limitation, buying reduce the risk associated with currency fluctuations or selling put and call options. There is no assurance that • gain exposure to gold all downside risks associated with the Fund will actually • provide downside risk protection for one or more be reduced. securities to which the Fund has exposure

154 TD Mutual Funds TD Global Risk Managed Equity Fund

The Fund may hold money market instruments or cash to of large and mid-capitalization companies in developed meet its obligations under the derivative instruments. market countries, excluding the U.S. and Canada. The S&P 500® Index measures the performance of 500 The Fund may engage in securities lending, repurchase large-capitalization companies in leading industries of the or reverse repurchase transactions in a manner U.S. economy. consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more For more information, see Investment risk information, see Securities lending, repurchase and classification methodology in Your guide to reverse repurchase transactions in Your guide to understanding the Fund Profile in the first part of this understanding the Fund Profile in the first part of this document. document. Who should invest in the Fund? In some market conditions, the Fund may invest a portion of its assets in short-term or other debt securities. The Fund may be suitable for medium to long-term investors who: We may change the Fund’s investment strategies at our • are seeking exposure to a diversified portfolio of discretion without notice or approval. global equity securities with reduced market volatility What are the risks of investing in the • are contributing to the growth component of a diversified portfolio Fund? • can handle changes in the value of their investment Risks of investing in the Fund may include: • in the case of H5 Series, T5 Series, FT5 Series and FT8 Series units, are seeking a monthly distribution • capital depreciation risk that may include a return of capital • commodity risk • derivatives risk For more information about how TDAM has determined the level of investor risk tolerance that would be • equity risk appropriate for investment in the Fund, see Who should • exchange-traded fund risk invest in the Fund? in Your guide to understanding • foreign currency risk the Fund Profile in the first part of this document. • international market risk • large investor risk (as at June 30, 2020, two Distribution policy unitholders held 14.56% and 10.21%, respectively, of the net asset value of the Fund) In the case of Investor Series, D-Series, Advisor Series, • market disruption risk F-Series, Private Series and O-Series units, the Fund • repurchase and reverse repurchase transactions risk distributes any net income and any net realized capital • securities lending risk gains annually in December. In the case of H5 Series, T5 Series, FT5 Series and FT8 Series units, the Fund • series risk intends to make a distribution on or about month end that These and other risks, which may also apply to the Fund, may consist of net income, net realized capital gains are described under the heading Fund-specific risks in and/or return of capital. Any distributions made in the first part of this document. excess of the Fund’s net income and net realized capital gains for the year represent a return of your The risk rating of the Fund is low to medium. Since the capital. For any series, if the distributions in a year are Fund has less than 10 years of performance history, less than the Fund’s net income and net realized capital TDAM has used the performance history of the following gains for the year, the Fund will make an additional reference indexes, in addition to the Fund’s actual return distribution in December. history, to calculate the risk rating of the Fund in the proportions noted in the table below: Distributions will automatically be reinvested in additional units of the same series of the Fund. For Proportion (%) Reference Indexes ▽ other options that may be available to you, see 40% Bloomberg Barclays US Aggregate Bond Index Distribution policy in Your guide to understanding the 30% MSCI EAFE® Index▽ (Net Dividend) Fund Profile in the first part of this document. 30% S&P 500® Index▽ (Net Dividend, Total Return)

▽ Fund expenses indirectly borne by Calculated in Canadian dollars for purposes of determining the risk rating of the Fund. investors The Bloomberg Barclays US Aggregate Bond Index Mutual funds pay for some expenses out of fund assets. measures the investment-grade, U.S. dollar- That means investors in a mutual fund indirectly pay for denominated, fixed-rate taxable bond market. The these expenses through lower returns. MSCI EAFE® Index measures the performance of stocks

155 TD Mutual Funds TD Global Risk Managed Equity Fund

The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 23.47 74.00 129.70 295.23 H5 Series ($) 23.58 74.32 130.27 296.52 D-Series ($) 14.56 45.88 80.43 183.07 Advisor Series ($) 23.37 73.67 129.13 293.95 T5 Series ($) 23.47 74.00 129.70 295.23 F-Series ($) 9.64 30.37 53.24 121.19 FT5 Series ($) 9.64 30.37 53.24 121.19 FT8 Series ($) 11.28 35.54 62.30 141.82 Private Series◊ ($) 2.56 8.08 14.16 32.23 O-Series* ($) 1.44 4.52 7.93 18.05 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * Holders of O-Series units also pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

156 TD Mutual Funds TD Global Low Volatility Fund

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) November 28, 2011 1.90% 0.30% H8 Series (C$) April 15, 2014 1.90% 0.30% D-Series (C$) February 10, 2015 1.15% 0.30% Advisor Series (C$) November 28, 2011 1.90% 0.30% T8 Series (C$) April 15, 2014 1.90% 0.30% F-Series (C$) (US$) November 28, 2011 0.90% N/A FT5 Series (C$) August 16, 2018 0.90% N/A FT8 Series (C$) April 15, 2014 0.90% N/A Private Series (C$) February 4, 2016 N/A∆ N/A O-Series (C$) November 1, 2011 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian Investment objectives securities laws to, among other things: The fundamental investment objective is to seek to • gain exposure to equity instruments without actually achieve long-term capital appreciation by investing investing in them directly (including when owning the primarily in equity securities of issuers located anywhere derivative investment is more efficient or less costly in the world. than owning the equity instrument itself) The fundamental investment objective may only be • reduce the risk associated with currency fluctuations changed with the approval of a majority of unitholders, • provide downside risk protection for one or more given at a meeting called for that purpose. securities to which the Fund has exposure Investment strategies The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by investing primarily in, The Fund may engage in securities lending, repurchase or obtaining exposure to, a diversified portfolio of global or reverse repurchase transactions in a manner stocks which are included in the MSCI All Countries consistent with its investment objectives and as permitted World Index (“MSCI ACWI”). by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and The portfolio adviser seeks to optimize the portfolio by reverse repurchase transactions in Your guide to overweighting stocks that are expected to deliver less understanding the Fund Profile in the first part of this volatile returns and by underweighting, or excluding, document. stocks that are expected to deliver more volatile returns. The portfolio adviser currently uses historical standard In some market conditions, the Fund may invest a portion deviation as a tool in selecting the stocks, looking at of its assets in short-term or other debt securities. individual stocks and the correlation between stocks, with We may change the Fund’s investment strategies at our the aim of reducing volatility. As a result of this strategy, discretion without notice or approval. the Fund may not fully benefit from strong equity markets. The portfolio adviser may also use exchange-traded funds to gain the desired equity exposure. Over a full market cycle, the portfolio adviser seeks to deliver Fund performance similar to that of the MSCI ACWI but with less volatility than the MSCI ACWI.

157 TD Mutual Funds TD Global Low Volatility Fund

What are the risks of investing in the • in the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, are seeking a monthly distribution Fund? that may include a return of capital Risks of investing in the Fund may include: For more information about how TDAM has determined • capital depreciation risk the level of investor risk tolerance that would be • derivatives risk appropriate for investment in the Fund, see Who should in • equity risk invest in the Fund? Your guide to understanding the Fund Profile in the first part of this document. • foreign currency risk • international market risk Distribution policy • large investor risk (as at June 30, 2020, four unitholders held 13.46%, 12.79%, 12.29% and In the case of Investor Series, D-Series, Advisor Series, 12.26%, respectively, of the net asset value of the F-Series, Private Series and O-Series units, the Fund Fund) intends to distribute any net income and any net realized • liquidity risk capital gains annually in December. In the case of • market disruption risk H8 Series, T8 Series, FT5 Series and FT8 Series units, • repurchase and reverse repurchase transactions risk the Fund intends to make a distribution on or about month • securities lending risk end that may consist of net income, net realized capital gains and/or return of capital. • series risk Any distributions made in excess of the Fund’s net income and net realized • small company risk capital gains for the year represent a return of your These and other risks, which may also apply to the Fund, capital. For any series, if the distributions in a year are are described under the heading Fund-specific risks in less than the Fund’s net income and net realized capital the first part of this document. gains for the year, the Fund will make an additional distribution in December. The risk rating of the Fund is low to medium. Since the Fund has less than 10 years of performance history, Distributions will automatically be reinvested in TDAM has used the performance history of the reference additional units of the same series of the Fund. For index in the table below, in addition to the Fund’s actual other options that may be available to you, see return history, to calculate the risk rating of the Fund: Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Proportion (%) Reference Index ▽ 100% MSCI ACWI Minimum Volatility (USD) Index Fund expenses indirectly borne by (Net Dividend)

▽ investors Calculated in Canadian dollars for purposes of determining the risk rating of the Fund. Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for The MSCI ACWI Minimum Volatility (USD) Index aims to these expenses through lower returns. reflect the performance characteristics of a minimum variance strategy applied to large and mid-capitalization The following table is intended to help you compare the stocks of companies from developed and emerging cumulative cost of investing in this Fund with the cost of market countries. It is calculated by optimizing the investing in other mutual funds. This example assumes MSCI ACWI Index, its parent index, for the lowest that: (i) you invest $1,000 in units of the Fund for the time absolute risk (within certain constraints). For more periods indicated; (ii) your investment has an annual 5% information, see Investment risk classification return; and (iii) the MER for each series of units of the methodology in Your guide to understanding the Fund was the same in all periods as the MER that each Fund Profile in the first part of this document. respective series incurred in the Fund’s last financial year. Who should invest in the Fund? The Fund may be suitable for medium to long-term investors who: • are seeking a diversified global equity fund with less volatility • are contributing to the growth component of a diversified portfolio • can handle changes in the value of their investment

158 TD Mutual Funds TD Global Low Volatility Fund

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 24.91 78.52 137.63 313.28 H8 Series ($) 24.40 76.91 134.80 306.84 D-Series ($) 16.50 52.02 91.19 207.57 Advisor Series ($) 25.11 79.17 138.76 315.86 T8 Series ($) 24.81 78.20 137.06 311.99 F-Series ($) 10.25 32.31 56.64 128.92 FT5 Series ($) 10.15 31.99 56.07 127.63 FT8 Series ($) 10.15 31.99 56.07 127.63 Private Series◊ ($) 0.21 0.65 1.13 2.58 O-Series* ($) 0 0 0 0 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

159 TD Mutual Funds TD Global Equity Focused Fund

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) September 13, 2018 1.85% 0.30% H8 Series (C$) September 13, 2018 1.85% 0.30% D-Series (C$) September 13, 2018 1.10% 0.30% Advisor Series (C$) (US$) September 13, 2018 1.85% 0.30% T8 Series (C$) September 13, 2018 1.85% 0.30% F-Series (C$) (US$) September 13, 2018 0.85% N/A FT5 Series (C$) September 13, 2018 0.85% N/A FT8 Series (C$) September 13, 2018 0.85% N/A Private Series (C$) (US$) September 13, 2018 N/A∆ N/A O-Series (C$) September 13, 2018 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? derivative investment is more efficient or less costly than owning the equity instrument itself) Investment objectives • reduce the risk associated with currency fluctuations The fundamental investment objective is to seek to • enhance income achieve long-term capital appreciation by investing • provide downside risk protection for one or more primarily in equity securities of issuers located anywhere securities to which the Fund has exposure in the world. The Fund may hold money market instruments or cash to The fundamental investment objective may only be meet its obligations under the derivative instruments. changed with the approval of a majority of unitholders, The Fund may engage in securities lending, repurchase given at a meeting called for that purpose. or reverse repurchase transactions in a manner Investment strategies consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more The portfolio adviser seeks to achieve the fundamental information, see Securities lending, repurchase and investment objective of the Fund by investing primarily in reverse repurchase transactions in Your guide to a concentrated portfolio of equity securities included in understanding the Fund Profile in the first part of this the MSCI World Index. The Fund may also invest in document. securities of issuers located in emerging market countries. Security selection will focus on an issuer’s The Fund may hold cash and/or short-term debt ability to profitably generate and grow free cash flow and securities in anticipation of, or in response to, its efficiency at allocating capital. The portfolio adviser will unfavourable market conditions and/or for liquidity favour industry leaders that, in the portfolio adviser’s purposes. view, have high growth potential. The portfolio adviser We may change the Fund’s investment strategies at our may hedge any or all foreign currency exposure in the discretion without notice or approval. Fund. The portfolio adviser may also invest in exchange-traded What are the risks of investing in the funds in order to obtain the desired equity exposure. Fund? The Fund may use specified derivatives, such as options, Risks of investing in the Fund may include: futures and forward contracts, as permitted by Canadian • securities laws to, among other things: capital depreciation risk • derivatives risk • gain exposure to equity instruments without actually • equity risk investing in them directly (including when owning the • foreign currency risk 160 TD Mutual Funds TD Global Equity Focused Fund

• international market risk end that may consist of net income, net realized capital • large investor risk (as at June 30, 2020, one gains and/or return of capital. Any distributions made in unitholder held 74.40% of the net asset value of the excess of the Fund’s net income and net realized Fund) capital gains for the year represent a return of your • market disruption risk capital. For any series, if the distributions in a year are • regulatory risk less than the Fund’s net income and net realized capital • repurchase and reverse repurchase transactions risk gains for the year, the Fund will make an additional • securities lending risk distribution in December. • series risk Distributions will automatically be reinvested in • specialization risk additional units of the same series of the Fund. For other options that may be available to you, see These and other risks, which may also apply to the Fund, Distribution policy in Your guide to understanding the are described under the heading Fund-specific risks in in the first part of this document. the first part of this document. Fund Profile The risk rating of the Fund is medium. Since the Fund is a Fund expenses indirectly borne by new fund, TDAM has used the performance history of the investors reference index in the table below, in addition to the Fund’s actual return history, to calculate the risk rating of Mutual funds pay for some expenses out of fund assets. the Fund: That means investors in a mutual fund indirectly pay for these expenses through lower returns. Proportion (%) Reference Index ▽ The following table is intended to help you compare the 100% MSCI World ex Canada Index (Net Dividend) cumulative cost of investing in this Fund with the cost of ▽ Calculated in Canadian dollars for purposes of determining the risk investing in other mutual funds. This example assumes

rating of the Fund. that: (i) you invest $1,000 in units of the Fund for the time The MSCI World ex Canada Index measures the periods indicated; (ii) your investment has an annual 5% performance of stocks of large and mid-capitalization return; and (iii) the MER for each series of units of the companies in developed market countries, excluding Fund was the same in all periods as the MER that each Canada. For more information, see Investment risk respective series incurred in the Fund’s last financial classification methodology in Your guide to year. understanding the Fund Profile in the first part of this Although your actual costs may be higher or lower, based document. on these assumptions, your costs would be:

Who should invest in the Fund? 1 year 3 years 5 years 10 years The Fund may be suitable for medium to long-term Investor Series ($) 24.81 78.20 137.06 311.99 investors who: H8 Series ($) 24.91 78.52 137.63 313.28 • are seeking global diversification outside of Canada D-Series ($) 15.99 50.41 88.35 201.12 • are contributing to the growth component of a Advisor Series ($) 24.50 77.23 135.36 308.13 diversified portfolio T8 Series ($) 23.88 75.29 131.97 300.39 • can handle the ups and downs of the stock market F-Series ($) 9.64 30.37 53.24 121.19 • in the case of H8 Series, T8 Series, FT5 Series and FT5 Series ($) 9.94 31.34 54.94 125.06 FT8 Series units, are seeking a monthly distribution that may include a return of capital FT8 Series ($) 9.84 31.02 54.37 123.77 ◊ 1.64 5.17 9.06 20.63 For more information about how TDAM has determined Private Series ($) the level of investor risk tolerance that would be O-Series* ($) 0 0 0 0 appropriate for investment in the Fund, see Who should ◊ Holders of Private Series units also pay a negotiable annual Private invest in the Fund? in Your guide to understanding Series fee to TDAM. the Fund Profile in the first part of this document. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of Distribution policy O-Series units pay a negotiable annual O-Series fee to TDAM. In the case of Investor Series, D-Series, Advisor Series, See Fees and expenses in the first part of this document F-Series, Private Series and O-Series units, the Fund for more information on the costs of investing in the Fund intends to distribute any net income and any net realized that are not included in the calculation of the MER. capital gains annually in December. In the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, the Fund intends to make a distribution on or about month 161 TD Mutual Funds TD International Stock Fund

Fund details Fund type International Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) July 29, 2020° 1.90% 0.30% D-Series (C$) April 26, 2016 1.15% 0.30% Advisor Series (C$) July 29, 2020° 1.90% 0.30% F-Series (C$) (US$) July 29, 2020° 0.90% N/A Private Series (C$) May 3, 2010 N/A∆ N/A O-Series (C$) June 26, 2020 N/A* N/A

° New series – represents the date when the series was first prospectus-qualified. ∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? derivative investment is more efficient or less costly than owning the equity instrument itself) Investment objectives • obtain the desired foreign currency exposure The fundamental investment objective is to seek to • enhance income achieve long-term capital growth by investing primarily in • provide downside risk protection for one or more equity securities of issuers outside of Canada and the securities to which the Fund has exposure United States. The Fund may hold money market instruments or cash to The fundamental investment objective may only be meet its obligations under the derivative instruments. changed with the approval of a majority of unitholders, The Fund may engage in securities lending, repurchase given at a meeting called for that purpose. or reverse repurchase transactions in a manner Investment strategies consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more The portfolio adviser seeks to achieve the fundamental information, see Securities lending, repurchase and investment objective of the Fund by using a well- reverse repurchase transactions in Your guide to diversified portfolio primarily consisting of equities of understanding the Fund Profiles in the first part of this companies located in the markets of Europe, Australasia, document. the Far East, and emerging market countries. The portfolio adviser focuses on companies believed to be In some market conditions, the Fund may invest a portion able to sustain superior earnings growth. Emphasis is of its assets in short-term or other debt securities. also placed on earnings quality and financial strength. We may change the Fund’s investment strategies at our Modeling analytics of stock, sector and country discretion without notice or approval. contribution are utilized to optimize the Fund’s overall risk exposures relative to its benchmark. What are the risks of investing in the The portfolio adviser may also use exchange-traded Fund? funds or other securities to gain the desired equity Risks of investing in the Fund may include: exposure. • The Fund seeks to hold a diversified portfolio of derivatives risk investments in a number of countries and in a wide range • equity risk of industries. • exchange-traded fund risk • foreign currency risk The Fund may use specified derivatives, such as options, • international market risk futures and forward contracts, as permitted by Canadian • large investor risk (as at June 30, 2020, one securities laws to, among other things: unitholder held 96.34% of the net asset value of the • gain exposure to equity instruments without actually Fund) investing in them directly (including when owning the • liquidity risk • market disruption risk 162 TD Mutual Funds TD International Stock Fund

• repurchase and reverse repurchase transactions risk Fund expenses indirectly borne by • securities lending risk • series risk investors • small company risk Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for These and other risks, which may also apply to the Fund, these expenses through lower returns. are described under the heading Fund-specific risks in the first part of this document. The following table is intended to help you compare the The risk rating of the Fund is medium. For more cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes information, see Investment risk classification that: (i) you invest $1,000 in units of the Fund for the time methodology in Your guide to understanding the periods indicated; (ii) your investment has an annual 5% Fund Profiles in the first part of this document. return; and (iii) the MER for each series of units of the Who should invest in the Fund? Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial The Fund may be suitable for medium to long-term year. investors who: Although your actual costs may be higher or lower, based • are seeking geographic diversification outside of on these assumptions, your costs would be: Canada and the U.S. • would like to have some currency diversification 1 year 3 years 5 years 10 years outside of Canada and the U.S. Investor Series∆ ($) — — — — • are seeking capital growth D-Series ($) 17.53 55.26 96.85 220.46 • can handle the ups and downs of the stock market Advisor Series∆ ($) — — — — For more information about how TDAM has determined F-Series∆ ($) — — — — the level of investor risk tolerance that would be Private Series◊ ($) 0.51 1.62 2.83 6.45 appropriate for investment in the Fund, see Who should ∆ — — — — invest in the Fund? in Your guide to understanding O-Series ($) the Fund Profiles in the first part of this document. ∆ No units were issued prior to the end of the Fund’s last financial year. ◊ Holders of Private Series units also pay a negotiable annual Private Distribution policy Series fee to TDAM. The Fund distributes any net income and any net realized See Fees and expenses in the first part of this document capital gains annually in December. for more information on the costs of investing in the Fund that are not included in the calculation of the MER. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

163 TD Mutual Funds TD Emerging Markets Low Volatility Fund

Fund details Fund type Emerging Markets Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 10, 2013 2.00% 0.35% H8 Series (C$) April 15, 2014 2.00% 0.35% D-Series (C$) February 10, 2015 1.25% 0.35% Advisor Series (C$) September 10, 2013 2.00% 0.35% T8 Series (C$) April 15, 2014 2.00% 0.35% F-Series (C$) (US$) September 10, 2013 1.00% N/A FT5 Series (C$) August 16, 2018 1.00% N/A FT8 Series (C$) April 15, 2014 1.00% N/A Private Series (C$) March 7, 2017 N/A∆ N/A O-Series (C$) July 23, 2015 (offered N/A* N/A via prospectus exemption from October 8, 2013 to July 23, 2015)

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The portfolio adviser may also use exchange-traded funds to gain the desired equity exposure. Over a full Investment objectives market cycle, the portfolio adviser seeks to deliver Fund performance similar to that of the MSCI EM but with less The fundamental investment objective is to seek to achieve long-term capital appreciation by investing volatility than the MSCI EM. primarily in, or gaining exposure to, equity securities of The Fund may use specified derivatives, such as options, issuers in emerging market countries, while seeking to futures and forward contracts, as permitted by Canadian reduce volatility. securities laws to, among other things: The fundamental investment objective may only be • gain exposure to equity instruments without actually changed with the approval of a majority of unitholders, investing in them directly (including when owning the given at a meeting called for that purpose. derivative investment is more efficient or less costly Investment strategies than owning the equity instrument itself) • reduce the risk associated with currency fluctuations The portfolio adviser seeks to achieve the fundamental • provide downside risk protection for one or more investment objective of the Fund by investing primarily in, securities to which the Fund has exposure or obtaining exposure to, a diversified portfolio of emerging market stocks which are included in the MSCI The Fund may hold money market instruments or cash to Emerging Markets Index (“MSCI EM”), with a focus on meet its obligations under the derivative instruments. stocks with lower volatility. The portfolio adviser seeks to The Fund may engage in securities lending, repurchase optimize the portfolio by overweighting stocks that are or reverse repurchase transactions in a manner expected to deliver less volatile returns and by consistent with its investment objectives and as permitted underweighting, or excluding, stocks that are expected to by Canadian securities regulatory authorities. For more deliver more volatile returns. The portfolio adviser information, see Securities lending, repurchase and currently uses historical standard deviation as a tool in reverse repurchase transactions in Your guide to selecting the stocks, looking at individual stocks and the understanding the Fund Profile in the first part of this correlation between stocks, with the aim of reducing document. volatility. As a result of this strategy, the Fund may not fully benefit from strong equity markets. In some market conditions, the Fund may invest a portion of its assets in short-term or other debt securities. 164 TD Mutual Funds TD Emerging Markets Low Volatility Fund

We may change the Fund’s investment strategies at our • in the case of H8 Series, T8 Series, FT5 Series and discretion without notice or approval. FT8 Series units, are seeking a monthly distribution that may include a return of capital What are the risks of investing in the For more information about how TDAM has determined Fund? the level of investor risk tolerance that would be Risks of investing in the Fund may include: appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding • capital depreciation risk the Fund Profile in the first part of this document. • derivatives risk • equity risk Distribution policy • foreign currency risk In the case of Investor Series, D-Series, Advisor Series, • international market risk F-Series, Private Series and O-Series units, the Fund • large investor risk (as at June 30, 2020, three intends to distribute any net income and any net realized unitholders held 37.06%, 27.04% and 20.54%, capital gains annually in December. In the case of respectively, of the net asset value of the Fund) H8 Series, T8 Series, FT5 Series and FT8 Series units, • liquidity risk the Fund intends to make a distribution on or about month • market disruption risk end that may consist of net income, net realized capital • repurchase and reverse repurchase transactions risk gains and/or return of capital. Any distributions made in • securities lending risk excess of the Fund’s net income and net realized • series risk capital gains for the year represent a return of your • small company risk capital. For any series, if the distributions in a year are less than the Fund’s net income and net realized capital These and other risks, which may also apply to the Fund, gains for the year, the Fund will make an additional are described under the heading Fund-specific risks in distribution in December. the first part of this document. Distributions will automatically be reinvested in The risk rating of the Fund is medium. Since the Fund additional units of the same series of the Fund. For has less than 10 years of performance history, TDAM has other options that may be available to you, see used the performance history of the reference index in the Distribution policy in Your guide to understanding the table below, in addition to the Fund’s actual return history, Fund Profile in the first part of this document. to calculate the risk rating of the Fund:

Proportion (%) Reference Index Fund expenses indirectly borne by 100% MSCI Emerging Markets Minimum Volatility ▽ investors (USD) Index (Net Dividend) Mutual funds pay for some expenses out of fund assets. ▽ Calculated in Canadian dollars for purposes of determining the risk That means investors in a mutual fund indirectly pay for

rating of the Fund. these expenses through lower returns. The MSCI Emerging Markets Minimum Volatility (USD) The following table is intended to help you compare the Index aims to reflect the performance characteristics of a cumulative cost of investing in this Fund with the cost of minimum variance strategy applied to stocks of large and investing in other mutual funds. This example assumes mid-capitalization companies from emerging market that: (i) you invest $1,000 in units of the Fund for the time countries. It is calculated by optimizing the MSCI periods indicated; (ii) your investment has an annual 5% Emerging Markets Index, its parent index, for the lowest return; and (iii) the MER for each series of units of the absolute risk (within certain constraints). For more Fund was the same in all periods as the MER that each information, see Investment risk classification respective series incurred in the Fund’s last financial methodology in Your guide to understanding the year. Fund Profile in the first part of this document. Who should invest in the Fund? The Fund may be suitable for medium to long-term investors who: • are seeking exposure to a diversified portfolio of emerging market securities with less volatility • are contributing to the growth component of a diversified portfolio • can handle the ups and downs of the stock market

165 TD Mutual Funds TD Emerging Markets Low Volatility Fund

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 26.34 83.04 145.56 331.33 H8 Series ($) 26.24 82.72 144.99 330.04 D-Series ($) 18.35 57.84 101.38 230.77 Advisor Series ($) 26.34 83.04 145.56 331.33 T8 Series ($) 25.52 80.46 141.03 321.02 F-Series ($) 11.28 35.54 62.30 141.82 FT5 Series ($) 11.69 36.84 64.57 146.97 FT8 Series ($) 11.69 36.84 64.57 146.97 Private Series◊ ($) 1.03 3.23 5.66 12.89 O-Series* ($) 0 0 0 0 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

166 TD Mutual Funds TD China Income & Growth Fund

Fund details Fund type Greater China Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) January 4, 1994 2.15% 0.35% D-Series (C$) January 15, 2019 1.40% 0.35% Advisor Series (C$) September 6, 2006 2.15% 0.35% F-Series (C$) September 6, 2006 1.15% N/A Private Series (C$) May 22, 2020 N/A∆ N/A Institutional Series (C$) April 23, 2004 1.10% N/A O-Series (C$) August 19, 2010 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? derivative investment is more efficient or less costly than owning the equity instrument itself) Investment objectives • reduce the risk associated with currency fluctuations The fundamental investment objective is to seek to earn • enhance income dividend income and to generate long term capital • provide downside risk protection for one or more appreciation by investing primarily in equity securities of securities to which the Fund has exposure issuers located in China. The Fund may hold money market instruments or cash to The fundamental investment objective may only be meet its obligations under the derivative instruments. changed with the approval of a majority of unitholders, The Fund may engage in securities lending, repurchase given at a meeting called for that purpose. or reverse repurchase transactions in a manner Investment strategies consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more The Fund seeks to achieve its fundamental investment information, see Securities lending, repurchase and objective by investing in a diversified portfolio of Chinese reverse repurchase transactions in Your guide to common stocks and other related securities. The Fund is understanding the Fund Profile in the first part of this actively managed and seeks to enhance returns and document. control risks. In some market conditions, the Fund may invest a portion The portfolio management process focuses on mature of its assets in short-term or other debt securities. companies with high dividend yields and predictable levels of profitability, which will facilitate future dividend We may change the Fund’s investment strategies at our growth. Emphasis is also placed on earnings quality and discretion without notice or approval. financial strength. Modelling analytics of stock and sector contribution are utilized to optimize the Fund’s overall risk What are the risks of investing in the exposure relative to its benchmark. Fund? The Fund may also hold a portion of its assets in Risks of investing in the Fund may include: securities of other investment funds, including • TD Exchange-Traded Funds, to achieve its desired commodity risk • investment exposure. derivatives risk • equity risk The Fund may use specified derivatives, such as options, • foreign currency risk futures and forward contracts, as permitted by Canadian • interest rate risk securities laws to, among other things: • international market risk • gain exposure to equity instruments without actually • large investor risk (as at June 30, 2020, three investing in them directly (including when owning the unitholders held 22.35%, 19.00% and 13.30%, respectively, of the net asset value of the Fund)

167 TD Mutual Funds TD China Income & Growth Fund

• liquidity risk Fund expenses indirectly borne by • market disruption risk • QFII risk investors • repurchase and reverse repurchase transactions risk Mutual funds pay for some expenses out of fund assets. • securities lending risk That means investors in a mutual fund indirectly pay for • series risk these expenses through lower returns. • small company risk The following table is intended to help you compare the • specialization risk cumulative cost of investing in this Fund with the cost of • Stock Connect risk investing in other mutual funds. This example assumes These and other risks, which may also apply to the Fund, that: (i) you invest $1,000 in units of the Fund for the time are described under the heading Fund-specific risks in periods indicated; (ii) your investment has an annual 5% the first part of this document. return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each The risk rating of the Fund is high. As a result of a change respective series incurred in the Fund’s last financial to the fundamental investment objective of the Fund, year. TDAM has used the performance history of the reference index in the table below, to calculate the risk rating of the Although your actual costs may be higher or lower, based Fund: on these assumptions, your costs would be:

Proportion (%) Reference Index 1 year 3 years 5 years 10 years Shanghai Shenzhen CSI 300 Index (“CSI 300 Investor Series ($) 29.32 92.42 161.98 368.72 100% Index”) D-Series ($) 21.22 66.89 117.24 266.87 The CSI 300 Index is composed of 300 stocks with the Advisor Series ($) 29.42 92.74 162.55 370.01 largest market capitalization and liquidity from the entire F-Series ($) 13.84 43.62 76.46 174.05 universe of listed A-share companies in China. The CSI ∆ 300 Index aims to measure the overall performance of the Private Series ($) — — — — A-shares traded on the Shanghai Stock Exchange and Institutional Series ($) 12.71 40.07 70.23 159.87 Shenzhen Stock Exchange. For more information, see O-Series* ($) 0 0 0 0 Investment risk classification methodology in Your ∆ No units were issued prior to the end of the Fund’s last financial year. guide to understanding the Fund Profile in the first part of this document. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of Who should invest in the Fund? O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document The Fund may be suitable for long-term investors who for more information on the costs of investing in the Fund are: that are not included in the calculation of the MER. • seeking exposure to China

• contributing to the growth component of a diversified portfolio • very comfortable with the ups and downs of the stock market For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Distribution policy The Fund distributes any net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

168 TD Mutual Funds TD Emerging Markets Fund

Fund details Fund type Emerging Markets Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Sub-adviser Morgan Stanley Investment Management Inc. (New York, NY, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) December 21, 1992 2.25% 0.35% D-Series (C$) January 15, 2019 1.50% 0.35% Advisor Series (C$) November 1, 2000 2.25% 0.35% F-Series (C$) (US$) November 1, 2000 1.25% N/A Private-EM Series (C$) February 4, 2016 0.65%§ N/A O-Series (C$) July 21, 2010 (offered N/A* N/A via prospectus exemption from April 6, 2010 to July 21, 2010)

§ Unitholders will also pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? MSCI Emerging Markets Index. This may be changed by the Fund from time to time without notice or approval. Investment objectives The Fund considers issuers to be in an emerging country The fundamental investment objective is to seek to if: (a) the issuer derives significant revenue from goods achieve long-term capital growth by investing primarily in produced, sales made or services rendered in an equity securities of issuers in emerging countries. emerging country, (b) the principal trading market for the securities of the issuer is in an emerging country, (c) the The fundamental investment objective may only be issuer is organized under the laws of an emerging changed with the approval of a majority of unitholders, country, or (d) the issuer has significant assets or a given at a meeting called for that purpose. principal office in an emerging country. Investment strategies The Fund may use specified derivatives, such as options, The sub-adviser seeks to achieve the fundamental futures and forward contracts, as permitted by Canadian investment objective of the Fund by investing primarily in securities laws to, among other things: growth-oriented equity securities in emerging markets. • gain exposure to equity instruments without actually The investment approach combines top-down country allocation with bottom-up stock selection. Investment investing in them directly (including when owning the selection criteria include attractive growth characteristics, derivative investment is more efficient or less costly reasonable valuations and management that has a strong than owning the equity instrument itself) • shareholder value orientation. The Fund invests in equity reduce the risk associated with currency fluctuations • securities by purchasing common and preferred shares enhance income • and may hold fixed income securities as an equity provide downside risk protection for one or more substitute when debt is the preferred way to access a securities to which the Fund has exposure market. The Fund will be managed so as to be invested in The Fund may hold money market instruments or cash to a diversified portfolio of securities of issuers in emerging meet its obligations under the derivative instruments. countries. Under normal conditions, at least 65% of the Fund’s total assets will be invested in securities of issuers The Fund may engage in securities lending, repurchase in emerging countries. However, in some market or reverse repurchase transactions in a manner conditions, short-term securities may be held by the consistent with its investment objectives and as permitted Fund. by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and The Fund determines, from time to time, which countries reverse repurchase transactions in Your guide to constitute an emerging country. Currently, the Fund understanding the Fund Profile in the first part of this considers an emerging country to be a country within the document.

169 TD Mutual Funds TD Emerging Markets Fund

In some market conditions, the Fund may invest a portion Distribution policy of its assets in short-term or other debt securities. The Fund distributes any net income and any net realized We may change the Fund’s investment strategies at our capital gains annually in December. discretion without notice or approval. Distributions will automatically be reinvested in What are the risks of investing in the additional units of the same series of the Fund. For Fund? other options that may be available to you, see Distribution policy in Your guide to understanding the Risks of investing in the Fund may include: Fund Profile in the first part of this document. • derivatives risk Fund expenses indirectly borne by • equity risk • foreign currency risk investors • international market risk Mutual funds pay for some expenses out of fund assets. • large investor risk (as at June 30, 2020, one That means investors in a mutual fund indirectly pay for unitholder held 16.12% of the net asset value of the these expenses through lower returns. Fund) • liquidity risk The following table is intended to help you compare the • market disruption risk cumulative cost of investing in this Fund with the cost of • repurchase and reverse repurchase transactions risk investing in other mutual funds. This example assumes • securities lending risk that: (i) you invest $1,000 in units of the Fund for the time • series risk periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the These and other risks, which may also apply to the Fund, Fund was the same in all periods as the MER that each are described under the heading Fund-specific risks in respective series incurred in the Fund’s last financial the first part of this document. year. The risk rating of the Fund is medium to high. For more Although your actual costs may be higher or lower, based information, see Investment risk classification on these assumptions, your costs would be: methodology in Your guide to understanding the Fund Profile in the first part of this document. 1 year 3 years 5 years 10 years Investor Series ($) 29.42 92.74 162.55 370.01 Who should invest in the Fund? D-Series ($) 20.60 64.95 113.84 259.14 The Fund may be suitable for long-term investors who Advisor Series ($) 29.42 92.74 162.55 370.01 are: F-Series ($) 14.04 44.27 77.59 176.63 • seeking exposure to developing economies and Private-EM Series◊ 8.92 28.11 49.27 112.16 currencies around the globe O-Series* ($) 0 0 0 0 • contributing to the growth component of a diversified portfolio ◊ Holders of Private-EM Series units also pay a negotiable annual • willing to accept some short-term volatility for Private Series fee to TDAM. potentially higher long-term returns * There were no indirect expenses associated with the O-Series units • comfortable with the ups and downs of the stock of the Fund because the MER of this series was zero. Holders of O- Series units pay a negotiable annual O-Series fee to TDAM. market See Fees and expenses in the first part of this document For more information about how TDAM has determined for more information on the costs of investing in the Fund the level of investor risk tolerance that would be that are not included in the calculation of the MER. appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

170 TD Mutual Funds Epoch U.S. Shareholder Yield Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser Epoch Investment Partners, Inc. (New York, NY, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) April 15, 2014 1.85% 0.30% H8 Series (C$) April 15, 2014 1.85% 0.30% D-Series (C$) (US$) February 10, 2015 1.10% 0.30% Advisor Series (C$) (US$) April 15, 2014 1.85% 0.30% T8 Series (C$) April 15, 2014 1.85% 0.30% F-Series (C$) (US$) April 15, 2014 0.85% N/A FT5 Series (C$) August 16, 2018 0.85% N/A FT8 Series (C$) April 15, 2014 0.85% N/A Private Series(C$) (US$) September 16, 2014 N/A∆ N/A O-Series (C$) December 20, 2016 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? Under normal market conditions, the Fund invests at least 80% of the portfolio assets in income-producing U.S. Investment objectives securities. The Fund considers issuers to be in the United The fundamental investment objective is to seek to States if: (a) the issuer is organized under the laws of a provide growth and income by primarily investing in, or jurisdiction in the United States, or (b) the principal trading market for the securities of the issuer is in the gaining exposure to, income-producing securities of U.S. United States. Equity securities include common stock, issuers. preferred stock, depositary receipts, units of real estate The fundamental investment objective may only be investment trusts, master limited partnerships and changed with the approval of a majority of unitholders, exchange-traded funds. given at a meeting called for that purpose. The Fund may, from time to time, directly or indirectly, Investment strategies invest up to 15% of its portfolio in equity securities of issuers located outside of the U.S. In addition, the Fund The portfolio adviser seeks to achieve the fundamental may, from time to time, invest up to 20% of its portfolio, in investment objective of the Fund by investing primarily in the aggregate, in high quality money market securities a diversified portfolio of securities of U.S. issuers of and U.S. fixed income securities (including fixed income varying market capitalizations that have a history of, and securities of issuers located outside of the U.S. that are the potential to continue to focus on, creating shareholder issued in the U.S., denominated in U.S. dollars, and that yield. The portfolio adviser considers an issuer’s use of are, at the time of investment, rated investment grade). free cash flow for dividends, share repurchases and debt repayments as shareholder yield. The Fund may use specified derivatives, such as options, futures, forward contracts and swaps, as permitted by The portfolio adviser identifies potential investment Canadian securities laws to, among other things: opportunities through rigorous fundamental bottom-up security selection. The portfolio adviser considers an • gain exposure to equity instruments without actually issuer’s ability to properly allocate free cash flows among investing in them directly (including when owning the internal reinvestment opportunities, acquisitions, derivative investment is more efficient or less costly dividends, share repurchases and debt repayments. The than owning the equity instrument itself) portfolio adviser looks for issuers that can produce • reduce the risk associated with currency fluctuations excess free cash flows and whose management is • enhance income committed to delivering shareholder yield by paying • provide downside risk protection for one or more consistent and growing dividends, repurchasing shares or securities to which the Fund has exposure paying down debt without taking undue risk.

171 TD Mutual Funds Epoch U.S. Shareholder Yield Fund

The Fund may hold money market instruments or cash to Who should invest in the Fund? meet its obligations under the derivative instruments. The Fund may be suitable for medium to long-term The Fund may engage in securities lending, repurchase investors who: or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted • are seeking growth and income by Canadian securities regulatory authorities. For more • are seeking exposure to securities issued by U.S. information, see Securities lending, repurchase and companies reverse repurchase transactions in Your guide to • can handle the ups and downs of the stock market understanding the Fund Profile in the first part of this • in the case of H8 Series, T8 Series, FT5 Series and document. FT8 Series units, are seeking a monthly distribution We may change the Fund’s investment strategies at our that may include a return of capital discretion without notice or approval. For more information about how TDAM has determined the level of investor risk tolerance that would be What are the risks of investing in the appropriate for investment in the Fund, see Who should Fund? invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Risks of investing in the Fund may include: • capital depreciation risk Distribution policy • commodity risk In the case of Investor Series, D-Series, Advisor Series, • credit risk F-Series, Private Series and O-Series units, the Fund • derivatives risk intends to distribute any net income on or about calendar • equity risk quarter end (March, June, September and December). In • foreign currency risk the case of H8 Series, T8 Series, FT5 Series and • interest rate risk FT8 Series units, the Fund intends to make a distribution • international market risk on or about month end that may consist of net income, • large investor risk (as at June 30, 2020, one net realized capital gains and/or return of capital. Any unitholder held 74.77% of the net asset value of the distributions made in excess of the Fund’s net Fund) income and net realized capital gains for the year • liquidity risk represent a return of your capital. For any series, if the • market disruption risk distributions in a year are less than the Fund’s net income • repurchase and reverse repurchase transactions risk and net realized capital gains for the year, the Fund will • securities lending risk make an additional distribution in December. • series risk Distributions will automatically be reinvested in • small company risk additional units of the same series of the Fund. For These and other risks, which may also apply to the Fund, other options that may be available to you, see are described under the heading Fund-specific risks in Distribution policy in Your guide to understanding the the first part of this document. Fund Profile in the first part of this document. The risk rating of the Fund is medium. Since the Fund Fund expenses indirectly borne by has less than 10 years of performance history, TDAM has used the performance history of the reference index in the investors table below, in addition to the Fund’s actual return history, Mutual funds pay for some expenses out of fund assets. to calculate the risk rating of the Fund: That means investors in a mutual fund indirectly pay for Proportion (%) Reference Index these expenses through lower returns. ▽ 100% Russell 1000® Value Index (Total Return) The following table is intended to help you compare the ▽ cumulative cost of investing in this Fund with the cost of Calculated in Canadian dollars for purposes of determining the risk rating of the Fund. investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time ® The Russell 1000 Value Index measures the periods indicated; (ii) your investment has an annual 5% performance of stocks of large-capitalization value return; and (iii) the MER for each series of units of the ® companies in the U.S. and includes those Russell 1000 Fund was the same in all periods as the MER that each Index companies with lower price-to-book ratios and respective series incurred in the Fund’s last financial lower forecasted growth values. For more information, year. see Investment risk classification methodology in Your guide to understanding the Fund Profile in the first part of this document. 172 TD Mutual Funds Epoch U.S. Shareholder Yield Fund

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 24.50 77.23 135.36 308.13 H8 Series ($) 23.78 74.97 131.40 299.10 D-Series ($) 15.99 50.41 88.35 201.12 Advisor Series ($) 23.88 75.29 131.97 300.39 T8 Series ($) 24.70 77.87 136.50 310.71 F-Series ($) 9.64 30.37 53.24 121.19 FT5 Series ($) 9.74 30.70 53.81 122.48 FT8 Series ($) 9.84 31.02 54.37 123.77 Private Series◊ ($) 0.41 1.29 2.27 5.16 O-Series* ($) 0 0 0 0 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

173 TD Mutual Funds Epoch U.S. Blue Chip Equity Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser Epoch Investment Partners, Inc. (New York, NY, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) D-Series (C$) April 26, 2016 1.10% 0.30% Private Series (C$) February 12, 1996 N/A∆ N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM.

What does the Fund invest in? • provide downside risk protection for one or more securities to which the Fund has exposure Investment objectives The Fund may hold money market instruments or cash to The fundamental investment objective is to achieve rates meet its obligations under the derivative instruments. of total return that, over the longer term, exceed those of a broad market index, net of withholding tax, primarily The Fund’s investments will, under most circumstances, comprised of large-capitalization U.S. stocks. be limited to U.S. securities. In some circumstances, the Fund may hold non-U.S. securities to an extent that will With the main focus on growth through capital vary from time to time but is not typically expected to appreciation, the Fund invests primarily in publicly traded exceed 10% of the total value of the assets of the Fund. and readily marketable stocks of U.S. corporations that are listed on stock exchanges or trading on quotation The Fund may engage in securities lending, repurchase systems in the U.S. or Canada. or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted The fundamental investment objective may only be by Canadian securities regulatory authorities. For more changed with the approval of a majority of unitholders, information, see Securities lending, repurchase and given at a meeting called for that purpose. reverse repurchase transactions in Your guide to Investment strategies understanding the Fund Profiles in the first part of this document. The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by investing primarily in In some market conditions, the Fund may invest a portion a portfolio of U.S. blue chip companies that the portfolio of its assets in short-term or other debt securities. adviser believes have attractive risk-reward profiles. Blue We may change the Fund’s investment strategies at our chip companies are generally well-established, high- discretion without notice or approval. quality firms with large market capitalizations and typically pay a dividend. What are the risks of investing in the The portfolio adviser believes that growth and use of free Fund? cash flow represent the best predictors of long-term Risks of investing in the Fund may include: return. As a result, the portfolio adviser’s security selection process is focused on an issuer’s ability to • commodity risk generate and deploy free cash flow rather than traditional • concentration risk accounting measures such as price-to-book and price-to- • derivatives risk earnings ratios. • equity risk • foreign currency risk The Fund may use specified derivatives, such as options, • large investor risk (as at June 30, 2020, one futures and forward contracts, as permitted by Canadian unitholder held 93.39% of the net asset value of the securities laws to, among other things: Fund) • gain exposure to equity instruments without actually • market disruption risk investing in them directly (including when owning the • repurchase and reverse repurchase transactions risk derivative investment is more efficient or less costly • securities lending risk than owning the equity instrument itself) • series risk • reduce the risk associated with currency fluctuations In the twelve-month period ended June 30, 2020, more • enhance income than 10% of the net asset value of the Fund was invested in common shares of Microsoft Corporation. The

174 TD Mutual Funds Epoch U.S. Blue Chip Equity Fund maximum percentage of the net asset value of the Fund Fund expenses indirectly borne by invested in the securities of this issuer during this twelve- month period was 12.69%. The Fund may have investors experienced increased concentration risk as a result of Mutual funds pay for some expenses out of fund assets. this investment. That means investors in a mutual fund indirectly pay for These and other risks, which may also apply to the Fund, these expenses through lower returns. are described under the heading Fund-specific risks in The following table is intended to help you compare the the first part of this document. cumulative cost of investing in this Fund with the cost of The risk rating of the Fund is medium. For more investing in other mutual funds. This example assumes information, see Investment risk classification that: (i) you invest $1,000 in units of the Fund for the time methodology in Your guide to understanding the periods indicated; (ii) your investment has an annual 5% Fund Profiles in the first part of this document. return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each Who should invest in the Fund? respective series incurred in the Fund’s last financial year. The Fund may be suitable for medium to long-term investors who: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: • are seeking exposure to a well-diversified portfolio of high-quality U.S. companies 1 year 3 years 5 years 10 years • are seeking capital growth D-Series ($) 15.89 50.09 87.79 199.83 • can handle the ups and downs of the stock market Private Series◊ ($) 0.10 0.32 0.57 1.29 For more information about how TDAM has determined ◊ Holders of Private Series units also pay a negotiable annual Private the level of investor risk tolerance that would be Series fee to TDAM. appropriate for investment in the Fund, see Who should See in the first part of this document invest in the Fund? in Your guide to understanding Fees and expenses for more information on the costs of investing in the Fund the Fund Profiles in the first part of this document. that are not included in the calculation of the MER. Distribution policy The Fund intends to distribute any net income on or about calendar quarter end (March, June, September and December) and distributes any remaining net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

175 TD Mutual Funds Epoch U.S. Blue Chip Equity Currency Neutral Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio advisers Epoch Investment Partners, Inc. (Epoch) (New York, NY, U.S.A.) TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) D-Series (C$) April 26, 2016 1.10% 0.30% Private Series (C$) April 23, 2007 N/A∆ N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM.

What does the Fund invest in? The Fund may also use specified derivatives, such as options, futures and forward contracts, as permitted by Investment objectives Canadian securities laws to, among other things: The fundamental investment objective is to achieve rates • gain exposure to equity instruments without actually of total return that, over the longer term, exceed those of investing in them directly (including when owning the a broad market index, net of withholding tax, by investing derivative investment is more efficient or less costly primarily in large-capitalization U.S. stocks. The Fund than owning the equity instrument itself) also seeks to eliminate substantially the Fund’s foreign • enhance income currency exposure. • provide downside risk protection for one or more With the focus on growth through capital appreciation as securities to which the Fund has exposure well as dividend income, the Fund invests primarily in The Fund may hold money market instruments or cash to publicly traded and readily marketable stocks of U.S. meet its obligations under the derivative instruments. corporations that are listed on stock exchanges or trading on quotation systems in the U.S. or Canada. The Fund’s investments will, under most circumstances, be limited to U.S. securities. In some circumstances, the The fundamental investment objective may only be Fund may hold non-U.S. securities to an extent that will changed with the approval of a majority of unitholders, vary from time to time but is not typically expected to given at a meeting called for that purpose. exceed 10% of the total value of the assets of the Fund. Investment strategies The Fund may engage in securities lending, repurchase Epoch, as portfolio adviser, seeks to achieve the or reverse repurchase transactions in a manner fundamental investment objective of the Fund by consistent with its investment objectives and as permitted investing primarily in a portfolio of U.S. blue chip by Canadian securities regulatory authorities. For more companies that it believes have attractive risk-reward information, see Securities lending, repurchase and profiles. Blue chip companies are generally well- reverse repurchase transactions in Your guide to established, high-quality firms with large market understanding the Fund Profiles in the first part of this capitalizations and typically pay a dividend. document. Epoch believes that growth and use of free cash flow In some market conditions, the Fund may invest a portion represent the best predictors of long-term return. As a of its assets in short-term or other debt securities. result, Epoch’s security selection process is focused on We may change the Fund’s investment strategies at our an issuer’s ability to generate and deploy free cash flow discretion without notice or approval. rather than traditional accounting measures such as price-to-book and price-to-earnings ratios. What are the risks of investing in the TDAM, in its capacity as portfolio adviser, uses derivative Fund? contracts, on an ongoing basis, to substantially hedge the Risks of investing in the Fund may include: Fund’s foreign currency exposure. This hedging strategy seeks to protect the Fund against losses from declines in • commodity risk the value of foreign currencies against the Canadian • concentration risk dollar. As a result of this strategy, the Fund will not benefit • derivatives risk from increases in the value of foreign currencies against • equity risk the Canadian dollar.

176 TD Mutual Funds Epoch U.S. Blue Chip Equity Currency Neutral Fund

• large investor risk (as at June 30, 2020, one Fund expenses indirectly borne by unitholder held 93.16% of the net asset value of the Fund) investors • market disruption risk Mutual funds pay for some expenses out of fund assets. • repurchase and reverse repurchase transactions risk That means investors in a mutual fund indirectly pay for • securities lending risk these expenses through lower returns. • series risk The following table is intended to help you compare the In the twelve-month period ended June 30, 2020, more cumulative cost of investing in this Fund with the cost of than 10% of the net asset value of the Fund was invested investing in other mutual funds. This example assumes in common shares of Microsoft Corporation. The that: (i) you invest $1,000 in units of the Fund for the time maximum percentage of the net asset value of the Fund periods indicated; (ii) your investment has an annual 5% invested in the securities of this issuer during this twelve- return; and (iii) the MER for each series of units of the month period was 12.09%. The Fund may have Fund was the same in all periods as the MER that each experienced increased concentration risk as a result of respective series incurred in the Fund’s last financial this investment. year. These and other risks, which may also apply to the Fund, Although your actual costs may be higher or lower, based are described under the heading Fund-specific risks in on these assumptions, your costs would be: the first part of this document. 1 year 3 years 5 years 10 years The risk rating of the Fund is medium. For more D-Series ($) 15.68 49.44 86.66 197.25 information, see Investment risk classification ◊ methodology in Your guide to understanding the Private Series ($) 0.41 1.29 2.27 5.16 Fund Profiles in the first part of this document. ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. Who should invest in the Fund? See Fees and expenses in the first part of this document The Fund may be suitable for medium to long-term for more information on the costs of investing in the Fund investors who: that are not included in the calculation of the MER. • are seeking exposure to a well-diversified portfolio of high-quality U.S. companies without substantial foreign currency exposure • are seeking capital growth • can handle the ups and downs of the stock market For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profiles in the first part of this document. Distribution policy The Fund distributes any net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

177 TD Mutual Funds Epoch U.S. Large-Cap Value Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser Epoch Investment Partners, Inc. (New York, NY, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) October 6, 2003 1.85% 0.30% D-Series (C$) (US$) October 20, 2015 1.10% 0.30% Advisor Series (C$) (US$) November 12, 2002 1.85% 0.30% F-Series (C$) (US$) December 1, 2003 0.85% N/A Private Series (C$) (US$) February 4, 2016 N/A∆ N/A Institutional Series (C$) September 24, 2003 0.80% N/A O-Series (C$) July 21, 2010 (offered N/A* N/A via prospectus exemption from April 6, 2010 to July 21, 2010)

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? States, (b) the principal trading market for the securities of the issuer is in the United States, (c) the issuer is Investment objectives organized under the laws of a jurisdiction in the United The fundamental investment objective is to provide long- States, or (d) the issuer has significant assets or a term growth of capital as well as income primarily through principal office in the United States. investments in common stocks of established companies. In pursuing the Fund’s investment objective, the portfolio adviser has the discretion to purchase some securities The fundamental investment objective may only be that do not meet its normal investment criteria when it changed with the approval of a majority of unitholders, perceives an unusual opportunity for gain. These special given at a meeting called for that purpose. situations might arise when the portfolio adviser believes Investment strategies a security could increase in value for a variety of reasons, including a change in management, an extraordinary The portfolio adviser seeks to achieve the fundamental corporate event, or a temporary imbalance in the supply investment objective of the Fund by generally investing in of or demand for the securities. The Fund may sell a portfolio of large-capitalization U.S. issuers that the securities for a variety of reasons, such as to secure portfolio adviser believes have attractive risk-reward gains, limit losses, or redeploy assets into more promising profiles. A bottom-up security selection process is opportunities. balanced with diversification and risk control measures that should result in below-average portfolio volatility. The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian The portfolio adviser employs a value approach based securities laws to, among other things: primarily on the price paid for securities of high-quality issuers that have the potential to generate and deploy • gain exposure to equity instruments without actually future free cash flows rather than traditional accounting investing in them directly (including when owning the measures such as price-to-book and price-to-earnings derivative investment is more efficient or less costly ratios. than owning the equity instrument itself) • While the portfolio is constructed from the bottom up, reduce the risk associated with currency fluctuations decisions are made with consideration of the overall • enhance income global market, macroeconomic environment and industry • provide downside risk protection for one or more trends. The portfolio adviser’s analysis and management securities to which the Fund has exposure of risk is embedded in the portfolio construction process. The Fund may hold money market instruments or cash to The Fund considers issuers to be in the United States if: meet its obligations under the derivative instruments. (a) the issuer derives significant revenue from goods produced, sales made or services rendered in the United

178 TD Mutual Funds Epoch U.S. Large-Cap Value Fund

The Fund may engage in securities lending, repurchase Who should invest in the Fund? or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted The Fund may be suitable for medium to long-term by Canadian securities regulatory authorities. For more investors who: information, see Securities lending, repurchase and • are seeking long-term growth of capital through well- in reverse repurchase transactions Your guide to established, high-quality U.S. companies with value in the first part of this understanding the Fund Profile characteristics document. • are seeking a core U.S. holding in the growth The portfolio adviser may engage in active and frequent component of a diversified portfolio trading of portfolio securities such that the portfolio • can handle the ups and downs of the stock market turnover rate may be greater than 70% for the upcoming For more information about how TDAM has determined financial year. The higher the portfolio turnover rate in a the level of investor risk tolerance that would be financial year, the greater the trading costs payable by a appropriate for investment in the Fund, see Who should mutual fund in the year, and the greater the chance of an invest in the Fund? in Your guide to understanding investor receiving taxable distributions in the year. There the Fund Profile in the first part of this document. is not necessarily a relationship between a high turnover rate and the performance of a fund. For more information, Distribution policy see Income tax considerations for investors in the first part of this document. The Fund distributes any net income and any net realized capital gains annually in December. In some market conditions, the Fund may invest a portion of its assets in short-term or other debt securities. Distributions will automatically be reinvested in additional units of the same series of the Fund. For We may change the Fund’s investment strategies at our other options that may be available to you, see discretion without notice or approval. Distribution policy in Your guide to understanding the What are the risks of investing in the Fund Profile in the first part of this document. Fund? Fund expenses indirectly borne by Risks of investing in the Fund may include: investors • commodity risk Mutual funds pay for some expenses out of fund assets. • derivatives risk That means investors in a mutual fund indirectly pay for • equity risk these expenses through lower returns. • foreign currency risk The following table is intended to help you compare the • international market risk cumulative cost of investing in this Fund with the cost of • large investor risk (as at June 30, 2020, four investing in other mutual funds. This example assumes unitholders held 21.82%, 14.76%, 10.55% and that: (i) you invest $1,000 in units of the Fund for the time 10.18%, respectively, of the net asset value of the periods indicated; (ii) your investment has an annual 5% Fund) return; and (iii) the MER for each series of units of the • market disruption risk Fund was the same in all periods as the MER that each • repurchase and reverse repurchase transactions risk respective series incurred in the Fund’s last financial • securities lending risk year. • series risk These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in the first part of this document. The risk rating of the Fund is medium. For more information, see Investment risk classification methodology in Your guide to understanding the Fund Profile in the first part of this document.

179 TD Mutual Funds Epoch U.S. Large-Cap Value Fund

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 24.40 76.91 134.80 306.84 D-Series ($) 16.09 50.73 88.92 202.41 Advisor Series ($) 24.40 76.91 134.80 306.84 F-Series ($) 9.64 30.37 53.24 121.19 Private Series◊ ($) 0.21 0.65 1.13 2.58 Institutional Series ($) 8.00 25.20 44.18 100.56 O-Series* ($) 0 0 0 0 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

180 TD Mutual Funds Epoch Global Shareholder Yield Fund

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser Epoch Investment Partners, Inc. (New York, NY, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 6, 2006 1.95% 0.30% H8 Series (C$) September 4, 2007 1.95% 0.30% D-Series (C$) February 10, 2015 1.20% 0.30% Advisor Series (C$) September 6, 2006 1.95% 0.30% T8 Series (C$) September 4, 2007 1.95% 0.30% F-Series (C$) September 6, 2006 0.95% N/A FT5 Series (C$) August 16, 2018 0.95% N/A FT8 Series (C$) September 4, 2007 0.95% N/A Private Series(C$) (US$) September 16, 2014 N/A∆ N/A Institutional Series (C$) July 23, 2007 (offered 0.95% N/A via prospectus exemption from December 7, 2006 to July 23, 2007) O-Series (C$) December 3, 2008 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? issuers that can produce excess free cash flows and whose management is committed to delivering Investment objectives shareholder yield by paying consistent and growing dividends, repurchasing shares or paying down debt The fundamental investment objective is to provide without taking undue risk. growth and income by investing primarily in dividend- paying equity securities and other income-producing Under normal market conditions, the Fund invests at least instruments from anywhere in the world. 80% of the portfolio assets in income-producing equity The fundamental investment objective may only be securities. Equity securities include common stock, preferred stock, depositary receipts, units of real estate changed with the approval of a majority of unitholders, investment trusts, master limited partnerships and given at a meeting called for that purpose. exchange-traded funds. In addition, the Fund may, from Investment strategies time to time, invest up to 20% of its portfolio, in the aggregate, in high quality money market securities and The portfolio adviser seeks to achieve the fundamental fixed income securities. investment objective of the Fund by investing primarily in a diversified portfolio of global securities issued by The Fund may use specified derivatives, such as options, companies of varying market capitalizations that have a futures, forward contracts and swaps, as permitted by history of, and the potential to continue to focus on, Canadian securities laws to, among other things: creating shareholder yield. • gain exposure to equity instruments without actually The portfolio adviser considers an issuer’s use of free investing in them directly (including when owning the cash flow for dividends, share repurchases and debt derivative investment is more efficient or less costly repayments as shareholder yield. The portfolio adviser than owning the equity instrument itself) identifies potential investment opportunities through • reduce the risk associated with currency fluctuations rigorous fundamental bottom-up security selection. The • enhance income portfolio adviser considers an issuer’s ability to properly • provide downside risk protection for one or more allocate free cash flows among internal reinvestment securities to which the Fund has exposure opportunities, acquisitions, dividends, share repurchases and debt repayments. The portfolio adviser looks for 181 TD Mutual Funds Epoch Global Shareholder Yield Fund

The Fund may hold money market instruments or cash to For more information about how TDAM has determined meet its obligations under the derivative instruments. the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should The Fund may engage in securities lending, repurchase invest in the Fund? in Your guide to understanding or reverse repurchase transactions in a manner the Fund Profile in the first part of this document. consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more Distribution policy information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to In the case of Investor Series, D-Series, Advisor Series, understanding the Fund Profile in the first part of this F-Series, Private Series, Institutional Series and O-Series document. units, the Fund intends to distribute any net income on or about calendar quarter end (March, June, September and We may change the Fund’s investment strategies at our December). In the case of H8 Series, T8 Series, discretion without notice or approval. FT5 Series and FT8 Series units, the Fund intends to make a distribution on or about month end that may What are the risks of investing in the consist of net income, net realized capital gains and/or Fund? return of capital. Any distributions made in excess of Risks of investing in the Fund may include: the Fund’s net income and net realized capital gains for the year represent a return of your capital. For any • capital depreciation risk series, if the distributions in a year are less than the • commodity risk Fund’s net income and net realized capital gains for the • credit risk year, the Fund will make an additional distribution in • derivatives risk December. • equity risk Distributions will automatically be reinvested in • foreign currency risk additional units of the same series of the Fund. For • interest rate risk other options that may be available to you, see • international market risk Distribution policy in Your guide to understanding the • large investor risk (as at June 30, 2020, one Fund Profile in the first part of this document. unitholder held 22.74% of the net asset value of the Fund) Fund expenses indirectly borne by • liquidity risk investors • market disruption risk • repurchase and reverse repurchase transactions risk Mutual funds pay for some expenses out of fund assets. • securities lending risk That means investors in a mutual fund indirectly pay for • series risk these expenses through lower returns. • small company risk The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of These and other risks, which may also apply to the Fund, investing in other mutual funds. This example assumes are described under the heading Fund-specific risks in that: (i) you invest $1,000 in units of the Fund for the time the first part of this document. periods indicated; (ii) your investment has an annual 5% The risk rating of the Fund is medium. For more return; and (iii) the MER for each series of units of the information, see Investment risk classification Fund was the same in all periods as the MER that each methodology in Your guide to understanding the respective series incurred in the Fund’s last financial Fund Profile in the first part of this document. year. Who should invest in the Fund? The Fund may be suitable for medium to long-term investors who: • are seeking growth and income • are looking for exposure to securities of issuers located anywhere in the world • can handle the ups and downs of the stock market • in the case of H8 Series, T8 Series, FT5 Series and FT8 Series units, are seeking a monthly distribution that may include a return of capital

182 TD Mutual Funds Epoch Global Shareholder Yield Fund

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 25.63 80.78 141.59 322.31 H8 Series ($) 25.32 79.81 139.90 318.44 D-Series ($) 17.02 53.64 94.02 214.01 Advisor Series ($) 25.52 80.46 141.03 321.02 T8 Series ($) 25.73 81.11 142.16 323.60 F-Series ($) 10.66 33.61 58.90 134.08 FT5 Series ($) 10.97 34.58 60.60 137.95 FT8 Series ($) 10.87 34.25 60.04 136.66 Private Series◊ ($) 0.21 0.65 1.13 2.58 Institutional Series ($) 10.97 34.58 60.60 137.95 O-Series* ($) 0 0 0 0 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

183 TD Mutual Funds Epoch Global Equity Fund

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser Epoch Investment Partners, Inc. (New York, NY, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) January 4, 1994 1.95% 0.30% D-Series (C$) October 20, 2015 1.20% 0.30% Advisor Series (C$) November 1, 2000 1.95% 0.30% F-Series (C$) (US$) November 1, 2000 0.95% N/A Private Series (C$) October 8, 2019° N/A∆ N/A O-Series (C$) July 21, 2010 (offered N/A* N/A via prospectus exemption from April 6, 2010 to July 21, 2010)

° Represents the date when the series was first prospectus-qualified. No units have been issued as of the date of this simplified prospectus. ∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? advantages that has enabled each company to achieve its level of return on invested capital. Investment objectives The Fund may use specified derivatives, such as options, The fundamental investment objective is to seek to futures and forward contracts, as permitted by Canadian achieve long-term capital appreciation by investing securities laws to, among other things: primarily in equity securities of companies from anywhere in the world, including companies considered to be global • gain exposure to equity instruments without actually leaders in their respective industries. investing in them directly (including when owning the derivative investment is more efficient or less costly The fundamental investment objective may only be than owning the equity instrument itself) changed with the approval of a majority of unitholders, • reduce the risk associated with currency fluctuations given at a meeting called for that purpose. • enhance income Investment strategies • provide downside risk protection for one or more securities to which the Fund has exposure The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by investing primarily in The Fund may hold money market instruments or cash to a portfolio of equity investments across various industries meet its obligations under the derivative instruments. in developed markets and may also invest, to a lesser The Fund may engage in securities lending, repurchase extent, in emerging markets. or reverse repurchase transactions in a manner The portfolio adviser believes that growth and use of free consistent with its investment objectives and as permitted cash flow represent the best predictors of long-term by Canadian securities regulatory authorities. For more return. As a result, the portfolio adviser’s security information, see Securities lending, repurchase and selection process is focused on an issuer’s ability to both reverse repurchase transactions in Your guide to generate free cash flow and reinvest it in a way that understanding the Fund Profile in the first part of this generates a return on investment greater than the firm's document. cost of capital rather than traditional accounting measures The portfolio adviser may engage in active and frequent such as price-to-book or price-to-earnings ratios. trading of portfolio securities such that the portfolio The investment process includes using proprietary turnover rate may be greater than 70% for the upcoming quantitative research to identify potential investments, financial year. The higher the portfolio turnover rate in a screening for metrics such as return on invested capital financial year, the greater the trading costs payable by a greater than the weighted average cost of capital and mutual fund in the year, and the greater the chance of an growth in cash flow from operations over the last five investor receiving taxable distributions in the year. There years. Stocks are then subject to rigorous fundamental is not necessarily a relationship between a high turnover research to assess the sustainability of the competitive rate and the performance of a fund. For more information, 184 TD Mutual Funds Epoch Global Equity Fund see Income tax considerations for investors in the first Distribution policy part of this document. The Fund distributes any net income and any net realized In some market conditions, the Fund may invest a portion capital gains annually in December. of its assets in short-term or other debt securities. Distributions will automatically be reinvested in We may change the Fund’s investment strategies at our additional units of the same series of the Fund. For discretion without notice or approval. other options that may be available to you, see Distribution policy in Your guide to understanding the What are the risks of investing in the Fund Profile in the first part of this document. Fund? Risks of investing in the Fund may include: Fund expenses indirectly borne by investors • commodity risk • derivatives risk Mutual funds pay for some expenses out of fund assets. • equity risk That means investors in a mutual fund indirectly pay for • foreign currency risk these expenses through lower returns. • international market risk The following table is intended to help you compare the • large investor risk (as at June 30, 2020, three cumulative cost of investing in this Fund with the cost of unitholders held 22.51%, 21.37% and 12.88%, investing in other mutual funds. This example assumes respectively, of the net asset value of the Fund) that: (i) you invest $1,000 in units of the Fund for the time • market disruption risk periods indicated; (ii) your investment has an annual 5% • repurchase and reverse repurchase transactions risk return; and (iii) the MER for each series of units of the • securities lending risk Fund was the same in all periods as the MER that each • series risk respective series incurred in the Fund’s last financial • small company risk year. These and other risks, which may also apply to the Fund, Although your actual costs may be higher or lower, based are described under the heading Fund-specific risks in on these assumptions, your costs would be: the first part of this document. 1 year 3 years 5 years 10 years The risk rating of the Fund is medium. For more Investor Series ($) 25.42 80.14 140.46 319.73 information, see Investment risk classification methodology in Your guide to understanding the D-Series ($) 17.02 53.64 94.02 214.01 Fund Profile in the first part of this document. Advisor Series ($) 25.52 80.46 141.03 321.02 Who should invest in the Fund? F-Series ($) 10.66 33.61 58.90 134.08 Private Series∆ ($) — — — — The Fund may be suitable for medium to long-term O-Series* ($) 0 0 0 0 investors who: ∆ No units were issued prior to the end of the Fund’s last financial year. • are seeking global equity and foreign currency exposure * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of • are contributing to the growth component of a O-Series units pay a negotiable annual O-Series fee to TDAM. diversified portfolio • can handle the ups and downs of the stock market See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund For more information about how TDAM has determined that are not included in the calculation of the MER. the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

185 TD Mutual Funds Epoch International Equity Fund

Fund details Fund type International Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser Epoch Investment Partners, Inc. (New York, NY, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 10, 2013 1.95% 0.30% D-Series (C$) October 20, 2015 1.20% 0.30% Advisor Series (C$) September 10, 2013 1.95% 0.30% F-Series (C$) (US$) September 10, 2013 0.95% N/A Private Series (C$) February 4, 2016 N/A∆ N/A O-Series (C$) August 2, 2013 N/A* N/A

∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? rendered outside Canada and the United States, (b) the principal trading market for the securities of the issuer is Investment objectives outside Canada and the United States, (c) the issuer is organized under the laws of a jurisdiction other than The fundamental investment objective is to seek to achieve long-term capital growth by investing primarily in Canada and the United States, or (d) the issuer has equity securities of issuers outside Canada and the significant assets or a principal office outside Canada and United States. the United States. In pursuing the Fund’s investment objective, the portfolio The fundamental investment objective may only be adviser has the discretion to purchase some securities changed with the approval of a majority of unitholders, that do not meet its normal investment criteria when it given at a meeting called for that purpose. perceives an unusual opportunity for gain. These special Investment strategies situations might arise when the portfolio adviser believes a security could increase in value for a variety of reasons, The portfolio adviser seeks to achieve the fundamental which may include, but are not limited to, a change in investment objective of the Fund by investing primarily in management, an extraordinary corporate event, or a a diversified portfolio of companies domiciled in temporary imbalance in the supply of or demand for the developed markets outside the U.S. and Canada. The securities. portfolio adviser uses a bottom-up security selection process that is balanced with diversification and risk The Fund may sell securities for a variety of reasons, control measures that should result in below-average such as to secure gains, limit losses, or redeploy assets portfolio volatility. into more promising opportunities. The portfolio adviser believes that growth and use of free The Fund may use specified derivatives, such as options, cash flow represent the best predictors of long-term futures and forward contracts, as permitted by Canadian shareholder return. As a result, the portfolio adviser’s securities laws to, among other things: security selection process is focused on an issuer’s ability • to generate and deploy free-cash-flow rather than gain exposure to equity instruments without actually traditional accounting measures such as price-to-book investing in them directly (including when owning the and price-to-earnings ratios. The Fund may also invest in derivative investment is more efficient or less costly exchange-traded funds. than owning the equity instrument itself) • obtain the desired foreign currency exposure While the portfolio is constructed from the bottom up, • provide downside risk protection for one or more decisions are made with consideration of the overall securities to which the Fund has exposure global market, macroeconomic environment and industry trends. The analysis and management of risk is The Fund may hold money market instruments or cash to embedded in the portfolio construction process. meet its obligations under the derivative instruments. The Fund considers issuers to be outside of Canada and The Fund may engage in securities lending, repurchase the United States if: (a) the issuer derives significant or reverse repurchase transactions in a manner revenue from goods produced, sales made or services consistent with its investment objectives and as permitted

186 TD Mutual Funds Epoch International Equity Fund by Canadian securities regulatory authorities. For more Who should invest in the Fund? information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to The Fund may be suitable for medium to long-term understanding the Fund Profile in the first part of this investors who: document. • are seeking geographic diversification outside of In some market conditions, the Fund may invest a portion Canada and the U.S. of its assets in short-term or other debt securities. • are contributing to the growth component of a diversified portfolio We may change the Fund’s investment strategies at our • discretion without notice or approval. can handle the ups and downs of the stock market For more information about how TDAM has determined What are the risks of investing in the the level of investor risk tolerance that would be Fund? appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding Risks of investing in the Fund may include: the Fund Profile in the first part of this document. • commodity risk • derivatives risk Distribution policy • equity risk The Fund distributes any net income and any net realized • foreign currency risk capital gains annually in December. • international market risk Distributions will automatically be reinvested in • large investor risk (as at June 30, 2020, five additional units of the same series of the Fund. For unitholders held 20.73%, 13.83%, 13.24%, 13.22% other options that may be available to you, see and 12.98%, respectively, of the net asset value of Distribution policy in Your guide to understanding the the Fund) Fund Profile in the first part of this document. • liquidity risk • market disruption risk Fund expenses indirectly borne by • repurchase and reverse repurchase transactions risk investors • securities lending risk • series risk Mutual funds pay for some expenses out of fund assets. • small company risk That means investors in a mutual fund indirectly pay for these expenses through lower returns. These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in The following table is intended to help you compare the the first part of this document. cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes The risk rating of the Fund is medium. Since the Fund that: (i) you invest $1,000 in units of the Fund for the time has less than 10 years of performance history, TDAM has periods indicated; (ii) your investment has an annual 5% used the performance history of the reference index in the return; and (iii) the MER for each series of units of the table below, in addition to the Fund’s actual return history, Fund was the same in all periods as the MER that each to calculate the risk rating of the Fund: respective series incurred in the Fund’s last financial Proportion (%) Reference Index year. ▽ 100% MSCI EAFE® Index (Net Dividend)

▽ Calculated in Canadian dollars for purposes of determining the risk rating of the Fund. The MSCI EAFE® Index measures the performance of stocks of large and mid-capitalization companies in developed market countries, excluding the U.S. and Canada. For more information, see Investment risk classification methodology in Your guide to understanding the Fund Profile in the first part of this document.

187 TD Mutual Funds Epoch International Equity Fund

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 26.04 82.08 143.86 327.47 D-Series ($) 16.61 52.35 91.75 208.86 Advisor Series ($) 25.32 79.81 139.90 318.44 F-Series ($) 10.76 33.93 59.47 135.37 Private Series◊ ($) 0.21 0.65 1.13 2.58 O-Series* ($) 0 0 0 0 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

188 TD Mutual Funds TD Resource Fund

Fund details Fund type Natural Resources Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) January 4, 1994 1.80% 0.20% D-Series (C$) October 20, 2015 1.10% 0.20% Advisor Series (C$) November 12, 2002 1.80% 0.20% F-Series (C$) November 1, 2005 0.95% N/A

What does the Fund invest in? associated with the Fund’s exposure to Gold ETFs are primarily commodity risk and exchange-traded fund risk. Investment objectives The Fund may use specified derivatives, such as options, The fundamental investment objective is to seek to futures and forward contracts, as permitted by Canadian achieve long-term capital growth by investing primarily in securities laws to, among other things: equity securities of issuers involved in resource and • resource-related industries. gain exposure to equity instruments without actually investing in them directly (including when owning the The fundamental investment objective may only be derivative investment is more efficient or less costly changed with the approval of a majority of unitholders, than owning the equity instrument itself) given at a meeting called for that purpose. • gain exposure to gold • reduce the risk associated with currency fluctuations Investment strategies • enhance income The portfolio adviser seeks to achieve the fundamental • provide downside risk protection for one or more investment objective of the Fund by investing in securities to which the Fund has exposure companies with solid resource assets, capable management teams, financial strength, and attractive The Fund may hold money market instruments or cash to relative valuations. The Fund invests predominantly in meet its obligations under the derivative instruments. equities and takes a global approach in evaluating The Fund may engage in securities lending, repurchase industries, looking for those companies with sustainable or reverse repurchase transactions in a manner competitive advantages, and may also invest in consistent with its investment objectives and as permitted exchange-traded funds. The Fund may invest in by Canadian securities regulatory authorities. For more securities anywhere in the world. The Fund may also information, see Securities lending, repurchase and purchase debt securities as a defensive strategy. reverse repurchase transactions in Your guide to The Fund considers issuers involved in resource and understanding the Fund Profile in the first part of this resource-related industries to include issuers engaged in document. any one or combination of: energy; chemicals; The portfolio adviser may engage in active and frequent construction materials; containers and packaging; metals trading of portfolio securities such that the portfolio and mining; and paper and forest products. turnover rate may be greater than 70% for the upcoming The Fund has obtained permission from Canadian financial year. The higher the portfolio turnover rate in a securities regulatory authorities to purchase, hold or financial year, the greater the trading costs payable by a obtain exposure to, up to 10% of the Fund’s net assets, mutual fund in the year, and the greater the chance of an taken at the time of purchase, certain exchange-traded investor receiving taxable distributions in the year. There funds that would otherwise be prohibited under securities is not necessarily a relationship between a high turnover laws. Currently, the Fund intends to purchase, hold or rate and the performance of a fund. For more information, obtain exposure to exchange-traded funds that seek to see Income tax considerations for investors in the first replicate the performance of gold or the value of a part of this document. specified derivative the underlying interest of which is In some market conditions, the Fund may invest a portion gold on an unlevered basis (the “Gold ETFs”). The of its assets in short-term or other debt securities. Gold ETFs are traded on a Canadian or U.S. stock exchange and may not be qualified for distribution in the We may change the Fund’s investment strategies at our same Canadian jurisdictions as the Fund. The risks discretion without notice or approval.

189 TD Mutual Funds TD Resource Fund

What are the risks of investing in the Who should invest in the Fund? Fund? The Fund may be suitable for long-term investors who: Risks of investing in the Fund may include: • want exposure to the resource sector • • commodity risk are contributing to the growth component of a • concentration risk diversified portfolio • • derivatives risk are willing to accept the cyclical nature of certain • equity risk commodity prices • • exchange-traded fund risk are comfortable with the ups and downs of the stock • foreign currency risk market • international market risk For more information about how TDAM has determined • large investor risk the level of investor risk tolerance that would be • liquidity risk appropriate for investment in the Fund, see Who should • market disruption risk invest in the Fund? in Your guide to understanding • regulatory risk the Fund Profile in the first part of this document. • repurchase and reverse repurchase transactions risk • securities lending risk Distribution policy • series risk The Fund distributes any net income and any net realized • small company risk capital gains annually in December. • specialization risk Distributions will automatically be reinvested in In the twelve-month period ended June 30, 2020, more additional units of the same series of the Fund. For than 10% of the net asset value of the Fund was invested other options that may be available to you, see in common shares of Chevron Corporation. The Distribution policy in Your guide to understanding the maximum percentage of the net asset value of the Fund Fund Profile in the first part of this document. invested in the securities of this issuer during this twelve- month period was 10.15%. The Fund may have Fund expenses indirectly borne by experienced increased concentration risk as a result of this investment. investors These and other risks, which may also apply to the Fund, Mutual funds pay for some expenses out of fund assets. are described under the heading Fund-specific risks in That means investors in a mutual fund indirectly pay for the first part of this document. these expenses through lower returns. The risk rating of the Fund is medium to high. Due to the The following table is intended to help you compare the material merger of TD Energy Fund into the Fund on cumulative cost of investing in this Fund with the cost of April 22, 2016, the performance of the Fund has been investing in other mutual funds. This example assumes reset to April 22, 2016. Therefore, since the Fund has that: (i) you invest $1,000 in units of the Fund for the time less than 10 years of performance history, TDAM has periods indicated; (ii) your investment has an annual 5% used the performance history of the reference index in the return; and (iii) the MER for each series of units of the table below, in addition to the Fund’s actual return history, Fund was the same in all periods as the MER that each to calculate the risk rating of the Fund: respective series incurred in the Fund’s last financial year. Proportion (%) Reference Index ▽ Although your actual costs may be higher or lower, based 100% MSCI World Commodity Producers Index (Net Dividend, Total Return) on these assumptions, your costs would be:

▽ Calculated in Canadian dollars for purposes of determining the risk 1 year 3 years 5 years 10 years

rating of the Fund. Investor Series ($) 22.55 71.09 124.60 283.63 The MSCI World Commodity Producers Index is a subset D-Series ($) 14.15 44.59 78.16 177.91 of the MSCI World Index, its parent index, and measures Advisor Series ($) 22.35 70.44 123.47 281.05 the performance of stocks of large and mid-capitalization F-Series ($) 10.56 33.28 58.34 132.79 companies that are commodity producers in the energy, metal and agricultural sectors in developed market See Fees and expenses in the first part of this document countries. For more information, see Investment risk for more information on the costs of investing in the Fund classification methodology in Your guide to that are not included in the calculation of the MER. understanding the Fund Profile in the first part of this document.

190 TD Mutual Funds TD Precious Metals Fund

Fund details Fund type Precious Metals Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) November 23, 1994 1.85% 0.20% D-Series (C$) January 15, 2019 1.25% 0.20% Advisor Series (C$) September 6, 2006 1.85% 0.20% F-Series (C$) September 6, 2006 1.00% N/A O-Series (C$) July 29, 2020° N/A* N/A

° New series – represents the date when the series was first prospectus-qualified. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund has obtained permission from Canadian securities regulatory authorities to purchase, hold or Investment objectives obtain exposure to, up to 10% of the Fund’s net assets, The fundamental investment objective is to achieve long- taken at the time of purchase, certain exchange-traded term capital growth by investing directly in gold, silver and funds that would otherwise be prohibited under securities platinum situated in Canada, by investing in deposit laws. Currently, the Fund intends to purchase, hold or obtain exposure to exchange-traded funds that seek to receipts and certificates evidencing such commodities, replicate the performance of gold or the value of a and by investing in the securities of Canadian and specified derivative the underlying interest of which is international issuers engaged in the exploration, mining gold on an unlevered basis (the “Gold ETFs”). The and production of precious metals and stones. Gold ETFs are traded on a Canadian or U.S. stock The fundamental investment objective may only be exchange and may not be qualified for distribution in the changed with the approval of a majority of unitholders, same Canadian jurisdictions as the Fund. The risks given at a meeting called for that purpose. associated with the Fund’s exposure to Gold ETFs are primarily commodity risk and exchange-traded fund risk. Investment strategies The Fund may use specified derivatives, such as options, The portfolio adviser seeks to achieve the fundamental futures and forward contracts, as permitted by Canadian investment objective of the Fund by investing in securities laws to, among other things: companies with solid resource assets, capable management teams, financial strength, and attractive • gain exposure to equity instruments without actually relative valuations. The Fund invests predominantly in investing in them directly (including when owning the equities and takes a global approach in evaluating derivative investment is more efficient or less costly industries, looking for those companies with sustainable than owning the equity instrument itself) competitive advantages, and may also invest in • gain exposure to gold exchange-traded funds. The Fund currently invests a • reduce the risk associated with currency fluctuations majority of its assets in Canadian companies but may • enhance income also invest in foreign securities. The Fund may also • provide downside risk protection for one or more purchase debt securities as a defensive strategy. securities to which the Fund has exposure The Fund may invest in foreign securities to an extent The Fund may hold money market instruments or cash to that will vary from time to time but is not typically meet its obligations under the derivative instruments. expected to exceed 50% of the total value of the assets of the Fund at the time that foreign securities are purchased. The Fund may engage in securities lending, repurchase or reverse repurchase transactions in a manner As an exception to Canadian standard investment consistent with its investment objectives and as permitted restrictions for mutual funds, this Fund has obtained by Canadian securities regulatory authorities. For more permission from Canadian securities regulatory information, see Securities lending, repurchase and authorities to invest any portion of the Fund’s assets in, reverse repurchase transactions in Your guide to among other things, gold, silver, platinum and diamonds understanding the Fund Profile in the first part of this situated in Canada and in deposit receipts and certificates document. evidencing such commodities.

191 TD Mutual Funds TD Precious Metals Fund

In some market conditions, the Fund may invest a portion • are very comfortable with the ups and downs of the of its assets in short-term or other debt securities. stock market We may change the Fund’s investment strategies at our For more information about how TDAM has determined discretion without notice or approval. the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should What are the risks of investing in the invest in the Fund? in Your guide to understanding Fund? the Fund Profile in the first part of this document. Risks of investing in the Fund may include: Distribution policy • commodity risk The Fund distributes any net income and any net realized • concentration risk capital gains annually in December. • derivatives risk Distributions will automatically be reinvested in • equity risk additional units of the same series of the Fund. For • exchange-traded fund risk other options that may be available to you, see • foreign currency risk Distribution policy in Your guide to understanding the • international market risk Fund Profile in the first part of this document. • large investor risk • liquidity risk Fund expenses indirectly borne by • market disruption risk investors • regulatory risk • repurchase and reverse repurchase transactions risk Mutual funds pay for some expenses out of fund assets. • securities lending risk That means investors in a mutual fund indirectly pay for • series risk these expenses through lower returns. • small company risk The following table is intended to help you compare the • specialization risk cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes In the twelve-month period ended June 30, 2020, more than 10% of the net asset value of the Fund was invested that: (i) you invest $1,000 in units of the Fund for the time in common shares of Newmont Corporation; Barrick Gold periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Corporation; Franco-Nevada Corporation and Agnico Fund was the same in all periods as the MER that each Eagle Mines Limited. The maximum percentages of the respective series incurred in the Fund’s last financial net asset value of the Fund invested in the securities of year. these issuers during this twelve-month period were as follows: Newmont Corporation – 12.32%; Barrick Gold Although your actual costs may be higher or lower, based Corporation – 11.92%; Franco-Nevada Corporation – on these assumptions, your costs would be: 11.21% and Agnico Eagle Mines Limited – 10.60%. The Fund may have experienced increased concentration risk 1 year 3 years 5 years 10 years as a result of these investments. Investor Series ($) 23.17 73.03 128.00 291.37 D-Series ($) 16.81 52.99 92.89 211.43 These and other risks, which may also apply to the Fund, Advisor Series ($) 23.27 73.35 128.57 292.66 are described under the heading Fund-specific risks in F-Series ($) 11.17 35.22 61.74 140.53 the first part of this document. O-Series∆ ($) — — — — The risk rating of the Fund is high. For more information, ∆ see Investment risk classification methodology in No units were issued prior to the end of the Fund’s last financial year. Your guide to understanding the Fund Profile in the See Fees and expenses in the first part of this document first part of this document. for more information on the costs of investing in the Fund that are not included in the calculation of the MER. Who should invest in the Fund?

The Fund may be suitable for long-term investors who:

• view precious metals and stones as a traditional source of value • want a portfolio hedge against inflation • are contributing to the growth component of a diversified portfolio

192 TD Mutual Funds TD Global Entertainment & Communications Fund

Fund details Fund type Science and Technology Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Sub-adviser T. Rowe Price Associates, Inc. (Baltimore, MD, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) November 28, 1997 2.25% 0.30% D-Series (C$) (US$) February 10, 2015 1.50% 0.30% Advisor Series (C$) November 1, 2000 2.25% 0.30% F-Series (C$) (US$) November 1, 2000 1.25% N/A

What does the Fund invest in? The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian Investment objectives securities laws to, among other things: The fundamental investment objective is to achieve long- • gain exposure to equity instruments without actually term capital appreciation by investing primarily in investing in them directly (including when owning the companies whose products and services relate to the derivative investment is more efficient or less costly entertainment, media and communications industries that than owning the equity instrument itself) will benefit from the convergence of these sectors, • reduce the risk associated with currency fluctuations favourable regulatory changes and favourable financial • enhance income markets that provide much of the needed capital. • provide downside risk protection for one or more The fundamental investment objective may only be securities to which the Fund has exposure changed with the approval of a majority of unitholders, The Fund may hold money market instruments or cash to given at a meeting called for that purpose. meet its obligations under the derivative instruments. Investment strategies The Fund may engage in securities lending, repurchase The sub-adviser seeks to achieve the fundamental or reverse repurchase transactions in a manner investment objective of the Fund by investing at least consistent with its investment objectives and as permitted 65% of the Fund’s total assets in the common stocks of by Canadian securities regulatory authorities. For more companies in any facet of entertainment, media and information, see Securities lending, repurchase and telecommunications which may include leisure, reverse repurchase transactions in Your guide to publishing, movies, cable, telephones, cellular services, understanding the Fund Profile in the first part of this technology and equipment. Stock selection is based on document. fundamental, bottom-up analysis, seeking to identify In some market conditions, the Fund may invest a portion companies with good appreciation prospects, using a of its assets in short-term or other debt securities. growth or value approach to stock selection. We may change the Fund’s investment strategies at our The Fund may also invest in international common discretion without notice or approval. stocks, preferred stocks, hybrids, fixed income securities, convertible securities and warrants. What are the risks of investing in the In pursuing its investment objective, the sub-adviser has Fund? the discretion to purchase some securities that do not Risks of investing in the Fund may include: meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These • concentration risk special situations might arise when the sub-adviser • derivatives risk believes a security could increase in value for a variety of • equity risk reasons, including a change in management, an • foreign currency risk extraordinary corporate event, or a temporary imbalance • international market risk in the supply of or demand for the securities. • large investor risk • liquidity risk The Fund may sell securities for a variety of reasons, • market disruption risk such as to secure gains, limit losses, or redeploy assets • into more promising opportunities. regulatory risk

193 TD Mutual Funds TD Global Entertainment & Communications Fund

• repurchase and reverse repurchase transactions risk Distribution policy • securities lending risk • series risk The Fund distributes any net income and any net realized • specialization risk capital gains annually in December. • valuation risk for illiquid assets Distributions will automatically be reinvested in In the twelve-month period ended June 30, 2020, more additional units of the same series of the Fund. For than 10% of the net asset value of the Fund was invested other options that may be available to you, see in common shares of Amazon.com, Inc. The maximum Distribution policy in Your guide to understanding the percentage of the net asset value of the Fund invested in Fund Profile in the first part of this document. the securities of this issuer during this twelve-month period was 13.72%. The Fund may have experienced Fund expenses indirectly borne by increased concentration risk as a result of this investors investment. Mutual funds pay for some expenses out of fund assets. These and other risks, which may also apply to the Fund, That means investors in a mutual fund indirectly pay for are described under the heading Fund-specific risks in these expenses through lower returns. the first part of this document. The following table is intended to help you compare the The risk rating of the Fund is medium. For more cumulative cost of investing in this Fund with the cost of information, see Investment risk classification investing in other mutual funds. This example assumes methodology in Your guide to understanding the that: (i) you invest $1,000 in units of the Fund for the time Fund Profile in the first part of this document. periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Who should invest in the Fund? Fund was the same in all periods as the MER that each The Fund may be suitable for long-term investors who: respective series incurred in the Fund’s last financial year. • want exposure to the dynamic entertainment and communications sector Although your actual costs may be higher or lower, based • are willing to accept some short-term volatility for on these assumptions, your costs would be: potentially higher long-term returns 1 year 3 years 5 years 10 years • are contributing to the growth component of a diversified portfolio Investor Series ($) 28.91 91.12 159.72 363.56 • can handle the ups and downs of the stock market D-Series ($) 20.40 64.30 112.71 256.56 Advisor Series ($) 29.01 91.45 160.28 364.85 For more information about how TDAM has determined the level of investor risk tolerance that would be F-Series ($) 14.15 44.59 78.16 177.91 appropriate for investment in the Fund, see Who should See Fees and expenses in the first part of this document invest in the Fund? in Your guide to understanding for more information on the costs of investing in the Fund the Fund Profile in the first part of this document. that are not included in the calculation of the MER.

194 TD Mutual Funds TD Science & Technology Fund

Fund details Fund type Science and Technology Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Sub-adviser T. Rowe Price Associates, Inc. (Baltimore, MD, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) January 4, 1994 2.25% 0.30% D-Series (C$) (US$) October 20, 2015 1.50% 0.30% Advisor Series (C$) November 1, 2000 2.25% 0.30% F-Series (C$) (US$) November 1, 2000 1.25% N/A

What does the Fund invest in? reasons, including a change in management, an extraordinary corporate event, or a temporary imbalance Investment objectives in the supply of or demand for the securities. The fundamental investment objective of the Fund is to The Fund may sell securities for a variety of reasons, achieve long-term capital appreciation by investing such as to secure gains, limit losses, or redeploy assets primarily in equity securities of companies that are into more promising opportunities. engaged in the research, development, production or distribution of products or services related to science and The Fund may use specified derivatives, such as options, technology. futures and forward contracts, as permitted by Canadian securities laws to, among other things: The fundamental investment objective may only be • changed with the approval of a majority of unitholders, gain exposure to equity instruments without actually given at a meeting called for that purpose. investing in them directly (including when owning the derivative investment is more efficient or less costly Investment strategies than owning the equity instrument itself) • The sub-adviser seeks to achieve the fundamental reduce the risk associated with currency fluctuations • investment objective of the Fund by investing at least enhance income • 65% of the Fund’s total assets in the common stocks of provide downside risk protection for one or more companies expected to benefit from the development, securities to which the Fund has exposure advancement, and use of science and technology. Some The Fund may hold money market instruments or cash to of the industries included in the portfolio are electronics meet its obligations under the derivative instruments. (including hardware, software, and components), communications, e-commerce, information services and The Fund may engage in securities lending, repurchase media, among others. Stock selection generally reflects a or reverse repurchase transactions in a manner growth approach based on intensive research that consistent with its investment objectives and as permitted assesses a company’s fundamental prospects for above- by Canadian securities regulatory authorities. For more average earnings. Holdings can range from small, information, see Securities lending, repurchase and unseasoned companies developing new technologies to reverse repurchase transactions in Your guide to blue chip firms with established track records of understanding the Fund Profile in the first part of this developing and marketing technology. document. The Fund may also invest in preferred stocks, hybrids, The portfolio adviser may engage in active and frequent convertible securities and warrants. While striving to trading of portfolio securities such that the portfolio manage risk, the Fund seeks aggressive growth by turnover rate may be greater than 70% for the upcoming focusing on investment opportunities in the science and financial year. The higher the portfolio turnover rate in a technology sector. financial year, the greater the trading costs payable by a mutual fund in the year, and the greater the chance of an In pursuing its investment objective, the sub-adviser has investor receiving taxable distributions in the year. There the discretion to purchase some securities that do not is not necessarily a relationship between a high turnover meet its normal investment criteria, as described above, rate and the performance of a fund. For more information, when it perceives an unusual opportunity for gain. These see Income tax considerations for investors in the first special situations might arise when the sub-adviser part of this document. believes a security could increase in value for a variety of

195 TD Mutual Funds TD Science & Technology Fund

In some market conditions, the Fund may invest a portion For more information about how TDAM has determined of its assets in short-term or other debt securities. the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should We may change the Fund’s investment strategies at our invest in the Fund? in Your guide to understanding discretion without notice or approval. the Fund Profile in the first part of this document. What are the risks of investing in the Distribution policy Fund? The Fund distributes any net income and any net realized Risks of investing in the Fund may include: capital gains annually in December. • concentration risk Distributions will automatically be reinvested in • derivatives risk additional units of the same series of the Fund. For • equity risk other options that may be available to you, see • foreign currency risk Distribution policy in Your guide to understanding the • international market risk Fund Profile in the first part of this document. • large investor risk • liquidity risk Fund expenses indirectly borne by • market disruption risk investors • regulatory risk • repurchase and reverse repurchase transactions risk Mutual funds pay for some expenses out of fund assets. • securities lending risk That means investors in a mutual fund indirectly pay for • series risk these expenses through lower returns. • small company risk The following table is intended to help you compare the • specialization risk cumulative cost of investing in this Fund with the cost of • valuation risk for illiquid assets investing in other mutual funds. This example assumes In the twelve-month period ended June 30, 2020, more that: (i) you invest $1,000 in units of the Fund for the time than 10% of the net asset value of the Fund was invested periods indicated; (ii) your investment has an annual 5% in common shares of Alibaba Group Holding Limited and return; and (iii) the MER for each series of units of the Facebook, Inc. The maximum percentages of the net Fund was the same in all periods as the MER that each asset value of the Fund invested in the securities of these respective series incurred in the Fund’s last financial issuers during this twelve-month period were as follows: year. Alibaba Group Holding Limited – 11.32%; and Facebook, Although your actual costs may be higher or lower, based Inc. – 10.62%. The Fund may have experienced on these assumptions, your costs would be: increased concentration risk as a result of these investments. 1 year 3 years 5 years 10 years These and other risks, which may also apply to the Fund, Investor Series ($) 28.91 91.12 159.72 363.56 are described under the heading Fund-specific risks in D-Series ($) 20.40 64.30 112.71 256.56 the first part of this document. Advisor Series ($) 28.91 91.12 159.72 363.56 The risk rating of the Fund is medium to high. For more F-Series ($) 14.15 44.59 78.16 177.91 information, see Investment risk classification See Fees and expenses in the first part of this document methodology in Your guide to understanding the for more information on the costs of investing in the Fund Fund Profile in the first part of this document. that are not included in the calculation of the MER. Who should invest in the Fund? The Fund may be suitable for long-term investors who: • want exposure to the rapidly-growing and ever- changing science & technology sector • are contributing to the growth component of a diversified portfolio • are willing to accept some short-term volatility for potentially higher long-term returns • are comfortable with the ups and downs of the stock market

196 TD Mutual Funds TD Health Sciences Fund

Fund details Fund type Health Care Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Sub-adviser T. Rowe Price Associates, Inc. (Baltimore, MD, U.S.A.) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) (US$) October 30, 1996 2.25% 0.30% D-Series (C$) (US$) October 20, 2015 1.50% 0.30% Advisor Series (C$) November 1, 2000 2.25% 0.30% F-Series (C$) (US$) November 1, 2000 1.25% N/A

What does the Fund invest in? reasons, including a change in management, an extraordinary corporate event, or a temporary imbalance Investment objectives in the supply of or demand for the securities. The fundamental investment objective of the Fund is to The Fund may sell securities for a variety of reasons, achieve long-term capital appreciation by investing such as to secure gains, limit losses, or redeploy assets primarily in equity securities of companies located in the into more promising opportunities. United States and other countries, that are engaged in the research, development, production, or distribution of The Fund may use specified derivatives, such as options, products or services related to health care, medicine, or futures and forward contracts, as permitted by Canadian the life sciences. Health sciences companies are defined securities laws to, among other things: as those companies that commit or derive at least 50% of • gain exposure to equity instruments without actually their assets, revenues, or operating profits from the investing in them directly (including when owning the activities just described. derivative investment is more efficient or less costly The fundamental investment objective may only be than owning the equity instrument itself) • changed with the approval of a majority of unitholders, reduce the risk associated with currency fluctuations • given at a meeting called for that purpose. enhance income • provide downside risk protection for one or more Investment strategies securities to which the Fund has exposure The sub-adviser seeks to achieve the fundamental The Fund may hold money market instruments or cash to investment objective of the Fund by investing at least meet its obligations under the derivative instruments. 65% of the Fund’s total assets in common stocks of companies in the research, development, production, or The Fund may engage in securities lending, repurchase distribution of products or services related to health care, or reverse repurchase transactions in a manner medicine, or the life sciences. The sub-adviser divides the consistent with its investment objectives and as permitted health sciences sector into four main areas: by Canadian securities regulatory authorities. For more pharmaceuticals, health care services, products and information, see Securities lending, repurchase and devices, and biotechnology firms. Stock selection is reverse repurchase transactions in Your guide to based on fundamental, bottom-up analysis seeking to understanding the Fund Profile in the first part of this identify high-quality companies and the most compelling document. investment opportunities, using primarily a growth In some market conditions, the Fund may invest a portion approach to stock selection; however, a value approach of its assets in short-term or other debt securities. may be emphasized when stock valuations seem unusually high. The Fund may also invest in preferred We may change the Fund’s investment strategies at our stocks, convertible securities, warrants, fixed income discretion without notice or approval. securities and hybrids. What are the risks of investing in the In pursuing its investment objective, the sub-adviser has the discretion to purchase some securities that do not Fund? meet its normal investment criteria, as described above, Risks of investing in the Fund may include: when it perceives an unusual opportunity for gain. These • derivatives risk special situations might arise when the sub-adviser • equity risk believes a security could increase in value for a variety of

197 TD Mutual Funds TD Health Sciences Fund

• foreign currency risk Distribution policy • international market risk • large investor risk The Fund distributes any net income and any net realized • liquidity risk capital gains annually in December. • market disruption risk Distributions will automatically be reinvested in • regulatory risk additional units of the same series of the Fund. For • repurchase and reverse repurchase transactions risk other options that may be available to you, see • securities lending risk Distribution policy in Your guide to understanding the • series risk Fund Profile in the first part of this document. • small company risk • specialization risk Fund expenses indirectly borne by • valuation risk for illiquid assets investors These and other risks, which may also apply to the Fund, Mutual funds pay for some expenses out of fund assets. are described under the heading Fund-specific risks in That means investors in a mutual fund indirectly pay for the first part of this document. these expenses through lower returns. The risk rating of the Fund is medium to high. For more The following table is intended to help you compare the information, see Investment risk classification cumulative cost of investing in this Fund with the cost of methodology in Your guide to understanding the investing in other mutual funds. This example assumes Fund Profile in the first part of this document. that: (i) you invest $1,000 in units of the Fund for the time Who should invest in the Fund? periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the The Fund may be suitable for long-term investors who Fund was the same in all periods as the MER that each are: respective series incurred in the Fund’s last financial year. • seeking exposure to the rapidly advancing health sciences sector Although your actual costs may be higher or lower, based • contributing to the growth component of a diversified on these assumptions, your costs would be: portfolio • willing to accept some short-term volatility for 1 year 3 years 5 years 10 years potentially higher long-term returns Investor Series ($) 28.91 91.12 159.72 363.56 • comfortable with the ups and downs of the stock D-Series ($) 20.40 64.30 112.71 256.56 market Advisor Series ($) 28.91 91.12 159.72 363.56 For more information about how TDAM has determined F-Series ($) 14.04 44.27 77.59 176.63 the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should See Fees and expenses in the first part of this document invest in the Fund? in Your guide to understanding for more information on the costs of investing in the Fund the Fund Profile in the first part of this document. that are not included in the calculation of the MER.

198 TD Mutual Funds TD Canadian Bond Index Fund

Fund details Fund type Canadian Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) May 13, 1997 0.65% e-Series (C$) October 10, 2000 0.40% F-Series (C$) November 1, 2000 0.15% O-Series (C$) March 10, 2008 N/A*

* No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? reverse repurchase transactions in Your guide to understanding the Fund Profile in the first part of this Investment objectives document. The fundamental investment objective is to maximize total We may change the Fund’s investment strategies at our return through both interest income and capital discretion without notice or approval. appreciation by tracking the performance of a Canadian aggregate bond index that measures the investment What are the risks of investing in the return of the Canadian investment grade bond market. Fund? The fundamental investment objective may only be Risks of investing in the Fund may include: changed with the approval of a majority of unitholders, given at a meeting called for that purpose. • concentration risk • credit risk Investment strategies • derivatives risk The portfolio adviser seeks to achieve the fundamental • exchange-traded fund risk investment objective of the Fund by tracking the • interest rate risk performance of the Solactive Broad Canadian Bond • large investor risk Universe TR Index (the “Index”). • liquidity risk • market disruption risk The portfolio adviser seeks to track the Index by using a • repurchase and reverse repurchase transactions risk stratified sampling indexing technique. This method • securities lending risk involves selecting a subset of bonds from each • series risk component of the Index and holding them in the same • tracking risk proportion as the components of the Index. The overall attributes of the portfolio are closely matched to those of These and other risks, which may also apply to the Fund, the Index and the portfolio is broadly diversified. are described under the heading Fund-specific risks in the first part of this document. The Fund may hold up to 100% of its assets in units of exchange-traded funds, including TD Canadian The risk rating of the Fund is low. For more information, Aggregate Bond Index ETF to gain the desired exposure see Investment risk classification methodology in to the Index. Your guide to understanding the Fund Profile in the first part of this document. The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian Who should invest in the Fund? securities laws, for non-hedging purposes to obtain the desired equity exposure. The Fund may hold money The Fund may be suitable for medium to long-term market instruments or cash to meet its obligations under investors who: the derivative instruments. • want to track the returns of a major benchmark bond The Fund may engage in securities lending, repurchase index or reverse repurchase transactions in a manner • require income and can accept some interest rate risk consistent with its investment objectives and as permitted to achieve moderate capital growth by Canadian securities regulatory authorities. For more • are contributing to the income component of a information, see Securities lending, repurchase and diversified portfolio

199 TD Mutual Funds TD Canadian Bond Index Fund

• can handle small changes in the value of their Additional information investment The Solactive Broad Canadian Bond Universe TR Index For more information about how TDAM has determined is designed to track the performance of Canadian dollar- the level of investor risk tolerance that would be denominated bonds issued in the Canadian market appropriate for investment in the Fund, see Who should regardless of the origin of the issuing entity. The Index invest in the Fund? in Your guide to understanding provides a broad and liquid measure of the Canadian the Fund Profile in the first part of this document. investment-grade bond market including instruments issued by supranationals, government and quasi- Distribution policy government, and corporate bonds. The Index is adjusted The Fund intends to distribute any net income on or about on a monthly basis and considers new issuances as soon month end and distributes any remaining net income and as available. any net realized capital gains annually in December. Further information on the Solactive Broad Canadian Distributions will automatically be reinvested in Bond Universe TR Index, including its methodology, is additional units of the same series of the Fund. For available on Solactive AG’s website at other options that may be available to you, see www.solactive.com. in Distribution policy Your guide to understanding the The Fund is not sponsored, promoted, sold or supported in the first part of this document. Fund Profile in any other manner by Solactive AG nor does Fund expenses indirectly borne by Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the investors Solactive Broad Canadian Bond Universe TR Index Mutual funds pay for some expenses out of fund assets. and/or any trade mark(s) associated with the Solactive That means investors in a mutual fund indirectly pay for Broad Canadian Bond Universe TR Index or the prices of these expenses through lower returns. the Solactive Broad Canadian Bond Universe TR Index at any time or in any other respect. The Solactive Broad The following table is intended to help you compare the Canadian Bond Universe TR Index is calculated and cumulative cost of investing in this Fund with the cost of published by Solactive AG. Solactive AG uses its best investing in other mutual funds. This example assumes efforts to ensure that the Solactive Broad Canadian Bond that: (i) you invest $1,000 in units of the Fund for the time Universe TR Index is calculated correctly. Irrespective of periods indicated; (ii) your investment has an annual 5% its obligations towards TDAM, Solactive AG has no return; and (iii) the MER for each series of units of the obligation to point out errors in the Solactive Broad Fund was the same in all periods as the MER that each Canadian Bond Universe TR Index to third parties respective series incurred in the Fund’s last financial including but not limited to investors and/or financial year. intermediaries of the Fund. Neither publication of the Although your actual costs may be higher or lower, based Solactive Broad Canadian Bond Universe TR Index by on these assumptions, your costs would be: Solactive AG nor the licensing of the Solactive Broad Canadian Bond Universe TR Index or any trade mark(s) 1 year 3 years 5 years 10 years associated with the Solactive Broad Canadian Bond Investor Series ($) 8.51 26.82 47.01 107.01 Universe TR Index for the purpose of use in connection with the Fund constitutes a recommendation by e-Series ($) 5.23 16.48 28.89 65.75 Solactive AG to invest capital in said Fund nor does it in F-Series ($) 5.02 15.83 27.75 63.17 any way represent an assurance or opinion of O-Series* ($) 0.21 0.65 1.13 2.58 Solactive AG with regard to any investment in the Fund. * Holders of O-Series units also pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

200 TD Mutual Funds TD Balanced Index Fund

Fund details Fund type Canadian Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) June 29, 1998 0.80% O-Series (C$) November 20, 2014 (offered via N/A* prospectus exemption from July 4, 2011 to November 20, 2014)

* No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? A unitholder of the Fund does not have ownership rights in units of any underlying fund held by the Fund. Where Investment objectives TDAM is the manager of both the Fund and an underlying fund in which the Fund has invested, the Fund will not The fundamental investment objective is to maximize exercise its right to vote the securities of the underlying long-term growth while seeking to preserve capital by investing in a balanced portfolio of equities, bonds and fund. TDAM may arrange for these securities to be voted short-term instruments, primarily Canadian, but also by unitholders of the Fund. However, given the costs and including U.S. and international securities. complexity of doing so, TDAM may not arrange for flow- through of voting rights. The fundamental investment objective may only be We may change the Fund’s investment strategies at our changed with the approval of a majority of unitholders, discretion without notice or approval. given at a meeting called for that purpose. Investment strategies What are the risks of investing in the The portfolio adviser uses strategic asset allocation to Fund? seek to achieve the fundamental investment objective of Risks of investing in the Fund may include: the Fund. The Fund’s asset mix will generally be 40-60% in fixed income and 40-60% in equities. The Fund • concentration risk primarily invests in units of a mix of index mutual funds • credit risk (“underlying funds”) managed by TDAM. • derivatives risk • The portfolio adviser: equity risk • exchange-traded fund risk • monitors allocations to the underlying funds to ensure • foreign currency risk that they are made in accordance with the asset class • fund-of-funds risk ranges set out above; and • interest rate risk • considers, in determining the asset allocations to the • international market risk underlying funds, each underlying fund’s investment • large investor risk (as at June 30, 2020, two objective and strategies, past performance and unitholders held 16.24% and 10.96%, respectively, of historical volatility in the context of a diversified the net asset value of the Fund) holding of underlying funds suitable for the Fund. • market disruption risk • repurchase and reverse repurchase transactions risk The Fund may invest in foreign securities to an extent • securities lending risk that will vary from time to time but is not typically • series risk expected to exceed 30% of the total value of the assets of the Fund at the time that foreign securities are purchased. These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in TDAM may vary the percentage of the Fund’s holdings in the first part of this document. any mutual fund or change the mutual funds in which the Fund invests by adding or removing mutual funds, in each The risk rating of the Fund is low to medium. For more case, without notice to unitholders. information, see Investment risk classification methodology in Your guide to understanding the Fund Profile in the first part of this document.

201 TD Mutual Funds TD Balanced Index Fund

Who should invest in the Fund? The Fund may be suitable for medium to long-term investors who: • prefer the simplicity of investing in a single fund that incorporates exposure to bonds, and domestic and foreign equities • can handle changes in the value of their investment For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Distribution policy The Fund intends to distribute any net income on or about calendar quarter end (March, June, September and December) and distributes any remaining net income and any net realized capital gains annually in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 9.12 28.76 50.41 114.74 O-Series* ($) 0 0 0 0 * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

202 TD Mutual Funds TD Canadian Index Fund

Fund details Fund type Canadian Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) September 30, 1985 0.60% e-Series (C$) November 26, 1999 0.25% F-Series (C$) November 1, 2000 0.15% O-Series (C$) April 6, 2010 N/A*

* No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? reverse repurchase transactions in Your guide to understanding the Fund Profile in the first part of this Investment objectives document. The fundamental investment objective is to provide long- We may change the Fund’s investment strategies at our term growth of capital by tracking the performance of a discretion without notice or approval. broad Canadian equity market index that measures the investment return of publicly traded securities in the What are the risks of investing in the Canadian market. Fund? The fundamental investment objective may only be Risks of investing in the Fund may include: changed with the approval of a majority of unitholders, given at a meeting called for that purpose. • concentration risk • derivatives risk Investment strategies • equity risk The portfolio adviser seeks to achieve the fundamental • exchange-traded fund risk investment objective of the Fund by tracking the • large investor risk performance of the Solactive Canada Broad Market Index • market disruption risk (CA NTR) (the “Index”). • repurchase and reverse repurchase transactions risk • securities lending risk The portfolio adviser seeks to track the Index by holding • series risk each security in the Index in close tolerance to its index • tracking risk weight so that the performance of the Fund closely tracks the performance of the Index. These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in The Fund may hold up to 100% of its assets in units of the first part of this document. exchange-traded funds, including TD Canadian Equity Index ETF to gain the desired exposure to the Index. The risk rating of the Fund is medium. For more information, see Investment risk classification The Fund may use specified derivatives, such as options, methodology in Your guide to understanding the futures and forward contracts as permitted by Canadian Fund Profile in the first part of this document. securities laws, for non-hedging purposes to obtain the desired equity exposure. The Fund may hold money Who should invest in the Fund? market instruments or cash to meet its obligations under the derivative instruments. The Fund may be suitable for medium to long-term investors who: The Fund may invest in foreign securities to an extent that will vary from time to time but is not typically • want to track the returns of a major Canadian equity expected to exceed 30% of the total value of the assets of index the Fund at the time that foreign securities are purchased. • are contributing to the growth component of a diversified portfolio The Fund may engage in securities lending, repurchase • can handle the ups and downs of the stock market or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted For more information about how TDAM has determined by Canadian securities regulatory authorities. For more the level of investor risk tolerance that would be information, see Securities lending, repurchase and appropriate for investment in the Fund, see Who should 203 TD Mutual Funds TD Canadian Index Fund invest in the Fund? in Your guide to understanding Additional information the Fund Profile in the first part of this document. The Solactive Canada Broad Market Index (CA NTR) Distribution policy aims to track the Canadian stock market. It measures common stocks, unit trusts and real estate investment The Fund distributes any net income and any net realized trusts listed on the TSX which have a country of risk of capital gains annually in December. Canada. In order for a listing to be eligible to be included Distributions will automatically be reinvested in in the Index, the securities of the issuer must meet certain additional units of the same series of the Fund. For minimum thresholds with respect to average daily traded other options that may be available to you, see value and free float percentage. Eligible listings are Distribution policy in Your guide to understanding the weighted according to a free float market capitalization Fund Profile in the first part of this document. methodology. The Index is adjusted quarterly in February, May, August, and November. Fund expenses indirectly borne by Further information on the Solactive Canada Broad investors Market Index (CA NTR), including its methodology, is Mutual funds pay for some expenses out of fund assets. available on Solactive AG’s website at That means investors in a mutual fund indirectly pay for www.solactive.com. these expenses through lower returns. The Fund is not sponsored, promoted, sold or supported The following table is intended to help you compare the in any other manner by Solactive AG nor does cumulative cost of investing in this Fund with the cost of Solactive AG offer any express or implicit guarantee or investing in other mutual funds. This example assumes assurance either with regard to the results of using the that: (i) you invest $1,000 in units of the Fund for the time Solactive Canada Broad Market Index (CA NTR) and/or periods indicated; (ii) your investment has an annual 5% any trade mark(s) associated with the Solactive Canada return; and (iii) the MER for each series of units of the Broad Market Index (CA NTR) or the prices of the Fund was the same in all periods as the MER that each Solactive Canada Broad Market Index (CA NTR) at any respective series incurred in the Fund’s last financial time or in any other respect. The Solactive Canada Broad year. Market Index (CA NTR) is calculated and published by Although your actual costs may be higher or lower, based Solactive AG. Solactive AG uses its best efforts to ensure on these assumptions, your costs would be: that the Solactive Canada Broad Market Index (CA NTR) is calculated correctly. Irrespective of its obligations 1 year 3 years 5 years 10 years towards TDAM, Solactive AG has no obligation to point Investor Series ($) 8.71 27.47 48.14 109.58 out errors in the Solactive Canada Broad Market Index e-Series ($) 3.28 10.34 18.12 41.26 (CA NTR) to third parties including but not limited to investors and/or financial intermediaries of the Fund. F-Series ($) 5.02 15.83 27.75 63.17 Neither publication of the Solactive Canada Broad Market O-Series* ($) 0 0 0 0 Index (CA NTR) by Solactive AG nor the licensing of the * There were no indirect expenses associated with the O-Series units Solactive Canada Broad Market Index (CA NTR) or any of the Fund because the MER of this series was zero. Holders of trade mark(s) associated with the Solactive Canada O-Series units pay a negotiable annual O-Series fee to TDAM. Broad Market Index (CA NTR) for the purpose of use in connection with the Fund constitutes a recommendation See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund by Solactive AG to invest capital in said Fund nor does it that are not included in the calculation of the MER. in any way represent an assurance or opinion of Solactive AG with regard to any investment in the Fund.

204 TD Mutual Funds TD Dow Jones Industrial Average Index Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) (US$) April 30, 1998 0.80% e-Series (C$) (US$) November 26, 1999 0.30% F-Series (C$) November 1, 2000 0.50%

What does the Fund invest in? We may change the Fund’s investment strategies at our discretion without notice or approval. Investment objectives The fundamental investment objective is to provide long- What are the risks of investing in the term capital appreciation similar to the performance of the Fund?

Dow Jones Industrial Average Total Return Index (“DJIA Risks of investing in the Fund may include: Index”) by investing primarily in the equity securities of companies which are included in the DJIA Index. • concentration risk • derivatives risk The DJIA Index is comprised of 30 U.S. blue-chip • equity risk companies. • foreign currency risk The fundamental investment objective may only be • large investor risk changed with the approval of a majority of unitholders, • market disruption risk given at a meeting called for that purpose. • repurchase and reverse repurchase transactions risk • securities lending risk Investment strategies • series risk The portfolio adviser seeks to achieve the fundamental • tracking risk investment objective of the Fund primarily by replicating These and other risks, which may also apply to the Fund, the DJIA Index in US$ terms. Each security in the DJIA are described under the heading Fund-specific risks in Index is held by the Fund in close tolerance to its index the first part of this document. weight so that the performance of the Fund closely tracks the performance of the DJIA Index. The Fund strives to The risk rating of the Fund is medium. For more be fully invested, maintaining very low levels of cash, by information, see Investment risk classification temporarily owning exchange-traded funds and methodology in Your guide to understanding the transacting in specified derivative instruments, such as Fund Profile in the first part of this document. options, futures and forward contracts, whose value is based on the DJIA Index. The Fund may hold money Who should invest in the Fund? market instruments or cash to meet its obligations under The Fund may be suitable for medium to long-term the derivative instruments. investors who: The Fund may engage in securities lending, repurchase • want to track the returns of U.S. blue-chip equities as or reverse repurchase transactions in a manner measured by the DJIA Index consistent with its investment objectives and as permitted • are contributing to the growth component of a by Canadian securities regulatory authorities. For more diversified portfolio information, see Securities lending, repurchase and • can handle the ups and downs of the stock market reverse repurchase transactions in Your guide to understanding the Fund Profile in the first part of this For more information about how TDAM has determined document. the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should In the most recent twelve-month period, Apple Inc. invest in the Fund? in Your guide to understanding represented more than 10% of the DJIA Index. The the Fund Profile in the first part of this document. maximum percentage during that twelve-month period that Apple Inc. represented of the DJIA Index was 10.21%. As at July 15, 2020, Apple Inc. represented 9.98% of the DJIA Index.

205 TD Mutual Funds TD Dow Jones Industrial Average Index Fund

Distribution policy registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones®, Dow Jones The Fund distributes any net income and any net realized Industrial Average® and DJIA® are registered capital gains annually in December. trademarks of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed Distributions will automatically be reinvested in for use by SPDJI and sublicensed for certain purposes by additional units of the same series of the Fund. For TDAM. It is not possible to invest directly in an index. The other options that may be available to you, see TD Dow Jones Industrial Average Index Fund (“Fund”) is Distribution policy in Your guide to understanding the not sponsored, endorsed, sold or promoted by SPDJI, Fund Profile in the first part of this document. Dow Jones, S&P or any of their respective affiliates Fund expenses indirectly borne by (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices makes no representation or warranty, express or investors implied, to the owners of the Fund or any member of the Mutual funds pay for some expenses out of fund assets. public regarding the advisability of investing in securities That means investors in a mutual fund indirectly pay for generally or in the Fund particularly or the ability of the these expenses through lower returns. Dow Jones Industrial Average to track general market performance. Past performance of an index is not an The following table is intended to help you compare the indication or guarantee of future results. S&P Dow Jones cumulative cost of investing in this Fund with the cost of Indices’ only relationship to TDAM with respect to the investing in other mutual funds. This example assumes Dow Jones Industrial Average is the licensing of the Index that: (i) you invest $1,000 in units of the Fund for the time and certain trademarks, service marks and/or trade periods indicated; (ii) your investment has an annual 5% names of S&P Dow Jones Indices or its licensors. The return; and (iii) the MER for each series of units of the Dow Jones Industrial Average is determined, composed Fund was the same in all periods as the MER that each and calculated by S&P Dow Jones Indices without regard respective series incurred in the Fund’s last financial to TDAM or the Fund. S&P Dow Jones Indices has no year. obligation to take the needs of TDAM or the owners of the Although your actual costs may be higher or lower, based Fund into consideration in determining, composing or on these assumptions, your costs would be: calculating the Dow Jones Industrial Average. S&P Dow Jones Indices is not responsible for and has not 1 year 3 years 5 years 10 years participated in the determination of the prices, and Investor Series ($) 9.12 28.76 50.41 114.74 amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the e-Series ($) 3.38 10.66 18.69 42.54 equation by which the Fund is to be converted into cash, F-Series ($) 5.74 18.10 31.72 72.20 surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund connection with the administration, marketing or offering that are not included in the calculation of the MER. of the Fund. There is no assurance that investment products based on the Dow Jones Industrial Average will Additional information accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an The Dow Jones Industrial Average Index is a price- investment or tax advisor. A tax advisor should be weighted measure of 30 U.S. blue-chip companies and is consulted to evaluate the impact of any tax-exempt designed to represent large and well-known U.S. securities on portfolios and the tax consequences of companies covering all industries, except for making any particular investment decision. Inclusion of a transportation and utilities. Dow Jones Industrial Average security within an index is not a recommendation by S&P Total Return Index assumes any dividends declared by its Dow Jones Indices to buy, sell, or hold such security, nor constituent companies are reinvested in the index. The is it considered to be investment advice. index is not rebalanced on any pre-determined frequency and changes to the index are made on an as-needed S&P DOW JONES INDICES DOES NOT GUARANTEE basis. THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE DOW JONES Further information on the Dow Jones Industrial Average INDUSTRIAL AVERAGE OR ANY DATA RELATED Index, including its methodology, is available on S&P’s THERETO OR ANY COMMUNICATION, INCLUDING website at www.spindices.com. BUT NOT LIMITED TO, ORAL OR WRITTEN The “Dow Jones Industrial Average” is a product of S&P COMMUNICATION (INCLUDING ELECTRONIC Dow Jones Indices LLC or its affiliates (“SPDJI”), and has COMMUNICATIONS) WITH RESPECT THERETO. been licensed for use by TD Asset Management Inc. S&P DOW JONES INDICES SHALL NOT BE SUBJECT (“TDAM”). Standard & Poor’s®, S&P® and S&P 500® are TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS,

206 TD Mutual Funds TD Dow Jones Industrial Average Index Fund

OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY TDAM, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DOW JONES INDUSTRIAL AVERAGE OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND TDAM, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

207 TD Mutual Funds TD U.S. Index Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) (US$) September 30, 1986 0.45%◊ e-Series (C$) (US$) November 26, 1999 0.30% F-Series (C$) November 1, 2000 0.15% Institutional Series (C$) January 11, 2001 0.30% O-Series (C$) March 10, 2008 N/A*

◊ The MER for the Investor Series units of the Fund has been capped at 0.55% (including GST and HST but excluding any other applicable taxes and brokerage commissions). TDAM is responsible for compensating the Fund to ensure the MER does not exceed the stated cap. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? understanding the Fund Profile in the first part of this document. Investment objectives We may change the Fund’s investment strategies at our The fundamental investment objective is to provide long- discretion without notice or approval. term growth of capital by tracking the performance of a broad U.S. equity market index that measures the What are the risks of investing in the investment return of large-capitalization U.S. stocks. Fund? The fundamental investment objective may only be Risks of investing in the Fund may include: changed with the approval of a majority of unitholders, given at a meeting called for that purpose. • concentration risk • derivatives risk Investment strategies • equity risk The portfolio adviser seeks to achieve the fundamental • exchange-traded fund risk investment objective of the Fund by tracking the • foreign currency risk performance of the Solactive US Large Cap CAD Index • large investor risk (as at June 30, 2020, one (CA NTR) (the “Index”). unitholder held 11.72% of the net asset value of the Fund) The portfolio adviser seeks to track the Index by holding • market disruption risk each security in the Index in close tolerance to its index • repurchase and reverse repurchase transactions risk weight so that the performance of the Fund closely tracks • securities lending risk the performance of the Index. • series risk The Fund may hold up to 100% of its assets in units of • tracking risk exchange-traded funds, including TD U.S. Equity Index These and other risks, which may also apply to the Fund, ETF to gain the desired exposure to the Index. are described under the heading Fund-specific risks in The Fund may use specified derivatives, such as options, the first part of this document. futures and forward contracts as permitted by Canadian The risk rating of the Fund is medium. For more securities laws, for non-hedging purposes to obtain the information, see Investment risk classification desired equity exposure. The Fund may hold money methodology in Your guide to understanding the market instruments or cash to meet its obligations under Fund Profile in the first part of this document. the derivative instruments. The Fund may engage in securities lending, repurchase or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to

208 TD Mutual Funds TD U.S. Index Fund

Who should invest in the Fund? Additional information The Fund may be suitable for medium to long-term The Solactive US Large Cap CAD Index (CA NTR) investors who: intends to track the performance of the largest 500 stocks in terms of the free-float market capitalization in the • want to track the returns of a major U.S. equity index United States. It is calculated as a Net Total Return index • are contributing to the growth component of a in Canadian dollars and weighted by free-float market diversified portfolio capitalization. The Solactive US Large Cap CAD Index • can handle the ups and downs of the stock market (CA NTR) is adjusted semi-annually in May and For more information about how TDAM has determined November. Eligible initial public offerings may also be the level of investor risk tolerance that would be included semi-annually in February and August. appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding Further information on the Solactive US Large Cap CAD the Fund Profile in the first part of this document. Index (CA NTR), including its methodology, is available on Solactive AG’s website at www.solactive.com. Distribution policy The Fund is not sponsored, promoted, sold or supported The Fund distributes any net income and any net realized in any other manner by Solactive AG nor does capital gains annually in December. Solactive AG offer any express or implicit guarantee or Distributions will automatically be reinvested in assurance either with regard to the results of using the additional units of the same series of the Fund. For Solactive US Large Cap CAD Index (CA NTR) and/or any other options that may be available to you, see trade mark(s) associated with the Solactive US Large Distribution policy in Your guide to understanding the Cap CAD Index (CA NTR) or the prices of the Solactive Fund Profile in the first part of this document. US Large Cap CAD Index (CA NTR) at any time or in any other respect. The Solactive US Large Cap CAD Index Fund expenses indirectly borne by (CA NTR) is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the investors Solactive US Large Cap CAD Index (CA NTR) is Mutual funds pay for some expenses out of fund assets. calculated correctly. Irrespective of its obligations towards That means investors in a mutual fund indirectly pay for TDAM, Solactive AG has no obligation to point out errors these expenses through lower returns. in the Solactive US Large Cap CAD Index (CA NTR) to third parties including but not limited to investors and/or The following table is intended to help you compare the financial intermediaries of the Fund. Neither publication of cumulative cost of investing in this Fund with the cost of the Solactive US Large Cap CAD Index (CA NTR) by investing in other mutual funds. This example assumes Solactive AG nor the licensing of the Solactive US Large that: (i) you invest $1,000 in units of the Fund for the time Cap CAD Index (CA NTR) or any trade mark(s) periods indicated; (ii) your investment has an annual 5% associated with the Solactive US Large Cap CAD Index return; and (iii) the MER for each series of units of the (CA NTR) for the purpose of use in connection with the Fund was the same in all periods as the MER that each Fund constitutes a recommendation by Solactive AG to respective series incurred in the Fund’s last financial invest capital in said Fund nor does it in any way year. represent an assurance or opinion of Solactive AG with Although your actual costs may be higher or lower, based regard to any investment in the Fund. on these assumptions, your costs would be: 1 year 3 years 5 years 10 years Investor Series ($) 5.54 17.45 30.58 69.62 e-Series ($) 3.49 10.99 19.26 43.83 F-Series ($) 5.02 15.83 27.75 63.17 Institutional Series ($) 4.00 12.60 22.09 50.28 O-Series* ($) 0 0 0 0 * There were no indirect expenses associated with the O-Series units of the Fund because the MER of this series was zero. Holders of O-Series units pay a negotiable annual O-Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

209 TD Mutual Funds TD U.S. Index Currency Neutral Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) January 6, 1998 0.45% e-Series (C$) November 26, 1999 0.30% F-Series (C$) November 1, 2000 0.15% O-Series (C$) July 21, 2010 (offered via prospectus N/A* exemption from April 6, 2010 to July 21, 2010)

* No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? (CA NTR). The portfolio adviser of the Underlying Fund seeks to track the Solactive US Large Cap CAD Index Investment objectives (CA NTR) by holding each security in the index in close The fundamental investment objective is to seek to tolerance to its index weight so that the performance of the Underlying Fund closely tracks the performance of the achieve long-term capital growth similar to the index. This index may be changed without notice to performance of one or more generally recognized U.S. unitholders of the Fund. The Underlying Fund may hold equity market indices. The Fund also seeks to eliminate up to 100% of its assets in units of exchange-traded substantially the Fund’s foreign currency exposure. funds, including TD U.S. Equity Index ETF to gain the The fundamental investment objective may only be desired exposure. The Underlying Fund may use changed with the approval of a majority of unitholders, specified derivatives, such as options, futures and given at a meeting called for that purpose. forward contracts as permitted by Canadian securities laws, for non-hedging purposes to obtain the desired Investment strategies equity exposure. The Underlying Fund may hold money The portfolio adviser seeks to achieve the fundamental market instruments or cash to meet its obligations under investment objective of the Fund by primarily investing in the derivative instruments. units of TD U.S. Index Fund (the “Underlying Fund”) and For more information on the Underlying Fund, see its using derivative contracts, on an ongoing basis, to hedge Fund Profile. substantially the Fund’s foreign currency exposure. This hedging strategy seeks to protect the Fund against losses A unitholder of the Fund does not have ownership rights from declines in the value of foreign currencies against in securities of the Underlying Fund. Where TDAM is the the Canadian dollar. As a result of this strategy, the Fund manager of both the Fund and the Underlying Fund in will not benefit from increases in the value of foreign which the Fund has invested, the Fund will not exercise currencies against the Canadian dollar. This strategy will its right to vote the securities of the Underlying Fund. result in the performance of the Fund being substantially TDAM may arrange for these securities to be voted by similar to the performance of the Solactive US Large Cap unitholders of the Fund. However, given the costs and Hedged to CAD Index (CA NTR). Under certain market complexity of doing so, TDAM may not arrange for a conditions, cash and short-term securities may be held flow-through of voting rights. within the portfolio. We may change the Fund’s investment strategies at our The Fund may also use specified derivatives, such as discretion without notice or approval. futures contracts, as permitted by Canadian securities laws, for non-hedging purposes to obtain the desired What are the risks of investing in the equity exposure. The Fund may hold money market Fund? instruments or cash to meet its obligations under the derivative instruments. Risks of investing in the Fund may include: The portfolio adviser of the Underlying Fund currently • concentration risk seeks to achieve the Underlying Fund’s fundamental • derivatives risk investment objective primarily by tracking the • equity risk performance of the Solactive US Large Cap CAD Index • exchange-traded fund risk

210 TD Mutual Funds TD U.S. Index Currency Neutral Fund

• fund-of-funds risk respective series incurred in the Fund’s last financial • large investor risk year. • market disruption risk Although your actual costs may be higher or lower, based • repurchase and reverse repurchase transactions risk on these assumptions, your costs would be: • securities lending risk • series risk 1 year 3 years 5 years 10 years • tracking risk Investor Series ($) 8.51 26.82 47.01 107.01 These and other risks, which may also apply to the Fund, e-Series ($) 4.82 15.19 26.62 60.59 are described under the heading Fund-specific risks in F-Series ($) 4.82 15.19 26.62 60.59 the first part of this document. O-Series* ($) 0 0 0 0 The risk rating of the Fund is medium. For more * There were no indirect expenses associated with the O-Series units information, see Investment risk classification of the Fund because the MER of this series was zero. Holders of methodology in Your guide to understanding the O-Series units pay a negotiable annual O-Series fee to TDAM. Fund Profile in the first part of this document. See Fees and expenses in the first part of this document Who should invest in the Fund? for more information on the costs of investing in the Fund that are not included in the calculation of the MER. The Fund may be suitable for medium to long-term investors who: Additional information • want to track the returns of a major U.S. equity index The Solactive US Large Cap Hedged to CAD Index (CA • are contributing to the growth component of a NTR) tracks the performance of the Solactive US Large diversified portfolio without substantial foreign Cap CAD Index (CA NTR) and hedges the currency currency exposure exposure to the Canadian dollar on a monthly basis. The • can handle the ups and downs of the stock market Solactive US Large Cap CAD Index (CA NTR) intends to track the performance of the largest 500 stocks in terms For more information about how TDAM has determined of the free-float market capitalization in the United States. the level of investor risk tolerance that would be It is calculated as a Net Total Return index in Canadian appropriate for investment in the Fund, see Who should dollars and weighted by free-float market capitalization. invest in the Fund? in Your guide to understanding The Solactive US Large Cap CAD Index (CA NTR) is the Fund Profile in the first part of this document. adjusted semi-annually in May and November. Eligible Distribution policy initial public offerings may also be included in the Solactive US Large Cap CAD Index (CA NTR) semi- The Fund distributes any net income and any net realized annually in February and August. capital gains annually in December. The Fund reports all income and capital gains and losses from derivative Further information on the Solactive US Large Cap instruments on income account. Hedged to CAD Index (CA NTR), including its methodology, is available on Solactive AG’s website at Distributions will automatically be reinvested in www.solactive.com. additional units of the same series of the Fund. For other options that may be available to you, see The Fund is not sponsored, promoted, sold or supported Distribution policy in Your guide to understanding the in any other manner by Solactive AG nor does Fund Profile in the first part of this document. Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Fund expenses indirectly borne by Solactive US Large Cap Hedged to CAD Index (CA NTR) investors and/or any trade mark(s) associated with the Solactive US Large Cap Hedged to CAD Index (CA NTR) or the Mutual funds pay for some expenses out of fund assets. prices of the Solactive US Large Cap Hedged to CAD That means investors in a mutual fund indirectly pay for Index (CA NTR) at any time or in any other respect. The these expenses through lower returns. Solactive US Large Cap Hedged to CAD Index (CA NTR) The following table is intended to help you compare the is calculated and published by Solactive AG. cumulative cost of investing in this Fund with the cost of Solactive AG uses its best efforts to ensure that the investing in other mutual funds. This example assumes Solactive US Large Cap Hedged to CAD Index (CA NTR) that: (i) you invest $1,000 in units of the Fund for the time is calculated correctly. Irrespective of its obligations periods indicated; (ii) your investment has an annual 5% towards TDAM, Solactive AG has no obligation to point return; and (iii) the MER for each series of units of the out errors in the Solactive US Large Cap Hedged to CAD Fund was the same in all periods as the MER that each Index (CA NTR) to third parties including but not limited to investors and/or financial intermediaries of the Fund.

211 TD Mutual Funds TD U.S. Index Currency Neutral Fund

Neither publication of the Solactive US Large Cap Hedged to CAD Index (CA NTR) by Solactive AG nor the licensing of the Solactive US Large Cap Hedged to CAD Index (CA NTR) or any trade mark(s) associated with the Solactive US Large Cap Hedged to CAD Index (CA NTR) for the purpose of use in connection with the Fund constitutes a recommendation by Solactive AG to invest capital in said Fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in the Fund.

212 TD Mutual Funds TD Nasdaq® Index Fund

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) November 26, 1999 0.90% e-Series (C$) November 26, 1999 0.45% F-Series (C$) November 1, 2000 0.50%

What does the Fund invest in? In the most recent twelve-month period, Amazon.com, Inc., Apple Inc. and Microsoft Corporation represented Investment objectives more than 10% of the Nasdaq-100 Index®. The maximum percentage during that twelve-month period that these The fundamental investment objective of the Fund is to securities represented of the Nasdaq-100 Index® was: provide long-term capital appreciation similar to the Amazon.com, Inc. – 11.43%, Apple Inc. – 12.45% and performance of the Nasdaq-100 Index®. Microsoft Corporation – 12.11%. As at July 15, 2020, The Nasdaq-100 Index® is comprised of the largest and Amazon.com, Inc., Apple Inc. and Microsoft Corporation most actively traded companies on the Nasdaq stock represented 10.86%, 12.27% and 11.42%, respectively, market. of the Nasdaq-100 Index®. The fundamental investment objective may only be We may change the Fund’s investment strategies at our changed with the approval of a majority of unitholders, discretion without notice or approval. given at a meeting called for that purpose. What are the risks of investing in the Investment strategies Fund? The portfolio adviser seeks to achieve the fundamental investment objective of the Fund primarily by replicating Risks of investing in the Fund may include: ® the Nasdaq-100 Index in US$ terms. The Nasdaq-100 • ® concentration risk Index is comprised of the largest and most actively • derivatives risk traded companies on the Nasdaq stock market and is • equity risk heavily weighted in technology stocks. Each security in • large investor risk the Nasdaq-100 Index® is held by the Fund in close • market disruption risk tolerance to its index weight so that the performance of • repurchase and reverse repurchase transactions risk the Fund closely tracks the performance of the Nasdaq- • securities lending risk 100 Index® (US$). The Fund uses foreign currency • series risk forward contracts to hedge the currency exposure. As a • specialization risk result of this strategy, the Fund will not benefit from • tracking risk increases in the value of foreign currencies against the Canadian dollar. The Fund strives to be fully invested, In the twelve-month period ended June 30, 2020, more maintaining low levels of cash, by temporarily owning than 10% of the net asset value of the Fund was invested exchange-traded funds and transacting in specified in common shares of Apple Inc.; Microsoft Corporation derivative instruments, such as options, futures and and Amazon.com, Inc. The maximum percentages of the forward contracts, whose value is based on the Nasdaq- net asset value of the Fund invested in the securities of 100 Index®. The Fund may hold money market these issuers during this twelve-month period were as instruments or cash to meet its obligations under the follows: Apple Inc. – 12.18%; Microsoft Corporation – derivative instruments. 12.02%; and Amazon.com, Inc. – 10.45%. The Fund may have experienced increased concentration risk as a result The Fund may engage in securities lending, repurchase of these investments. or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted These and other risks, which may also apply to the Fund, by Canadian securities regulatory authorities. For more are described under the heading Fund-specific risks in information, see Securities lending, repurchase and the first part of this document. reverse repurchase transactions in Your guide to The risk rating of the Fund is medium to high. For more understanding the Fund Profile in the first part of this information, see document. Investment risk classification

213 TD Mutual Funds TD Nasdaq® Index Fund methodology in Your guide to understanding the See Fees and expenses in the first part of this document Fund Profile in the first part of this document. for more information on the costs of investing in the Fund that are not included in the calculation of the MER. Who should invest in the Fund? The Fund may be suitable for medium to long-term Additional information investors who: The Nasdaq-100 Index® includes 100 of the largest U.S. and international non-financial companies listed on The • want to track the returns of a technology-focused Nasdaq Stock Market based on market capitalization and index reflects companies across major industry groups • are seeking exposure to U.S. equity markets including computer hardware and software, • are contributing to the growth component of a telecommunications, retail/wholesale trade and diversified portfolio biotechnology. The index is rebalanced quarterly. In • are very comfortable with the ups and downs of the addition, a special rebalancing of the index may be stock market conducted at any time if it is determined necessary to For more information about how TDAM has determined maintain the integrity of the index. Index composition is the level of investor risk tolerance that would be reviewed on an annual basis; however, if at any time appropriate for investment in the Fund, see Who should during the year an index constituent no longer meets the invest in the Fund? in Your guide to understanding eligibility criteria, it is replaced with the largest market the Fund Profile in the first part of this document. capitalization issuer not currently in the index and meets the initial eligibility criteria required for inclusion in the Distribution policy Nasdaq-100 Index®. The Fund distributes any net income and any net realized Further information on the Nasdaq-100 Index®, including capital gains annually in December. The Fund reports all its methodology, is available on Nasdaq’s website at income and capital gains and losses from derivative www.nasdaq.com. instruments on income account. The Fund is not sponsored, endorsed, sold or promoted Distributions will automatically be reinvested in by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, additional units of the same series of the Fund. For are referred to as the “Corporations”). The Corporations other options that may be available to you, see have not passed on the legality or suitability of, or the Distribution policy in Your guide to understanding the accuracy or adequacy of descriptions and disclosures Fund Profile in the first part of this document. relating to, the Fund. The Corporations make no representation or warranty, express or implied to the Fund expenses indirectly borne by unitholders of the Fund or any member of the public investors regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Mutual funds pay for some expenses out of fund assets. NASDAQ-100 Index® to track general stock market That means investors in a mutual fund indirectly pay for performance. The Corporations’ only relationship to these expenses through lower returns. TDAM (“Licensee”) is in the licensing of the Nasdaq® and NASDAQ-100 Index® marks, and certain trade names of The following table is intended to help you compare the ® cumulative cost of investing in this Fund with the cost of the Corporations and the use of the NASDAQ-100 Index investing in other mutual funds. This example assumes which is determined, composed and calculated by that: (i) you invest $1,000 in units of the Fund for the time Nasdaq without regard to TDAM or the Fund. Nasdaq has periods indicated; (ii) your investment has an annual 5% no obligation to take the needs of TDAM or the unitholders of the Fund into consideration in determining, return; and (iii) the MER for each series of units of the ® Fund was the same in all periods as the MER that each composing or calculating the NASDAQ-100 Index . The respective series incurred in the Fund’s last financial Corporations are not responsible for and have not year. participated in the determination of the timing of, prices at, or quantities of the Fund’s units to be issued or in the Although your actual costs may be higher or lower, based determination or calculation of the equation by which the on these assumptions, your costs would be: Fund’s units are to be converted into cash. The Corporations have no liability in connection with the 1 year 3 years 5 years 10 years administration, marketing or offering of the Fund. Investor Series ($) 10.25 32.31 56.64 128.92 THE CORPORATIONS DO NOT GUARANTEE THE e-Series ($) 5.13 16.16 28.32 64.46 ACCURACY AND/OR UNINTERRUPTED F-Series ($) 5.64 17.77 31.15 70.91 CALCULATION OF THE NASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS

214 TD Mutual Funds TD Nasdaq® Index Fund

OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY TDAM, UNITHOLDERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

215 TD Mutual Funds TD International Index Fund

Fund details Fund type International Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) May 13, 1997 0.55% e-Series (C$) October 10, 2000 0.40% F-Series (C$) November 1, 2000 0.25% O-Series (C$) March 10, 2008 N/A*

* No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? The Fund may engage in securities lending, repurchase or reverse repurchase transactions in a manner Investment objectives consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more The fundamental investment objective is to provide long- information, see term growth of capital by tracking the performance of an Securities lending, repurchase and in international equity markets index that measures the reverse repurchase transactions Your guide to in the first part of this investment return of mid- and large-capitalization issuers understanding the Fund Profile document. in the European, Asian and Far East regions. We may change the Fund’s investment strategies at our The fundamental investment objective may only be discretion without notice or approval. changed with the approval of a majority of unitholders, given at a meeting called for that purpose. What are the risks of investing in the Investment strategies Fund? The portfolio adviser seeks to achieve the fundamental Risks of investing in the Fund may include: investment objective of the Fund by tracking the performance of the Solactive GBS® Developed Markets • concentration risk ex North America Large & Mid Cap CAD Index (CA NTR) • derivatives risk (the “Index”). • equity risk • exchange-traded fund risk The portfolio adviser seeks to track the Index by using a • foreign currency risk stratified sampling indexing technique. This method • international market risk involves the selection of a subset of securities from the • large investor risk Index so that the overall attributes of the portfolio are • market disruption risk closely matched to the Index. • repurchase and reverse repurchase transactions risk • securities lending risk The Fund may hold up to 100% of its assets in units of • series risk exchange-traded funds, including TD International Equity • tracking risk Index ETF to gain the desired exposure to the Index. These and other risks, which may also apply to the Fund, The Fund may use specified derivatives, such as options, are described under the heading Fund-specific risks in futures and forward contracts, as permitted by Canadian the first part of this document. securities laws, for non-hedging purposes to obtain the The risk rating of the Fund is medium. For more desired equity exposure. The Fund may hold money information, see Investment risk classification market instruments or cash to meet its obligations under methodology in Your guide to understanding the the derivative instruments. Fund Profile in the first part of this document. Only stocks within, or to be added to, the MSCI EAFE® Index, will be purchased; however, the number of stocks purchased, and the proportion of each, will be chosen to optimize performance tracking while minimizing costs having regard to the size of the Fund.

216 TD Mutual Funds TD International Index Fund

Who should invest in the Fund? Additional information The Fund may be suitable for medium to long-term The Solactive GBS® Developed Markets ex North investors who: America Large & Mid Cap CAD Index (CA NTR) is part of the Solactive Global Benchmark Series which includes • want to track the returns of an international index benchmark indices for developed and emerging market • are contributing to the growth component of a countries. The Index intends to track the performance of diversified portfolio the large- and mid-cap segment covering approximately • can handle the ups and downs of the stock market the largest 85% of the free-float market capitalization in For more information about how TDAM has determined the Developed Markets excluding North America. It is the level of investor risk tolerance that would be calculated as a Net Total Return index in CAD and appropriate for investment in the Fund, see Who should weighted by free-float market capitalization. The Solactive invest in the Fund? in Your guide to understanding GBS® Developed Markets ex North America Large & Mid the Fund Profile in the first part of this document. Cap CAD Index (CA NTR) is adjusted semi-annually in May and November. Eligible initial public offerings may Distribution policy also be included semi-annually in February and August.

The Fund intends to distribute any net income on or about Further information on the Solactive GBS® Developed calendar quarter end (March, June, September and Markets ex North America Large & Mid Cap CAD Index December) and distributes any remaining net income and (CA NTR), including its methodology, is available on any net realized capital gains annually in December. Solactive AG’s website at www.solactive.com. Distributions will automatically be reinvested in additional units of the same series of the Fund. For The Fund is not sponsored, promoted, sold or supported other options that may be available to you, see in any other manner by Solactive AG nor does Distribution policy in Your guide to understanding the Solactive AG offer any express or implicit guarantee or Fund Profile in the first part of this document. assurance either with regard to the results of using the Solactive GBS Developed Markets ex North America Fund expenses indirectly borne by Large & Mid Cap CAD Index (CA NTR) and/or any trade mark(s) associated with the Solactive GBS Developed investors Markets ex North America Large & Mid Cap CAD Index Mutual funds pay for some expenses out of fund assets. (CA NTR) or the prices of the Solactive GBS Developed That means investors in a mutual fund indirectly pay for Markets ex North America Large & Mid Cap CAD Index these expenses through lower returns. (CA NTR) at any time or in any other respect. The Solactive GBS Developed Markets ex North America The following table is intended to help you compare the Large & Mid Cap CAD Index (CA NTR) is calculated and cumulative cost of investing in this Fund with the cost of published by Solactive AG. Solactive AG uses its best investing in other mutual funds. This example assumes efforts to ensure that the Solactive GBS Developed that: (i) you invest $1,000 in units of the Fund for the time Markets ex North America Large & Mid Cap CAD Index periods indicated; (ii) your investment has an annual 5% (CA NTR) is calculated correctly. Irrespective of its return; and (iii) the MER for each series of units of the obligations towards TDAM, Solactive AG has no Fund was the same in all periods as the MER that each obligation to point out errors in the Solactive GBS respective series incurred in the Fund’s last financial Developed Markets ex North America Large & Mid Cap year. CAD Index (CA NTR) to third parties including but not Although your actual costs may be higher or lower, based limited to investors and/or financial intermediaries of the on these assumptions, your costs would be: Fund. Neither publication of the Solactive GBS Developed Markets ex North America Large & Mid Cap 1 year 3 years 5 years 10 years CAD Index (CA NTR) by Solactive AG nor the licensing of Investor Series ($) 9.74 30.70 53.81 122.48 the Solactive GBS Developed Markets ex North America e-Series ($) 5.02 15.83 27.75 63.17 Large & Mid Cap CAD Index (CA NTR) or any trade mark(s) associated with the Solactive GBS Developed F-Series ($) 5.23 16.48 28.89 65.75 Markets ex North America Large & Mid Cap CAD Index O-Series* ($) 0.10 0.32 0.57 1.29 (CA NTR) for the purpose of use in connection with the * Holders of O-Series units also pay a negotiable annual O-Series fee Fund constitutes a recommendation by Solactive AG to to TDAM. invest capital in said Fund nor does it in any way represent an assurance or opinion of Solactive AG with See Fees and expenses in the first part of this regard to any investment in the Fund. document for more information on the costs of investing in the Fund that are not included in the calculation of the MER. 217 TD Mutual Funds TD International Index Currency Neutral Fund

Fund details Fund type International Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) January 6, 1998 0.55% e-Series (C$) November 26, 1999 0.40% F-Series (C$) November 1, 2000 0.25%

What does the Fund invest in? North America Large & Mid Cap CAD Index so that the overall attributes of the portfolio are closely matched to Investment objectives the index. This index may be changed without notice to unitholders of the Fund. The Underlying Fund may hold The fundamental investment objective is to seek to up to 100% of its assets in units of exchange-traded achieve long-term capital growth similar to the funds, including TD International Equity Index ETF to gain performance of one or more generally recognized the desired exposure. The Underlying Fund may use international equity market indices. The Fund also seeks specified derivatives, such as options, futures and to eliminate substantially the Fund’s foreign currency forward contracts, as permitted by Canadian securities exposure. laws, for non-hedging purposes to obtain the desired The fundamental investment objective may only be equity exposure. The Underlying Fund may hold money changed with the approval of a majority of unitholders, market instruments or cash to meet its obligations under given at a meeting called for that purpose. the derivative instruments. Investment strategies For more information on the Underlying Fund, see its Fund Profile. The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by primarily investing in A unitholder of the Fund does not have ownership rights units of TD International Index Fund (the “Underlying in securities of the Underlying Fund. Where TDAM is the Fund”) and using derivative contracts, on an ongoing manager of both the Fund and the Underlying Fund in basis, to hedge substantially the Fund’s foreign currency which the Fund has invested, the Fund will not exercise exposure. This hedging strategy seeks to protect the its right to vote the securities of the Underlying Fund. Fund against losses from declines in the value of foreign TDAM may arrange for these securities to be voted by currencies against the Canadian dollar. As a result of this unitholders of the Fund. However, given the costs and strategy, the Fund will not benefit from increases in the complexity of doing so, TDAM may not arrange for a flow- value of foreign currencies against the Canadian dollar. through of voting rights. This strategy will result in the performance of the Fund We may change the Fund’s investment strategies at our being substantially similar to the performance of the discretion without notice or approval. Solactive GBS® Developed Markets ex North America Large & Mid Cap Hedged to CAD Index (CA NTR). Under certain market conditions, cash and short-term securities What are the risks of investing in the may be held within the portfolio. Fund? The Fund may also use specified derivatives, such as Risks of investing in the Fund may include: futures contracts, as permitted by Canadian securities • concentration risk laws, for non-hedging purposes to obtain the desired • derivatives risk equity exposure. The Fund may hold money market • equity risk instruments or cash to meet its obligations under the • exchange-traded fund risk derivative instruments. • fund-of-funds risk The portfolio adviser of the Underlying Fund currently • international market risk seeks to achieve the Underlying Fund’s fundamental • large investor risk investment objective by using a stratified sampling • market disruption risk indexing technique on the Solactive GBS® Developed • repurchase and reverse repurchase transactions risk Markets ex North America Large & Mid Cap CAD Index. • securities lending risk This method involves the selection of a subset of • series risk securities from the Solactive GBS® Developed Markets ex • tracking risk

218 TD Mutual Funds TD International Index Currency Neutral Fund

These and other risks, which may also apply to the Fund, Although your actual costs may be higher or lower, based are described under the heading Fund-specific risks in on these assumptions, your costs would be: the first part of this document. 1 year 3 years 5 years 10 years The risk rating of the Fund is medium. For more Investor Series ($) 9.74 30.70 53.81 122.48 information, see Investment risk classification methodology in Your guide to understanding the e-Series ($) 5.13 16.16 28.32 64.46 Fund Profile in the first part of this document. F-Series ($) 5.13 16.16 28.32 64.46 Who should invest in the Fund? See Fees and expenses in the first part of this document for more information on the costs of investing The Fund may be suitable for medium to long-term in the Fund that are not included in the calculation of the investors who: MER. • want to track the returns of an international index • are contributing to the growth component of a Additional information diversified portfolio without substantial foreign The Solactive GBS® Developed Markets ex North currency exposure America Large & Mid Cap Hedged to CAD Index • can handle the ups and downs of the stock market (CA NTR) tracks the performance of the Solactive GBS® Developed Markets ex North America Large & Mid Cap For more information about how TDAM has determined CAD Index (CA NTR) and hedges the currency exposure the level of investor risk tolerance that would be to the Canadian dollar on a monthly basis. The Solactive appropriate for investment in the Fund, see Who should GBS® Developed Markets ex North America Large & Mid invest in the Fund? in Your guide to understanding Cap CAD Index (CA NTR) is part of the Solactive Global the Fund Profile in the first part of this document. Benchmark Series which includes benchmark indices for Distribution policy developed and emerging market countries. The Solactive GBS® Developed Markets ex North America Large & Mid The Fund distributes any net income and any net realized Cap CAD Index (CA NTR) intends to track the capital gains annually in December. The Fund reports all performance of the large- and mid-cap segment covering income and capital gains and losses from derivative approximately the largest 85% of the free-float market instruments on income account. capitalization in the Developed Markets excluding North America. It is calculated as a Net Total Return index in Distributions will automatically be reinvested in CAD and weighted by free-float market capitalization. The additional units of the same series of the Fund. For Solactive GBS® Developed Markets ex North America other options that may be available to you, see Large & Mid Cap CAD Index (CA NTR) is adjusted semi- Distribution policy in Your guide to understanding the annually in May and November. Eligible initial public Fund Profile in the first part of this document. offerings may also be included in the Solactive GBS® Fund expenses indirectly borne by Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR) semi-annually in February and investors August. Mutual funds pay for some expenses out of fund assets. Further information on the Solactive GBS® Developed That means investors in a mutual fund indirectly pay for Markets ex North America Large & Mid Cap Hedged to these expenses through lower returns. CAD Index (CA NTR), including its methodology, is The following table is intended to help you compare the available on Solactive AG’s website at cumulative cost of investing in this Fund with the cost of www.solactive.com. investing in other mutual funds. This example assumes The Fund is not sponsored, promoted, sold or supported that: (i) you invest $1,000 in units of the Fund for the time in any other manner by Solactive AG nor does periods indicated; (ii) your investment has an annual 5% Solactive AG offer any express or implicit guarantee or return; and (iii) the MER for each series of units of the assurance either with regard to the results of using the Fund was the same in all periods as the MER that each Solactive GBS Developed Markets ex North America respective series incurred in the Fund’s last financial Large & Mid Cap Hedged to CAD Index (CA NTR) and/or year. any trade mark(s) associated with the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index (CA NTR) or the prices of the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index (CA NTR) at any time or in any other respect. The Solactive GBS Developed Markets ex North America Large & Mid Cap

219 TD Mutual Funds TD International Index Currency Neutral Fund

Hedged to CAD Index (CA NTR) is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index (CA NTR) is calculated correctly. Irrespective of its obligations towards TDAM, Solactive AG has no obligation to point out errors in the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index (CA NTR) to third parties including but not limited to investors and/or financial intermediaries of the Fund. Neither publication of the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index (CA NTR) by Solactive AG nor the licensing of the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index (CA NTR) or any trade mark(s) associated with the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index (CA NTR) for the purpose of use in connection with the Fund constitutes a recommendation by Solactive AG to invest capital in said Fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in the Fund.

220 TD Mutual Funds TD European Index Fund

Fund details Fund type European Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) Investor Series (C$) April 30, 1998 0.90% e-Series (C$) November 26, 1999 0.45% F-Series (C$) November 1, 2000 0.50%

What does the Fund invest in? What are the risks of investing in the Investment objectives Fund? The fundamental investment objective is to track the Risks of investing in the Fund may include: performance of the MSCI Europe Gross Dividend Index • concentration risk (“MSCI Europe Index”). • derivatives risk The MSCI Europe Index is a diversified index of about • equity risk 600 widely held companies in the developed countries in • foreign currency risk Europe. • international market risk • large investor risk The fundamental investment objective may only be • market disruption risk changed with the approval of a majority of unitholders, • repurchase and reverse repurchase transactions risk given at a meeting called for that purpose. • securities lending risk Investment strategies • series risk • specialization risk The portfolio adviser seeks to achieve the fundamental • tracking risk investment objective of the Fund primarily by replicating the MSCI Europe Index. Each security in the MSCI These and other risks, which may also apply to the Fund, Europe Index is held by the Fund in close tolerance to its are described under the heading Fund-specific risks in index weight so that the performance of the Fund closely the first part of this document. tracks the performance of the MSCI Europe Index. The The risk rating of the Fund is medium. For more Fund strives to be fully invested, maintaining very low information, see levels of cash, by temporarily owning exchange-traded Investment risk classification in funds and transacting in specified derivative instruments, methodology Your guide to understanding the in the first part of this document. such as options, futures and forward contracts, whose Fund Profile value is based on all, or part, of the MSCI Europe Index. Who should invest in the Fund? The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. The Fund may be suitable for medium to long-term investors who: The Fund may engage in securities lending, repurchase or reverse repurchase transactions in a manner • want to track the returns of a major European equity consistent with its investment objectives and as permitted index by Canadian securities regulatory authorities. For more • are contributing to the growth component of a information, see Securities lending, repurchase and diversified portfolio reverse repurchase transactions in Your guide to • can handle the ups and downs of the stock market understanding the Fund Profile in the first part of this For more information about how TDAM has determined document. the level of investor risk tolerance that would be We may change the Fund’s investment strategies at our appropriate for investment in the Fund, see Who should discretion without notice or approval. invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

221 TD Mutual Funds TD European Index Fund

Distribution policy PARTIES”). THE FUND HAS NOT BEEN PASSED ON BY ANY OF THE MSCI PARTIES AS TO ITS LEGALITY The Fund distributes any net income and any net realized OR SUITABILITY WITH RESPECT TO ANY PERSON capital gains annually in December. OR ENTITY. NONE OF THE MSCI PARTIES MAKES ANY WARRANTIES OR BEARS ANY LIABILITY WITH Distributions will automatically be reinvested in RESPECT TO THE FUND. WITHOUT LIMITING THE additional units of the same series of the Fund. For FOREGOING, NONE OF THE MSCI PARTIES MAKES other options that may be available to you, see ANY REPRESENTATION OR WARRANTY, EXPRESS Distribution policy in Your guide to understanding the OR IMPLIED, TO THE UNITHOLDERS OF THE FUND Fund Profile in the first part of this document. OR ANY MEMBER OF THE PUBLIC REGARDING THE Fund expenses indirectly borne by ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THE FUND PARTICULARLY OR THE ABILITY investors OF ANY MSCI INDEXES TO TRACK Mutual funds pay for some expenses out of fund assets. CORRESPONDING STOCK MARKET PERFORMANCE. That means investors in a mutual fund indirectly pay for MSCI OR ITS AFFILIATES ARE THE LICENSORS OF these expenses through lower returns. CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH The following table is intended to help you compare the ARE DETERMINED, COMPOSED AND CALCULATED cumulative cost of investing in this Fund with the cost of BY MSCI WITHOUT REGARD TO THE FUND, THE investing in other mutual funds. This example assumes ISSUER OR THE UNITHOLDERS OF THE FUND OR that: (i) you invest $1,000 in units of the Fund for the time ANY OTHER PERSON OR ENTITY. NONE OF THE periods indicated; (ii) your investment has an annual 5% MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE return; and (iii) the MER for each series of units of the NEEDS OF THE ISSUER OR THE UNITHOLDERS OF Fund was the same in all periods as the MER that each THE FUND OR ANY OTHER PERSON OR ENTITY respective series incurred in the Fund’s last financial INTO CONSIDERATION IN DETERMINING, year. COMPOSING OR CALCULATING THE MSCI INDEXES. Although your actual costs may be higher or lower, based NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR on these assumptions, your costs would be: OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE 1 year 3 years 5 years 10 years FUND’S UNITS TO BE ISSUED OR IN THE Investor Series ($) 10.25 32.21 56.64 128.92 DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THE FUND’S UNITS ARE e-Series ($) 5.13 16.16 28.32 64.46 REDEEMABLE FOR CASH. FURTHER, NONE OF THE F-Series ($) 5.74 18.10 31.72 72.20 MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR THE UNITHOLDERS OF THE See Fees and expenses in the first part of this document for more information on the costs of investing FUND OR ANY OTHER PERSON OR ENTITY IN in the Fund that are not included in the calculation of the CONNECTION WITH THE ADMINISTRATION, MER. MARKETING OR OFFERING OF THE FUND. ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR Additional information INCLUSION IN OR FOR USE IN THE CALCULATION The MSCI Europe Gross Dividend Index is a market- OF THE MSCI INDEXES FROM SOURCES THAT MSCI capitalization weighted index that is designed to measure CONSIDERS RELIABLE, NONE OF THE MSCI the equity market performance of the developed markets PARTIES WARRANTS OR GUARANTEES THE in Europe. MSCI Europe Gross Dividend Index assumes ORIGINALITY, ACCURACY AND/OR THE any dividends declared by its constituent companies are COMPLETENESS OF ANY MSCI INDEX OR ANY DATA reinvested in the index. The index is rebalanced semi- INCLUDED THEREIN. NONE OF THE MSCI PARTIES annually and reviewed quarterly. MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF Further information on the MSCI Europe Gross Dividend THE FUND, UNITHOLDERS OF THE FUND, OR ANY Index, including its methodology, is available on MSCI’s OTHER PERSON OR ENTITY FROM THE USE OF ANY website at www.msci.com. MSCI INDEX OR ANY DATA INCLUDED THEREIN. THE FUND IS NOT SPONSORED, ENDORSED, SOLD NONE OF THE MSCI PARTIES SHALL HAVE ANY OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS LIABILITY FOR ANY ERRORS, OMISSIONS OR AFFILIATES, ANY OF ITS INFORMATION PROVIDERS INTERRUPTIONS OF OR IN CONNECTION WITH ANY OR ANY OTHER PARTY INVOLVED IN, OR RELATED MSCI INDEX OR ANY DATA INCLUDED THEREIN. TO, COMPILING, COMPUTING OR CREATING ANY FURTHER, NONE OF THE MSCI PARTIES MAKES ANY MSCI INDEXES (COLLECTIVELY, THE “MSCI EXPRESS OR IMPLIED WARRANTIES OF ANY KIND,

222 TD Mutual Funds TD European Index Fund

AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. No purchaser, seller or unitholder of the Fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote the Fund without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

223 TD Mutual Funds TD US$ Retirement Portfolio

Fund details Fund type Conservative Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (US$) September 15, 2015 1.40% 0.08% H5 Series (US$) September 15, 2015 1.40% 0.08% Advisor Series (US$) September 15, 2015 1.40% 0.08% T5 Series (US$) September 15, 2015 1.40% 0.08% F-Series (US$) September 15, 2015 0.65% N/A FT5 Series (US$) September 15, 2015 0.65% N/A FT8 Series (US$) January 29, 2019 0.65% N/A

What does the Fund invest in? laws. Currently, the Fund intends to purchase, hold or obtain exposure to exchange-traded funds that seek to Investment objectives replicate the performance of gold or the value of a specified derivative the underlying interest of which is The fundamental investment objective is to seek to provide income in U.S. dollars with some potential for gold on an unlevered basis (the “Gold ETFs”). The capital growth, while seeking to reduce portfolio volatility. Gold ETFs are traded on a Canadian or U.S. stock exchange and may not be qualified for distribution in the The fundamental investment objective may only be same Canadian jurisdictions as the Fund. The risks changed with the approval of a majority of unitholders, associated with the Fund’s exposure to Gold ETFs are given at a meeting called for that purpose. primarily commodity risk and exchange-traded fund risk. Investment strategies The Fund has obtained permission from Canadian securities regulatory authorities to invest in Canadian and The portfolio adviser seeks to achieve the fundamental U.S. exchange-traded funds that are not index investment objective of the Fund by investing a majority participation units and that would otherwise be prohibited of its assets in units of other investment funds managed under securities laws (the “Underlying ETFs”), provided by TDAM. The Fund also obtains exposure, directly or that, among other conditions: (i) such Underlying ETFs do indirectly, to securities of any type including, but not not exceed 30% of the net asset value of the Fund, taken limited to: money market, debt and debt-like instruments, at the time of purchase (excluding securities of real estate investment trusts, preferred shares, Underlying ETFs that are managed by TDAM or an exchange-traded funds and/or equity and equity-like associate or affiliate of TDAM); (ii) Underlying ETFs that instruments of Canadian, U.S. and/or international are traded on a U.S. exchange do not exceed 10% of the issuers. The portfolio adviser may dynamically shift the net asset value of the Fund, taken at the time of Fund’s exposure across asset classes and markets. The purchase; (iii) Underlying ETFs and Gold ETFs that portfolio adviser may also employ investment strategies provide leverage exposure do not exceed 10% of the net that seek to reduce portfolio volatility. These strategies asset value of the Fund, taken at the time of purchase; seek to reduce losses from market declines, while and (iv) the Fund will not short sell securities of any recognizing that they may not fully benefit from strong Underlying ETF. equity markets. The Fund may use specified derivatives, such as options, In determining portfolio investments, including asset futures, forward contracts and swaps, as permitted by allocation to underlying funds, the portfolio adviser Canadian securities laws to, among other things: considers factors which include its own market expectations, as well as past performance and historical • gain exposure to fixed income and/or equity volatility of any underlying strategies in the context of a instruments without actually investing in them directly diversified portfolio. (including when owning the derivative investment is The Fund has obtained permission from Canadian more efficient or less costly than owning the fixed securities regulatory authorities to purchase, hold or income or equity instrument itself) • obtain exposure to, up to 10% of the Fund’s net assets, hedge against losses associated with rising interest taken at the time of purchase, certain exchange-traded rates funds that would otherwise be prohibited under securities • obtain the desired currency exposure

224 TD Mutual Funds TD US$ Retirement Portfolio

• gain exposure to gold These and other risks, which may also apply to the Fund, • enhance income are described under the heading Fund-specific risks in • provide downside risk protection for one or more the first part of this document. securities to which the Fund has exposure The risk rating of the Fund is low. Since the Fund has • swap credit risk less than 10 years of performance history, TDAM has The Fund may hold money market instruments or cash to used the performance history of the following reference meet its obligations under the derivative instruments. indexes, in addition to the Fund’s actual return history, to calculate the risk rating of the Fund in the proportions The Fund may engage in securities lending, repurchase noted in the table below: or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted Proportion (%) Reference Indexes by Canadian securities regulatory authorities. For more 85% Bloomberg Barclays US Aggregate Bond Index information, see Securities lending, repurchase and 15% S&P 500® Index (Net Dividend, Total Return) reverse repurchase transactions in Your guide to understanding the Fund Profile in the first part of this The Bloomberg Barclays US Aggregate Bond Index document. measures the investment-grade, U.S. dollar- denominated, fixed-rate taxable bond market. The The portfolio adviser may vary the percentage of the S&P 500® Index measures the performance of 500 Fund’s holdings in any investment fund or asset class, or large-capitalization companies in leading industries of the change the securities in which the Fund invests, in each U.S. economy. case, without notice to unitholders. For more information, see Investment risk A unitholder of the Fund does not have ownership rights classification methodology in Your guide to in securities of any underlying fund held by the Fund. understanding the Fund Profile in the first part of this Where TDAM is the manager of both the Fund and an document. underlying fund in which the Fund has invested, the Fund will not exercise its right to vote the securities of the Who should invest in the Fund? underlying fund. TDAM may arrange for these securities The Fund may be suitable for medium to long-term to be voted by unitholders of the Fund. However, given investors who: the costs and complexity of doing so, TDAM may not arrange for a flow through of voting rights. • are retirees or pre-retirees and prefer to have professional managers determine the selection and We may change the Fund’s investment strategies at our composition of their investments discretion without notice or approval. • are seeking U.S.-dollar income with a moderate What are the risks of investing in the degree of capital growth • want an investment solution geared towards a more Fund? stable return relative to the equity markets Risks of investing in the Fund may include: • can handle small changes in the value of their investment • capital depreciation risk • in the case of H5 Series, T5 Series, FT5 Series and • commodity risk FT8 Series units, are seeking a monthly distribution • credit risk that may include a return of capital • derivatives risk • equity risk For more information about how TDAM has determined • exchange-traded fund risk the level of investor risk tolerance that would be • foreign currency risk appropriate for investment in the Fund, see Who should • fund-of-funds risk invest in the Fund? in Your guide to understanding • interest rate risk the Fund Profile in the first part of this document. • international market risk • large investor risk Distribution policy • liquidity risk In the case of Investor Series, Advisor Series and • market disruption risk F-Series units, the Fund intends to distribute any net • repurchase and reverse repurchase transactions risk income on or about calendar quarter end (March, June, • securities lending risk September and December). In the case of H5 Series, • series risk T5 Series, FT5 Series and FT8 Series units, the Fund • small company risk intends to make a distribution on or about month end that may consist of net income, net realized capital gains and/or return of capital. Any distributions made in

225 TD Mutual Funds TD US$ Retirement Portfolio excess of the Fund’s net income and net realized capital gains for the year represent a return of your capital. For any series, if the distributions in a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will make an additional distribution in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 17.43 54.93 96.28 219.17 H5 Series ($) 16.71 52.67 92.32 210.15 Advisor Series ($) 17.43 54.93 96.28 219.17 T5 Series ($) 17.53 55.26 96.85 220.46 F-Series ($) 8.00 25.20 44.18 100.56 FT5 Series ($) 7.89 24.88 43.61 99.27 FT8 Series ($) 8.00 25.20 44.18 100.56

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

226 TD Mutual Funds TD Retirement Conservative Portfolio

Fund details Fund type Conservative Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 10, 2013 1.40% 0.08% H5 Series (C$) September 10, 2013 1.40% 0.08% Premium Seriesꬷ (C$) November 12, 2013 1.30% 0.08% D-Series (C$) January 15, 2019 0.90% 0.08% Advisor Series (C$) September 10, 2013 1.40% 0.08% T5 Series (C$) September 10, 2013 1.40% 0.08% F-Series (C$) September 10, 2013 0.65% N/A FT5 Series (C$) September 10, 2013 0.65% N/A FT8 Series (C$) January 29, 2019 0.65% N/A O-Series (C$) December 5, 2014 N/A* N/A

ꬷ Effective March 28, 2017, Premium Series of the Fund was closed to any purchases by new investors. Investors who held Premium Series of the Fund at the close of business on March 28, 2017, and whose dealer continues to make this series available, may continue to make additional investments. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? and historical volatility in the context of a diversified holding of underlying funds suitable for the Fund. Investment objectives The Fund has obtained permission from Canadian The fundamental investment objective is to seek to securities regulatory authorities to purchase, hold or generate a moderate level of income with some potential obtain exposure to, up to 10% of the Fund’s net assets, for capital growth, while seeking to reduce portfolio taken at the time of purchase, certain exchange-traded volatility. funds that would otherwise be prohibited under securities The fundamental investment objective may only be laws. Currently, the Fund intends to purchase, hold or changed with the approval of a majority of unitholders, obtain exposure to exchange-traded funds that seek to replicate the performance of gold or the value of a given at a meeting called for that purpose. specified derivative the underlying interest of which is Investment strategies gold on an unlevered basis (the “Gold ETFs”). The Gold ETFs are traded on a Canadian or U.S. stock The portfolio adviser seeks to achieve the fundamental exchange and may not be qualified for distribution in the investment objective of the Fund by investing primarily in same Canadian jurisdictions as the Fund. The risks units of other investment funds managed by TDAM. The associated with the Fund’s exposure to Gold ETFs are Fund will have exposure to securities of any type primarily commodity risk and exchange-traded fund risk. including, but not limited to: money market, debt and debt-like instruments, preferred shares, and/or equity and The Fund has obtained permission from Canadian equity-like instruments of Canadian, U.S. and/or securities regulatory authorities to invest in Canadian and international issuers. The portfolio adviser may U.S. exchange-traded funds that are not index dynamically shift the Fund’s exposure across asset participation units and that would otherwise be prohibited classes and markets. The portfolio adviser may also under securities laws (the “Underlying ETFs”), provided employ investment strategies that seek to reduce portfolio that, among other conditions: (i) such Underlying ETFs do volatility. These strategies seek to reduce losses from not exceed 30% of the net asset value of the Fund, taken market declines, while recognizing that they may not fully at the time of purchase (excluding securities of benefit from strong equity markets. Underlying ETFs that are managed by TDAM or an associate or affiliate of TDAM); (ii) Underlying ETFs that The portfolio adviser considers, in determining the are traded on a U.S. exchange do not exceed 10% of the allocations to the underlying funds, factors which include net asset value of the Fund, taken at the time of its own market expectations, each underlying fund’s purchase; (iii) Underlying ETFs and Gold ETFs that investment objective and strategies, past performance

227 TD Mutual Funds TD Retirement Conservative Portfolio provide leverage exposure do not exceed 10% of the net What are the risks of investing in the asset value of the Fund, taken at the time of purchase; and (iv) the Fund will not short sell securities of any Fund? Underlying ETF. Risks of investing in the Fund may include: The Fund may use specified derivatives, such as options, • capital depreciation risk futures, forward contracts and swaps, as permitted by • commodity risk Canadian securities laws to, among other things: • credit risk • gain exposure to fixed income and/or equity • derivatives risk instruments without actually investing in them directly • equity risk (including when owning the derivative investment is • exchange-traded fund risk more efficient or less costly than owning the fixed • foreign currency risk income or equity instrument itself) • fund-of-funds risk • reduce the risk associated with currency fluctuations • interest rate risk • gain exposure to gold • international market risk • enhance income • large investor risk • provide downside risk protection for one or more • liquidity risk securities to which the Fund has exposure • market disruption risk • swap credit risk • repurchase and reverse repurchase transactions risk • securities lending risk The Fund may hold money market instruments or cash to • series risk meet its obligations under the derivative instruments. • short selling risk The Fund may engage in securities lending, repurchase • small company risk or reverse repurchase transactions in a manner These and other risks, which may also apply to the Fund, consistent with its investment objectives and as permitted are described under the heading Fund-specific risks in by Canadian securities regulatory authorities. For more the first part of this document. information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to The risk rating of the Fund is low. Since the Fund has understanding the Fund Profile in the first part of this less than 10 years of performance history, TDAM has document. used the performance history of the following reference indexes, in addition to the Fund’s actual return history, to The portfolio adviser may vary the percentage of the calculate the risk rating of the Fund in the proportions Fund’s holdings in any investment fund or asset class, or noted in the table below: change the securities in which the Fund invests, in each case, without notice to unitholders. Proportion (%) Reference Indexes While the Fund does not engage in short selling 40% FTSE Canada 91 Day T-Bill Index transactions directly, one or more of the underlying funds 30% FTSE Canada Universe Bond Index ® may engage in short selling in a manner consistent with 25% S&P 500 CAD Hedged Index (Total Return) ▽ their respective investment objectives and as permitted 5% MSCI World ex Canada Index (Net Dividend) by Canadian securities regulatory authorities. For more ▽ Calculated in Canadian dollars for purposes of determining the risk information, see Short selling in Your guide to rating of the Fund. understanding the Fund Profile in the first part of this document. The FTSE Canada 91 Day T-Bill Index tracks the performance of Government of Canada 91-day Treasury A unitholder of the Fund does not have ownership rights Bills. The FTSE Canada Universe Bond Index is a broad- in securities of any underlying fund held by the Fund. based measure of the performance of marketable Where TDAM is the manager of both the Fund and an government and corporate bonds outstanding in the underlying fund in which the Fund has invested, the Fund Canadian market. The S&P 500® CAD Hedged Index will not exercise its right to vote the securities of the measures the performance of 500 large-capitalization underlying fund. TDAM may arrange for these securities companies in leading industries of the U.S. economy, to be voted by unitholders of the Fund. However, given hedged to the Canadian dollar. The MSCI World the costs and complexity of doing so, TDAM may not ex Canada Index measures the performance of stocks of arrange for a flow-through of voting rights. large and mid-capitalization companies in developed We may change the Fund’s investment strategies at our market countries, excluding Canada. discretion without notice or approval.

228 TD Mutual Funds TD Retirement Conservative Portfolio

For more information, see Investment risk Fund expenses indirectly borne by classification methodology in Your guide to understanding the Fund Profile in the first part of this investors document. Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for Who should invest in the Fund? these expenses through lower returns. The Fund may be suitable for medium to long-term The following table is intended to help you compare the investors who: cumulative cost of investing in this Fund with the cost of • are retirees or pre-retirees and prefer to have investing in other mutual funds. This example assumes professional managers determine the selection and that: (i) you invest $1,000 in units of the Fund for the time composition of their investments periods indicated; (ii) your investment has an annual 5% • want an investment solution geared towards a more return; and (iii) the MER for each series of units of the stable return relative to the equity markets Fund was the same in all periods as the MER that each • can handle small changes in the value of their respective series incurred in the Fund’s last financial investment year. • in the case of H5 Series, T5 Series, FT5 Series and Although your actual costs may be higher or lower, based FT8 Series units, are seeking a monthly distribution on these assumptions, your costs would be: that may include a return of capital 1 year 3 years 5 years 10 years For more information about how TDAM has determined the level of investor risk tolerance that would be Investor Series ($) 17.32 54.61 95.72 217.88 appropriate for investment in the Fund, see Who should H5 Series ($) 16.91 53.32 93.45 212.72 invest in the Fund? in Your guide to understanding Premium Series ($) 16.09 50.73 88.92 202.41 in the first part of this document. the Fund Profile D-Series ($) 11.17 35.22 61.74 140.53 Distribution policy Advisor Series ($) 17.32 54.61 95.72 217.88 T5 Series ($) 17.22 54.29 95.15 216.59 In the case of Investor Series, Premium Series, D-Series, Advisor Series, F-Series and O-Series units, the Fund F-Series ($) 7.79 24.56 43.04 97.98 intends to distribute any net income on or about calendar FT5 Series ($) 7.69 24.23 42.48 96.69 quarter end (March, June, September and December). In FT8 Series ($) 7.59 23.91 41.91 95.40 the case of H5 Series, T5 Series, FT5 Series and 0.41 1.29 2.27 5.16 FT8 Series units, the Fund intends to make a distribution O-Series* ($) on or about month end that may consist of net income, * Holders of O-Series units also pay a negotiable annual O-Series fee net realized capital gains and/or return of capital. Any to TDAM. distributions made in excess of the Fund’s net See Fees and expenses in the first part of this document income and net realized capital gains for the year for more information on the costs of investing in the Fund represent a return of your capital. For any series, if the that are not included in the calculation of the MER. distributions in a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will make an additional distribution in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

229 TD Mutual Funds TD Retirement Balanced Portfolio

Fund details Fund type Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 10, 2013 1.65% 0.08% H5 Series (C$) September 10, 2013 1.65% 0.08% Premium Seriesꬷ (C$) November 12, 2013 1.55% 0.08% D-Series (C$) January 15, 2019 1.00% 0.08% Advisor Series (C$) September 10, 2013 1.65% 0.08% T5 Series (C$) September 10, 2013 1.65% 0.08% F-Series (C$) September 10, 2013 0.75% N/A FT5 Series (C$) September 10, 2013 0.75% N/A FT8 Series (C$) January 29, 2019 0.75% N/A O-Series (C$) December 5, 2014 N/A* N/A

ꬷ Effective March 28, 2017, Premium Series of the Fund was closed to any purchases by new investors. Investors who held Premium Series of the Fund at the close of business on March 28, 2017, and whose dealer continues to make this series available, may continue to make additional investments. * No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable O-Series fee to TDAM.

What does the Fund invest in? and historical volatility in the context of a diversified holding of underlying funds suitable for the Fund. Investment objectives The Fund has obtained permission from Canadian The fundamental investment objective is to seek to securities regulatory authorities to purchase, hold or generate capital growth and income while seeking to obtain exposure to, up to 10% of the Fund’s net assets, reduce portfolio volatility. taken at the time of purchase, certain exchange-traded The fundamental investment objective may only be funds that would otherwise be prohibited under securities changed with the approval of a majority of unitholders, laws. Currently, the Fund intends to purchase, hold or given at a meeting called for that purpose. obtain exposure to exchange-traded funds that seek to replicate the performance of gold or the value of a Investment strategies specified derivative the underlying interest of which is gold on an unlevered basis (the “Gold ETFs”). The The portfolio adviser seeks to achieve the fundamental Gold ETFs are traded on a Canadian or U.S. stock investment objective of the Fund by investing primarily in exchange and may not be qualified for distribution in the units of other investment funds managed by TDAM. The same Canadian jurisdictions as the Fund. The risks Fund will have exposure to securities of any type associated with the Fund’s exposure to Gold ETFs are including, but not limited to: money market, debt and primarily commodity risk and exchange-traded fund risk. debt-like instruments, preferred shares, and/or equity and equity-like instruments of Canadian, U.S. and/or The Fund has obtained permission from Canadian international issuers. The portfolio adviser may securities regulatory authorities to invest in Canadian and dynamically shift the Fund’s exposure across asset U.S. exchange-traded funds that are not index classes and markets. The portfolio adviser may also participation units and that would otherwise be prohibited employ investment strategies that seek to reduce portfolio under securities laws (the “Underlying ETFs”), provided volatility. These strategies seek to reduce losses from that, among other conditions: (i) such Underlying ETFs do market declines, while recognizing that they may not fully not exceed 30% of the net asset value of the Fund, taken benefit from strong equity markets. at the time of purchase (excluding securities of Underlying ETFs that are managed by TDAM or an The portfolio adviser considers, in determining the associate or affiliate of TDAM); (ii) Underlying ETFs that allocations to the underlying funds, factors which include are traded on a U.S. exchange do not exceed 10% of the its own market expectations, each underlying fund’s net asset value of the Fund, taken at the time of investment objective and strategies, past performance purchase; (iii) Underlying ETFs and Gold ETFs that

230 TD Mutual Funds TD Retirement Balanced Portfolio provide leverage exposure do not exceed 10% of the net What are the risks of investing in the asset value of the Fund, taken at the time of purchase; and (iv) the Fund will not short sell securities of any Fund? Underlying ETF. Risks of investing in the Fund may include: The Fund may use specified derivatives, such as options, • capital depreciation risk futures, forward contracts and swaps, as permitted by • commodity risk Canadian securities laws to, among other things: • credit risk • gain exposure to fixed income and/or equity • derivatives risk instruments without actually investing in them directly • equity risk (including when owning the derivative investment is • exchange-traded fund risk more efficient or less costly than owning the fixed • foreign currency risk income or equity instrument itself) • fund-of-funds risk • reduce the risk associated with currency fluctuations • interest rate risk • gain exposure to gold • international market risk • enhance income • large investor risk • provide downside risk protection for one or more • liquidity risk securities to which the Fund has exposure • market disruption risk • swap credit risk • repurchase and reverse repurchase transactions risk • securities lending risk The Fund may hold money market instruments or cash to • series risk meet its obligations under the derivative instruments. • short selling risk The Fund may engage in securities lending, repurchase • small company risk or reverse repurchase transactions in a manner These and other risks, which may also apply to the Fund, consistent with its investment objectives and as permitted are described under the heading Fund-specific risks in by Canadian securities regulatory authorities. For more the first part of this document. information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to The risk rating of the Fund is low. Since the Fund has understanding the Fund Profile in the first part of this less than 10 years of performance history, TDAM has document. used the performance history of the following reference indexes, in addition to the Fund’s actual return history, to The portfolio adviser may vary the percentage of the calculate the risk rating of the Fund in the proportions Fund’s holdings in any investment fund or asset class, or noted in the table below: change the securities in which the Fund invests, in each case, without notice to unitholders. Proportion (%) Reference Indexes While the Fund does not engage in short selling 45% FTSE Canada Universe Bond Index ® transactions directly, one or more of the underlying funds 25% S&P 500 CAD Hedged Index (Total Return) may engage in short selling in a manner consistent with 20% FTSE Canada 91 Day T-Bill Index ▽ their respective investment objectives and as permitted 10% MSCI World ex Canada Index (Net Dividend) by Canadian securities regulatory authorities. For more ▽ Calculated in Canadian dollars for purposes of determining the risk information, see Short selling in Your guide to rating of the Fund. understanding the Fund Profile in the first part of this document. The FTSE Canada Universe Bond Index is a broad-based measure of the performance of marketable government A unitholder of the Fund does not have ownership rights and corporate bonds outstanding in the Canadian market. in securities of any underlying fund held by the Fund. The S&P 500® CAD Hedged Index measures the Where TDAM is the manager of both the Fund and an performance of 500 large-capitalization companies in underlying fund in which the Fund has invested, the Fund leading industries of the U.S. economy, hedged to the will not exercise its right to vote the securities of the Canadian dollar. The FTSE Canada 91 Day T-Bill Index is underlying fund. TDAM may arrange for these securities comprised of Government of Canada 91-day Treasury to be voted by unitholders of the Fund. However, given Bills. The MSCI World ex Canada Index measures the the costs and complexity of doing so, TDAM may not performance of stocks of large and mid-capitalization arrange for a flow-through of voting rights. companies in developed market countries, excluding We may change the Fund’s investment strategies at our Canada. discretion without notice or approval.

231 TD Mutual Funds TD Retirement Balanced Portfolio

For more information, see Investment risk Fund expenses indirectly borne by classification methodology in Your guide to understanding the Fund Profile in the first part of this investors document. Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for Who should invest in the Fund? these expenses through lower returns. The Fund may be suitable for medium to long-term The following table is intended to help you compare the investors who: cumulative cost of investing in this Fund with the cost of • are retirees or pre-retirees and prefer to have investing in other mutual funds. This example assumes professional managers determine the selection and that: (i) you invest $1,000 in units of the Fund for the time composition of their investments periods indicated; (ii) your investment has an annual 5% • want an investment solution geared towards a more return; and (iii) the MER for each series of units of the stable return relative to the equity markets Fund was the same in all periods as the MER that each • can handle small changes in the value of their respective series incurred in the Fund’s last financial investment year. • in the case of H5 Series, T5 Series, FT5 Series and Although your actual costs may be higher or lower, based FT8 Series units, are seeking a monthly distribution on these assumptions, your costs would be: that may include a return of capital 1 year 3 years 5 years 10 years For more information about how TDAM has determined the level of investor risk tolerance that would be Investor Series ($) 20.19 63.66 111.58 253.98 appropriate for investment in the Fund, see Who should H5 Series ($) 20.09 63.33 111.01 252.69 invest in the Fund? in Your guide to understanding Premium Series ($) 18.96 59.78 104.78 238.51 in the first part of this document. the Fund Profile D-Series ($) 12.40 39.10 68.53 156.00 Distribution policy Advisor Series ($) 20.09 63.33 111.01 252.69 T5 Series ($) 19.78 62.36 109.31 248.82 In the case of Investor Series, Premium Series, D-Series, Advisor Series, F-Series and O-Series units, the Fund F-Series ($) 8.82 27.79 48.71 110.87 intends to distribute any net income on or about calendar FT5 Series ($) 8.82 27.79 48.71 110.87 quarter end (March, June, September and December). In FT8 Series ($) 8.71 27.47 48.14 109.58 the case of H5 Series, T5 Series, FT5 Series and 0.31 0.97 1.70 3.87 FT8 Series units, the Fund intends to make a distribution O-Series* ($) on or about month end that may consist of net income, * Holders of O-Series units also pay a negotiable annual O-Series fee net realized capital gains and/or return of capital. Any to TDAM. distributions made in excess of the Fund’s net See Fees and expenses in the first part of this document income and net realized capital gains for the year for more information on the costs of investing in the Fund represent a return of your capital. For any series, if the that are not included in the calculation of the MER. distributions in a year are less than the Fund’s net income and net realized capital gains for the year, the Fund will make an additional distribution in December. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

232 TD Mutual Funds TD Advantage Balanced Income Portfolio

Fund details Effective January 1, 2020, the Fund was closed to all purchases by investors, including purchases made through a Pre- Authorized Purchase Plan or a Pre-Authorized Contribution Plan.

Fund type Canadian Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 15, 2009 1.65% 0.12% Advisor Series (C$) September 15, 2009 1.65% 0.12% F-Series (C$) September 15, 2009 0.75% N/A

What does the Fund invest in? performance and historical volatility in the context of a diversified holding of mutual funds suitable for the Investment objectives Fund. The fundamental investment objective is to seek to earn The Fund may have exposure to foreign securities to an income with some potential for long-term capital growth extent that will vary from time to time and may be up to by primarily making investments in, or gaining exposure 49% of the total value of the assets of the Fund at the to, securities with income-generating potential. time that such exposure to foreign securities is obtained. In calculating the Fund’s exposure to foreign securities, The fundamental investment objective may only be benchmarks of any underlying funds, as published by changed with the approval of a majority of unitholders, such funds, may be used by TDAM. given at a meeting called for that purpose. The Fund may use specified derivatives, such as options, Investment strategies futures and forward contracts, as permitted by Canadian The portfolio adviser invests the majority of the Fund’s securities laws to, among other things: assets in securities of other mutual funds, primarily • gain exposure to fixed income and equity instruments TD Mutual Funds, with an emphasis on mutual funds with without actually investing in them directly (including income-generating potential. The portfolio adviser may when owning the derivative investment is more also invest the Fund’s assets in any of the following efficient or less costly than owning the fixed income securities: exchange-traded funds, guaranteed or equity instrument itself) investment certificates, money market instruments, bonds • reduce the risk associated with currency fluctuations issued by the Canadian federal or provincial • provide downside risk protection for one or more governments, corporate bonds, strip bonds, preferred securities to which the Fund has exposure shares, dividend-paying common shares and other income-generating securities. The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. The portfolio adviser uses strategic asset allocation to seek to achieve the fundamental investment objective of TDAM may vary the percentage of the Fund’s holdings in the Fund. The Fund’s neutral asset mix will generally any mutual fund or asset class, or change the securities provide exposure to 70% fixed income and 30% equities. in which the Fund invests, in each case, without notice to The asset allocation will generally be maintained within a unitholders. range of 10% above or below the neutral weighting for the While the Fund does not engage in short selling asset class. In calculating the Fund’s asset mix, transactions directly, one or more of the underlying funds benchmarks of any underlying funds, as published by may engage in short selling in a manner consistent with such funds, may be used by TDAM. their respective investment objectives and as permitted The portfolio adviser: by Canadian securities regulatory authorities. For more information, see Short selling in Your guide to • establishes target asset mix allocations and monitors understanding the Fund Profile in the first part of this allocations to holdings, including to any underlying document. funds; and • considers, when determining the Fund’s asset A unitholder of the Fund does not have ownership rights allocation among mutual funds, factors which include in securities of any underlying fund held by the Fund. its own market expectations, the underlying funds’ Where TDAM is the manager of both the Fund and an investment objectives and strategies, past underlying fund in which the Fund has invested, the Fund

233 TD Mutual Funds TD Advantage Balanced Income Portfolio will not exercise its right to vote the securities of the • can handle small changes in the value of their underlying fund. TDAM may arrange for these securities investment to be voted by unitholders of the Fund. However, given the costs and complexity of doing so, TDAM may not For more information about how TDAM has determined arrange for a flow-through of voting rights. the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should The Fund may engage in securities lending, repurchase invest in the Fund? in Your guide to understanding or reverse repurchase transactions in a manner the Fund Profile in the first part of this document. consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more Distribution policy information, see Securities lending, repurchase and The Fund intends to distribute any net income on or about reverse repurchase transactions in Your guide to calendar quarter end (March, June, September and understanding the Fund Profile in the first part of this December) and distributes any remaining net income and document. any net realized capital gains annually in December. We may change the Fund’s investment strategies, Distributions will automatically be reinvested in including the Fund’s neutral asset mix, at our discretion additional units of the same series of the Fund. For without notice or approval. other options that may be available to you, see What are the risks of investing in the Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund? Risks of investing in the Fund may include: Fund expenses indirectly borne by investors • commodity risk • credit risk Mutual funds pay for some expenses out of fund assets. • derivatives risk That means investors in a mutual fund indirectly pay for • equity risk these expenses through lower returns. • foreign currency risk The following table is intended to help you compare the • fund-of-funds risk cumulative cost of investing in this Fund with the cost of • interest rate risk investing in other mutual funds. This example assumes • international market risk that: (i) you invest $1,000 in units of the Fund for the time • large investor risk periods indicated; (ii) your investment has an annual 5% • liquidity risk return; and (iii) the MER for each series of units of the • market disruption risk Fund was the same in all periods as the MER that each • repurchase and reverse repurchase transactions risk respective series incurred in the Fund’s last financial • securities lending risk year. • series risk • short selling risk Although your actual costs may be higher or lower, based • small company risk on these assumptions, your costs would be: These and other risks, which may also apply to the Fund, 1 year 3 years 5 years 10 years are described under the heading Fund-specific risks in Investor Series ($) 20.30 63.98 112.14 255.27 the first part of this document. Advisor Series ($) 19.99 63.01 110.44 251.40 The risk rating of the Fund is low. For more information, F-Series ($) 8.61 27.14 47.58 108.30 see Investment risk classification methodology in Your guide to understanding the Fund Profile in the See Fees and expenses in the first part of this document first part of this document. for more information on the costs of investing in the Fund that are not included in the calculation of the MER. Who should invest in the Fund?

The Fund may be suitable for medium-term investors who: • prefer to have professional managers determine the selection and composition of their investments, as well as provide ongoing monitoring services • want mostly income combined with a moderate amount of capital growth

234 TD Mutual Funds TD Advantage Balanced Portfolio

Fund details Effective January 1, 2020, the Fund was closed to all purchases by investors, including purchases made through a Pre- Authorized Purchase Plan or a Pre-Authorized Contribution Plan.

Fund type Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 15, 2009 1.75% 0.12% Advisor Series (C$) September 15, 2009 1.75% 0.12% F-Series (C$) September 15, 2009 0.85% N/A

What does the Fund invest in? investment objectives and strategies, past performance and historical volatility in the context of a Investment objectives diversified holding of mutual funds suitable for the The fundamental investment objective is to seek to earn Fund. interest and/or dividend income while also providing the The Fund may have exposure to foreign securities to an opportunity for moderate long-term capital growth by extent that will vary from time to time and may be up to primarily making investments in, or gaining exposure to, 49% of the total value of the assets of the Fund at the securities with income-generating potential. time that such exposure to foreign securities is obtained. In calculating the Fund’s exposure to foreign securities, The fundamental investment objective may only be benchmarks of any underlying funds, as published by changed with the approval of a majority of unitholders, such funds, may be used by TDAM. given at a meeting called for that purpose. The Fund may use specified derivatives, such as options, Investment strategies futures and forward contracts, as permitted by Canadian The portfolio adviser invests the majority of the Fund’s securities laws to, among other things: assets in securities of other mutual funds, primarily • TD Mutual Funds, with an emphasis on mutual funds with gain exposure to fixed income and equity instruments income-generating potential. The portfolio adviser may without actually investing in them directly (including also invest the Fund’s assets in any of the following when owning the derivative investment is more securities: exchange-traded funds, guaranteed efficient or less costly than owning the fixed income investment certificates, money market instruments, bonds or equity instrument itself) issued by the Canadian federal or provincial • reduce the risk associated with currency fluctuations governments, corporate bonds, strip bonds, preferred • provide downside risk protection for one or more shares, dividend-paying common shares and other securities to which the Fund has exposure income-generating securities. The Fund may hold money market instruments or cash to The portfolio adviser uses strategic asset allocation to meet its obligations under the derivative instruments. seek to achieve the fundamental investment objective of TDAM may vary the percentage of the Fund’s holdings in the Fund. The Fund’s neutral asset mix will generally any mutual fund or asset class, or change the securities provide exposure to 55% fixed income and 45% equities. in which the Fund invests, in each case, without notice to The asset allocation will generally be maintained within a unitholders. range of 10% above or below the neutral weighting for the asset class. In calculating the Fund’s asset mix, While the Fund does not engage in short selling benchmarks of any underlying funds, as published by transactions directly, one or more of the underlying funds such funds, may be used by TDAM. may engage in short selling in a manner consistent with their respective investment objectives and as permitted The portfolio adviser: by Canadian securities regulatory authorities. For more • establishes target asset mix allocations and monitors information, see Short selling in Your guide to allocations to holdings, including to any underlying understanding the Fund Profile in the first part of this funds; and document. • considers, when determining the Fund’s asset A unitholder of the Fund does not have ownership rights allocation among mutual funds, factors which include in securities of any underlying fund held by the Fund. its own market expectations, the underlying funds’ Where TDAM is the manager of both the Fund and an 235 TD Mutual Funds TD Advantage Balanced Portfolio underlying fund in which the Fund has invested, the Fund • can handle changes in the value of their investment will not exercise its right to vote the securities of the underlying fund. TDAM may arrange for these securities For more information about how TDAM has determined to be voted by unitholders of the Fund. However, given the level of investor risk tolerance that would be the costs and complexity of doing so, TDAM may not appropriate for investment in the Fund, see Who should arrange for a flow-through of voting rights. invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. The Fund may engage in securities lending, repurchase or reverse repurchase transactions in a manner Distribution policy consistent with its investment objectives and as permitted The Fund intends to distribute any net income on or about by Canadian securities regulatory authorities. For more calendar quarter end (March, June, September and information, see Securities lending, repurchase and December) and distributes any remaining net income and reverse repurchase transactions in Your guide to any net realized capital gains annually in December. understanding the Fund Profile in the first part of this document. Distributions will automatically be reinvested in additional units of the same series of the Fund. For We may change the Fund’s investment strategies, other options that may be available to you, see including the Fund’s neutral asset mix, at our discretion Distribution policy in Your guide to understanding the without notice or approval. Fund Profile in the first part of this document. What are the risks of investing in the Fund expenses indirectly borne by Fund? investors Risks of investing in the Fund may include: Mutual funds pay for some expenses out of fund assets. • commodity risk That means investors in a mutual fund indirectly pay for • credit risk these expenses through lower returns. • derivatives risk The following table is intended to help you compare the • equity risk cumulative cost of investing in this Fund with the cost of • foreign currency risk investing in other mutual funds. This example assumes • fund-of-funds risk that: (i) you invest $1,000 in units of the Fund for the time • interest rate risk periods indicated; (ii) your investment has an annual 5% • international market risk return; and (iii) the MER for each series of units of the • large investor risk Fund was the same in all periods as the MER that each • liquidity risk respective series incurred in the Fund’s last financial • market disruption risk year. • repurchase and reverse repurchase transactions risk • securities lending risk Although your actual costs may be higher or lower, based • series risk on these assumptions, your costs would be: • short selling risk 1 year 3 years 5 years 10 years • small company risk Investor Series ($) 21.42 67.53 118.37 269.45 These and other risks, which may also apply to the Fund, Advisor Series ($) 21.32 67.21 117.81 268.16 are described under the heading Fund-specific risks in F-Series ($) 9.12 28.76 50.41 114.74 the first part of this document. The risk rating of the Fund is low to medium. For more See Fees and expenses in the first part of this document information, see Investment risk classification for more information on the costs of investing in the Fund methodology in Your guide to understanding the that are not included in the calculation of the MER. Fund Profile in the first part of this document. Who should invest in the Fund? The Fund may be suitable for medium-term investors who: • prefer to have professional managers determine the selection and composition of their investments, as well as provide ongoing monitoring services • want income combined with a moderate amount of capital growth

236 TD Mutual Funds TD Advantage Balanced Growth Portfolio

Fund details Effective November 1, 2019, the Fund was closed to all purchases by investors, including purchases made through a Pre-Authorized Purchase Plan or a Pre-Authorized Contribution Plan. Fund type Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) September 15, 2009 1.85% 0.12% Advisor Series (C$) September 15, 2009 1.85% 0.12% F-Series (C$) September 15, 2009 0.95% N/A

What does the Fund invest in? investment objectives and strategies, past performance and historical volatility in the context of a Investment objectives diversified holding of mutual funds suitable for the Fund. The fundamental investment objective is to seek to generate long-term capital growth while also providing the The Fund may have exposure to foreign securities to an opportunity to earn some interest and/or dividend income extent that will vary from time to time and may be up to by primarily making investments in, or gaining exposure 60% of the total value of the assets of the Fund at the to, securities with a potential for long-term capital growth. time that such exposure to foreign securities is obtained. In calculating the Fund’s exposure to foreign securities, The fundamental investment objective may only be benchmarks of any underlying funds, as published by changed with the approval of a majority of unitholders, such funds, may be used by TDAM. given at a meeting called for that purpose. The Fund may use specified derivatives, such as options, Investment strategies futures and forward contracts, as permitted by Canadian The portfolio adviser invests the majority of the Fund’s securities laws to, among other things: assets in securities of other mutual funds, primarily • TD Mutual Funds, with an emphasis on mutual funds gain exposure to fixed income and equity instruments investing in equities for potential long-term capital growth. without actually investing in them directly (including The portfolio adviser may also invest the Fund’s assets in when owning the derivative investment is more any of the following securities: exchange-traded funds, efficient or less costly than owning the fixed income preferred shares, common shares, guaranteed or equity instrument itself) investment certificates, money market instruments, bonds • reduce the risk associated with currency fluctuations issued by the Canadian federal or provincial • provide downside risk protection for one or more governments, corporate bonds, strip bonds and other securities to which the Fund has exposure income-generating securities. The Fund may hold money market instruments or cash to The portfolio adviser uses strategic asset allocation to meet its obligations under the derivative instruments. seek to achieve the fundamental investment objective of TDAM may vary the percentage of the Fund’s holdings in the Fund. The Fund’s neutral asset mix will generally any mutual fund or asset class, or change the securities provide exposure to 40% fixed income and 60% equities. in which the Fund invests, in each case, without notice to The asset allocation will generally be maintained within a unitholders. range of 10% above or below the neutral weighting for the asset class. In calculating the Fund’s asset mix, While the Fund does not engage in short selling benchmarks of any underlying funds, as published by transactions directly, one or more of the underlying funds such funds, may be used by TDAM. may engage in short selling in a manner consistent with their respective investment objectives and as permitted The portfolio adviser: by Canadian securities regulatory authorities. For more • establishes target asset mix allocations and monitors information, see Short selling in Your guide to allocations to holdings, including to any underlying understanding the Fund Profile in the first part of this funds; and document. • considers, when determining the Fund’s asset A unitholder of the Fund does not have ownership rights allocation among mutual funds, factors which include in securities of any underlying fund held by the Fund. its own market expectations, the underlying funds’ Where TDAM is the manager of both the Fund and an 237 TD Mutual Funds TD Advantage Balanced Growth Portfolio underlying fund in which the Fund has invested, the Fund • can handle changes in the value of their investment will not exercise its right to vote the securities of the underlying fund. TDAM may arrange for these securities For more information about how TDAM has determined to be voted by unitholders of the Fund. However, given the level of investor risk tolerance that would be the costs and complexity of doing so, TDAM may not appropriate for investment in the Fund, see Who should arrange for a flow-through of voting rights. invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. The Fund may engage in securities lending, repurchase or reverse repurchase transactions in a manner Distribution policy consistent with its investment objectives and as permitted The Fund intends to distribute any net income on or about by Canadian securities regulatory authorities. For more calendar quarter end (March, June, September and information, see Securities lending, repurchase and December) and distributes any remaining net income and reverse repurchase transactions in Your guide to any net realized capital gains annually in December. understanding the Fund Profile in the first part of this document. Distributions will automatically be reinvested in additional units of the same series of the Fund. For We may change the Fund’s investment strategies, other options that may be available to you, see including the Fund’s neutral asset mix, at our discretion Distribution policy in Your guide to understanding the without notice or approval. Fund Profile in the first part of this document. What are the risks of investing in the Fund expenses indirectly borne by Fund? investors Risks of investing in the Fund may include: Mutual funds pay for some expenses out of fund assets. • commodity risk That means investors in a mutual fund indirectly pay for • credit risk these expenses through lower returns. • derivatives risk The following table is intended to help you compare the • equity risk cumulative cost of investing in this Fund with the cost of • foreign currency risk investing in other mutual funds. This example assumes • fund-of-funds risk that: (i) you invest $1,000 in units of the Fund for the time • interest rate risk periods indicated; (ii) your investment has an annual 5% • international market risk return; and (iii) the MER for each series of units of the • large investor risk Fund was the same in all periods as the MER that each • liquidity risk respective series incurred in the Fund’s last financial • market disruption risk year. • repurchase and reverse repurchase transactions risk Although your actual costs may be higher or lower, based • securities lending risk on these assumptions, your costs would be: • series risk • short selling risk 1 year 3 years 5 years 10 years • small company risk Investor Series ($) 22.45 70.77 124.04 282.34 These and other risks, which may also apply to the Fund, Advisor Series ($) 22.45 70.77 124.04 282.34 are described under the heading Fund-specific risks in F-Series ($) 9.74 30.70 53.81 122.48 the first part of this document. See Fees and expenses in the first part of this document The risk rating of the Fund is low to medium. For more for more information on the costs of investing in the Fund information, see Investment risk classification that are not included in the calculation of the MER. methodology in Your guide to understanding the Fund Profile in the first part of this document. Who should invest in the Fund? The Fund may be suitable for medium to long-term investors who: • prefer to have professional managers determine the selection and composition of their investments, as well as provide ongoing monitoring services • want long-term growth of capital with some income

238 TD Mutual Funds TD Comfort Conservative Income Portfolio

Fund details Fund type Canadian Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) November 28, 2011 1.25% 0.12% D-Series (C$) January 15, 2019 0.75% 0.12% F-Series (C$) August 16, 2018 0.50% N/A

What does the Fund invest in? The Fund may have exposure to foreign securities to an extent that will vary from time to time and may be up to Investment objectives 35% of the total value of the assets of the Fund at the time that such exposure to foreign securities is obtained. The fundamental investment objective is primarily to seek In calculating the Fund’s exposure to foreign securities, to provide income. A secondary focus is to provide a benchmarks of the underlying funds, as published by modest potential for long-term capital growth. such funds, may be used by TDAM. The Fund invests the majority of its assets in securities of The Fund may use specified derivatives, such as options, other mutual funds, with an emphasis on mutual funds futures and forward contracts, as permitted by Canadian with income-generating potential. securities laws to, among other things: The fundamental investment objective may only be • changed with the approval of a majority of unitholders, gain exposure to fixed income and equity instruments given at a meeting called for that purpose. without actually investing in them directly (including when owning the derivative investment is more Investment strategies efficient or less costly than owning the fixed income or equity instrument itself) The portfolio adviser invests the majority of the Fund’s • reduce the risk associated with currency fluctuations assets in Securities of TD Mutual Funds, with an • provide downside risk protection for one or more emphasis on mutual funds with income-generating securities to which the Fund has exposure potential. The portfolio adviser may also invest in exchange-traded funds, guaranteed investment The Fund may hold money market instruments or cash to certificates, money market instruments, bonds issued by meet its obligations under the derivative instruments. the Canadian federal or provincial governments, corporate bonds, strip bonds and other income- TDAM may vary the percentage of the Fund’s holdings in generating securities. any mutual fund or change the mutual funds in which the Fund invests by adding or removing mutual funds, in each The portfolio adviser uses strategic asset allocation to case, without notice to unitholders. seek to achieve the fundamental investment objective of the Fund. The Fund’s neutral asset mix will generally While the Fund does not engage in short selling provide exposure to 80% fixed income and 20% equities. transactions directly, one or more of the underlying funds The asset allocation will generally be maintained within may engage in short selling in a manner consistent with ranges of 70% to 90% for fixed income and 10% to 30% their respective investment objectives and as permitted for equities. In calculating the Fund’s asset mix, by Canadian securities regulatory authorities. For more benchmarks of the underlying funds, as published by information, see Short selling in Your guide to such funds, may be used by TDAM. understanding the Fund Profile in the first part of this document. The portfolio adviser: A unitholder of the Fund does not have ownership rights • establishes target asset mix allocations and monitors in securities of any underlying fund held by the Fund. allocations to the underlying funds; and Where TDAM is the manager of both the Fund and an • considers, when determining the Fund’s asset underlying fund in which the Fund has invested, the Fund allocation among mutual funds, factors which include will not exercise its right to vote the securities of the its own market expectations, the underlying funds’ underlying fund. TDAM may arrange for these securities investment objectives and strategies, past to be voted by unitholders of the Fund. However, given performance and historical volatility in the context of a the costs and complexity of doing so, TDAM may not diversified holding of mutual funds suitable for the arrange for a flow-through of voting rights. Fund.

239 TD Mutual Funds TD Comfort Conservative Income Portfolio

We may change the Fund’s investment strategies, For more information, see Investment risk including the Fund’s neutral asset mix, at our discretion classification methodology in Your guide to without notice or approval. understanding the Fund Profile in the first part of this document. What are the risks of investing in the Fund? Who should invest in the Fund? Risks of investing in the Fund may include: The Fund may be suitable for medium-term investors who: • commodity risk • prefer to have professional managers determine the • credit risk selection and composition of their investments, as • derivatives risk well as provide ongoing monitoring services • equity risk • want mostly income combined with a modest amount • exchange-traded fund risk of capital growth • foreign currency risk • can handle small changes in the value of their • fund-of-funds risk investment • interest rate risk • international market risk For more information about how TDAM has determined • large investor risk the level of investor risk tolerance that would be • liquidity risk appropriate for investment in the Fund, see Who should • market disruption risk invest in the Fund? in Your guide to understanding in the first part of this document. • repurchase and reverse repurchase transactions risk the Fund Profile • securities lending risk Distribution policy • series risk • short selling risk The Fund intends to distribute any net income on or about • small company risk calendar quarter end (March, June, September and • valuation risk for illiquid assets December) and distributes any remaining net income and any net realized capital gains annually in December. These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in Distributions will automatically be reinvested in the first part of this document. additional units of the same series of the Fund. For other options that may be available to you, see The risk rating of the Fund is low. Since the Fund has Distribution policy in Your guide to understanding the less than 10 years of performance history, TDAM has Fund Profile in the first part of this document. used the performance history of the following reference indexes, in addition to the Fund’s actual return history, to Fund expenses indirectly borne by calculate the risk rating of the Fund in the proportions noted in the table below: investors Mutual funds pay for some expenses out of fund assets. Proportion (%) Reference Indexes That means investors in a mutual fund indirectly pay for 85% FTSE Canada Universe Bond Index these expenses through lower returns. ▽ 7.5% MSCI World Index (Net Dividend) The following table is intended to help you compare the 7.5% S&P/TSX Composite Index (Total Return) cumulative cost of investing in this Fund with the cost of ▽ Calculated in Canadian dollars for purposes of determining the risk investing in other mutual funds. This example assumes rating of the Fund. that: (i) you invest $1,000 in units of the Fund for the time The FTSE Canada Universe Bond Index is a broad-based periods indicated; (ii) your investment has an annual 5% measure of the performance of marketable government return; and (iii) the MER for each series of units of the and corporate bonds outstanding in the Canadian market. Fund was the same in all periods as the MER that each The MSCI World Index measures the performance of respective series incurred in the Fund’s last financial stocks of large and mid-capitalization companies in year. developed market countries. The S&P/TSX Composite Index is the headline index and the principal broad market measure for the Canadian equity markets. It includes common stocks and income trust units.

240 TD Mutual Funds TD Comfort Conservative Income Portfolio

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 15.79 49.76 87.22 198.54 D-Series ($) 10.15 31.99 56.07 127.63 F-Series ($) 5.84 18.42 32.28 73.49

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

241 TD Mutual Funds TD Comfort Balanced Income Portfolio

Fund details Fund type Canadian Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) December 8, 2008 1.45% 0.12% D-Series (C$) January 15, 2019 0.95% 0.12% F-Series (C$) August 16, 2018 0.70% N/A

What does the Fund invest in? The Fund may have exposure to foreign securities to an extent that will vary from time to time and may be up to Investment objectives 35% of the total value of the assets of the Fund at the time that such exposure to foreign securities is obtained. The fundamental investment objective is to seek to In calculating the Fund’s exposure to foreign securities, provide income with some potential for long-term capital benchmarks of the underlying funds, as published by growth. such funds, may be used by TDAM. The Fund invests the majority of its assets in securities of The Fund may use specified derivatives, such as options, other mutual funds, with an emphasis on mutual funds futures and forward contracts, as permitted by Canadian with income-generating potential. securities laws to, among other things: The fundamental investment objective may only be • changed with the approval of a majority of unitholders, gain exposure to fixed income and equity instruments given at a meeting called for that purpose. without actually investing in them directly (including when owning the derivative investment is more Investment strategies efficient or less costly than owning the fixed income or equity instrument itself) The portfolio adviser invests the majority of the Fund’s • reduce the risk associated with currency fluctuations assets in Securities of TD Mutual Funds, with an • provide downside risk protection for one or more emphasis on mutual funds with income-generating securities to which the Fund has exposure potential. The portfolio adviser may also invest in exchange-traded funds, guaranteed investment The Fund may hold money market instruments or cash to certificates, money market instruments, bonds issued by meet its obligations under the derivative instruments. the Canadian federal or provincial governments, corporate bonds, strip bonds and other income- TDAM may vary the percentage of the Fund’s holdings in generating securities. any mutual fund or change the mutual funds in which the Fund invests by adding or removing mutual funds, in each The portfolio adviser uses strategic asset allocation to case, without notice to unitholders. seek to achieve the fundamental investment objective of the Fund. The Fund’s neutral asset mix will generally While the Fund does not engage in short selling provide exposure to 70% fixed income and 30% equities. transactions directly, one or more of the underlying funds The asset allocation will generally be maintained within may engage in short selling in a manner consistent with ranges of 60% to 80% for fixed income and 20% to 40% their respective investment objectives and as permitted for equities. In calculating the Fund’s asset mix, by Canadian securities regulatory authorities. For more benchmarks of the underlying funds, as published by information, see Short selling in Your guide to such funds, may be used by TDAM. understanding the Fund Profile in the first part of this document. The portfolio adviser: A unitholder of the Fund does not have ownership rights • establishes target asset mix allocations and monitors in securities of any underlying fund held by the Fund. allocations to the underlying funds; and Where TDAM is the manager of both the Fund and an • considers, when determining the Fund’s asset underlying fund in which the Fund has invested, the Fund allocation among mutual funds, factors which include will not exercise its right to vote the securities of the its own market expectations, the underlying funds’ underlying fund. TDAM may arrange for these securities investment objectives and strategies, past to be voted by unitholders of the Fund. However, given performance and historical volatility in the context of a the costs and complexity of doing so, TDAM may not diversified holding of mutual funds suitable for the arrange for a flow-through of voting rights. Fund.

242 TD Mutual Funds TD Comfort Balanced Income Portfolio

We may change the Fund’s investment strategies, Distribution policy including the Fund’s neutral asset mix, at our discretion without notice or approval. The Fund intends to distribute any net income on or about calendar quarter end (March, June, September and What are the risks of investing in the December) and distributes any remaining net income and Fund? any net realized capital gains annually in December. Risks of investing in the Fund may include: Distributions will automatically be reinvested in additional units of the same series of the Fund. For • commodity risk other options that may be available to you, see • credit risk Distribution policy in Your guide to understanding the • derivatives risk Fund Profile in the first part of this document. • equity risk • exchange-traded fund risk Fund expenses indirectly borne by • foreign currency risk investors • fund-of-funds risk Mutual funds pay for some expenses out of fund assets. • interest rate risk That means investors in a mutual fund indirectly pay for • international market risk these expenses through lower returns. • large investor risk • liquidity risk The following table is intended to help you compare the • market disruption risk cumulative cost of investing in this Fund with the cost of • repurchase and reverse repurchase transactions risk investing in other mutual funds. This example assumes • securities lending risk that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% • series risk return; and (iii) the MER for each series of units of the • short selling risk Fund was the same in all periods as the MER that each • small company risk respective series incurred in the Fund’s last financial • valuation risk for illiquid assets year. These and other risks, which may also apply to the Fund, Although your actual costs may be higher or lower, based are described under the heading Fund-specific risks in on these assumptions, your costs would be: the first part of this document. 1 year 3 years 5 years 10 years The risk rating of the Fund is low. For more information, see Investment risk classification methodology in Investor Series ($) 18.04 56.87 99.68 226.91 Your guide to understanding the Fund Profile in the D-Series ($) 12.51 39.42 69.10 157.29 first part of this document. F-Series ($) 8.10 25.53 44.74 101.85

Who should invest in the Fund? See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund The Fund may be suitable for medium-term investors that are not included in the calculation of the MER. who:

• prefer to have professional managers determine the selection and composition of their investments, as well as provide ongoing monitoring services • want mostly income combined with a moderate amount of capital growth • can handle small changes in the value of their investment For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

243 TD Mutual Funds TD Comfort Balanced Portfolio

Fund details Fund type Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) December 8, 2008 1.60% 0.12% D-Series (C$) January 15, 2019 1.10% 0.12% F-Series (C$) August 16, 2018 0.85% N/A

What does the Fund invest in? diversified holding of mutual funds suitable for the Fund. Investment objectives The Fund may have exposure to foreign securities to an The fundamental investment objective is to seek to extent that will vary from time to time and may be up to generate interest and/or dividend income while also 45% of the total value of the assets of the Fund at the providing the opportunity for moderate long-term capital time that such exposure to foreign securities is obtained. growth. In calculating the Fund’s exposure to foreign securities, benchmarks of the underlying funds, as published by The Fund invests the majority of its assets in securities of such funds, may be used by TDAM. other mutual funds, typically with a greater emphasis on mutual funds with income-generating potential. The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian The fundamental investment objective may only be securities laws to, among other things: changed with the approval of a majority of unitholders, given at a meeting called for that purpose. • gain exposure to fixed income and equity instruments without actually investing in them directly (including Investment strategies when owning the derivative investment is more The portfolio adviser invests the majority of the Fund’s efficient or less costly than owning the fixed income assets in Securities of TD Mutual Funds, typically with a or equity instrument itself) greater emphasis on mutual funds with income- • reduce the risk associated with currency fluctuations generating potential. The portfolio adviser may also invest • provide downside risk protection for one or more in exchange-traded funds, guaranteed investment securities to which the Fund has exposure certificates, money market instruments, bonds issued by the Canadian federal or provincial governments, The Fund may hold money market instruments or cash to corporate bonds, strip bonds and other income- meet its obligations under the derivative instruments. generating securities. TDAM may vary the percentage of the Fund’s holdings in The portfolio adviser uses strategic asset allocation to any mutual fund or change the mutual funds in which the seek to achieve the fundamental investment objective of Fund invests by adding or removing mutual funds, in each the Fund. The Fund’s neutral asset mix will generally case, without notice to unitholders. provide exposure to 55% fixed income and 45% equities. While the Fund does not engage in short selling The asset allocation will generally be maintained within transactions directly, one or more of the underlying funds ranges of 45% to 65% for fixed income and 35% to 55% may engage in short selling in a manner consistent with for equities. In calculating the Fund’s asset mix, their respective investment objectives and as permitted benchmarks of the underlying funds, as published by by Canadian securities regulatory authorities. For more such funds, may be used by TDAM. information, see Short selling in Your guide to The portfolio adviser: understanding the Fund Profile in the first part of this document. • establishes target asset mix allocations and monitors allocations to the underlying funds; and A unitholder of the Fund does not have ownership rights in securities of any underlying fund held by the Fund. • considers, when determining the Fund’s asset allocation among mutual funds, factors which include Where TDAM is the manager of both the Fund and an underlying fund in which the Fund has invested, the Fund its own market expectations, the underlying funds’ investment objectives and strategies, past will not exercise its right to vote the securities of the performance and historical volatility in the context of a underlying fund. TDAM may arrange for these securities to be voted by unitholders of the Fund. However, given

244 TD Mutual Funds TD Comfort Balanced Portfolio the costs and complexity of doing so, TDAM may not Distribution policy arrange for a flow-through of voting rights. The Fund intends to distribute any net income on or about We may change the Fund’s investment strategies, calendar quarter end (March, June, September and including the Fund’s neutral asset mix, at our discretion December) and distributes any remaining net income and without notice or approval. any net realized capital gains annually in December. What are the risks of investing in the Distributions will automatically be reinvested in Fund? additional units of the same series of the Fund. For other options that may be available to you, see Risks of investing in the Fund may include: Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. • commodity risk • credit risk Fund expenses indirectly borne by • derivatives risk • equity risk investors • exchange-traded fund risk Mutual funds pay for some expenses out of fund assets. • foreign currency risk That means investors in a mutual fund indirectly pay for • fund-of-funds risk these expenses through lower returns. • interest rate risk The following table is intended to help you compare the • international market risk cumulative cost of investing in this Fund with the cost of • large investor risk investing in other mutual funds. This example assumes • liquidity risk that: (i) you invest $1,000 in units of the Fund for the time • market disruption risk periods indicated; (ii) your investment has an annual 5% • repurchase and reverse repurchase transactions risk return; and (iii) the MER for each series of units of the • securities lending risk Fund was the same in all periods as the MER that each • series risk respective series incurred in the Fund’s last financial • short selling risk year. • small company risk Although your actual costs may be higher or lower, based • valuation risk for illiquid assets on these assumptions, your costs would be: These and other risks, which may also apply to the Fund, 1 year 3 years 5 years 10 years are described under the heading Fund-specific risks in the first part of this document. Investor Series ($) 19.68 62.04 108.74 247.53 D-Series ($) 13.74 43.30 75.89 172.76 The risk rating of the Fund is low to medium. For more information, see Investment risk classification F-Series ($) 9.64 30.37 53.24 121.19 methodology in Your guide to understanding the See Fees and expenses in the first part of this document in the first part of this document. Fund Profile for more information on the costs of investing in the Fund Who should invest in the Fund? that are not included in the calculation of the MER.

The Fund may be suitable for medium-term investors who: • prefer to have professional managers determine the selection and composition of their investments, as well as provide ongoing monitoring services • want income combined with a moderate amount of capital growth • can handle changes in the value of their investment For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

245 TD Mutual Funds TD Comfort Balanced Growth Portfolio

Fund details Fund type Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) December 8, 2008 1.70% 0.12% D-Series (C$) January 15, 2019 1.20% 0.12% F-Series (C$) August 16, 2018 0.95% N/A

What does the Fund invest in? The Fund may have exposure to foreign securities to an extent that will vary from time to time and may be up to Investment objectives 60% of the total value of the assets of the Fund at the time that such exposure to foreign securities is obtained. The fundamental investment objective is to seek to In calculating the Fund’s exposure to foreign securities, generate long-term capital growth while also providing the benchmarks of the underlying funds, as published by opportunity to earn some interest and/or dividend income. such funds, may be used by TDAM. The Fund invests the majority of its assets in securities of The Fund may use specified derivatives, such as options, other mutual funds, with an emphasis on mutual funds futures and forward contracts, as permitted by Canadian investing in equities for potential long-term capital growth. securities laws to, among other things: The fundamental investment objective may only be • changed with the approval of a majority of unitholders, gain exposure to fixed income and equity instruments given at a meeting called for that purpose. without actually investing in them directly (including when owning the derivative investment is more Investment strategies efficient or less costly than owning the fixed income or equity instrument itself) The portfolio adviser invests the majority of the Fund’s • reduce the risk associated with currency fluctuations assets in Securities of TD Mutual Funds, with an • provide downside risk protection for one or more emphasis on mutual funds investing in equities for securities to which the Fund has exposure potential long-term capital growth. The portfolio adviser may also invest in exchange-traded funds, guaranteed The Fund may hold money market instruments or cash to investment certificates, money market instruments, bonds meet its obligations under the derivative instruments. issued by the Canadian federal or provincial governments, corporate bonds, strip bonds and other TDAM may vary the percentage of the Fund’s holdings in income-generating securities. any mutual fund or change the mutual funds in which the Fund invests by adding or removing mutual funds, in each The portfolio adviser uses strategic asset allocation to case, without notice to unitholders. seek to achieve the fundamental investment objective of the Fund. The Fund’s neutral asset mix will generally While the Fund does not engage in short selling provide exposure to 40% fixed income and 60% equities. transactions directly, one or more of the underlying funds The asset allocation will generally be maintained within may engage in short selling in a manner consistent with ranges of 30% to 50% for fixed income and 50% to 70% their respective investment objectives and as permitted for equities. In calculating the Fund’s asset mix, by Canadian securities regulatory authorities. For more benchmarks of the underlying funds, as published by information, see Short selling in Your guide to such funds, may be used by TDAM. understanding the Fund Profile in the first part of this document. The portfolio adviser: A unitholder of the Fund does not have ownership rights • establishes target asset mix allocations and monitors in securities of any underlying fund held by the Fund. allocations to the underlying funds; and Where TDAM is the manager of both the Fund and an • considers, when determining the Fund’s asset underlying fund in which the Fund has invested, the Fund allocation among mutual funds, factors which include will not exercise its right to vote the securities of the its own market expectations, the underlying funds’ underlying fund. TDAM may arrange for these securities investment objectives and strategies, past to be voted by unitholders of the Fund. However, given performance and historical volatility in the context of a the costs and complexity of doing so, TDAM may not diversified holding of mutual funds suitable for the arrange for a flow-through of voting rights. Fund.

246 TD Mutual Funds TD Comfort Balanced Growth Portfolio

We may change the Fund’s investment strategies, Distribution policy including the Fund’s neutral asset mix, at our discretion without notice or approval. The Fund intends to distribute any net income on or about calendar quarter end (March, June, September and What are the risks of investing in the December) and distributes any remaining net income and Fund? any net realized capital gains annually in December. Risks of investing in the Fund may include: Distributions will automatically be reinvested in additional units of the same series of the Fund. For • commodity risk other options that may be available to you, see • credit risk Distribution policy in Your guide to understanding the • derivatives risk Fund Profile in the first part of this document. • equity risk • foreign currency risk Fund expenses indirectly borne by • fund-of-funds risk investors • interest rate risk Mutual funds pay for some expenses out of fund assets. • international market risk That means investors in a mutual fund indirectly pay for • large investor risk these expenses through lower returns. • liquidity risk • market disruption risk The following table is intended to help you compare the • repurchase and reverse repurchase transactions risk cumulative cost of investing in this Fund with the cost of • securities lending risk investing in other mutual funds. This example assumes • series risk that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% • short selling risk return; and (iii) the MER for each series of units of the • small company risk Fund was the same in all periods as the MER that each • valuation risk for illiquid assets respective series incurred in the Fund’s last financial These and other risks, which may also apply to the Fund, year. are described under the heading in Fund-specific risks Although your actual costs may be higher or lower, based the first part of this document. on these assumptions, your costs would be: The risk rating of the Fund is low to medium. For more 1 year 3 years 5 years 10 years information, see Investment risk classification methodology in Your guide to understanding the Investor Series ($) 20.71 65.27 114.41 260.43 Fund Profile in the first part of this document. D-Series ($) 15.07 47.50 83.26 189.52 Who should invest in the Fund? F-Series ($) 10.76 33.93 59.47 135.37 The Fund may be suitable for medium to long-term See Fees and expenses in the first part of this document investors who: for more information on the costs of investing in the Fund that are not included in the calculation of the MER. • prefer to have professional managers determine the

selection and composition of their investments, as well as provide ongoing monitoring services • want long-term growth of capital with some income • can handle changes in the value of their investment For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

247 TD Mutual Funds TD Comfort Growth Portfolio

Fund details Fund type Global Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) December 8, 2008 1.80% 0.12% D-Series (C$) January 15, 2019 1.30% 0.12% F-Series (C$) August 16, 2018 1.05% N/A

What does the Fund invest in? The Fund may have exposure to foreign securities to an extent that will vary from time to time and may be up to Investment objectives 70% of the total value of the assets of the Fund at the time that such exposure to foreign securities is obtained. The fundamental investment objective is to seek to In calculating the Fund’s exposure to foreign securities, generate long-term capital growth with the potential for benchmarks of the underlying funds, as published by earning some dividend and/or interest income. such funds, may be used by TDAM. The Fund invests the majority of its assets in securities of The Fund may use specified derivatives, such as options, other mutual funds, with an emphasis on mutual funds futures and forward contracts, as permitted by Canadian investing in equities for potential long-term capital growth. securities laws to, among other things: The fundamental investment objective may only be • changed with the approval of a majority of unitholders, gain exposure to fixed income and equity instruments given at a meeting called for that purpose. without actually investing in them directly (including when owning the derivative investment is more Investment strategies efficient or less costly than owning the fixed income or equity instrument itself) The portfolio adviser invests the majority of the Fund’s • reduce the risk associated with currency fluctuations assets in Securities of TD Mutual Funds, with an • provide downside risk protection for one or more emphasis on mutual funds investing in equities for securities to which the Fund has exposure potential long-term capital growth. The portfolio adviser may also invest in exchange-traded funds, guaranteed The Fund may hold money market instruments or cash to investment certificates, money market instruments, bonds meet its obligations under the derivative instruments. issued by the Canadian federal or provincial governments, corporate bonds, strip bonds and other TDAM may vary the percentage of the Fund’s holdings in income-generating securities. any mutual fund or change the mutual funds in which the Fund invests by adding or removing mutual funds, in each The portfolio adviser uses strategic asset allocation to case, without notice to unitholders. seek to achieve the fundamental investment objective of the Fund. The Fund’s neutral asset mix will generally While the Fund does not engage in short selling provide exposure to 20% fixed income and 80% equities. transactions directly, one or more of the underlying funds The asset allocation will generally be maintained within may engage in short selling in a manner consistent with ranges of 10% to 30% for fixed income and 70% to 90% their respective investment objectives and as permitted for equities. In calculating the Fund’s asset mix, by Canadian securities regulatory authorities. For more benchmarks of the underlying funds, as published by information, see Short selling in Your guide to such funds, may be used by TDAM. understanding the Fund Profile in the first part of this document. The portfolio adviser: A unitholder of the Fund does not have ownership rights • establishes target asset mix allocations and monitors in securities of any underlying fund held by the Fund. allocations to the underlying funds; and Where TDAM is the manager of both the Fund and an • considers, when determining the Fund’s asset underlying fund in which the Fund has invested, the Fund allocation among mutual funds, factors which include will not exercise its right to vote the securities of the its own market expectations, the underlying funds’ underlying fund. TDAM may arrange for these securities investment objectives and strategies, past to be voted by unitholders of the Fund. However, given performance and historical volatility in the context of a the costs and complexity of doing so, TDAM may not diversified holding of mutual funds suitable for the arrange for a flow-through of voting rights. Fund.

248 TD Mutual Funds TD Comfort Growth Portfolio

We may change the Fund’s investment strategies, Distribution policy including the Fund’s neutral asset mix, at our discretion without notice or approval. The Fund intends to distribute any net income on or about calendar quarter end (March, June, September and What are the risks of investing in the December) and distributes any remaining net income and Fund? any net realized capital gains annually in December. Risks of investing in the Fund may include: Distributions will automatically be reinvested in additional units of the same series of the Fund. For • commodity risk other options that may be available to you, see • credit risk Distribution policy in Your guide to understanding the • derivatives risk Fund Profile in the first part of this document. • equity risk • foreign currency risk Fund expenses indirectly borne by • fund-of-funds risk investors • interest rate risk Mutual funds pay for some expenses out of fund assets. • international market risk That means investors in a mutual fund indirectly pay for • large investor risk these expenses through lower returns. • liquidity risk • market disruption risk The following table is intended to help you compare the • repurchase and reverse repurchase transactions risk cumulative cost of investing in this Fund with the cost of • securities lending risk investing in other mutual funds. This example assumes • series risk that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% • short selling risk return; and (iii) the MER for each series of units of the • small company risk Fund was the same in all periods as the MER that each These and other risks, which may also apply to the Fund, respective series incurred in the Fund’s last financial are described under the heading Fund-specific risks in year. the first part of this document. Although your actual costs may be higher or lower, based The risk rating of the Fund is medium. For more on these assumptions, your costs would be: information, see Investment risk classification methodology in Your guide to understanding the 1 year 3 years 5 years 10 years Fund Profile in the first part of this document. Investor Series ($) 21.83 68.83 120.64 274.61 D-Series ($) 16.20 51.05 89.49 203.70 Who should invest in the Fund? F-Series ($) 11.89 37.48 65.70 149.55 The Fund may be suitable for medium to long-term investors who: See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund • prefer to have professional managers determine the that are not included in the calculation of the MER. selection and composition of their investments, as well as provide ongoing monitoring services • want long-term growth of capital with only a modest level of income • can handle the ups and downs of the stock market For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

249 TD Mutual Funds TD Comfort Aggressive Growth Portfolio

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Investor Series (C$) December 8, 2008 1.90% 0.12% D-Series (C$) January 15, 2019 1.40% 0.12% F-Series (C$) August 16, 2018 1.15% N/A

What does the Fund invest in? The Fund may have exposure to foreign securities to an extent that will vary from time to time and may be up to Investment objectives 80% of the total value of the assets of the Fund at the time that such exposure to foreign securities is obtained. The fundamental investment objective is to seek to In calculating the Fund’s exposure to foreign securities, generate long-term capital growth. benchmarks of the underlying funds, as published by The Fund invests the majority of its assets in securities of such funds, may be used by TDAM. other mutual funds, with an emphasis on mutual funds The Fund may use specified derivatives, such as options, investing in equities for potential long-term capital growth. futures and forward contracts, as permitted by Canadian The fundamental investment objective may only be securities laws to, among other things: changed with the approval of a majority of unitholders, • given at a meeting called for that purpose. gain exposure to fixed income and equity instruments without actually investing in them directly (including Investment strategies when owning the derivative investment is more efficient or less costly than owning the fixed income The portfolio adviser invests the majority of the Fund’s or equity instrument itself) assets in Securities of TD Mutual Funds, with an • reduce the risk associated with currency fluctuations emphasis on mutual funds investing in equities for • provide downside risk protection for one or more potential long-term capital growth. The portfolio adviser securities to which the Fund has exposure may also invest in exchange-traded funds, guaranteed investment certificates, money market instruments, bonds The Fund may hold money market instruments or cash to issued by the Canadian federal or provincial meet its obligations under the derivative instruments. governments, corporate bonds, strip bonds and other income-generating securities. TDAM may vary the percentage of the Fund’s holdings in any mutual fund or change the mutual funds in which the The portfolio adviser uses strategic asset allocation to Fund invests by adding or removing mutual funds, in each seek to achieve the fundamental investment objective of case, without notice to unitholders. the Fund. The Fund’s neutral asset mix will generally provide exposure to 100% equities. However, the Fund A unitholder of the Fund does not have ownership rights may, from time to time, for up to 10% of its net asset in securities of any underlying fund held by the Fund. value, invest in or have exposure to fixed income and/or Where TDAM is the manager of both the Fund and an money market securities. In calculating the Fund’s asset underlying fund in which the Fund has invested, the Fund mix, benchmarks of the underlying funds, as published by will not exercise its right to vote the securities of the such funds, may be used by TDAM. underlying fund. TDAM may arrange for these securities to be voted by unitholders of the Fund. However, given The portfolio adviser: the costs and complexity of doing so, TDAM may not arrange for a flow-through of voting rights. • establishes target asset mix allocations and monitors allocations to the underlying funds; and We may change the Fund’s investment strategies, • considers, when determining the Fund’s asset including the Fund’s neutral asset mix, at our discretion allocation among mutual funds, factors which include without notice or approval. its own market expectations, the underlying funds’ investment objectives and strategies, past performance and historical volatility in the context of a diversified holding of mutual funds suitable for the Fund.

250 TD Mutual Funds TD Comfort Aggressive Growth Portfolio

What are the risks of investing in the Distribution policy Fund? The Fund intends to distribute any net income on or about Risks of investing in the Fund may include: calendar quarter end (March, June, September and December) and distributes any remaining net income and • commodity risk any net realized capital gains annually in December. • credit risk Distributions will automatically be reinvested in • derivatives risk additional units of the same series of the Fund. For • equity risk other options that may be available to you, see • foreign currency risk Distribution policy in Your guide to understanding the • fund-of-funds risk Fund Profile in the first part of this document. • interest rate risk • international market risk Fund expenses indirectly borne by • large investor risk investors • liquidity risk • market disruption risk Mutual funds pay for some expenses out of fund assets. • repurchase and reverse repurchase transactions risk That means investors in a mutual fund indirectly pay for • securities lending risk these expenses through lower returns. • series risk The following table is intended to help you compare the • small company risk cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes These and other risks, which may also apply to the Fund, that: (i) you invest $1,000 in units of the Fund for the time are described under the heading Fund-specific risks in periods indicated; (ii) your investment has an annual 5% the first part of this document. return; and (iii) the MER for each series of units of the The risk rating of the Fund is medium. For more Fund was the same in all periods as the MER that each information, see Investment risk classification respective series incurred in the Fund’s last financial methodology in Your guide to understanding the year. Fund Profile in the first part of this document. Although your actual costs may be higher or lower, based Who should invest in the Fund? on these assumptions, your costs would be: The Fund may be suitable for medium to long-term 1 year 3 years 5 years 10 years investors who: Investor Series ($) 22.86 72.06 126.30 287.50 • prefer to have professional managers determine the D-Series ($) 17.12 53.96 94.58 215.30 selection and composition of their investments, as F-Series ($) 13.02 41.04 71.93 163.73 well as provide ongoing monitoring services • want long-term growth of capital See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund • can handle the ups and downs of the stock market that are not included in the calculation of the MER. For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

251 TD Mutual Funds TD Short Term Investment Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Specialty Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Shares of a class of a (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 7, 2010 0.90% Advisor Series (C$) September 7, 2010 0.90% F-Series (C$) September 7, 2010 0.65%

What does the Fund invest in? • hedge a portion or all of the foreign currency exposure for significant periods of time Investment objectives • swap credit risk The fundamental investment objective is to seek to The Fund may hold money market instruments or cash to preserve capital and maintain liquidity by primarily meet its obligations under the derivative instruments. providing exposure to high-quality debt securities such as money market and short-term fixed income securities The Fund may have exposure to foreign securities to an issued by Canadian federal and provincial governments extent that will vary from time to time but is not typically and corporations. expected to exceed 30% of the total value of the assets of the Fund at the time that foreign securities are purchased. The fundamental investment objective may only be changed with the approval of a majority of shareholders, The Fund may engage in securities lending, repurchase given at a meeting called for that purpose. or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted Investment strategies by Canadian securities regulatory authorities. For more The portfolio adviser seeks to achieve the fundamental information, see Securities lending, repurchase and investment objective of the Fund by primarily obtaining reverse repurchase transactions in Your guide to exposure to debt securities of Canadian federal and understanding the Fund Profile in the first part of this provincial governments and corporations. Such exposure document. may be obtained in one or more of the following ways, A shareholder of the Fund does not have ownership and in any combination: rights in securities of the Underlying Fund. Where TDAM • by investing in units of TD Emerald Canadian Short is the manager of both the Fund and the Underlying Fund Term Investment Fund (the “Underlying Fund”); in which the Fund has invested, the Fund will not exercise its right to vote the securities of the Underlying Fund. • by investing directly in such securities; TDAM may arrange for these securities to be voted by • through the use of derivatives to gain exposure to shareholders of the Fund. However, given the costs and such securities. complexity of doing so, TDAM may not arrange for a flow- Currently, the Fund obtains its desired security exposure through of voting rights. by investing in units of the Underlying Fund. We may change the Fund’s investment strategies at our The Fund may use specified derivatives, such as options, discretion without notice or approval. futures, forward contracts and swaps, as permitted by Information about the Underlying Fund Canadian securities laws to, among other things: The Underlying Fund aims to achieve its investment • gain exposure to fixed income instruments without objective by investing primarily in high-quality debt actually investing in them directly (including when securities that generally mature in not more than one owning the derivative investment is more efficient or year. Investments include debt obligations issued, or less costly than owning the fixed income instrument guaranteed, by, Canadian federal, provincial or municipal itself) governments, Canadian chartered banks, Canadian or • hedge against losses associated with rising interest provincial trust companies and/or Canadian corporations. rates The Underlying Fund only invests in investment-grade bonds and buys only R1-rated (or its equivalent) commercial paper or higher. 252 TD Mutual Funds TD Short Term Investment Class

A Class of TD Mutual Funds Corporate Class Ltd.

The Underlying Fund may engage in securities lending, For more information about how TDAM has determined repurchase or reverse repurchase transactions in the the level of investor risk tolerance that would be same manner as the Fund. appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding For more information on the Underlying Fund, see its fund the Fund Profile in the first part of this document. profile in the TD Emerald Funds simplified prospectus. What are the risks of investing in the Distribution policy Fund? The year end of TD Mutual Funds Corporate Class Ltd. is May 31. Ordinary dividends, if any, are paid annually in Risks of investing in the Fund may include: May and capital gains dividends, if any, are paid annually within 60 days of the corporation’s year end. • credit risk • derivatives risk Dividends will automatically be reinvested in • fund-of-funds risk additional shares of the same series of the Fund. For • interest rate risk other options that may be available to you, see • international market risk Distribution policy in Your guide to understanding the • large investor risk (as at June 30, 2020, one Fund Profile in the first part of this document. shareholder held 15.74% of the net asset value of the Fund) Fund expenses indirectly borne by • market disruption risk investors • multi-class risk • repurchase and reverse repurchase transactions risk Mutual funds pay for some expenses out of fund assets. • securities lending risk That means investors in a mutual fund indirectly pay for • series risk these expenses through lower returns. These and other risks, which may also apply to the Fund, The following table is intended to help you compare the are described under the heading Fund-specific risks in cumulative cost of investing in this Fund with the cost of the first part of this document. investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the The risk rating of the Fund is low. Since the Fund has time periods indicated; (ii) your investment has an annual less than 10 years of performance history, TDAM has 5% return; and (iii) the MER for each series of shares of used the performance history of the reference fund in the the Fund was the same in all periods as the MER that table below, in addition to the Fund’s actual return history, each respective series incurred in the Fund’s last financial to calculate the risk rating of the Fund: year. Proportion (%) Reference Fund Although your actual costs may be higher or lower, based 100% TD Emerald Canadian Short Term Investment on these assumptions, your costs would be: Fund 1 year 3 years 5 years 10 years For more information, see Investment risk Investor Series ($) 9.74 30.70 53.81 122.48 classification methodology in Your guide to understanding the Fund Profile in the first part of this Advisor Series ($) 9.94 31.34 54.94 125.06 document. F-Series ($) 7.59 23.91 41.91 95.40 Who should invest in the Fund? See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund The Fund may be suitable for short to medium-term that are not included in the calculation of the MER. investors who: • are looking for conservative investment exposure similar to that of a fund holding high-quality Canadian debt securities that generally mature in no more than one year • can handle small changes in the value of their investment

253 TD Mutual Funds TD Tactical Monthly Income Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type North American Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 12, 2012 1.75% 0.08% Advisor Series (C$) September 12, 2012 1.75% 0.08% F-Series (C$) September 12, 2012 0.75% N/A

What does the Fund invest in? same Canadian jurisdictions as the Fund. The risks associated with the Fund’s exposure to Gold ETFs are Investment objectives primarily commodity risk and exchange-traded fund risk. The fundamental investment objective is to seek to Currently, the Fund obtains its desired security exposure provide exposure to investments that earn income with by investing in units of the Underlying Fund. the potential for capital appreciation, by investing primarily in, or gaining exposure to, income-producing The Fund may use specified derivatives, such as options, securities. futures, forward contracts and swaps, as permitted by Canadian securities laws to, among other things: The fundamental investment objective may only be changed with the approval of a majority of shareholders, • hedge against losses associated with rising interest given at a meeting called for that purpose. rates • gain exposure to fixed income and equity instruments Investment strategies without actually investing in them directly (including The portfolio adviser seeks to achieve the fundamental when owning the derivative investment is more investment objective of the Fund by obtaining exposure efficient or less costly than owning the fixed income mainly to income-producing securities of Canadian or equity instrument itself) issuers, which may include, but are not limited to, • reduce the risk associated with currency fluctuations government and corporate debt obligations, common • gain exposure to gold shares and preferred shares, exchange-traded funds, as • enhance income well as real estate investment trusts and other similar • provide downside risk protection for one or more income-producing instruments. Such exposure may be securities to which the Fund has exposure obtained in one or more of the following ways, and in any • swap credit risk combination: The Fund may hold money market instruments or cash to • by investing in units of TD Tactical Monthly Income meet its obligations under the derivative instruments. Fund (the “Underlying Fund”); The Fund may invest in foreign securities to an extent • by investing directly in such securities; that will vary from time to time but is not typically • through the use of derivatives to gain exposure to expected to exceed 49% of the total value of the assets of such securities. the Fund at the time that foreign securities are purchased. The Fund has obtained permission from Canadian While foreign securities are typically expected to consist securities regulatory authorities to purchase, hold or of securities of U.S. issuers, the Fund may also invest in, obtain exposure to, up to 10% of the Fund’s net assets, or gain exposure to, securities of issuers located outside taken at the time of purchase, certain exchange-traded of the U.S. funds that would otherwise be prohibited under securities The Fund may engage in securities lending, repurchase laws. Currently, the Fund intends to purchase, hold or or reverse repurchase transactions in a manner obtain exposure to exchange-traded funds that seek to consistent with its investment objectives and as permitted replicate the performance of gold or the value of a by Canadian securities regulatory authorities. For more specified derivative the underlying interest of which is information, see Securities lending, repurchase and gold on an unlevered basis (the “Gold ETFs”). The reverse repurchase transactions in Your guide to Gold ETFs are traded on a Canadian or U.S. stock understanding the Fund Profile in the first part of this exchange and may not be qualified for distribution in the document.

254 TD Mutual Funds TD Tactical Monthly Income Class

A Class of TD Mutual Funds Corporate Class Ltd.

While the Fund does not engage in short selling securities are typically expected to consist of securities of transactions directly, the Underlying Fund may engage in U.S. issuers, the Underlying Fund may also invest in, or short selling in a manner consistent with its investment gain exposure to, securities of issuers located outside of objectives and as permitted by Canadian securities the U.S. The portfolio adviser may hedge any or all regulatory authorities. For more information, see Short foreign currency exposure in the Underlying Fund. selling in Your guide to understanding the Fund The Underlying Fund may, from time to time, invest in Profile in the first part of this document. securities of other funds managed by TDAM, subject to A shareholder of the Fund does not have ownership limits imposed by securities laws, when the portfolio rights in securities of the Underlying Fund. Where TDAM adviser believes that an investment in other funds is a is the manager of both the Fund and the Underlying Fund more efficient or cost-effective way of achieving the in which the Fund has invested, the Fund will not exercise Underlying Fund’s investment objectives. its right to vote the securities of the Underlying Fund. The Underlying Fund has obtained permission from TDAM may arrange for these securities to be voted by Canadian securities regulatory authorities to purchase, shareholders of the Fund. However, given the costs and hold or obtain exposure to, up to 10% of the Underlying complexity of doing so, TDAM may not arrange for a flow- Fund’s net assets, taken at the time of purchase, certain through of voting rights. exchange-traded funds that would otherwise be We may change the Fund’s investment strategies at our prohibited under securities laws. Currently, the Underlying discretion without notice or approval. Fund intends to purchase, hold or obtain exposure to Gold ETFs that are traded on a Canadian or U.S. stock Information about the Underlying Fund exchange and may not be qualified for distribution in the The portfolio adviser of the Underlying Fund seeks to same Canadian jurisdictions as the Underlying Fund. achieve the Underlying Fund’s fundamental investment The Underlying Fund may use specified derivatives, such objective by investing mainly in a diversified portfolio of as options, futures, forward contracts and swaps, as income-producing securities of Canadian issuers, which permitted by Canadian securities laws, in the same may include, but are not limited to, government and manner as the Fund. corporate debt obligations, common shares and preferred shares, exchange-traded funds, as well as real estate The Underlying Fund may engage in securities lending, investment trusts and other similar income-producing repurchase or reverse repurchase transactions in the instruments. same manner as the Fund. The portfolio adviser of the Underlying Fund may The Underlying Fund may engage in short selling in a tactically shift between different asset classes to favour manner consistent with its investment objectives and as areas that are expected to have higher potential returns permitted by Canadian securities regulatory authorities. while seeking to avoid or minimize exposure to areas with For more information, see Short selling in Your guide to greater risk of loss. The Underlying Fund may gain understanding the Fund Profile in the first part of this exposure to asset classes through any one or a document. combination of: derivatives; exchange-traded funds; direct For more information on the Underlying Fund, see its investments in equities, fixed income securities or money Fund Profile. market securities; and any other instrument that provides the desired exposure. The Underlying Fund may also What are the risks of investing in the hold a significant portion of its assets in cash-equivalent instruments when its portfolio adviser believes it is Fund? prudent to do so. The common share investments will Risks of investing in the Fund may include: tend to focus on dividend-paying, blue-chip companies. The portfolio adviser selects securities based on • commodity risk methodical risk/return analysis with the objective of • credit risk maximizing risk-adjusted returns for the Underlying Fund. • derivatives risk Bond investments will tend to focus on corporate bonds, • equity risk which may include non-investment-grade bonds, using • exchange-traded fund risk rigorous bottom-up security selection while also being • foreign currency risk mindful of the macro environment. • fund-of-funds risk The Underlying Fund may invest in foreign securities to • interest rate risk an extent that will vary from time to time but is not • international market risk typically expected to exceed 49% of its assets at the time • large investor risk that foreign securities are purchased. While foreign • market disruption risk

255 TD Mutual Funds TD Tactical Monthly Income Class

A Class of TD Mutual Funds Corporate Class Ltd.

• multi-class risk For more information about how TDAM has determined • repurchase and reverse repurchase transactions risk the level of investor risk tolerance that would be • securities lending risk appropriate for investment in the Fund, see Who should • series risk invest in the Fund? in Your guide to understanding • short selling risk the Fund Profile in the first part of this document. • small company risk • valuation risk for illiquid assets Distribution policy The year end of TD Mutual Funds Corporate Class Ltd. is These and other risks, which may also apply to the Fund, May 31. Ordinary dividends, if any, are paid annually in are described under the heading Fund-specific risks in May and capital gains dividends, if any, are paid annually the first part of this document. within 60 days of the corporation’s year end. The risk rating of the Fund is low to medium. Since the Dividends will automatically be reinvested in Fund has less than 10 years of performance history, additional shares of the same series of the Fund. For TDAM has used the performance history of the following other options that may be available to you, see reference indexes, in addition to the Fund’s actual return Distribution policy in Your guide to understanding the history, to calculate the risk rating of the Fund in the Fund Profile in the first part of this document. proportions noted in the table below:

Proportion (%) Reference Indexes Fund expenses indirectly borne by 50% FTSE Canada Universe Bond Index investors 35% S&P/TSX 60 Index (Total Return) ▽ Mutual funds pay for some expenses out of fund assets. 15% ® S&P 100 Index (Net Dividend, Total Return) That means investors in a mutual fund indirectly pay for ▽ Calculated in Canadian dollars for purposes of determining the risk these expenses through lower returns. rating of the Fund. The following table is intended to help you compare the The FTSE Canada Universe Bond Index is a broad-based cumulative cost of investing in this Fund with the cost of measure of the performance of marketable government investing in other mutual funds. This example assumes and corporate bonds outstanding in the Canadian market. that: (i) you invest $1,000 in shares of the Fund for the The S&P/TSX 60 Index is comprised of the largest 60 time periods indicated; (ii) your investment has an annual companies on the S&P/TSX Composite Index, by market 5% return; and (iii) the MER for each series of shares of capitalization, and is structured to reflect the sector the Fund was the same in all periods as the MER that weights of the S&P/TSX Composite Index. The S&P 100® each respective series incurred in the Fund’s last financial Index is a subset of the S&P 500® Index and measures year. the performance of 100 large-capitalization U.S. companies across multiple industry groups. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: For more information, see Investment risk classification methodology in Your guide to 1 year 3 years 5 years 10 years understanding the Fund Profile in the first part of this Investor Series ($) 21.01 66.24 116.11 264.29 document. Advisor Series ($) 21.01 66.24 116.11 264.29 Who should invest in the Fund? F-Series ($) 8.61 27.14 47.58 108.30 The Fund may be suitable for medium to long-term See Fees and expenses in the first part of this document investors who: for more information on the costs of investing in the Fund that are not included in the calculation of the MER. • are contributing to the growth component of a diversified portfolio • are seeking exposure to income-producing securities with a moderate degree of capital growth • are seeking exposure to mainly Canadian investments • can handle changes in the value of their investment

256 TD Mutual Funds TD Dividend Income Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Canadian Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 12, 2012 1.75% 0.08% Advisor Series (C$) September 12, 2012 1.75% 0.08% F-Series (C$) September 12, 2012 0.75% N/A

What does the Fund invest in? • enhance income • provide downside risk protection for one or more Investment objectives securities to which the Fund has exposure The fundamental investment objective is to seek to earn The Fund may hold money market instruments or cash to income with the potential for capital appreciation, by meet its obligations under the derivative instruments. investing primarily in, or gaining exposure to, income- producing securities. The Fund may invest in foreign securities to an extent that will vary from time to time but is not typically The fundamental investment objective may only be expected to exceed 30% of the total value of the assets of changed with the approval of a majority of shareholders, the Fund at the time that foreign securities are purchased. given at a meeting called for that purpose. The Fund may engage in securities lending, repurchase Investment strategies or reverse repurchase transactions in a manner The portfolio adviser seeks to achieve the fundamental consistent with its investment objectives and as permitted investment objective of the Fund by obtaining exposure by Canadian securities regulatory authorities. For more primarily to a diversified portfolio of income-producing information, see Securities lending, repurchase and securities which may include, but are not limited to, reverse repurchase transactions in Your guide to dividend-paying equity securities, government and understanding the Fund Profile in the first part of this corporate bonds, real estate investment trusts and other document. securities primarily of Canadian issuers. Such exposure A shareholder of the Fund does not have ownership may be obtained in one or more of the following ways, rights in securities of the Underlying Fund. Where TDAM and in any combination: is the manager of both the Fund and the Underlying Fund in which the Fund has invested, the Fund will not exercise • by investing in units of TD Dividend Income Fund (the its right to vote the securities of the Underlying Fund. “Underlying Fund”); TDAM may arrange for these securities to be voted by • by investing directly in such equities; shareholders of the Fund. However, given the costs and • through the use of derivatives to gain exposure to complexity of doing so, TDAM may not arrange for a flow- such equities. through of voting rights. Currently, the Fund obtains its desired security exposure We may change the Fund’s investment strategies at our by investing in units of the Underlying Fund. discretion without notice or approval. The Fund may use specified derivatives, such as options, Information about the Underlying Fund futures and forward contracts, as permitted by Canadian securities laws to, among other things: The portfolio adviser of the Underlying Fund seeks to achieve the Underlying Fund’s fundamental investment • hedge against losses associated with rising interest objective by holding a diversified portfolio of income- rates producing securities which may include, but are not • gain exposure to fixed income and equity instruments limited to, dividend-paying equity securities, government without actually investing in them directly (including and corporate bonds, real estate investment trusts and when owning the derivative investment is more other securities primarily of Canadian issuers. Equity efficient or less costly than owning the fixed income investments will be concentrated in dividend-paying or equity instrument itself) larger-capitalization companies. Bond investments will be • reduce the risk associated with currency fluctuations concentrated in short-to-medium term bonds of highly 257 TD Mutual Funds TD Dividend Income Class

A Class of TD Mutual Funds Corporate Class Ltd. rated corporate or government issuers, but holdings may Who should invest in the Fund? also include asset-backed and longer-maturity bonds. The Underlying Fund may also hold investments in other The Fund may be suitable for medium to long-term income-producing securities as well as exchange-traded investors who: funds. • are seeking exposure to income-producing securities The Underlying Fund may use specified derivatives, such with a moderate degree of capital growth as options, futures and forward contracts, as permitted by • can handle changes in the value of their investment Canadian securities laws, in the same manner as the For more information about how TDAM has determined Fund. the level of investor risk tolerance that would be The Underlying Fund may invest in foreign securities to appropriate for investment in the Fund, see Who should an extent that will vary from time to time but is not invest in the Fund? in Your guide to understanding typically expected to exceed 30% of its assets at the time the Fund Profile in the first part of this document. that foreign securities are purchased. Distribution policy The Underlying Fund may engage in securities lending, repurchase or reverse repurchase transactions in the The year end of TD Mutual Funds Corporate Class Ltd. is same manner as the Fund. May 31. Ordinary dividends, if any, are paid annually in May and capital gains dividends, if any, are paid annually For more information on the Underlying Fund, see its within 60 days of the corporation’s year end. Fund Profile. Dividends will automatically be reinvested in What are the risks of investing in the additional shares of the same series of the Fund. For Fund? other options that may be available to you, see Distribution policy in Your guide to understanding the Risks of investing in the Fund may include: Fund Profile in the first part of this document. • credit risk Fund expenses indirectly borne by • derivatives risk • equity risk investors • foreign currency risk Mutual funds pay for some expenses out of fund assets. • fund-of-funds risk That means investors in a mutual fund indirectly pay for • interest rate risk these expenses through lower returns. • large investor risk • market disruption risk The following table is intended to help you compare the • multi-class risk cumulative cost of investing in this Fund with the cost of • repurchase and reverse repurchase transactions risk investing in other mutual funds. This example assumes • securities lending risk that: (i) you invest $1,000 in shares of the Fund for the • series risk time periods indicated; (ii) your investment has an annual • valuation risk for illiquid assets 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that These and other risks, which may also apply to the Fund, each respective series incurred in the Fund’s last financial are described under the heading Fund-specific risks in year. the first part of this document. Although your actual costs may be higher or lower, based The risk rating of the Fund is low to medium. Since the on these assumptions, your costs would be: Fund has less than 10 years of performance history, TDAM has used the performance history of the reference 1 year 3 years 5 years 10 years fund in the table below, in addition to the Fund’s actual Investor Series ($) 20.91 65.92 115.54 263.00 return history, to calculate the risk rating of the Fund: Advisor Series ($) 20.71 65.27 114.41 260.43 Proportion (%) Reference Fund F-Series ($) 8.41 26.50 46.44 105.72 100% TD Dividend Income Fund See Fees and expenses in the first part of this document For more information, see Investment risk for more information on the costs of investing in the Fund classification methodology in Your guide to that are not included in the calculation of the MER. understanding the Fund Profile in the first part of this document.

258 TD Mutual Funds TD Canadian Low Volatility Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Canadian Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 12, 2012 1.70% 0.12% Advisor Series (C$) September 12, 2012 1.70% 0.12% F-Series (C$) September 12, 2012 0.75% N/A

What does the Fund invest in? Currently, the Fund obtains its desired security exposure by investing in units of TD Canadian Low Volatility Pool. Investment objectives The Fund may use specified derivatives, such as options, The fundamental investment objective is to seek to futures and forward contracts, as permitted by Canadian achieve long-term capital appreciation by investing securities laws to, among other things: primarily in, or gaining exposure to, Canadian equity securities, while seeking to reduce volatility. • gain exposure to equity instruments without actually investing in them directly (including when owning the The fundamental investment objective may only be derivative investment is more efficient or less costly changed with the approval of a majority of shareholders, than owning the equity instrument itself) given at a meeting called for that purpose. • provide downside risk protection for one or more Investment strategies securities to which the Fund has exposure The portfolio adviser seeks to achieve the fundamental The Fund may hold money market instruments or cash to investment objective of the Fund by obtaining exposure to meet its obligations under the derivative instruments. a diversified portfolio of securities consisting primarily of The Fund may invest in, or gain exposure to, foreign Canadian stocks listed in the S&P/TSX Composite Total securities to an extent that will vary from time to time but Return Index (“S&P/TSX Composite Index”), with a focus is not typically expected to exceed 30% of the total value on stocks with lower volatility. Such exposure may be of the assets of the Fund at the time that foreign obtained in one or more of the following ways, and in any securities are purchased. combination: In some market conditions, the Fund may invest a portion • by investing in units of TD Canadian Low Volatility of its assets in short-term or other debt securities. Pool and/or TD Canadian Low Volatility Fund (each, an “Underlying Fund”); The Fund may engage in securities lending, repurchase • by investing directly in such equities; or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted • through the use of derivatives to gain exposure to by Canadian securities regulatory authorities. For more such equities. information, see Securities lending, repurchase and The portfolio adviser may also invest in exchange-traded reverse repurchase transactions in Your guide to funds in order to obtain the desired equity exposure. Over understanding the Fund Profile in the first part of this a full market cycle, the portfolio adviser of the Fund seeks document. to deliver fund performance similar to that of the A shareholder of the Fund does not have ownership S&P/TSX Composite Index but with less volatility than the rights in securities of an Underlying Fund. Where TDAM S&P/TSX Composite Index. is the manager of both the Fund and an Underlying Fund Where the Fund invests directly in stocks, the portfolio in which the Fund has invested, the Fund will not exercise adviser intends to use historical standard deviation as a its right to vote the securities of the Underlying Fund. tool in selecting the stocks, looking at individual stocks TDAM may arrange for these securities to be voted by and the correlation between stocks, with the aim of shareholders of the Fund. However, given the costs and reducing volatility. As a result of these investment complexity of doing so, TDAM may not arrange for a flow- strategies, the Fund may not fully benefit from strong through of voting rights. equity markets.

259 TD Mutual Funds TD Canadian Low Volatility Class

A Class of TD Mutual Funds Corporate Class Ltd.

We may change the Fund’s investment strategies at our What are the risks of investing in the discretion without notice or approval. Fund? Information about the Underlying Funds Risks of investing in the Fund may include: The portfolio adviser of each Underlying Fund seeks to achieve the Underlying Fund’s fundamental investment • commodity risk objective by investing primarily in, or gaining exposure to, • derivatives risk a diversified portfolio of securities consisting primarily of • equity risk Canadian stocks listed in the S&P/TSX Composite Index, • foreign currency risk with a focus on stocks with lower volatility. • fund-of-funds risk • international market risk The portfolio adviser of each Underlying Fund seeks to • large investor risk optimize the portfolio of the Underlying Fund by • liquidity risk overweighting stocks that are expected to deliver less • market disruption risk volatile returns and by underweighting, or excluding, • multi-class risk stocks that are expected to deliver more volatile returns. • repurchase and reverse repurchase transactions risk The portfolio adviser of each Underlying Fund currently • securities lending risk uses historical standard deviation as a tool in selecting • series risk the stocks, looking at individual stocks and the correlation • small company risk between stocks, with the aim of reducing volatility. As a • specialization risk result of this strategy, each Underlying Fund may not fully benefit from strong equity markets. These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in The portfolio adviser of each Underlying Fund may also the first part of this document. invest in exchange-traded funds in order to obtain the desired equity exposure. Over a full market cycle, the The risk rating of the Fund is low to medium. Since the portfolio adviser of each Underlying Fund seeks to deliver Fund has less than 10 years of performance history, fund performance similar to that of the S&P/TSX TDAM has used the performance history of the reference Composite Index but with less volatility than the S&P/TSX index in the table below, in addition to the Fund’s actual Composite Index. return history, to calculate the risk rating of the Fund:

Each Underlying Fund may use specified derivatives, Proportion (%) Reference Index such as options, futures and forward contracts, as MSCI Canada Minimum Volatility (CAD) Index 100% permitted by Canadian securities laws, in the same (Total Return) manner as the Fund. The MSCI Canada Minimum Volatility (CAD) Index aims Each Underlying Fund may also engage in securities to reflect the performance characteristics of a minimum lending, repurchase or reverse repurchase transactions in variance strategy applied to the MSCI large and mid- the same manner as the Fund. capitalization Canadian equity universe. It is calculated by optimizing the MSCI Canada Index, its parent index, for TD Canadian Low Volatility Pool and TD Canadian Low the lowest absolute risk (within certain constraints). For Volatility Fund may invest in foreign securities to an more information, see extent that may vary from time to time but is not typically Investment risk classification in expected to exceed 30% of the total value of their methodology Your guide to understanding the in the first part of this document. respective assets at the time that foreign securities are Fund Profile purchased. In some market conditions, each Underlying Fund may invest a portion of its assets in short-term or other debt securities.

260 TD Mutual Funds TD Canadian Low Volatility Class

A Class of TD Mutual Funds Corporate Class Ltd.

Who should invest in the Fund? The Fund may be suitable for medium to long-term investors who: • are seeking exposure to a diversified Canadian equity fund with less volatility • are contributing to the growth component of a diversified portfolio • can handle changes in the value of their investment For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Distribution policy The year end of TD Mutual Funds Corporate Class Ltd. is May 31. Ordinary dividends, if any, are paid annually in May and capital gains dividends, if any, are paid annually within 60 days of the corporation’s year end. Dividends will automatically be reinvested in additional shares of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 21.01 66.24 116.11 264.29 Advisor Series ($) 20.81 65.60 114.97 261.71 F-Series ($) 8.61 27.14 47.58 108.30

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

261 TD Mutual Funds TD Dividend Growth Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Canadian Dividend Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 7, 2010 1.75% 0.08% Advisor Series (C$) September 7, 2010 1.75% 0.08% F-Series (C$) September 7, 2010 0.80% N/A

What does the Fund invest in? • enhance income • provide downside risk protection for one or more Investment objectives securities to which the Fund has exposure The fundamental investment objective is to seek to The Fund may hold money market instruments or cash to provide steady growth and the potential for dividend meet its obligations under the derivative instruments. income by investing primarily in, or gaining exposure to, high-quality, high-yield equity securities and other The Fund may invest in foreign securities to an extent income-producing instruments of Canadian issuers. that will vary from time to time but is not typically expected to exceed 30% of the total value of the assets of The fundamental investment objective may only be the Fund at the time that foreign securities are purchased. changed with the approval of a majority of shareholders, given at a meeting called for that purpose. In some market conditions, the Fund may invest a portion of its assets in short-term or other debt securities. Investment strategies The Fund may engage in securities lending, repurchase The portfolio adviser seeks to achieve the fundamental or reverse repurchase transactions in a manner investment objective of the Fund by obtaining exposure consistent with its investment objectives and as permitted primarily to high-quality, high-yield Canadian equities and by Canadian securities regulatory authorities. For more other income-producing securities. Such exposure may information, see Securities lending, repurchase and be obtained in one or more of the following ways, and in reverse repurchase transactions in Your guide to any combination: understanding the Fund Profile in the first part of this • by investing in units of TD Dividend Growth Fund (the document. “Underlying Fund”); A shareholder of the Fund does not have ownership • by investing directly in such equities and/or other rights in securities of the Underlying Fund. Where TDAM income-producing securities; is the manager of both the Fund and the Underlying Fund • through the use of derivatives to gain exposure to in which the Fund has invested, the Fund will not exercise such equities and/or other income-producing its right to vote the securities of the Underlying Fund. securities. TDAM may arrange for these securities to be voted by shareholders of the Fund. However, given the costs and Currently, the Fund obtains its desired security exposure complexity of doing so, TDAM may not arrange for a flow- by investing in units of the Underlying Fund. through of voting rights. The Fund may use specified derivatives, such as options, We may change the Fund’s investment strategies at our futures and forward contracts, as permitted by Canadian discretion without notice or approval. securities laws to, among other things: • hedge against losses associated with rising interest Information about the Underlying Fund rates The portfolio adviser of the Underlying Fund seeks to • gain exposure to fixed income and equity instruments achieve the Underlying Fund’s fundamental investment without actually investing in them directly (including objective by purchasing predominantly large-capitalization when owning the derivative investment is more common equities that have either an above-average yield efficient or less costly than owning the fixed income or the prospect of an attractive low-risk total return. Equity or equity instrument itself) investments will tend to be concentrated in the financial • reduce the risk associated with currency fluctuations services, pipeline, and utility sectors of the market, but

262 TD Mutual Funds TD Dividend Growth Class

A Class of TD Mutual Funds Corporate Class Ltd. will also include large-capitalization special situations. Who should invest in the Fund? Investments in real estate investment trusts, bonds, preferred shares and exchange-traded funds may also be The Fund may be suitable for medium to long-term held by the Underlying Fund. investors who: The Underlying Fund may use specified derivatives, such • are more interested in growth than income as options, futures and forward contracts, as permitted by • are contributing to the growth component of a Canadian securities laws, in the same manner as the diversified portfolio Fund. • can handle the ups and downs of the stock market The Underlying Fund may invest in foreign securities to For more information about how TDAM has determined an extent that will vary from time to time but is not the level of investor risk tolerance that would be typically expected to exceed 30% of its assets at the time appropriate for investment in the Fund, see Who should that foreign securities are purchased. invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. The Underlying Fund may engage in securities lending, repurchase or reverse repurchase transactions in the Distribution policy same manner as the Fund. The year end of TD Mutual Funds Corporate Class Ltd. is In some market conditions, the Underlying Fund may May 31. Ordinary dividends, if any, are paid annually in invest a portion of its assets in short-term or other debt May and capital gains dividends, if any, are paid annually securities. within 60 days of the corporation’s year end. For more information on the Underlying Fund, see its Dividends will automatically be reinvested in Fund Profile. additional shares of the same series of the Fund. For other options that may be available to you, see What are the risks of investing in the Distribution policy in Your guide to understanding the Fund? Fund Profile in the first part of this document. Risks of investing in the Fund may include: Fund expenses indirectly borne by • concentration risk investors • derivatives risk • equity risk Mutual funds pay for some expenses out of fund assets. • foreign currency risk That means investors in a mutual fund indirectly pay for • fund-of-funds risk these expenses through lower returns. • interest rate risk The following table is intended to help you compare the • large investor risk cumulative cost of investing in this Fund with the cost of • market disruption risk investing in other mutual funds. This example assumes • multi-class risk that: (i) you invest $1,000 in shares of the Fund for the • repurchase and reverse repurchase transactions risk time periods indicated; (ii) your investment has an annual • securities lending risk 5% return; and (iii) the MER for each series of shares of • series risk the Fund was the same in all periods as the MER that These and other risks, which may also apply to the Fund, each respective series incurred in the Fund’s last financial are described under the heading Fund-specific risks in year. the first part of this document. Although your actual costs may be higher or lower, based The risk rating of the Fund is medium. Since the Fund on these assumptions, your costs would be: has less than 10 years of performance history, TDAM has 1 year 3 years 5 years 10 years used the performance history of the reference fund in the Investor Series ($) 20.91 65.92 115.54 263.00 table below, in addition to the Fund’s actual return history, to calculate the risk rating of the Fund: Advisor Series ($) 21.01 66.24 116.11 264.29 F-Series ($) 9.02 28.44 49.84 113.45 Proportion (%) Reference Fund 100% TD Dividend Growth Fund See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund For more information, see Investment risk that are not included in the calculation of the MER. classification methodology in Your guide to understanding the Fund Profile in the first part of this document.

263 TD Mutual Funds TD Canadian Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Canadian Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 7, 2010 1.85% 0.12% Advisor Series (C$) September 7, 2010 1.85% 0.12% F-Series (C$) September 7, 2010 0.90% N/A

What does the Fund invest in? The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian Investment objectives securities laws to, among other things: The fundamental investment objective of the Fund is to • gain exposure to equity instruments without actually seek to achieve long-term capital appreciation by investing in them directly (including when owning the investing primarily in, or gaining exposure to, high-quality derivative investment is more efficient or less costly equity securities issued principally by Canadian than owning the equity instrument itself) corporations judged to offer high growth potential. • reduce the risk associated with currency fluctuations • The fundamental investment objective may only be enhance income • changed with the approval of a majority of shareholders, provide downside risk protection for one or more given at a meeting called for that purpose. securities to which the Fund has exposure Investment strategies The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by obtaining exposure The Fund may invest in foreign securities to an extent primarily to high-quality equities of Canadian companies. that will vary from time to time but is not typically Such exposure may be obtained in one or more of the expected to exceed 30% of the total value of the assets of following ways, and in any combination: the Fund at the time that foreign securities are purchased. • by investing in units of TD Canadian Equity Fund (the In some market conditions, the Fund may invest a portion “Underlying Fund”); of its assets in short-term or other debt securities. • by investing directly in such equities; The Fund may engage in securities lending, repurchase • through the use of derivatives to gain exposure to or reverse repurchase transactions in a manner such equities. consistent with its investment objectives and as permitted The Fund has obtained permission from Canadian by Canadian securities regulatory authorities. For more securities regulatory authorities to purchase, hold or information, see Securities lending, repurchase and obtain exposure to, up to 10% of the Fund’s net assets, reverse repurchase transactions in Your guide to taken at the time of purchase, certain exchange-traded understanding the Fund Profile in the first part of this funds that would otherwise be prohibited under securities document. laws. Currently, the Fund intends to purchase, hold or A shareholder of the Fund does not have ownership obtain exposure to exchange-traded funds that seek to rights in securities of the Underlying Fund. Where TDAM replicate the performance of gold or the value of a is the manager of both the Fund and the Underlying Fund specified derivative the underlying interest of which is in which the Fund has invested, the Fund will not exercise gold on an unlevered basis (the “Gold ETFs”). The Gold its right to vote the securities of the Underlying Fund. ETFs are traded on a Canadian or U.S. stock exchange TDAM may arrange for these securities to be voted by and may not be qualified for distribution in the same shareholders of the Fund. However, given the costs and Canadian jurisdictions as the Fund. The risks associated complexity of doing so, TDAM may not arrange for a flow- with the Fund’s exposure to Gold ETFs are primarily through of voting rights. commodity risk and exchange-traded fund risk. We may change the Fund’s investment strategies at our Currently, the Fund obtains its desired security exposure discretion without notice or approval. by investing in units of the Underlying Fund.

264 TD Mutual Funds TD Canadian Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

Information about the Underlying Fund • liquidity risk • market disruption risk The portfolio adviser of the Underlying Fund seeks to • multi-class risk achieve the Underlying Fund’s fundamental investment • repurchase and reverse repurchase transactions risk objective by emphasizing growth, while at the same time • securities lending risk containing investment risk. This is addressed by focusing • series risk on the quality of management of individual companies • and the long-term prospects for individual industries. small company risk In general, superior return on equity and a sound balance These and other risks, which may also apply to the Fund, sheet are important criteria in the individual security are described under the heading Fund-specific risks in selection process. The Underlying Fund may invest in the first part of this document. exchange-traded funds. The risk rating of the Fund is medium. Since the Fund The Underlying Fund may use specified derivatives, such has less than 10 years of performance history, TDAM has as options, futures and forward contracts, as permitted by used the performance history of the reference fund in the Canadian securities laws, in the same manner as the table below, in addition to the Fund’s actual return history, Fund. to calculate the risk rating of the Fund: The Underlying Fund may invest in foreign securities to Proportion (%) Reference Fund an extent that will vary from time to time but is not 100% TD Canadian Equity Fund typically expected to exceed 30% of its assets at the time For more information, see Investment risk that foreign securities are purchased. classification methodology in Your guide to The Underlying Fund has obtained permission from understanding the Fund Profile in the first part of this Canadian securities regulatory authorities to purchase, document. hold or obtain exposure to, up to 10% of the Underlying Fund’s net assets, taken at the time of purchase, certain Who should invest in the Fund? exchange-traded funds that would otherwise be The Fund may be suitable for medium to long-term prohibited under securities laws. Currently, the Underlying investors who: Fund intends to purchase, hold or obtain exposure to Gold ETFs that are traded on a Canadian or U.S. stock • are seeking exposure to a well-diversified portfolio of exchange and may not be qualified for distribution in the Canadian growth companies same Canadian jurisdictions as the Underlying Fund. • are seeking some exposure to foreign equities • are contributing to the growth component of a The Underlying Fund may engage in securities lending, diversified portfolio repurchase or reverse repurchase transactions in the • can handle the ups and downs of the stock market same manner as the Fund. For more information about how TDAM has determined In some market conditions, the Underlying Fund may the level of investor risk tolerance that would be invest a portion of its assets in short-term or other debt appropriate for investment in the Fund, see Who should securities. invest in the Fund? in Your guide to understanding For more information on the Underlying Fund, see its the Fund Profile in the first part of this document. Fund Profile. Distribution policy What are the risks of investing in the The year end of TD Mutual Funds Corporate Class Ltd. is Fund? May 31. Ordinary dividends, if any, are paid annually in May and capital gains dividends, if any, are paid annually Risks of investing in the Fund may include: within 60 days of the corporation’s year end. • commodity risk Dividends will automatically be reinvested in • derivatives risk additional shares of the same series of the Fund. For • equity risk other options that may be available to you, see • exchange-traded fund risk Distribution policy in Your guide to understanding the • foreign currency risk Fund Profile in the first part of this document. • fund-of-funds risk • international market risk • large investor risk (as at June 30, 2020, one shareholder held 11.91% of the net asset value of the Fund)

265 TD Mutual Funds TD Canadian Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 22.35 70.44 123.47 281.05 Advisor Series ($) 22.35 70.44 123.47 281.05 F-Series ($) 9.94 31.34 54.94 125.06

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

266 TD Mutual Funds TD Canadian Small-Cap Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Canadian Small-Cap Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 7, 2010 2.00% 0.30% Advisor Series (C$) September 7, 2010 2.00% 0.30% F-Series (C$) September 7, 2010 1.00% N/A

What does the Fund invest in? derivative investment is more efficient or less costly than owning the equity instrument itself) Investment objectives • reduce the risk associated with currency fluctuations • The fundamental investment objective is to seek to enhance income • achieve long-term capital growth by investing primarily in, provide downside risk protection for one or more or gaining exposure to, equity securities of small or securities to which the Fund has exposure medium-sized issuers in Canada. The Fund may hold money market instruments or cash to The fundamental investment objective may only be meet its obligations under the derivative instruments. changed with the approval of a majority of shareholders, The Fund may invest in foreign securities to an extent given at a meeting called for that purpose. that will vary from time to time but is not typically expected to exceed 30% of the total value of the assets of Investment strategies the Fund at the time that foreign securities are purchased. The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by obtaining exposure In some market conditions, the Fund may invest a portion primarily to equity securities of small or medium-sized of its assets in short-term or other debt securities. Canadian companies. Such exposure may be obtained in The Fund may engage in securities lending, repurchase one or more of the following ways, and in any or reverse repurchase transactions in a manner combination: consistent with its investment objectives and as permitted • by investing in units of TD Canadian Small-Cap by Canadian securities regulatory authorities. For more Equity Fund (the “Underlying Fund”); information, see Securities lending, repurchase and in • by investing directly in such equities; reverse repurchase transactions Your guide to in the first part of this • through the use of derivatives to gain exposure to understanding the Fund Profile document. such equities. A shareholder of the Fund does not have ownership When investing directly in equities, the Fund considers rights in securities of the Underlying Fund. Where TDAM issuers to be in Canada if: (a) the issuer derives is the manager of both the Fund and the Underlying Fund significant revenue from goods produced, sales made or in which the Fund has invested, the Fund will not exercise services rendered in Canada, (b) the principal trading its right to vote the securities of the Underlying Fund. market for the securities of the issuer is in Canada, (c) the TDAM may arrange for these securities to be voted by issuer is organized under the laws of Canada or a shareholders of the Fund. However, given the costs and jurisdiction in Canada, or (d) the issuer has significant complexity of doing so, TDAM may not arrange for a flow- assets or a principal office in Canada. through of voting rights. Currently, the Fund obtains its desired security exposure We may change the Fund’s investment strategies at our by investing in units of the Underlying Fund. discretion without notice or approval. The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian Information about the Underlying Fund securities laws to, among other things: The portfolio adviser of the Underlying Fund seeks to achieve the Underlying Fund’s fundamental investment • gain exposure to equity instruments without actually objective by selecting securities based on company investing in them directly (including when owning the fundamentals, including the prospect for growth in sales

267 TD Mutual Funds TD Canadian Small-Cap Equity Class

A Class of TD Mutual Funds Corporate Class Ltd. and profitability, as well as the relative attractiveness of • large investor risk (as at June 30, 2020, one the securities’ price. Both growth and value stocks will be shareholder held 17.85% of the net asset value of the purchased, consistent with an overall growth-at-a- Fund) reasonable-price orientation. The Underlying Fund may • liquidity risk invest in foreign securities from time to time, but will be • market disruption risk comprised primarily of Canadian securities. • multi-class risk • repurchase and reverse repurchase transactions risk The Underlying Fund considers issuers to be in Canada • securities lending risk if: (a) the issuer derives significant revenue from goods • produced, sales made or services rendered in Canada, series risk • (b) the principal trading market for the securities of the small company risk • issuer is in Canada, (c) the issuer is organized under the valuation risk for illiquid assets laws of Canada or a jurisdiction in Canada, or (d) the These and other risks, which may also apply to the Fund, issuer has significant assets or a principal office in are described under the heading Fund-specific risks in Canada. the first part of this document. The Underlying Fund may use specified derivatives, such The risk rating of the Fund is medium to high. Since the as options, futures and forward contracts, as permitted by Fund has less than 10 years of performance history, Canadian securities laws, in the same manner as the TDAM has used the performance history of the reference Fund. fund in the table below, in addition to the Fund’s actual The Underlying Fund may invest in foreign securities to return history, to calculate the risk rating of the Fund: an extent that will vary from time to time but is not Proportion (%) Reference Fund typically expected to exceed 30% of its assets at the time 100% TD Canadian Small-Cap Equity Fund that foreign securities are purchased. For more information, see Investment risk The Underlying Fund may engage in securities lending, classification methodology in Your guide to repurchase or reverse repurchase transactions in the understanding the Fund Profile in the first part of this same manner as the Fund. document. The portfolio adviser of the Underlying Fund may engage in active and frequent trading of portfolio securities such Who should invest in the Fund? that the portfolio turnover rate may be greater than 70% The Fund may be suitable for long-term investors who for the upcoming financial year. The higher the portfolio are: turnover rate in a financial year, the greater the trading costs payable by a mutual fund in the year, and the • seeking to enhance the growth potential of their greater the chance of an investor receiving taxable portfolio through exposure to small and medium-sized distributions in the year. There is not necessarily a companies relationship between a high turnover rate and the • comfortable with the ups and downs of the stock performance of a fund. For more information, see Income market tax considerations for investors in the first part of this For more information about how TDAM has determined document. the level of investor risk tolerance that would be In some market conditions, the Underlying Fund may appropriate for investment in the Fund, see Who should invest a portion of its assets in short-term or other debt invest in the Fund? in Your guide to understanding securities. the Fund Profile in the first part of this document. For more information on the Underlying Fund, see its Distribution policy Fund Profile. The year end of TD Mutual Funds Corporate Class Ltd. is What are the risks of investing in the May 31. Ordinary dividends, if any, are paid annually in May and capital gains dividends, if any, are paid annually Fund? within 60 days of the corporation’s year end. Risks of investing in the Fund may include: Dividends will automatically be reinvested in • commodity risk additional shares of the same series of the Fund. For • derivatives risk other options that may be available to you, see • equity risk Distribution policy in Your guide to understanding the • foreign currency risk Fund Profile in the first part of this document. • fund-of-funds risk

268 TD Mutual Funds TD Canadian Small-Cap Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 26.04 82.08 143.86 327.47 Advisor Series ($) 25.93 81.75 143.29 326.18 F-Series ($) 9.84 31.02 54.37 123.77

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

269 TD Mutual Funds TD U.S. Risk Managed Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 15, 2015 1.70% 0.20% Advisor Series (C$) September 15, 2015 1.70% 0.20% F-Series (C$) September 15, 2015 0.80% N/A

What does the Fund invest in? laws. Currently, the Fund intends to purchase, hold or obtain exposure to exchange-traded funds that seek to Investment objectives replicate the performance of gold or the value of a specified derivative the underlying interest of which is The fundamental investment objective is to seek to gold on an unlevered basis (the “Gold ETFs”). The achieve long-term capital appreciation by investing primarily in, or gaining exposure to, equity securities of Gold ETFs are traded on a Canadian or U.S. stock issuers in the United States, while seeking to manage exchange and may not be qualified for distribution in the portfolio volatility. same Canadian jurisdictions as the Fund. The risks associated with the Fund’s exposure to Gold ETFs are The fundamental investment objective may only be primarily commodity risk and exchange-traded fund risk. changed with the approval of a majority of shareholders, Currently, the Fund obtains its desired security exposure given at a meeting called for that purpose. by investing in units of the Underlying Fund. Investment strategies The Fund may also use specified derivatives, such as The portfolio adviser seeks to achieve the fundamental options, futures, forward contracts and swaps, as investment objective of the Fund by obtaining exposure to permitted by Canadian securities laws to, among other a large number of equity securities of the S&P 500® things: Index, broadly diversified across all sectors. The Fund • also has exposure to a quantitative equity strategy which gain exposure to equity instruments without actually seeks to optimize exposure to stocks that are expected to investing in them directly (including when owning the outperform the overall market while seeking to limit derivative investment is more efficient or less costly exposure to stocks that are expected to underperform the than owning the equity instrument itself) overall market. • reduce the risk associated with currency fluctuations • gain exposure to gold The portfolio adviser may obtain the Fund's desired • provide downside risk protection for one or more equity exposure and manage the downside risks of the securities to which the Fund has exposure Fund through either or both of the following ways: The Fund may hold money market instruments or cash to • by investing in units of TD U.S. Risk Managed Equity meet its obligations under the derivative instruments. Fund (the “Underlying Fund”); • by investing directly in any one or a combination of The Fund may engage in securities lending, repurchase equity securities, exchange-traded funds, futures and or reverse repurchase transactions in a manner total return swaps, and using derivatives including, consistent with its investment objectives and as permitted without limitation, buying or selling put and call by Canadian securities regulatory authorities. For more options. information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to There is no assurance that all downside risks associated understanding the Fund Profile in the first part of this with the Fund will actually be reduced. document. The Fund has obtained permission from Canadian In some market conditions, the Fund may invest a portion securities regulatory authorities to purchase, hold or of its assets in short-term or other debt securities. obtain exposure to, up to 10% of the Fund’s net assets, taken at the time of purchase, certain exchange-traded A shareholder of the Fund does not have ownership funds that would otherwise be prohibited under securities rights in securities of the Underlying Fund. Where TDAM

270 TD Mutual Funds TD U.S. Risk Managed Equity Class

A Class of TD Mutual Funds Corporate Class Ltd. is the manager of both the Fund and the Underlying Fund that the portfolio turnover rate may be greater than 70% in which the Fund has invested, the Fund will not exercise for the upcoming financial year. The higher the portfolio its right to vote the securities of the Underlying Fund. turnover rate in a financial year, the greater the trading TDAM may arrange for these securities to be voted by costs payable by a mutual fund in the year, and the shareholders of the Fund. However, given the costs and greater the chance of an investor receiving taxable complexity of doing so, TDAM may not arrange for a flow- distributions in the year. There is not necessarily a through of voting rights. relationship between a high turnover rate and the performance of a fund. For more information, see Income We may change the Fund's investment strategies at our tax considerations for investors in the first part of this discretions without notice or approval. document. Information about the Underlying Fund In some market conditions, the Underlying Fund may The portfolio adviser of the Underlying Fund seeks to invest a portion of its assets in short-term or other debt achieve the Underlying Fund’s fundamental investment securities. objective by investing the majority of its assets in a large For more information on the Underlying Fund, see its number of equity securities of the S&P 500® Index, Fund Profile. broadly diversified across all sectors. The Underlying Fund may also invest in exchange-traded funds. What are the risks of investing in the The portfolio adviser of the Underlying Fund also utilizes Fund? a quantitative equity strategy to invest a portion of the Underlying Fund’s assets to optimize exposure to stocks Risks of investing in the Fund may include: that are expected to outperform the overall market while • commodity risk seeking to limit exposure to stocks that are expected to • derivatives risk underperform the overall market. • equity risk The portfolio adviser of the Underlying Fund seeks to • exchange-traded fund risk manage the downside risks of the equity securities in • foreign currency risk which the Underlying Fund invests through the use of • fund-of-funds risk derivatives including, without limitation, buying or selling • large investor risk (as at June 30, 2020, one put and call options. There is no assurance that all shareholder held 11.07% of the net asset value of the downside risks associated with the Underlying Fund will Fund) actually be reduced. • market disruption risk • multi-class risk The portfolio adviser of the Underlying Fund may also • repurchase and reverse repurchase transactions risk make tactical shifts between cash and the Underlying • securities lending risk Fund’s investment in, or exposure to, equity securities. • series risk The Underlying Fund has obtained permission from These and other risks, which may also apply to the Fund, Canadian securities regulatory authorities to purchase, are described under the heading Fund-specific risks in hold or obtain exposure to, up to 10% of the Underlying the first part of this document. Fund’s net assets, taken at the time of purchase, certain exchange-traded funds that would otherwise be The risk rating of the Fund is low to medium. Since the prohibited under securities laws. Currently, the Underlying Fund has less than 10 years of performance history, Fund intends to purchase, hold or obtain exposure to TDAM has used the performance history of the following Gold ETFs that are traded on a Canadian or U.S. stock reference indexes, in addition to the Fund’s actual return exchange and may not be qualified for distribution in the history, to calculate the risk rating of the Fund in the same Canadian jurisdictions as the Underlying Fund. proportions noted in the table below:

The Underlying Fund may use specified derivatives, such Proportion (%) Reference Indexes ▽ as options, futures, forward contracts and swaps, as 60% S&P 500® Index (Net Dividend, Total Return) permitted by Canadian securities laws, in the same 40% ▽ manner as the Fund. Bloomberg Barclays US Aggregate Bond Index ▽ Calculated in Canadian dollars for purposes of determining the risk The Underlying Fund may engage in securities lending, rating of the Fund. repurchase or reverse repurchase transactions in the same manner as the Fund. The S&P 500® Index measures the performance of 500 large-capitalization companies in leading industries of the The portfolio adviser of the Underlying Fund may engage U.S. economy. The Bloomberg Barclays US Aggregate in active and frequent trading of portfolio securities such

271 TD Mutual Funds TD U.S. Risk Managed Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

Bond Index measures the investment-grade, U.S. dollar- Fund expenses indirectly borne by denominated, fixed-rate taxable bond market. investors For more information, see Investment risk classification methodology in Your guide to Mutual funds pay for some expenses out of fund assets. understanding the Fund Profile in the first part of this That means investors in a mutual fund indirectly pay for document. these expenses through lower returns. The following table is intended to help you compare the Who should invest in the Fund? cumulative cost of investing in this Fund with the cost of The Fund may be suitable for medium to long-term investing in other mutual funds. This example assumes investors who: that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual • are seeking exposure to a diversified portfolio of U.S. 5% return; and (iii) the MER for each series of shares of equity securities with reduced market volatility the Fund was the same in all periods as the MER that • are contributing to the growth component of a each respective series incurred in the Fund’s last financial diversified portfolio year. • can handle changes in the value of their investment Although your actual costs may be higher or lower, based For more information about how TDAM has determined on these assumptions, your costs would be: the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should 1 year 3 years 5 years 10 years invest in the Fund? in Your guide to understanding Investor Series ($) 22.86 72.06 126.30 287.50 in the first part of this document. the Fund Profile Advisor Series ($) 22.65 71.41 125.17 284.92 Distribution policy F-Series ($) 9.84 31.02 54.37 123.77 The year end of TD Mutual Funds Corporate Class Ltd. is See Fees and expenses in the first part of this document May 31. Ordinary dividends, if any, are paid annually in for more information on the costs of investing in the Fund May and capital gains dividends, if any, are paid annually that are not included in the calculation of the MER. within 60 days of the corporation’s year end. Dividends will automatically be reinvested in additional shares of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

272 TD Mutual Funds Epoch U.S. Large-Cap Value Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type U.S. Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 7, 2010 1.85% 0.30% Advisor Series (C$) September 7, 2010 1.85% 0.30% F-Series (C$) September 7, 2010 0.85% N/A

What does the Fund invest in? derivative investment is more efficient or less costly than owning the equity instrument itself) Investment objectives • reduce the risk associated with currency fluctuations • The fundamental investment objective is to seek to enhance income • provide long-term growth of capital by investing primarily provide downside risk protection for one or more in, or gaining exposure to, common stocks of established securities to which the Fund has exposure companies. The Fund may hold money market instruments or cash to The fundamental investment objective may only be meet its obligations under the derivative instruments. changed with the approval of a majority of shareholders, In some market conditions, the Fund may invest a portion given at a meeting called for that purpose. of its assets in short-term or other debt securities. Investment strategies The Fund may engage in securities lending, repurchase The portfolio adviser seeks to achieve the fundamental or reverse repurchase transactions in a manner investment objective of the Fund by obtaining exposure to consistent with its investment objectives and as permitted a portfolio of large-capitalization U.S. issuers that the by Canadian securities regulatory authorities. For more portfolio adviser believes have attractive risk-reward information, see Securities lending, repurchase and profiles. Such exposure may be obtained in one or more reverse repurchase transactions in Your guide to of the following ways, and in any combination: understanding the Fund Profile in the first part of this document. • by investing in units of Epoch U.S. Large-Cap Value Fund (the “Underlying Fund”); A shareholder of the Fund does not have ownership rights in securities of the Underlying Fund. Where TDAM • by investing directly in such equities; is the manager of both the Fund and the Underlying Fund • through the use of derivatives to gain exposure to in which the Fund has invested, the Fund will not exercise such equities. its right to vote the securities of the Underlying Fund. When investing directly in equities, the Fund considers TDAM may arrange for these securities to be voted by issuers to be in the United States if: (a) the issuer derives shareholders of the Fund. However, given the costs and significant revenue from goods produced, sales made or complexity of doing so, TDAM may not arrange for a flow- services rendered in the United States, (b) the principal through of voting rights. trading market for the securities of the issuer is in the We may change the Fund’s investment strategies at our United States, (c) the issuer is organized under the laws discretion without notice or approval. of a jurisdiction in the United States, or (d) the issuer has significant assets or a principal office in the United States. Information about the Underlying Fund Currently, the Fund obtains its desired security exposure The portfolio adviser of the Underlying Fund seeks to by investing in units of the Underlying Fund. achieve the Underlying Fund’s fundamental investment objective by generally investing in a portfolio of large- The Fund may use specified derivatives, such as options, capitalization U.S. issuers that the portfolio adviser of the futures and forward contracts, as permitted by Canadian Underlying Fund believes have attractive risk-reward securities laws to, among other things: profiles. A bottom-up security selection process is • gain exposure to equity instruments without actually balanced with diversification and risk control measures investing in them directly (including when owning the that should result in below-average portfolio volatility.

273 TD Mutual Funds Epoch U.S. Large-Cap Value Class

A Class of TD Mutual Funds Corporate Class Ltd.

The portfolio adviser of the Underlying Fund employs a In some market conditions, the Underlying Fund may value approach based primarily on the price paid for invest a portion of its assets in short-term or other debt securities of high-quality issuers that have the potential to securities. generate and deploy future free cash flows rather than For more information on the Underlying Fund, see its traditional accounting measures such as price-to-book Fund Profile. and price-to-earnings ratios. While the portfolio of the Underlying Fund is constructed What are the risks of investing in the from the bottom up, decisions are made with Fund? consideration of the overall global market, macroeconomic environment and industry trends. The Risks of investing in the Fund may include: analysis and management of risk is embedded in the • commodity risk portfolio construction process of the Underlying Fund’s • derivatives risk portfolio adviser. • equity risk The Underlying Fund considers issuers to be in the • foreign currency risk United States if: (a) the issuer derives significant revenue • fund-of-funds risk from goods produced, sales made or services rendered in • international market risk the United States, (b) the principal trading market for the • large investor risk securities of the issuer is in the United States, (c) the • market disruption risk issuer is organized under the laws of a jurisdiction in the • multi-class risk United States, or (d) the issuer has significant assets or a • repurchase and reverse repurchase transactions risk principal office in the United States. • securities lending risk • series risk In pursuing the Underlying Fund’s investment objective, the portfolio adviser has the discretion to purchase some These and other risks, which may also apply to the Fund, securities that do not meet its normal investment criteria are described under the heading Fund-specific risks in when it perceives an unusual opportunity for gain. These the first part of this document. special situations might arise when the portfolio adviser The risk rating of the Fund is medium. Since the Fund believes a security could increase in value for a variety of has less than 10 years of performance history, TDAM has reasons, including a change in management, an used the performance history of the reference fund in the extraordinary corporate event, or a temporary imbalance table below, in addition to the Fund’s actual return history, in the supply of or demand for the securities. The to calculate the risk rating of the Fund: Underlying Fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy Proportion (%) Reference Fund assets into more promising opportunities. 100% Epoch U.S. Large Cap Value Fund

The Underlying Fund may use specified derivatives, such For more information, see Investment risk as options, futures and forward contracts, as permitted by classification methodology in Your guide to Canadian securities laws, in the same manner as the understanding the Fund Profile in the first part of this Fund. document. The Underlying Fund may engage in securities lending, repurchase or reverse repurchase transactions in the Who should invest in the Fund? same manner as the Fund. The Fund may be suitable for medium to long-term The portfolio adviser of the Underlying Fund may engage investors who: in active and frequent trading of portfolio securities such • are seeking long-term growth of capital through well- that the portfolio turnover rate may be greater than 70% established, high-quality U.S. companies with value for the upcoming financial year. The higher the portfolio characteristics turnover rate in a financial year, the greater the trading • are seeking a core U.S. holding in the growth costs payable by a mutual fund in the year, and the component of a diversified portfolio greater the chance of an investor receiving taxable • can handle the ups and downs of the stock market distributions in the year. There is not necessarily a relationship between a high turnover rate and the For more information about how TDAM has determined performance of a fund. For more information, see Income the level of investor risk tolerance that would be tax considerations for investors in the first part of this appropriate for investment in the Fund, see Who should document. invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document.

274 TD Mutual Funds Epoch U.S. Large-Cap Value Class

A Class of TD Mutual Funds Corporate Class Ltd.

Distribution policy The year end of TD Mutual Funds Corporate Class Ltd. is May 31. Ordinary dividends, if any, are paid annually in May and capital gains dividends, if any, are paid annually within 60 days of the corporation’s year end. Dividends will automatically be reinvested in additional shares of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 24.70 77.87 136.50 310.71 Advisor Series ($) 24.70 77.87 136.50 310.71 F-Series ($) 9.74 30.70 53.81 122.48

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

275 TD Mutual Funds TD U.S. Mid-Cap Growth Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type U.S. Small and Mid-Cap Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 7, 2010 2.00% 0.30% Advisor Series (C$) September 7, 2010 2.00% 0.30% F-Series (C$) September 7, 2010 1.00% N/A

What does the Fund invest in? derivative investment is more efficient or less costly than owning the equity instrument itself) Investment objectives • reduce the risk associated with currency fluctuations • The fundamental investment objective is to seek to enhance income • achieve long-term capital growth by investing primarily in, provide downside risk protection for one or more or gaining exposure to, equity securities of medium-sized securities to which the Fund has exposure issuers in the United States. The Fund may hold money market instruments or cash to The fundamental investment objective may only be meet its obligations under the derivative instruments. changed with the approval of a majority of shareholders, In some market conditions, the Fund may invest a portion given at a meeting called for that purpose. of its assets in short-term or other debt securities. Investment strategies The Fund may engage in securities lending, repurchase The portfolio adviser seeks to achieve the fundamental or reverse repurchase transactions in a manner investment objective of the Fund by obtaining at least consistent with its investment objectives and as permitted 65% exposure to common stocks of medium-sized by Canadian securities regulatory authorities. For more companies in the United States. Such exposure may be information, see Securities lending, repurchase and obtained in one or more of the following ways, and in any reverse repurchase transactions in Your guide to combination: understanding the Fund Profile in the first part of this document. • by investing in units of TD U.S. Mid-Cap Growth Fund (the “Underlying Fund”); A shareholder of the Fund does not have ownership rights in securities of the Underlying Fund. Where TDAM • by investing directly in such equities; is the manager of both the Fund and the Underlying Fund • through the use of derivatives to gain exposure to in which the Fund has invested, the Fund will not exercise such equities. its right to vote the securities of the Underlying Fund. When investing directly in equities, the Fund considers TDAM may arrange for these securities to be voted by issuers to be in the United States if: (a) the issuer derives shareholders of the Fund. However, given the costs and significant revenue from goods produced, sales made or complexity of doing so, TDAM may not arrange for a flow- services rendered in the United States, (b) the principal through of voting rights. trading market for the securities of the issuer is in the We may change the Fund’s investment strategies at our United States, (c) the issuer is organized under the laws discretion without notice or approval. of a jurisdiction in the United States, or (d) the issuer has significant assets or a principal office in the United States. Information about the Underlying Fund Currently, the Fund obtains its desired security exposure The sub-adviser of the Underlying Fund seeks to achieve by investing in units of the Underlying Fund. the Underlying Fund’s fundamental investment objective by investing at least 65% of total assets in a diversified The Fund may use specified derivatives, such as options, portfolio of common stocks of medium-sized U.S. futures and forward contracts, as permitted by Canadian companies whose earnings the sub-adviser expects to securities laws to, among other things: grow at a faster rate than the average company. The • gain exposure to equity instruments without actually sub-adviser defines mid-cap companies as those whose investing in them directly (including when owning the market capitalization falls within the range of either the S&P MidCap 400® Total Return Index or the Russell 276 TD Mutual Funds TD U.S. Mid-Cap Growth Class

A Class of TD Mutual Funds Corporate Class Ltd.

Midcap® Growth Index at the time of purchase. Stock • market disruption risk selection favours companies with proven products or • multi-class risk services, above-average earnings growth, demonstrated • repurchase and reverse repurchase transactions risk potential to sustain earnings growth, operations in • securities lending risk industries experiencing increasing demand, or stock • series risk prices that appear to undervalue their growth prospects. While most assets will be invested in U.S. common These and other risks, which may also apply to the Fund, stocks, other securities may also be purchased, including are described under the heading Fund-specific risks in international stocks, preferred stocks, hybrids, convertible the first part of this document. securities and warrants. The risk rating of the Fund is medium. Since the Fund The Underlying Fund considers issuers to be in the has less than 10 years of performance history, TDAM has United States if: (a) the issuer derives significant revenue used the performance history of the reference fund in the from goods produced, sales made or services rendered in table below, in addition to the Fund’s actual return history, the United States, (b) the principal trading market for the to calculate the risk rating of the Fund: securities of the issuer is in the United States, (c) the Proportion (%) Reference Fund issuer is organized under the laws of a jurisdiction in the 100% TD U.S. Mid Cap Growth Fund United States, or (d) the issuer has significant assets or a principal office in the United States. For more information, see Investment risk classification methodology in Your guide to In pursuing the Underlying Fund’s investment objective, understanding the Fund Profile in the first part of this the sub-adviser has the discretion to purchase some document. securities that do not meet its normal investment criteria, as described above, when it perceives an unusual Who should invest in the Fund? opportunity for gain. These special situations might arise when the sub-adviser believes a security could increase The Fund may be suitable for medium to long-term in value for a variety of reasons, including a change in investors who: management, an extraordinary corporate event, or a • are seeking exposure to mid-sized growth temporary imbalance in the supply of or demand for the companies, primarily in the U.S. securities. The Underlying Fund may sell securities for a • are contributing to the growth component of a variety of reasons, such as to secure gains, limit losses, diversified portfolio or redeploy assets into more promising opportunities. • can handle the ups and downs of the stock market The Underlying Fund may use specified derivatives, such For more information about how TDAM has determined as options, futures and forward contracts, as permitted by the level of investor risk tolerance that would be Canadian securities laws, in the same manner as the appropriate for investment in the Fund, see Who should Fund. invest in the Fund? in Your guide to understanding The Underlying Fund may engage in securities lending, the Fund Profile in the first part of this document. repurchase or reverse repurchase transactions in the same manner as the Fund. Distribution policy In some market conditions, the Underlying Fund may The year end of TD Mutual Funds Corporate Class Ltd. is invest a portion of its assets in short-term or other debt May 31. Ordinary dividends, if any, are paid annually in securities. May and capital gains dividends, if any, are paid annually within 60 days of the corporation’s year end. For more information on the Underlying Fund, see its Fund Profile. Dividends will automatically be reinvested in additional shares of the same series of the Fund. For What are the risks of investing in the other options that may be available to you, see Distribution policy in Your guide to understanding the Fund? Fund Profile in the first part of this document. Risks of investing in the Fund may include: • derivatives risk • equity risk • foreign currency risk • fund-of-funds risk • international market risk • large investor risk

277 TD Mutual Funds TD U.S. Mid-Cap Growth Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 26.14 82.40 144.43 328.75 Advisor Series ($) 26.45 83.37 146.13 332.62 F-Series ($) 11.58 36.51 64.00 145.68

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

278 TD Mutual Funds TD Global Risk Managed Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 15, 2015 1.80% 0.20% Advisor Series (C$) September 15, 2015 1.80% 0.20% F-Series (C$) September 15, 2015 0.85% N/A

What does the Fund invest in? laws. Currently, the Fund intends to purchase, hold or obtain exposure to exchange-traded funds that seek to Investment objectives replicate the performance of gold or the value of a specified derivative the underlying interest of which is The fundamental investment objective is to seek to gold on an unlevered basis (the “Gold ETFs”). The achieve long-term capital appreciation by investing Gold ETFs are traded on a Canadian or U.S. stock primarily in, or gaining exposure to, equity securities of exchange and may not be qualified for distribution in the issuers located anywhere in the world, while seeking to same Canadian jurisdictions as the Fund. The risks manage portfolio volatility. associated with the Fund’s exposure to Gold ETFs are The fundamental investment objective may only be primarily commodity risk and exchange-traded fund risk. changed with the approval of a majority of shareholders, Currently, the Fund obtains its desired security exposure given at a meeting called for that purpose. by investing in units of the Underlying Fund. Investment strategies The Fund may also use specified derivatives, such as The portfolio adviser seeks to achieve the fundamental options, futures, forward contracts and swaps, as investment objective of the Fund by obtaining exposure to permitted by Canadian securities laws to, among other a large number of equity securities of the MSCI World things: Index, broadly diversified across all sectors. The Fund • also has exposure to a quantitative equity strategy which gain exposure to equity instruments without actually seeks to optimize exposure to stocks that are expected to investing in them directly (including when owning the outperform the overall market while seeking to limit derivative investment is more efficient or less costly exposure to stocks that are expected to underperform the than owning the equity instrument itself) overall market. • reduce the risk associated with currency fluctuations • gain exposure to gold The portfolio adviser may obtain the Fund’s desired • provide downside risk protection for one or more equity exposure and manage the downside risks of the securities to which the Fund has exposure Fund through either or both of the following ways: The Fund may hold money market instruments or cash to • by investing in units of TD Global Risk Managed meet its obligations under the derivative instruments. Equity Fund (the “Underlying Fund”); • by investing directly in any one or a combination of The Fund may engage in securities lending, repurchase equity securities, exchange-traded funds, futures and or reverse repurchase transactions in a manner total return swaps, and using derivatives including, consistent with its investment objectives and as permitted without limitation, buying or selling put and call by Canadian securities regulatory authorities. For more options. information, see Securities lending, repurchase and reverse repurchase transactions in Your guide to There is no assurance that all downside risks associated understanding the Fund Profile in the first part of this with the Fund will actually be reduced. document. The Fund has obtained permission from Canadian In some market conditions, the Fund may invest a portion securities regulatory authorities to purchase, hold or of its assets in short-term or other debt securities. obtain exposure to, up to 10% of the Fund’s net assets, taken at the time of purchase, certain exchange-traded A shareholder of the Fund does not have ownership funds that would otherwise be prohibited under securities rights in securities of the Underlying Fund. Where TDAM

279 TD Mutual Funds TD Global Risk Managed Equity Class

A Class of TD Mutual Funds Corporate Class Ltd. is the manager of both the Fund and the Underlying Fund In some market conditions, the Underlying Fund may in which the Fund has invested, the Fund will not exercise invest a portion of its assets in short-term or other debt its right to vote the securities of the Underlying Fund. securities. TDAM may arrange for these securities to be voted by For more information on the Underlying Fund, see its shareholders of the Fund. However, given the costs and Fund Profile. complexity of doing so, TDAM may not arrange for a flow- through of voting rights. What are the risks of investing in the We may change the Fund's investment strategies at our Fund? discretions without notice or approval. Risks of investing in the Fund may include: Information about the Underlying Fund • commodity risk The portfolio adviser of the Underlying Fund seeks to • derivatives risk achieve the Underlying Fund’s fundamental investment • equity risk objective by investing the majority of its assets in a large • exchange-traded fund risk number of equity securities of the MSCI World Index, • foreign currency risk broadly diversified across all sectors. The Underlying • fund-of-funds risk Fund may also invest in exchange-traded funds. • international market risk The portfolio adviser of the Underlying Fund also utilizes • large investor risk a quantitative equity strategy to invest a portion of the • market disruption risk Underlying Fund’s assets to optimize exposure to stocks • multi-class risk that are expected to outperform the overall market while • repurchase and reverse repurchase transactions risk seeking to limit exposure to stocks that are expected to • securities lending risk underperform the overall market. • series risk The portfolio adviser of the Underlying Fund seeks to These and other risks, which may also apply to the Fund, manage the downside risks of the equity securities in are described under the heading Fund-specific risks in which the Underlying Fund invests through the use of the first part of this document. derivatives including, without limitation, buying or selling The risk rating of the Fund is low to medium. Since the put and call options. There is no assurance that all Fund has less than 10 years of performance history, downside risks associated with the Underlying Fund will TDAM has used the performance history of the following actually be reduced. reference indexes, in addition to the Fund’s actual return The portfolio adviser of the Underlying Fund may also history, to calculate the risk rating of the Fund in the make tactical shifts between cash and the Underlying proportions noted in the table below: Fund’s investment in, or exposure to, equity securities. Proportion (%) Reference Indexes The portfolio adviser of the Underlying Fund may hedge ▽ any or all foreign currency exposure in the Underlying 40% Bloomberg Barclays US Aggregate Bond Index ▽ Fund. 30% MSCI EAFE® Index (Net Dividend) ▽ The Underlying Fund has obtained permission from 30% S&P 500® Index (Net Dividend, Total Return) ▽ Canadian securities regulatory authorities to purchase, Calculated in Canadian dollars for purposes of determining the risk hold or obtain exposure to, up to 10% of the Underlying rating of the Fund. Fund’s net assets, taken at the time of purchase, certain exchange-traded funds that would otherwise be The Bloomberg Barclays US Aggregate Bond Index prohibited under securities laws. Currently, the Underlying measures the investment-grade, U.S. dollar- Fund intends to purchase, hold or obtain exposure to denominated, fixed-rate taxable bond market. The ® Gold ETFs that are traded on a Canadian or U.S. stock MSCI EAFE Index measures the performance of stocks exchange and may not be qualified for distribution in the of large and mid-capitalization companies in developed same Canadian jurisdictions as the Underlying Fund. market countries, excluding the U.S. and Canada. The S&P 500® Index measures the performance of 500 large- The Underlying Fund may use specified derivatives, such capitalization companies in leading industries of the U.S. as options, futures, forward contracts and swaps, as economy. permitted by Canadian securities laws, in the same manner as the Fund. For more information, see Investment risk classification methodology in Your guide to The Underlying Fund may engage in securities lending, understanding the Fund Profile in the first part of this repurchase or reverse repurchase transactions in the document. same manner as the Fund.

280 TD Mutual Funds TD Global Risk Managed Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

Who should invest in the Fund? The Fund may be suitable for medium to long-term investors who: • are seeking exposure to a diversified portfolio of global equity securities with reduced market volatility • are contributing to the growth component of a diversified portfolio • can handle changes in the value of their investment For more information about how TDAM has determined the level of investor risk tolerance that would be appropriate for investment in the Fund, see Who should invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. Distribution policy The year end of TD Mutual Funds Corporate Class Ltd. is May 31. Ordinary dividends, if any, are paid annually in May and capital gains dividends, if any, are paid annually within 60 days of the corporation’s year end. Dividends will automatically be reinvested in additional shares of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 24.09 75.94 133.10 302.97 Advisor Series ($) 23.99 75.61 132.53 301.68 F-Series ($) 10.15 31.99 56.07 127.63

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

281 TD Mutual Funds TD Global Low Volatility Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 12, 2012 1.90% 0.30% Advisor Series (C$) September 12, 2012 1.90% 0.30% F-Series (C$) September 12, 2012 0.90% N/A

What does the Fund invest in? derivative investment is more efficient or less costly than owning the equity instrument itself) Investment objectives • reduce the risk associated with currency fluctuations The fundamental investment objective is to seek to • enhance income achieve long-term capital appreciation by investing • provide downside risk protection for one or more primarily in, or gaining exposure to, equity securities of securities to which the Fund has exposure issuers located anywhere in the world, while seeking to The Fund may hold money market instruments or cash to reduce volatility. meet its obligations under the derivative instruments. The fundamental investment objective may only be The Fund may engage in securities lending, repurchase changed with the approval of a majority of shareholders, or reverse repurchase transactions in a manner given at a meeting called for that purpose. consistent with its investment objectives and as permitted Investment strategies by Canadian securities regulatory authorities. For more information, see Securities lending, repurchase and The portfolio adviser seeks to achieve the fundamental reverse repurchase transactions in Your guide to investment objective of the Fund by obtaining exposure understanding the Fund Profile in the first part of this primarily to a diversified portfolio of global stocks which document. are included in the MSCI All Countries World Index (“MSCI ACWI”), with a focus on stocks with lower In some market conditions, the Fund may invest a portion volatility. Such exposure may be obtained in one or more of its assets in short-term or other debt securities. of the following ways, and in any combination: A shareholder of the Fund does not have ownership • by investing in units of TD Global Low Volatility Fund rights in securities of the Underlying Fund. Where TDAM (the “Underlying Fund”); is the manager of both the Fund and the Underlying Fund • by investing directly in such equities; in which the Fund has invested, the Fund will not exercise • through the use of derivatives to gain exposure to its right to vote the securities of the Underlying Fund. such equities. TDAM may arrange for these securities to be voted by shareholders of the Fund. However, given the costs and Where the Fund invests directly in stocks, the portfolio complexity of doing so, TDAM may not arrange for a flow- adviser intends to use historical standard deviation as a through of voting rights. tool in selecting the stocks, looking at individual stocks and the correlation between stocks, with the aim of We may change the Fund’s investment strategies at our reducing volatility. As a result of these investment discretion without notice or approval. strategies, the Fund may not fully benefit from strong Information about the Underlying Fund equity markets. The portfolio adviser of the Underlying Fund seeks to Currently, the Fund obtains its desired security exposure achieve the Underlying Fund’s fundamental investment by investing in units of the Underlying Fund. objective by investing primarily in, or obtaining exposure The Fund may use specified derivatives, such as options, to, a diversified portfolio of global stocks which are futures and forward contracts, as permitted by Canadian included in the MSCI ACWI. securities laws to, among other things: The portfolio adviser seeks to optimize the portfolio of the • gain exposure to equity instruments without actually Underlying Fund by overweighting stocks that are investing in them directly (including when owning the expected to deliver less volatile returns and by 282 TD Mutual Funds TD Global Low Volatility Class

A Class of TD Mutual Funds Corporate Class Ltd. underweighting, or excluding, stocks that are expected to The risk rating of the Fund is low to medium. Since the deliver more volatile returns. The portfolio adviser Fund has less than 10 years of performance history, currently uses historical standard deviation as a tool in TDAM has used the performance history of the reference selecting the stocks, looking at individual stocks and the index in the table below, in addition to the Fund’s actual correlation between stocks, with the aim of reducing return history, to calculate the risk rating of the Fund: volatility. As a result of this strategy, the Underlying Fund may not fully benefit from strong equity markets. Proportion (%) Reference Index ▽ 100% MSCI ACWI Minimum Volatility (USD) Index The portfolio adviser may also use exchange-traded (Net Dividend) funds to gain the desired equity exposure. Over a full ▽ Calculated in Canadian dollars for purposes of determining the risk market cycle, the portfolio adviser of the Underlying Fund rating of the Fund. seeks to deliver fund performance similar to that of the MSCI ACWI but with less volatility than the MSCI ACWI. The MSCI ACWI Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum The Underlying Fund may use specified derivatives, such variance strategy applied to large and mid-capitalization as options, futures and forward contracts, as permitted by stocks of companies from developed and emerging Canadian securities laws, in the same manner as the market countries. It is calculated by optimizing the Fund. MSCI ACWI Index, its parent index, in USD for the lowest The Underlying Fund may engage in securities lending, absolute risk (within a given set of constraints). For more repurchase or reverse repurchase transactions in the information, see Investment risk classification same manner as the Fund. methodology in Your guide to understanding the Fund Profile in the first part of this document. In some market conditions, the Underlying Fund may invest a portion of its assets in short-term or other debt Who should invest in the Fund? securities. The Fund may be suitable for medium to long-term For more information on the Underlying Fund, see its investors who: Fund Profile. • are seeking a diversified global equity fund with less What are the risks of investing in the volatility Fund? • are contributing to the growth component of a diversified portfolio Risks of investing in the Fund may include: • can handle changes in the value of their investment • derivatives risk For more information about how TDAM has determined • equity risk the level of investor risk tolerance that would be • foreign currency risk appropriate for investment in the Fund, see Who should • fund-of-funds risk invest in the Fund? in Your guide to understanding • international market risk the Fund Profile in the first part of this document. • large investor risk • liquidity risk Distribution policy • market disruption risk The year end of TD Mutual Funds Corporate Class Ltd. is • multi-class risk May 31. Ordinary dividends, if any, are paid annually in • repurchase and reverse repurchase transactions risk May and capital gains dividends, if any, are paid annually • securities lending risk within 60 days of the corporation’s year end. • series risk Dividends will automatically be reinvested in • small company risk additional shares of the same series of the Fund. For These and other risks, which may also apply to the Fund, other options that may be available to you, see are described under the heading Fund-specific risks in Distribution policy in Your guide to understanding the the first part of this document. Fund Profile in the first part of this document.

283 TD Mutual Funds TD Global Low Volatility Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 25.11 79.17 138.76 315.86 Advisor Series ($) 25.22 79.49 139.33 317.15 F-Series ($) 10.25 32.31 56.64 128.92

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

284 TD Mutual Funds Epoch Global Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 7, 2010 1.95% 0.30% Advisor Series (C$) September 7, 2010 1.95% 0.30% F-Series (C$) September 7, 2010 0.95% N/A

What does the Fund invest in? In some market conditions, the Fund may invest a portion of its assets in short-term or other debt securities. Investment objectives The Fund may engage in securities lending, repurchase The fundamental investment objective is to seek to or reverse repurchase transactions in a manner achieve long-term capital appreciation by investing consistent with its investment objectives and as permitted primarily in, or gaining exposure to, equity securities of by Canadian securities regulatory authorities. For more companies from anywhere in the world, including information, see Securities lending, repurchase and companies considered to be global leaders in their reverse repurchase transactions in Your guide to respective industries. understanding the Fund Profile in the first part of this document. The fundamental investment objective may only be changed with the approval of a majority of shareholders, A shareholder of the Fund does not have ownership given at a meeting called for that purpose. rights in securities of the Underlying Fund. Where TDAM is the manager of both the Fund and the Underlying Fund Investment strategies in which the Fund has invested, the Fund will not exercise The portfolio adviser seeks to achieve the fundamental its right to vote the securities of the Underlying Fund. investment objective of the Fund by obtaining exposure TDAM may arrange for these securities to be voted by primarily to equity securities of companies from anywhere shareholders of the Fund. However, given the costs and in the world. Such exposure may be obtained in one or complexity of doing so, TDAM may not arrange for a flow- more of the following ways, and in any combination: through of voting rights. • by investing in units of Epoch Global Equity Fund (the We may change the Fund’s investment strategies at our “Underlying Fund”); discretion without notice or approval. • by investing directly in such equities; Information about the Underlying Fund • through the use of derivatives to gain exposure to such equities. The portfolio adviser of the Underlying Fund seeks to achieve the Underlying Fund’s fundamental investment Currently, the Fund obtains its desired security exposure objective by investing primarily in a portfolio of equity by investing in units of the Underlying Fund. investments across various industries in developed The Fund may use specified derivatives, such as options, markets and may also invest, to a lesser extent, in futures and forward contracts, as permitted by Canadian emerging markets. securities laws to, among other things: The portfolio adviser of the Underlying Fund believes that • gain exposure to equity instruments without actually companies that reinvest in their businesses to grow free investing in them directly (including when owning the cash flow represent the best predictors of long-term derivative investment is more efficient or less costly return. As a result, the security selection process is than owning the equity instrument itself) focused on an issuer’s ability to both generate free cash • reduce the risk associated with currency fluctuations flow and reinvest it in a way that generates a return on • enhance income investment greater than the firm’s cost of capital rather • provide downside risk protection for one or more than traditional accounting measures such as price-to- securities to which the Fund has exposure book or price-to-earnings ratios. The Fund may hold money market instruments or cash to The investment process includes using proprietary meet its obligations under the derivative instruments. quantitative research to identify potential investments, 285 TD Mutual Funds Epoch Global Equity Class

A Class of TD Mutual Funds Corporate Class Ltd. screening for metrics such as return on invested capital The risk rating of the Fund is medium. Since the Fund greater than the weighted average cost of capital and has less than 10 years of performance history, TDAM has growth in cash flow from operations over the last five used the performance history of the reference index in the years. Stocks are then subject to rigorous fundamental table below, in addition to the Fund’s actual return history, research to assess the sustainability of the competitive to calculate the risk rating of the Fund: advantages that has enabled each company to achieve its level of return on invested capital. Proportion (%) Reference Index ▽ 100% MSCI World Index (Net Dividend)

The Underlying Fund may use specified derivatives, such ▽ Calculated in Canadian dollars for purposes of determining the risk as options, futures and forward contracts, as permitted by Canadian securities laws, in the same manner as the rating of the Fund. Fund. The MSCI World Index measures the performance of stocks of large and mid-capitalization companies in The Underlying Fund may engage in securities lending, developed market countries. For more information, see repurchase or reverse repurchase transactions in the in same manner as the Fund. Investment risk classification methodology Your guide to understanding the Fund Profile in the first part The portfolio adviser of the Underlying Fund may engage of this document. in active and frequent trading of portfolio securities such that the portfolio turnover rate may be greater than 70% Who should invest in the Fund? for the upcoming financial year. The higher the portfolio The Fund may be suitable for medium to long-term turnover rate in a financial year, the greater the trading investors who: costs payable by a mutual fund in the year, and the greater the chance of an investor receiving taxable • are seeking global equity and foreign currency distributions in the year. There is not necessarily a exposure relationship between a high turnover rate and the • are contributing to the growth component of a performance of a fund. For more information, see Income diversified portfolio tax considerations for investors in the first part of this • can handle the ups and downs of the stock market document. For more information about how TDAM has determined In some market conditions, the Underlying Fund may the level of investor risk tolerance that would be invest a portion of its assets in short-term or other debt appropriate for investment in the Fund, see Who should securities. invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. For more information on the Underlying Fund, see its Fund Profile. Distribution policy What are the risks of investing in the The year end of TD Mutual Funds Corporate Class Ltd. is Fund? May 31. Ordinary dividends, if any, are paid annually in May and capital gains dividends, if any, are paid annually Risks of investing in the Fund may include: within 60 days of the corporation’s year end. • commodity risk Dividends will automatically be reinvested in • derivatives risk additional shares of the same series of the Fund. For • equity risk other options that may be available to you, see • foreign currency risk Distribution policy in Your guide to understanding the • fund-of-funds risk Fund Profile in the first part of this document. • international market risk • large investor risk Fund expenses indirectly borne by • market disruption risk investors • multi-class risk • repurchase and reverse repurchase transactions risk Mutual funds pay for some expenses out of fund assets. • securities lending risk That means investors in a mutual fund indirectly pay for • series risk these expenses through lower returns. • small company risk The following table is intended to help you compare the These and other risks, which may also apply to the Fund, cumulative cost of investing in this Fund with the cost of are described under the heading Fund-specific risks in investing in other mutual funds. This example assumes the first part of this document. that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual

286 TD Mutual Funds Epoch Global Equity Class

A Class of TD Mutual Funds Corporate Class Ltd.

5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 25.63 80.78 141.59 322.31 Advisor Series ($) 25.52 80.46 141.03 321.02 F-Series ($) 10.87 34.25 60.04 136.66

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

287 TD Mutual Funds TD International Stock Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type International Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 7, 2010 1.90% 0.30% Advisor Series (C$) September 7, 2010 1.90% 0.30% F-Series (C$) September 7, 2010 0.90% N/A

What does the Fund invest in? In some market conditions, the Fund may invest a portion of its assets in short-term or other debt securities. Investment objectives The Fund may engage in securities lending, repurchase The fundamental investment objective is to seek to or reverse repurchase transactions in a manner achieve long-term capital growth by investing primarily in, consistent with its investment objectives and as permitted or gaining exposure to, stocks and other securities of, or by Canadian securities regulatory authorities. For more with exposure to, companies outside Canada and the information, see Securities lending, repurchase and United States. reverse repurchase transactions in Your guide to in the first part of this The fundamental investment objective may only be understanding the Fund Profile document. changed with the approval of a majority of shareholders, given at a meeting called for that purpose. A shareholder of the Fund does not have ownership rights in securities of the Underlying Fund. Where TDAM Investment strategies is the manager of both the Fund and the Underlying Fund The portfolio adviser seeks to achieve the fundamental in which the Fund has invested, the Fund will not exercise investment objective of the Fund by obtaining exposure its right to vote the securities of the Underlying Fund. primarily to stocks and other securities of companies TDAM may arrange for these securities to be voted by outside Canada and the United States. Such exposure shareholders of the Fund. However, given the costs and may be obtained in one or more of the following ways, complexity of doing so, TDAM may not arrange for a flow- and in any combination: through of voting rights. • by investing in units of TD International Stock Fund We may change the Fund’s investment strategies at our (the “Underlying Fund”); discretion without notice or approval. • by investing directly in such equities; Information about the Underlying Fund • through the use of derivatives to gain exposure to such equities. The portfolio adviser of the Underlying Fund seeks to achieve the Underlying Fund’s fundamental investment Currently, the Fund obtains its desired security exposure objective by using a well-diversified portfolio primarily by investing in units of the Underlying Fund. consisting of equities of companies located in the markets The Fund may use specified derivatives, such as options, of Europe, Australasia, the Far East, and emerging futures and forward contracts, as permitted by Canadian market countries. The portfolio adviser of the Underlying securities laws to, among other things: Fund focuses on companies believed to be able to sustain superior earnings growth. Emphasis is also • gain exposure to equity instruments without actually placed on earnings quality and financial strength. investing in them directly (including when owning the Modeling analytics of stock, sector and country derivative investment is more efficient or less costly contribution are utilized to optimize the Underlying Fund’s than owning the equity instrument itself) overall risk exposures relative to its benchmark. • obtain the desired foreign currency exposure • enhance income The portfolio adviser of the Underlying Fund may also use • provide downside risk protection for one or more exchange-traded funds or other securities to gain the securities to which the Fund has exposure desired equity exposure. The Fund may hold money market instruments or cash to meet its obligations under the derivative instruments. 288 TD Mutual Funds TD International Stock Class

A Class of TD Mutual Funds Corporate Class Ltd.

The Underlying Fund seeks to hold a diversified portfolio The MSCI EAFE® Index measures the performance of of investments in a number of countries and in a wide stocks of large and mid-capitalization companies in range of industries. developed market countries, excluding the U.S. and Canada. For more information, see Investment risk The Underlying Fund may use specified derivatives, such classification methodology in Your guide to as options, futures and forward contracts, as permitted by understanding the Fund Profile in the first part of this Canadian securities laws, in the same manner as the document. Fund. The Underlying Fund may engage in securities lending, Who should invest in the Fund? repurchase or reverse repurchase transactions in the The Fund may be suitable for medium to long-term same manner as the Fund. investors who: In some market conditions, the Underlying Fund may • are seeking geographic diversification outside of invest a portion of its assets in short-term or other debt Canada and the U.S. securities. • are contributing to the growth component of a For more information on the Underlying Fund, see its diversified portfolio Fund Profile. • can handle the ups and downs of the stock market For more information about how TDAM has determined What are the risks of investing in the the level of investor risk tolerance that would be Fund? appropriate for investment in the Fund, see Who should Risks of investing in the Fund may include: invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. • derivatives risk • equity risk Distribution policy • exchange-traded fund risk The year end of TD Mutual Funds Corporate Class Ltd. is • foreign currency risk May 31. Ordinary dividends, if any, are paid annually in • fund-of-funds risk May and capital gains dividends, if any, are paid annually • international market risk within 60 days of the corporation’s year end. • large investor risk (as at June 30, 2020, two shareholders held 21.87% and 16.80%, respectively, Dividends will automatically be reinvested in of the net asset value of the Fund) additional shares of the same series of the Fund. For • liquidity risk other options that may be available to you, see • market disruption risk Distribution policy in Your guide to understanding the • multi-class risk Fund Profile in the first part of this document. • repurchase and reverse repurchase transactions risk • securities lending risk Fund expenses indirectly borne by • series risk investors • small company risk Mutual funds pay for some expenses out of fund assets. These and other risks, which may also apply to the Fund, That means investors in a mutual fund indirectly pay for are described under the heading Fund-specific risks in these expenses through lower returns. the first part of this document. The following table is intended to help you compare the The risk rating of the Fund is medium. Since the Fund cumulative cost of investing in this Fund with the cost of has less than 10 years of performance history, TDAM has investing in other mutual funds. This example assumes used the performance history of the reference index in the that: (i) you invest $1,000 in shares of the Fund for the table below, in addition to the Fund’s actual return history, time periods indicated; (ii) your investment has an annual to calculate the risk rating of the Fund: 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that Proportion (%) Reference Index each respective series incurred in the Fund’s last financial ® ▽ 100% MSCI EAFE Index (Net Dividend) year. ▽ Calculated in Canadian dollars for purposes of determining the risk rating of the Fund.

289 TD Mutual Funds TD International Stock Class

A Class of TD Mutual Funds Corporate Class Ltd.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 25.01 78.84 138.20 314.57 Advisor Series ($) 25.73 81.11 142.16 323.60 F-Series ($) 10.46 32.96 57.77 131.50

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

290 TD Mutual Funds TD Emerging Markets Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Emerging Markets Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Shares of a class of a (excluding GST and HST) (excluding GST and HST) mutual fund corporation) Investor Series (C$) September 7, 2010 2.25% 0.35% Advisor Series (C$) September 7, 2010 2.25% 0.35% F-Series (C$) September 7, 2010 1.25% N/A

What does the Fund invest in? The Fund may use specified derivatives, such as options, futures and forward contracts, as permitted by Canadian Investment objectives securities laws to, among other things: The fundamental investment objective is to seek to • gain exposure to equity instruments without actually achieve long-term capital growth by investing primarily in, investing in them directly (including when owning the or gaining exposure to, equity securities of issuers in derivative investment is more efficient or less costly emerging countries. than owning the equity instrument itself) • The fundamental investment objective may only be reduce the risk associated with currency fluctuations • changed with the approval of a majority of shareholders, enhance income • given at a meeting called for that purpose. provide downside risk protection for one or more securities to which the Fund has exposure Investment strategies The Fund may hold money market instruments or cash to The portfolio adviser seeks to achieve the fundamental meet its obligations under the derivative instruments. investment objective of the Fund by obtaining exposure primarily to equity securities of growth-oriented In some market conditions, the Fund may invest a portion companies in emerging markets. Such exposure may be of its assets in short-term or other debt securities. obtained in one or more of the following ways, and in any The Fund may engage in securities lending, repurchase combination: or reverse repurchase transactions in a manner • by investing in units of TD Emerging Markets Fund consistent with its investment objectives and as permitted (the “Underlying Fund”); by Canadian securities regulatory authorities. For more • by investing directly in such equities; information, see Securities lending, repurchase and in • through the use of derivatives to gain exposure to reverse repurchase transactions Your guide to such equities. understanding the Fund Profile in the first part of this document. The Fund determines, from time to time, which countries constitute an emerging country. Currently, it considers an A shareholder of the Fund does not have ownership emerging country to be a country within the MSCI rights in securities of the Underlying Fund. Where TDAM Emerging Markets Index. This may be changed by the is the manager of both the Fund and the Underlying Fund Fund from time to time without notice or approval. in which the Fund has invested, the Fund will not exercise its right to vote the securities of the Underlying Fund. When investing directly in equities, the Fund considers TDAM may arrange for these securities to be voted by issuers to be in an emerging country if: (a) the issuer shareholders of the Fund. However, given the costs and derives significant revenue from goods produced, sales complexity of doing so, TDAM may not arrange for a flow- made or services rendered in an emerging country, through of voting rights. (b) the principal trading market for the securities of the issuer is in an emerging country, (c) the issuer is We may change the Fund’s investment strategies at our organized under the laws of an emerging country, or (d) discretion without notice or approval. the issuer has significant assets or a principal office in an Information about the Underlying Fund emerging country. The sub-adviser of the Underlying Fund seeks to achieve Currently, the Fund obtains its desired security exposure the Underlying Fund’s fundamental investment objective by investing in units of the Underlying Fund. by investing primarily in growth-oriented equity securities

291 TD Mutual Funds TD Emerging Markets Class

A Class of TD Mutual Funds Corporate Class Ltd. in emerging markets. The investment approach combines • large investor risk (as at June 30, 2020, one top-down country allocation with bottom-up stock shareholder held 10.14% of the net asset value of the selection. Investment selection criteria include attractive Fund) growth characteristics, reasonable valuations and • liquidity risk management that has a strong shareholder value • market disruption risk orientation. The Underlying Fund invests in equity • multi-class risk securities by purchasing common and preferred shares • repurchase and reverse repurchase transactions risk and may hold fixed income securities as an equity • securities lending risk substitute when debt is the preferred way to access a • series risk market. The Underlying Fund will be managed so as to be invested in a diversified portfolio of securities of issuers in These and other risks, which may also apply to the Fund, emerging countries. Under normal conditions, at least are described under the heading Fund-specific risks in 65% of the Underlying Fund’s total assets will be invested the first part of this document. in securities of issuers in emerging countries. However, in The risk rating of the Fund is medium to high. Since the some market conditions, it may also hold short-term Fund has less than 10 years of performance history, securities. TDAM has used the performance history of the reference The Underlying Fund determines, from time to time, fund in the table below, in addition to the Fund’s actual which countries constitute an emerging country. return history, to calculate the risk rating of the Fund: Currently, it considers an emerging country to be a Proportion (%) Reference Fund country within the MSCI Emerging Markets Index. This 100% TD Emerging Markets Fund may be changed by the Underlying Fund from time to time without notice or approval. For more information, see Investment risk classification methodology in Your guide to The Underlying Fund considers issuers to be in an understanding the Fund Profile in the first part of this emerging country if: (a) the issuer derives significant document. revenue from goods produced, sales made or services rendered in an emerging country, (b) the principal trading Who should invest in the Fund? market for the securities of the issuer is in an emerging country, (c) the issuer is organized under the laws of an The Fund may be suitable for long-term investors who emerging country, or (d) the issuer has significant assets are: or a principal office in an emerging country. • seeking exposure to developing economies and The Underlying Fund may use specified derivatives, such currencies around the globe as options, futures and forward contracts, as permitted by • contributing to the growth component of a diversified Canadian securities laws, in the same manner as the portfolio Fund. • willing to accept some short-term volatility for potentially higher long-term returns The Underlying Fund may engage in securities lending, • comfortable with the ups and downs of the stock repurchase or reverse repurchase transactions in the market same manner as the Fund. For more information about how TDAM has determined In some market conditions, the Underlying Fund may the level of investor risk tolerance that would be invest a portion of its assets in short-term or other debt appropriate for investment in the Fund, see Who should securities. invest in the Fund? in Your guide to understanding For more information on the Underlying Fund, see its the Fund Profile in the first part of this document. Fund Profile. Distribution policy What are the risks of investing in the The year end of TD Mutual Funds Corporate Class Ltd. is Fund? May 31. Ordinary dividends, if any, are paid annually in May and capital gains dividends, if any, are paid annually Risks of investing in the Fund may include: within 60 days of the corporation’s year end. • derivatives risk Dividends will automatically be reinvested in • equity risk additional shares of the same series of the Fund. For • foreign currency risk other options that may be available to you, see • fund-of-funds risk Distribution policy in Your guide to understanding the • international market risk Fund Profile in the first part of this document.

292 TD Mutual Funds TD Emerging Markets Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Investor Series ($) 29.62 93.38 163.68 372.59 Advisor Series ($) 29.83 94.03 164.82 375.17 F-Series ($) 13.84 43.62 76.46 174.05

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

293 TD Mutual Funds TD Fixed Income Pool

Fund details Fund type Canadian Bond Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee Administration fee (Units of a mutual fund trust) (excluding GST and HST) (excluding GST and HST) Advisor Series (C$) September 5, 2019 0.90% 0.08% F-Series (C$) January 29, 2019 0.40% N/A W-Series‡ (C$) March 27, 2012 0.35% N/A Private Series (C$) November 24, 2015 N/A∆ N/A

‡ W-Series units of the Fund are only available through dealers specifically authorized by TDAM to distribute them. ∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM.

What does the Fund invest in? not exceed 30% of the net asset value of the Fund, taken at the time of purchase (excluding securities of Investment objectives Underlying ETFs that are managed by TDAM or an The fundamental investment objective is to seek to earn associate or affiliate of TDAM); (ii) Underlying ETFs that interest income by investing primarily in, or gaining are traded on a U.S. exchange do not exceed 10% of the net asset value of the Fund, taken at the time of exposure to, Canadian dollar-denominated fixed income purchase; (iii) Underlying ETFs that provide leverage securities. exposure do not exceed 10% of the net asset value of the The fundamental investment objective may only be Fund, taken at the time of purchase; and (iv) the Fund will changed with the approval of a majority of unitholders, not short sell securities of any Underlying ETF. given at a meeting called for that purpose. The Fund may use specified derivatives, such as options, Investment strategies futures, forward contracts and swaps, as permitted by Canadian securities laws to, among other things: The portfolio adviser seeks to achieve the fundamental investment objective of the Fund by gaining exposure • hedge against losses associated with rising interest primarily to bonds denominated in Canadian dollars, rates which may include debt obligations of, or guaranteed by, • gain exposure to fixed income instruments without Canadian federal, provincial or municipal governments, actually investing in them directly (including when Canadian corporations, or foreign issuers (Maple bonds). owning the derivative investment is more efficient or In addition, the Fund may, for up to a maximum of 30% of less costly than owning the fixed income instrument the total value of the assets of the Fund, invest in, or have itself) exposure to, any one or combination of: global • obtain the desired foreign currency exposure investment- and non-investment-grade bonds, emerging • swap credit risk market debt, and any other foreign debt obligations. The Fund may gain exposure to fixed income securities The Fund may hold money market instruments or cash to through any one or a combination of: one or more other meet its obligations under the derivative instruments. mutual funds, primarily funds managed by TDAM; The Fund may engage in securities lending, repurchase derivatives; exchange-traded funds; direct investments in or reverse repurchase transactions in a manner fixed income securities or money market securities; and consistent with its investment objectives and as permitted any other instrument that provides the desired exposure. by Canadian securities regulatory authorities. For more The portfolio adviser may dynamically shift allocations in information, see Securities lending, repurchase and fixed income and currency markets. The Fund may also reverse repurchase transactions in Your guide to hold a significant portion of its assets in cash-equivalent understanding the Fund Profile in the first part of this instruments when the portfolio adviser believes it is document. prudent to do so. While the Fund does not engage in short selling The Fund has obtained permission from Canadian transactions directly, one or more of the underlying funds securities regulatory authorities to invest in Canadian and may engage in short selling in a manner consistent with U.S. exchange-traded funds that are not index their respective investment objectives and as permitted participation units and that would otherwise be prohibited by Canadian securities regulatory authorities. For more under securities laws (the “Underlying ETFs”), provided information, see Short selling in Your guide to that, among other conditions: (i) such Underlying ETFs do

294 TD Mutual Funds TD Fixed Income Pool understanding the Fund Profile in the first part of this Who should invest in the Fund? document. The Fund may be suitable for medium to long-term A unitholder of the Fund does not have ownership rights investors who: in securities of any underlying fund held by the Fund. Where TDAM is the manager of both the Fund and an • are contributing to the fixed income portion of a underlying fund in which the Fund has invested, the Fund diversified portfolio will not exercise its right to vote the securities of the • can handle small changes in the value of their underlying fund. TDAM may arrange for these securities investment to be voted by unitholders of the Fund. However, given For more information about how TDAM has determined the costs and complexity of doing so, TDAM may not the level of investor risk tolerance that would be arrange for a flow-through of voting rights. appropriate for investment in the Fund, see Who should We may change the Fund’s investment strategies at our invest in the Fund? in Your guide to understanding discretion without notice or approval. the Fund Profile in the first part of this document. What are the risks of investing in the Distribution policy Fund? The Fund intends to distribute any net income on or about calendar quarter end (March, June, September and Risks of investing in the Fund may include: December). If the distributions in a year are less than the • credit risk Fund’s net income and net realized capital gains for the • derivatives risk year, the Fund will make an additional distribution in • exchange-traded fund risk December. • foreign currency risk Distributions will automatically be reinvested in • fund-of-funds risk additional units of the same series of the Fund. For • interest rate risk other options that may be available to you, see • international market risk Distribution policy in Your guide to understanding the • large investor risk (as at June 30, 2020, one Fund Profile in the first part of this document. unitholder held 24.32% of the net asset value of the Fund) Fund expenses indirectly borne by • liquidity risk • market disruption risk investors • repurchase and reverse repurchase transactions risk Mutual funds pay for some expenses out of fund assets. • securities lending risk That means investors in a mutual fund indirectly pay for • series risk these expenses through lower returns. • short selling risk • valuation risk for illiquid assets The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of These and other risks, which may also apply to the Fund, investing in other mutual funds. This example assumes are described under the heading Fund-specific risks in that: (i) you invest $1,000 in units of the Fund for the time the first part of this document. periods indicated; (ii) your investment has an annual 5% The risk rating of the Fund is low. Since the Fund has return; and (iii) the MER for each series of units of the less than 10 years of performance history, TDAM has Fund was the same in all periods as the MER that each used the performance history of the reference index in the respective series incurred in the Fund’s last financial table below, in addition to the Fund’s actual return history, year. to calculate the risk rating of the Fund:

Proportion (%) Reference Index 100% FTSE Canada Universe Bond Index The FTSE Canada Universe Bond Index is a broad-based measure of the performance of marketable government and corporate bonds outstanding in the Canadian market. For more information, see Investment risk classification methodology in Your guide to understanding the Fund Profile in the first part of this document.

295 TD Mutual Funds TD Fixed Income Pool

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years Advisor Series ($) 11.17 35.22 61.74 140.53 F-Series ($) 4.61 14.54 25.49 58.02 W-Series ($) 4.00 12.60 22.09 50.28 Private Series◊ ($) 0.10 0.32 0.57 1.29 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

296 TD Mutual Funds TD Risk Management Pool

Fund details Fund type Tactical Balanced Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) W-Series‡ (C$) October 27, 2015 0.60%

‡ W-Series units of the Fund are only available through dealers specifically authorized by TDAM to distribute them.

What does the Fund invest in? same Canadian jurisdictions as the Fund. The risks associated with the Fund’s exposure to Gold ETFs are Investment objectives primarily commodity risk and exchange-traded fund risk. The fundamental investment objective is to seek to The Fund has obtained permission from Canadian generate a moderate level of income with some potential securities regulatory authorities to invest in Canadian and for capital growth, while seeking to reduce portfolio U.S. exchange-traded funds that are not index volatility. participation units and that would otherwise be prohibited The fundamental investment objective may only be under securities laws (the “Underlying ETFs”), provided changed with the approval of a majority of unitholders, that, among other conditions: (i) such Underlying ETFs do not exceed 30% of the net asset value of the Fund, taken given at a meeting called for that purpose. at the time of purchase (excluding securities of Investment strategies Underlying ETFs that are managed by TDAM or an associate or affiliate of TDAM); (ii) Underlying ETFs that The portfolio adviser seeks to achieve the fundamental are traded on a U.S. exchange do not exceed 10% of the investment objective of the Fund by investing primarily in net asset value of the Fund, taken at the time of units of other investment funds managed by TDAM. The purchase; (iii) Underlying ETFs and Gold ETFs that Fund also has exposure to securities of any type provide leverage exposure do not exceed 10% of the net including, but not limited to: money market, debt and asset value of the Fund, taken at the time of purchase; debt-like instruments, preferred shares, exchange-traded and (iv) the Fund will not short sell securities of any funds and/or equity and equity-like instruments of Underlying ETF. Canadian, U.S. and/or international issuers. The Fund mainly has exposure to investment strategies that seek to The Fund may use specified derivatives, such as options, reduce portfolio volatility. These strategies seek to reduce futures, forward contracts and swaps, as permitted by losses from market declines, while recognizing that they Canadian securities laws to, among other things: may not fully benefit from strong equity markets. The • portfolio adviser may dynamically shift the Fund’s gain exposure to fixed income and/or equity exposure across asset classes and markets. instruments without actually investing in them directly (including when owning the derivative investment is In determining the allocations to the underlying funds, the more efficient or less costly than owning the fixed portfolio adviser considers factors which include its own income or equity instrument itself) market expectations, each underlying fund’s investment • reduce the risk associated with currency fluctuations objective and strategies, past performance and historical • gain exposure to gold volatility in the context of a diversified holding of • enhance income underlying funds suitable for the Fund. • provide downside risk protection for one or more The Fund has obtained permission from Canadian securities to which the Fund has exposure securities regulatory authorities to purchase, hold or • swap credit risk obtain exposure to, up to 10% of the Fund’s net assets, The Fund may hold money market instruments or cash to taken at the time of purchase, certain exchange-traded meet its obligations under the derivative instruments. funds that would otherwise be prohibited under securities laws. Currently, the Fund intends to purchase, hold or The Fund may engage in securities lending, repurchase obtain exposure to exchange-traded funds that seek to or reverse repurchase transactions in a manner replicate the performance of gold or the value of a consistent with its investment objectives and as permitted specified derivative the underlying interest of which is by Canadian securities regulatory authorities. For more gold on an unlevered basis (the “Gold ETFs”). The information, see Securities lending, repurchase and Gold ETFs are traded on a Canadian or U.S. stock reverse repurchase transactions in Your guide to exchange and may not be qualified for distribution in the

297 TD Mutual Funds TD Risk Management Pool understanding the Fund Profile in the first part of this The risk rating of the Fund is low to medium. Since the document. Fund has less than 10 years of performance history, TDAM has used the performance history of the following The portfolio adviser may vary the percentage of the reference indexes, in addition to the Fund’s actual return Fund’s holdings in any investment fund or asset class, or history, to calculate the risk rating of the Fund in the change the securities in which the Fund invests, in each proportions noted in the table below: case, without notice to unitholders. Proportion (%) Reference Indexes While the Fund does not engage in short selling transactions directly, one or more of the underlying funds 40% FTSE Canada 91 Day T-Bill Index ▽ may engage in short selling in a manner consistent with 40% S&P 500® Index (Net Dividend, Total Return) their respective investment objectives and as permitted 10% FTSE Canada Universe Bond Index by Canadian securities regulatory authorities. For more 10% S&P/TSX Composite Index (Total Return) information, see Short selling in Your guide to ▽ Calculated in Canadian dollars for purposes of determining the risk understanding the Fund Profile in the first part of this rating of the Fund. document. The FTSE Canada 91 Day T-Bill Index is comprised of A unitholder of the Fund does not have ownership rights Government of Canada 91-day Treasury Bills. The in securities of any underlying fund held by the Fund. S&P 500® Index measures the performance of 500 large- Where TDAM is the manager of both the Fund and an capitalization companies in leading industries of the U.S. underlying fund in which the Fund has invested, the Fund economy. The FTSE Canada Universe Bond Index is a will not exercise its right to vote the securities of the broad-based measure of the performance of marketable underlying fund. TDAM may arrange for these securities government and corporate bonds outstanding in the to be voted by unitholders of the Fund. However, given Canadian market. The S&P/TSX Composite Index is the the costs and complexity of doing so, TDAM may not headline index and the principal broad market measure arrange for a flow-through of voting rights. for the Canadian equity markets. It includes common We may change the Fund’s investment strategies at our stocks and income trust units. discretion without notice or approval. For more information, see Investment risk classification methodology in Your guide to What are the risks of investing in the understanding the Fund Profile in the first part of this Fund? document. Risks of investing in the Fund may include: Who should invest in the Fund? • commodity risk The Fund may be suitable for medium to long-term • credit risk investors who: • derivatives risk • equity risk • are seeking exposure to a well-diversified portfolio of • exchange-traded fund risk money market instruments, fixed-income securities • foreign currency risk and/or equities of companies located anywhere in the • fund-of-funds risk world • interest rate risk • are seeking to reduce the impact of equity market • international market risk volatility within the context of a diversified portfolio • large investor risk • can handle changes in the value of their investment • liquidity risk For more information about how TDAM has determined • market disruption risk the level of investor risk tolerance that would be • repurchase and reverse repurchase transactions risk appropriate for investment in the Fund, see Who should • securities lending risk invest in the Fund? in Your guide to understanding • series risk the Fund Profile in the first part of this document. • short selling risk • small company risk Distribution policy These and other risks, which may also apply to the Fund, The Fund distributes any net income and any net realized are described under the heading Fund-specific risks in capital gains annually in December. the first part of this document. Distributions will automatically be reinvested in additional units of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document.

298 TD Mutual Funds TD Risk Management Pool

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years W-Series ($) 5.64 17.77 31.15 70.91

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

299 TD Mutual Funds TD Canadian Equity Pool

Fund details Fund type Canadian Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) W-Series‡ (C$) February 3, 2015 0.75% Private Series (C$) November 24, 2015 N/A∆

‡ W-Series units of the Fund are only available through dealers specifically authorized by TDAM to distribute them. ∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM.

What does the Fund invest in? specified derivative the underlying interest of which is gold on an unlevered basis (the “Gold ETFs”). The Investment objectives Gold ETFs are traded on a Canadian or U.S. stock The fundamental investment objective is to seek to exchange and may not be qualified for distribution in the same Canadian jurisdictions as the Fund. The risks achieve long-term capital appreciation by investing associated with the Fund’s exposure to Gold ETFs are primarily in, or gaining exposure to, equity securities primarily commodity risk and exchange-traded fund risk. issued primarily by Canadian corporations. The fundamental investment objective may only be The Fund has obtained permission from Canadian changed with the approval of a majority of unitholders, securities regulatory authorities to invest in Canadian and U.S. exchange-traded funds that are not index given at a meeting called for that purpose. participation units and that would otherwise be prohibited Investment strategies under securities laws (the “Underlying ETFs”), provided that, among other conditions: (i) such Underlying ETFs do The portfolio adviser seeks to achieve the fundamental not exceed 30% of the net asset value of the Fund, taken investment objective of the Fund by obtaining exposure at the time of purchase (excluding securities of primarily to equities of Canadian companies. Such Underlying ETFs that are managed by TDAM or an exposure may be obtained in one or more of the following associate or affiliate of TDAM); (ii) Underlying ETFs that ways, and in any combination: are traded on a U.S. exchange do not exceed 10% of the • by investing in securities of one or more other mutual net asset value of the Fund, taken at the time of funds, primarily funds managed by TDAM; purchase; (iii) Underlying ETFs and Gold ETFs that • by investing directly in such equities; provide leverage exposure do not exceed 10% of the net • through the use of derivatives or exchange-traded asset value of the Fund, taken at the time of purchase; funds; and (iv) the Fund will not short sell securities of any • by investing in any other instrument that provides the Underlying ETF. desired equity exposure. The Fund may use specified derivatives, such as options, The portfolio adviser may dynamically shift allocations in futures and forward contracts, as permitted by Canadian the equity market with respect to style, volatility, and/or securities laws to, among other things: market capitalization. The portfolio adviser considers, in • gain exposure to equity instruments without actually determining these allocations, factors which include its investing in them directly (including when owning the own market expectations and suitability for the Fund. derivative investment is more efficient or less costly The Fund may also gain exposure to other asset classes, than owning the equity instrument itself) including real estate and infrastructure, primarily by • reduce the risk associated with currency fluctuations investing in securities of one or more funds or other • gain exposure to gold investment vehicles managed by TDAM. • enhance income • provide downside risk protection for one or more The Fund has obtained permission from Canadian securities to which the Fund has exposure securities regulatory authorities to purchase, hold or obtain exposure to, up to 10% of the Fund’s net assets, The Fund may hold money market instruments or cash to taken at the time of purchase, certain exchange-traded meet its obligations under the derivative instruments. funds that would otherwise be prohibited under securities The Fund may invest in foreign securities to an extent laws. Currently, the Fund intends to purchase, hold or that will vary from time to time but is not typically obtain exposure to exchange-traded funds that seek to replicate the performance of gold or the value of a

300 TD Mutual Funds TD Canadian Equity Pool expected to exceed 30% of the total value of the assets of The risk rating of the Fund is medium. Since the Fund the Fund at the time that foreign securities are purchased. has less than 10 years of performance history, TDAM has used the performance history of the reference index in the In some market conditions, the Fund may invest a portion table below, in addition to the Fund’s actual return history, of its assets in short-term or other debt securities. to calculate the risk rating of the Fund: The Fund may engage in securities lending, repurchase Proportion (%) Reference Index or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted 100% S&P/TSX Composite Index (Total Return) by Canadian securities regulatory authorities. For more The S&P/TSX Composite Index is the headline index and information, see Securities lending, repurchase and the principal broad market measure for the Canadian reverse repurchase transactions in Your guide to equity markets. It includes common stocks and income understanding the Fund Profile in the first part of this trust units. For more information, see Investment risk document. classification methodology in Your guide to A unitholder of the Fund does not have ownership rights understanding the Fund Profile in the first part of this in securities of any underlying fund held by the Fund. document. Where TDAM is the manager of both the Fund and an underlying fund in which the Fund has invested, the Fund Who should invest in the Fund? will not exercise its right to vote the securities of the The Fund may be suitable for medium to long-term underlying fund. TDAM may arrange for these securities investors who: to be voted by unitholders of the Fund. However, given the costs and complexity of doing so, TDAM may not • are seeking exposure to a well-diversified portfolio of arrange for a flow-through of voting rights. Canadian companies • are contributing to the growth component of a We may change the Fund’s investment strategies at our diversified portfolio discretion without notice or approval. • can handle the ups and downs of the stock market What are the risks of investing in the For more information about how TDAM has determined the level of investor risk tolerance that would be Fund? appropriate for investment in the Fund, see Who should Risks of investing in the Fund may include: invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. • commodity risk • derivatives risk Distribution policy • equity risk The Fund distributes any net income and any net realized • exchange-traded fund risk capital gains annually in December. • foreign currency risk • fund-of-funds risk Distributions will automatically be reinvested in • international market risk additional units of the same series of the Fund. For • large investor risk other options that may be available to you, see • liquidity risk Distribution policy in Your guide to understanding the • market disruption risk Fund Profile in the first part of this document. • repurchase and reverse repurchase transactions risk • securities lending risk Fund expenses indirectly borne by • series risk investors • small company risk Mutual funds pay for some expenses out of fund assets. • valuation risk for illiquid assets That means investors in a mutual fund indirectly pay for These and other risks, which may also apply to the Fund, these expenses through lower returns. are described under the heading Fund-specific risks in The following table is intended to help you compare the the first part of this document. cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year.

301 TD Mutual Funds TD Canadian Equity Pool

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years W-Series ($) 8.51 26.82 47.01 107.01 Private Series◊ ($) 0.21 0.65 1.13 2.58 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

302 TD Mutual Funds TD Canadian Equity Pool Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Canadian Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Shares of a class of a (excluding GST and HST) mutual fund corporation) W-Series‡ (C$) March 27, 2012 0.75%

‡ W-Series shares of the Fund are only available through dealers specifically authorized by TDAM to distribute them.

What does the Fund invest in? replicate the performance of gold or the value of a specified derivative the underlying interest of which is Investment objectives gold on an unlevered basis (the “Gold ETFs”). The Gold ETFs are traded on a Canadian or U.S. stock The fundamental investment objective is to seek to exchange and may not be qualified for distribution in the achieve long-term capital appreciation by investing primarily in, or gaining exposure to, equity securities same Canadian jurisdictions as the Fund. The risks issued primarily by Canadian corporations. associated with the Fund’s exposure to Gold ETFs are primarily commodity risk and exchange-traded fund risk. The fundamental investment objective may only be The Fund has obtained permission from Canadian changed with the approval of a majority of shareholders, securities regulatory authorities to invest in Canadian and given at a meeting called for that purpose. U.S. exchange-traded funds that are not index Investment strategies participation units and that would otherwise be prohibited under securities laws (the “Underlying ETFs”), provided The portfolio adviser seeks to achieve the fundamental that, among other conditions: (i) such Underlying ETFs do investment objective of the Fund by obtaining exposure not exceed 30% of the net asset value of the Fund, taken primarily to equities of Canadian companies. Such at the time of purchase (excluding securities of exposure may be obtained in one or more of the following Underlying ETFs that are managed by TDAM or an ways, and in any combination: associate or affiliate of TDAM); (ii) Underlying ETFs that • by investing in securities of one or more other mutual are traded on a U.S. exchange do not exceed 10% of the funds, primarily funds managed by TDAM; net asset value of the Fund, taken at the time of • by investing directly in such equities; purchase; (iii) Underlying ETFs and Gold ETFs that • through the use of derivatives or exchange-traded provide leverage exposure do not exceed 10% of the net funds; asset value of the Fund, taken at the time of purchase; • by investing in any other instrument that provides the and (iv) the Fund will not short sell securities of any desired equity exposure. Underlying ETF. The portfolio adviser may dynamically shift allocations in The Fund may use specified derivatives, such as options, the equity market with respect to style, volatility, and/or futures and forward contracts, as permitted by Canadian market capitalization. The portfolio adviser considers, in securities laws to, among other things: determining these allocations, factors which include its • gain exposure to equity instruments without actually own market expectations and suitability for the Fund. investing in them directly (including when owning the The Fund may also gain exposure to other asset classes, derivative investment is more efficient or less costly including real estate and infrastructure, primarily by than owning the equity instrument itself) investing in securities of one or more funds or other • reduce the risk associated with currency fluctuations investment vehicles managed by TDAM. • gain exposure to gold • enhance income The Fund has obtained permission from Canadian • provide downside risk protection for one or more securities regulatory authorities to purchase, hold or securities to which the Fund has exposure obtain exposure to, up to 10% of the Fund’s net assets, taken at the time of purchase, certain exchange-traded The Fund may hold money market instruments or cash to funds that would otherwise be prohibited under securities meet its obligations under the derivative instruments. laws. Currently, the Fund intends to purchase, hold or The Fund may invest in foreign securities to an extent obtain exposure to exchange-traded funds that seek to that will vary from time to time but is not typically

303 TD Mutual Funds TD Canadian Equity Pool Class

A Class of TD Mutual Funds Corporate Class Ltd. expected to exceed 30% of the total value of the assets of The risk rating of the Fund is medium. Since the Fund the Fund at the time that foreign securities are purchased. has less than 10 years of performance history, TDAM has used the performance history of the reference index in the In some market conditions, the Fund may invest a portion table below, in addition to the Fund’s actual return history, of its assets in short-term or other debt securities. to calculate the risk rating of the Fund: The Fund may engage in securities lending, repurchase Proportion (%) Reference Index or reverse repurchase transactions in a manner consistent with its investment objectives and as permitted 100% S&P/TSX Composite Index (Total Return) by Canadian securities regulatory authorities. For more The S&P/TSX Composite Index is the headline index and information, see Securities lending, repurchase and the principal broad market measure for the Canadian reverse repurchase transactions in Your guide to equity markets. It includes common stocks and income understanding the Fund Profile in the first part of this trust units. For more information, see Investment risk document. classification methodology in Your guide to A shareholder of the Fund does not have ownership understanding the Fund Profile in the first part of this rights in securities of any underlying fund held by the document. Fund. Where TDAM is the manager of both the Fund and an underlying fund in which the Fund has invested, the Who should invest in the Fund? Fund will not exercise its right to vote the securities of the The Fund may be suitable for medium to long-term underlying fund. TDAM may arrange for these securities investors who: to be voted by shareholders of the Fund. However, given the costs and complexity of doing so, TDAM may not • are seeking exposure to a well-diversified portfolio of arrange for a flow-through of voting rights. Canadian companies • are contributing to the growth component of a We may change the Fund’s investment strategies at our diversified portfolio discretion without notice or approval. • can handle the ups and downs of the stock market What are the risks of investing in the For more information about how TDAM has determined the level of investor risk tolerance that would be Fund? appropriate for investment in the Fund, see Who should Risks of investing in the Fund may include: invest in the Fund? in Your guide to understanding the Fund Profile in the first part of this document. • commodity risk • derivatives risk Distribution policy • equity risk The year end of TD Mutual Funds Corporate Class Ltd. is • exchange-traded fund risk May 31. Ordinary dividends, if any, are paid annually in • foreign currency risk May and capital gains dividends, if any, are paid annually • fund-of-funds risk within 60 days of the corporation’s year end. • international market risk • large investor risk Dividends will automatically be reinvested in • liquidity risk additional shares of the same series of the Fund. For • market disruption risk other options that may be available to you, see • multi-class risk Distribution policy in Your guide to understanding the • repurchase and reverse repurchase transactions risk Fund Profile in the first part of this document. • securities lending risk Fund expenses indirectly borne by • small company risk • valuation risk for illiquid assets investors These and other risks, which may also apply to the Fund, Mutual funds pay for some expenses out of fund assets. are described under the heading Fund-specific risks in That means investors in a mutual fund indirectly pay for the first part of this document. these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of

304 TD Mutual Funds TD Canadian Equity Pool Class

A Class of TD Mutual Funds Corporate Class Ltd. the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years W-Series ($) 8.51 26.82 47.01 107.01

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

305 TD Mutual Funds TD Global Equity Pool

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) W-Series‡ (C$) February 3, 2015 1.00% Private Series (C$) November 24, 2015 N/A∆

‡ W-Series units of the Fund are only available through dealers specifically authorized by TDAM to distribute them. ∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM.

What does the Fund invest in? obtain exposure to exchange-traded funds that seek to replicate the performance of gold or the value of a Investment objectives specified derivative the underlying interest of which is The fundamental investment objective is to seek to gold on an unlevered basis (the “Gold ETFs”). The Gold ETFs are traded on a Canadian or U.S. stock achieve long-term capital appreciation by investing exchange and may not be qualified for distribution in the primarily in, or gaining exposure to, equity securities same Canadian jurisdictions as the Fund. The risks issued anywhere in the world. associated with the Fund’s exposure to Gold ETFs are The fundamental investment objective may only be primarily commodity risk and exchange-traded fund risk. changed with the approval of a majority of unitholders, The Fund has obtained permission from Canadian given at a meeting called for that purpose. securities regulatory authorities to invest in Canadian and Investment strategies U.S. exchange-traded funds that are not index participation units and that would otherwise be prohibited The portfolio adviser seeks to achieve the fundamental under securities laws (the “Underlying ETFs”), provided investment objective of the Fund by obtaining exposure that, among other conditions: (i) such Underlying ETFs do primarily to equity securities of companies from anywhere not exceed 30% of the net asset value of the Fund, taken in the world. Such exposure may be obtained in one or at the time of purchase (excluding securities of more of the following ways, and in any combination: Underlying ETFs that are managed by TDAM or an • by investing in securities of one or more other mutual associate or affiliate of TDAM); (ii) Underlying ETFs that funds, primarily funds managed by TDAM; are traded on a U.S. exchange do not exceed 10% of the • by investing directly in such equities; net asset value of the Fund, taken at the time of • through the use of derivatives or exchange-traded purchase; (iii) Underlying ETFs and Gold ETFs that funds; provide leverage exposure do not exceed 10% of the net • by investing in any other instrument that provides the asset value of the Fund, taken at the time of purchase; desired equity exposure. and (iv) the Fund will not short sell securities of any Underlying ETF. The portfolio adviser may dynamically shift allocations in the equity market with respect to geography, style, The Fund may use specified derivatives, such as options, volatility, and/or market capitalization. For geography, this futures and forward contracts, as permitted by Canadian may include both developed and emerging markets. The securities laws to, among other things: portfolio adviser considers, in determining these • gain exposure to equity instruments without actually allocations, factors which include its own market investing in them directly (including when owning the expectations and suitability for the Fund. derivative investment is more efficient or less costly The Fund may also gain exposure to other asset classes, than owning the equity instrument itself) including real estate and infrastructure, primarily by • obtain the desired foreign currency exposure investing in securities of one or more funds or other • gain exposure to gold investment vehicles managed by TDAM. • enhance income • provide downside risk protection for one or more The Fund has obtained permission from Canadian securities to which the Fund has exposure securities regulatory authorities to purchase, hold or obtain exposure to, up to 10% of the Fund’s net assets, The Fund may hold money market instruments or cash to taken at the time of purchase, certain exchange-traded meet its obligations under the derivative instruments. funds that would otherwise be prohibited under securities laws. Currently, the Fund intends to purchase, hold or

306 TD Mutual Funds TD Global Equity Pool

In some market conditions, the Fund may invest a portion The risk rating of the Fund is medium. Since the Fund of its assets in short-term or other debt securities. has less than 10 years of performance history, TDAM has used the performance history of the reference index in the The Fund may engage in securities lending, repurchase table below, in addition to the Fund’s actual return history, or reverse repurchase transactions in a manner to calculate the risk rating of the Fund: consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more Proportion (%) Reference Index ▽ information, see Securities lending, repurchase and 100% MSCI World ex Canada Index (Net Dividend) reverse repurchase transactions in Your guide to ▽ Calculated in Canadian dollars for purposes of determining the risk understanding the Fund Profile in the first part of this document. rating of the Fund. The MSCI World ex Canada Index measures the A unitholder of the Fund does not have ownership rights performance of stocks of large and mid-capitalization in securities of any underlying fund held by the Fund. companies in developed market countries, excluding Where TDAM is the manager of both the Fund and an Canada. For more information, see underlying fund in which the Fund has invested, the Fund Investment risk in will not exercise its right to vote the securities of the classification methodology Your guide to in the first part of this underlying fund. TDAM may arrange for these securities understanding the Fund Profile document. to be voted by unitholders of the Fund. However, given the costs and complexity of doing so, TDAM may not Who should invest in the Fund? arrange for a flow-through of voting rights. The Fund may be suitable for medium to long-term We may change the Fund’s investment strategies at our investors who: discretion without notice or approval. • are seeking exposure to a well-diversified portfolio of What are the risks of investing in the companies located anywhere in the world Fund? • are contributing to the growth component of a diversified portfolio Risks of investing in the Fund may include: • can handle the ups and downs of the stock market • commodity risk For more information about how TDAM has determined • concentration risk the level of investor risk tolerance that would be • derivatives risk appropriate for investment in the Fund, see Who should • equity risk invest in the Fund? in Your guide to understanding • exchange-traded fund risk the Fund Profile in the first part of this document. • foreign currency risk • fund-of-funds risk Distribution policy • interest rate risk The Fund distributes any net income and any net realized • international market risk capital gains annually in December. • large investor risk • liquidity risk Distributions will automatically be reinvested in • market disruption risk additional units of the same series of the Fund. For • repurchase and reverse repurchase transactions risk other options that may be available to you, see • securities lending risk Distribution policy in Your guide to understanding the • series risk Fund Profile in the first part of this document. • small company risk • valuation risk for illiquid assets Fund expenses indirectly borne by These and other risks, which may also apply to the Fund, investors are described under the heading Fund-specific risks in Mutual funds pay for some expenses out of fund assets. the first part of this document. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each

307 TD Mutual Funds TD Global Equity Pool respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years W-Series ($) 11.28 35.54 62.30 141.82 Private Series◊ ($) 0.21 0.65 1.13 2.58 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

308 TD Mutual Funds TD Global Equity Pool Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Global Equity Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Shares of a class of a (excluding GST and HST) mutual fund corporation) W-Series‡ (C$) March 27, 2012 1.00%

‡ W-Series shares of the Fund are only available through dealers specifically authorized by TDAM to distribute them.

What does the Fund invest in? laws. Currently, the Fund intends to purchase, hold or obtain exposure to exchange-traded funds that seek to Investment objectives replicate the performance of gold or the value of a specified derivative the underlying interest of which is The fundamental investment objective is to seek to gold on an unlevered basis (the “Gold ETFs”). The achieve long-term capital appreciation by investing primarily in, or gaining exposure to, equity securities Gold ETFs are traded on a Canadian or U.S. stock issued anywhere in the world. exchange and may not be qualified for distribution in the same Canadian jurisdictions as the Fund. The risks The fundamental investment objective may only be associated with the Fund’s exposure to Gold ETFs are changed with the approval of a majority of shareholders, primarily commodity risk and exchange-traded fund risk. given at a meeting called for that purpose. The Fund has obtained permission from Canadian Investment strategies securities regulatory authorities to invest in Canadian and U.S. exchange-traded funds that are not index The portfolio adviser seeks to achieve the fundamental participation units and that would otherwise be prohibited investment objective of the Fund by obtaining exposure under securities laws (the “Underlying ETFs”), provided primarily to equity securities of companies from anywhere that, among other conditions: (i) such Underlying ETFs do in the world. Such exposure may be obtained in one or not exceed 30% of the net asset value of the Fund, taken more of the following ways, and in any combination: at the time of purchase (excluding securities of • by investing in securities of one or more other mutual Underlying ETFs that are managed by TDAM or an funds, primarily funds managed by TDAM; associate or affiliate of TDAM); (ii) Underlying ETFs that • by investing directly in such equities; are traded on a U.S. exchange do not exceed 10% of the • through the use of derivatives or exchange-traded net asset value of the Fund, taken at the time of funds; purchase; (iii) Underlying ETFs and Gold ETFs that • by investing in any other instrument that provides the provide leverage exposure do not exceed 10% of the net desired equity exposure. asset value of the Fund, taken at the time of purchase; and (iv) the Fund will not short sell securities of any The portfolio adviser may dynamically shift allocations in Underlying ETF. the equity market with respect to geography, style, volatility, and/or market capitalization. For geography, this The Fund may use specified derivatives, such as options, may include both developed and emerging markets. The futures and forward contracts, as permitted by Canadian portfolio adviser considers, in determining these securities laws to, among other things: allocations, factors which include its own market • gain exposure to equity instruments without actually expectations and suitability for the Fund. investing in them directly (including when owning the The Fund may also gain exposure to other asset classes, derivative investment is more efficient or less costly including real estate and infrastructure, primarily by than owning the equity instrument itself) investing in securities of one or more funds or other • obtain the desired foreign currency exposure investment vehicles managed by TDAM. • gain exposure to gold • enhance income The Fund has obtained permission from Canadian • provide downside risk protection for one or more securities regulatory authorities to purchase, hold or securities to which the Fund has exposure obtain exposure to, up to 10% of the Fund’s net assets, taken at the time of purchase, certain exchange-traded The Fund may hold money market instruments or cash to funds that would otherwise be prohibited under securities meet its obligations under the derivative instruments.

309 TD Mutual Funds TD Global Equity Pool Class

A Class of TD Mutual Funds Corporate Class Ltd.

In some market conditions, the Fund may invest a portion The risk rating of the Fund is medium. Since the Fund of its assets in short-term or other debt securities. has less than 10 years of performance history, TDAM has used the performance history of the reference index in the The Fund may engage in securities lending, repurchase table below, in addition to the Fund’s actual return history, or reverse repurchase transactions in a manner to calculate the risk rating of the Fund: consistent with its investment objectives and as permitted by Canadian securities regulatory authorities. For more Proportion (%) Reference Index ▽ information, see Securities lending, repurchase and 100% MSCI World ex Canada Index (Net Dividend) reverse repurchase transactions in Your guide to ▽ Calculated in Canadian dollars for purposes of determining the risk understanding the Fund Profile in the first part of this document. rating of the Fund. The MSCI World ex Canada Index measures the A shareholder of the Fund does not have ownership performance of stocks of large and mid-capitalization rights in securities of any underlying fund held by the companies in developed market countries, excluding Fund. Where TDAM is the manager of both the Fund and Canada. For more information, see an underlying fund in which the Fund has invested, the Investment risk in Fund will not exercise its right to vote the securities of the classification methodology Your guide to in the first part of this underlying fund. TDAM may arrange for these securities understanding the Fund Profile document. to be voted by shareholders of the Fund. However, given the costs and complexity of doing so, TDAM may not Who should invest in the Fund? arrange for a flow-through of voting rights. The Fund may be suitable for medium to long-term We may change the Fund’s investment strategies at our investors who: discretion without notice or approval. • are seeking exposure to a well-diversified portfolio of What are the risks of investing in the companies located anywhere in the world Fund? • are contributing to the growth component of a diversified portfolio Risks of investing in the Fund may include: • can handle the ups and downs of the stock market • commodity risk For more information about how TDAM has determined • concentration risk the level of investor risk tolerance that would be • derivatives risk appropriate for investment in the Fund, see Who should • equity risk invest in the Fund? in Your guide to understanding • exchange-traded fund risk the Fund Profile in the first part of this document. • foreign currency risk • fund-of-funds risk Distribution policy • international market risk The year end of TD Mutual Funds Corporate Class Ltd. is • large investor risk May 31. Ordinary dividends, if any, are paid annually in • liquidity risk May and capital gains dividends, if any, are paid annually • market disruption risk within 60 days of the corporation’s year end. • multi-class risk • repurchase and reverse repurchase transactions risk Dividends will automatically be reinvested in • securities lending risk additional shares of the same series of the Fund. For • small company risk other options that may be available to you, see • valuation risk for illiquid assets Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. These and other risks, which may also apply to the Fund, are described under the heading Fund-specific risks in Fund expenses indirectly borne by the first part of this document. investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the

310 TD Mutual Funds TD Global Equity Pool Class

A Class of TD Mutual Funds Corporate Class Ltd. time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years W-Series ($) 11.38 35.87 62.87 143.10

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

311 TD Mutual Funds TD Tactical Pool

Fund details Fund type Tactical Asset Allocation Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Units of a mutual fund trust) (excluding GST and HST) W-Series‡ (C$) February 3, 2015 0.65% Private Series (C$) November 24, 2015 N/A∆

‡ W-Series units of the Fund are only available through dealers specifically authorized by TDAM to distribute them. ∆ No management fee is paid by the Fund to TDAM. Unitholders will pay a negotiable Private Series fee to TDAM.

What does the Fund invest in? specified derivative the underlying interest of which is gold on an unlevered basis (the “Gold ETFs”). The Investment objectives Gold ETFs are traded on a Canadian or U.S. stock The fundamental investment objective is to seek to exchange and may not be qualified for distribution in the same Canadian jurisdictions as the Fund. The risks achieve long-term capital growth by investing primarily in, associated with the Fund’s exposure to Gold ETFs are or gaining exposure to, fixed income and/or equity primarily commodity risk and exchange-traded fund risk. securities of issuers located anywhere in the world. The fundamental investment objective may only be The Fund has obtained permission from Canadian changed with the approval of a majority of unitholders, securities regulatory authorities to invest in Canadian and U.S. exchange-traded funds that are not index given at a meeting called for that purpose. participation units and that would otherwise be prohibited Investment strategies under securities laws (the “Underlying ETFs”), provided that, among other conditions: (i) such Underlying ETFs do The portfolio adviser seeks to achieve the fundamental not exceed 30% of the net asset value of the Fund, taken investment objective of the Fund primarily by gaining at the time of purchase (excluding securities of exposure to fixed income and/or equity securities of Underlying ETFs that are managed by TDAM or an issuers located anywhere in the world. The Fund is not associate or affiliate of TDAM); (ii) Underlying ETFs that subject to any limits on its exposure to any one asset are traded on a U.S. exchange do not exceed 10% of the class. The portfolio adviser may dynamically shift the net asset value of the Fund, taken at the time of allocations within the Fund between different asset purchase; (iii) Underlying ETFs and Gold ETFs that classes, markets and currencies to favour areas that are provide leverage exposure do not exceed 10% of the net expected to have higher potential returns while seeking to asset value of the Fund, taken at the time of purchase; avoid areas with greater risk of loss. and (iv) the Fund will not short sell securities of any The Fund may gain exposure to asset classes through Underlying ETF. any one or more of the following ways, and in any The Fund may also hold a significant portion of its assets combination: in cash-equivalent instruments when the portfolio adviser • by investing in securities of one or more other mutual believes it is prudent to do so. funds, primarily funds managed by TDAM; The Fund may have exposure to foreign securities to an • through the use of derivatives or exchange-traded extent that will vary from time to time and may be up to funds; 100% of the total value of the assets of the Fund at the • by investing directly in equity, fixed income or money time that such exposure to foreign securities is obtained. market securities; • by investing in any other instrument that provides the The Fund may use specified derivatives, such as options, desired exposure. futures, forward contracts and swaps, as permitted by Canadian securities laws to, among other things: The Fund has obtained permission from Canadian securities regulatory authorities to purchase, hold or • hedge against losses associated with rising interest obtain exposure to, up to 10% of the Fund’s net assets, rates taken at the time of purchase, certain exchange-traded • gain exposure to fixed income and equity instruments funds that would otherwise be prohibited under securities without actually investing in them directly (including laws. Currently, the Fund intends to purchase, hold or when owning the derivative investment is more obtain exposure to exchange-traded funds that seek to efficient or less costly than owning the fixed income replicate the performance of gold or the value of a or equity instrument itself)

312 TD Mutual Funds TD Tactical Pool

• obtain the desired foreign currency exposure • series risk • gain exposure to gold • short selling risk • enhance income • small company risk • provide downside risk protection for one or more These and other risks, which may also apply to the Fund, securities to which the Fund has exposure are described under the heading Fund-specific risks in • swap credit risk the first part of this document. The Fund may hold money market instruments or cash to The risk rating of the Fund is medium. Since the Fund meet its obligations under the derivative instruments. has less than 10 years of performance history, TDAM has The Fund may engage in securities lending, repurchase used the performance history of the following reference or reverse repurchase transactions in a manner indexes, in addition to the Fund’s actual return history, to consistent with its investment objectives and as permitted calculate the risk rating of the Fund in the proportions by Canadian securities regulatory authorities. For more noted in the table below: information, see Securities lending, repurchase and Proportion (%) Reference Indexes reverse repurchase transactions in Your guide to ▽ understanding the Fund Profile in the first part of this 60% MSCI World ex Canada Index (Net Dividend) document. 40% FTSE Canada Universe Bond Index ▽ While the Fund does not engage in short selling Calculated in Canadian dollars for purposes of determining the risk transactions directly, one or more of the underlying funds rating of the Fund. may engage in short selling in a manner consistent with The MSCI World ex Canada Index measures the their respective investment objectives and as permitted performance of stocks of large and mid-capitalization by Canadian securities regulatory authorities. For more companies in developed market countries, excluding information, see Short selling in Your guide to Canada. The FTSE Canada Universe Bond Index is a understanding the Fund Profile in the first part of this broad-based measure of the performance of marketable document. government and corporate bonds outstanding in the A unitholder of the Fund does not have ownership rights Canadian market. in securities of any underlying fund held by the Fund. For more information, see Investment risk Where TDAM is the manager of both the Fund and an classification methodology in Your guide to underlying fund in which the Fund has invested, the Fund understanding the Fund Profile in the first part of this will not exercise its right to vote the securities of the document. underlying fund. TDAM may arrange for these securities to be voted by unitholders of the Fund. However, given Who should invest in the Fund? the costs and complexity of doing so, TDAM may not The Fund may be suitable for medium to long-term arrange for a flow-through of voting rights. investors who: We may change the Fund’s investment strategies at our • discretion without notice or approval. are looking for exposure to a well-diversified portfolio of fixed-income securities and/or equities of What are the risks of investing in the companies located anywhere in the world • are contributing to the growth component of a Fund? diversified portfolio Risks of investing in the Fund may include: • can handle the ups and downs of the markets • commodity risk For more information about how TDAM has determined • concentration risk the level of investor risk tolerance that would be • credit risk appropriate for investment in the Fund, see Who should • derivatives risk invest in the Fund? in Your guide to understanding • equity risk the Fund Profile in the first part of this document. • exchange-traded fund risk • foreign currency risk Distribution policy • fund-of-funds risk The Fund distributes any net income and any net realized • interest rate risk capital gains annually in December. • international market risk • large investor risk Distributions will automatically be reinvested in For • liquidity risk additional units of the same series of the Fund. other options that may be available to you, see • market disruption risk Distribution policy in Your guide to understanding the • repurchase and reverse repurchase transactions risk Fund Profile in the first part of this document. • securities lending risk 313 TD Mutual Funds TD Tactical Pool

Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of units of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years W-Series ($) 8.20 25.85 45.31 103.14 Private Series◊ ($) 1.03 3.23 5.66 12.89 ◊ Holders of Private Series units also pay a negotiable annual Private Series fee to TDAM. See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

314 TD Mutual Funds TD Tactical Pool Class

A Class of TD Mutual Funds Corporate Class Ltd.

Fund details Fund type Tactical Asset Allocation Registered Plan eligibility Qualified investment for Registered Plans Portfolio adviser TD Asset Management Inc. (TDAM) Securities offered Start date Management fee (Shares of a class of a (excluding GST and HST) mutual fund corporation) W-Series‡ (C$) March 27, 2012 0.65%

‡ W-Series shares of the Fund are only available through dealers specifically authorized by TDAM to distribute them.

What does the Fund invest in? specified derivative the underlying interest of which is gold on an unlevered basis (the “Gold ETFs”). The Investment objectives Gold ETFs are traded on a Canadian or U.S. stock exchange and may not be qualified for distribution in the The fundamental investment objective is to seek to same Canadian jurisdictions as the Fund. The risks achieve long-term capital growth by investing primarily in, or gaining exposure to, fixed income and/or equity associated with the Fund’s exposure to Gold ETFs are securities of issuers located anywhere in the world. primarily commodity risk and exchange-traded fund risk. The Fund has obtained permission from Canadian The fundamental investment objective may only be securities regulatory authorities to invest in Canadian and changed with the approval of a majority of shareholders, U.S. exchange-traded funds that are not index given at a meeting called for that purpose. participation units and that would otherwise be prohibited Investment strategies under securities laws (the “Underlying ETFs”), provided that, among other conditions: (i) such Underlying ETFs do The portfolio adviser seeks to achieve the fundamental not exceed 30% of the net asset value of the Fund, taken investment objective of the Fund primarily by gaining at the time of purchase (excluding securities of exposure to fixed income and/or equity securities of Underlying ETFs that are managed by TDAM or an issuers located anywhere in the world. The Fund is not associate or affiliate of TDAM); (ii) Underlying ETFs that subject to any limits on its exposure to any one asset are traded on a U.S. exchange do not exceed 10% of the class. The portfolio adviser may dynamically shift the net asset value of the Fund, taken at the time of allocations within the Fund between different asset purchase; (iii) Underlying ETFs and Gold ETFs that classes, markets and currencies to favour areas that are provide leverage exposure do not exceed 10% of the net expected to have higher potential returns while seeking to asset value of the Fund, taken at the time of purchase; avoid areas with greater risk of loss. and (iv) the Fund will not short sell securities of any The Fund may gain exposure to asset classes through Underlying ETF. any one or more of the following ways, and in any The Fund may also hold a significant portion of its assets combination: in cash-equivalent instruments when the portfolio adviser • by investing in securities of one or more other mutual believes it is prudent to do so. funds, primarily funds managed by TDAM; The Fund may have exposure to foreign securities to an • through the use of derivatives or exchange-traded extent that will vary from time to time and may be up to funds; 100% of the total value of the assets of the Fund at the • by investing directly in equity, fixed income or money time that such exposure to foreign securities is obtained. market securities; • by investing in any other instrument that provides the The Fund may use specified derivatives, such as options, desired exposure. futures, forward contracts and swaps, as permitted by Canadian securities laws to, among other things: The Fund has obtained permission from Canadian securities regulatory authorities to purchase, hold or • hedge against losses associated with rising interest obtain exposure to, up to 10% of the Fund’s net assets, rates taken at the time of purchase, certain exchange-traded • gain exposure to fixed income and equity instruments funds that would otherwise be prohibited under securities without actually investing in them directly (including laws. Currently, the Fund intends to purchase, hold or when owning the derivative investment is more obtain exposure to exchange-traded funds that seek to efficient or less costly than owning the fixed income replicate the performance of gold or the value of a or equity instrument itself)

315 TD Mutual Funds TD Tactical Pool Class

A Class of TD Mutual Funds Corporate Class Ltd.

• obtain the desired foreign currency exposure • multi-class risk • gain exposure to gold • repurchase and reverse repurchase transactions risk • enhance income • securities lending risk • provide downside risk protection for one or more • short selling risk securities to which the Fund has exposure • small company risk • swap credit risk These and other risks, which may also apply to the Fund, The Fund may hold money market instruments or cash to are described under the heading Fund-specific risks in meet its obligations under the derivative instruments. the first part of this document. The Fund may engage in securities lending, repurchase The risk rating of the Fund is medium. Since the Fund or reverse repurchase transactions in a manner has less than 10 years of performance history, TDAM has consistent with its investment objectives and as permitted used the performance history of the following reference by Canadian securities regulatory authorities. For more indexes, in addition to the Fund’s actual return history, to information, see Securities lending, repurchase and calculate the risk rating of the Fund in the proportions reverse repurchase transactions in Your guide to noted in the table below: understanding the Fund Profile in the first part of this Proportion (%) Reference Indexes document. ▽ 60% MSCI World ex Canada Index (Net Dividend) While the Fund does not engage in short selling 40% FTSE Canada Universe Bond Index transactions directly, one or more of the underlying funds ▽ may engage in short selling in a manner consistent with Calculated in Canadian dollars for purposes of determining the risk their respective investment objectives and as permitted rating of the Fund. by Canadian securities regulatory authorities. For more The MSCI World ex Canada Index measures the information, see Short selling in Your guide to performance of stocks of large and mid-capitalization understanding the Fund Profile in the first part of this companies in developed market countries, excluding document. Canada. The FTSE Canada Universe Bond Index is a A shareholder of the Fund does not have ownership broad-based measure of the performance of marketable rights in securities of any underlying fund held by the government and corporate bonds outstanding in the Fund. Where TDAM is the manager of both the Fund and Canadian market. an underlying fund in which the Fund has invested, the For more information, see Investment risk Fund will not exercise its right to vote the securities of the classification methodology in Your guide to underlying fund. TDAM may arrange for these securities understanding the Fund Profile in the first part of this to be voted by shareholders of the Fund. However, given document. the costs and complexity of doing so, TDAM may not arrange for a flow-through of voting rights. Who should invest in the Fund? We may change the Fund’s investment strategies at our The Fund may be suitable for medium to long-term discretion without notice or approval. investors who: What are the risks of investing in the • are looking for exposure to a well-diversified portfolio of fixed-income securities and/or equities of Fund? companies located anywhere in the world Risks of investing in the Fund may include: • are contributing to the growth component of a diversified portfolio • commodity risk • can handle the ups and downs of the markets • concentration risk • credit risk For more information about how TDAM has determined • derivatives risk the level of investor risk tolerance that would be • equity risk appropriate for investment in the Fund, see Who should • exchange-traded fund risk invest in the Fund? in Your guide to understanding • foreign currency risk the Fund Profile in the first part of this document. • fund-of-funds risk • interest rate risk • international market risk • large investor risk • liquidity risk • market disruption risk

316 TD Mutual Funds TD Tactical Pool Class

A Class of TD Mutual Funds Corporate Class Ltd.

Distribution policy The year end of TD Mutual Funds Corporate Class Ltd. is May 31. Ordinary dividends, if any, are paid annually in May and capital gains dividends, if any, are paid annually within 60 days of the corporation’s year end. Dividends will automatically be reinvested in additional shares of the same series of the Fund. For other options that may be available to you, see Distribution policy in Your guide to understanding the Fund Profile in the first part of this document. Fund expenses indirectly borne by investors Mutual funds pay for some expenses out of fund assets. That means investors in a mutual fund indirectly pay for these expenses through lower returns. The following table is intended to help you compare the cumulative cost of investing in this Fund with the cost of investing in other mutual funds. This example assumes that: (i) you invest $1,000 in shares of the Fund for the time periods indicated; (ii) your investment has an annual 5% return; and (iii) the MER for each series of shares of the Fund was the same in all periods as the MER that each respective series incurred in the Fund’s last financial year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 year 3 years 5 years 10 years W-Series ($) 8.30 26.17 45.88 104.43

See Fees and expenses in the first part of this document for more information on the costs of investing in the Fund that are not included in the calculation of the MER.

317 TD Mutual Funds

common share (stock) Glossary A security that represents ownership in a corporation. Owners typically are entitled to vote on the selection of American Depositary Receipts (ADRs) directors and other important matters as well as to See depositary receipt. receive dividends, when declared, on their holdings. In the event that a corporation is liquidated, the claims of asset-backed commercial paper (ABCP) secured and unsecured creditors and owners of bonds A short-term debt obligation issued by a special purpose and preferred stock take precedence over the claims of vehicle (such as a trust) that is backed by specific pools of assets such as trade or credit receivables, equipment those who own common shares. leases, mortgages or personal lines of credit. Bank- convertible security sponsored ABCP, while not guaranteed by the A security that can be converted into another security. For sponsoring bank, typically has “global-style” liquidity and example, convertible bonds or preferred shares can be transparency. It is generally not leveraged and is backed converted into a set number of common shares of the by mainly traditional assets as listed above. By contrast, same company at a given price. non-bank-sponsored ABCP is sponsored by third-party conduits operated by non-bank financial institutions, counterparty tends to be highly leveraged and is backed by a mix of The opposite side or party in a derivative transaction. traditional and non-traditional assets. country fund A fund that restricts its holdings to the investment bankers’ acceptance These are short-term promissory notes issued by instruments available in a single country. corporations with the unconditional guarantee of a major debenture Canadian chartered bank. They are sold at a discount to A bond unsecured by any pledge of property. It is mature at par value. supported by the general credit of the issuing corporation. benchmark debt instrument Benchmarks are widely recognized indices that are used Written promise to pay a debt; for example, a bill, note, to compare portfolio or mutual fund returns to a given bond, banker’s acceptance, certificate of deposit, or market. commercial paper. bond depositary receipt Any interest-bearing government or corporate security A negotiable financial instrument issued by a bank to that obligates the issuer to pay the bondholder interest at represent a foreign company’s publicly traded securities. a predetermined rate, usually at specific intervals, and to The trust company or bank (depositary) issues depositary repay the principal amount of the security at maturity. receipts against the securities, and these are traded as depositary receipts in the depositary’s home market. They bottom-up investing An investment approach that focuses on the analysis of allow investors to avoid the inconvenience of dealing with individual stocks before considering the impact of foreign markets and currency exchanges. The most economic trends or market cycles. Stocks that are common types are American Depositary Receipts considered attractive despite economic trends or market (ADRs), which trade in the United States. cycles, are purchased based on this analysis. derivatives A contract whose value is based on the performance of clone fund A fund that has adopted a fundamental investment an underlying financial asset, index or other investment. objective to track the performance of another fund. Derivatives, such as an option or future, are available based on the performance of assets, interest rates, closed-end fund currency exchange rates, and various domestic and A type of fund that has a fixed number of shares or units foreign indices. that are bought and sold on stock exchanges or over the counter markets, and may trade above or below their net diversification asset value. Unlike open-end mutual funds, closed-end Managing risk by putting assets in several different funds do not issue and redeem shares or units on a investments with a view to reducing the impact of any one continuous basis. security in a portfolio. For example, you may diversify by investing in different asset classes such as stocks, bonds commercial paper and money market instruments or investing in several Short-term obligations issued by corporations that are different countries. generally not secured by company assets. They are sold at a discount to mature at par value. dividend A per share payment designated by a company’s board of directors to be distributed among shareholders.

318 TD Mutual Funds duration the same proportion as those securities are reflected in A measure, expressed in years, which is used to that index; or (b) investing in a manner that causes the determine the sensitivity of a security’s price to interest fund to replicate the performance of that index. Like the rate fluctuations. Generally, the longer the duration of a stocks in which they invest, index participation units can security, the more sensitive it may be to interest rate be traded throughout the trading day. fluctuations and the more the price may fall due to a rise in interest rates. For example, if a security’s duration is international fund A fund that invests primarily in the securities of three years, and interest rates rise by 1%, you would companies located anywhere in the world outside of expect the price of the security to fall by approximately Canada and the United States. 3%. liquidity equity The ease with which an investment may be converted to Stocks or shares representing an ownership interest in a cash at a reasonable price. corporation. money market securities exchange-traded fund (ETF) Short-term debt securities maturing in one year or less. An investment fund that trades like a stock on an These include treasury bills, bankers’ acceptances, exchange and can experience price changes throughout commercial paper, discount notes and guaranteed a trading day as it is bought and sold. Some ETFs may investment certificates. be index participation units. See index participation units. mortgage forward contract A contract in which the borrower of money pledges real An agreement to buy or sell a specific quantity of a estate as collateral for the loan. commodity, government security, foreign currency, or other financial instrument at a specified price on a future mortgage-backed security (MBS) specified date. Forward contracts are not traded on a A debt security that gives you a share of the payments public commodity exchange. from a pool of mortgages. An MBS pays monthly income, which is a combination of interest and a portion of the futures contract principal of the underlying mortgages. Similar to a forward contract, except it has standard terms and conditions and is traded on a public commodity National Instrument(s) 81-10(_) exchange. A series of rules and policies issued by the Canadian Securities Administrators that regulate all mutual funds global fund sold by way of prospectus in Canada. More information is A fund that invests in the securities of companies located available at www.osc.gov.on.ca. anywhere in the world, including Canada and the United States. note Unsecured written promise to pay a specified amount to a guaranteed investment certificate (GIC) certain entity on demand or on a specified date with or A deposit instrument most commonly available from without interest. Canadian banks, trust companies and other financial institutions, requiring a minimum investment and paying a open-end mutual fund predetermined rate of interest for a stated term. A mutual fund formed as a trust or a class of a mutual fund corporation that continuously issues and redeems hedge units or shares. The number of units/shares outstanding A strategy used with a view to offsetting or reducing an may vary from day to day. Open-end mutual funds are investment risk. For instance, the use of forward contracts priced only once each business day. The price per to lock in exchange rates for converting a foreign unit/share, also known as the net asset value (NAV) per currency. unit/share, is calculated by dividing the market value of hybrid investment or security the fund’s net assets by the number of units/shares Investment that combines the characteristics of two outstanding. different types of investments. For example, a structured note, which is a form of a bond, may have the interest option A derivative giving the holder the right, but not the rate it pays tied to the rise and fall of the price of a obligation, to buy or sell an asset at a predetermined commodity or an equity security. price within a fixed period of time. In exchange for that index right, the option holder (or buyer) pays the option writer A statistical measure of a portfolio of stocks or bonds (or seller) a premium. If the right is not exercised by the representing a particular market or a portion of it. specified date, the option expires and the buyer forfeits the premium. index participation units Securities traded on a stock exchange in Canada or the portfolio adviser United States that are designed to track the performance The person or entity with responsibility for investing the of a specified widely-quoted market index by: assets or providing investment advice to a mutual fund. (a) investing in the constituent companies in substantially 319 TD Mutual Funds preferred share strategic asset allocation A security of a company which entitles the owner to An investment strategy that involves taking a medium- to certain specified rights (notably the right to receive long-term view on the markets and rebalancing a dividends) “in preference” to the rights of holders of fund’s/portfolio’s weights in various asset classes common shares. periodically with a view to obtaining a target asset mix. private placement Sustainable Development Goals (SDGs) The issuance and sale of securities without a prospectus A set of 17 integrated and indivisible goals set out by the to a group of investors, such as life insurance companies, United Nations, acting as a call for action by all countries trust companies, pension funds, mutual funds, and to promote prosperity while protecting the planet. The venture capital companies. SDGs address a range of global challenges, including those related to poverty, inequality, climate change, real return bond environmental degradation, peace and justice. More A bond that provides the investor with a real rate of return information is available after giving effect to inflation. The “real rate of return” is at https://sustainabledevelopment.un.org. the difference between the rate of inflation and the nominal interest rate on the investment. Accordingly, a swap real return bond is different from a conventional bond in Agreement between two or more parties to exchange that the “real” yield to maturity is known at the time the payment obligations of two (or more) securities without bond is issued. The nominal yield and cash flow amounts exchanging the underlying securities. are unknown, as they are adjusted to take into account the rate of inflation throughout the life of the bond. For tactical asset allocation An investment strategy that involves making deviations example, an investor who purchases a real return bond from a fund’s strategic asset allocation with a view to with a 4% real interest rate would receive interest taking advantage of short-term opportunities in the payments equal to 6% if the applicable inflation rate was market. 2%. top-down investing return of capital (ROC) An investment approach that begins with an analysis of Distributions from a mutual fund that are considered to be trends in the general economy before specific industries a return of your initial investment and therefore not or sectors are considered. Stocks that are considered taxable. Whatever amount you receive as a ROC attractive within selected industries or sectors are distribution reduces the adjusted cost base of your purchased based on this analysis. investment by the same amount. treasury bill specified derivative A short-term government debt security, also referred to as An instrument, agreement or security, the market price, a “T-bill”. Treasury bills are sold at a discount and then value or payment obligations of which are derived from, mature at their par value. The difference between the referenced to or based on an underlying interest. issue price and the par value is in effect the interest Underlying interests can include a conventional payment. convertible security, a specified asset-backed security and an index participation unit. warrant A type of derivative security, usually issued together with standard deviation bonds or preferred shares, that entitles the holder to buy A calculation used to determine how much a set of a proportionate amount of common stock at a specified numbers varies from the average of those numbers. In price over a specified period. the context of mutual fund performance, standard deviation indicates how often a fund’s three (or five) year yield curve performance differs from the fund’s historical average A graphic line chart that shows the relationship among return. A low standard deviation indicates that fund yields of similar bonds with different maturity dates. performance is typically close to the fund’s average performance. Conversely, a high standard deviation indicates that a fund’s performance can vary quite a bit. start date The date that a particular series of securities of a Fund is first available for sale to the investing public.

320 TD Mutual Funds

Additional information about the Funds is available in the Funds’ Annual Information Form, Fund Facts, management reports of fund performance and financial statements. These documents are incorporated by reference into this Simplified Prospectus, which means that they legally form part of this document just as if they were printed as a part of this document. If you purchased Securities of the Funds through a representative of TD Investment Services Inc. by phone, at a TD Canada Trust branch or online via EasyWeb, you can request a copy of any or all of these documents, at no cost, by contacting TD Investment Services Inc. as follows: By telephone (toll-free) 1-800-386-3757 (English) 1-800-409-7125 (French) 1-800-288-1177 (Chinese) By e-mail: [email protected] If you purchased Securities of the Funds through a dealer other than TD Investment Services Inc., you can request a copy of any or all of these documents, at no cost, from your dealer or by contacting TD Asset Management Inc. as follows: By telephone (toll-free) 1-800-588-8054 (English and French) By e-mail: [email protected] These documents and other information about the Funds, such as information circulars and material contracts, are also available on SEDAR at www.sedar.com or, for certain documents, on TD Asset Management Inc.’s website at www.tdassetmanagement.com.

MANAGER OF TD MUTUAL FUNDS: TD Asset Management Inc. P.O. Box 100 66 Wellington Street West TD Bank Tower Toronto-Dominion Centre Toronto, Ontario M5K 1G8

534494 (07/20)

Epoch Investment Partners, Inc. is a wholly-owned subsidiary of The Toronto-Dominion Bank and an affiliate of TD Asset Management Inc. TD Asset Management operates through TD Asset Management Inc. in Canada and through TDAM USA Inc. in the United States. Both are wholly-owned subsidiaries of The Toronto-Dominion Bank. All trademarks are the property of their respective owners. ®The TD logo and other trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.