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July 27, 2011 TD Mutual Funds Fund Profiles Fixed Income Funds TD Ultra Short Term Bond Fund TD Short Term Bond Fund TD Mortgage Fund TD Canadian Bond Fund TD Income Advantage Portfolio TD Canadian Core Plus Bond Fund TD Corporate Bond Capital Yield Fund TD Real Return Bond Fund TD Global Bond Fund TD High Yield Bond Fund
Transcript

July 27, 2011

TD Mutual Funds

Fund Profiles

Fixed Income Funds

TD Ult ra Short Term Bond Fund

TD Short Term Bond Fund

TD Mortgage Fund

TD Canadian Bond Fund

TD Income Advantage Port fo l io

TD Canadian Core P lus Bond Fund

TD Corporate Bond Capita l Y ie ld Fund

TD Real Return Bond Fund

TD Global Bond Fund

TD High Yie ld Bond Fund

Table of Contents

TD Ultra Short Term Bond Fund 1

TD Short Term Bond Fund 3

TD Mortgage Fund 6

TD Canadian Bond Fund 9

TD Income Advantage Portfolio 11

TD Canadian Core Plus Bond Fund 13

TD Corporate Bond Capital Yield Fund 15

TD Real Return Bond Fund 18

TD Global Bond Fund 20

TD High Yield Bond Fund 22

Fixed Income Funds

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Fund details

Fund type Canadian Short Term Bond

Securities offered Units of a mutual fund trust:Investor Series

Start date Investor Series – September 7, 2010

The Fund was formed on July 19, 2010.

Portfolio adviser TD Asset Management Inc. (TDAM)

Management fee Investor Series – Up to 1.25% (excluding GST and HST)

This document provides specific information about the TD Ultra Short Term Bond Fund. It should be read in conjunction with the restof the simplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides generalinformation about the TD Mutual Funds together constitute the simplified prospectus.

What does the Fund invest in?

Investment objectives

The fundamental investment objective is to seek to maximizeincome while simultaneously preserving investment capital andliquidity primarily by investing in debt obligations issued orguaranteed by the Canadian federal or provincial governmentsor any agency of such governments, debt obligations ofSchedule I Canadian chartered banks, debt obligations of loanor trust companies and debt obligations of corporations andtrusts. In each case such obligations may have a term tomaturity of up to three years.

The fundamental investment objective may only be changedwith the approval of a majority of unitholders, given at ameeting called for that purpose.

Investment strategies

The portfolio adviser seeks to achieve the fundamentalinvestment objective of the Fund by focusing on the Canadiancorporate debt market as well as global macroeconomic trends.The portfolio adviser believes a bottom-up strategy usingdiligent credit analysis will add value and enhance long-termperformance and at the same time reduce risk. Generally, theFund employs a “buy-and-hold” strategy.

The Fund may use specified derivatives, such as options,futures, forward contracts and swaps, as permitted byCanadian securities laws to, among other things:

� hedge against losses associated with rising interest rates

� gain exposure to fixed income instruments withoutactually investing in them directly (including whenowning the derivative investment is more efficient or lesscostly than owning the fixed income instrument itself)

� reduce the risk associated with currency fluctuations

� swap credit risk

The Fund may hold money market instruments or cash to meetits obligations under the derivatives instruments.

The Fund may invest in foreign securities to an extent that willvary from time to time but is not typically expected to exceed30% of its net assets at the time that foreign securities arepurchased.

The Fund may engage in securities lending, repurchase orreverse repurchase transactions in a manner consistent with itsinvestment objectives and as permitted by Canadian securitiesregulatory authorities. For more information, see Securitieslending, repurchase and reverse repurchase transactions inYour guide to understanding the Fund Profile in the firstpart of this document.

We may change the Fund’s investment strategies at ourdiscretion without notice or approval.

What are the risks of investing in the Fund?

Risks of investing in the Fund may include:

� credit risk

� derivatives risk

� foreign currency risk

� interest rate risk

� international market risk

� large investor risk (as at June 28, 2011, one unitholder held18.84% of the units of the Fund)

� repurchase and reverse repurchase agreements risk

� securities lending risk

� series risk

These and other risks, which may also apply to the Fund, aredescribed under the heading Fund-specific risks in the firstpart of this document.

The risk rating of the Fund is low. Since the Fund has been inexistence for less than 3 years, and hence there is insufficient datato calculate a meaningful standard deviation, we have used the

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recommended risk rating for fixed income funds determined bythe Fund Risk Classification Task Force of the Investment FundsInstitute of Canada. For more information, see Investment risk

classification methodology in Your guide to understandingthe Fund Profile in the first part of this document.

Who should invest in the Fund?

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

� are seeking regular monthly income from conservativeinvestments

� are contributing to the income component of a diversifiedportfolio

� can handle small changes in the value of their investment

For more information about how TDAM has determined thelevel of investor risk tolerance that would be appropriate forinvestment in the Fund, see Who should invest in the Fund?

in Your guide to understanding the Fund Profile in the firstpart of this document.

Distribution policy

The Fund may distribute net income monthly or at other timesand distributes net income and net realized capital gainsannually in December.

Fund expenses indirectly borne by investors

Mutual funds pay for some expenses out of fund assets. Thatmeans investors in a mutual fund indirectly pay for theseexpenses through lower returns.

The following table is intended to help you compare thecumulative cost of investing in this Fund with the cost ofinvesting in other mutual funds. This example assumes that:(i) you invest $1,000 in units of the Fund for the time periodsindicated; (ii) your investment has an annual 5% return; and(iii) the Fund’s MER for the Series units during the 10-year periodremains the same as that incurred in its last financial year.

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

1 year 3 years 5 years 10 years

Investor Series ($) 6.05 19.06 33.42 76.06

See Fees and expenses in the first part of this document formore information on the costs of investing in the Fund that arenot included in the calculation of the MER.

This document provides specific information about the TD Ultra Short Term Bond Fund. It should be read in conjunction with the restof the simplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides generalinformation about the TD Mutual Funds together constitute the simplified prospectus.

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TD Short Term Bond Fund

Fund details

Fund type Canadian Short Term Bond

Securities offered Units of a mutual fund trust:Investor SeriesInstitutional SeriesO-SeriesPremium Series

Start date Investor Series – January 23, 1989Institutional Series – April 2, 2002O-Series – May 20, 2005Premium Series – September 7, 2010

The Fund was formed on October 21, 1988.

Portfolio adviser TD Asset Management Inc. (TDAM)

Management fee Investor Series – Up to 1.00% (excluding GST and HST)Institutional Series – Up to 0.75% (excluding GST and HST)O-Series – Negotiated with, and paid by unitholders directly to, the ManagerPremium Series – Up to 0.90% (excluding GST and HST)

This document provides specific information about the TD Short Term Bond Fund. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general information aboutthe TD Mutual Funds together constitute the simplified prospectus.

What does the Fund invest in?

Investment objectives

The fundamental investment objective is to maximize incomewhile simultaneously preserving investment capital and liquidityby investing primarily in debt obligations issued or guaranteedby the Canadian federal or provincial governments or anyagency of such governments, as well as debt obligations ofSchedule I Canadian chartered banks, debt obligations of loanor trust companies and debt obligations of corporations. Ineach case such obligations may have a term to maturity of upto five years.

The fundamental investment objective may only be changedwith the approval of a majority of unitholders, given at ameeting called for that purpose.

Investment strategies

The portfolio adviser seeks to achieve the fundamentalinvestment objective of the Fund by focusing on the Canadiancorporate debt market as well as global macroeconomic trends.The Fund’s main attribute is its high corporate bond weighting.The portfolio adviser believes a bottom-up strategy usingdiligent credit analysis will add value and enhance long-termperformance and at the same time reduce risk. Generally, theFund employs a “buy-and-hold” strategy.

In addition, the Fund may invest up to 10% of its net assetsin guaranteed mortgages, as defined in National Instrument81-102 Mutual Funds, including guaranteed mortgagesadministered by TD Bank Group (being TD Bank or anaffiliate of TD Bank).

The Canadian securities regulatory authorities have statedthat where a mutual fund acquires mortgages from a lendinginstitution with which the Fund, its management companyand/or insiders of either of them are dealing at arm’s length,such mortgages shall be acquired at the dollar amount whichproduces at least the yield prevailing for the sale ofcomparable unserviced mortgages by major mortgagelenders under similar conditions. In all other cases,mortgages shall be acquired by the Fund according to onlyone of the following three methods:

(a) at that principal amount which will produce a yield tothe Fund equal to the interest rate at which the lendinginstitution is making commitments to loan on thesecurity of comparable mortgages at the time ofpurchase by the Fund; or

(b) at that principal amount which will produce the sameyield to the Fund as the interest rate charged by thelending institution to the mortgagor on the date ofcommitment, provided that the date of commitment isnot more than 120 days prior to the date of purchase of

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TD Short Term Bond Fund

the mortgage by the Fund, and the interest rate is equalto the rate at which the lending institution madecommitments to loan on the security of comparablemortgages on the date of commitment; or

(c) at that principal amount which will produce a yield tothe Fund of not more than a quarter of one percent lessthan the interest rate at which the lending institution ismaking commitments, at the time of purchase, to loan onthe security of comparable mortgages, provided that thelending institution which sells mortgages to the Fund hasentered into an agreement to repurchase the mortgagesfrom the Fund in circumstances benefiting the Fund and thatsuch an agreement is considered by the administrator tojustify the difference in yield to the Fund.

The choice of valuation method affects yield as follows:method (a) and method (b) will result in identical yields,provided that no change in the interest rate charged occurswithin the 120-day period. Method (a) will result in a greateryield than method (b) where the interest rate has increasedduring the 120-day period. Method (a) will result in a lesseryield than method (b) where the interest rate has decreasedduring the 120-day period. Method (a) will always result in ayield greater than that of method (c).

Regarding mortgages purchased from TD Bank Group, themethod used by the Fund is method (c) referred to above, onthe basis that mortgages are offered for sale to the Fund byTD Bank Group for a price determined as being that principalamount which will produce a yield to the Fund of not morethan one quarter of one percent (0.25%) less than theinterest rate at which TD Bank Group is makingcommitments, at that time, to loan on the security ofcomparable mortgages. As required by method (c), TD BankGroup has agreed to repurchase from the Fund anymortgage purchased from TD Bank Group if such mortgagehas been in default for ninety days or more. Such mortgagesmust be repurchased by TD Bank Group for an amount equalto the outstanding principal balance owing on the mortgageon the date of purchase, plus accrued interest thereon at therate of interest specified in such mortgage loan to the dateof purchase.

The Fund may use specified derivatives, such as options,futures, forward contracts and swaps, as permitted byCanadian securities laws to, among other things:

� hedge against losses associated with rising interest rates

� gain exposure to fixed income instruments withoutactually investing in them directly (including whenowning the derivative investment is more efficient or lesscostly than owning the fixed income instrument itself)

� reduce the risk associated with currency fluctuations

� swap credit risk

The Fund may hold money market instruments or cash tomeet its obligations under the derivatives instruments.

The Fund may invest in foreign securities to an extent thatwill vary from time to time but is not typically expected toexceed 30% of its net assets at the time that foreignsecurities are purchased.

The Fund may engage in securities lending, repurchase orreverse repurchase transactions in a manner consistent withits investment objectives and as permitted by Canadiansecurities regulatory authorities. For more information, seeSecurities lending, repurchase and reverse repurchase

transactions in Your guide to understanding the FundProfile in the first part of this document.

We may change the Fund’s investment strategies at ourdiscretion without notice or approval.

What are the risks of investing in the Fund?

Risks of investing in the Fund may include:

� credit risk

� derivatives risk

� foreign currency risk

� interest rate risk

� international market risk

� large investor risk (as at June 28, 2011, two unitholdersheld 26.91% and 18.26%, respectively, of the units ofthe Fund)

� repurchase and reverse repurchase agreements risk

� securities lending risk

� series risk

These and other risks, which may also apply to the Fund, aredescribed under the heading Fund-specific risks in the firstpart of this document.

The risk rating of the Fund is low. For more information, see Investment risk classification methodology in Yourguide to understanding the Fund Profile in the first part ofthis document.

This document provides specific information about the TD Short Term Bond Fund. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general information aboutthe TD Mutual Funds together constitute the simplified prospectus.

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TD Short Term Bond Fund

This document provides specific information about the TD Short Term Bond Fund. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general information aboutthe TD Mutual Funds together constitute the simplified prospectus.

Who should invest in the Fund?

The Fund may be suitable for short to medium-term investorswho:

� are seeking regular monthly income from conservativeinvestments

� are contributing to the income component of a diversifiedportfolio

� can handle small changes in the value of their investment

For more information about how TDAM has determined thelevel of investor risk tolerance that would be appropriate forinvestment in the Fund, see Who should invest in the Fund?

in Your guide to understanding the Fund Profile in the firstpart of this document.

Distribution policy

The Fund may distribute net income monthly or at othertimes and distributes net income and net realized capitalgains annually in December.

Fund expenses indirectly borne by investors

Mutual funds pay for some expenses out of fund assets. Thatmeans investors in a mutual fund indirectly pay for theseexpenses through lower returns.

The following table is intended to help you compare thecumulative cost of investing in this Fund with the cost ofinvesting in other mutual funds. This example assumes that:(i) you invest $1,000 in units of the Fund for the time periodsindicated; (ii) your investment has an annual 5% return; and(iii) the Fund’s MER for the Series units during the 10-year periodremains the same as that incurred in its last financial year.

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

1 year 3 years 5 years 10 years

Investor Series ($) 11.07 34.90 61.17 139.24

Institutional Series ($) 4.20 13.25 23.22 52.86

Premium Series ($) 10.46 32.96 57.77 131.50

See Fees and expenses in the first part of this document formore information on the costs of investing in the Fund that arenot included in the calculation of the MER.

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TD Mortgage Fund

What does the Fund invest in?

Investment objectives

The fundamental investment objective is to provide a steadystream of interest income by investing in a diversified portfolioconsisting primarily of high-quality Canadian residentialmortgages bought from and administered by TD Bank Group.It may invest in uninsured conventional mortgages, mortgagesinsured under the National Housing Act (NHA) or by aninsurance company, and Canadian mortgage-backed securities.The Fund may also hold Canadian government and corporatesecurities and bonds.

The fundamental investment objective may only be changedwith the approval of a majority of unitholders, given at ameeting called for that purpose.

Investment strategies

The portfolio adviser seeks to achieve the fundamentalinvestment objective of the Fund by investing primarily inmortgages. The portfolio consists primarily of top-qualityconventional and NHA mortgages that are fully backed byeither the Government of Canada or TD Bank. The Fund mayalso invest in open and closed mortgage-backed securities todiversify risk. The Fund’s NAV is sensitive to changes inmortgage rates and less sensitive to the day-to-day volatilityof the bond markets.

The Fund may use specified derivatives, such as options,futures and forward contracts, as permitted by Canadiansecurities laws to, among other things:

� hedge against losses associated with rising interest rates

� gain exposure to fixed income instruments withoutactually investing in them directly (including whenowning the derivative investment is more efficient or lesscostly than owning the fixed income instrument itself)

The Fund may hold money market instruments or cash to meetits obligations under the derivatives instruments.

The Fund may invest in mortgages and guaranteed mortgages(as defined in National Instrument 81-102 Mutual Funds)administered by TD Bank Group (being TD Bank or an affiliateof TD Bank).

The Canadian securities regulatory authorities have stated thatwhere a mutual fund acquires mortgages from a lendinginstitution with which the Fund, its management companyand/or insiders of either of them are dealing at arm’s length,such mortgages shall be acquired at the dollar amount whichproduces at least the yield prevailing for the sale of comparableunserviced mortgages by major mortgage lenders under similarconditions. In all other cases, mortgages shall be acquired bythe Fund according to only one of the following three methods:

(a) at that principal amount which will produce a yield to theFund equal to the interest rate at which the lendinginstitution is making commitments to loan on the securityof comparable mortgages at the time of purchase by theFund; or

(b) at that principal amount which will produce the same yieldto the Fund as the interest rate charged by the lendinginstitution to the mortgagor on the date of commitment,provided that the date of commitment is not more than120 days prior to the date of purchase of the mortgage by

This document provides specific information about the TD Mortgage Fund. It should be read in conjunction with the rest of the simplifiedprospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general information about theTD Mutual Funds together constitute the simplified prospectus.

Fund details

Fund type Canadian Short-Term Bond and Mortgage

Securities offered Units of a mutual fund trust:Investor SeriesO-Series

Start date Investor Series – January 1, 1975O-Series – April 6, 2010

The Fund was formed on January 1, 1975.

Portfolio adviser TD Asset Management Inc. (TDAM)

Management fee Investor Series – Up to 1.50% (excluding GST and HST)O-Series – Negotiated with, and paid by unitholders directly to, the Manager

Administration fee Investor Series – 0.15% (excluding GST and HST)

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TD Mortgage Fund

This document provides specific information about the TD Mortgage Fund. It should be read in conjunction with the rest of the simplifiedprospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general information about theTD Mutual Funds together constitute the simplified prospectus.

the Fund, and the interest rate is equal to the rate at whichthe lending institution made commitments to loan on thesecurity of comparable mortgages on the date ofcommitment; or

(c) at that principal amount which will produce a yield to theFund of not more than a quarter of one percent less thanthe interest rate at which the lending institution is makingcommitments, at the time of purchase, to loan on thesecurity of comparable mortgages, provided that thelending institution which sells mortgages to the Fund hasentered into an agreement to repurchase the mortgagesfrom the Fund in circumstances benefiting the Fund andthat such an agreement is considered by the administratorto justify the difference in yield to the Fund.

The choice of valuation method affects yield as follows:method (a) and method (b) will result in identical yields,provided that no change in the interest rate charged occurswithin the 120-day period. Method (a) will result in a greateryield than method (b) where the interest rate has increasedduring the 120-day period. Method (a) will result in a lesseryield than method (b) where the interest rate has decreasedduring the 120-day period. Method (a) will always result in ayield greater than that of method (c).

Regarding mortgages purchased from TD Bank Group, themethod used by the Fund is method (c) referred to above, onthe basis that mortgages are offered for sale to the Fund byTD Bank Group for a price determined as being that principalamount which will produce a yield to the Fund of not morethan one quarter of one percent (0.25%) less than the interestrate at which TD Bank Group is making commitments, at thattime, to loan on the security of comparable mortgages. Asrequired by method (c), TD Bank Group has agreed torepurchase from the Fund any mortgage purchased fromTD Bank Group if such mortgage has been in default for ninetydays or more. Such mortgages must be repurchased byTD Bank Group for an amount equal to the outstandingprincipal balance owing on the mortgage on the date ofpurchase, plus accrued interest thereon at the rate of interestspecified in such mortgage loan to the date of purchase.

The Fund may engage in securities lending, repurchase orreverse repurchase transactions in a manner consistent with itsinvestment objectives and as permitted by Canadian securitiesregulatory authorities. For more information, see Securitieslending, repurchase and reverse repurchase transactions inYour guide to understanding the Fund Profile in the firstpart of this document.

We may change the Fund’s investment strategies at ourdiscretion without notice or approval.

What are the risks of investing in the Fund?

Risks of investing in the Fund may include:

� credit risk

� derivatives risk

� interest rate risk

� large investor risk (as at June 28, 2011, one unitholder held47.96% of the units of the Fund)

� repurchase and reverse repurchase agreements risk

� securities lending risk

� series risk

These and other risks, which may also apply to the Fund, aredescribed under the heading Fund-specific risks in the firstpart of this document.

The risk rating of the Fund is low. For more information, see Investment risk classification methodology in Yourguide to understanding the Fund Profile in the first partof this document.

Who should invest in the Fund?

The Fund may be suitable for short to medium-term investorswho:

� are contributing to the income component of a diversifiedportfolio

� can handle small changes in the value of their investment

For more information about how TDAM has determined thelevel of investor risk tolerance that would be appropriate forinvestment in the Fund, see Who should invest in the Fund?

in Your guide to understanding the Fund Profile in the firstpart of this document.

Distribution policy

The Fund may distribute net income monthly or at othertimes and distributes net income and net realized capitalgains annually in December.

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TD Mortgage Fund

Fund expenses indirectly borne by investors

Mutual funds pay for some expenses out of fund assets. Thatmeans investors in a mutual fund indirectly pay for theseexpenses through lower returns.

The following table is intended to help you compare thecumulative cost of investing in this Fund with the cost ofinvesting in other mutual funds. This example assumes that:(i) you invest $1,000 in units of the Fund for the time periodsindicated; (ii) your investment has an annual 5% return; and(iii) the Fund’s MER for the Series units during the 10-year periodremains the same as that incurred in its last financial year.

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

1 year 3 years 5 years 10 years

Investor Series ($) 18.25 57.52 100.82 229.48

See Fees and expenses in the first part of this document formore information on the costs of investing in the Fund that arenot included in the calculation of the MER.

This document provides specific information about the TD Mortgage Fund. It should be read in conjunction with the rest of the simplifiedprospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general information about theTD Mutual Funds together constitute the simplified prospectus.

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TD Canadian Bond Fund

What does the Fund invest in?

Investment objectives

The fundamental investment objective is to earn a high rate ofinterest income through investments in high-quality bonds anddebentures issued principally by Canadian borrowers inCanadian dollars. These securities may consist of debtobligations of, or guaranteed by, Canadian federal, provincialor municipal governments, Canadian chartered banks,Canadian loan or trust companies or Canadian corporations.

The fundamental investment objective may only be changedwith the approval of a majority of unitholders, given at ameeting called for that purpose.

Investment strategies

The portfolio adviser seeks to achieve the fundamentalinvestment objective of the Fund by focusing on the Canadiancorporate debt market as well as global macroeconomic trends.The portfolio adviser believes a strategy using rigorous bottom-up security selection in regard to the macro environment willadd value and enhance long-term performance while at thesame time reducing risk. Generally, the Fund employs a “buy-and-hold” strategy.

The Fund may use specified derivatives, such as options,futures, forward contracts and swaps, as permitted byCanadian securities laws to, among other things:

� hedge against losses associated with rising interest rates

� gain exposure to fixed income instruments without actuallyinvesting in them directly (including when owning thederivative investment is more efficient or less costly thanowning the fixed income instrument itself)

� reduce the risk associated with currency fluctuations

� swap credit risk

The Fund may hold money market instruments or cash to meetits obligations under the derivatives instruments.

The Fund may invest in foreign securities to an extent that will vary from time to time but is not typically expected toexceed 30% of its net assets at the time that foreign securitiesare purchased.

The Fund may engage in securities lending, repurchase orreverse repurchase transactions in a manner consistent with itsinvestment objectives and as permitted by Canadian securitiesregulatory authorities. For more information, see Securitieslending, repurchase and reverse repurchase transactions inYour guide to understanding the Fund Profile in the firstpart of this document.

We may change the Fund’s investment strategies at ourdiscretion without notice or approval.

This document provides specific information about the TD Canadian Bond Fund. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

Fund details

Fund type Canadian Bond

Securities offered Units of a mutual fund trust:Investor SeriesInstitutional SeriesO-SeriesPremium Series

Start date Investor Series – June 29, 1988Institutional Series – March 24, 2003O-Series – May 20, 2005Premium Series – September 7, 2010

The Fund was formed on February 5, 1988.

Portfolio adviser TD Asset Management Inc. (TDAM)

Management fee Investor Series – Up to 1.25% (excluding GST and HST)Institutional Series – Up to 0.75% (excluding GST and HST)O-Series – Negotiated with, and paid by unitholders directly to, the ManagerPremium Series – Up to 0.90% (excluding GST and HST)

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TD Canadian Bond Fund

What are the risks of investing in the Fund?

Risks of investing in the Fund may include:

� credit risk

� derivatives risk

� foreign currency risk

� interest rate risk

� international market risk

� large investor risk (as at June 28, 2011, two unitholders held22.77% and 10.46%, respectively, of the units of the Fund)

� repurchase and reverse repurchase agreements risk

� securities lending risk

� series risk

These and other risks, which may also apply to the Fund, aredescribed under the heading Fund-specific risks in the firstpart of this document.

The risk rating of the Fund is low. For more information, seeInvestment risk classification methodology in Your guideto understanding the Fund Profile in the first part ofthis document.

Who should invest in the Fund?

The Fund may be suitable for medium to long-term investorswho:

� are seeking a high-quality income investment

� are seeking a regular income stream

� are contributing to the income component of a diversifiedportfolio

� can handle small changes in the value of their investment

For more information about how TDAM has determined thelevel of investor risk tolerance that would be appropriate forinvestment in the Fund, see Who should invest in the Fund?

in Your guide to understanding the Fund Profile in the firstpart of this document.

Distribution policy

The Fund may distribute net income quarterly or at othertimes and distributes net income and net realized capitalgains annually in December.

Fund expenses indirectly borne by investors

Mutual funds pay for some expenses out of fund assets. Thatmeans investors in a mutual fund indirectly pay for theseexpenses through lower returns.

The following table is intended to help you compare thecumulative cost of investing in this Fund with the cost ofinvesting in other mutual funds. This example assumes that:(i) you invest $1,000 in units of the Fund for the time periodsindicated; (ii) your investment has an annual 5% return; and(iii) the Fund’s MER for the Series units during the 10-year periodremains the same as that incurred in its last financial year.

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

1 year 3 years 5 years 10 years

Investor Series ($) 11.07 34.90 61.17 139.24

Institutional Series ($) 4.20 13.25 23.22 52.86

Premium Series ($) 10.46 32.96 57.77 131.50

See Fees and expenses in the first part of this document formore information on the costs of investing in the Fund that arenot included in the calculation of the MER.

This document provides specific information about the TD Canadian Bond Fund. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

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TD Income Advantage Portfolio

What does the Fund invest in?

Investment objectives

The fundamental investment objective of the Fund is toemphasize income with some potential for capital appreciation.TD Income Advantage Portfolio invests primarily in units ofTD Mutual Funds and may include other mutual funds managedby parties other than TDAM (or affiliates or associates), fromtime to time, emphasizing mutual funds with incomegenerating potential.

The fundamental investment objective may only be changedwith the approval of a majority of unitholders, given at ameeting called for that purpose.

Investment strategies

The portfolio adviser uses strategic asset allocation to seek toachieve the fundamental investment objective. The Fund’s assetmix exposure will generally be 80-100% in fixed income and0-20% in equities. In calculating the Fund’s asset mix exposure,benchmarks of the underlying funds, as published by suchfunds, may be used by TDAM.

The portfolio adviser:

� monitors allocations to the underlying funds to ensure thatthey are made in accordance with the asset class exposureset out above; and

� considers, in determining the allocations to the underlyingfunds, factors which include its own market expectations,each underlying fund’s investment objective and strategies,past performance and historical volatility in the context of adiversified holding of underlying funds suitable for the Fund.

The Fund may invest in foreign securities to an extent thatwill vary from time to time but is not typically expected toexceed 30% of its net assets at the time that foreignsecurities are purchased.

TDAM may vary the percentage of the Fund’s holdings in anymutual fund or change the mutual funds in which the Fundinvests by adding or removing mutual funds, in each case,without notice to unitholders.

This document provides specific information about the TD Income Advantage Portfolio. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general information aboutthe TD Mutual Funds together constitute the simplified prospectus.

Fund details

Fund type Canadian Bond

Securities offered Units of a mutual fund trust:Investor SeriesInstitutional SeriesO-SeriesPremium SeriesH-Series

Start date Investor Series – October 31, 2003Institutional Series – November 14, 2008 (offered by way of a prospectus exemption prior to July 22, 2009)O-Series – June 10, 2010Premium Series – September 7, 2010H-Series – January 9, 2006

The Fund was formed on September 24, 2003.

Portfolio adviser TD Asset Management Inc. (TDAM)

Management fee Investor Series – Up to 1.50%* (excluding GST and HST)Institutional Series – Up to 1.00%* (excluding GST and HST)O-Series – Negotiated with, and paid by unitholders directly to, the ManagerPremium Series – Up to 1.40%* (excluding GST and HST)H-Series – Up to 1.50%* (excluding GST and HST)

Administration fee Investor Series – 0.08% (excluding GST and HST)H-Series – 0.08% (excluding GST and HST)

* The Fund invests in underlying funds which may pay a management fee. However, no management fees are payable by the Fund that, to a reasonable person, would duplicate afee payable by the underlying funds for the same service.

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TD Income Advantage Portfolio

A unitholder of the Fund does not have ownership rights insecurities of any underlying fund held by the Fund. WhereTDAM is the manager of both the Fund and an underlyingfund in which the Fund has invested, TDAM will not exercisethe right to vote that is attributable to the securities of theunderlying fund. TDAM may arrange for these securities to bevoted by unitholders of the Fund. However, given the costs andcomplexity of doing so, TDAM may not arrange for a flow-through of voting rights.

We may change the Fund’s investment strategies at ourdiscretion without notice or approval.

What are the risks of investing in the Fund?

Risks of investing in the Fund may include:

� capital depreciation risk

� credit risk

� derivatives risk

� equity risk

� foreign currency risk

� fund-of-funds risk

� interest rate risk

� international market risk

� large investor risk

� repurchase and reverse repurchase agreements risk

� securities lending risk

� series risk

These and other risks, which may also apply to the Fund, aredescribed under the heading Fund-specific risks in the firstpart of this document.

The risk rating of the Fund is low. For more information, see Investment risk classification methodology in Your guideto understanding the 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 theselection and composition of their investments, as well asprovide ongoing monitoring services

� are seeking a flow of income with a moderate degree ofcapital growth

� can handle small changes in the value of their investment

For more information about how TDAM has determined thelevel of investor risk tolerance that would be appropriate forinvestment in the Fund, see Who should invest in the Fund?

in Your guide to understanding the Fund Profile in the firstpart of this document.

Distribution policy

The Fund intends to make a distribution monthly that in thecase of Investor Series, Institutional Series, O-Series andPremium Series units, consists of net income and in the caseof H-Series units, may consist of net income, net realizedcapital gains and/or return of capital. If the distributions in ayear are less than the Fund’s net income and net realizedcapital gains for the year, the Fund will make an additionaldistribution in December.

Fund expenses indirectly borne by investors

Mutual funds pay for some expenses out of fund assets. Thatmeans investors in a mutual fund indirectly pay for theseexpenses through lower returns.

The following table is intended to help you compare thecumulative cost of investing in this Fund with the cost of investingin 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 Fund’sMER for the Series units during the 10-year period remains thesame as that incurred in its last financial year.

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

1 year 3 years 5 years 10 years

Investor Series ($) 16.61 52.35 91.75 208.86

Institutional Series ($) 4.00 12.60 22.09 50.28

Premium Series ($) 16.20 51.05 89.49 203.70

H-Series ($) 16.61 52.35 91.75 208.86

See Fees and expenses in the first part of this document formore information on the costs of investing in the Fund that arenot included in the calculation of the MER.

This document provides specific information about the TD Income Advantage Portfolio. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general information aboutthe TD Mutual Funds together constitute the simplified prospectus.

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TD Canadian Core Plus Bond Fund

What does the Fund invest in?

Investment objectives

The fundamental investment objective is to seek to earn a highrate of interest income by investing primarily in Canadiandollar-denominated, investment-grade debt instruments. TheFund may, from time to time, also seek added value from non-Canadian and/or non-investment-grade debt instruments toenhance total return.

The fundamental investment objective may only be changedwith the approval of a majority of unitholders, given at ameeting called for that purpose.

Investment strategies

The portfolio adviser seeks to achieve the fundamentalinvestment objective of the Fund by focusing on bondsdenominated in Canadian dollars, which may include debtobligations of, or guaranteed by, Canadian federal, provincialor municipal governments, Canadian corporations, or foreignissuers (Maple bonds). In addition, the Fund may invest in anyone or combination of: global investment- and non-investment-grade bonds, emerging market debt, and any otherdebt obligations. The portfolio adviser believes a strategy usingrigorous bottom-up security selection in regard to the macroenvironment will add value and enhance long-term performance.

The Fund may use specified derivatives, such as options,futures, forward contracts and swaps, as permitted byCanadian securities laws to, among other things:

� hedge against losses associated with rising interest rates

� gain exposure to fixed income instruments without actuallyinvesting in them directly (including when owning thederivative investment is more efficient or less costly thanowning the fixed income instrument itself)

� reduce the risk associated with currency fluctuations

� swap credit risk

The Fund may hold money market instruments or cash to meetits obligations under the derivatives instruments.

The Fund may invest in foreign securities to an extent that willvary from time to time but is not typically expected to exceed30% of its net assets at the time that foreign securities arepurchased.

The Fund may engage in securities lending, repurchase orreverse repurchase transactions in a manner consistent with itsinvestment objectives and as permitted by Canadian securitiesregulatory authorities. For more information, see Securitieslending, repurchase and reverse repurchase transactions inYour guide to understanding the Fund Profile in the firstpart of this document.

We may change the Fund’s investment strategies at ourdiscretion without notice or approval.

This document provides specific information about the TD Canadian Core Plus Bond Fund. It should be read in conjunction with the rest ofthe simplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

Fund details

Fund type Canadian Bond

Securities offered Units of a mutual fund trust:Investor SeriesO-SeriesPremium Series

Start date Investor Series – September 4, 2007O-Series – November 14, 2008Premium Series – September 7, 2010

The Fund was formed on July 19, 2007.

Portfolio adviser TD Asset Management Inc. (TDAM)

Management fee Investor Series – Up to 1.25% (excluding GST and HST)O-Series – Negotiated with, and paid by unitholders directly to, the ManagerPremium Series – Up to 1.00% (excluding GST and HST)

Administration fee Investor Series – 0.15% (excluding GST and HST)

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What are the risks of investing in the Fund?

Risks of investing in the Fund may include:

� credit risk

� derivatives risk

� foreign currency risk

� interest rate risk

� international market risk

� large investor risk (as at June 28, 2011, three unitholdersheld 25.21%, 23.54% and 22.95%, respectively, of theunits of the Fund)

� liquidity risk

� repurchase and reverse repurchase agreements risk

� securities lending risk

� series risk

These and other risks, which may also apply to the Fund, aredescribed under the heading Fund-specific risks in the firstpart of this document.

The risk rating of the Fund is low to medium. For moreinformation, see Investment risk classification methodology

in Your guide to understanding the Fund Profile in the firstpart of this document.

Who should invest in the Fund?

The Fund may be suitable for medium to long-term investorswho:

� are seeking a high level of income

� are contributing to the income component of a diversifiedportfolio

� can handle changes in the value of their investment

For more information about how TDAM has determined thelevel of investor risk tolerance that would be appropriate forinvestment in the Fund, see Who should invest in the Fund?

in Your guide to understanding the Fund Profile in the firstpart of this document.

Distribution policy

The Fund may distribute net income monthly or at othertimes and distributes net income and net realized capitalgains annually in December.

Fund expenses indirectly borne by investors

Mutual funds pay for some expenses out of fund assets. Thatmeans investors in a mutual fund indirectly pay for theseexpenses through lower returns.

The following table is intended to help you compare thecumulative cost of investing in this Fund with the cost ofinvesting in other mutual funds. This example assumes that:(i) you invest $1,000 in units of the Fund for the time periodsindicated; (ii) your investment has an annual 5% return; and(iii) the Fund’s MER for the Series units during the 10-year periodremains the same as that incurred in its last financial year.

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

1 year 3 years 5 years 10 years

Investor Series ($) 15.17 47.82 83.82 190.81

Premium Series ($) 11.58 36.51 64.00 145.68

See Fees and expenses in the first part of this document formore information on the costs of investing in the Fund that arenot included in the calculation of the MER.

This document provides specific information about the TD Canadian Core Plus Bond Fund. It should be read in conjunction with the rest ofthe simplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

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TD Corporate Bond Capital Yield Fund

What does the Fund invest in?

Investment objectives

The fundamental investment objective is to generate cash flowprimarily through exposure to a pool that invests primarily inNorth American and/or international corporate bonds andother debt instruments (collectively, “corporate bonds”).Corporate bonds include those which are issued and/orguaranteed by a corporation, a limited partnership, a trust,a special purpose entity, a company which has not beenincorporated, and educational institutions.

The fundamental investment objective may only be changedwith the approval of a majority of unitholders, given at ameeting called for that purpose.

Investment strategies

The portfolio adviser seeks to achieve the fundamentalinvestment objective of the Fund by obtaining exposure to aportfolio invested primarily in North American and/or internationalcorporate bonds, as well as investing directly in North Americanand/or international corporate bonds. Where the Fund obtainsexposure to North American and/or international corporate bondsin the manner described below, rather than investing directly inNorth American and/or international corporate bonds, the Fundexpects that the investment return derived from the exposure willbe treated as capital gains.

The Fund may obtain exposure to a portfolio of NorthAmerican and/or international corporate bonds by investing inCanadian equity securities and entering into forward contracts,swaps or other derivatives under which it will forward-sell theequity securities in return for the total return of an investmentin units of TD Corporate Bond Pool (the “Reference Fund”),less costs of the contract.

The Reference Fund files a prospectus, but is not offered tothe public and aims to generate cash flow by investingprimarily in North American and/or international corporatebonds. The value of each forward contract will be determinedwith reference to the total investment return of units of theReference Fund. In other words, under the terms of eachforward contract, the Fund may elect to deliver the equitysecurities, at maturity, in return for a cash payment equal tothe total return of an investment in the Reference Fund (lesscosts of the contract). The equity securities subject to aforward contract are agreed to between the Fund and theforward counterparty and will be pledged to the forwardcounterparty as security for the Fund’s obligations under theforward contract.

The Fund may also invest directly in North American and/orinternational corporate bonds.

The Fund’s and the Reference Fund’s investable universe coversthe global corporate debt market, which includes high-yieldbonds. The Fund and the Reference Fund may also invest incredit default swaps. The portfolio adviser believes a strategyusing rigorous bottom-up security selection in regard to themacro environment will add value and enhance long-termperformance while at the same time reducing risk.

Each of the Fund and the Reference Fund may use specifiedderivatives, such as options, futures, forward contracts andswaps, as permitted by Canadian securities laws to, amongother things:

� gain exposure to fixed income instruments without actuallyinvesting in them directly (including when owning thederivative investment is more efficient or less costly thanowning the fixed income instrument itself)

This document provides specific information about the TD Corporate Bond Capital Yield Fund. It should be read in conjunction with the restof the simplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

Fund details

Fund type Specialty

Securities offered Units of a mutual fund trust:Investor SeriesPremium Series

Start date Investor Series – September 6, 2006Premium Series – September 7, 2010

The Fund was formed on August 28, 2006.

Portfolio adviser TD Asset Management Inc. (TDAM)

Management fee Investor Series – Up to 1.35% (excluding GST and HST)Premium Series – Up to 1.05% (excluding GST and HST)

Administration fee Investor Series – 0.15% (excluding GST and HST)

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TD Corporate Bond Capital Yield Fund

� hedge against losses associated with rising interest rates

� hedge a portion or all of the foreign currency exposure forsignificant periods of time

� swap credit risk

Each of the Fund and the Reference Fund may hold moneymarket instruments or cash to meet its obligations under thederivatives instruments.

Subject to receiving approval from securities regulatoryauthorities, the Fund may enter into derivative contracts wherethe counterparty under such derivative contracts is TD Bank orany of its affiliates or associates, each a related party (“RelatedCounterparty”), provided that:

� TDAM engages an independent internationally recognizedaccounting firm (the “Contract Auditor”) or theindependent review committee (“IRC”) to review andassess the pricing and terms of derivative contracts towhich a Related Counterparty is a counterparty(“TD Contracts”) and compare such pricing and terms withthe then-current pricing and terms of derivative contractsbetween the Related Counterparty and other third-partymutual funds (“Arm’s Length Contracts”) which are similarin size to the Fund;

� the Contract Auditor provides TDAM with a ContractAuditor’s opinion or the IRC provides its confirmation thatthe pricing and terms of the TD Contracts are at least asfavourable as the pricing and terms of the Arm’s LengthContracts; and

� the Contract Auditor or the IRC reconsiders and reassessesthe TD Contracts whenever the prospectus for the Fund isrenewed and whenever it is proposed to amend the pricingand terms of the TD Contracts.

The Fund may also apply for exemptive relief from the conflictsof interest provisions to permit the Fund to forward-sell equitysecurities to a Related Counterparty pursuant to the derivativesinstruments.

The Fund may engage in securities lending, repurchase orreverse repurchase transactions in a manner consistent with itsinvestment objectives and as permitted by Canadian securitiesregulatory authorities. For more information, see Securitieslending, repurchase and reverse repurchase transactions inYour guide to understanding the Fund Profile in the firstpart of this document.

We may change the Fund’s investment strategies at ourdiscretion without notice or approval.

What are the risks of investing in the Fund?

Risks of investing in the Fund may include:

� capital depreciation risk

� credit risk

� derivatives risk

� foreign currency risk

� fund-of-funds risk

� interest rate risk

� international market risk

� large investor risk

� liquidity risk

� repurchase and reverse repurchase agreements risk

� securities lending risk

� series risk

� tracking risk

These and other risks, which may also apply to the Fund, aredescribed under the heading Fund-specific risks in the firstpart of this document. Investors in the Fund face the additionalrisk that a change in tax laws could eliminate the tax-relatedbenefits associated with the Fund. If there is a change in taxlaws that affect the tax-related benefits of the Fund, the Fundmay be terminated.

The risk rating of the Fund is low to medium. For moreinformation, see Investment risk classification methodology

in Your guide to understanding the Fund Profile in the firstpart of this document.

Who should invest in the Fund?

The Fund may be suitable for medium to long-term investorswho:

� want a mutual fund that makes regular tax-efficientdistributions

� are seeking a regular income stream

� are contributing to the income portion of a diversifiedportfolio

� can handle changes in the value of their investment

� are willing to accept a return of capital

For more information about how TDAM has determined thelevel of investor risk tolerance that would be appropriate forinvestment in the Fund, see Who should invest in the Fund?

in Your guide to understanding the Fund Profile in the firstpart of this document.

This document provides specific information about the TD Corporate Bond Capital Yield Fund. It should be read in conjunction with the restof the simplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

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Distribution policy

The Fund intends to distribute monthly an amount consistingof net income, net realized capital gains and/or return ofcapital. If the distributions in a year are less than the Fund’s netincome and net realized capital gains for the year, the Fund willmake an additional distribution in December. The Fund reportsall gains and losses on forward contracts under which equitysecurities are sold forward as capital gains or capital losses.

Fund expenses indirectly borne by investors

Mutual funds pay for some expenses out of fund assets. Thatmeans investors in a mutual fund indirectly pay for theseexpenses through lower returns.

The following table is intended to help you compare thecumulative cost of investing in this Fund with the cost ofinvesting in other mutual funds. This example assumes that:(i) you invest $1,000 in units of the Fund for the time periodsindicated; (ii) your investment has an annual 5% return; and(iii) the Fund’s MER for the Series units during the 10-year periodremains the same as that incurred in its last financial year.

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

1 year 3 years 5 years 10 years

Investor Series ($) 16.40 51.70 90.62 206.28

Premium Series ($) 12.10 38.13 66.83 152.13

See Fees and expenses in the first part of this document formore information on the costs of investing in the Fund that arenot included in the calculation of the MER.

This document provides specific information about the TD Corporate Bond Capital Yield Fund. It should be read in conjunction with the restof the simplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

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TD Real Return Bond Fund

What does the Fund invest in?

Investment objectives

The fundamental investment objective is to provide a regularlevel of interest income that is hedged against inflation, byinvesting primarily in Canadian government guaranteed realreturn bonds, as well as those issued by the governments offoreign countries.

The fundamental investment objective may only be changedwith the approval of a majority of unitholders, given at ameeting called for that purpose.

Investment strategies

The portfolio adviser seeks to achieve the fundamentalinvestment objective of the Fund by investing mainly in Canadiangovernment inflation-linked bonds. The Fund may also invest inforeign government inflation-linked bonds. The Fund may investin foreign securities to an extent that will vary from time to timebut is not typically expected to exceed 30% of its net assets atthe time that foreign securities are purchased. Generally, theFund employs a “buy-and-hold” strategy.

The Fund may use specified derivatives, such as options,futures, forward contracts and swaps, as permitted byCanadian securities laws to, among other things:

� hedge against losses associated with rising interest rates

� gain exposure to fixed income instruments without actuallyinvesting in them directly (including when owning thederivative investment is more efficient or less costly thanowning the fixed income instrument itself)

� reduce the risk associated with currency fluctuations

� swap credit risk

The Fund may hold money market instruments or cash to meetits obligations under the derivatives instruments.

The Fund may engage in securities lending, repurchase orreverse repurchase transactions in a manner consistent with itsinvestment objectives and as permitted by Canadian securitiesregulatory authorities. For more information, see Securitieslending, repurchase and reverse repurchase transactions inYour guide to understanding the Fund Profile in the firstpart of this document.

We may change the Fund’s investment strategies at ourdiscretion without notice or approval.

What are the risks of investing in the Fund?

Risks of investing in the Fund may include:

� credit risk

� derivatives risk

� foreign currency risk

� interest rate risk

� international market risk

� large investor risk

� repurchase and reverse repurchase agreements risk

� securities lending risk

� series risk

These and other risks, which may also apply to the Fund, aredescribed under the heading Fund-specific risks in the firstpart of this document.

The risk rating of the Fund is low to medium. For moreinformation, see Investment risk classification methodology

in Your guide to understanding the Fund Profile in the firstpart of this document.

This document provides specific information about the TD Real Return Bond Fund. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

Fund details

Fund type Canadian Bond

Securities offered Units of a mutual fund trust:Investor SeriesO-Series

Start date Investor Series – November 23, 1994 O-Series – September 6, 2006

The Fund was formed on July 15, 1994.

Portfolio adviser TD Asset Management Inc. (TDAM)

Management fee Investor Series – Up to 1.20% (excluding GST and HST)O-Series – Negotiated with, and paid by unitholders directly to, the Manager

Administration fee Investor Series – 0.15% (excluding GST and HST)

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TD Real Return Bond Fund

Who should invest in the Fund?

The Fund may be suitable for medium to long-term investorswho:

� are concerned about the long-term effects of inflation

� are seeking a high quality income investment

� can accept some interest rate risk to achieve moderatecapital growth

� are contributing to the income component of a diversifiedportfolio

� can handle changes in the value of their investment

For more information about how TDAM has determined thelevel of investor risk tolerance that would be appropriate forinvestment in the Fund, see Who should invest in the Fund?

in Your guide to understanding the Fund Profile in the firstpart of this document.

Distribution policy

The Fund may distribute net income quarterly or at other timesand distributes net income and net realized capital gainsannually in December.

Fund expenses indirectly borne by investors

Mutual funds pay for some expenses out of fund assets. Thatmeans investors in a mutual fund indirectly pay for theseexpenses through lower returns.

The following table is intended to help you compare thecumulative cost of investing in this Fund with the cost ofinvesting in other mutual funds. This example assumes that:(i) you invest $1,000 in units of the Fund for the time periodsindicated; (ii) your investment has an annual 5% return; and(iii) the Fund’s MER for the Series units during the 10-year periodremains the same as that incurred in its last financial year.

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

1 year 3 years 5 years 10 years

Investor Series ($) 14.97 47.18 82.69 188.23

See Fees and expenses in the first part of this document formore information on the costs of investing in the Fund that arenot included in the calculation of the MER.

This document provides specific information about the TD Real Return Bond Fund. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

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TD Global Bond Fund

What does the Fund invest in?

Investment objectives

The fundamental investment objective is to seek to earninterest income through investing primarily in fixed-incomesecurities of issuers anywhere in the world.

The fundamental investment objective may only be changedwith the approval of a majority of unitholders, given at ameeting called for that purpose.

Investment strategies

The portfolio adviser seeks to achieve the fundamentalinvestment objective of the Fund by investing primarily in fixedincome securities of governments, government agencies,supranational organizations or companies located anywhere inthe world. The portfolio adviser employs a strategy offundamental economic analysis of each country and currencyregion. Interest rate anticipation is based on globalmacroeconomic trends and the impact on fiscal and monetarypolicies of the respective countries. The portfolio adviser mayinvest in global (including emerging markets), non-investment-grade (high-yield) corporate debt securities rated below BBB(-)by Standard & Poor’s (or another rating agency).

The Fund may use specified derivatives, such as options,futures, forward contracts and swaps, as permitted byCanadian securities laws to, among other things:

� hedge against losses associated with rising interest rates

� gain exposure to fixed income instruments without actuallyinvesting in them directly (including when owning thederivative investment is more efficient or less costly thanowning the fixed income instrument itself)

� obtain the desired foreign currency exposure

� swap credit risk

The Fund may hold money market instruments or cash to meetits obligations under the derivatives instruments.

TDAM has obtained an exemption from securities regulatoryrequirements to permit the Fund to invest:

� up to 20% of its net assets in securities of any one issuer ifthose securities are issued, or guaranteed fully as toprincipal and interest, by a foreign government (other thanthe United States) or certain supranational entities, such asthe World Bank, and are rated AA or higher by Standard &Poor’s or have an equivalent rating by any other approvedcredit rating organization; or

� up to 35% of its net assets in securities of any one issuer ifthose securities are issued, or guaranteed fully as toprincipal and interest, by a foreign government (other thanthe United States) or certain supranational entities, such asthe World Bank, and are rated AAA by Standard and Poor’sor have an equivalent rating by any other approved creditrating organization.

The Fund may engage in securities lending, repurchase orreverse repurchase transactions in a manner consistent with itsinvestment objectives and as permitted by Canadian securitiesregulatory authorities. For more information, see Securitieslending, repurchase and reverse repurchase transactions inYour guide to understanding the Fund Profile in the firstpart of this document.

We may change the Fund’s investment strategies at ourdiscretion without notice or approval.

This document provides specific information about the TD Global Bond Fund. It should be read in conjunction with the rest of the simplifiedprospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general information about theTD Mutual Funds together constitute the simplified prospectus.

Fund details

Fund type Global Bond

Securities offered Units of a mutual fund trust:Investor SeriesInstitutional Series

Start date Investor Series – January 4, 1994 Institutional Series – January 17, 2002

The Fund was formed on December 15, 1993.

Portfolio adviser TD Asset Management Inc. (TDAM)

Management fee Investor Series – Up to 1.75% (excluding GST and HST)Institutional Series – Up to 1.00% (excluding GST and HST)

Administration fee Investor Series – 0.30% (excluding GST and HST)

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TD Global Bond Fund

What are the risks of investing in the Fund?

Risks of investing in the Fund may include:

� concentration risk

� credit risk

� derivatives risk

� foreign currency risk

� interest rate risk

� international market risk

� large investor risk (as at June 28, 2011, two unitholders held31.20% and 11.93%, respectively, of the units of the Fund)

� liquidity risk

� repurchase and reverse repurchase agreements risk

� securities lending risk

� series risk

These and other risks, which may also apply to the Fund, aredescribed under the heading Fund-specific risks in the firstpart of this document.

The risk rating of the Fund is low to medium. For moreinformation, see Investment risk classification methodology

in Your guide to understanding the Fund Profile in the firstpart of this document.

Who should invest in the Fund?

The Fund may be suitable for medium to long-term investorswho:

� would like to have some foreign currency exposure

� are contributing to the income portion of a diversifiedportfolio

� can handle changes in the value of their investment

For more information about how TDAM has determined thelevel of investor risk tolerance that would be appropriate forinvestment in the Fund, see Who should invest in the Fund?

in Your guide to understanding the Fund Profile in the firstpart of this document.

Distribution policy

The Fund may distribute net income quarterly or at other timesand distributes net income and net realized capital gainsannually in December.

Fund expenses indirectly borne by investors

Mutual funds pay for some expenses out of fund assets. Thatmeans investors in a mutual fund indirectly pay for theseexpenses through lower returns.

The following table is intended to help you compare thecumulative cost of investing in this Fund with the cost ofinvesting in other mutual funds. This example assumes that:(i) you invest $1,000 in units of the Fund for the time periodsindicated; (ii) your investment has an annual 5% return; and(iii) the Fund’s MER for the Series units during the 10-year periodremains the same as that incurred in its last financial year.

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

1 year 3 years 5 years 10 years

Investor Series ($) 22.65 71.41 125.17 284.92

Institutional Series ($) 4.31 13.57 23.79 54.15

See Fees and expenses in the first part of this document formore information on the costs of investing in the Fund that arenot included in the calculation of the MER.

This document provides specific information about the TD Global Bond Fund. It should be read in conjunction with the rest of the simplifiedprospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general information about theTD Mutual Funds together constitute the simplified prospectus.

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TD High Yield Bond Fund

What does the Fund invest in?

Investment objectives

The fundamental investment objective is to seek to provideincome and the opportunity for capital appreciation over thelonger term by investing primarily in high-yield bonds or otherincome-producing securities.

The fundamental investment objective may only be changedwith the approval of a majority of unitholders, given at ameeting called for that purpose.

Investment strategies

The portfolio adviser seeks to achieve the fundamentalinvestment objective of the Fund by focusing on high-yieldcorporate bonds and other income-producing securities fromissuers located anywhere in the world. The portfolio adviserbelieves a bottom-up strategy emphasizing analysis ofindividual corporations in the context of a globalmacroeconomic environment will add value and enhance long-term performance. The selection process is based on

methodical risk/return analysis with the objective of maximizingrisk-adjusted returns for the Fund. Generally, the Fund employsa “buy-and-hold” strategy.

The Fund may use specified derivatives, such as options,futures, forward contracts and swaps, as permitted byCanadian securities laws to, among other things:

� hedge against losses associated with rising interest rates

� gain exposure to fixed income instruments without actuallyinvesting in them directly (including when owning thederivative investment is more efficient or less costly thanowning the fixed income instrument itself)

� hedge a portion or all of the foreign currency exposure forsignificant periods of time

� swap credit risk

The Fund may hold money market instruments or cash to meetits obligations under the derivatives instruments.

This document provides specific information about the TD High Yield Bond Fund. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

Fund details

Fund type High Yield Bond

Securities offered Units of a mutual fund trust:Investor SeriesInstitutional SeriesO-SeriesH-SeriesQ-Series

Start date Investor Series – June 29, 1998Institutional Series – September 24, 2003O-Series – April 6, 2010 H-Series – September 15, 2009Q-Series – September 15, 2009

The Fund was formed on June 8, 1998.

Portfolio adviser TD Asset Management Inc. (TDAM)

Management fee Investor Series – Up to 1.75% (excluding GST and HST)Institutional Series – Up to 1.00% (excluding GST and HST)O-Series – Negotiated with, and paid by unitholders directly to, the ManagerH-Series – Up to 1.75% (excluding GST and HST)Q-Series – Up to 1.00% (excluding GST and HST)

Administration fee Investor Series – 0.15% (excluding GST and HST)H-Series – 0.15% (excluding GST and HST)

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TD High Yield Bond Fund

The Fund may engage in securities lending, repurchase orreverse repurchase transactions in a manner consistent with itsinvestment objectives and as permitted by Canadian securitiesregulatory authorities. For more information, see Securitieslending, repurchase and reverse repurchase transactions inYour guide to understanding the Fund Profile in the firstpart of this document.

We may change the Fund’s investment strategies at ourdiscretion without notice or approval.

What are the risks of investing in the Fund?

Risks of investing in the Fund may include:

� capital depreciation risk

� credit risk

� derivatives risk

� equity risk

� foreign currency risk

� interest rate risk

� international market risk

� large investor risk (as at June 28, 2011, two unitholders held25.91% and 10.13%, respectively, of the units of the Fund)

� liquidity risk

� repurchase and reverse repurchase agreements risk

� securities lending risk

� series risk

These and other risks, which may also apply to the Fund, aredescribed under the heading Fund-specific risks in the firstpart of this document.

The risk rating of the Fund is low to medium. For moreinformation, see Investment risk classification methodology

in Your guide to understanding the Fund Profile in the firstpart of this document.

Who should invest in the Fund?

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

� are seeking a high level of income

� would like to have some currency diversification

� are contributing to the income portion of a diversifiedportfolio

� can handle changes in the value of their investment

For more information about how TDAM has determined thelevel of investor risk tolerance that would be appropriate forinvestment in the Fund, see Who should invest in the Fund?

in Your guide to understanding the Fund Profile in the firstpart of this document.

Distribution policy

The Fund intends to make a distribution monthly that in thecase of Investor Series and Institutional Series units, consists ofnet income and in the case of H-Series and Q-Series units, mayconsist of net income, net realized capital gains and/or returnof capital. If the distributions in a year are less than the Fund’snet income and net realized capital gains for the year, the Fundwill make an additional distribution in December.

Fund expenses indirectly borne by investors

Mutual funds pay for some expenses out of fund assets. Thatmeans investors in a mutual fund indirectly pay for theseexpenses through lower returns.

The following table is intended to help you compare thecumulative cost of investing in this Fund with the cost ofinvesting in other mutual funds. This example assumes that: (i) you invest $1,000 in units of the Fund for the time periodsindicated; (ii) your investment has an annual 5% return; and (iii) the Fund’s MER for the Series units during the 10-year periodremains the same as that incurred in its last financial year.

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

1 year 3 years 5 years 10 years

Investor Series ($) 19.99 63.01 110.44 251.40

Institutional Series ($) 5.64 17.77 31.15 70.91

H-Series ($) 19.78 62.36 109.31 248.82

Q-Series ($) 5.74 18.10 31.72 72.20

See Fees and expenses in the first part of this document formore information on the costs of investing in the Fund that arenot included in the calculation of the MER.

This document provides specific information about the TD High Yield Bond Fund. It should be read in conjunction with the rest of thesimplified prospectus of the TD Mutual Funds dated July 27, 2011. This document and the document that provides general informationabout the TD Mutual Funds together constitute the simplified prospectus.

598104 (07/11)

MANAGER

TD Asset Management Inc.

MAILING ADDRESS

TD Asset Management Inc.Toronto Dominion Bank TowerToronto-Dominion Centre P.O. Box 100Toronto, OntarioM5K 1G8

TELEPHONE

English: 1-800-386-3757

French: 1-800-409-7125

Chinese: 1-800-288-1177

INTERNET

Site: www.tdassetmanagement.com

E-mail: [email protected]

IN PERSON

Visit your TD Canada Trust branch.

TD Mutual Funds

All trademarks are the property of their respective owners.

®/ The TD logo and other trade-marks are the property of The Toronto-Dominion Bank or a wholly-owned subsidiary,in Canada and/or other countries.


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