TD ASSET MANAGEMENT USA FUNDS INC. TD Target Return Fund Epoch U.S. Equity Shareholder Yield Fund. (Together, the "Funds" and each, a "Fund")

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1 TD ASSET MANAGEMENT USA FUNDS INC. TD Target Return Fund Epoch U.S. Equity Shareholder Yield Fund (Together, the "Funds" and each, a "Fund") Supplement dated November 30, 2017 to the Summary Prospectus of each Fund, each dated June 1, 2017, and the Prospectus and Statement of Additional Information of each Fund, each dated May 31, 2017, as supplemented. The information in this Supplement relating to the pending liquidation of each Fund is substantially similar to the information in the Supplement dated September 29, 2017, except for the date of the expected liquidation of each Fund. In addition, this Supplement references a new Tax Information section on the Funds website. On September 28, 2017, the Board of Directors (the "Board") of TD Asset Management USA Funds Inc. (the "Company") approved the liquidation of each of the TD Target Return Fund and Epoch U.S. Equity Shareholder Yield Fund, each a series of the Company, pursuant to the terms of a Plan of Liquidation for each Fund. The liquidations were proposed as a result of lack of demand in the marketplace for the Funds and difficulty in attracting and retaining assets. Under its Plan of Liquidation, the Fund will be liquidated on or about December 4, 2017 (the "Liquidation Date"). On or before the Liquidation Date, all portfolio securities of the relevant Fund will be converted to cash or cash equivalents, and the Fund will cease investing its assets in accordance with its stated investment objective. On the Liquidation Date, shareholders in the Fund as of the Liquidation Date will receive, as a liquidating distribution, an amount equal to their proportionate interest in the net assets of the Fund, after the Fund has paid or provided for all of its charges, taxes, expenses and liabilities. A shareholder may voluntarily redeem his or her shares prior to the Liquidation Date to the extent that the shareholder wishes to do so. Shareholders remaining in a Fund just prior to the Liquidation Date may bear increased transaction fees incurred in connection with the disposition of the Fund s portfolio holdings. Although the liquidation is not expected to be a taxable event for each Fund, for taxable shareholders the automatic redemption of shares of the Fund on the Liquidation Date will generally be treated as any other redemption of shares, i.e., as a sale that may result in a gain or loss for federal income tax purposes. A Fund may also make a distribution of undistributed net income and/or net capital gains prior to the Liquidation Date. Please see the Tax Information tab of the Newsroom section on the Funds website, at for preliminary information regarding anticipated Year-End Distributions for Shareholders, including shareholders that own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, should consult their tax advisers regarding the tax treatment of the liquidations. In connection with its liquidation, each Fund is closed to new investments, including through exchanges into the Fund from other funds of the Company, effective October 27, Investors may continue to redeem shares of each Fund. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE NOT FDIC INSURED * NO BANK GUARANTEE * MAY LOSE VALUE 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

2 TD ASSET MANAGEMENT USA FUNDS INC. TD Short-Term Bond Fund TD Core Bond Fund TD High Yield Bond Fund Epoch U.S. Equity Shareholder Yield Fund Epoch Global Equity Shareholder Yield Fund TD Target Return Fund (Together, the Funds and each, a Fund ) Supplement dated September 29, 2017 to the Summary Prospectus of each Fund, each dated June 1, 2017, and the Prospectus and Statement of Additional Information of each Fund, each dated May 31, 2017, as supplemented On September 28, 2017, the Board of Directors of TD Asset Management USA Funds Inc. (the Company ) approved the liquidation of each of the TD Short-Term Bond Fund, TD Core Bond Fund, TD High Yield Bond Fund, Epoch U.S. Equity Shareholder Yield Fund, Epoch Global Equity Shareholder Yield Fund and TD Target Return Fund, each a series of the Company, pursuant to the terms of a Plan of Liquidation for each Fund. The liquidations were proposed as a result of lack of demand in the marketplace for the Funds and difficulty in attracting and retaining assets. Under its Plan of Liquidation, the Fund will be liquidated on or about January 17, 2018 (the Liquidation Date ). On or before the Liquidation Date, all portfolio securities of the relevant Fund will be converted to cash or cash equivalents, and the Fund will cease investing its assets in accordance with its stated investment objective and policies. On the Liquidation Date, shareholders in the Fund as of the Liquidation Date will receive, as a liquidating distribution, an amount equal to their proportionate interest in the net assets of the Fund, after the Fund has paid or provided for all of its charges, taxes, expenses, and liabilities. A shareholder may voluntarily redeem his or her shares prior to the Liquidation Date to the extent that the shareholder wishes to do so. Shareholders remaining in a Fund just prior to the Liquidation Date may bear increased transaction fees incurred in connection with the disposition of the Fund s portfolio holdings. Although the liquidation is not expected to be a taxable event for each Fund, for taxable shareholders the automatic redemption of shares of the Fund on the Liquidation Date will generally be treated as any other redemption of shares, i.e., as a sale that may result in a gain or loss for federal income tax purposes. A Fund may also make a distribution of undistributed net income and/or net capital gains prior to the Liquidation Date. Shareholders, including shareholders that own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, should consult their tax advisers regarding the tax treatment of the liquidations. In connection with its liquidation, each of the TD Short-Term Bond Fund, TD High Yield Bond Fund, Epoch U.S. Equity Shareholder Yield Fund and TD Target Return Fund will be closed to new investments, including through exchanges into the Fund from other funds of the Company, effective October 27, 2017, and each of the TD Core Bond Fund and Epoch Global Equity Shareholder Yield Fund will be closed to new investments, including through exchanges into the Fund from other funds of the Company, effective January 12, Investors may continue to redeem shares of each Fund. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE 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.

3 TD Asset Management PROSPECTUS May 31, 2017 TD Asset Management USA Funds Inc. TD Short-Term Bond Fund Institutional Class (TDSBX) Advisor Class (TDSHX) TD Core Bond Fund Institutional Class (TDBFX) Advisor Class (TDCBX) TD High Yield Bond Fund Institutional Class (TDHBX) Advisor Class (TDHYX) Epoch U.S. Equity Shareholder Yield Fund Institutional Class (TDUIX) Advisor Class (TDUEX) Epoch Global Equity Shareholder Yield Fund Institutional Class (TDGEX) Advisor Class (TDGIX) TD Global Low Volatility Equity Fund Institutional Class (TDLVX) Advisor Class (TDGVX) TD Target Return Fund Institutional Class (TDTFX) Advisor Class (TDTRX) Epoch U.S. Small-Mid Cap Equity Fund Institutional Class (TDUSX) Advisor Class (TDUAX) As with any mutual fund, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE 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.

4 TD ASSET MANAGEMENT USA FUNDS INC. TABLE OF CONTENTS SUMMARY... 3 TD Short-Term Bond Fund... 3 TD Core Bond Fund... 8 TD High Yield Bond Fund Epoch U.S. Equity Shareholder Yield Fund Epoch Global Equity Shareholder Yield Fund TD Global Low Volatility Equity Fund TD Target Return Fund Epoch U.S. Small-Mid Cap Equity Fund IMPORTANT ADDITIONAL INFORMATION DETAILS ABOUT THE FUNDS Fund Overview Investment Objectives Principal Security Types Principal Risks HOW TO BUY AND SELL SHARES How to Buy Shares How to Sell Shares How to Exchange Between Funds SHAREHOLDER INFORMATION Statements and Reports to Shareholders Pricing Your Shares Dividends and Distributions Taxes Frequent Purchases and Redemptions Disclosure of Portfolio Holdings FUND MANAGEMENT Investment Manager Subadviser Portfolio Managers Administrator Distributor Shareholder Services and Distribution (12b-1) Plan and Other Distribution Arrangements FINANCIAL HIGHLIGHTS FOR MORE INFORMATION... Back Cover 2

5 SUMMARY TD Short-Term Bond Fund Investment Objective The TD Short-Term Bond Fund (formerly, the TDAM Short-Term Bond Fund) (the Short-Term Bond Fund ) seeks to provide a high level of income consistent with the preservation of capital and liquidity. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Short-Term Bond Fund. Institutional Class Advisor Class Shareholder Fees (fees paid directly from your investment) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.25% 0.25% Distribution (12b-1) Fees None 0.25% Other Expenses 0.45% 0.45% Total Annual Fund Operating Expenses 0.70% 0.95% Example This Example is intended to help you compare the cost of investing in the Short-Term Bond Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Short-Term Bond Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Short-Term Bond Fund s operating expenses remain the same. 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 Institutional Class $72 $224 $390 $ 871 Advisor Class $97 $303 $525 $1,166 Portfolio Turnover The Short-Term Bond Fund pays transaction costs, such as the payment of dealer spreads, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Short-Term Bond Fund s performance. During the fiscal year ended January 31, 2017, the Short-Term Bond Fund s portfolio turnover rate was 121% of the average value of its portfolio. Investment Strategies Under normal circumstances, the Short-Term Bond Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in debt obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, as well as investment-grade debt obligations (debt obligations rated in one of the four highest ratings categories by a nationally recognized statistical rating organization) of banks and corporations. An unrated debt obligation may be treated as investment-grade if warranted by the analysis of the Short-Term Bond Fund s investment manager, TDAM USA Inc. (the Investment Manager or TDAM ). In addition, under normal circumstances, the Investment Manager will maintain an average dollar-weighted maturity for the Short-Term Bond Fund of 3 years or less for securities which the Short-Term Bond Fund holds. The bank and corporate debt obligations in which the Short-Term Bond Fund may invest include bonds of foreign issuers that are issued in the U.S. and denominated in U.S. dollars ( Yankee bonds ). The Short-Term Bond Fund may also invest in repurchase agreements. 3

6 The Investment Manager will allocate the Short-Term Bond Fund s assets across different market sectors (for example, corporate or government securities) and different maturities based on its view of the relative value of each sector or maturity. In selecting investments for the Short-Term Bond Fund, the Investment Manager will analyze a security s structural features and current price, trading opportunities and the credit quality of the issuer. The Short-Term Bond Fund may invest in zero coupon bonds, mortgage-backed and asset-backed securities. The Short-Term Bond Fund may sell securities for a variety of reasons, such as to adjust the portfolio s average maturity, duration, or credit quality or to shift assets into and out of higher yielding or lower yielding securities or different sectors. In managing the Short-Term Bond Fund, the Investment Manager will use a proprietary investment philosophy, which places a strong emphasis on fundamental credit research. Pursuant to this philosophy, the Investment Manager will invest the assets of the Short-Term Bond Fund in securities that have an average credit quality similar to its benchmark index, the Bank of America Merrill Lynch 1 3 Year U.S. Corporate/Government Bond Index. Under normal circumstances, the Investment Manager will also seek to minimize deviations from the average duration of the Short-Term Bond Fund s benchmark consistent with the belief that interest rate speculation is not appropriate for a long-term investment philosophy. In addition, the Investment Manager will seek to enhance returns by taking advantage of yield differentials among securities. Principal Risks As with any mutual fund, you could lose money on your investment in the Short-Term Bond Fund, or the Short-Term Bond Fund could underperform other investments. An investment in the Short-Term Bond Fund is not a deposit of any bank and is not insured by the Federal Deposit Insurance Corporation or any government agency. If the Investment Manager s strategies do not work as intended, the Short-Term Bond Fund may not achieve its investment objective. Bond Market Risk The bond markets as a whole could go up or down (sometimes dramatically). This volatility could affect the value of the investments in the Short-Term Bond Fund s portfolio exposed to bonds or other fixed income securities. In an economic downturn, the ability of issuers of corporate fixed income securities and other securities to service their obligations could be materially and adversely affected. Interest Rate Risk Interest rate risk is the risk that the Short-Term Bond Fund s fixed-income securities will decline in value because of increases in market interest rates. Prices of fixed income securities generally decrease when interest rates rise and increase when interest rates decline. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. The Short-Term Bond Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In periods of market volatility, the market values of fixed-income securities may be more sensitive to changes in interest rates. Credit Risk Fixed income investments, such as bonds, involve credit risk. This is the risk that the issuer or credit enhancer will not make timely payments of principal and interest. The degree of credit risk depends on the issuer s financial condition and on the terms of the debt instrument. Changes in an issuer s credit rating or the market s perception of an issuer s creditworthiness also may affect the value of the Short-Term Bond Fund s investment in that issuer. Prepayment Risk Prepayment risk is the risk that the ability of an issuer of a debt security to repay principal prior to a security s maturity can cause greater price volatility if interest rates change. Such prepayments often occur during periods of declining interest rates, and may cause the Short-Term Bond Fund to reinvest its assets in lower yielding securities. Mortgage-Backed Securities Risk The value of the Short-Term Bond Fund s mortgage-backed securities can fall if the owners of the underlying mortgages pay off their mortgages sooner than expected, which could happen when interest rates fall, or later than expected, which could happen when interest rates rise. If the underlying mortgages are paid off sooner than expected, the Short-Term Bond Fund may have to reinvest this money in mortgage-backed or other securities that have lower yields. 4

7 Asset-Backed Securities Risk Payment of interest and repayment of principal may be impacted by the cash flows generated by the assets backing asset-backed securities. The value of the Short-Term Bond Fund s asset-backed securities may also be affected by changes in interest rates, the availability of information concerning the interests in and structure of the pools of purchase contracts, financing leases or sales agreements that are represented by these securities, the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or the entities that provide any supporting letters of credit, surety bonds, or other credit enhancements. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Short-Term Bond Fund from selling out of these illiquid or relatively less liquid securities at an advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment, where the value and liquidity of fixed-income securities generally go down. Derivatives and securities involving substantial market and credit risk tend to involve greater liquidity risk. Illiquid securities and relatively less liquid securities may also be difficult to value. Zero Coupon Bonds Risk Zero coupon bonds are sold at a discount from face value and do not make periodic interest payments. At maturity, zero coupon bonds can be redeemed for their face value. Because zero coupon bonds do not pay interest, the value of zero coupon bonds may be more volatile than other fixed income securities and may also be subject to greater interest rate risk and credit risk than other fixed income instruments. Yankee Bonds Risk Investments in Yankee bonds involve similar risks as investments in the debt obligations of U.S. issuers. See Credit Risk, and Bond Market Risk. Principal and interest on these bonds are payable in U.S. dollars, so there is no direct foreign currency risk for U.S. holders. However, indirect foreign currency risk and other foreign risk factors may apply to the foreign issuers of these bonds, and may therefore affect the market value of these bonds. Foreign risk factors that may apply to Yankee bonds include the possibility of: adverse political and economic developments; foreign withholding taxes; expropriation or nationalization of the operations of foreign issuers; and different or less robust government regulation of foreign financial markets and institutions. Redemption Risk The Short-Term Bond Fund may experience heavy redemptions that could cause the Short-Term Bond Fund to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. Repurchase Agreements Risk Repurchase agreements could involve certain risks in the event of default or insolvency of the seller, including losses and possible delays or restrictions upon the Short-Term Bond Fund s ability to dispose of the underlying securities. The Short-Term Bond Fund will be exposed to the credit of the counterparties to repurchase agreements and their ability to satisfy the terms of the agreements, which exposes the Short-Term Bond Fund to the risk that the counterparties may default on their obligations to perform under the agreements. If the counterparty to a repurchase agreement fails to repurchase the underlying securities and the value of the underlying securities decreases, the Short-Term Bond Fund could experience a loss. Strategy Risk If the Investment Manager s strategies do not work as intended, the Short-Term Bond Fund may not achieve its investment objective. High Portfolio Turnover Risk The Short-Term Bond Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Short-Term Bond Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Short-Term Bond Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect the Short-Term Bond Fund s performance. An investment in the Short-Term Bond Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 5

8 Performance The following bar chart and table illustrate the risks of investing in the Short-Term Bond Fund. The bar chart shows changes in the Institutional Class performance from year to year for up to 10 years. The returns in the bar chart do not reflect the impact of taxes. If the applicable taxes were included, the annual total returns would be lower than those shown. The table compares the Short-Term Bond Fund s performance (before and after taxes) over time to that of the Bank of America Merrill Lynch 1 3 Year U.S. Corporate/Government Bond Index. The after-tax returns are shown for Institutional Class shares only. The after-tax returns for the Advisor Class will vary due to the differences in expenses applicable to that Class. Of course, past performance is not necessarily an indication of how the Short-Term Bond Fund will perform in the future. For updated performance information, please call (866) or visit YEAR-BY-YEAR ANNUAL TOTAL RETURN as of 12/31 each year Short-Term Bond Fund Institutional Class 7% 6% 5.94% 5% 4% 3.85% 4.18% 3% 2% 1% 2.47% 1.30% 1.73% 0.46% 0.52% 0.39% 1.33% 0% 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 Year-to-date return as of 3/31/17: 0.43% For the period covered by the bar chart, the highest and lowest quarterly returns were 2.96% (for the quarter ended 12/31/08) and -0.50% (for the quarter ended 6/30/08), respectively. AVERAGE ANNUAL TOTAL RETURN for the periods ended 12/31/16 Short-Term Bond Fund 1 Year 5 Years 10 Years Since Inception* Institutional Class Return Before Taxes 1.33% 0.88% 2.18% N/A Return After Taxes on Distributions 0.79% 0.47% 1.44% N/A Return After Taxes on Distributions And Sale of Fund Shares 0.75% 0.50% 1.41% N/A Advisor Class Return Before Taxes 1.33% N/A N/A 0.71% Bank of America Merrill Lynch 1 3YearU.S. Corporate/Government Bond Index (reflects no deduction for fees or expenses) 1.29% 0.98% 2.45% 0.88% * Advisor Class May 30, After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown above. After-tax returns are not relevant to investors who hold shares through a tax-deferred account, such as an individual retirement account or a 401(k) plan. 6

9 Investment Manager TDAM USA Inc. is the Short-Term Bond Fund s investment manager. Portfolio Managers The names, titles, length of service of the persons who are primarily responsible for the day to day management of the Short-Term Bond Fund appear in the table below. Portfolio Manager Title Length of Service with the Fund Glenn Davis, CFA Managing Director, TDAM Since January 2009 Dennis Woessner, CFA, CAIA Vice President and Director, TDAM Since September 2009 For information about purchase and sale of Fund shares, taxes, and payments to broker-dealers and other financial intermediaries, please see Important Additional Information on page 51 of the Prospectus. 7

10 TD Core Bond Fund Investment Objective The TD Core Bond Fund (formerly, the TDAM Core Bond Fund) (the Core Bond Fund ) seeks to provide current income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Core Bond Fund. Institutional Class Advisor Class Shareholder Fees (fees paid directly from your investment) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.40% 0.40% Distribution and Service (12b-1) Fees None 0.25% Other Expenses 0.65% 0.65% Acquired Fund Fees and Expenses (1) 0.01% 0.01% Total Annual Fund Operating Expenses 1.06% 1.31% Fee Waivers and/or Expense Reimbursements (2) (0.55)% (0.55)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 0.51% 0.76% (1) The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Core Bond Fund s financial highlights because the financial highlights reflect only the operating expenses of the Core Bond Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Core Bond Fund through its investments in certain underlying investment companies. (2) TDAM USA Inc., the Core Bond Fund s investment manager ( TDAM ), has contractually agreed to limit the Core Bond Fund s Total Annual Fund Operating Expenses to 0.50% for the Institutional Class and 0.75% for the Advisor Class of the Core Bond Fund at least through May 31, This limit excludes certain expenses, including any Acquired Fund Fees and Expenses, interest, taxes, brokerage commissions, other investment-related costs and non-routine expenses. TDAM is entitled to recoup from the Core Bond Fund any waivers and/or reimbursements made pursuant to this contractual agreement, provided that such recoupment must occur within two years after the end of the fiscal year during which fees were waived or expenses reimbursed and that such recoupment does not cause the Core Bond Fund to exceed the applicable contractual expense limitation that was in effect at the time the fees were waived or expenses reimbursed. This contract may not be terminated before May 31, 2019 unless approved by the Core Bond Fund s Board of Directors. Example This Example is intended to help you compare the cost of investing in the Core Bond Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Core Bond Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Core Bond Fund s operating expenses remain the same. 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 Institutional Class $52 $225 $475 $1,192 Advisor Class $78 $303 $610 $1,480 Portfolio Turnover The Core Bond Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Core Bond Fund s performance. During the most recent fiscal year ended January 31, 2017, the Core Bond Fund s portfolio turnover rate was 98% of the average value of its portfolio. 8

11 Principal Investment Strategies Under normal circumstances, the Core Bond Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds, which include all types of debt and fixed income securities, such as, corporate bonds, debentures and notes, zero coupon obligations, Treasury bills and debt securities issued or guaranteed by the U.S. or foreign governments, their agencies or instrumentalities, obligations issued or guaranteed by international or supranational entities, municipal securities (including, but not limited to, Build America Bonds), mortgage-backed and asset-backed securities and term deposits. A supranational entity is an international organization or agency which transcends national boundaries and is formed and/or supported by multiple governmental or quasi-governmental organizations. The Core Bond Fund may purchase securities of any maturity. Under normal market conditions, the target dollar-weighted average duration for the Core Bond Fund s portfolio is expected to approximate the duration of the Core Bond Fund s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, but may vary due to market conditions. The Core Bond Fund intends to limit its investments to U.S. dollar denominated securities and currently anticipates that it will only purchase bonds that are, at the time of investment, rated investment grade (BBB- or above by Standard & Poor s Ratings Services ( S&P ) or Fitch Ratings Inc. ( Fitch ) or Baa3 or above by Moody s Investors Service, Inc. ( Moody s )) or their unrated equivalents. In addition, the Core Bond Fund will only invest in municipal bonds that are, at the time of investment, rated AA- or better by S&P or Fitch, or Aa3 or better by Moody s, or their unrated equivalents. The Core Bond Fund may invest up to 30% of its total assets in the bonds of foreign issuers, provided that such bonds are issued in the U.S. and are denominated in U.S. dollars ( Yankee bonds ). The Core Bond Fund may also invest in exchange-traded funds ( ETFs ) the provide exposure to investment grade fixed income securities. The Core Bond Fund may also invest in derivatives, such as credit default swaps and interest rate futures. The Core Bond Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer s credit quality characteristics without investing directly in that issuer. The Core Bond Fund may use interest rate futures to increase returns or hedge against changes in the value of portfolio securities due to anticipated changes in interest rates and/or market conditions. The Core Bond Fund may invest in repurchase agreements and other money market securities, which may serve as collateral for the Core Bond Fund s derivatives investments and/or earn income for the Core Bond Fund. The Core Bond Fund s portfolio is constructed using a bottom-up strategy under which TDAM USA Inc., the Core Bond Fund s investment manager (the Investment Manager or TDAM ), uses credit and yield curve analysis to identify securities that TDAM believes will add value and enhance long-term performance, and at the same time manage risk. The Investment Manager will allocate the Core Bond Fund s assets across different market sectors and maturities, based on its view of the relative value of each sector or maturity. The Core Bond Fund may sell securities for a variety of reasons, such as to adjust the portfolio s average maturity, duration, or credit quality or to shift assets into and out of different market sectors. Principal Risks As with any mutual fund, you could lose money on your investment in the Core Bond Fund, or the Core Bond Fund could underperform other investments. An investment in the Core Bond Fund is not a deposit of any bank and is not insured by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Core Bond Fund may be subject to the following principal risks: Bond Market Risk The bond markets as a whole could go up or down (sometimes dramatically). This volatility could affect the value of the investments in the Core Bond Fund s portfolio exposed to bonds or other fixed income securities. In an economic downturn, the ability of issuers of corporate fixed income securities and other securities to service their obligations could be materially and adversely affected. Credit Risk Fixed income securities, such as bonds, are subject to credit risk. This is the risk that the issuer or guarantor of a fixed income security will be unable or unwilling to make timely principal or interest payments, or otherwise honor its obligations. The degree of credit risk depends on the issuer s or guarantor s financial condition and on the terms of the fixed income instrument. Changes in an issuer s or guarantor s credit rating or the market s perception of an issuer s or guarantor s creditworthiness also may affect the value of fixed income securities. 9

12 Interest Rate Risk Interest rate risk is the risk that the Core Bond Fund s fixed income securities will decline in value because of increases in market interest rates. Prices of fixed income securities generally decrease when interest rates rise and increase when interest rates decline. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. The Core Bond Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In periods of market volatility, the market values of fixed-income securities may be more sensitive to changes in interest rates. High Portfolio Turnover Risk A Core Bond Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Core Bond Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of the Core Bond Fund s portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect Core Bond Fund performance. Prepayment Risk Prepayment risk is the risk that the ability of an issuer of a debt security to repay principal prior to a security s maturity can cause greater price volatility if interest rates change. When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Core Bond Fund may have to reinvest the proceeds in lower yielding securities. Yankee Bonds Risk Investments in Yankee bonds involve similar risks as investments in the debt obligations of U.S. issuers. See Credit Risk, Bond Market Risk, and Liquidity Risk. Principal and interest on these bonds are payable in U.S. dollars, so there is no direct foreign currency risk for U.S. holders. However, indirect foreign currency risk and other foreign risk factors may apply to the foreign issuers of these bonds, and may therefore affect the market value of these bonds. Foreign risk factors that may apply to Yankee bonds include the possibility of: adverse political and economic developments; foreign withholding taxes; expropriation or nationalization of the operations of foreign issuers; and different or less robust government regulation of foreign financial markets and institutions. Municipal Securities Risk Municipal securities can be significantly affected by unfavorable economic, legislative or political developments and adverse changes in the financial conditions of issuers. Liquidity in the municipal securities market can be reduced unpredictably in response to overall economic conditions or credit tightening. Mortgage-Backed Securities Risk The value of the Core Bond Fund s mortgage-backed securities can fall if the owners of the underlying mortgages pay off their mortgages sooner than expected, which could happen when interest rates fall, or later than expected, which could happen when interest rates rise. If the underlying mortgages are paid off sooner than expected, the Core Bond Fund may have to reinvest this money in mortgage-backed or other securities that have lower yields. See also Credit Risk. Asset-Backed Securities Risk Payment of interest and repayment of principal may be impacted by the cash flows generated by the assets backing asset-backed securities. The value of the Core Bond Fund s asset-backed securities may also be affected by changes in interest rates, the availability of information concerning the interests in and structure of the pools of purchase contracts, financing leases or sales agreements that are represented by these securities, the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or the entities that provide any supporting letters of credit, surety bonds, or other credit enhancements. ETF Risk An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective. The price of an ETF can fluctuate, and the Core Bond Fund could lose money investing in an ETF. Derivatives Risk Derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. The Core Bond Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. The Core Bond Fund s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks described elsewhere in this prospectus, such as interest rate risk, market risk and credit risk. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the 10

13 Core Bond Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. The following is a list of certain derivatives in which the Core Bond Fund intends to invest and the principal risks associated with each of them: Futures The risks associated with the Core Bond Fund s use of futures contracts include the risk that: (i) changes in the price of a futures contract may not always track the changes in market value of the underlying asset; (ii) trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts; and (iii) if the Core Bond Fund has insufficient cash to meet margin requirements, the Core Bond Fund may need to sell other investments, including at disadvantageous times. Swaps Swap agreements involve the risk that the party with whom the Core Bond Fund has entered into the swap will default on its obligation to pay the Core Bond Fund and the risk that the Core Bond Fund will not be able to meet its obligations to pay the other party to the agreement. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Core Bond Fund from selling out of these illiquid or relatively less liquid securities at an advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment, where the value and liquidity of fixed-income securities generally go down. Derivatives and securities involving substantial market and credit risk tend to involve greater liquidity risk. Illiquid securities and relatively less liquid securities may also be difficult to value. Redemption Risk The Core Bond Fund may experience heavy redemptions that could cause the Core Bond Fund to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. Repurchase Agreements Risk Repurchase agreements could involve certain risks in the event of default or insolvency of the seller, including losses and possible delays or restrictions upon the Core Bond Fund s ability to dispose of the underlying securities. The Core Bond Fund will be exposed to the credit of the counterparties to repurchase agreements and their ability to satisfy the terms of the agreements, which exposes the Core Bond Fund to the risk that the counterparties may default on their obligations to perform under the agreements. If the counterparty to a repurchase agreement fails to repurchase the underlying securities and the value of the underlying securities decreases, the Core Bond Fund could experience a loss. Zero Coupon Bonds Risk Zero coupon bonds are sold at a discount from face value and do not make periodic interest payments. At maturity, zero coupon bonds can be redeemed for their face value. Because zero coupon bonds do not pay interest, the value of zero coupon bonds may be more volatile than other fixed income securities and may also be subject to greater interest rate risk and credit risk than other fixed income instruments. Strategy Risk If the Investment Manager s strategies do not work as intended, the Core Bond Fund may not achieve its investment objective. 11

14 Performance The following bar chart and table illustrate the risks of investing in the Core Bond Fund. The bar chart shows the Institutional Class performance from year to year for up to 10 years. The returns in the bar chart do not reflect the impact of taxes. If the applicable taxes were included, the annual total returns would be lower than those shown. The table compares the Core Bond Fund s performance (before and after taxes) over time to that of a broad-based securities market index. The after-tax returns are shown for Institutional Class shares only. The after-tax returns for the Advisor Class will vary due to the differences in expenses applicable to that Class. Of course, past performance is not necessarily an indication of how the Core Bond Fund will perform in the future. For updated performance information, please call (866) or visit YEAR-BY-YEAR ANNUAL TOTAL RETURN as of 12/31 each year 8% Core Bond Fund Institutional Class 6% 5.67% 4% 2% 1.97% 0% 12/ % 12/15 12/16 Year-to-date return as of 3/31/17: 0.67% For the period covered by the bar chart, the highest and lowest quarterly returns were 3.00% (for the quarter ended 3/31/16) and -3.21% (for the quarter ended 12/31/16), respectively. AVERAGE ANNUAL TOTAL RETURN for the periods ended 12/31/16 Core Bond Fund 1 Year Since Inception (March 21, 2013) Institutional Class Return Before Taxes 1.97% 1.51% Return After Taxes on Distributions 1.16% 0.74% Return After Taxes on Distributions And Sale of Fund Shares 1.12% 0.80% Advisor Class Return Before Taxes 1.96% 1.51% Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for expenses, fees or taxes) 2.65% 1.93% After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown above. After-tax returns are not relevant to investors who hold shares through a tax-deferred account, such as an individual retirement account or a 401(k) plan. 12

15 Investment Manager TDAM USA Inc. is the Core Bond Fund s investment manager. Portfolio Managers The name, title, and length of service of the persons who are primarily responsible for the day-to-day management of the Core Bond Fund appears in the table below. Portfolio Manager Title Length of Service with the Fund Glenn Davis, CFA Managing Director, TDAM Since inception Dennis Woessner, CFA, CAIA Vice President & Director, TDAM Since inception For information about purchase and sale of Fund shares, taxes, and payments to broker-dealers and other financial intermediaries, please see Important Additional Information on page 51 of the Prospectus. 13

16 TD High Yield Bond Fund Investment Objective The TD High Yield Bond Fund (formerly, the TDAM High Yield Bond Fund) (the High Yield Bond Fund ) seeks to provide high current income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the High Yield Bond Fund. Institutional Class Advisor Class Shareholder Fees (fees paid directly from your investment) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.55% 0.55% Distribution and Service (12b-1) Fees None 0.25% Other Expenses 2.59% 2.58% Total Annual Fund Operating Expenses 3.14% 3.38% Fee Waivers and/or Expense Reimbursements (1) (2.44)% (2.43)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 0.70% 0.95% (1) TDAM USA Inc., the High Yield Bond Fund s investment manager ( TDAM ), has contractually agreed to limit the High Yield Bond Fund s Total Annual Fund Operating Expenses to 0.70% for the Institutional Class and 0.95% for the Advisor Class of the High Yield Bond Fund at least through May 31, This limit excludes certain expenses, including any Acquired Fund Fees and Expenses, interest, taxes, brokerage commissions, other investment-related costs and non-routine expenses. TDAM is entitled to recoup from the High Yield Bond Fund any waivers and/or reimbursements made pursuant to this contractual agreement, provided that such recoupment must occur within two years after the end of the fiscal year during which fees were waived or expenses reimbursed and that such recoupment does not cause the High Yield Bond Fund to exceed the applicable contractual expense limitation that was in effect at the time the fees were waived or expenses reimbursed. This contract may not be terminated before May 31, 2019 unless approved by the High Yield Bond Fund s Board of Directors. Example This Example is intended to help you compare the cost of investing in the High Yield Bond Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the High Yield Bond Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the High Yield Bond Fund s operating expenses remain the same. 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 Institutional Class $72 $491 $1,200 $3,091 Advisor Class $97 $567 $1,322 $3,322 Portfolio Turnover The High Yield Bond Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the High Yield Bond Fund s performance. During the most recent fiscal year ended January 31, 2017, the High Yield Bond Fund s portfolio turnover rate was 26% of the average value of its portfolio. 14

17 Principal Investment Strategies Under normal circumstances, the High Yield Bond Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds that are, at the time of investment, rated below investment grade (lower than BBB- by Standard & Poor s Ratings Services ( S&P ) or Fitch Ratings Inc. ( Fitch ), or lower than Baa3 by Moody s Investors Service, Inc. ( Moody s )), or their unrated equivalents (commonly referred to as junk bonds or high yield securities). Split rated securities will be considered to have the lower credit rating. For purposes of the High Yield Bond Fund s 80% policy, bonds may include, but are not limited to, corporate bonds, debentures and notes, floating rate senior loans, zero coupon obligations and asset-backed securities. The High Yield Bond Fund s investments in junk bonds may include distressed securities. To the extent consistent with its investment objective, the High Yield Bond Fund may invest up to 20% of its net assets in debt securities of foreign issuers or denominated in foreign currency, including emerging market countries. These investments may include bonds of foreign issuers that are issued in the U.S. and are denominated in U.S. dollars ( Yankee bonds ). The High Yield Bond Fund may invest in securities of any rating. Although the High Yield Bond Fund may invest in securities without regard to their maturity, the High Yield Bond Fund s average weighted maturity is not expected to exceed 10 years. The High Yield Bond Fund may also invest in debt securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, preferred stock, convertible securities and exchange-traded funds ( ETFs ) that provide exposure to high yield bonds. Investments may also be focused from time to time in the consumer discretionary sector and/or other sectors of the fixed income markets. The High Yield Bond Fund may also invest in derivatives, such as credit default swaps and currency forwards. The High Yield Bond Fund may sell a credit default swap in an attempt to gain exposure to an underlying issuer s credit quality characteristics without investing directly in that issuer. The High Yield Bond Fund may enter into currency forwards to manage currency exposure. The High Yield Bond Fund may invest in repurchase agreements and other money market securities, which may be used to serve as collateral for the High Yield Bond Fund s derivatives investments and/or earn income for the High Yield Bond Fund. The High Yield Bond Fund s portfolio is constructed using a bottom-up strategy under which TDAM USA Inc., the High Yield Bond Fund s investment manager (the Investment Manager or TDAM ), follows a methodical risk/return process to find securities that appear undervalued. This means that the Investment Manager makes investment decisions for the High Yield Bond Fund based primarily on fundamental analysis of individual securities in the context of a global macroeconomic environment. Generally, the Investment Manager employs a buy-and-hold strategy, meaning that the High Yield Bond Fund will normally invest for the long-term, but may sell a security at any time if the Investment Manager considers the security to be overvalued or otherwise unfavorable. Principal Risks As with any mutual fund, you could lose money on your investment in the High Yield Bond Fund, or the High Yield Bond Fund could underperform other investments. An investment in the High Yield Bond Fund is not a deposit of any bank and is not insured by the Federal Deposit Insurance Corporation or any other government agency. An investment in the High Yield Bond Fund may be subject to the following principal risks: Bond Market Risk The bond markets as a whole could go up or down (sometimes dramatically). This volatility could affect the value of the investments in the High Yield Bond Fund s portfolio exposed to bonds or other fixed income securities. In an economic downturn, the ability of issuers of corporate fixed income securities and other securities to service their obligations could be materially and adversely affected. Credit Risk Fixed income securities, such as bonds, and derivatives involving a counterparty, are subject to credit risk. This is the risk that the issuer or guarantor of a fixed income security or the counterparty to a derivatives contract will be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. The degree of credit risk depends on the issuer s, guarantor s or counterparty s financial condition and on the terms of the fixed income or derivative instrument. Changes in an issuer s or guarantor s credit rating or the market s perception of an issuer s or guarantor s creditworthiness also may affect the value of fixed income securities. 15