TD Asset Management Inc. to reduce management fees and simplify TD Mutual Funds lineup

November 21, 2016 -- TD Asset Management Inc. (TDAM), manager of TD Mutual Funds, announced today it will lower the maximum annual management fees on select series of 45 TD Mutual Funds, including its already competitively priced, fee-based series offering, on or about March 28, 2017.

"We continually look for ways to help advisors assist clients in reaching their investment goals," said Bruce Cooper, Chief Executive Officer, TD Asset Management. "Reducing our already competitive management fees is a great example of how we strive to do this."

TDAM will also simplify its high net worth (HNW) offering by making changes to the HNW series (Premium Series, Premium F‑Series, K‑Series and PS‑Series) of certain TD Mutual Funds by:

Terminating the series;
Closing the series to all purchases;
Closing the series to purchases by new investors; or
Converting securityholders of a HNW series to another series which will have the exact same fees and features.

Effective end of business today, all terminating HNW series will be closed to purchases and will subsequently be terminated on or about March 28, 2017. All other changes to the HNW series will be implemented on or about March 28, 2017.

This simplified approach to pricing will make it easier to determine the appropriate series of TD Mutual Funds for investors.

Following is a detailed description of all of the changes.

Reducing management fees

The maximum annual management fee will be reduced on select series of 45 TD Mutual Funds, effective on or about March 28, 2017 as set out in the following tables:

Fixed Income Funds

	Decrease in maximum annual management fees
	F-Series & S-Series (%)¹		Investor Series & H-Series (%)¹		Advisor Series & T-Series (%)¹		D-Series (%)
	Current	New	Current	New	Current	New	Current	New
TD Short Term Bond Fund	0.75	0.55	-	-	1.25	1.00	0.90	0.80
TD Canadian Bond Fund	0.60	0.55	-	-	1.25	1.00	0.90	0.80
TD Income Advantage Portfolio	1.00	0.70	1.50	1.40	1.60	1.40	1.00	0.95
TD Canadian Core Plus Bond Fund	0.75	0.55	1.25	1.05	1.25	1.05	1.00	0.80
TD Canadian Corporate Bond Fund	0.75	0.60	1.25	1.10	1.25	1.10	1.00	0.85
TD Corporate Bond Plus Fund	0.85	0.65	1.35	1.15	1.35	1.15	-	-
TD U.S. Corporate Bond Fund	0.75	0.60	1.25	1.10	1.25	1.10	1.00	0.85
TD Real Return Bond Fund	0.60	0.55	-	-	-	-	-	-
TD Global Bond Fund	0.90	0.85	-	-	-	-	-	-

¹ All Funds may not offer all indicated series.

Balanced Funds

	Decrease in maximum annual management fees
	F-Series & S-Series (%)		Investor Series & H-Series (%)		Advisor Series & T-Series (%)		D-Series (%)
	Current	New	Current	New	Current	New	Current	New
TD U.S. Monthly Income Fund	0.85	0.75	-	-	-	-	1.00	0.90
TD U.S. Monthly Income Fund– C$	0.85	0.75	-	-	-	-	1.00	0.90
TD Strategic Yield Fund	-	-	-	-	-	-	1.10	1.00
TD Dividend Income Fund	0.85	0.75	-	-	1.85	1.75	-	-

Canadian Equity Funds

	Decrease in maximum annual management fees
	F-Series & S-Series (%)		Investor Series & H-Series (%)		Advisor Series & T-Series (%)		D-Series (%)
	Current	New	Current	New	Current	New	Current	New
TD Canadian Low Volatility Fund	0.85	0.75	1.85	1.70	1.85	1.70	1.10	1.00
TD Dividend Growth Fund	0.85	0.80	-	-	1.85	1.75	-	-

U.S. Equity Funds

	Decrease in maximum annual management fees
	F-Series& S-Series (%)¹		Investor Series & H-Series (%)¹		Advisor Series & T-Series (%)¹		D-Series (%)
	Current	New	Current	New	Current	New	Current	New
TD U.S. Risk Managed Equity Fund	0.85	0.80	1.85	1.70	1.85	1.70	1.10	1.05
TD U.S. Low Volatility Fund	0.85	0.80	1.85	1.70	1.85	1.70	1.10	1.05
TD U.S. Low Volatility Currency Neutral Fund	0.85	0.80	1.85	1.70	1.85	1.70	1.10	1.05
TD North American Dividend Fund	1.00	0.80	1.85	1.70	1.85	1.70	1.10	1.05
Epoch U.S. Shareholder Yield Fund	1.00	0.85	-	-	-	-	-	-
Epoch U.S. Large- Cap Value Fund	1.00	0.85	-	-	-	-	-	-
TD U.S. Blue Chip Equity Fund	1.00	0.95	2.00	1.85	2.00	1.85	1.25	1.20
TD U.S. Quantitative Equity Fund	0.85	0.80	-	-	-	-	-	-
TD U.S. Equity Portfolio	1.00	0.85	2.00	1.85	2.00	1.85	-	-

¹ All Funds may not offer all indicated series.

Global and International Equity Funds

	Decrease in maximum annual management fees
	F-Series& S-Series (%)¹		Investor Series & H-Series (%)¹		Advisor Series & T-Series (%)¹		D-Series (%)
	Current	New	Current	New	Current	New	Current	New
TD Global Risk Managed Equity Fund	0.90	0.85	1.90	1.80	1.90	1.80	1.15	1.10
TD Global Low Volatility Fund	1.00	0.90	2.00	1.90	2.00	1.90	1.25	1.15
Epoch Global Shareholder Yield Fund	1.00	0.95	2.00	1.95	2.00	1.95	1.25	1.20
Epoch Global Shareholder Yield Currency Neutral Fund	1.00	0.95	2.00	1.95	2.00	1.95	1.25	1.20
Epoch Global Equity Fund	1.00	0.95	2.00	1.95	2.00	1.95	1.25	1.20
Epoch International Equity Fund	1.00	0.95	2.00	1.95	2.00	1.95	1.25	1.20
TD International Growth Fund	1.15	0.90	2.00	1.90	2.00	1.90	1.25	1.15

¹ All Funds may not offer all indicated series.

Sector Funds

	Decrease in maximum annual management fees
	F-Series& S-Series (%)		Investor Series & H-Series (%)		Advisor Series & T-Series (%)¹		D-Series (%)
	Current	New	Current	New	Current	New	Current	New
TD Resource Fund	-	-	-	-	2.00	1.85	-	-
TD Precious Metals Fund	-	-	-	-	2.00	1.85	-	-

¹ All Funds may not offer all indicated series.

Retirement Portfolios

	Decrease in maximum annual management fees
	F-Series & S-Series (%)			Investor Series & H-Series (%)		Advisor Series & T-Series (%)		D-Series (%)
	Current	New	Current		New	Current	New	Current	New
TD US$ Retirement Portfolio	0.75	0.65	1.50		1.40	1.50	1.40	-	-
TD Retirement Conservative Portfolio	0.75	0.65	1.50		1.40	1.50	1.40	-	-
TD Retirement Balanced Portfolio	0.85	0.75	1.75		1.65	1.75	1.65	-	-

Corporate Class Funds

	Decrease in maximum annual management fees
	F-Series (%)		Investor Series (%)		Advisor Series (%)
	Current	New	Current	New	Current	New
TD Dividend Income Class	0.85	0.75	-	-	1.85	1.75
TD Canadian Low Volatility Class	0.85	0.75	1.85	1.70	1.85	1.70
TD Dividend Growth Class	0.85	0.80	-	-	1.85	1.75
TD U.S. Risk Managed Equity Class	0.85	0.80	1.85	1.70	1.85	1.70
Epoch U.S. Large-Cap Value Class	1.00	0.85	-	-	-	-
TD Global Risk Managed Equity Class	0.90	0.85	1.90	1.80	1.90	1.80
TD Global Low Volatility Class	1.00	0.90	2.00	1.90	2.00	1.90
Epoch Global Equity Class	1.00	0.95	2.00	1.95	2.00	1.95
TD International Growth Class	1.15	0.90	2.00	1.90	2.00	1.90

Simplifying the HNW Series Offering

On or about March 28, 2017, TDAM will liquidate the holdings of the terminating HNW series at fair market value and distribute the net assets to securityholders.

If a HNW series will be converted to a different series, the conversion will take place on or about March 28, 2017 at fair market value. This conversion to a different series will not result in a taxable disposition to securityholders. If the current management fee of the destination series is higher than the management fee of the applicable HNW series, TDAM will reduce such management fee to align with the respective HNW series as of March 28, 2017 for all securityholders of the destination series. As such, securityholders of the HNW series will not directly or indirectly be subject to any increase in management fees or administration fees as a result of the conversion.

Securityholders of an applicable HNW series that will be terminated, closed to all purchases or converted to another series will be provided written notice at least 60 days prior to March 28, 2017.

TD Mutual Funds	Premium Series	Premium F‑Series	K‑Series	PS‑Series
Money Market Funds
TD U.S. Money Market Fund	Closed to New Investors	-	-	-
Fixed Income Funds
TD Short Term Bond Fund	No New Purchases	Terminate	-	-
TD Canadian Bond Fund	No New Purchases	No New Purchases	-	-
TD Income Advantage Portfolio	Closed to New Investors	Convert to F‑Series	No New Purchases	Convert to S‑Series
TD Canadian Core Plus Bond Fund	Closed to New Investors	No New Purchases	-	-
TD Canadian Corporate Bond Fund	Terminate	Terminate	-	-
TD Corporate Bond Plus Fund	No New Purchases	-	-	-
TD U.S. Corporate Bond Fund	Terminate	Terminate	-	-
TD High Yield Bond Fund	Terminate	Terminate	-	-
Balanced Funds
TD Tactical Monthly Income Fund	Closed to New Investors	No New Purchases	No New Purchases	Terminate
TD U.S. Monthly Income Fund	Closed to New Investors	No New Purchases	Terminate	Terminate
TD U.S. Monthly Income Fund – C$	No New Purchases	Terminate	-	-
TD Strategic Yield Fund	No New Purchases	Terminate	-	-
TD Dividend Income Fund	Closed to New Investors	Convert to F‑Series	-	-
Canadian Equity Funds
TD Canadian Low Volatility Fund	Convert to Investor Series	Convert to F‑Series	-	-
TD Dividend Growth Fund	Closed to New Investors	No New Purchases	-	-
TD Canadian Equity Fund	No New Purchases	Terminate	-	-
U.S. Equity Funds
TD U.S. Risk Managed Equity Fund²	Convert to Investor Series	Convert to F‑Series	-	-
TD U.S. Low Volatility Fund²	Convert to Investor Series	Convert to F‑Series	-	-
TD North American Dividend Fund	Convert to Investor Series	Convert to F‑Series	-	-
Epoch U.S. Shareholder Yield Fund²	Terminate	Terminate	-	-
Epoch U.S. Large Cap Value Fund²	Terminate	Terminate	-	-

Global Equity Funds
TD Global Risk Managed Equity Fund	Terminate	Convert to F‑Series	-	-
TD Global Low Volatility Fund	No New Purchases	No New Purchases	-	-
Epoch Global Shareholder Yield Fund	Terminate	Terminate	-	-
Epoch Global Equity Fund	Terminate	Terminate	-	-
Target Return Funds
TD Target Return Conservative Fund	No New Purchases	Terminate	-	-
TD Target Return Balanced Fund	Terminate	Terminate	-	-
Retirement Portfolios
TD US$ Retirement Portfolio	Terminate	Convert to F‑Series	Terminate	Convert to S‑Series
TD Retirement Conservative Portfolio	Closed to New Investors	Convert to F‑Series	No New Purchases	Convert to S‑Series
TD Retirement Balanced Portfolio	Closed to New Investors	Convert to F‑Series	No New Purchases	Convert to S‑Series

² Changes apply to both the Canadian and US dollar purchase options

About TD Asset Management

TD Asset Management (TDAM), a member of TD Bank Group, is a North American investment management firm. Operating through TD Asset Management Inc. in Canada and TDAM USA Inc. in the U.S., TDAM brings new thinking to investors' most important challenges. TDAM offers investment solutions to corporations, pension funds, endowments, foundations and individual investors. Additionally, TDAM manages assets on behalf of more than 2 million retail investors and offers a broadly diversified suite of investment solutions including mutual funds, professionally management portfolios and corporate class funds. Collectively, TDAM manages over C$310 billion in assets as at September 30, 2016.

TD Asset Management Inc. to reduce management fees and simplify TD Mutual Funds lineup

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