Company: TDBCP
Filing Date: 2025-03-04
Form Type: 424B3
Source: 0001140361-25-006811
Chunk: 62

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-04
Form: 424B3
Chunk 62
---
1940, as amended (the “Investment Company Act”), the covered plan’s assets will include both the equity interest and an undivided interest in each of the entity’s underlying assets, unless it is established that the entity is an “operating company” or that “benefit plan investors” (within the meaning of the plan asset regulations) own less than 25% of the total value of each class of equity interests in the entity. An “operating company” is defined under the plan asset regulations as an entity that is primarily engaged, directly or through a majority owned subsidiary or subsidiaries, in the production or sale of a product or service other than the investment of capital. It is not anticipated that ARNs will constitute “publicly-offered securities” or that TD will register under the Investment Company Act, and TD will not monitor whether “benefit plan investors” will own 25% or more of the total value of any class of equity interests in TD. That said, while no assurance can be given, we believe that TD should qualify as an “operating company” within the meaning of the plan asset regulations. If the underlying assets of TD were deemed to be “plan assets” of a covered plan, this would result, among other things, in the application of the prudence and other fiduciary responsibility standards of ERISA to PS-48 activities engaged in by TD and the possibility that certain transactions in which TD might seek to engage could constitute “prohibited transactions” under ERISA and the Code. Each purchaser and holder of ARNs has exclusive responsibility for ensuring that its purchase and holding of ARNs does not violate the fiduciary or prohibited transaction rules of Title I of ERISA, Section 4975 of the Code or any applicable similar laws. Neither this discussion nor anything provided in this product supplement is, or is intended to be, investment advice directed at any ERISA plan or non-ERISA arrangement or relevant ERISA plan or non-ERISA arrangement fiduciary, and such purchasers of any of our ARNs should consult and rely on their own counsel and advisers as to whether an investment in our ARNs is suitable for the ERISA plan or non-ERISA arrangement. The sale of ARNs to any ERISA plan or non-ERISA arrangement is in no respect a representation by us or any of our affiliates or representatives that such an investment meets all relevant legal requirements with respect to investments by plans generally or any particular plan, or that such an investment is appropriate for plans generally