UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number  811-09086

TD ASSET MANAGEMENT USA FUNDS INC. (FORMERLY KNOWN AS “TD WATERHOUSE FAMILY OF FUNDS, INC.”)

(Exact name of registrant as specified in charter)

399 Park Avenue, New York, NY 10022

(Address of principal executive offices) (Zip code)

Kevin LeBlanc, President, TD Asset Management USA Funds Inc.,399 Park Avenue, New York, NY 10022

(Name and address of agent for service)

Registrant’s telephone number, including area code: 646-828-3653

Date of fiscal year end: January 31, 2015

Date of reporting period: October 31, 2014

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C.

§ 3507.

Item 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in§§ 210.12-12 - 12-14 of Regulation S-X [17 CFR 210.12-12 - 12-14]. The schedules need not be audited.

2

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Short-Term Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
CORPORATE OBLIGATIONS — 59.7%
CONSUMER DISCRETIONARY — 8.4%
Comcast
5.90%, 3/15/16	$	400,000	$	428,037
5.85%, 11/15/15		450,000		474,672
5.70%, 5/15/18		330,000		373,936
Daimler Finance North America LLC
1.38%, 8/1/17 (A)		425,000		424,105
1.25%, 1/11/16 (A)		740,000		743,954
Discovery Communications LLC
3.70%, 6/1/15		740,000		753,145
Ford Motor Credit LLC
1.72%, 12/6/17		900,000		894,642
1.70%, 5/9/16		1,380,000		1,390,295
1.50%, 1/17/17		840,000		839,027
Toyota Motor Credit MTN
1.75%, 5/22/17		250,000		253,543
				6,575,356
CONSUMER STAPLES — 1.5%
Anheuser-Busch InBev Finance
1.25%, 1/17/18		200,000		197,366
Coca-Cola
1.80%, 9/1/16		670,000		683,868
SABMiller Holdings
2.45%, 1/15/17 (A)		290,000		296,407
				1,177,641
ENERGY — 6.3%
Enterprise Products Operating LLC
1.25%, 8/13/15		630,000		632,296
Enterprise Products Partners
6.30%, 9/15/17		850,000		967,719
Kinder Morgan Energy Partners
5.13%, 11/15/14		1,248,000		1,249,533
3.50%, 3/1/16		750,000		772,700
Occidental Petroleum
2.50%, 2/1/16		273,000		279,032
Shell International Finance
0.90%, 11/15/16		300,000		301,355
TransCanada PipeLines
3.40%, 6/1/15		745,000		757,051
				4,959,686
FINANCIALS — 32.2%
AvalonBay Communities MTN
5.75%, 9/15/16‡		95,000		103,269
Bank of America
3.88%, 3/22/17		930,000		980,254
1.13%, 11/14/16		1,150,000		1,149,075
0.49%, 10/14/16		550,000		548,024
Bank of Montreal MTN
0.80%, 11/6/15		1,774,000		1,780,315
Bank of New York Mellon
0.70%, 10/23/15		200,000		200,572
Bank of Nova Scotia
2.15%, 8/3/16 (A)		1,625,000		1,663,625
BB&T MTN
2.25%, 2/1/19		700,000		704,751
Berkshire Hathaway
2.10%, 8/14/19		100,000		100,549
0.80%, 2/11/16		580,000		581,056

3

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Short-Term Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
Citigroup
1.70%, 7/25/16	$	690,000	$	697,037
1.55%, 8/14/17		725,000		723,164
1.30%, 4/1/16		950,000		954,294
Commonwealth Bank of Australia NY
2.25%, 3/13/19		250,000		251,174
1.40%, 9/8/17		500,000		499,395
ERP Operating
5.13%, 3/15/16‡		1,000,000		1,058,208
General Electric Capital MTN
1.63%, 7/2/15		90,000		90,780
1.60%, 11/20/17		750,000		754,261
1.00%, 1/8/16		1,040,000		1,045,286
JPMorgan Chase
6.00%, 10/1/17		350,000		391,971
3.40%, 6/24/15		355,000		361,402
3.15%, 7/5/16		1,105,000		1,142,945
2.35%, 1/28/19		225,000		226,547
Metropolitan Life Global Funding I
2.30%, 4/10/19 (A)		310,000		310,769
1.70%, 6/29/15 (A)		450,000		453,906
1.50%, 1/10/18 (A)		315,000		313,262
National Australia Bank MTN
2.75%, 3/9/17		500,000		517,825
PNC Bank
1.13%, 1/27/17		1,350,000		1,350,614
0.80%, 1/28/16		365,000		365,728
Royal Bank of Canada MTN
2.15%, 3/15/19		345,000		347,024
1.45%, 9/9/16		750,000		757,316
Simon Property Group
4.20%, 2/1/15‡		683,000		683,000
2.20%, 2/1/19‡		250,000		252,401
1.50%, 2/1/18‡ (A)		220,000		218,627
US Bancorp MTN
1.65%, 5/15/17		500,000		505,727
US Bank
1.10%, 1/30/17		1,000,000		1,001,412
Ventas Realty
3.13%, 11/30/15‡		550,000		563,795
2.00%, 2/15/18‡		195,000		195,858
Wells Fargo
6.00%, 11/15/17		200,000		226,203
Wells Fargo MTN
1.25%, 7/20/16		750,000		755,072
0.86%, 4/23/18		300,000		301,365
Westpac Banking
2.45%, 11/28/16 (A)		220,000		226,475
				25,354,333
HEALTH CARE — 1.0%
Amgen
1.25%, 5/22/17		800,000		794,554
INDUSTRIALS — 1.6%
Cooper U.S.
5.45%, 4/1/15		350,000		357,299
Eaton
1.50%, 11/2/17		100,000		99,815
General Electric
5.25%, 12/6/17		500,000		556,438

4

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Short-Term Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
Norfolk Southern
5.75%, 1/15/16	$	250,000	$	264,569
				1,278,121
INFORMATION TECHNOLOGY — 1.7%
Apple
1.05%, 5/5/17		1,020,000		1,019,913
Cisco Systems
2.13%, 3/1/19		300,000		301,188
				1,321,101
TELECOMMUNICATION SERVICES — 5.3%
AT&T
1.40%, 12/1/17		225,000		224,303
0.80%, 12/1/15		1,210,000		1,208,900
Rogers Communications
7.50%, 3/15/15		439,000		450,230
Verizon Communications
2.50%, 9/15/16		790,000		813,343
2.00%, 11/1/16		1,415,000		1,439,977
				4,136,753
UTILITIES — 1.7%
Consolidated Edison of New York
5.30%, 12/1/16		560,000		610,385
Duke Energy Carolinas LLC
1.75%, 12/15/16		529,000		538,322
PacifiCorp
5.50%, 1/15/19		180,000		204,377
				1,353,084
TOTAL CORPORATE OBLIGATIONS				46,950,629
U.S. TREASURY OBLIGATIONS — 24.2%
U.S. Treasury Inflation-Protected Security
0.13%, 4/15/17		418,880		425,425
U.S. Treasury Notes
1.75%, 5/31/16		2,250,000		2,299,043
1.00%, 9/30/16 to 10/31/16		11,800,000		11,912,466
0.88%, 7/15/17		1,860,000		1,862,760
0.63%, 7/15/16		2,500,000		2,509,960
TOTAL U.S. TREASURY OBLIGATIONS				19,009,654
U.S. GOVERNMENT MORTGAGE BACKED OBLIGATIONS — 9.5%
FANNIE MAE — 4.4%
12.00%, 8/1/16 to 3/1/17 (B)		1,891		1,902
10.00%, 2/1/25 (B)		4,899		5,329
9.50%, 8/1/22 (B)		2,736		2,970
8.50%, 9/1/15 (B)		7,588		7,639
8.00%, 5/1/15 to 1/1/16 (B)		19,437		19,690
7.50%, 3/1/15 to 3/1/31 (B)		68,757		70,991
7.00%, 12/1/15 to 7/1/31 (B)		69,801		71,949
6.50%, 12/1/14 to 11/1/37 (B)		946,367		1,047,387
6.00%, 5/1/16 to 5/1/38 (B)		1,084,665		1,203,290
5.50%, 6/1/18 to 6/1/24 (B)		593,351		632,384
5.00%, 3/1/23 (B)		14,045		15,187
4.50%, 5/1/18 to 1/1/19 (B)		228,176		240,086
4.00%, 5/1/23 (B)		127,363		136,326
2.35%, 1/1/16 (B)		4,236		4,238
				3,459,368
FREDDIE MAC — 2.7%
12.00%, 7/1/20 (B)		342		344
9.00%, 6/1/16 to 7/1/30 (B)		7,207		8,512
8.00%, 5/1/15 to 2/1/17 (B)		7,626		7,825
7.00%, 12/1/14 to 7/1/17 (B)		79,924		82,985

5

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Short-Term Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
6.50%, 4/1/17 to 2/1/19 (B)	$	18,490	$	19,371
6.00%, 11/1/17 to 8/1/24 (B)		203,185		217,806
5.50%, 12/1/17 to 2/1/37 (B)		1,117,953		1,209,497
5.00%, 10/1/23 (B)		40,232		42,471
4.50%, 4/1/21 to 1/1/25 (B)		46,185		49,109
3.00%, 9/1/21 (B)		493,115		513,951
				2,151,871
GINNIE MAE — 2.4%
7.00%, 12/15/23 to 12/15/38		428,301		475,135
6.50%, 4/15/16 to 7/15/29		38,340		41,678
6.00%, 12/15/16 to 2/15/32		415,585		443,367
5.50%, 10/15/23		560,497		606,943
4.50%, 11/15/23 to 7/15/24		231,767		245,523
4.00%, 3/15/19		80,045		85,277
				1,897,923
TOTAL U.S. GOVERNMENT MORTGAGE BACKED OBLIGATIONS				7,509,162
REGIONAL GOVERNMENT OBLIGATION — 1.6%
Province of Nova Scotia Canada
2.38%, 7/21/15		1,270,000		1,289,578
TOTAL REGIONAL GOVERNMENT OBLIGATION				1,289,578
MUNICIPAL OBLIGATION — 0.2%
City & County of Honolulu, Hawaii, GO
4.48%, 9/1/17		110,000		119,757
TOTAL MUNICIPAL OBLIGATION				119,757
REPURCHASE AGREEMENT — 4.4%
Counterparty: Bank of Nova Scotia
0.10% dated 10/31/14, due 11/3/14
in the amount of $3,454,029, fully collateralized by a $3,525,000 U.S. Treasury obligation, coupon 0.00%, maturity 4/29/15, value $3,524,013		3,454,000		3,454,000
TOTAL REPURCHASE AGREEMENT				3,454,000
TOTAL INVESTMENTS
(Cost $77,833,605)† — 99.6%				78,332,780
OTHER ASSETS AND LIABILITIES, NET — 0.4%				302,193
NET ASSETS — 100.0%			$	78,634,973

†	At October 31, 2014, the tax basis cost of the Fund’s investments was $77,833,605 and the unrealized appreciation and depreciation were $544,521 and $(45,346), respectively.
‡	Real Estate Investment Trust.

(A)	Security exempt from registration under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2014, these securities amounted to $4,651,130 or 5.91% of net assets of the Fund. These securities have been deemed liquid by the Board of Directors.
(B)	The Federal Housing Finance Agency (“FHFA”) placed Fannie Mae and Freddie Mac into conservatorship with FHFA as the conservator. The conservatorship is a statutory process designed to stabilize a troubled institution with the objective of returning the entities to normal business operations.

GO — General Obligation

LLC — Limited Liability Company

MTN — Medium Term Note

6

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Short-Term Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

As of October 31, 2014, all of the Fund’s investments in securities were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

7

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Core Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
CORPORATE OBLIGATIONS — 43.6%
CONSUMER DISCRETIONARY — 5.1%
Comcast
5.90%, 3/15/16	$	85,000	$	90,958
5.70%, 5/15/18		50,000		56,657
3.38%, 2/15/25		25,000		25,205
2.85%, 1/15/23		55,000		54,325
Daimler Finance North America LLC
1.38%, 8/1/17 (A)		50,000		49,895
Discovery Communications
3.25%, 4/1/23		30,000		29,340
Ford Motor Credit LLC
4.38%, 8/6/23		40,000		42,431
2.38%, 1/16/18		75,000		75,718
1.72%, 12/6/17		100,000		99,405
1.50%, 1/17/17		85,000		84,901
Time Warner
3.55%, 6/1/24		25,000		24,879
Toyota Motor Credit MTN
1.75%, 5/22/17		50,000		50,709
				684,423
CONSUMER STAPLES — 3.4%
Anheuser-Busch InBev Finance
1.25%, 1/17/18		25,000		24,671
Anheuser-Busch InBev Worldwide
1.38%, 7/15/17		50,000		50,114
Coca-Cola
1.80%, 9/1/16		100,000		102,070
CVS Caremark
5.75%, 6/1/17		80,000		88,796
2.75%, 12/1/22		35,000		34,009
Diageo Capital PLC
1.50%, 5/11/17		75,000		75,428
PepsiCo
1.25%, 8/13/17		50,000		50,090
SABMiller Holdings
3.75%, 1/15/22 (A)		25,000		25,820
				450,998
ENERGY — 4.5%
Canadian Natural Resources
4.90%, 12/1/14		25,000		25,083
3.80%, 4/15/24		100,000		100,631
Enbridge
4.00%, 10/1/23		25,000		25,891
Enterprise Products Operating
3.35%, 3/15/23		40,000		39,653
Enterprise Products Operating LLC
2.55%, 10/15/19		25,000		25,002
Enterprise Products Partners
6.30%, 9/15/17		25,000		28,462
Exxon Mobil
3.18%, 3/15/24		50,000		51,707
Kinder Morgan Energy Partners
3.50%, 3/1/16		135,000		139,086
Occidental Petroleum
1.75%, 2/15/17		120,000		121,509
Phillips 66
2.95%, 5/1/17		50,000		51,922
				608,946

8

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Core Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
FINANCIALS — 23.3%
Australia & New Zealand Banking Group
0.90%, 2/12/16	$	100,000	$	100,448
AvalonBay Communities
2.95%, 9/15/22‡		25,000		24,440
AvalonBay Communities MTN
2.85%, 3/15/23‡		25,000		24,006
Bank of America
4.10%, 7/24/23		55,000		57,417
2.00%, 1/11/18		200,000		200,498
1.13%, 11/14/16		30,000		29,976
Bank of America MTN
3.30%, 1/11/23		100,000		99,147
Bank of Montreal MTN
1.40%, 9/11/17		50,000		50,037
Bank of New York Mellon MTN
2.10%, 1/15/19		25,000		24,991
Bank of Nova Scotia
2.80%, 7/21/21		50,000		49,704
BB&T MTN
2.25%, 2/1/19		30,000		30,204
1.60%, 8/15/17		40,000		40,149
Berkshire Hathaway
2.10%, 8/14/19		25,000		25,137
Branch Banking & Trust
2.85%, 4/1/21		25,000		25,083
1.45%, 10/3/16		25,000		25,262
Caterpillar Financial Services MTN
2.05%, 8/1/16		110,000		112,513
CDP Financial
4.40%, 11/25/19 (A)		30,000		33,158
Citigroup
3.75%, 6/16/24		100,000		101,615
1.55%, 8/14/17		100,000		99,747
Commonwealth Bank of Australia NY
2.25%, 3/13/19		50,000		50,235
1.40%, 9/8/17		100,000		99,879
ERP Operating
5.13%, 3/15/16‡		60,000		63,492
4.63%, 12/15/21‡		40,000		43,900
General Electric Capital
2.10%, 12/11/19		25,000		25,110
General Electric Capital MTN
5.50%, 1/8/20		25,000		28,857
3.15%, 9/7/22		25,000		25,295
1.60%, 11/20/17		180,000		181,023
John Deere Capital
1.70%, 1/15/20		50,000		48,554
JPMorgan Chase
4.95%, 3/25/20		25,000		27,758
3.20%, 1/25/23		65,000		64,487
3.15%, 7/5/16		70,000		72,404
1.80%, 1/25/18		90,000		89,975
Metropolitan Life Global Funding I
2.30%, 4/10/19 (A)		105,000		105,260
1.50%, 1/10/18 (A)		25,000		24,862
Northern Trust
2.38%, 8/2/22		25,000		24,104
PNC Bank
2.25%, 7/2/19		25,000		25,045
PNC Funding
3.30%, 3/8/22		35,000		35,577
2.70%, 9/19/16		70,000		72,110

9

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Core Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
Royal Bank of Canada MTN
2.15%, 3/15/19	$	25,000	$	25,147
1.45%, 9/9/16		75,000		75,732
Simon Property Group
1.50%, 2/1/18‡ (A)		75,000		74,532
US Bancorp MTN
3.70%, 1/30/24		25,000		26,025
1.95%, 11/15/18		15,000		15,046
1.65%, 5/15/17		50,000		50,573
Ventas Realty
3.13%, 11/30/15‡		100,000		102,508
2.00%, 2/15/18‡		25,000		25,110
Wells Fargo
6.00%, 11/15/17		25,000		28,275
1.50%, 1/16/18		115,000		114,754
Wells Fargo MTN
4.60%, 4/1/21		25,000		27,614
3.50%, 3/8/22		80,000		82,723
3.30%, 9/9/24		75,000		74,811
1.25%, 7/20/16		30,000		30,203
0.86%, 4/23/18		50,000		50,227
Westpac Banking
0.95%, 1/12/16		75,000		75,546
				3,140,285
HEALTH CARE — 0.4%
Amgen
1.25%, 5/22/17		50,000		49,660
INDUSTRIALS — 2.6%
Burlington Northern Santa Fe
5.75%, 3/15/18		80,000		90,824
Eaton
1.50%, 11/2/17		50,000		49,908
Norfolk Southern
3.85%, 1/15/24		25,000		26,156
Raytheon
4.40%, 2/15/20		25,000		27,527
3.13%, 10/15/20		85,000		88,497
Union Pacific
4.16%, 7/15/22		55,000		60,122
				343,034
INFORMATION TECHNOLOGY — 1.2%
Apple
2.85%, 5/6/21		105,000		106,579
Oracle
1.20%, 10/15/17		60,000		59,804
				166,383
TELECOMMUNICATION SERVICES — 2.3%
AT&T
1.40%, 12/1/17		125,000		124,613
Verizon Communications
5.15%, 9/15/23		15,000		16,798
3.65%, 9/14/18		30,000		31,727
2.50%, 9/15/16		135,000		138,989
				312,127
UTILITIES — 0.8%
PacifiCorp
5.50%, 1/15/19		100,000		113,543
TOTAL CORPORATE OBLIGATIONS				5,869,399

10

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Core Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT/SHARES		VALUE
U.S. GOVERNMENT MORTGAGE BACKED OBLIGATIONS — 23.1%
FANNIE MAE — 13.9%
6.00%, 10/1/38 (C)	$	94,879	$	108,427
5.50%, 2/1/38 (C)		90,547		101,060
4.50%, 4/1/41 to 10/1/41 (C)		444,610		483,389
4.00%, 2/1/26 to 12/1/40 (C)		555,215		591,843
3.00%, 9/1/42 to 2/1/43 (C)		441,050		442,439
2.50%, 3/1/26 (C)		142,159		145,057
				1,872,215
FREDDIE MAC — 6.6%
5.00%, 8/1/35 (C)		357,805		396,708
4.00%, 6/1/25 (C)		190,728		203,921
3.50%, 1/1/41 (C)		273,979		283,325
				883,954
GINNIE MAE — 2.6%
5.50%, 4/15/35		119,316		133,294
4.50%, 10/15/40		104,180		113,938
3.50%, 12/15/40		100,113		104,748
				351,980
TOTAL U.S. GOVERNMENT MORTGAGE BACKED OBLIGATIONS				3,108,149
U.S. TREASURY OBLIGATIONS — 15.4%
U.S. Treasury Inflation-Protected Security
0.13%, 4/15/17		38,746		39,352
U.S. Treasury Bonds
5.00%, 5/15/37		116,000		157,089
4.50%, 5/15/38		154,000		195,063
2.75%, 11/15/42		300,000		282,023
1.63%, 11/15/22		25,000		23,994
U.S. Treasury Notes
3.38%, 5/15/44		160,000		169,738
2.50%, 5/15/24		50,000		50,805
1.75%, 5/31/16		565,000		577,315
1.00%, 6/30/19		125,000		121,807
0.88%, 12/31/16 to 7/15/17		275,000		276,252
U.S. Treasury STRIPS
2.96%, 11/15/29 (B)		80,000		51,584
2.79%, 5/15/24 (B)		160,000		126,235
TOTAL U.S. TREASURY OBLIGATIONS				2,071,257
REGISTERED INVESTMENT COMPANIES — 7.8%
iShares 10+ Year Credit Bond Fund ETF		1,565		95,144
iShares Barclays Credit Bond ETF		1,047		116,856
iShares Barclays Intermediate ETF		1,155		126,946
iShares iBoxx $ Investment Grade Corporate Bond Fund ETF		1,903		227,104
iShares MBS ETF		4,390		478,949
TOTAL REGISTERED INVESTMENT COMPANIES				1,044,999
U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.4%
FANNIE MAE — 3.3%
6.63%, 11/15/30 (C)		307,000		442,639
FREDDIE MAC — 3.1%
6.25%, 7/15/32 (C)		300,000		422,149
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				864,788

11

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Core Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
REGIONAL GOVERNMENT OBLIGATIONS — 0.6%
Province of Quebec Canada
7.50%, 9/15/29	$	30,000	$	43,553
3.50%, 7/29/20		35,000		37,536
TOTAL REGIONAL GOVERNMENT OBLIGATIONS				81,089
REPURCHASE AGREEMENT — 3.0%
Counterparty: Bank of Nova Scotia
0.10% dated 10/31/14, due 11/3/14
in the amount of $400,003, fully collateralized by a $409,000 U.S. Treasury obligation, coupon 0.00%, maturity 4/29/15, value $408,885		400,000		400,000
TOTAL REPURCHASE AGREEMENT				400,000
TOTAL INVESTMENTS
(Cost $13,253,509)† — 99.9%				13,439,681
OTHER ASSETS AND LIABILITIES, NET — 0.1%				17,970
NET ASSETS — 100.0%			$	13,457,651

†	At October 31, 2014, the tax basis cost of the Fund’s investments was $13,253,509 and the unrealized appreciation and depreciation were $207,773 and $(21,601), respectively.
‡	Real Estate Investment Trust.

(A)	Security exempt from registration under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2014, these securities amounted to $313,527 or 2.33% of net assets of the Fund. These securities have been deemed liquid by the Board of Directors.
(B)	The rate shown is the effective yield at time of purchase.
(C)	The Federal Housing Finance Agency (“FHFA”) placed Fannie Mae and Freddie Mac into conservatorship with FHFA as the conservator. The conservatorship is a statutory process designed to stabilize a troubled institution with the objective of returning the entities to normal business operations.

ETF — Exchange-Traded Fund

LLC — Limited Liability Company

MBS — Mortgage Backed Security

MTN — Medium Term Note

PLC — Public Limited Company

STRIPS — Separately Traded Registered Interest and Principal Securities

The following is a list of the inputs used as of October 31, 2014, in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	5,869,399	$	—	$	5,869,399
U.S. Government Mortgage Backed Obligations		—		3,108,149		—		3,108,149
U.S. Treasury Obligations		—		2,071,257		—		2,071,257
Registered Investment Companies		1,044,999		—		—		1,044,999
U.S. Government Agency Obligations		—		864,788		—		864,788
Regional Government Obligations		—		81,089		—		81,089
Repurchase Agreement		—		400,000		—		400,000
Total Investments in Securities	$	1,044,999	$	12,394,682	$	—	$	13,439,681

For the period ended of October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

12

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM High Yield Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
CORPORATE OBLIGATIONS — 96.8%
CONSUMER DISCRETIONARY — 22.8%
American Greetings
7.38%, 12/1/21	$	120,000	$	126,450
Ameristar Casinos
7.50%, 4/15/21		80,000		85,400
CCO Holdings LLC
7.38%, 6/1/20		250,000		267,969
DISH DBS
7.75%, 5/31/15		120,000		124,200
4.63%, 7/15/17		100,000		104,250
Gannett
7.13%, 9/1/18		80,000		83,100
Goodyear Tire & Rubber
7.00%, 5/15/22		160,000		174,000
Jarden
7.50%, 5/1/17		210,000		229,950
L Brands
8.50%, 6/15/19		160,000		191,200
Lear
4.75%, 1/15/23		200,000		200,500
Levi Strauss
6.88%, 5/1/22		80,000		87,000
New York Times
5.00%, 3/15/15		80,000		81,000
PVH
4.50%, 12/15/22		67,000		66,497
Sears Holdings
6.63%, 10/15/18		10,000		9,200
Shea Homes
8.63%, 5/15/19		100,000		106,500
Shearers Foods
9.00%, 11/1/19 (A)		100,000		110,000
Sinclair Televison Group
5.38%, 4/1/21		120,000		120,300
Sirius XM Radio
5.25%, 8/15/22 (A)		40,000		42,100
4.63%, 5/15/23 (A)		100,000		96,500
4.25%, 5/15/20 (A)		40,000		39,775
WMG Acquisition
6.00%, 1/15/21 (A)		114,000		116,850
Wynn Las Vegas
7.75%, 8/15/20		80,000		86,000
				2,548,741
CONSUMER STAPLES — 7.9%
Constellation Brands
7.25%, 5/15/17		120,000		133,800
3.75%, 5/1/21		150,000		150,187
HJ Heinz
4.25%, 10/15/20		200,000		201,960
JBS Investments GmbH
7.75%, 10/28/20 (A)		150,000		164,345
Pilgrim's Pride
7.88%, 12/15/18		40,000		41,700
Reynolds Group Issuer
6.88%, 2/15/21		100,000		106,250
Spectrum Brands
6.38%, 11/15/20		80,000		84,800
				883,042

13

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM High Yield Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
ENERGY — 4.4%
MEG Energy
6.50%, 3/15/21 (A)	$	77,000	$	76,230
Peabody Energy
6.50%, 9/15/20		50,000		47,625
6.25%, 11/15/21		100,000		94,688
6.00%, 11/15/18		180,000		174,150
Precision Drilling
6.50%, 12/15/21		100,000		102,500
				495,193
FINANCIALS — 6.6%
Ally Financial
7.50%, 9/15/20		80,000		95,200
6.25%, 12/1/17		80,000		87,200
CBRE Services
5.00%, 3/15/23		150,000		153,000
CIT Group
5.50%, 2/15/19 (A)		100,000		106,688
5.00%, 5/15/17		120,000		125,700
Neuberger Berman Group
5.63%, 3/15/20 (A)		160,000		167,200
				734,988
HEALTH CARE — 8.6%
CHS
5.13%, 8/15/18		150,000		156,000
Endo Health Solutions
7.00%, 7/15/19		168,000		176,400
HCA
6.50%, 2/15/20		250,000		279,062
Hologic
6.25%, 8/1/20		150,000		157,688
Kinetic Concepts
10.50%, 11/1/18		180,000		198,450
				967,600
INDUSTRIALS — 16.2%
Bombardier
7.50%, 3/15/18 (A)		80,000		88,800
Case New Holland
7.88%, 12/1/17		80,000		89,800
CHC Helicopter
9.25%, 10/15/20		72,000		77,040
Dana Holding
6.50%, 2/15/19		120,000		124,650
Hertz
6.75%, 4/15/19		80,000		83,400
International Lease Finance
8.75%, 3/15/17		200,000		225,000
8.63%, 9/15/15		20,000		21,000
Iron Mountain
8.38%, 8/15/21		66,000		68,640
6.00%, 8/15/23		100,000		105,500
Manitowoc
8.50%, 11/1/20		80,000		86,600
Masonite International
8.25%, 4/15/21 (A)		80,000		85,600
Navistar International
8.25%, 11/1/21		80,000		82,240
Nielsen Finance LLC
5.00%, 4/15/22 (A)		100,000		101,500

14

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM High Yield Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
RR Donnelley & Sons
7.88%, 3/15/21	$	100,000	$	112,500
6.50%, 11/15/23		50,000		51,750
Schaeffler Finance
7.75%, 2/15/17 (A)		120,000		132,000
Spirit Aerosystems
6.75%, 12/15/20		100,000		106,000
Terex
6.50%, 4/1/20		80,000		84,200
United Rentals North America
5.75%, 7/15/18		80,000		83,800
				1,810,020
INFORMATION TECHNOLOGY — 6.3%
Advanced Micro Devices
7.75%, 8/1/20		160,000		150,400
Denali Borrower
5.63%, 10/15/20 (A)		140,000		148,487
IAC/InterActive
4.75%, 12/15/22		200,000		195,500
Jabil Circuit
5.63%, 12/15/20		160,000		171,200
SunGard Data Systems
7.38%, 11/15/18		40,000		41,700
				707,287
MATERIALS — 11.5%
AK Steel
7.63%, 5/15/20		120,000		120,900
Aleris International
7.63%, 2/15/18		80,000		82,400
Ashland
4.75%, 8/15/22		70,000		70,525
Ball
4.00%, 11/15/23		150,000		144,000
Celanese US Holdings LLC
4.63%, 11/15/22		75,000		75,562
Domtar
10.75%, 6/1/17		80,000		96,543
First Quantum Minerals
7.00%, 2/15/21 (A)		69,000		67,706
6.75%, 2/15/20 (A)		69,000		66,758
FMG Resources August 2006 PTY
6.88%, 2/1/18 (A)		80,000		82,000
HudBay Minerals
9.50%, 10/1/20		40,000		42,000
NOVA Chemicals
8.63%, 11/1/19		120,000		125,176
Resolute Forest Products
5.88%, 5/15/23		100,000		95,750
Steel Dynamics
7.63%, 3/15/20		100,000		105,500
United States Steel
7.38%, 4/1/20		100,000		112,000
				1,286,820
TELECOMMUNICATION SERVICES — 8.5%
CenturyLink
6.45%, 6/15/21		80,000		87,600
Frontier Communications
6.25%, 9/15/21		150,000		154,969
Intelsat Jackson Holdings
7.25%, 10/15/20		80,000		85,400

15

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM High Yield Bond Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
Numericable Group
6.00%, 5/15/22 (A)	$	100,000	$	102,250
Sprint
7.88%, 9/15/23 (A)		50,000		54,125
Sprint Capital
6.90%, 5/1/19		50,000		53,000
Sprint Nextel
6.00%, 12/1/16		120,000		127,050
T-Mobile USA
6.73%, 4/28/22		50,000		52,875
6.63%, 11/15/20		120,000		126,450
6.25%, 4/1/21		100,000		104,375
				948,094
UTILITIES — 4.0%
AES
8.00%, 10/15/17		72,000		81,720
Calpine
7.88%, 1/15/23 (A)		130,000		143,975
Dynegy Finance I
6.75%, 11/1/19 (A)		40,000		41,400
NRG Energy
8.25%, 9/1/20		40,000		43,250
7.63%, 1/15/18		120,000		134,700
				445,045
TOTAL CORPORATE OBLIGATIONS				10,826,830
TOTAL INVESTMENTS
(Cost $10,757,546)† — 96.8%				10,826,830
OTHER ASSETS AND LIABILITIES, NET — 3.2%				360,555
NET ASSETS — 100.0%			$	11,187,385

† At October 31, 2014, the tax basis cost of the Fund’s investments was $10,757,546 and the unrealized appreciation and depreciation were $167,452 and $(98,168), respectively.

(A) Security exempt from registration under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2014, these securities amounted to $2,034,289 or 18.18% of net assets of the Fund. These securities have been deemed liquid by the Board of Directors.

LLC — Limited Liability Company

PTY — Proprietary

As of October 31, 2014, all of the Fund’s investments in securities were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended of October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

16

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM 1- to 5-Year Corporate Bond Portfolio • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
CORPORATE OBLIGATIONS — 91.3%
CONSUMER DISCRETIONARY — 9.6%
Comcast
5.70%, 5/15/18	$	155,000	$	175,637
Daimler Finance North America LLC
1.38%, 8/1/17 (A)		65,000		64,863
1.25%, 1/11/16 (A)		237,000		238,266
Discovery Communications LLC
3.70%, 6/1/15		35,000		35,622
Ford Motor Credit LLC
2.38%, 1/16/18		275,000		277,632
1.50%, 1/17/17		280,000		279,676
NBCUniversal Media LLC
2.88%, 4/1/16		335,000		345,290
				1,416,986
CONSUMER STAPLES — 7.8%
Anheuser-Busch InBev Finance
1.25%, 1/17/18		245,000		241,773
Coca-Cola
1.80%, 9/1/16		305,000		311,313
CVS Caremark
5.75%, 6/1/17		80,000		88,797
1.20%, 12/5/16		375,000		375,652
Diageo Capital PLC
1.50%, 5/11/17		130,000		130,742
				1,148,277
ENERGY — 11.4%
Chevron
1.72%, 6/24/18		225,000		227,091
ConocoPhillips
1.05%, 12/15/17		330,000		326,510
Enterprise Products Operating LLC
6.50%, 1/31/19		50,000		58,519
2.55%, 10/15/19		50,000		50,003
Enterprise Products Partners
6.30%, 9/15/17		200,000		227,699
Kinder Morgan Energy Partners
5.95%, 2/15/18		85,000		94,799
3.50%, 3/1/16		210,000		216,356
Statoil
3.13%, 8/17/17		150,000		157,696
1.95%, 11/8/18		220,000		221,197
TransCanada PipeLines
3.40%, 6/1/15		100,000		101,618
				1,681,488
FINANCIALS — 39.2%
AvalonBay Communities MTN
5.75%, 9/15/16‡		265,000		288,066
Bank of America
3.88%, 3/22/17		135,000		142,295
2.00%, 1/11/18		255,000		255,635
1.13%, 11/14/16		55,000		54,956
Bank of Montreal MTN
1.45%, 4/9/18		75,000		74,357
1.40%, 9/11/17		90,000		90,066
Bank of New York Mellon MTN
2.10%, 1/15/19		110,000		109,961
Bank of Nova Scotia
2.90%, 3/29/16		115,000		118,461

17

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM 1- to 5-Year Corporate Bond Portfolio • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
BB&T MTN
2.25%, 2/1/19	$	140,000	$	140,950
1.60%, 8/15/17		120,000		120,446
Berkshire Hathaway
2.10%, 8/14/19		110,000		110,604
0.80%, 2/11/16		235,000		235,428
Canadian Imperial Bank of Commerce
1.55%, 1/23/18		305,000		303,680
CDP Financial
4.40%, 11/25/19 (A)		35,000		38,685
Citigroup
4.45%, 1/10/17		340,000		361,935
2.50%, 9/26/18		120,000		121,463
Commonwealth Bank of Australia NY
2.25%, 3/13/19		70,000		70,329
1.40%, 9/8/17		130,000		129,843
ERP Operating
5.13%, 3/15/16‡		115,000		121,694
General Electric Capital
1.00%, 12/11/15		110,000		110,572
General Electric Capital MTN
1.60%, 11/20/17		170,000		170,966
John Deere Capital
0.70%, 9/4/15		180,000		180,589
John Deere Capital MTN
2.25%, 4/17/19		200,000		202,215
JPMorgan Chase
6.00%, 10/1/17		335,000		375,172
2.35%, 1/28/19		90,000		90,619
Metropolitan Life Global Funding I
2.30%, 4/10/19 (A)		130,000		130,322
1.50%, 1/10/18 (A)		155,000		154,145
PNC Bank
2.25%, 7/2/19		155,000		155,277
PNC Funding
2.70%, 9/19/16		175,000		180,276
Royal Bank of Canada MTN
2.15%, 3/15/19		185,000		186,085
Simon Property Group
2.20%, 2/1/19‡		145,000		146,392
US Bancorp MTN
1.95%, 11/15/18		110,000		110,339
1.65%, 5/15/17		105,000		106,203
Ventas Realty
3.13%, 11/30/15‡		25,000		25,627
2.00%, 2/15/18‡		155,000		155,682
Wells Fargo
6.00%, 11/15/17		70,000		79,171
1.50%, 1/16/18		260,000		259,444
Wells Fargo MTN
2.63%, 12/15/16		75,000		77,483
				5,785,433
HEALTH CARE — 1.5%
Amgen
1.25%, 5/22/17		215,000		213,536
INDUSTRIALS — 7.5%
Caterpillar
1.50%, 6/26/17		320,000		321,959
Eaton
1.50%, 11/2/17		120,000		119,778

18

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM 1- to 5-Year Corporate Bond Portfolio • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
General Electric
5.25%, 12/6/17	$	160,000	$	178,060
Lockheed Martin
2.13%, 9/15/16		215,000		219,989
United Technologies
1.80%, 6/1/17		260,000		264,580
				1,104,366
INFORMATION TECHNOLOGY — 4.0%
Apple
2.10%, 5/6/19		245,000		246,381
Cisco Systems
2.13%, 3/1/19		105,000		105,415
Oracle
2.38%, 1/15/19		235,000		238,729
				590,525
MATERIALS — 1.2%
BHP Billiton
1.63%, 2/24/17		180,000		182,251
TELECOMMUNICATION SERVICES — 6.4%
AT&T
1.40%, 12/1/17		250,000		249,226
0.80%, 12/1/15		210,000		209,809
Verizon Communications
3.65%, 9/14/18		465,000		491,771
				950,806
UTILITIES — 2.7%
Consolidated Edison of New York
5.30%, 12/1/16		160,000		174,396
Duke Energy Carolinas LLC
1.75%, 12/15/16		75,000		76,322
PacifiCorp
5.50%, 1/15/19		125,000		141,928
				392,646
TOTAL CORPORATE OBLIGATIONS				13,466,314
U.S. TREASURY OBLIGATIONS — 3.5%
U.S. Treasury Notes
2.75%, 2/28/18		300,000		315,867
2.38%, 7/31/17		200,000		208,235
TOTAL U.S. TREASURY OBLIGATIONS				524,102
REGIONAL GOVERNMENT OBLIGATION — 1.2%
Province of Ontario Canada
1.65%, 9/27/19		175,000		172,472
TOTAL REGIONAL GOVERNMENT OBLIGATION				172,472
REPURCHASE AGREEMENT — 3.6%
Counterparty: Bank of Nova Scotia
0.10% dated 10/31/14, due 11/3/14
in the amount of $533,004, fully collateralized by a $544,000 U.S. Treasury obligation, coupon 0.00%, maturity 4/29/15, value $543,848		533,000		533,000
TOTAL REPURCHASE AGREEMENT				533,000
TOTAL INVESTMENTS
(Cost $14,705,905)† — 99.6%				14,695,888
OTHER ASSETS AND LIABILITIES, NET — 0.4%				59,952
NET ASSETS — 100.0%			$	14,755,840

19

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM 1- to 5-Year Corporate Bond Portfolio • Schedule of Investments 

October 31, 2014 (unaudited)

†	At October 31, 2014, the tax basis cost of the Fund’s investments was $14,705,905 and the unrealized appreciation and depreciation were $7,941 and $(17,958), respectively.
‡	Real Estate Investment Trust.

(A) Security exempt from registration under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2014, these securities amounted to $626,281 or 4.24% of net assets of the Fund. These securities have been deemed liquid by the Board of Directors.

LLC — Limited Liability Company

MTN — Medium Term Note

PLC — Public Limited Company

As of October 31, 2014, all of the Fund’s investments in securities were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended of October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

20

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM 5- to 10-Year Corporate Bond Portfolio • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
CORPORATE OBLIGATIONS — 93.3%
CONSUMER DISCRETIONARY — 8.0%
Comcast
3.38%, 2/15/25	$	30,000	$	30,246
2.85%, 1/15/23		135,000		133,342
Discovery Communications
3.25%, 4/1/23		75,000		73,349
Ford Motor Credit LLC
5.88%, 8/2/21		190,000		219,595
NBCUniversal Media LLC
4.38%, 4/1/21		40,000		43,941
Time Warner
3.55%, 6/1/24		35,000		34,831
				535,304
CONSUMER STAPLES — 6.2%
Anheuser-Busch InBev Worldwide
5.38%, 1/15/20		75,000		85,171
Coca-Cola
2.45%, 11/1/20		125,000		126,333
CVS Caremark
2.75%, 12/1/22		100,000		97,168
SABMiller Holdings
3.75%, 1/15/22 (A)		105,000		108,443
				417,115
ENERGY — 15.1%
Canadian Natural Resources
3.80%, 4/15/24		80,000		80,505
3.45%, 11/15/21		85,000		86,974
Chevron
2.36%, 12/5/22		180,000		174,113
ConocoPhillips
5.75%, 2/1/19		45,000		51,767
Enbridge
4.00%, 10/1/23		95,000		98,385
Enterprise Products Operating
3.35%, 3/15/23		140,000		138,786
Exxon Mobil
3.18%, 3/15/24		125,000		129,267
Phillips 66
4.30%, 4/1/22		75,000		80,400
Statoil
2.90%, 11/8/20		90,000		92,308
TransCanada PipeLines
2.50%, 8/1/22		85,000		80,948
				1,013,453
FINANCIALS — 34.5%
AvalonBay Communities
2.95%, 9/15/22‡		130,000		127,090
Bank of America
4.10%, 7/24/23		175,000		182,691
Bank of America MTN
5.63%, 7/1/20		65,000		73,817
Bank of Nova Scotia
2.80%, 7/21/21		140,000		139,173
BB&T MTN
2.25%, 2/1/19		70,000		70,475
Branch Banking & Trust
2.85%, 4/1/21		25,000		25,083
CDP Financial
4.40%, 11/25/19 (A)		25,000		27,632

21

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM 5- to 10-Year Corporate Bond Portfolio • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
Citigroup
3.75%, 6/16/24	$	180,000	$	182,907
Commonwealth Bank of Australia NY
2.25%, 3/13/19		35,000		35,164
ERP Operating
4.63%, 12/15/21‡		65,000		71,338
General Electric Capital
2.10%, 12/11/19		45,000		45,198
General Electric Capital MTN
3.15%, 9/7/22		60,000		60,707
John Deere Capital
1.70%, 1/15/20		145,000		140,806
JPMorgan Chase
4.95%, 3/25/20		65,000		72,172
3.25%, 9/23/22		140,000		140,191
Metropolitan Life Global Funding I
3.00%, 1/10/23 (A)		135,000		134,415
2.30%, 4/10/19 (A)		25,000		25,062
Northern Trust
2.38%, 8/2/22		75,000		72,311
PNC Funding
4.38%, 8/11/20		65,000		71,218
3.30%, 3/8/22		95,000		96,565
Simon Property Group
2.20%, 2/1/19‡		40,000		40,384
US Bancorp MTN
4.13%, 5/24/21		60,000		65,103
3.70%, 1/30/24		115,000		119,714
Wells Fargo MTN
3.50%, 3/8/22		175,000		180,957
3.30%, 9/9/24		120,000		119,697
				2,319,870
INDUSTRIALS — 13.6%
Burlington Northern Santa Fe LLC
3.05%, 9/1/22		95,000		94,867
Canadian Pacific Railway
4.50%, 1/15/22		60,000		66,110
Caterpillar
3.90%, 5/27/21		145,000		155,758
Eaton
2.75%, 11/2/22		50,000		48,564
Lockheed Martin
3.35%, 9/15/21		100,000		104,026
Norfolk Southern
3.85%, 1/15/24		105,000		109,856
Raytheon
3.13%, 10/15/20		95,000		98,908
2.50%, 12/15/22		125,000		120,967
Union Pacific
4.16%, 7/15/22		40,000		43,725
United Technologies
6.13%, 2/1/19		65,000		75,962
				918,743
INFORMATION TECHNOLOGY — 3.2%
Apple
2.85%, 5/6/21		140,000		142,106
Cisco Systems
3.63%, 3/4/24		70,000		72,267
				214,373

22

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM 5- to 10-Year Corporate Bond Portfolio • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
MATERIALS — 1.2%
BHP Billiton Finance USA
3.25%, 11/21/21	$	80,000	$	82,338
TELECOMMUNICATION SERVICES — 6.4%
AT&T
3.90%, 3/11/24		40,000		41,072
3.00%, 2/15/22		115,000		113,699
Verizon Communications
5.15%, 9/15/23		95,000		106,389
4.50%, 9/15/20		155,000		168,287
				429,447
UTILITIES — 5.1%
Consolidated Edison
4.45%, 6/15/20		75,000		83,288
Duke Energy Carolinas LLC
3.90%, 6/15/21		115,000		124,680
PacifiCorp
2.95%, 2/1/22		135,000		137,828
				345,796
TOTAL CORPORATE OBLIGATIONS				6,276,439
REGIONAL GOVERNMENT OBLIGATIONS — 2.9%
Province of Ontario Canada
2.45%, 6/29/22		100,000		98,651
Province of Quebec Canada
3.50%, 7/29/20		90,000		96,521
TOTAL REGIONAL GOVERNMENT OBLIGATIONS				195,172
REPURCHASE AGREEMENT — 3.4%
Counterparty: Bank of Nova Scotia
0.10% dated 10/31/14, due 11/3/14
in the amount of $230,002, fully collateralized by a $235,000 U.S. Treasury obligation, coupon 0.00%, maturity 4/29/15, value $234,934		230,000		230,000
TOTAL REPURCHASE AGREEMENT				230,000
TOTAL INVESTMENTS
(Cost $6,621,953)† — 99.6%				6,701,611
OTHER ASSETS AND LIABILITIES, NET — 0.4%				30,260
NET ASSETS — 100.0%			$	6,731,871

†	At October 31, 2014, the tax basis cost of the Fund’s investments was $6,621,953 and the unrealized appreciation and depreciation were $84,714 and $(5,056), respectively.
‡	Real Estate Investment Trust.

(A) Security exempt from registration under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2014, these securities amounted to $295,552 or 4.39% of net assets of the Fund. These securities have been deemed liquid by the Board of Directors.

LLC — Limited Liability Company

MTN — Medium Term Note

As of October 31, 2014, all of the Fund’s investments in securities were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

23

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM 5- to 10-Year Corporate Bond Portfolio • Schedule of Investments 

October 31, 2014 (unaudited)

For the period ended of October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

24

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM U.S. Equity Shareholder Yield Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
COMMON STOCK — 98.4%
CONSUMER DISCRETIONARY — 5.3%
Genuine Parts		758	$	73,587
Home Depot		794		77,431
Mattel		2,232		69,348
McDonald's		735		68,891
Regal Entertainment Group, Cl A		2,459		54,467
Time Warner		579		46,013
				389,737
CONSUMER STAPLES — 17.1%
Altria Group		2,890		139,703
Campbell Soup		1,520		67,139
Coca-Cola		1,406		58,883
Coca-Cola Enterprises		1,361		58,999
Colgate-Palmolive		526		35,179
CVS Caremark		917		78,688
Hershey		490		46,996
Kimberly-Clark		1,016		116,098
Kraft Foods Group		1,420		80,017
Lorillard		1,470		90,405
Molson Coors Brewing, Cl B		1,093		81,297
PepsiCo		445		42,796
Philip Morris International		1,234		109,838
Procter & Gamble		917		80,027
Reynolds American		1,787		112,420
Wal-Mart Stores		785		59,872
				1,258,357
ENERGY — 8.6%
ConocoPhillips		1,411		101,804
Enterprise Products Partners (A)		1,416		52,250
Exxon Mobil		381		36,847
Kinder Morgan		1,385		53,599
Kinder Morgan Energy Partners (A)		726		68,099
MarkWest Energy Partners (A)		617		43,221
ONEOK		1,198		70,610
ONEOK Partners (A)		708		36,179
Royal Dutch Shell PLC ADR, Cl A		871		62,529
Spectra Energy		1,569		61,395
Targa Resources Partners (A)		749		45,749
				632,282
FINANCIALS — 9.1%
Arthur J Gallagher		2,082		99,311
BlackRock, Cl A		195		66,516
CME Group, Cl A		1,189		99,650
Commonwealth Bank of Australia ADR		513		36,382
Corrections Corp of America‡		1,438		52,890
Health Care‡		1,238		88,034
M&T Bank		449		54,859
Marsh & McLennan		1,162		63,178
People's United Financial		3,085		45,103
Wells Fargo		1,107		58,771
				664,694
HEALTH CARE — 6.7%
AbbVie		2,178		138,216
Johnson & Johnson		1,125		121,252
Medtronic		712		48,530
Merck		1,270		73,584
Pfizer		1,556		46,602
UnitedHealth Group		672		63,847
				492,031

25

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM U.S. Equity Shareholder Yield Fund • Schedule of Investments

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
INDUSTRIALS — 16.3%
3M		699	$	107,485
Boeing		354		44,218
Deere		408		34,900
Deluxe		1,470		89,376
Eaton PLC		1,189		81,316
Emerson Electric		1,420		90,965
General Dynamics		690		96,435
Honeywell International		690		66,323
Lockheed Martin		676		128,825
Raytheon		1,080		112,190
Republic Services, Cl A		1,615		62,016
RR Donnelley & Sons		2,876		50,186
United Parcel Service, Cl B		681		71,444
United Technologies		581		62,167
Waste Management		2,096		102,474
				1,200,320
INFORMATION TECHNOLOGY — 10.3%
Apple		712		76,896
Automatic Data Processing		1,075		87,914
Intel		1,325		45,063
KLA-Tencor		1,048		82,949
Linear Technology		721		30,888
Microchip Technology		1,892		81,564
Microsoft		1,601		75,167
Oracle		1,724		67,322
Paychex		1,864		87,496
Seagate Technology PLC		1,905		119,691
				754,950
MATERIALS — 5.3%
Bemis		1,393		53,589
BHP Billiton ADR		785		46,661
Dow Chemical		1,633		80,670
EI du Pont de Nemours		835		57,740
Potash Corp of Saskatchewan		2,336		79,821
Rio Tinto PLC ADR		590		28,302
RPM International		948		42,944
				389,727
TELECOMMUNICATION SERVICES — 5.0%
AT&T		2,749		95,775
CenturyLink		2,922		121,205
Verizon Communications		1,742		87,535
Vodafone Group PLC ADR		1,805		59,962
				364,477
UTILITIES — 14.7%
Ameren		1,792		75,873
CMS Energy		2,236		73,050
Dominion Resources		962		68,591
Duke Energy		1,434		117,803
Entergy		549		46,127
NiSource		2,645		111,249
Northeast Utilities		1,787		88,188
PPL		2,722		95,243
SCANA		812		44,571
Southern		1,089		50,486
TECO Energy		2,808		55,065
Vectren		1,261		56,682
Westar Energy, Cl A		1,297		49,039
WGL Holdings		880		41,360

26

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM U.S. Equity Shareholder Yield Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
Wisconsin Energy		2,105	$	104,534
				1,077,861
TOTAL COMMON STOCK				7,224,436
TOTAL INVESTMENTS
(Cost $5,924,601)† — 98.4%				7,224,436
OTHER ASSETS AND LIABILITIES, NET — 1.6%				120,973
NET ASSETS — 100.0%			$	7,345,409

†	At October 31, 2014, the tax basis cost of the Fund’s investments was $5,924,601 and the unrealized appreciation and depreciation were $1,353,649 and $(53,814), respectively.
‡	Real Estate Investment Trust.
(A)	Security considered Master Limited Partnership. At October 31, 2014, these securities amounted to $245,498 or 3.34% of net assets.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

As of October 31, 2014, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

27

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM U.S. Large Cap Core Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
COMMON STOCK — 95.7%
CONSUMER DISCRETIONARY — 11.2%
Comcast, Cl A		1,320	$	72,785
Genuine Parts		830		80,576
Home Depot		1,375		134,090
Kohl's		2,025		109,796
Las Vegas Sands		620		38,601
McDonald's		1,270		119,037
Time Warner		2,000		158,940
TJX		2,295		145,319
				859,144
CONSUMER STAPLES — 5.9%
Colgate-Palmolive		1,185		79,253
CVS Caremark		2,055		176,340
JM Smucker		645		67,080
PepsiCo		1,350		129,829
				452,502
ENERGY — 7.4%
Cameron International *		1,390		82,775
Devon Energy		1,510		90,600
Exxon Mobil		1,285		124,272
National Oilwell Varco		1,800		130,752
Occidental Petroleum		1,565		139,175
				567,574
FINANCIALS — 20.6%
American Express		1,255		112,887
American International Group		2,865		153,478
Ameriprise Financial		970		122,385
BlackRock, Cl A		633		215,923
CIT Group		3,155		154,374
Citigroup		2,875		153,899
CME Group, Cl A		2,050		171,811
Marsh & McLennan		2,705		147,071
MetLife		2,080		112,819
Morgan Stanley		3,515		122,849
Northern Trust		1,730		114,699
				1,582,195
HEALTH CARE — 8.9%
Abbott Laboratories		2,945		128,373
AbbVie		2,190		138,977
Agilent Technologies		2,715		150,085
AmerisourceBergen, Cl A		1,090		93,097
UnitedHealth Group		1,830		173,868
				684,400
INDUSTRIALS — 9.5%
Boeing		1,635		204,228
Danaher		2,080		167,232
Ingersoll-Rand PLC		1,700		106,454
Rockwell Collins		1,625		136,744
United Technologies		1,070		114,490
				729,148
INFORMATION TECHNOLOGY — 22.2%
Apple		3,070		331,560
Applied Materials		5,715		126,244
Check Point Software Technologies *		1,645		122,141
Citrix Systems *		1,775		114,008
Fidelity National Information Services		2,290		133,713
Microsoft		5,940		278,883
Oracle		4,355		170,063
Seagate Technology PLC		1,895		119,063

28

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM U.S. Large Cap Core Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
Texas Instruments		3,175	$	157,671
Visa, Cl A		655		158,137
				1,711,483
MATERIALS — 5.2%
Ecolab		245		27,251
EI du Pont de Nemours		1,730		119,629
International Paper		2,275		115,161
Praxair		1,100		138,589
				400,630
TELECOMMUNICATION SERVICES — 1.8%
CenturyLink		3,315		137,506
UTILITIES — 3.0%
Northeast Utilities		2,170		107,090
Wisconsin Energy		2,520		125,143
				232,233
TOTAL COMMON STOCK				7,356,815
TOTAL INVESTMENTS
(Cost $5,868,937)† — 95.7%				7,356,815
OTHER ASSETS AND LIABILITIES, NET — 4.3%				333,693
NET ASSETS — 100.0%			$	7,690,508

† At October 31, 2014, the tax basis cost of the Fund’s investments was $5,868,937 and the unrealized appreciation and depreciation were $1,497,293 and $(9,415), respectively.

* Non-income producing security.

Cl — Class

PLC — Public Limited Company

As of October 31, 2014, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

29

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global Equity Shareholder Yield Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
FOREIGN COMMON STOCK — 53.1%
AUSTRALIA — 3.6%
BHP Billiton		1,489	$	44,546
Commonwealth Bank of Australia		735		52,266
Telstra		22,370		111,317
Westpac Banking		1,963		60,253
				268,382
CANADA — 4.6%
BCE		3,131		139,041
Potash Corp of Saskatchewan		2,785		95,163
Rogers Communications, Cl B		1,136		42,717
Shaw Communications, Cl B		2,567		65,915
				342,836
FRANCE — 8.0%
Electricite de France		3,504		103,467
Sanofi		522		47,366
SCOR		2,471		75,717
Total SA		2,056		122,750
Unibail-Rodamco‡		280		71,794
Vinci		1,903		108,620
Vivendi		2,757		67,352
				597,066
GERMANY — 5.7%
BASF		915		80,850
Daimler		1,120		87,325
Deutsche Post		1,161		36,560
Deutsche Telekom		7,290		109,884
Muenchener Rueckversicherungs		567		111,635
				426,254
IRELAND — 0.2%
Seagate Technology PLC		274		17,216
ITALY — 1.5%
Terna Rete Elettrica Nazionale		22,796		114,930
NETHERLANDS — 0.6%
Wolters Kluwer		1,525		40,716
NORWAY — 2.4%
Orkla		7,370		56,351
Statoil ASA		2,239		51,241
Yara International		1,504		69,066
				176,658
PHILIPPINES — 0.6%
Philippine Long Distance Telephone ADR		649		45,514
SWEDEN — 0.8%
Svenska Handelsbanken, Cl A		1,165		55,693
SWITZERLAND — 4.1%
Nestle SA		564		41,360
Novartis AG		827		76,748
Roche Holding AG		186		56,118
Swisscom		225		132,642
				306,868
UNITED KINGDOM — 21.0%
AstraZeneca PLC ADR		604		44,056

30

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global Equity Shareholder Yield Fund • Schedule of Investments

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
BAE Systems PLC		15,080	$	111,053
British American Tobacco PLC		1,559		88,360
Centrica PLC		19,139		92,823
Compass Group PLC		3,362		54,265
Diageo PLC ADR		311		36,689
GlaxoSmithKline PLC		5,066		114,562
Imperial Tobacco Group PLC		3,286		142,749
National Grid PLC		9,340		138,605
Pearson PLC		3,264		61,090
Rio Tinto		990		47,105
Royal Dutch Shell PLC ADR, Cl A		1,479		106,177
Severn Trent PLC		1,649		52,708
SSE PLC		5,330		136,613
Unilever PLC		1,251		50,322
United Utilities Group		8,147		111,681
Vodafone Group PLC		39,050		129,858
WM Morrison Supermarkets PLC		17,350		43,078
				1,561,794
TOTAL FOREIGN COMMON STOCK				3,953,927
COMMON STOCK — 45.4%
CONSUMER DISCRETIONARY — 2.1%
Mattel		1,645		51,110
McDonald's		456		42,741
Regal Entertainment Group, Cl A		2,664		59,008
				152,859
CONSUMER STAPLES — 8.8%
Altria Group		3,173		153,383
Coca-Cola		998		41,796
Kimberly-Clark		619		70,733
Lorillard		2,211		135,976
PepsiCo		469		45,104
Philip Morris International		870		77,439
Reynolds American		2,005		126,135
				650,566
ENERGY — 5.1%
ConocoPhillips		927		66,883
Enterprise Products Partners (A)		1,629		60,110
Kinder Morgan		1,425		55,147
Kinder Morgan Energy Partners (A)		1,146		107,495
MarkWest Energy Partners (A)		681		47,704
Targa Resources Partners (A)		795		48,559
				385,898
FINANCIALS — 6.6%
Arthur J Gallagher		867		41,356
CME Group, Cl A		1,350		113,143
Corrections Corp of America ‡		2,625		96,547
Health Care ‡		1,822		129,562
People's United Financial		3,289		48,085
Wells Fargo		1,168		62,009
				490,702
HEALTH CARE — 2.3%
AbbVie		1,026		65,110
Johnson & Johnson		436		46,992
Merck		965		55,912
				168,014
INDUSTRIALS — 2.5%
Emerson Electric		50		3,203
Lockheed Martin		424		80,802
RR Donnelley & Sons		3,106		54,200

31

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global Equity Shareholder Yield Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
Waste Management		905	$	44,245
				182,450
INFORMATION TECHNOLOGY — 3.4%
Apple		516		55,728
Automatic Data Processing		546		44,652
KLA-Tencor		639		50,577
Microchip Technology		1,143		49,275
Microsoft		1,116		52,396
				252,628
MATERIALS — 1.5%
Dow Chemical		1,389		68,617
EI du Pont de Nemours		642		44,394
				113,011
TELECOMMUNICATION SERVICES — 5.0%
AT&T		3,610		125,772
CenturyLink		2,810		116,559
Verizon Communications		2,571		129,193
				371,524
UTILITIES — 8.1%
Ameren		2,820		119,399
Dominion Resources		567		40,427
Duke Energy		1,572		129,140
PPL		3,311		115,852
Southern		1,209		56,049
TECO Energy		4,758		93,304
Wisconsin Energy		998		49,561
				603,732
TOTAL COMMON STOCK				3,371,384
TOTAL INVESTMENTS
(Cost $6,853,153)†— 98.5%				7,325,311
OTHER ASSETS AND LIABILITIES, NET — 1.5%				109,398
NET ASSETS — 100.0%			$	7,434,709

†	At October 31, 2014, the tax basis cost of the Fund’s investments was $6,853,153 and the unrealized appreciation and depreciation were $645,402 and $(173,244), respectively.
‡	Real Estate Investment Trust.
(A)	Security considered Master Limited Partnership. At October 31, 2013, these securities amounted to $263,868 or 3.55% of net assets.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

As of October 31, 2014, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

32

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global Low Volatility Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
FOREIGN COMMON STOCK — 65.0%
AUSTRALIA — 11.0%
AGL Energy		7,114	$	85,280
Amcor		8,922		92,672
Asciano		4,291		23,736
AusNet Services, Cl Miscellaneous		72,555		87,712
Brambles		8,524		71,694
Coca-Cola Amatil		4,832		38,991
Crown Resorts		5,857		75,126
Dexus Property Group ‡		81,929		87,566
GPT Group ‡		22,698		82,505
Mirvac Group ‡		35,416		56,188
Novion Property Group ‡		39,395		73,275
Orica		2,436		44,467
Origin Energy		4,039		50,741
Scentre Group*‡		9,911		31,616
Sonic Healthcare Limited		5,539		91,664
Stockland ‡		18,814		70,342
Tatts Group		29,318		89,745
Telstra		17,132		85,252
Wesfarmers		313		12,181
Westfield ‡		7,955		55,900
Woolworths		2,450		77,752
				1,384,405
BELGIUM — 1.4%
Belgacom		2,889		109,113
Colruyt		1,572		71,597
				180,710
CANADA — 11.2%
Bank of Montreal		1,200		87,020
Bank of Nova Scotia		1,300		79,611
BCE		2,050		91,036
Canadian Imperial Bank of Commerce		950		86,727
Canadian National Railway		1,200		84,603
CI Financial		2,800		81,413
Fairfax Financial Holdings		100		45,688
First Capital Realty		5,100		83,307
Fortis, Cl Common		2,900		94,484
George Weston		1,200		98,040
Intact Financial		1,350		90,519
Metro, Cl A		450		31,622
National Bank of Canada		1,200		56,090
Onex		900		50,780
RioCan ‡		2,500		58,893
Rogers Communications, Cl B		1,200		45,123
Royal Bank of Canada		300		21,297
Shaw Communications, Cl B		3,500		89,872
TELUS		1,700		60,923
TransCanada		1,550		76,396
				1,413,444
CHINA — 0.6%
China BlueChemical		9,000		3,196
China Petroleum & Chemical, Cl H		85,800		74,407
				77,603
COLOMBIA — 0.3%
Banco Davivienda		1,923		29,142
Isagen ESP		6,122		8,093
				37,235
DENMARK — 1.1%
Tryg		737		79,755

33

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global Low Volatility Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
William Demant Holding*		782	$	59,269
				139,024
FRANCE — 3.6%
Aeroports de Paris		595		70,427
Air Liquide		654		78,948
Bureau Veritas		2,340		57,877
Danone		1,042		71,203
L'Oreal		77		12,084
Societe BIC		644		80,336
Sodexo		785		75,731
Zodiac Aerospace		160		4,882
				451,488
GERMANY — 2.1%
Fresenius		1,806		92,930
Fresenius Medical Care		1,273		93,435
Hannover Rueckversicherung		920		76,790
				263,155
HONG KONG — 3.8%
Beijing Enterprises Holdings		7,250		59,194
Cheung Kong Infrastructure Holdings		11,000		80,347
China Mobile		8,250		102,651
CLP Holdings		10,250		88,264
Guangdong Investment		25,000		32,886
Kunlun Energy		30,000		39,822
Power Assets Holdings		7,750		74,829
				477,993
ITALY — 0.6%
Snam		13,814		74,699
JAPAN — 4.3%
Aeon		1,250		12,368
Ajinomoto		4,500		84,963
FamilyMart		1,650		66,252
Hankyu Hanshin Holdings		9,500		55,856
Lawson		1,000		67,837
Nippon Telegraph & Telephone		1,200		74,663
Nitori Holdings		1,900		120,414
Taisho Pharmaceutical Holdings		300		21,057
Tobu Railway		1,000		5,059
Tokyo Gas		1,000		5,764
USS		2,000		31,476
				545,709
LUXEMBOURG — 0.7%
SES		2,703		93,319
MALAYSIA — 4.6%
Alliance Financial Group		42,000		61,214
AMMB Holdings		32,800		67,627
Berjaya Sports		70,527		77,404
DiGi.Com		37,700		70,968
Genting Malaysia		14,200		18,570
Malayan Banking		24,000		70,803
Maxis Berhad		32,600		66,810
Public Bank		13,800		77,784
Sime Darby Berhad		23,600		69,452
				580,632
NETHERLANDS — 0.8%
Koninklijke Ahold		756		12,662
Koninklijke Vopak		1,156		57,972

34

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global Low Volatility Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
Unilever		895	$	34,689
				105,323
NEW ZEALAND — 0.3%
Contact Energy		8,662		42,021
SINGAPORE — 2.9%
ComfortDelGro		33,500		68,876
Singapore Press Holdings		25,500		84,995
Singapore Technologies Engineering		22,500		65,690
Singapore Telecommunications		26,000		76,525
StarHub		22,000		70,715
				366,801
SOUTH AFRICA — 0.0%
AngloGold Ashanti		287		2,398
SOUTH KOREA — 0.8%
Dongbu Insurance		914		51,098
KT&G		537		47,548
				98,646
SWEDEN — 1.0%
Elekta, Cl B		4,736		48,567
TeliaSonera		10,406		72,059
				120,626
SWITZERLAND — 3.3%
Kuehne + Nagel International		496		64,644
Nestle SA		1,155		84,701
Novartis AG		596		55,310
Schindler Holding		290		39,243
Swiss Prime Site		1,030		78,308
Swisscom		161		94,913
				417,119
TAIWAN — 2.2%
China Steel		62,000		53,489
Chunghwa Telecom ADR		2,800		84,952
Taiwan Mobile		12,000		38,939
Taiwan Semiconductor Manufacturing ADR		4,350		95,787
				273,167
UNITED KINGDOM — 8.4%
AstraZeneca PLC		775		56,612
Babcock International Group PLC		1,511		26,520
Centrica PLC		14,251		69,117
Compass Group PLC		5,447		87,919
Diageo		2,380		70,192
G4S PLC		7,716		31,583
GlaxoSmithKline PLC		3,213		72,658
National Grid PLC		6,513		96,652
Next PLC		764		78,873
Pearson PLC		3,695		69,157
Reckitt Benckiser Group PLC		1,037		87,339
Severn Trent PLC		2,077		66,388
SSE PLC		3,350		85,863
United Utilities Group		6,991		95,834
Whitbread PLC		420		29,358
WM Morrison Supermarkets PLC		11,861		29,450
				1,053,515
TOTAL FOREIGN COMMON STOCK				8,199,032
COMMON STOCK — 33.5%
CONSUMER DISCRETIONARY — 3.3%
AutoZone *		150		83,028

35

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global Low Volatility Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
McDonald's		850	$	79,671
PetSmart		1,200		86,820
Thomson Reuters		2,400		89,288
TJX		1,200		75,984
				414,791
CONSUMER STAPLES — 8.9%
Campbell Soup		1,250		55,212
Church & Dwight		350		25,343
Clorox		900		89,550
Coca-Cola		1,850		77,478
Colgate-Palmolive		1,300		86,944
Costco Wholesale		150		20,005
Dr Pepper Snapple Group		1,500		103,875
General Mills		1,550		80,538
Hershey		850		81,523
Hormel Foods		550		29,650
Kellogg		1,150		73,554
Kimberly-Clark		750		85,703
McCormick		1,050		74,256
PepsiCo		950		91,362
Procter & Gamble		850		74,180
Wal-Mart Stores		1,050		80,084
				1,129,257
FINANCIALS — 5.3%
American Capital Agency ‡		2,150		48,891
Annaly Capital Management ‡		4,700		53,627
Arch Capital Group *		1,400		78,848
Berkshire Hathaway, Cl B *		600		84,096
Chubb		900		89,424
Marsh & McLennan		300		16,311
RenaissanceRe Holdings		800		82,664
US Bancorp		2,100		89,460
Wells Fargo		600		31,854
WR Berkley		1,750		90,195
				665,370
HEALTH CARE — 2.0%
Cardinal Health		1,350		105,948
Eli Lilly		1,300		86,229
Johnson & Johnson		350		37,723
Patterson		600		25,866
				255,766
INDUSTRIALS — 2.6%
Lockheed Martin		700		133,399
Precision Castparts		300		66,210
Roper Industries		300		47,490
Union Pacific		700		81,515
				328,614
INFORMATION TECHNOLOGY — 0.9%
International Business Machines		300		49,320
Synopsys *		1,500		61,470
				110,790
MATERIALS — 0.4%
Praxair		400		50,396
TELECOMMUNICATION SERVICES — 0.1%
Verizon Communications		295		14,824
UTILITIES — 10.0%
Ameren		150		6,351
American Electric Power		150		8,751

36

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global Low Volatility Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
American Water Works		1,800	$	96,066
CMS Energy ‡		1,950		63,706
Consolidated Edison		1,250		79,200
Dominion Resources		1,300		92,690
DTE Energy		1,150		94,484
Duke Energy		1,050		86,257
Entergy		1,100		92,422
Pinnacle West Capital		1,250		76,838
PPL		2,400		83,976
Public Service Enterprise Group		1,300		53,703
SCANA		1,500		82,335
Sempra Energy		800		88,000
Southern		1,950		90,402
Wisconsin Energy		1,700		84,422
Xcel Energy		2,550		85,349
				1,264,952
TOTAL COMMON STOCK				4,234,760
REGISTERED INVESTMENT COMPANIES — 0.5%
iShares MSCI EAFE Index Fund		400		25,580
SPDR S&P 500 ETF		200		40,332
TOTAL REGISTERED INVESTMENT COMPANIES				65,912
TOTAL INVESTMENTS
(Cost $11,722,678)† — 99.0%				12,499,704
OTHER ASSETS AND LIABILITIES, NET — 1.0%				122,786
NET ASSETS — 100.0%			$	12,622,490

A list of the open forward foreign currency exchange contracts held by the Fund at October 31, 2014, is as follows:

						Unrealized
						Appreciation
Settlement Date	Currency to Deliver		Currency to Receive			(Depreciation)
11/28/14	AUD	1,462,200	USD	1,283,692	$	(906	)
11/28/14	CAD	1,583,500	USD	1,409,483		5,315
11/28/14	CHF	358,150	USD	376,225		3,917
11/28/14	DKK	765,000	USD	130,197		1,381
11/28/14	EUR	863,500	USD	1,094,254		11,998
11/28/14	GBP	610,200	USD	981,073		5,128
11/28/14	HKD	4,033,000	USD	519,887		(169	)
11/28/14	JPY	53,735,000	USD	496,906		18,431
11/28/14	NZD	46,500	USD	36,420		258
11/28/14	SEK	852,905	USD	117,622		2,112
11/28/14	SGD	438,000	USD	343,219		2,328
					$	49,793

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at October 31, 2014, is as follows:

	Currency to			Currency to		Unrealized
Counterparty	Deliver			Receive		Appreciation
BNY Mellon		(6,676,474	)		6,726,149	$	49,675
RBC		(62,713	)		62,831		118
						$	49,793

For the period ended October 31, 2014, the total amount of all open forward foreign currency exchange contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

37

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global Low Volatility Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

†	At October 31, 2014, the tax basis cost of the Fund’s investments was $11,722,678 and the unrealized appreciation and depreciation were $1,211,174 and $(434,148), respectively.
*	Non-income producing security.
‡	Real Estate Investment Trust.

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DKK — Danish Krone

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

EUR — Euro

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

MSCI — Morgan Stanley Capital International

NZD — New Zealand Dollar

PLC — Public Limited Company

S&P — Standard & Poor's

SEK — Swedish Krone

SGD — Singapore Dollar

SPDR — Standard & Poor's Depositary Receipt

USD — U.S. Dollar

Investments in Securities		Level 1		Level 2		Level 3		Total
Foreign Common Stock
Australia	$	1,384,405	$	—	$	—	$	1,384,405
Belgium		180,710		—		—		180,710
Canada		1,413,444		—		—		1,413,444
China		77,603		—		—		77,603
Colombia		37,235		—		—		37,235
Denmark		139,024		—		—		139,024
France		451,488		—		—		451,488
Germany		263,155		—		—		263,155
Hong Kong		477,993		—		—		477,993
Italy		74,699		—		—		74,699
Japan		545,709		—		—		545,709
Luxembourg		93,319		—		—		93,319
Malaysia		580,632		—		—		580,632
Netherlands		105,323		—		—		105,323
New Zealand		42,021		—		—		42,021
Singapore		366,801		—		—		366,801
South Africa		2,398		—		—		2,398
South Korea		98,646		—		—		98,646
Sweden		120,626		—		—		120,626
Switzerland		417,119		—		—		417,119
Taiwan		234,228		38,939		—		273,167
United Kingdom		1,053,515		—		—		1,053,515
Common Stock
United States		4,234,760		—		—		4,234,760
Registered Investment Companies		65,912		—		—		65,912
Total Investments in Securities	$	12,460,765	$	38,939	$	—	$	12,499,704

Other Financial Instruments		Level 1		Level 2			Level 3		Total
Forward Foreign Currency Exchange Contracts*
Unrealized Appreciation	$	—	$	50,868		$	—	$	50,868
Unrealized Depreciation		—		(1,075	)		—		(1,075	)
Total Other Financial Instruments	$	—	$	49,793		$	—	$	49,793

* Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

38

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global Low Volatility Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

For the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

39

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global All Cap Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
COMMON STOCK — 52.6%
CONSUMER DISCRETIONARY — 2.8%
Time Warner		3,195	$	253,907
Twenty-First Century Fox		5,790		192,054
				445,961
CONSUMER STAPLES — 6.4%
CVS Caremark		5,055		433,770
Mondelez International, Cl A		6,430		226,722
PepsiCo		1,860		178,876
Philip Morris International		2,255		200,718
				1,040,086
ENERGY — 1.8%
Occidental Petroleum		3,350		297,916
FINANCIALS — 13.5%
American International Group		3,690		197,673
Capital One Financial		3,170		262,381
CIT Group		5,485		268,381
CME Group, Cl A		2,470		207,011
Investors Bancorp		15,391		165,453
Marsh & McLennan		3,140		170,722
MetLife		4,175		226,452
Northern Trust		5,335		353,711
NorthStar Realty Finance ‡		17,790		330,538
				2,182,322
HEALTH CARE — 8.8%
Abbott Laboratories		8,105		353,297
AmerisourceBergen, Cl A		2,130		181,923
McKesson		1,435		291,893
UnitedHealth Group		3,110		295,481
Zoetis, Cl A		8,045		298,952
				1,421,546
INDUSTRIALS — 4.8%
Boeing		2,535		316,647
Hexcel *		6,095		255,320
Precision Castparts		895		197,527
				769,494
INFORMATION TECHNOLOGY — 12.3%
Apple		3,756		405,648
Applied Materials		11,970		264,417
Automatic Data Processing		3,080		251,882
Citrix Systems *		3,960		254,351
CommVault Systems *		4,760		211,058
Microsoft		8,075		379,121
Oracle		5,395		210,675
				1,977,152
MATERIALS — 2.2%
EI du Pont de Nemours		2,410		166,651
Praxair		1,460		183,945
				350,596
TOTAL COMMON STOCK				8,485,073
FOREIGN COMMON STOCK — 42.4%
AUSTRALIA — 1.1%
Amcor		16,820		174,707
BELGIUM — 3.5%
Anheuser-Busch InBev		3,625		401,992

40

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global All Cap Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
KBC Groep		2,925	$	157,118
				559,110
CANADA — 1.2%
Canadian Pacific Railway		910		188,989
FRANCE — 5.6%
BNP Paribas		2,440		153,335
Safran		4,175		264,417
Sanofi		2,315		210,063
Sodexo		2,955		285,077
				912,892
GERMANY — 4.5%
Bayer AG		1,790		256,009
GEA Group		5,635		259,929
Siemens		1,915		215,999
				731,937
IRELAND — 4.0%
Experian PLC		11,980		180,132
Ingersoll-Rand PLC		3,320		207,899
Seagate Technology PLC		4,035		253,519
				641,550
ISRAEL — 1.7%
Check Point Software Technologies*		3,750		278,437
JAPAN — 5.0%
Calbee		4,900		171,619
Nippon Telegraph & Telephone		3,800		236,432
Takeda Pharmaceutical		5,500		238,416
Tokyo Electron		2,500		160,287
				806,754
MEXICO — 1.0%
Kimberly-Clark de Mexico, Cl A		67,500		157,093
NETHERLANDS — 1.5%
Airbus Group		3,990		238,207
SWITZERLAND — 4.0%
Nestle SA		4,445		325,970
Roche Holding AG		1,065		314,283
				640,253
UNITED KINGDOM — 9.3%
Centrica PLC		46,000		223,098
Croda International PLC		4,950		181,992
Imperial Tobacco Group PLC		7,320		317,993
National Grid PLC		16,390		243,226
Rolls-Royce Holdings PLC		9,355		126,708
Royal Bank of Scotland Group PLC*		29,455		183,137
WPP PLC		11,700		228,531
				1,504,685
TOTAL FOREIGN COMMON STOCK				6,834,614
TOTAL INVESTMENTS
(Cost $13,854,140)† — 95.0%				15,319,687
OTHER ASSETS AND LIABILITIES, NET — 5.0%				812,967
NET ASSETS — 100.0%			$	16,132,654

41

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Global All Cap Fund • Schedule of Investments 

October 31, 2014 (unaudited)

† At October 31, 2014, the tax basis cost of the Fund’s investments was $13,854,140 and the unrealized appreciation and depreciation were $1,693,378 and $(227,831), respectively.

*	Non-income producing security.
‡	Real Estate Investment Trust.

Cl — Class

PLC — Public Limited Company

As of October 31, 2014, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

42

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Target Return Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
CORPORATE OBLIGATIONS — 24.5%
CONSUMER DISCRETIONARY — 4.2%
American Greetings
7.38%, 12/1/21	$	20,000	$	21,075
Ameristar Casinos
7.50%, 4/15/21		20,000		21,350
Chrysler Group
8.00%, 6/15/19		20,000		21,425
Goodyear Tire & Rubber
7.00%, 5/15/22		20,000		21,750
Jarden
7.50%, 5/1/17		20,000		21,900
L Brands
8.50%, 6/15/19		20,000		23,900
Lear
4.75%, 1/15/23		20,000		20,050
Neiman Marcus Group
8.00%, 10/15/21 (A)		20,000		21,334
Six Flags Entertainment
5.25%, 1/15/21 (A)		15,000		15,075
WMG Acquisition
6.00%, 1/15/21 (A)		14,000		14,350
				202,209
CONSUMER STAPLES — 2.2%
Anheuser-Busch InBev Worldwide
5.38%, 1/15/20		60,000		68,137
Constellation Brands
7.25%, 5/15/17		20,000		22,300
Herbalife
2.00%, 8/15/19 (A)		21,000		17,693
				108,130
FINANCIALS — 8.5%
Bank of America
2.00%, 1/11/18		112,000		112,279
CIT Group
5.00%, 5/15/17		20,000		20,950
International Lease Finance
5.75%, 5/15/16		20,000		20,850
John Deere Capital MTN
2.25%, 4/17/19		75,000		75,831
JPMorgan Chase
1.80%, 1/25/18		110,000		109,969
Neuberger Berman Group
5.63%, 3/15/20 (A)		20,000		20,900
Simon Property Group
1.50%, 2/1/18 (A)		50,000		49,688
				410,467
INDUSTRIALS — 3.2%
Bombardier
7.50%, 3/15/18 (A)		20,000		22,200
Burlington Northern Santa Fe
4.70%, 10/1/19		50,000		55,877
Case New Holland
7.88%, 12/1/17		20,000		22,450
Dana Holding
6.50%, 2/15/19		20,000		20,775
Iron Mountain
8.38%, 8/15/21		11,000		11,440

43

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Target Return Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT		VALUE
Schaeffler Finance
7.75%, 2/15/17 (A)	$	20,000	$	22,000
				154,742
INFORMATION TECHNOLOGY — 2.7%
Denali Borrower
5.63%, 10/15/20 (A)		20,000		21,212
Jabil Circuit
5.63%, 12/15/20		20,000		21,400
Oracle
5.00%, 7/8/19		75,000		84,390
				127,002
MATERIALS — 1.5%
Aleris International
7.63%, 2/15/18		20,000		20,600
First Quantum Minerals
7.00%, 2/15/21 (A)		11,000		10,794
6.75%, 2/15/20 (A)		11,000		10,642
FMG Resources August 2006 PTY
6.88%, 2/1/18 (A)		8,889		9,111
NOVA Chemicals
8.63%, 11/1/19		20,000		20,863
				72,010
TELECOMMUNICATION SERVICES — 1.7%
SBA Telecommunications
5.75%, 7/15/20		20,000		20,900
Sprint Nextel
6.00%, 12/1/16		20,000		21,175
T-Mobile USA
6.63%, 11/15/20		20,000		21,075
6.46%, 4/28/19		20,000		20,850
				84,000
UTILITIES — 0.5%
AES
7.38%, 7/1/21		20,000		22,819
TOTAL CORPORATE OBLIGATIONS				1,181,379
CONVERTIBLE BONDS — 22.3%
American Realty Capital Properties
3.000%, 08/1/18		31,000		28,171
Annaly Capital Management
5.000%, 05/15/15		165,000		166,237
Artis Real Estate Investment Trust
5.750%, 06/30/18		3,000		3,122
BPZ Resources
6.500%, 03/1/15		8,000		7,780
Cardtronics
1.000%, 12/1/20 (A)		28,000		27,405
Cervus Equipment
6.000%, 07/31/17		2,000		1,832
Chesapeake Energy
2.250%, 12/15/38		20,000		18,950
Ciena
0.875%, 06/15/17		14,000		13,554
Colony Financial
5.000%, 04/15/23		43,000		43,860
DryShips
5.000%, 12/1/14		91,300		90,387
Dundee International
5.500%, 07/31/18		25,000		22,668

44

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Target Return Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	PRINCIPAL AMOUNT/ SHARES		VALUE
Energy XXI Bermuda
3.000%, 12/15/18 (A)	$	28,000	$	19,897
Exelixis
4.250%, 08/15/19		41,000		23,780
Gain Capital Holdings
4.125%, 12/1/18 (A)		11,000		11,351
IAS Operating Partnership
5.000%, 03/15/18 (A)		21,000		19,950
Ixia
3.000%, 12/15/15		139,000		137,871
Ligand Pharmaceuticals
0.750%, 08/15/19 (A)		32,000		32,280
ModusLink Global Solutions
5.25%, 3/1/19 (A)		1,000		881
Pengrowth Energy
6.250%, 12/31/14		6,000		5,334
Pennymac
5.375%, 05/1/20		75,000		72,750
Prospect Capital
6.250%, 12/15/15		118,000		121,909
4.750%, 04/15/20 (A)		25,000		24,250
Redwood Trust
4.625%, 04/15/18		20,000		19,862
SINA
1.000%, 12/1/18 (A)		26,000		23,790
Solazyme
5.000%, 10/1/19		10,000		7,844
SunPower
0.875%, 06/1/21 (A)		18,000		18,281
TCP Capital
5.250%, 12/15/19 (A)		7,000		6,956
Transglobe Apartment Real Estate Investment Trust
5.400%, 09/30/18		19,000		17,718
Vivus
4.500%, 05/1/20 (A)		49,000		34,484
Volcano
1.750%, 12/1/17		52,000		44,005
Web.com Group
1.000%, 08/15/18		10,000		9,306
TOTAL CONVERTIBLE BONDS				1,076,465
REGISTERED INVESTMENT COMPANIES — 19.0%
Highland/iBoxx Senior Loan ETF		6,900		134,826
iShares Barclays 20+ Year Treasury Bond Fund		100		11,925
iShares Gold Bullion ETF		6,400		59,000
iShares JP Morgan Emerging Markets Bond Fund		700		80,276
iShares Lehman 3-7 Year Treasury Bond ETF		1,600		195,760
iShares S&P U.S. Preferred Stock Index Fund		2,100		83,475
Pennant Park Floating Rate Closed End Management Investment Company		9,750		136,890
SPDR Barclays Short Term High Yield Bond ETF		2,800		83,860
SPDR S&P 500 ETF		600		120,996
The Energy Select Sector ETF		100		8,742
TOTAL REGISTERED INVESTMENT COMPANIES				915,750

45

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Target Return Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION		SHARES/ PRINCIPAL AMOUNT		VALUE
COMMON STOCK — 16.2%
CONSUMER DISCRETIONARY — 0.1%
Dick's Sporting Goods		100	$	4,537
ENERGY — 1.2%
Canadian Natural Resources		600		20,938
Canyon Services Group		400		3,865
Cenovus Energy		700		17,322
Suncor Energy		400		14,203
				56,328
FINANCIALS — 12.8%
American Realty Capital Properties ‡		3,100		27,497
Annaly Capital Management ‡		4,900		55,909
Bank of Nova Scotia		2,500		153,099
Berkshire Hathaway, Cl B *		600		84,096
Brookfield Asset Management, Cl A		100		4,895
Canadian Imperial Bank of Commerce		1,800		164,325
Royal Bank of Canada		1,800		127,783
				617,604
INDUSTRIALS — 0.1%
KBR		400		7,632
INFORMATION TECHNOLOGY — 0.3%
Oracle		200		7,810
QUALCOMM		100		7,851
				15,661
MATERIALS — 0.1%
Freeport-McMoRan Copper & Gold		100		2,850
Teck Resources, Cl B		100		1,580
				4,430
UTILITIES — 1.6%
Capital Power		700		15,888
TransAlta		2,300		22,366
TransAlta Renewables		3,600		38,809
				77,063
TOTAL COMMON STOCK				783,255
PREFERRED STOCK — 6.2%
Brookfield Office Properties *		171		3,817
Chesapeake Energy *(A)		53		58,267
Dominion Resources *		1,200		60,420
Health Care *		100		6,202
SandRidge Energy *		1,155		100,808
TransAlta		219		3,088
Tyson Foods *		1,300		65,702
TOTAL PREFERRED STOCK				298,304
U.S. TREASURY OBLIGATIONS — 5.4%
U.S. Treasury Bonds
3.75%, 11/15/43	$	65,000		73,745
3.63%, 8/15/43 to 2/15/44		101,000		112,055
2.88%, 5/15/43		78,000		75,087
TOTAL U.S. TREASURY OBLIGATIONS				260,887

46

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Target Return Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	NUMBER OF WARRANTS		VALUE
WARRANTS — 0.1%
General Motors, Expires 12/31/15 *	7,644	$	6,039
TOTAL WARRANTS			6,039
TOTAL INVESTMENTS
(Cost $4,520,829)†— 93.7%			4,522,079
OTHER ASSETS AND LIABILITIES, NET — 6.3%			305,757
NET ASSETS — 100.0%		$	4,827,836

A list of the open forward foreign currency exchange contracts held by the Fund at October 31, 2014, is as follows(1):

							Unrealized
Settlement Date	Currency to Deliver		Currency to Receive				Appreciation
11/28/14	CAD	787,935		USD	701,378	$	2,677

(1) Counterparty is BNY Mellon.

For the period ended October 31, 2014, the total amount of all open forward foreign currency exchange contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

† At October 31, 2014, the tax basis cost of the Fund’s investments was $4,520,829 and the unrealized appreciation and depreciation were $121,891 and $(120,641), respectively.

(A)	Security exempt from registration under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2014, these securities amounted to $512,791 or 10.6% of net assets of the Fund. These securities have been deemed liquid by the Board of Directors.
*	Non-income producing security.
‡	Real Estate Investment Trust.

BNY — Bank of New York Mellon

CAD — Canadian Dollar

Cl — Class

ETF — Exchange-Traded Fund

LLC — Limited Liability Company

MTN — Medium Term Note

PTY — Proprietary

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipt

USD — U.S. Dollar

47

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM Target Return Fund • Schedule of Investments 

October 31, 2014 (unaudited)

The following is a list of the inputs used as of October 31, 2014, in valuing the Fund’s investments carried at value:

Investments in Securities		Level 1		Level 2		Level 3	(1)		Total
Corporate Obligations	$	—	$	1,160,516	$	20,863		$	1,181,379
Convertible Bonds		—		1,076,465		—			1,076,465
Registered Investment Companies		915,750		—		—			915,750
Common Stock		783,255		—		—			783,255
Preferred Stock		9,290		289,014		—			298,304
U.S. Treasury Obligations		—		260,887		—			260,887
Warrant		—		6,039		—			6,039
Total Investments in Securities	$	1,708,295	$	2,792,921	$	20,863		$	4,522,079

Other Financial Instruments		Level 1		Level 2		Level 3		Total
Forward Foreign Currency Exchange Contracts*
Unrealized Appreciation	$	—	$	2,677	$	—	$	2,677

(1) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets.

* Forward foreign currency exchange contracts are valued at the unrealized appreciation on the instrument.

For the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

48

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM U.S. Small-Mid Cap Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
COMMON STOCK — 98.1%
CONSUMER DISCRETIONARY — 14.2%
Brinker International		2,225	$	119,349
CST Brands		2,508		95,931
Dana Holding		3,359		68,725
Express *		3,887		58,188
Iconix Brand Group *		2,853		114,149
Life Time Fitness *		2,082		116,113
Morningstar		1,361		92,888
Papa John's International		1,731		80,942
Service International		5,310		116,130
Steven Madden *		2,089		65,490
Visteon *		790		74,181
				1,002,086
CONSUMER STAPLES — 2.5%
B&G Foods		3,583		105,555
Ingredion		907		70,066
				175,621
ENERGY — 1.9%
Dril-Quip *		800		71,960
Oil States International *		1,088		64,997
				136,957
FINANCIALS — 19.5%
Arthur J Gallagher		2,466		117,628
Bank of Hawaii		1,582		92,626
BankUnited		4,145		123,936
Blackstone Mortgage Trust, Cl A ‡		2,426		67,734
Brookline Bancorp		6,539		62,709
Capitol Federal Financial		5,822		74,580
CBOE Holdings		921		54,284
CubeSmart ‡		1,981		41,700
CVB Financial		4,599		72,572
First Financial Bancorp		3,246		56,935
First Republic Bank		1,826		92,998
Huntington Bancshares		7,251		71,857
Interactive Brokers Group, Cl A		1,354		34,960
Investors Bancorp		12,882		138,482
NorthStar Realty Finance ‡		3,872		71,942
Northwest Bancshares		4,558		58,479
Umpqua Holdings		5,104		89,830
Waddell & Reed Financial, Cl A		1,252		59,770
				1,383,022
HEALTH CARE — 14.1%
Alkermes PLC *		2,693		136,131
Bio-Rad Laboratories, Cl A *		579		65,323
Bio-Reference Labs *		3,111		93,455
Catamaran *		2,220		105,827
Integra LifeSciences Holdings *		2,729		139,479
Sirona Dental Systems *		1,057		83,027
Teleflex		830		94,720
Tornier *		1,419		39,661
WellCare Health Plans *		1,943		131,871
Wright Medical Group *		3,430		108,457
				997,951
INDUSTRIALS — 22.7%
AGCO		1,189		52,685
Allison Transmission Holdings, Cl A		3,525		114,492
Armstrong World Industries *		2,491		120,614
Civeo		1,990		24,258

49

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM U.S. Small-Mid Cap Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

DESCRIPTION	SHARES		VALUE
Curtiss-Wright		955	$	66,096
Genesee & Wyoming, Cl A *		1,063		102,261
Herman Miller		1,471		47,072
Hexcel *		2,667		111,721
Jacobs Engineering Group *		1,334		63,298
Kennametal		348		13,436
Masco		4,406		97,240
Mueller Industries		4,076		132,307
Mueller Water Products, Cl A		8,559		84,477
Simpson Manufacturing		1,912		63,249
Wabtec		2,234		192,794
Waste Connections		2,366		118,063
Werner Enterprises		2,818		77,608
Woodward		2,366		121,163
				1,602,834
INFORMATION TECHNOLOGY — 12.6%
ANSYS *		890		69,918
Check Point Software Technologies *		1,053		78,185
CommVault Systems *		1,602		71,033
Cypress Semiconductor		8,846		87,664
EVERTEC		3,795		86,147
Harmonic *		13,388		89,298
National Instruments		3,003		95,135
Teradyne		3,677		67,657
Total System Services		3,649		123,300
Travelzoo *		1,535		20,093
Veeco Instruments *		2,773		99,800
				888,230
MATERIALS — 6.2%
Chemtura *		2,332		54,312
Flotek Industries *		3,726		82,568
Methanex		1,426		84,619
Reliance Steel & Aluminum		530		35,764
Rock Tenn, Cl A		1,725		88,234
Silgan Holdings		1,944		95,567
				441,064
TELECOMMUNICATION SERVICES — 0.3%
Lumos Networks		1,366		23,495
UTILITIES — 4.1%
Great Plains Energy		3,903		105,108
Vectren		2,162		97,182
Westar Energy, Cl A		2,369		89,572
				291,862
TOTAL COMMON STOCK				6,943,122
TOTAL INVESTMENTS
(Cost $6,306,260)† — 98.1%				6,943,122
OTHER ASSETS AND LIABILITIES, NET — 1.9%				133,764
NET ASSETS — 100.0%			$	7,076,886

†	At October 31, 2014, the tax basis cost of the Fund’s investments was $6,306,260 and the unrealized appreciation and depreciation were $772,627 and $(135,765), respectively.
*	Non-income producing security.
‡	Real Estate Investment Trust.

50

TD ASSET MANAGEMENT USA FUNDS INC. 

TDAM U.S. Small-Mid Cap Equity Fund • Schedule of Investments 

October 31, 2014 (unaudited)

Cl — Class

PLC — Public Limited Company

As of October 31, 2014, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to Notes to Financial Statements.

51

TD ASSET MANAGEMENT USA FUNDS INC. 

Notes to Financial Statements — October 31, 2014 (unaudited)

Securities Valuation — The Funds’ equity securities for which market quotations are readily available are valued at current market value. An equity security that is listed on a foreign or domestic exchange (except for securities traded on The Nasdaq Stock Market, Inc. (‘‘NASDAQ’’)), is valued at its last sale price (prior to the time as of which assets are valued) on the exchange where it is principally traded, or, if there is no such reported sale, at the mean of the last bid and asked prices. Equity securities listed on the NASDAQ will be valued at the Nasdaq Official Closing Price (‘‘NOCP’’). If no NOCP is available, the security will be valued at the last sale price on the NASDAQ prior to the calculation of the Fund’s NAV or, if there is no sale price shown on the NASDAQ, at the mean of the last bid and asked price. Debt securities are valued at prices that reflect broker/dealer-supplied valuations or are obtained from independent pricing services, which would consider such factors as security prices, yields, maturities, and ratings, and are deemed representative of market values at the close of the market. Debt securities with sixty days or less remaining until maturity may be valued at amortized cost. Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eight day forward rates provided by an independent source. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. When market quotations are not readily available or not reflective of fair value as determined in accordance with fair value procedures approved by the Board (‘‘Fair Value Procedures’’), securities and assets are valued at fair value as determined pursuant to the Fair Value Procedures. To the extent the Funds hold securities that are traded in foreign markets, the Funds may also determine when it is appropriate to apply fair valuation to such securities in accordance with the Fair Value Procedures.

The Funds use Interactive Data Pricing and Reference Data, Inc. (‘‘Interactive Data’’) as a third party fair valuation vendor. Interactive Data provides a fair value for foreign securities in the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by Interactive Data in the event that there is a movement in the U.S. markets that exceeds a specific threshold established by the Fair Value Procedures. The Fair Value Procedures establishes a ‘‘confidence interval’’ which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Fair Value Procedures is exceeded on a specific day, the Funds value their non-U.S. securities that exceed the applicable ‘‘confidence interval’’ based upon the fair values provided by Interactive Data.

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in that corresponding currency based on the fair value prices provided by Interactive Data using the predetermined confidence interval discussed above.

52

TD ASSET MANAGEMENT USA FUNDS INC. 

Notes to Financial Statements — October 31, 2014 (unaudited)

As of October 31, 2014, there were foreign securities valued in accordance with Fair Value Procedures described above.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. generally accepted accounting principles (“GAAP”), the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, fair valued foreign equities, etc.);

Level 3: Inputs that are unobservable.

A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes ‘‘observable’’ requires significant judgment by management. Management considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

For the period ended October 31, 2014, there have been no changes to the Funds’ fair valuation methodologies. For more details of the investment classification, reference the Schedules of Investments.

53

Item 2. Controls and Procedures.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded, based on theirevaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Certifications pursuant to Rule 30a-2(a) are attached hereto.

54

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) TD Asset Management USA Funds Inc.

By (Signature and Title)* /s/ Kevin LeBlanc, President

Date: December 16, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Kevin LeBlanc, President

Date: December 16, 2014

By (Signature and Title)* /s/ Eric Kleinschmidt, Treasurer

Date: December 16, 2014

* Print the name and title of each signing officer under his or her signature.