Toronto-based TD Asset Management Inc. (TDAM) has made a change to the subadvisor of one of its funds, and has adjusted the risk rating of a separate fund.

The firm announced on Monday that its U.S. counterpart, TD Asset Management USA Inc. in Cherry Hill, N.J., will no longer be subadvisor of TD U.S. Monthly Income Fund, effective on or about Aug. 4.

TDAM will continue to oversee the investment decisions and asset allocation of the fund. TD U.S. Monthly Income Fund may gain exposure to U.S. fixed-income securities by investing in TD U.S. Corporate Bond Fund, which is still subadvised by TDAM USA Inc.

TDAM also is lowering the risk rating for TD Canadian Core Plus Bond Fund from “low to medium” to “low.”

“The low risk rating is consistent with TD Canadian Core Plus Bond Fund’s demonstrated volatility since inception and better represents the expected volatility going forward,” the firm states in an announcement.

No material changes have been made to the investment objectives, strategies or management of TD Canadian Core Plus Bond Fund.