TD Global Balanced Opportunities Fund

TD Mutual Funds Semi-Annual Financial Report

for the period ended June 30, 2021

TD Global Balanced Opportunities Fund

532494 (08/21)

June 30, 2021 Semi-Annual Financial Report

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Management’s Responsibility for Financial Reporting

The accompanying unaudited interim financial report has been prepared by TD Asset Management Inc. (“TDAM”), as manager of the TD Mutual Fund Trusts, TD Managed Assets Program Portfolios and TD Managed ETF Portfolios (collectively the “Funds” and individually the “Fund”) and approved by TDAM’s board of directors. The manager is responsible for the integrity, objectivity and reliability of the data presented. This responsibility includes selecting appropriate accounting principles and making judg ments and estimates consistent with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), including International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”. The manager is also responsible for the development of internal controls over the financial reporting process, which are designed to provide reasonable assurance that relevant and reliable financial informa tion is produced, and the safeguarding of all assets of the Funds.

The board of directors of TDAM is responsible for reviewing and approving the financial statements and overseeing management’s performance of its financial reporting responsibilities.

On behalf of TDAM, manager of the Funds.

Bruce Cooper Director and Chief Executive Officer August 13, 2021

Len Kroes Director and Chief Financial Officer August 13, 2021

Notice to Unitholders

The Auditor of the Funds has not reviewed the TD Mutual Fund Trusts in this Financial Report

TDAM, as manager of the Funds, appoints an independent auditor to audit the Funds’ annual financial statements. Applicable securities laws require that if an auditor has not reviewed the Funds’ interim financial report, this must be disclosed in an accompanying notice.


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Statements of Financial Position (in 000s except per unit amounts)

as at June 30, 2021 and December 31, 2020 (Unaudited)

June 30,

2021

December 31,

2020

Assets Current Assets Investments $ 443,351 $ 322,235Derivative Assets (Note 3) 2,771 6,362Cash 49,722 44,023Margin Deposit on Derivatives 0 119Interest and Dividends Receivables 869 783Subscriptions Receivable 18,787 36Receivable for Investments Sold 12 27

515,512 373,585

Liabilities Current Liabilities Derivative Liabilities (Note 3) 2,939 470Margin Payable on Derivatives 102 0 Accrued Liabilities 0 0Redemptions Payable 9,216 135Distributions Payable 10 0Payable for Investments Purchased 8,912 2

21,179 607

Net Assets Attributable to Holders of Redeemable Units $ 494,333 $ 372,978

Net Assets Attributable to Holders of Redeemable Units – Per Series (Note 5) Investor Series $ 11,678 $ 11,203Advisor Series $ 4,180 $ 3,540F-Series $ 1,959 $ 1,579D-Series $ 987 $ 782Private Series $ 5,407 $ 3,608O-Series $ 470,122 $ 352,266

$ 494,333 $ 372,978

Net Assets Attributable to Holders of Redeemable Units – Per Series Unit

Investor Series $ 15.66 $ 14.92

Advisor Series $ 14.88 $ 14.18

F-Series $ 16.31 $ 15.49

D-Series $ 15.59 $ 14.80

Private Series $ 10.23 $ 9.71

O-Series $ 12.49 $ 11.86

Statements of Comprehensive Income (in 000s except per unit amounts)

for the periods ended June 30, 2021 and 2020 (Unaudited)

2021 2020

Income Net Gain (Loss) on Investments and Derivatives

Dividend Income $ 2,030 $ 1,555Interest for Distribution Purposes 1,470 1,871Net Realized Gain (Loss) 28,189 (13,186)Net Change in Unrealized Appreciation/

Depreciation (4,571) 2,507Derivative Income (Loss) 107 7

Net Gain (Loss) on Investments and Derivatives 27,225 (7,246)Foreign Exchange Gain (Loss) on

Cash and Other Net Assets (445) 1,076Securities Lending Income 0 14

Total Income (Net) 26,780 (6,156)

Expenses (Note 6) Management Fees 187 181Independent Review Committee Fees 1 1Securityholder Reporting Costs 1 1Interest Charges 0 1Transaction Costs 540 422

Total Expenses before Waivers 729 606Less: Waived Expenses (1) (2)

Total Expenses (Net) 728 604

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units before Tax 26,052 (6,760)

Tax Reclaims (Withholding Taxes) (202) (156)

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units $ 25,850 $ (6,916)

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units – Per Series Investor Series $ 543 $ (77)Advisor Series $ 188 $ (16)F-Series $ 93 $ 0D-Series $ 45 $ (8)Private Series $ 267 $ (15)O-Series $ 24,714 $ (6,800)

$ 25,850 $ (6,916)

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units – Per Series Unit

Investor Series $ 0.72 $ (0.08)

Advisor Series $ 0.68 $ (0.06)

F-Series $ 0.85 $ 0.01

D-Series $ 0.79 $ (0.13)

Private Series $ 0.56 $ (0.04)

O-Series $ 0.71 $ (0.25)

The accompanying notes are an integral part of the interim financial report.


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Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (in 000s) for the periods ended June 30, 2021 and 2020 (Unaudited)

Investor Series Advisor Series F-Series

2021 2020 2021 2020 2021 2020

Net Assets Attributable to Holders of Redeemable Units at Beginning of the Period $ 11,203 $ 13,476 $ 3,540 3,264 $ 1,579 $ 1,357

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 543 (77) 188 (16) 93 0

Distributions to Holders of Redeemable Units 0 0 0 0 (3) (7)

Redeemable Unit Transactions Proceeds from Redeemable Units Issued 1,557 179 979 223 486 282Reinvestments of Distributions 0 0 0 0 3 6Redemption of Redeemable Units (1,625) (2,090) (527) (408) (199) (164)

Net Increase (Decrease) from Redeemable Unit Transactions (68) (1,911) 452 (185) 290 124

Net Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 475 (1,988) 640 (201) 380 117

Net Assets Attributable to Holders of Redeemable Units at End of the Period $ 11,678 $ 11,488 $ 4,180 3,063 $ 1,959 $ 1,474

Redeemable Unit Transactions Redeemable Units Outstanding,

Beginning of the Period 751 1,003 250 256 102 97Redeemable Units Issued 101 14 67 18 31 21Redeemable Units Issued on Reinvestments 0 0 0 0 0 1Redeemable Units Redeemed (106) (157) (36) (33) (13) (12)

Redeemable Units Outstanding, End of the Period 746 860 281 241 120 107

Weighted Average Units Outstanding 756 928 278 246 110 103

D-Series Private Series

2021 2020 2021 2020

Net Assets Attributable to Holders of Redeemable Units at Beginning of the Period $ 782 $ 742 $ 3,608 3,939

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 45 (8) 267 (15)

Distributions to Holders of Redeemable Units 0 (3) (33) (39)

Redeemable Unit Transactions Proceeds from Redeemable Units Issued 339 63 1,918 312Reinvestments of Distributions 0 3 14 0Redemption of Redeemable Units (179) (90) (367) (1,057)

Net Increase (Decrease) from Redeemable Unit Transactions 160 (24) 1,565 (745)

Net Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 205 (35) 1,799 (799)

Net Assets Attributable to Holders of Redeemable Units at End of the Period $ 987 $ 707 $ 5,407 3,140


Beginning of the Period 53 56 372 451Redeemable Units Issued 22 5 192 34Redeemable Units Issued on Reinvestments 0 0 1 0Redeemable Units Redeemed (12) (7) (37) (123)

Redeemable Units Outstanding, End of the Period 63 54 528 362

Weighted Average Units Outstanding 58 55 475 417



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Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (in 000s) for the periods ended June 30, 2021 and 2020 (Unaudited)

O-Series TOTAL

2021 2020 2021 2020

Net Assets Attributable to Holders of Redeemable Units at Beginning of the Period $ 352,266 $ 353,580 $ 372,978 376,358

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 24,714 (6,800) 25,850 (6,916)

Distributions to Holders of Redeemable Units (3,069) (3,280) (3,105) (3,329)

Redeemable Unit Transactions Proceeds from Redeemable Units Issued 98,364 58,151 103,643 59,210Reinvestments of Distributions 3,068 3,280 3,085 3,289Redemption of Redeemable Units (5,221) (135,139) (8,118) (138,948)

Net Increase (Decrease) from Redeemable Unit Transactions 96,211 (73,708) 98,610 (76,449)

Net Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 117,856 (83,788) 121,355 (86,694)

Net Assets Attributable to Holders of Redeemable Units at End of the Period $ 470,122 $ 269,792 $ 494,333 289,664


Beginning of the Period 29,712 33,184Redeemable Units Issued 8,100 5,419Redeemable Units Issued on Reinvestments 250 329Redeemable Units Redeemed (429) (13,431)

Redeemable Units Outstanding, End of the Period 37,633 25,501

Weighted Average Units Outstanding 34,626 27,508




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Statements of Cash Flows (in 000s) for the periods ended June 30, 2021 and 2020 (Unaudited)

2021 2020

Cash Flows from (used in) Operating Activities Increase (Decrease) in Net Assets Attributable

to Holders of Redeemable Units $ 25,850 $ (6,916) Adjustment For:

Accretion of Interest 0 0 Unrealized Foreign Exchange (Gain) Loss on Cash 425 (181) Net Change in Margin Deposit/

Payable on Derivatives 221 (446) Net Realized (Gain) Loss (28,189) 13,186 Net Change in Unrealized Appreciation/

Depreciation 4,571 (2,507) Purchase of Investments and Derivatives (275,100) (209,859) Proceeds from Sale, Paydown and Maturity

of Investments and Derivatives 192,587 295,031 (Increase) Decrease in Interest and

Dividends Receivables (86) 152 Increase (Decrease) in Accrued Liabilities 0 0

Net Cash from (used in) Operating Activities (79,721) 88,460

Cash Flows from (used in) Financing Activities Distributions Paid to Holders of Redeemable Units,

Net of Reinvested Distributions (10) (23) Proceeds from Issuance of Redeemable Units 84,796 59,128 Amounts Paid on Redemption of Redeemable Units 1,059 (138,878)

Net Cash from (used in) Financing Activities 85,845 (79,773)

Unrealized Foreign Exchange Gain (Loss) on Cash (425) 181 Net Increase (Decrease) in Cash 6,124 8,687 Cash (Bank Overdraft) at Beginning of the Period 44,023 23,696

Cash (Bank Overdraft) at End of the Period $ 49,722 $ 32,564

Interest for Distribution Purposes Received*, Net of Withholding Taxes $ 1,421 $ 2,013

Dividends Received*, Net of Withholding Taxes $ 1,790 $ 1,407

* Included as part of Cash Flows from (used in) Operating Activities.




No. of Shares or Units/ Par Value Description Cost Fair Value

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Schedule of Investment Portfolio (in 000s except number of Shares

or Units/Par Value) as at June 30, 2021 (Unaudited)


Communication Services – 3.6% 3,787 Alphabet Inc., Class A $ 5,712 $ 11,463 29,920 The Walt Disney Company 7,062 6,519

12,774 17,982

Consumer Discretionary – 5.0% 2,505 Amazon.com Inc. 7,235 10,682 2,287 Kering SA 1,877 2,478 3,130 LVMH Moet Hennessy-Louis Vuitton SE 2,723 3,042 30,530 LXRandCo Inc., Warrants Jun 9, 2022 2 0 40,325 NIKE Inc., Class B 5,638 7,723 465 Quiksilver Inc., Private Placement 0 0 233,000 SHOP.CA Network Inc., Class A,

Private Placement 186 0 7,000 Starbucks Corporation 947 970

18,608 24,895

Consumer Staples – 2.2% 99,250 Apollo Healthcare Corporation,

Warrants Jan 3, 2022 39 4 104,525 The Coca-Cola Company 7,283 7,011 14,729 The Procter & Gamble Company 2,281 2,463 8,522 Walmart Inc. 1,267 1,490

10,870 10,968

Energy – 1.2% 10,200 Alta Mesa Resources Inc.,

Private Placement, Warrants Feb 9, 2023 20 0 20,800 Enbridge Inc. 992 1,032 9,773 NextDecade Corporation,

Warrants Jul 24, 2022 3 2 82,191 TC Energy Corporation 5,060 5,042

6,075 6,076

Financials – 25.8% 151,200 Ajax I 1,848 1,867 63,400 Altimar Acquisition Corporation II 786 764 15,850 Altimar Acquisition Corporation II,

Warrants Dec 31, 2027 23 23 4,700 Altimeter Growth Corporation II 60 60 17,300 Apollo Strategic Growth Capital 219 210 4,066 Apollo Strategic Growth Capital,

Warrants Oct 29, 2027 8 6 226,300 Apollo Strategic Growth Capital II 2,840 2,732 45,260 Apollo Strategic Growth Capital II,

Warrants Dec 31, 2027 69 72 38,200 Ares Acquisition Corporation 479 462 7,640 Ares Acquisition Corporation,

Warrants Dec 31, 2027 10 12 66,200 Austerlitz Acquisition Corporation I 819 814 165,400 Austerlitz Acquisition Corporation II 2,054 1,995 41,350 Austerlitz Acquisition Corporation II,

Warrants Dec 31, 2027 51 64 98,681 Bank of Cyprus Holdings PLC 458 158 25,600 Bridgetown 2 Holdings Limited 325 324 77,800 Broadscale Acquisition Corporation 952 938 19,450 Broadscale Acquisition Corporation,

Warrants Feb 2, 2026 23 28 202,172 Brookfield Asset Management Inc., Class A 8,910 12,785

1,394

Brookfield Asset Management $Reinsurance Partners Limited 96 91 $

56,000 Catalyst Partners Acquisition Corporation 676 697 97,300 CC Neuberger Principal Holdings II 1,303 1,193 24,325 CC Neuberger Principal Holdings II,

Warrants Jul 29, 2025 37 41 19,200 CC Neuberger Principal Holdings III 240 233 3,840 CC Neuberger Principal Holdings III,

Warrants Dec 31, 2027 6 6 341,000 Centricus Acquisition Corporation 4,328 4,185 68,250 Centricus Acquisition Corporation,

Warrants Feb 8, 2028 37 118 8,200 Churchill Capital Corporation VI 100 100 1,640 Churchill Capital Corporation VI,

Warrants Dec 31, 2027 3 3 49,300 Churchill Capital Corporation VII 600 595 9,860 Churchill Capital Corporation VII,

Warrants Feb 29, 2028 18 17 9,600 Climate Real Impact Solutions II

Acquisition Corporation 118 117 1,920 Climate Real Impact Solutions II

Acquisition Corporation, Warrants Dec 31, 2027 5 3

130,400 Compute Health Acquisition Corporation 1,598 1,587 32,600 Compute Health Acquisition Corporation,

Warrants Dec 31, 2027 66 61 12,800 DiamondHead Holdings Corporation 163 158 10,000 Dragoneer Growth Opportunities

Corporation 131 125 9,400 Dragoneer Growth Opportunities

Corporation III 118 116 63,100 Elliott Opportunity II Corporation 782 783 46,000 Executive Network Partnering Corporation 595 555 11,500 Executive Network Partnering Corporation,

Warrants Sep 25, 2028 12 14 80,000 Fifth Wall Acquisition Corporation III 965 987 15,700 Freedom Acquisition I Corporation 195 189 3,925 Freedom Acquisition I Corporation,

Warrants Dec 31, 2027 4 5 49,300 FTAC Hera Acquisition Corporation 609 596 12,325 FTAC Hera Acquisition Corporation,

Warrants Dec 31, 2027 15 20 67,200 Gores Guggenheim Inc. 831 813 13,440 Gores Guggenheim Inc.,

Warrants Dec 31, 2027 15 23 52,040 Gores Holdings VI Inc. 624 1,046 228,500 Gores Holdings VII Inc. 2,825 2,804 28,562 Gores Holdings VII Inc.,

Warrants Dec 31, 2027 51 49 165,400 Gores Holdings VIII Inc. 2,065 2,034 20,675 Gores Holdings VIII Inc.,

Warrants Dec 31, 2027 20 32 171,500 Gores Metropoulos II Inc. 2,095 2,103 30,870 Gores Metropoulos II Inc.,

Warrants Jan 31, 2028 66 54 291,600 Gores Technology Partners II Inc. 3,608 3,582 58,320 Gores Technology Partners II Inc.,

Warrants Dec 31, 2027 81 129 166,600 Gores Technology Partners Inc. 2,036 2,075 33,320 Gores Technology Partners Inc.,

Warrants Dec 31, 2027 41 55 40,700 Health Assurance Acquisition Corporation 499 505 41,000 Hong Kong Exchanges and Clearing Limited 2,925 3,029 24,000 Horizon Acquisition Corporation II 297 291 33,100 Hudson Executive Investment

Corporation III 404 400




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6,620

Hudson Executive Investment $ Corporation III, Warrants Dec 31, 2028 10 $ 11

23,500 Ivanhoe Capital Acquisition Corporation 282 296 6,658 Ivanhoe Capital Acquisition Corporation,

Warrants Dec 31, 2027 13 15 21,000 Jaws Hurricane Acquisition Corporation 255 262 28,000 Jaws Juggernaut Acquisition Corporation 348 349 89,100 Jaws Mustang Acquisition Corporation 1,107 1,078 22,275 Jaws Mustang Acquisition Corporation,

Warrants Jan 30, 2026 33 35 14,317 Jaws Spitfire Acquisition Corporation 173 178 34,867 JPMorgan Chase & Company 4,765 6,723 8,300 Kensington Capital Acquisition

Corporation II 101 102 41,100 Khosla Ventures Acquisition Company 521 504 130,400 Khosla Ventures Acquisition Company II 1,640 1,602 235,100 Khosla Ventures Acquisition Company III 2,957 2,885 127,800 KKR Acquisition Holdings I Corporation 1,548 1,556 31,950 KKR Acquisition Holdings I Corporation,

Warrants Dec 31, 2027 38 47 100,200 L Catterton Asia Acquisition Corporation 1,223 1,205 33,400 L Catterton Asia Acquisition Corporation,

Warrants Mar 15, 2026 32 37 76,860 Morgan Stanley 6,229 8,736 205,200 NightDragon Acquisition Corporation 2,524 2,483 38,988 NightDragon Acquisition Corporation,

Warrants Dec 31, 2027 63 66 36,500 Northern Genesis Acquisition Corporation II 436 450 11,840 Periphas Capital Partnering Corporation 363 360 2,960 Periphas Capital Partnering Corporation,

Warrants Dec 10, 2028 14 8 19,950 Pershing Square Tontine Holdings Limited 518 563 0 Pershing Square Tontine Holdings Limited,

Warrants Jul 24, 2025 0 0 83,600 Ping An Insurance (Group) Company

of China Limited, Class H 1,314 1,015 17,100 Plum Acquisition Corporation I 209 206 3,420 Plum Acquisition Corporation I,

Warrants Dec 31, 2028 4 5 85,200 Pontem Corporation 1,042 1,027 28,400 Pontem Corporation,

Warrants Dec 31, 2027 40 35 334,180 Reinvent Technology Partners Y 4,091 4,093 300,400 Revolution Healthcare Acquisition

Corporation 3,674 3,657 60,080 Revolution Healthcare Acquisition

Corporation, Warrants Dec 31, 2028 86 104 90,300 Royal Bank of Canada 9,978 11,341 30,840 Social Capital Hedosophia Holdings

Corporation IV 379 397 22,355 Social Capital Hedosophia Holdings

Corporation V 256 531 55,500 Social Capital Hedosophia Holdings

Corporation VI 688 702 60,300 Spartan Acquisition Corporation III 737 731 15,075 Spartan Acquisition Corporation III,

Warrants Feb 4, 2026 19 22 13,997 Star Peak Corporation II 168 172 6,150 Supernova Partners Acquisition

Company II, Warrants Dec 31, 2027 8 9 24,600 Supernova Partners Acquisition

Company II Limited 302 296 79,300 SVF Investment Corporation 940 971 6,500 SVF Investment Corporation II 82 80 6,500 SVF Investment Corporation III 82 80

1,458,952

The Mint Corporation, $ Private Placement 379 $ 0

23,700 TPG Pace Beneficial Finance Corporation 445 378 170,800 TPG Pace Beneficial II Corporation 2,138 2,134 37,500 TPG Pace Solutions Corporation 470 463 171,400 Vy Global Growth 2,207 2,114 332,400 Warburg Pincus Capital Corporation I-A 4,103 4,067 66,480 Warburg Pincus Capital Corporation I-A,

Warrants Dec 31, 2027 105 116 664,900 Warburg Pincus Capital Corporation I-B 8,231 8,143 132,980 Warburg Pincus Capital Corporation I-B,

Warrants Feb 17, 2022 186 214

118,793 127,587

Health Care – 6.2% 13,700 Danaher Corporation 3,986 4,557 5,300 Elanco Animal Health Inc.,

Conv. Pref. 5.000% 346 353 6,405 Intuitive Surgical Inc. 6,275 7,302 3,300 Teladoc Inc. 844 680 16,150 Thermo Fisher Scientific Inc. 6,514 10,099 14,940 UnitedHealth Group Inc. 4,716 7,416

22,681 30,407

Industrials – 6.6% 32,640 Canadian National Railway Company 4,556 4,269 27,390 Caterpillar Inc. 7,436 7,389 25,600 Estre Ambiental Inc.,

Warrants Dec 22, 2022 27 0 2,731 Lockheed Martin Corporation 1,299 1,281 37,003 Schneider Electric SE 5,674 7,216 34,985 Siemens AG 6,407 6,871 18,863 The Boeing Company 4,800 5,602

30,199 32,628

Information Technology – 12.4% 28,000 Accenture PLC, Class A 7,367 10,232 29,550 Apple Inc. 4,776 5,017 15,200 ironSource Limited 212 198 4,000 Keyence Corporation 2,717 2,502 13,624 Mastercard Inc., Class A 5,436 6,166 34,988 Microsoft Corporation 6,959 11,749 61,258 Paysafe Limited 1,192 920 2,573 Samsung Electronics Company Limited, GDR 6,138 5,688 56,500 Taiwan Semiconductor Manufacturing

Company Limited, ADR 4,767 8,416 35,720 Visa Inc., Class A 7,280 10,353

46,844 61,241

Materials – 1.3% 1,662,178 ANR Inc., Rights Mar 31, 2023 0 8 58,400 BHP Group Limited 5,315 5,273 19,700 Freeport-McMoRan Inc. 862 906

6,177 6,187

Utilities – 1.3% 94,500 NextEra Energy Inc., Conv. Pref. 6.219% 6,053 5,787 11,200 NextEra Energy Inc., Conv. Pref. 723 679

6,776 6,466




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Corporate Bonds – 13.7% 20,000

1011778 BC ULC/ New Red Finance Inc. (USD)

Callable 3.875% Jan 15, 2028 $ 24 25 $

40,000

407 International Inc. Callable 3.670% Mar 8, 2049 42 44

110,000

Activision Blizzard Inc. (USD) Callable 1.350% Sep 15, 2030 140 128

20,000

Adient Global Holdings Limited (USD) Callable 4.875% Aug 15, 2026 25 26

69,000

Adient U.S. LLC (USD) First Lien, Term Loan Apr 1, 2028 85 86

32,000

Advanced Micro Devices Inc. (USD) 7.500% Aug 15, 2022 47 43

131,000

AECOM (USD) Callable 5.125% Mar 15, 2027 184 181

350,000

AerCap Ireland Capital DAC/ AerCap Global Aviation Trust (USD)

Callable 4.125% Jul 3, 2023 470 461 540,000 Callable 1.750% Jan 30, 2026 667 662

130,000

AIMCo Realty Investors Limited Partnership Callable 3.043% Jun 1, 2028 129 138

210,000 Callable 2.712% Jun 1, 2029 212 218

50,000

Air Lease Corporation (USD) Callable 1.875% Aug 15, 2026 60 62

210,000 Callable 3.125% Dec 1, 2030 259 265

88,943

Alberta PowerLine Limited Partnership 4.065% Dec 1, 2053 94 99

108,805 4.065% Mar 1, 2054 123 121

500,000

Alcoa Nederland Holding BV (USD) Callable 6.125% May 15, 2028 691 679

175,000

Alexandria Real Estate Equities Inc. (USD) Callable 2.000% May 18, 2032 201 212

200,000

Alibaba Group Holding Limited (USD) Callable 3.600% Nov 28, 2024 263 270

620,000

Allied Properties Real Estate Investment Trust Callable, Series E 3.113% Apr 8, 2027 638 646

200,000 Callable 3.117% Feb 21, 2030 200 202

1,740,000

Alpha Appalachia Holdings Inc. (in default) (USD)

Private Placement, Conv., 3.250% Aug 1, 2015 0 0

9,000

Altice Financing SA (USD) Callable 7.500% May 15, 2026 12 12

284

Altice France SA (USD) Callable 7.375% May 1, 2026 0 0

60,000

American Airlines Inc. Term Loan (USD) Term Loan Mar 10, 2028 75 78

80,000

American Airlines Inc./ AAdvantage Loyalty IP Limited (USD)

5.500% Apr 20, 2026 102 105

23,000

American Builders & Contractors Supply Company Inc. (USD)

Callable 4.000% Jan 15, 2028 30 29

315,000

American Tower Corporation (USD) Callable 2.700% Apr 15, 2031 393 404

300,000

Anheuser-Busch InBev Worldwide Inc. (USD) Callable 3.500% Jun 1, 2030 432 414

100,000 Callable 4.500% Jun 1, 2050 157 151

180,000

ARC Resources Limited Callable 3.465% Mar 10, 2031 $ 180 184 $

225,000

AT&T Inc. Callable 4.000% Nov 25, 2025 249 247

310,000

AT&T Inc. (USD) Callable 1.650% Feb 1, 2028 389 382

50,000 Callable 2.750% Jun 1, 2031 61 65 425,000 Callable 4.500% May 15, 2035 609 620

510,000

Australia & New Zealand Banking Group Limited (USD)

Variable Rate, Callable 2.950% Jul 22, 2025 680 659

75,000

AvalonBay Communities Inc. (USD) Callable 2.450% Jan 15, 2031 91 96

240,000

Banco Santander Chile (USD) Callable 2.700% Jan 10, 2025 329 311

70,000

Bank of America Corporation Variable Rate, Callable 3.301% Apr 24, 2024 71 73

100,000 Variable Rate, Callable 1.978% Sep 15, 2027 100 100

55,000

Bank of America Corporation (USD) 4.450% Mar 3, 2026 80 77

500,000 Callable, Series L 4.183% Nov 25, 2027 738 695

240,000

Bank of Montreal 2.280% Jul 29, 2024 240 247

190,000 Callable 2.370% Feb 3, 2025 190 197 220,000 Variable Rate, Callable

2.880% Sep 17, 2029 220 229 325,000 Variable Rate, Callable

2.077% Jun 17, 2030 325 330 600,000 Variable Rate, Callable

4.300% Nov 26, 2080 610 633

200,000

Bank of Montreal (USD) Variable Rate, Callable 3.803% Dec 15, 2032 294 274

28,000

Bausch Health Companies Inc. (USD) Callable 5.000% Jan 30, 2028 36 33

40,000 Callable 5.000% Feb 15, 2029 46 46

182,000

Baytex Energy Corporation (USD) Callable 5.625% Jun 1, 2024 207 228

77,000 Callable 8.750% Apr 1, 2027 99 96

91,000

bcIMC Realty Corporation Callable 3.000% Mar 31, 2027 92 97

12,000

Beazer Homes USA Inc. (USD) Callable 5.875% Oct 15, 2027 16 16

160,000

Bell Canada Inc. Callable 3.800% Aug 21, 2028 160 176

19,000 Callable 3.500% Sep 30, 2050 18 18

11,446

Bellring Brands LLC (USD) First Lien, Term Loan Oct 21, 2024 15 14

145,000

Bombardier Inc. (USD) Callable 7.500% Mar 15, 2025 188 185

150,000

Boston Properties Limited Partnership (USD) Callable 2.550% Apr 1, 2032 177 188

300,000

BP Capital Markets PLC (USD) Variable Rate, Callable 4.375% Dec 31, 2049 414 397

470,000

Brookfield Infrastructure Finance ULC Callable 2.855% Sep 1, 2032 472 463




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325,000

Brookfield Renewable Partners ULC Callable 3.380% Jan 15, 2030 $ 358 350 $

50,000 Callable 3.330% Aug 13, 2050 50 48

36,000

Caesars Entertainment Inc. (USD) Callable 6.250% Jul 1, 2025 50 47

40,000

Calpine Corporation (USD) Callable 5.250% Jun 1, 2026 52 51

170,000

Canadian Imperial Bank of Commerce 3.290% Jan 15, 2024 175 179

250,000 2.350% Aug 28, 2024 250 258 240,000 Variable Rate, Callable


2.010% Jul 21, 2030 300 303 410,000 Variable Rate, Callable

4.375% Oct 28, 2080 418 431

150,000

Canadian Natural Resources Limited (USD) Callable 3.850% Jun 1, 2027 209 205

285,000

Canadian Western Bank Variable Rate, Callable

6.000% Apr 30, 2081 298 306

77,000

Cascades Inc./Cascades USA Inc. (USD) Callable 5.125% Jan 15, 2026 101 102

120,000

CCO Holdings LLC/ CCO Holdings Capital Corporation (USD)

Callable 5.125% May 1, 2027 162 156 7,000 Callable 5.000% Feb 1, 2028 9 9 23,000 Callable 4.500% Aug 15, 2030 32 30 16,000 Callable 4.500% May 1, 2032 22 21

13,000

Cemex SAB de CV (USD) Callable 5.450% Nov 19, 2029 18 18

310,000 Callable 5.200% Sep 17, 2030 430 424

250,000

Cenovus Energy Inc. Callable 3.550% Mar 12, 2025 259 264

653,000 Callable 3.500% Feb 7, 2028 648 685

15,000

Century Communities Inc. (USD) Callable 6.750% Jun 1, 2027 21 20

7,000

CenturyLink Inc. (USD) Callable 5.125% Dec 15, 2026 9 9

27,426 First Lien, Term Loan Mar 15, 2027 36 34

500,000

Charter Communications Operating LLC/ Charter Communications Operating Capital Corporation (USD)

Callable 2.800% Apr 1, 2031 668 633

140,000

Choice Properties Real Estate Investment Trust

Callable, Series M 3.532% Jun 11, 2029 140 150

15,000

CHS/Community Health Systems Inc. (USD) Callable 4.750% Feb 15, 2031 19 19

10,000

Cinemark USA Inc. (USD) Callable 8.750% May 1, 2025 15 14

200,000

CIT Group Inc. (USD) Variable Rate, Callable

3.929% Jun 19, 2024 272 262

425,000

Citigroup Inc. (USD) 4.450% Sep 29, 2027 638 602

108,379

Clarios Global Limited Partnership (USD) Term Loan Apr 30, 2026 141 133

15,000

Clarios Global Limited Partnership/ Clarios U.S. Finance Company (USD)

Callable 6.250% May 15, 2026 21 20

280,000

Cleveland-Cliffs Inc. (USD) Callable 4.625% Mar 1, 2029 $ 352 366 $

24,000 Callable 4.875% Mar 1, 2031 29 31

52,644

Clover Limited Partnership 4.216% Mar 31, 2034 53 57

54,580 4.216% Jun 30, 2034 55 59

120,000

Commonwealth Bank of Australia (USD) 2.688% Mar 11, 2031 151 149

34,000

Connect Finco SARL/ Connect U.S. Finco LLC (USD)

Callable 6.750% Oct 1, 2026 46 45

200,000

Constellation Brands Inc. (USD) Callable 2.875% May 1, 2030 274 261

60,000

Corus Entertainment Inc. Callable 5.000% May 11, 2028 60 61

300,000

Crombie Real Estate Investment Trust Callable 3.211% Oct 9, 2030 308 303

217,000

Crowdstrike Holdings Inc. (USD) Callable 3.000% Feb 15, 2029 264 270

33,573

CSC Holdings LLC (USD) Term Loan Apr 15, 2027 44 41

19,000 Callable 4.625% Dec 1, 2030 26 23

200,000

CT Real Estate Investment Trust Callable, Series B 3.527% Jun 9, 2025 217 213

145,000

Cumulus Media New Holdings Inc. (USD) Callable 6.750% Jul 1, 2026 198 188

250,000

CVS Health Corporation (USD) Callable 1.750% Aug 21, 2030 318 299

80,000 Callable 1.875% Feb 28, 2031 96 96

70,000

Daimler Canada Finance Inc. 2.540% Aug 21, 2023 70 72

17,000

Dana Inc. (USD) Callable 5.625% Jun 15, 2028 24 23

53,000

Diamond Sports Group LLC/ Diamond Sports Finance Company (USD)

Callable 5.375% Aug 15, 2026 70 43 40,000 Callable 6.625% Aug 15, 2027 53 24

80,000

DISH DBS Corporation (USD) 5.875% Jul 15, 2022 108 104

50,000

Dream Industrial Real Estate Investment Trust

Callable 2.057% Jun 17, 2027 50 50

33,000

Elanco Animal Health Inc. (USD) Callable 5.900% Aug 28, 2028 51 48

172,000

Enbridge Inc. Callable 3.200% Jun 8, 2027 173 182

250,000 Callable 2.990% Oct 3, 2029 250 258 130,000 Variable Rate, Callable,

Series C 6.625% Apr 12, 2078 140 148

375,000

Enbridge Inc. (USD) Variable Rate, Callable 6.000% Jan 15, 2027 510 516

350,000 Variable Rate, Callable 5.750% Jul 15, 2080 482 485

70,000

Enbridge Pipelines Inc. Callable 3.520% Feb 22, 2029 73 76

70,000 Callable 2.820% May 12, 2031 70 71 55,000 Callable 4.330% Feb 22, 2049 58 59

98,000

Ensign Drilling Inc. (USD) Callable 9.250% Apr 15, 2024 124 115




10


30,000

Entercom Media Corporation (USD) Callable 6.500% May 1, 2027 $ 42 39 $

350,000

Enterprise Products Operating LLC (USD) Callable 2.800% Jan 31, 2030 497 459

77,000

ESH Hospitality Inc. (USD) Callable 5.250% May 1, 2025 104 97

39,437 First Lien, Term Loan Sep 18, 2026 52 49

100,000

Federation des caisses Desjardins du Quebec 2.417% Oct 4, 2024 100 104

30,000

FedEx Corporation (USD) Callable 2.400% May 15, 2031 37 38

151,000

Finning International Inc. Callable 2.626% Aug 14, 2026 151 154

100,000

First Capital Real Estate Investment Trust 4.430% Jan 31, 2022 103 102

100,000 Series P 3.950% Dec 5, 2022 104 104 140,000 Callable, Series V 3.456% Nov 22, 2026 140 146 150,000 Callable, Series U 3.753% Jul 12, 2027 161 158 325,000 Callable, Series Q 3.447% Mar 1, 2028 336 336

60,000

First Quantum Minerals Limited (USD) Callable 7.250% Apr 1, 2023 79 76

36,000 Callable 6.500% Mar 1, 2024 45 46 45,000 Callable 6.875% Mar 1, 2026 58 58 200,000 Callable 6.875% Oct 15, 2027 271 270

60,000

Ford Credit Canada Company 3.279% Jul 2, 2021 54 60

215,000 2.710% Feb 23, 2022 213 216 95,000 2.766% Jun 22, 2022 93 96 240,000 3.349% Sep 19, 2022 241 244 280,000 3.742% May 8, 2023 279 288 380,000 3.500% Nov 30, 2023 383 390 130,000 4.460% Nov 13, 2024 131 137

250,000

Ford Motor Credit Company LLC (USD) Callable 3.625% Jun 17, 2031 316 316

225,000

Fox Corporation (USD) Callable 3.500% Apr 8, 2030 338 308

60,000

Freeport-McMoRan Inc. (USD) Callable 4.550% Nov 14, 2024 83 81

28,000 Callable 4.125% Mar 1, 2028 37 36 308,000 Callable 4.375% Aug 1, 2028 414 404

110,000

Frontier Communications Corporation (USD) Callable 5.000% May 1, 2028 141 141

20,000 Callable 6.750% May 1, 2029 25 26

200,000

GE Capital International Funding Company Unlimited Company (USD)

4.418% Nov 15, 2035 278 298

240,000

General Motors Financial Company Inc. (USD) Callable 1.250% Jan 8, 2026 304 296

530,000 Callable 2.400% Apr 10, 2028 664 668

100,000

General Motors Financial of Canada Limited 3.250% Nov 7, 2023 100 105

290,000 Callable 1.750% Apr 15, 2026 290 287

30,000

Gibson Energy Inc. Callable 2.450% Jul 14, 2025 30 31

40,000 Callable 2.850% Jul 14, 2027 40 41

60,000

Granite REIT Holdings Limited Partnership Callable, Series 4 3.062% Jun 4, 2027 60 63

80,000 Callable 2.378% Dec 18, 2030 80 78

90,000

Gray Television Inc. (USD) Callable 5.875% Jul 15, 2026 123 115

90,000

Great-West Lifeco Inc. Callable 3.337% Feb 28, 2028 $ 93 98 $

210,000

H&R Real Estate Investment Trust Callable 2.906% Jun 2, 2026 211 212

60,000 Callable 2.633% Feb 19, 2027 60 59

130,000

Hanesbrands Inc. (USD) Callable 4.625% May 15, 2024 173 171

145,000

HCA Inc. (USD) Callable 5.875% Feb 15, 2026 215 208

24,000 Callable 5.625% Sep 1, 2028 37 35

100,000

HCN Canadian Holdings-1 Limited Partnership

Callable 2.950% Jan 15, 2027 101 104

100,000

Heathrow Funding Limited Callable 2.694% Oct 13, 2029 100 102

320,000 Callable 3.661% Jan 13, 2033 328 339 230,000 Callable 3.726% Apr 13, 2035 235 240

21,000

Hill-Rom Holdings Inc. (USD) Callable 4.375% Sep 15, 2027 30 27

17,000

Hologic Inc. (USD) Callable 3.250% Feb 15, 2029 22 21

105,000

HSBC Holdings PLC 3.196% Dec 5, 2023 107 110

200,000

HSBC Holdings PLC (USD) 4.250% Aug 18, 2025 293 275

200,000 Variable Rate, Callable 2.099% Jun 4, 2026 275 255

20,000

Hudbay Minerals Inc. (USD) Callable 6.125% Apr 1, 2029 26 26

300,000

Hyundai Capital America (USD) Callable 1.300% Jan 8, 2026 362 368

60,000

Hyundai Capital Canada Inc. Callable 2.008% May 12, 2026 60 60

110,000

iA Financial Corporation Inc. Variable Rate, Callable 2.400% Feb 21, 2030 110 113

115,000

iHeartCommunications Inc. (USD) Callable 8.375% May 1, 2027 152 153

88,000

Industrial Alliance Insurance and Financial Services Inc.

Variable Rate, Callable 3.300% Sep 15, 2028 89 92

300,000

Inter Pipeline Limited Variable Rate, Callable 6.875% Mar 26, 2079 309 334

40,000

International Game Technology PLC (USD) Callable 6.500% Feb 15, 2025 54 56

6,830

Iridium Communications Inc. (USD) First Lien, Term Loan Nov 4, 2026 9 8

220,000

JBS USA LUX SA/JBS USA Food Company/ JBS USA Finance Inc. (USD)

Callable 3.625% Jan 15, 2032 269 273

200,000

JPMorgan Chase & Company (USD) 4.125% Dec 15, 2026 318 281

610,000

Keyera Corporation Variable Rate, Callable 5.950% Mar 10, 2081 613 631

150,000

Kinder Morgan Inc. (USD) Callable 4.300% Jun 1, 2025 223 207

140,000 Callable 2.000% Feb 15, 2031 178 167




11


189,000

Kraft Heinz Foods Company (USD) Callable 3.000% Jun 1, 2026 $ 253 250 $

2,000

L Brands Inc. (USD) 6.694% Jan 15, 2027 3 3

90,000

Lamb Weston Holdings Inc. (USD) Callable 4.625% Nov 1, 2024 124 116

200,000 Callable 4.875% Nov 1, 2026 266 257

15,000

Liberty Interactive LLC (USD) 8.250% Feb 1, 2030 22 21

142,000

LSC Communications Inc. (in default) (USD) Callable 8.750% Oct 15, 2023 173 9

300,000

Magellan Midstream Partners Limited Partnership (USD)

Callable 3.250% Jun 1, 2030 435 401

50,000

Manulife Financial Corporation Variable Rate, Callable

3.317% May 9, 2023 50 52

299,000

Match Group Inc. (USD) Callable 5.000% Dec 15, 2027 396 391

29,000 Callable 5.625% Feb 15, 2029 41 39

16,000

Mattamy Group Corporation (USD) Callable 5.250% Dec 15, 2027 21 21

34,000 Callable 4.625% Mar 1, 2030 45 43

13,000

Mattel Inc. (USD) Callable 6.750% Dec 31, 2025 18 17

241,000 Callable 5.875% Dec 15, 2027 328 326

97,000

MEG Energy Corporation (USD) Callable 7.125% Feb 1, 2027 127 128

43,325

Meredith Corporation (USD) First Lien, Term Loan Jan 31, 2025 56 54

375,000

Mid-America Apartments Limited Partnership (USD)

Callable 3.950% Mar 15, 2029 565 528

66,000

Mineral Resources Limited (USD) Callable 8.125% May 1, 2027 91 90

212,000

Minerva Luxembourg SA (USD) Callable 5.875% Jan 19, 2028 284 279

10,000 Callable 4.375% Mar 18, 2031 12 12

22,000

MSCI Inc. (USD) Callable 4.000% Nov 15, 2029 32 29

845,000

National Australia Bank Limited Variable Rate, Callable

3.515% Jun 12, 2030 861 887

90,000

National Bank of Canada 2.983% Mar 4, 2024 92 94

380,000

National Grid Electricity Transmission PLC Callable 2.301% Jun 22, 2029 380 380

122,000

Navient Corporation (USD) 7.250% Sep 25, 2023 173 167

62,000 6.750% Jun 25, 2025 85 85

109,137

Navistar Inc. (USD) Term Loan Nov 2, 2024 143 136

100,000

Netflix Inc. (EUR) 4.625% May 15, 2029 163 184

200,000

Netflix Inc. (USD) 4.375% Nov 15, 2026 285 282

10,000 6.375% May 15, 2029 15 16

138,724

Nielsen Finance LLC/ Nielsen Finance Company (USD)

First Lien, Term Loan Oct 4, 2023 181 172

230,000

Nissan Motor Acceptance Corporation (USD) Callable 2.000% Mar 9, 2026 $ 291 287 $

240,000

Nissan Motor Company Limited (USD) 3.043% Sep 15, 2023 320 310

233,000

North West Redwater Partnership/ NWR Financing Company Limited

Callable, Series F 4.250% Jun 1, 2029 251 263 130,000 Callable, Series A 2.800% Jun 1, 2031 130 131 170,000 Callable 4.050% Jan 24, 2044 173 180 60,000 Callable, Series A 3.750% Jun 1, 2051 60 61

158,072

Northern Courier Pipeline Limited Partnership

3.365% Jun 30, 2042 158 162

38,477

Nouvelle Autoroute 30 Financement Inc. Series D 3.742% Dec 31, 2032 38 41

39,308 Series C 3.750% Mar 31, 2033 39 42

70,000

NOVA Chemicals Corporation (USD) Callable 5.250% Jun 1, 2027 91 94

325,000

NRG Energy Inc. (USD) Callable 3.375% Feb 15, 2029 394 396

32,910

Numericable U.S. LLC (USD) Term Loan Aug 14, 2026 43 41

372,000

NXP BV/NXP Funding LLC/ NXP USA Inc. (USD)

Callable 3.150% May 1, 2027 519 494 175,000 Callable 2.500% May 11, 2031 215 220

195,000

Occidental Petroleum Corporation (USD) Callable 2.700% Feb 15, 2023 248 248

200,000 Callable 2.900% Aug 15, 2024 248 254 10,000 Callable 5.875% Sep 1, 2025 14 14 80,000 Callable 5.500% Dec 1, 2025 105 110 220,000 Callable 3.500% Aug 15, 2029 272 273

54,000

Oceaneering International Inc. (USD) Callable 4.650% Nov 15, 2024 67 67

50,000 Callable 6.000% Feb 1, 2028 63 63

50,000

OMERS Realty Corporation Callable 3.244% Oct 4, 2027 50 54

70,000 Callable 3.628% Jun 5, 2030 70 78

340,000

Ontario Teachers’ Cadillac Fairview Properties Trust (USD)

Callable 4.125% Feb 1, 2029 494 482

40,000

Oracle Corporation (USD) Callable 2.300% Mar 25, 2028 50 51

120,000

Parkland Corporation Callable 3.875% Jun 16, 2026 121 121

20,000

Pembina Pipeline Corporation Callable 2.990% Jan 22, 2024 20 21

270,000 Callable 4.240% Jun 15, 2027 301 298 110,000 Callable 4.020% Mar 27, 2028 118 120 30,000 Callable 3.620% Apr 3, 2029 30 32 73,000 Callable 4.670% May 28, 2050 73 78 770,000 Variable Rate, Callable

4.800% Jan 25, 2081 765 756

323,000

Petrobras Global Finance BV (USD) 7.375% Jan 17, 2027 506 494

20,000 5.750% Feb 1, 2029 29 28

10,000

Precision Drilling Corporation (USD) 6.875% Jan 15, 2029 12 13

17,038

Prime Security Services Borrower LLC (USD) First Lien, Term Loan Sep 23, 2026 23 21




12


123,000

Prime Security Services Borrower LLC/ Prime Finance Inc. (USD)

5.750% Apr 15, 2026 $ 171 169 $

13,000

QVC Inc. (USD) Callable 4.450% Feb 15, 2025 18 17

273,000 Callable 4.750% Feb 15, 2027 358 359

9,037

R.R. Donnelley & Sons Company (USD) Term Loan Jan 4, 2024 12 11

15,000 Callable 6.125% Nov 1, 2026 19 20 41,000 Callable 8.250% Jul 1, 2027 55 58

170,000

Real Estate Asset Liquidity Trust Variable Rate, Callable

3.017% Mar 12, 2029 170 178 122,645 Variable Rate, Callable

2.381% Feb 12, 2055 123 126 110,000 Variable Rate, Callable

2.867% Feb 12, 2055 110 112

80,000

RioCan Real Estate Investment Trust Callable 3.209% Sep 29, 2023 81 83

90,000 Callable 2.576% Feb 12, 2025 90 92 70,000 Callable 1.974% Jun 15, 2026 70 69 140,000 Callable 2.361% Mar 10, 2027 140 140

230,000

Rogers Communications Inc. Callable 3.250% May 1, 2029 231 241

200,000

Royal Bank of Canada 2.352% Jul 2, 2024 200 207

250,000 2.328% Jan 28, 2027 250 257 140,000 Variable Rate, Callable



1.670% Jan 28, 2033 170 165 370,000 Variable Rate, Callable

4.500% Nov 24, 2080 379 394 440,000 Variable Rate, Callable

4.000% Feb 24, 2081 445 458 400,000 Variable Rate, Callable

3.650% Nov 24, 2081 400 400

40,000

SA Global Sukuk Limited (USD) Callable 2.694% Jun 17, 2031 48 50

50,000

Saputo Inc. Callable 2.297% Jun 22, 2028 50 50

10,000

Saudi Arabian Oil Company (USD) Callable 1.250% Nov 24, 2023 13 13

150,000

SBA Communications Corporation (USD) Callable 3.125% Feb 1, 2029 181 180

20,000

Seagate HDD Cayman (USD) Callable 4.875% Mar 1, 2024 28 27

21,000

Service Properties Trust (USD) Callable 7.500% Sep 15, 2025 30 29

220,000

Shaw Communications Inc. Callable 4.400% Nov 2, 2028 239 247

50,000 Callable 3.300% Dec 10, 2029 50 52

8,000

Sinclair Television Group Inc. (USD) Callable 5.125% Feb 15, 2027 11 10

147,000

Sirius XM Radio Inc. (USD) Callable 5.500% Jul 1, 2029 207 199

145,000

Sprint Corporation (USD) 7.875% Sep 15, 2023 213 204

83,655

Staples Inc. (USD) First Lien, Term Loan Apr 9, 2026 $ 108 101 $

75,000 Callable 7.500% Apr 15, 2026 102 97

390,000

Summit Industrial Income REIT Callable 2.150% Sep 17, 2025 395 395

200,000 Callable 1.820% Apr 1, 2026 200 198

120,000

Sun Life Financial Inc. Variable Rate, Callable 2.060% Oct 1, 2035 120 116

60,000 Variable Rate, Callable 3.600% Jun 30, 2081 60 60

80,000

Suncor Energy Inc. Callable 3.100% May 24, 2029 80 84

170,000 Callable 5.000% Apr 9, 2030 193 200

30,000

Superior Plus Limited Partnership 4.250% May 18, 2028 30 31

525,000

Sysco Canada Inc. Callable 3.650% Apr 25, 2025 559 562

100,000

Sysco Corporation (USD) Callable 3.300% Jul 15, 2026 146 135

52,000

Talen Energy Supply LLC (USD) Callable 7.250% May 15, 2027 71 60

26,000 Callable 7.625% Jun 1, 2028 36 30

10,000

Targa Resources Partners Limited Partnership/Targa Resources Partners Finance Corporation (USD)

Callable 4.000% Jan 15, 2032 12 13

7,000

TEGNA Inc. (USD) Callable 4.625% Mar 15, 2028 9 9

100,000

TELUS Corporation Callable 2.350% Jan 27, 2028 100 101

80,000 Callable 3.625% Mar 1, 2028 82 87 160,000 Callable 3.300% May 2, 2029 160 170 100,000 Callable 3.150% Feb 19, 2030 100 105 70,000 Callable 3.950% Feb 16, 2050 70 70

20,000

Tempur Sealy International Inc. (USD) Callable 4.000% Apr 15, 2029 24 25

200,000

Tencent Holdings Limited (USD) Callable 1.810% Jan 26, 2026 256 252

100,000 Callable 3.975% Apr 11, 2029 155 139 230,000 Callable 2.880% Apr 22, 2031 295 295

80,000

The ADT Security Corporation (USD) 3.500% Jul 15, 2022 105 101

170,000

The Bank of Nova Scotia 2.490% Sep 23, 2024 170 176

210,000 2.160% Feb 3, 2025 210 216 140,000 Variable Rate, Callable

3.890% Jan 18, 2029 142 149 236,000 Variable Rate, Callable 2.836% Jul 3, 2029 236 246 395,000 Variable Rate, Callable

3.700% Jul 27, 2081 395 396

166,000

The Bank of Nova Scotia (USD) Variable Rate, Callable 4.900% Jun 4, 2025 229 226

325,000

The Boeing Company (USD) Callable 2.196% Feb 4, 2026 407 407

81,478

The Dun & Bradstreet Corporation (USD) First Lien, Term Loan Feb 1, 2026 107 101

40,000 Callable 6.875% Aug 15, 2026 57 53 15,000 Callable 10.250% Feb 15, 2027 22 21

250,000

The Goldman Sachs Group Inc. (USD) 4.250% Oct 21, 2025 380 347




13


119,000

The Goodyear Tire & Rubber Company (USD) Callable 5.000% May 31, 2026 $ 158 152 $

10,000 Callable 5.000% Jul 15, 2029 12 13

150,000

The Independent Order of Foresters Variable Rate, Callable

2.885% Oct 15, 2035 156 151

490,000

The Manufacturers Life Insurance Company Variable Rate, Callable

3.375% Jun 19, 2081 490 488

140,000

The Toronto-Dominion Bank* 2.496% Dec 2, 2024 140 146

220,000 1.943% Mar 13, 2025 220 225 450,000 Variable Rate, Callable


3.060% Jan 26, 2032 300 316

425,000

The Walt Disney Company 3.057% Mar 30, 2027 459 450

220,000

Thomson Reuters Corporation Callable 2.239% May 14, 2025 220 226

30,000

T-Mobile US Inc. (USD) Callable 2.050% Feb 15, 2028 37 38

60,000 Callable 3.875% Apr 15, 2030 72 83 630,000 Callable 2.550% Feb 15, 2031 813 791

190,000

Toromont Industries Limited Callable 3.842% Oct 27, 2027 198 207

200,000

TotalEnergies SE (EUR) Variable Rate, Callable

1.625% Dec 31, 2049 309 295

90,000

TransCanada PipeLines Limited Callable 3.800% Apr 5, 2027 91 98

110,000 Callable 3.390% Mar 15, 2028 109 117 120,000 Callable 3.000% Sep 18, 2029 120 124 120,000 Callable 4.200% Nov 15, 2041 120 118 180,000 Callable 4.340% Oct 15, 2049 183 190

510,000

TransCanada Trust (USD) Variable Rate, Callable

5.875% Aug 15, 2076 716 706 150,000 Variable Rate, Callable

5.300% Mar 15, 2077 203 198

66,000

Trivium Packaging Finance BV (USD) Callable 5.500% Aug 15, 2026 91 86

275,000

Twitter Inc. (USD) Callable 3.875% Dec 15, 2027 357 363

400,000

UBS AG (USD) 5.125% May 15, 2024 571 548

300,000

UDR Inc. (USD) Callable 3.200% Jan 15, 2030 431 403

40,000

United Airlines Inc. (USD) Term Loan Apr 14, 2028 49 50

20,000 Callable 4.625% Apr 15, 2029 25 26

70,000

Ventas Canada Finance Limited Callable, Series D 2.550% Mar 15, 2023 70 72

150,000 Callable, Series B 4.125% Sep 30, 2024 161 161

75,000

Verizon Communications Inc. Callable 2.500% May 16, 2030 75 75

30,000

Verizon Communications Inc. (USD) Callable 1.500% Sep 18, 2030 40 36

110,000 Callable 1.750% Jan 20, 2031 141 131

100,000

Vermilion Energy Inc. (USD) Callable 5.625% Mar 15, 2025 123 125

20,000

Videotron Limited Callable 4.500% Jan 15, 2030 $ 21 21 $

200,000 Callable 3.125% Jan 15, 2031 194 190

20,000

Videotron Limited (USD) Callable 3.625% Jun 15, 2029 24 25

120,000

VW Credit Canada Inc. 2.850% Sep 26, 2024 120 126

110,000

Wells Fargo & Company Callable 3.184% Feb 8, 2024 112 115

10,000

Welltower Inc. (USD) Callable 3.625% Mar 15, 2024 14 13

35,000 Callable 4.250% Apr 15, 2028 47 50 65,000 Callable 2.050% Jan 15, 2029 80 81 10,000 Callable 4.125% Mar 15, 2029 13 14 90,000 Callable 2.800% Jun 1, 2031 111 116

97,000

WESCO Distribution Inc. (USD) Callable 7.125% Jun 15, 2025 129 130

11,000 Callable 7.250% Jun 15, 2028 16 15

290,000

Westpac Banking Corporation (USD) Variable Rate, Callable 2.894% Feb 4, 2030 371 373

13,552

WMG Acquisition Corporation (USD) First Lien, Term Loan Jan 20, 2028 18 17

5,000

Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corporation (USD)

Callable 5.500% Mar 1, 2025 7 7 15,000 Callable 5.250% May 15, 2027 19 20

16,000

Wynn Macau Limited (USD) Callable 5.500% Oct 1, 2027 22 21

74,000 Callable 5.625% Aug 26, 2028 95 96 14,000 Callable 5.125% Dec 15, 2029 19 18

40,000

Xerox Corporation (USD) Callable 4.375% Mar 15, 2023 54 52

105,000

XPO Logistics Inc. (USD) Callable 6.750% Aug 15, 2024 147 135

3,000 Callable 6.250% May 1, 2025 4 4

68,312 67,875

Federal Bonds & Guarantees – 5.6% 130,000

Canada Housing Trust No. 1 2.400% Dec 15, 2022 134 134

360,000 0.950% Jun 15, 2025 366 359 240,000 1.950% Dec 15, 2025 249 249 300,000 1.750% Jun 15, 2030 318 301 270,000 1.100% Mar 15, 2031 267 254

500,000

Commonwealth of Australia (AUD) 0.500% Sep 21, 2026 474 457

2,170,000 1.000% Nov 21, 2031 2,061 1,915

300,000

Government of Bermuda (USD) Callable 3.717% Jan 25, 2027 435 408

200,000 Callable 2.375% Aug 20, 2030 270 249

5,170,000

Government of Canada 0.250% Nov 1, 2022 5,173 5,163

5,700,000 0.250% May 1, 2023 5,693 5,680 1,700,000 0.500% Sep 1, 2025 1,713 1,674 940,000 1.250% Jun 1, 2030 988 933 425,000 0.500% Dec 1, 2030 387 392 1,882,000 2.000% Dec 1, 2051 2,202 1,951

110,000

Republic of Colombia (USD) Callable 3.000% Jan 30, 2030 142 134

§ 3,540,000

Republic of Indonesia (IDR) 6.500% Feb 15, 2031 324 301

)




14


400,000

Republic of Panama (USD) Callable 3.160% Jan 23, 2030 $ 540 521 $

410,000 Callable 2.252% Sep 29, 2032 521 489 30,000 Callable 4.500% Apr 1, 2056 42 42

40,000

Republic of Peru (USD) Callable 2.392% Jan 23, 2026 56 51

370,000 Callable 2.783% Jan 23, 2031 481 468 60,000 Callable 1.862% Dec 1, 2032 79 69

505,001

U.S. Treasury Inflation Indexed Bonds (USD) 0.625% Apr 15, 2023 749 712

340,002 0.125% Oct 15, 2025 502 472

1,840,000

U.S. Treasury Notes (USD) 2.375% May 15, 2051 2,389 2,438

100,000

United Mexican States (MXN) Series M 6.750% Mar 9, 2023 669 634

108,000 Series M 7.750% May 29, 2031 793 709

100,000

United Mexican States (USD) 4.500% Apr 22, 2029 132 140

90,000 Callable 3.250% Apr 16, 2030 116 116 350,000 Callable 2.659% May 24, 2031 457 425

28,722 27,840

Provincial Bonds & Guarantees – 0.8% 650,000

Province of Alberta 3.300% Dec 1, 2046 782 723

31,000 3.050% Dec 1, 2048 32 33 15,000 3.100% Jun 1, 2050 16 16

680,000

Province of British Columbia 2.200% Jun 18, 2030 687 700

470,000

Province of Manitoba 2.850% Sep 5, 2046 529 490

520,000

Province of Ontario 2.800% Jun 2, 2048 522 539

1,300,000 2.650% Dec 2, 2050 1,539 1,305

4,107 3,806

Commodity Funds – 0.0% 100 SPDR Gold Shares 16 21

Canadian Bond Funds – 0.0% 100 iShares Canadian Corporate Bond Index ETF 2 2 100 iShares Core Canadian Short Term

Bond Index ETF 3 3

5 5

U.S. Bond Funds – 1.3% 100 iShares 20+ Year Treasury Bond ETF $ 17 18 $ 44,825 iShares iBoxx $ High Yield

Corporate Bond ETF 4,984 4,892 8,500 iShares iBoxx $ Investment Grade

Corporate Bond ETF 1,408 1,416 33 SPDR Bloomberg Barclays

High Yield Bond ETF 5 5 100 SPDR Bloomberg Barclays Short Term

High Yield Bond ETF 3 3

6,417 6,334

Global Bond Funds – 0.5% 15,000 iShares J.P. Morgan USD

Emerging Markets Bond ETF 2,130 2,091 11,650 VanEck Vectors J.P. Morgan EM

Local Currency Bond ETF 481 453

2,611 2,544

Canadian Equity Funds – 2.0% 205,400 iShares S&P/TSX Capped Financials

Index ETF 9,386 9,563

U.S. Equity Funds – 0.5% 20,850 SPDR S&P Oil & Gas Exploration

& Production ETF 2,097 2,499

Transaction Costs (311)

TOTAL INVESTMENT

PORTFOLIO – 90.0% $ 401,159 $ 444,924

CREDIT DEFAULT SWAP AGREEMENTS

(SCHEDULE 1) – 0.1% 415

FOREIGN EXCHANGE FORWARD

CONTRACTS (SCHEDULE 2) – (0.5%) (2,480)

OPTIONS, PURCHASED (SCHEDULE 3) – 0.2% 783

OPTIONS, WRITTEN (SCHEDULE 3) – (0.1% (459)

TOTAL PORTFOLIO $ 443,183

Note: Percentages shown relate investments at fair value to Net Assets as at the period end.

* Related party to the Fund as an affiliated entity of TD Asset Management Inc.

§ Expressed in 000s

Schedule 1

Credit Default Swap Agreements (in 000s except number of contracts) as at June 30, 2021 Description

Number of Contracts

Notional Amount Currency Expiry Date Cost Fair Value

Receive 5.00% quarterly times notional amount. Make a payment only upon a default event of Markit CDX North American High Yield, Series 36 2 $ 3,270 USD Jun 20, 2026 $ 349 $ 415

$ 415



Schedule 2

15

Foreign Exchange Forward Contracts (in 000s except contract price and total number of contracts) as at June 30, 2021 Settlement Date

Currency to be Delivered

Fair Value

Currency to be Received

Fair Value

Contract Price

Unrealized Appreciation

Jul 30, 2021 1,654 AUD $ 1,538 1,255 USD $ 1,556 0.75893 $ 18Jul 30, 2021 642 AUD 597 487 USD 604 0.75896 7Jul 30, 2021 243 AUD 226 184 USD 229 0.75895 3Jul 30, 2021 21 AUD 20 16 USD 20 0.75896 0Jul 30, 2021 736 CAD 736 600 USD 743 1.22844 7Jul 30, 2021 469 CAD 469 382 USD 473 1.22845 4Jul 30, 2021 381 CAD 381 310 USD 384 1.22843 3Jul 30, 2021 316 CAD 316 3,664 ZAR 317 11.60613 1Jul 30, 2021 337 EUR 496 403 USD 500 1.19563 4Jul 30, 2021 3,240 ZAR 280 227 USD 282 14.25190 2

$ 5,059 $ 5,108 $ 49

Settlement Date

Currency to be Delivered

Fair Value

Currency to be Received

Fair Value

Contract Price

Unrealized Depreciation

Jul 30, 2021 323 CAD $ 323 346 AUD $ 322 0.93234 $ (1)Jul 30, 2021 277 CAD 277 1,916 NOK 276 6.92299 (1)Jul 30, 2021 3,137 EUR 4,614 4,608 CAD 4,608 1.46878 (6)Jul 30, 2021 2,201 EUR 3,237 3,232 CAD 3,232 1.46859 (5)Jul 30, 2021 1,748 EUR 2,572 2,568 CAD 2,568 1.46882 (4)Jul 30, 2021 2,166 EUR 3,185 3,181 CAD 3,181 1.46877 (4)Jul 30, 2021 1,492 EUR 2,194 2,191 CAD 2,191 1.46882 (3)Jul 30, 2021 1,192 EUR 1,754 1,751 CAD 1,751 1.46860 (3)Jul 30, 2021 875 EUR 1,287 1,285 CAD 1,285 1.46877 (2)Jul 30, 2021 313 EUR 460 459 CAD 459 1.46875 (1)Jul 30, 2021 7,770 MXN 481 381 USD 472 20.39700 (9)Jul 30, 2021 3,278 MXN 203 197 CAD 197 16.60510 (6)Jul 30, 2021 64,521 USD 79,982 79,273 CAD 79,273 1.22844 to 1.23345 (709)Jul 30, 2021 40,930 USD 50,737 50,280 CAD 50,280 1.22845 (457)Jul 30, 2021 24,650 USD 30,557 30,282 CAD 30,282 1.22843 to 1.23318 (275)Jul 30, 2021 17,594 USD 21,810 21,613 CAD 21,613 1.22841 (197)Jul 30, 2021 16,130 USD 19,995 19,815 CAD 19,815 1.22843 to 1.22844 (180)Jul 30, 2021 14,701 USD 18,224 18,059 CAD 18,059 1.22842 (165)Jul 30, 2021 13,891 USD 17,220 17,065 CAD 17,065 1.22845 (155)Jul 30, 2021 13,144 USD 16,294 16,147 CAD 16,147 1.22845 (147)Jul 30, 2021 9,287 USD 11,512 11,408 CAD 11,408 1.22842 (104)Jul 30, 2021 7,960 USD 9,866 9,777 CAD 9,777 1.22842 to 1.22861 (89)Jul 30, 2021 407 USD 505 5,806 ZAR 502 14.25190 (3)Jul 30, 2021 127 USD 157 106 EUR 156 1.19563 (1)Jul 30, 2021 375 USD 465 41,553 JPY 464 110.76570 (1)Jul 30, 2021 190 USD 235 2,704 ZAR 234 14.25190 (1)Jul 30, 2021 190 USD 236 2,760,470 IDR 236 14,513.99971 0Jul 30, 2021 377 USD 467 28,080 INR 467 74.52000 0

$ 298,849 $ 296,320 $ (2,529)

TOTAL NUMBER OF CONTRACTS: 56 TOTAL UNREALIZED APPRECIATION (DEPRECIATION) $ (2,480)



16

Schedule 3

Options (in 000s except strike price and number of contracts) as at June 30, 2021

Description Expiry Date

Strike Price Currency

Number of Contracts

Cost (Proceeds) Fair Value

Put Options, Purchased

SPDR S&P Regional Banking ETF Jul 30, 2021 65.00 USD 3,160 $ 742 $ 783

TOTAL OPTIONS, PURCHASED $ 742 $ 783

Call Options, Written

iShares S&P/TSX Capped Financials Index ETF Jul 16, 2021 46.00 CAD (1,040) $ (72) $ (70)

TPG Pace Beneficial Finance Corporation Jul 16, 2021 15.00 USD (237) (3) (6)

Put Options, Written

Alphabet Inc. Jul 30, 2021 2,300.00 USD (5) (19) (15)Amazon.com Inc. Jul 30, 2021 3,305.00 USD (4) (23) (27)Apple Inc. Jul 30, 2021 123.00 USD (65) (15) (4)Intuitive Surgical Inc. Jul 23, 2021 775.00 USD (15) (26) (9)JPMorgan Chase & Company Jul 23, 2021 149.00 USD (53) (13) (10)Mastercard Inc. Jul 30, 2021 360.00 USD (33) (20) (33)Microsoft Corporation Jul 23, 2021 255.00 USD (46) (17) (8)Morgan Stanley Jul 16, 2021 85.00 USD (92) (10) (4)NIKE Inc. Jul 23, 2021 124.00 USD (94) (16) (1)Paysafe Limited Jul 16, 2021 10.00 USD (786) (19) (8)SPDR S&P Regional Banking ETF Jul 30, 2021 61.00 USD (3,160) (239) (257)VanEck Vectors

Semiconductor ETF Jul 16, 2021 220.00 USD (350) (65) (7)

TOTAL OPTIONS, WRITTEN $ (557) $ (459)

Transaction Costs $ 0

TOTAL OPTIONS $ 185 $ 324



17

Fund-Specific Notes to the Interim Financial Report (Unaudited)

The Fund (I) The Fund was incepted on July 25, 2011 and its operations commenced on September 7, 2011.

(II) TDAM is the manager, portfolio adviser and trustee of the Fund.

(III) The presentation and functional currency of the Fund is the Canadian dollar.

(IV) The investment objective of the Fund is to seek to achieve a total return that exceeds that of Government of Canada 91-day Treasury Bills over a 5-year period, regardless of market conditions, through a balanced approach of capital growth and income. In seeking to achieve this objective, the Fund employs a top-down investment approach, including a thorough analysis of the global macroeconomic environment, to allocate assets and select securities. The Fund may invest directly in, or provide exposure to, investments including, but not limited to, money market and other debt securities, exchange-traded funds including those that seek to replicate the performance of gold, other investment funds managed by TD Asset Management Inc., equity and equity-like securities of Canadian, U.S., and/or international markets. The portfolio adviser may dynamically shift between any asset classes and markets and may use defensive strategies such as derivatives to modify the return and risk profile of the Fund. The Fund utilizes these strategies to seek to achieve an average annual compound return of Government of Canada 91-day Treasury Bills plus 5 percent over a 5-year period before fees and expenses.

(V) As at June 30, 2021, the Fund’s related party investment holdings as a percentage of its net assets was 0.2% (December 31, 2020: 0.6%).

(VI) As at June 30, 2021, TDAM, affiliates of TDAM, and funds managed by TDAM held 95.1% (December 31, 2020: 94.5%) of the net assets of the Fund.

Management Fees and Administration Fees (%) (Note 6) for the periods ended June 30, 2021 and 2020 (exclusive of GST and HST)

Annual Rate

Series

Management Fees•

Administration Fees

Investor Series 2.00 N/A Advisor Series 2.00 N/A F-Series 1.00 N/A D-Series 1.25 N/A Private Series 0.00 N/A O-Series 0.00 N/A

• Includes management fees paid by the Fund and the proportionate management fees, if any, of the Underlying Funds managed by TDAM held by the Fund. However, no management fees are payable by the Fund that, to a reasonable person, would duplicate a fee payable by the Underlying Funds for the same services.

Brokerage Commissions and Soft Dollars (in 000s) (Notes 3 and 6) for the periods ended June 30, 2021 and 2020

2021 2020

Total Brokerage Commissions $ 540 $ 422

Commissions Paid to Related Parties 0 0

Soft Dollars 6 34

Tax Loss Carry Forwards (in 000s) (Note 7) as at December 31, 2020

Capital Losses $ 7,300

Non-Capital Losses (by year of expiry) None

Securities Lent (Note 3)

(I) SECURITIES LENDING INCOME

A reconciliation of the gross amount generated from the securities lending transactions to the securities lending income to the Fund for the periods ended June 30, 2021 and 2020 is as follows:

Amount (in 000s)

Percentage of Total Amount (%)

2021 2020 2021 2020

Gross Securities Lending Income $ 0 $ 17 0.0 100.0

Agent Fees – The Bank of New York Mellon 0 (3) 0.0 (19.7)

Securities Lending Income to the Fund before Tax Reclaims (Withholding Taxes) 0 14 0.0 80.3

Tax Reclaims (Withholding Taxes) 0 0 0.0 (1.7)

Net Securities Lending Income $ 0 $ 14 0.0 78.6

(II) SECURITIES LENT AND COLLATERAL HELD (in 000s) The table below summarizes the aggregate securities lent and related collateral held by the Fund as at June 30, 2021 and December 31, 2020.

Jun 30, 2021

Dec 31, 2020

Fair Value of Securities Lent $ 0 $ 0

Fair Value of Collateral Held 0 0

Collateral held is in the form of debt obligations of the Government of Canada and other countries, Canadian provincial and municipal governments or corporations and is not included in the Statements of Financial Position.


Fund-Specific Notes to the Interim Financial ReportTD Global Balanced Opportunities Fund

18

Financial Risk Management (Notes 3, 4 and 8) as at June 30, 2021 and December 31, 2020

(I) INTEREST RATE RISK

The table below summarizes the Fund’s exposure to interest rate risk as at June 30, 2021 and December 31, 2020 by remaining term to maturity. The table also illustrates the potential impact to the Fund’s net assets had the prevailing interest rates changed by 1 percent, assuming a parallel shift in the yield curve, with all other variables held constant. The Fund’s sensitivity to interest rate changes was estimated using the weighted average duration of its debt instruments. In practice, the actual trading results may differ from these approx imate sensitivity analysis amounts and the differences could be material.

Total Exposure (in 000s)

Term to Maturity Debt Instruments

Jun 30, 2021

Dec 31, 2020

Less than 1 year $ 474 $ 528 1-5 years 33,940 39,442 5-10 years 42,056 42,734 > 10 years 23,051 19,098

Total $ 99,521 $ 101,802

Impact on Net Assets (in 000s) $ 6,260 $ 6,495

Impact on Net Assets (%) 1.3 1.7

(II) CURRENCY RISK

The following tables indicate the currencies (other than the Fund’s functional currency) to which the Fund had exposure to as at June 30, 2021 and December 31, 2020, including the underlying principal amount of foreign exchange forward contracts, as applicable. The tables also illustrate the potential impact to the Fund’s net assets if the Fund’s functional currency had strengthened or weakened by 5 percent in relation to all exposure to other currencies, with all other variables held constant. In practice, the actual trading results may differ from these approximate sensitivity amounts and the differences could be material.

Currency (in 000s)

Financial Instruments

Foreign Exchange

Forward Contracts

Total Exposure*

Impact on

Net Assets*

Jun 30, 2021 Australian Dollar $ 2,376 $ (2,059) $ 317 $ 16British Pound 158 0 158 8Euro 20,092 (19,643) 449 22Hong Kong Dollar 5,972 0 5,972 299Indian Rupee 0 467 467 23Indonesian Rupiah 308 236 544 27Japanese Yen 2,502 464 2,966 148Mexican Peso 1,359 (684) 675 34Norwegian Krone 0 276 276 14South African Rand 0 773 773 39United States Dollar 325,608 (272,999) 52,609 2,630

Total $ 358,375 $ (293,169) $ 65,206 $ 3,260

As Percentage of Net Assets (%) 13.2 0.7

* Includes both monetary and non-monetary instruments, where applicable.

Currency (in 000s)

Financial Instruments

Foreign Exchange Forward Contracts

Total Exposure*

Impact on Net Assets*

Dec 31, 2020 Australian Dollar $ 2,614 $ (2,271) $ 343 $ 17Brazilian Real 0 455 455 23British Pound 0 481 481 24Chilean Peso 0 242 242 12Colombian Peso 0 240 240 12Euro 11,101 (10,875) 226 11Hong Kong Dollar 4,968 0 4,968 248Japanese Yen 1,181 0 1,181 59Mexican Peso 498 0 498 25Norwegian Krone 0 771 771 39Russian Ruble 0 463 463 23South African Rand 0 1,257 1,257 63Turkish Lira 0 752 752 38United States Dollar 259,820 (211,561) 48,259 2,413

Total $ 280,182 $ (220,046) $ 60,136 $ 3,007

As Percentage of Net Assets (%) 16.1 0.8

* Includes both monetary and non-monetary instruments, where applicable.

(III) OTHER PRICE RISK

The table below summarizes the impact of other price risk to the Fund. As at June 30, 2021 and December 31, 2020, had the benchmark of the Fund increased or decreased by 5 percent, with all other variables held constant, the net assets of the Fund would have increased or decreased by approximately:

Jun 30, 2021

Dec 31, 2020

Benchmark Weight (%)

FTSE Canada 91 Day T-Bill Index +5% 100.00 100.00

Impact on Net Assets (in 000s) $ 22,283 $ 16,293

Impact on Net Assets (%) 4.5 4.4

In practice, the actual trading results may differ from the above estimated amounts and the differences could be material.

(IV) CREDIT RISK

The table below summarizes the debt instruments by credit ratings as at June 30, 2021 and December 31, 2020.

Percentage of Total Debt Instruments (%)

Percentage of Total Net Assets (%)

Credit Rating°

Jun 30, 2021

Dec 31, 2020

Jun 30, 2021

Dec 31, 2020

AAA 21.2 22.9 4.3 6.2 AA 4.1 7.7 0.8 2.1 A 11.4 15.9 2.3 4.3 BBB 44.0 38.7 8.9 10.6 BB B

14.0 4.7

9.1 5.0

2.8 0.9

2.5 1.4

CCC No Rating

0.6 0.0

0.7 0.0

0.1 0.0

0.2 0.0

Total 100.0 100.0 20.1 27.3

° Credit ratings are obtained from S&PGR, Moody’s or DBRS Ltd. rating agencies.



19

(V) FINANCIAL INSTRUMENTS BY THE LEVEL IN THE FAIR VALUE HIERARCHY

(in 000s) The tables below illustrate the classification of the Fund’s financial instruments within the fair value hierarchy as at June 30, 2021 and December 31, 2020.

Level 1 Level 2 Level 3 Total

Jun 30, 2021 Equities $ 314,721 $ 8,143 $ 0 $ 322,864Bonds 0 99,521 0 99,521Underlying Funds 20,966 0 0 20,966Credit Default

Swap Agreements 0 415 0 415Purchased Options 783 0 0 783Rights 8 0 0 8Warrants 1,436 129 0 1,565

337,914 108,208 0 446,122

Foreign Exchange Forward Contracts 0 (2,480) 0 (2,480)

Written Options (459) 0 0 (459)

(459) (2,480) 0 (2,939)

$ 337,455 $ 105,728 $ 0 $ 443,183

During the period, investments with a fair value of $14,873 were transferred from Level 2 to Level 1, mainly as a result of fair value factors being applied to these investments as at December 31, 2020.

Level 1 Level 2 Level 3 Total

Dec 31, 2020 Equities $ 190,642 $ 16,548 $ 0 $ 207,190Bonds 0 101,802 0 101,802Underlying Funds 13,243 0 0 13,243Foreign Exchange

Forward Contracts 0 2,270 0 2,270Credit Default

Swap Agreements 0 388 0 388Purchased Options 732 0 0 732Rights 13 0 0 13Warrants 2,195 764 0 2,959

206,825 121,772 0 328,597

Written Options (470) 0 0 (470)

$ 206,355 $ 121,772 $ 0 $ 328,127

During the period, investments with a fair value of $5,816 were transferred from Level 1 to Level 2, mainly as a result of fair value factors being applied to these investments as at December 31, 2020.

(VI) RECONCILIATION OF LEVEL 3 FAIR VALUE MEASUREMENTS (in 000s) The tables below reconcile the Fund’s Level 3 fair value measurements from January 1, 2021 to June 30, 2021 and January 1, 2020 to December 31, 2020.

Equities

Balance at Jan 1, 2021 $ 0 Sales, Paydowns and Maturity (1) Gains (Losses)

Net Realized Gain (Loss) on Sale of Investments and Derivatives (1)

Net Change in Unrealized Appreciation/Depreciation of Investments and Derivatives 2

Balance at Jun 30, 2021 $ 0

Total Change in Unrealized Appreciation/Depreciation for Assets Held at Jun 30, 2021 $ 0

Equities Warrants Bonds

Balance at Jan 1, 2020 $ 0 $ 0 $ 0 Purchases and Accretion of Interest 0 0 0 Sales, Paydowns and Maturity (47) 0 (2) Gains (Losses)

Net Realized Gain (Loss) on Sale of Investments and Derivatives (647) (355) (139)

Net Change in Unrealized Appreciation/Depreciation of Investments and Derivatives 694 355 141

Balance at Dec 31, 2020 $ 0 $ 0 $ 0

Total Change in Unrealized Appreciation/Depreciation for Assets Held at Dec 31, 2020 $ 0 $ 0 $ 0

Equities Warrants Bonds

Balance at Jan 1, 2020 $ 0 $ 0 $ 0 Purchases and Accretion of Interest 0 0 0 Sales, Paydowns and Maturity (47) 0 (2)

of Investments and Derivatives (647) (355) (139)

Investments and Derivatives 694 355 141

Balance at Dec 31, 2020 $ 0 $ 0 $ 0

Assets Held at Dec 31, 2020 $ 0 $ 0 $ 0

As at June 30, 2021, if the value of the Level 3 investments were to increase or decrease by 10%, the value of the Fund would increase or decrease by $0 (December 31, 2020: $0).



20

Investment Portfolio Concentration (%) (Note 8) The following tables summarize the Fund’s investment portfolio concentration as at June 30, 2021 and December 31, 2020:

Jun 30, 2021

Financials 25.8Corporate Bonds 13.7Information Technology 12.4Cash (Bank Overdraft) 10.0Industrials 6.6Health Care 6.2Federal Bonds & Guarantees 5.6Consumer Discretionary 5.0Communication Services 3.6Consumer Staples 2.2Canadian Equity Funds 2.0Utilities 1.3U.S. Bond Funds 1.3Materials 1.3Energy 1.2Provincial Bonds & Guarantees 0.8Global Bond Funds 0.5U.S. Equity Funds 0.5Options, Purchased 0.2Credit Default Swap Agreements 0.1Commodity Funds 0.0Canadian Bond Funds 0.0Options, Written (0.1)Foreign Exchange Forward Contracts (0.5)Other Net Assets (Liabilities) 0.3

100.0

Dec 31, 2020

Corporate Bonds 17.9Financials 15.7Cash (Bank Overdraft) 11.8Information Technology 11.4Federal Bonds & Guarantees 8.3Health Care 7.1Industrials 5.9Consumer Discretionary 5.4Consumer Staples 4.4Communication Services 3.2Utilities 2.5U.S. Bond Funds 1.8Provincial Bonds & Guarantees 1.1Global Equity Funds 1.1Energy 0.7Foreign Exchange Forward Contracts 0.6Global Bond Funds 0.5Options, Purchased 0.2Commodity Funds 0.1Credit Default Swap Agreements 0.1U.S. Equity Funds 0.1Materials 0.0Canadian Bond Funds 0.0Options, Written (0.1)Other Net Assets (Liabilities) 0.2

100.0

Interest in Unconsolidated Structured Entities (in 000s) (Note 3) The table below illustrates the Fund’s investment details in the Underlying Funds as at June 30, 2021 and December 31, 2020.

Underlying Funds

Fair Value of Fund’s Investment

Underlying Fund’s Net Assets

Jun 30, 2021 iShares 20+ Year Treasury Bond ETF $ 18 $ 18,782,214iShares Canadian Corporate Bond Index ETF 2 1,521,032iShares Core Canadian Short Term Bond Index ETF 3 3,014,352iShares iBoxx $ High Yield Corporate Bond ETF 4,892 25,248,131iShares iBoxx $ Investment Grade Corporate Bond ETF 1,416 49,874,272iShares J.P. Morgan USD Emerging Markets Bond ETF 2,091 24,492,385iShares S&P/TSX Capped Financials Index ETF 9,563 1,605,956SPDR Bloomberg Barclays High Yield Bond ETF 5 12,126,564SPDR Bloomberg Barclays Short Term High Yield Bond ETF 3 6,351,392SPDR Gold Shares 21 73,460,978SPDR S&P Oil & Gas Exploration & Production ETF 2,499 5,156,546VanEck Vectors J.P. Morgan EM Local Currency Bond ETF 453 4,404,335

$ 20,966

Dec 31, 2020 iShares 20+ Year Treasury Bond ETF $ 20 $ 24,137,415iShares Canadian Corporate Bond Index ETF 2 1,707,025iShares Core Canadian Short Term Bond Index ETF 3 2,540,947iShares iBoxx $ High Yield Corporate Bond ETF 6,815 32,736,252iShares J.P. Morgan USD Emerging Markets Bond ETF 708 24,475,591iShares MSCI United Kingdom ETF 1,025 3,647,173SPDR Bloomberg Barclays High Yield Bond ETF 5 15,903,858SPDR Bloomberg Barclays Short Term High Yield Bond ETF 3 4,568,995SPDR Gold Shares 499 90,576,663SPDR S&P Oil & Gas Exploration & Production ETF 242 2,906,622VanEck Vectors Gold Miners ETF 2,957 21,007,327VanEck Vectors J.P. Morgan EM Local Currency Bond ETF 964 4,582,793

$ 13,243



21

Offsetting of Financial Assets and Liabilities (in 000s) (Note 3) The following table presents the recognized financial instruments that are offset, or subject to enforceable master netting arrangements, if certain conditions arise, or other similar agreements but that are not offset, and cash and financial instruments collateral received or pledged, as at June 30, 2021 and December 31, 2020 and shows in the Net Amount column what the impact would be in the Fund’s Statements of Financial Position if all set-off rights were exercised.

Gross Amounts of Recognized

Financial Assets (Liabilities)

Amounts Set-Off in the Statements of Financial Position

Net Amounts

Presented in the Statements

of Financial Position

Related Amounts Not Set-Off in the Statements of Financial Position

Net Amount Financial Instruments

Cash

Jun 30, 2021 Derivative Assets $ 49 $ (49) $ 0 $ 0 $ 0 $ 0

Derivative Liabilities (2,529) 49 (2,480) 0 0 (2,480)

Dec 31, 2020 Derivative Assets $ 2,379 $ (109) $ 2,270 $ 0 $ 0 $ 2,270

Derivative Liabilities (109) 109 0 0 0 0

n

June 30, 2021 Semi-Annual Financial Report22

Notes to the Interim Financial Report (Unaudited)

1. The Funds

The TD Mutual Fund Trusts and TD Managed Assets Program Portfolios (collectively, the “Funds” and individually, the “Fund”) are open-end mutual funds established under the laws of Ontario and governed by their respective Declarations of Trust or Trust Indenture, as amended from time to time.

TD Asset Management Inc. (“TDAM”) is the manager, portfolio adviser and trustee of the Funds. TDAM, TDAM USA Inc., TD Investment Services Inc. (“TDIS”), TD Waterhouse Canada Inc. (“TDWCI”) and Epoch Investment Partners, Inc. (“Epoch”) are wholly-owned subsidiaries of The Toronto-Dominion Bank. The registered address of the Funds is P.O. Box 100, 66 Wellington Street West, TD Bank Tower, Toronto-Dominion Centre, Toronto, Ontario, M5K 1G8.

The financial year-end for the Funds is December 31. The Statements of Financial Position are presented as at June 30, 2021 and December 31, 2020, as applicable. The Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Units and Statements of Cash Flows are presented for the six-month periods ended June 30, 2021 and 2020, as applicable. Where a Fund or series of a Fund was established during either period, the information for that Fund or series is provided from the inception date, as disclosed in the Fund-Specific Notes to the Interim Financial Report (“Fund-Specific Notes”), to the applicable period end date and a comparative statement has only been presented for any period for which that Fund was in existence as at the reporting date.

These financial statements were authorized for issue by TDAM on August 13, 2021.

2. Basis of Presentation

These financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), applicable to the preparation of interim financial reports, including International Accounting Standards (“IAS”) 34, “Interim Financial Reporting”. These financial statements have been prepared on a going concern basis using the historical cost convention, as modified by the revalua -tion of financial assets and financial liabilities (including derivative financial instruments) at fair value through profit or loss (“FVTPL”).

3. Summary of Significant Accounting Policies

Financial Instruments Financial instruments include financial assets and financial liabilities, such as investments, derivatives, cash, and other receivables and payables. Derivatives that are reflected in the Statements of Financial Position as Derivative Assets (Liabilities) include rights, warrants, forwards, options, futures and swap contracts, where applicable, and are financial contracts between two or more parties, and whose value is derived from the performance of an underlying asset or group of assets. Underlying assets include stocks, bonds, currencies, interest rates and market indices. The Funds classify and measure financial instruments in accordance with IFRS 9, “Financial Instruments”. Upon initial recog -nition, financial instruments are measured at FVTPL. All financial assets and liabilities are recognized in the Statements of Financial Position

when a Fund becomes a party to the contractual requirements of the instrument. Financial instruments are derecognized when the right to receive cash flows from the instrument has expired or a Fund has trans -ferred substantially all risks and rewards of ownership. As such, invest -ment purchase and sale transactions are recorded as of the trade date.

The Funds’ financial assets and financial liabilities, other than receivables and payables, are subsequently measured at FVTPL with changes in fair value recognized in the Statements of Comprehensive Income. Other receivables and payables are subsequently measured at amortized cost.

The Funds have determined that they meet the definition of an ‘investment entity’ within IFRS 10, “Consolidated Financial Statements” and as a result, the Funds measure subsidiaries, if any, at FVTPL. An investment entity is an entity that: obtains funds from one or more investors for the purpose of providing them with investment management services; commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and measures and evaluates the performance of substantially all of its investments on a fair value basis. The Funds’ investments may also include associates and joint ventures which are measured at FVTPL.

The Funds’ outstanding redeemable units’ entitlements include a contractual obligation to distribute any net income and net realized capital gains in cash (at the request of the unitholder) and therefore the ongoing redemption feature is not the Funds’ only contractual obligation. Consequently, the Funds’ Net Assets Attributable to Holders of Redeemable Units are classified as financial liabilities in accordance with the requirements of IAS 32, “Financial Instruments: Presentation”. The Funds’ obligations for Net Assets Attributable to Holders of Redeemable Units are presented at the redemption amount.

The accounting policies for measuring the fair value of the Funds’ invest-ments and derivatives are substantially similar to those used in measuring the Funds’ net asset value (“NAV”) for transactions with unitholders. The NAV is the value of the total assets of a fund less the value of its total liabilities determined, on each valuation day, in accordance with Part 14 of National Instrument 81-106, “Investment Fund Continuous Disclosure”, for the purpose of processing unitholder transactions. Net Assets Attributable to Holders of Redeemable Units, also referred to as Net Assets, refers to net assets calculated in accordance with IFRS. As at all dates presented, there were no differences between the Funds’ NAV per series unit and Net Assets per series unit.

Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and marke -table securities) is based on quoted market prices at the close of trading on the reporting date. The Funds use the last traded market price for both financial assets and financial liabilities where the last traded price falls within that day’s bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, TDAM determines the point within the bid-ask spread that is most representative of fair value based on the specific facts and circumstances.

nNotes to the Interim Financial Report (Unaudited)

Semi-Annual Financial ReportJune 30, 2021 23

The fair value of financial assets and liabilities not traded in an active market, including over-the-counter derivatives, is determined using valuation techniques. The Funds use a variety of methods and make assumptions that are based on market conditions existing at each reporting date. Valuation techniques include the use of comparable recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other techniques commonly used by market participants and which attempt to make the maximum use of observable inputs.

The valuation methodology for specific types of investments held by the Funds is summarized below.

(a) Securities not listed on any recognized public securities exchange are valued based on available quotations from recognized dealers in such securities, where readily available. If securities have no available broker-dealer bid/ask quotes, TDAM uses different valuation techniques and models as described above with inputs that TDAM believes are relevant in the circumstances to price the securities. Debt instruments are valued based on mid prices, where readily available.

(b) Short-term debt instruments, repurchase and reverse repurchase agreements are valued based on quotations received from recognized investment dealers.

(c) Real return bonds are valued based on the available public quota -tions from recognized dealers. Changes in the inflation factor are included in Interest for Distribution Purposes in the Statements of Comprehensive Income.

(d) The Funds may use foreign exchange forward contracts to hedge against or profit from fluctuations in foreign exchange rates. These contracts are valued on each valuation day based on the difference between the contract rates and the current forward rates at the measurement date applied to the contracts’ notional amount. The net change in unrealized appreciation or depreciation and the net realized gain or loss from closing out contracts are reflected in the Statements of Comprehensive Income as part of Net Gain (Loss) on Investments and Derivatives.

(e) Options contracts that are traded in exchange markets are valued at their mid prices on each valuation day. The premium received or paid on options written or purchased is included in the cost of the options. Any difference between the current value of the contract and the value of the contract originated is recognized as Net Change in Unrealized Appreciation/Depreciation. When options are closed or exercised, the difference between the premium and the amount paid or received, or the full amount of the premium if the option expires worthless, is reflected in the Statements of Comprehensive Income as Net Realized Gain (Loss). The cost of a security purchased will be reduced by the premium received on options when a written put option is exercised or increased by the amount paid on options when a purchased call option is exercised.

(f) The Funds may enter into standardized, exchange-traded futures contracts to purchase or sell a financial instrument at a contracted price on a specified future date. Any difference between the value at the close of business on the current valuation day and that of the previous valuation day is settled in cash daily and recorded in the Statements of Comprehensive Income as Derivatives Income (Loss). Any cash deposits or borrowings on margin are reflected in the Statements of Financial Position as Margin Deposit (Payable) on Derivatives. Short-term debt instruments as indicated in the Schedule of Investment Portfolio have been segregated and are held as margin against the futures contracts entered into by the Funds, as applicable.

(g) Certain Funds may enter into credit default swap (“CDS”) agreements to gain exposure to debt instruments without investing in them directly. A CDS agreement is a bilateral over-the-counter derivative contract between a protection buyer and a protection seller that exchange the credit risk of a specific issuer (reference entity). The protection buyer pays a periodic premium, often quarterly, to the protection seller to assume the credit risk associated with a particular credit event. Credit events include bankruptcy, a material default and debt restructuring for a specified reference asset. If a credit event occurs, the CDS agreements may be settled by either the physical delivery of the referenced asset for proceeds equal to par value or a cash payment equal to the loss amount. If there is no credit default event, no contingent amount is payable.

During the reporting periods, certain Funds have entered into CDS indices as protection seller. Any upfront payment made or received by these funds at the initiation of a CDS agreement is included in the CDS agreement’s fair value. Quarterly premiums received from the counterparty are accrued daily and recorded as Derivative Income (Loss) in the Statements of Comprehensive Income. Changes in the fair value of the CDS agreements outstanding at the reporting date are disclosed in the Statements of Comprehensive Income as Net Change in Unrealized Appreciation/Depreciation. Prices used to value the CDS are obtained directly from the data vendor or broker. When CDS agreements expire or are closed out, the net realized gain or loss is reflected in the Statements of Comprehensive Income as Net Realized Gain (Loss).

The exposure to CDS is limited to the notional amount of the contract less any applicable recoverable amount, calculated by the product of the notional amount and the recovery rate of the respective reference entity.

(h) The exchange-traded funds (“ETFs”) that are not managed by TDAM are valued based on quoted market prices at the close of trading on the reporting date.

(i) Investments in underlying conventional mutual funds and TDAM managed ETFs are generally valued at the NAV per series unit of the investment funds as reported by the investment funds’ managers.



Fair Value Hierarchy The Funds classify their investments into fair value measurements within a hierarchy that prioritizes the inputs to fair value measurement. The fair value hierarchy has the following three levels:

Level 1 Quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices); and

Level 3 Inputs that are not based on observable market data (that is, unobservable inputs).

All fair value measurements are recurring. The carrying values of Cash, Margin Deposit on Derivatives, Subscriptions Receivable, Interest and Dividends Receivables, Receivable for Investments Sold, Bank Overdraft, Margin Payable on Derivatives, Payable for Investments Purchased, Redemptions Payable, Distributions Payable, Accrued Liabilities and the redemption value of Funds’ obligation for Net Assets Attributable to Holders of Redeemable Units approximate their fair values due to their short-term nature.

Fair values are classified as Level 1 when the related security or deriva -tive is actively traded and a quoted price is available. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified into Level 2, unless the measurement of their fair value requires the use of significant unobservable inputs, in which case they are classified as Level 3. The Funds’ policy is to recognize transfers into and out of the fair value hierarchy levels at the end of the reporting period.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgment. Observable data is considered to be that market data that 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.

TDAM has a Valuation Committee which oversees the performance of the fair value measurements included in the financial statements of the Funds, including any Level 3 measurements. TDAM utilizes a variety of methods (as listed in the Fair Value Measurement section) in determining the fair value of securities classified as Level 3. The committee also meets quarterly to perform reviews of the valuations of investments held by the Funds.

The classification of the Funds’ financial instruments within the fair value hierarchy as at June 30, 2021 and December 31, 2020, and any transfers between levels during the reporting periods as a result of changes in the lowest level input that is significant to the fair value measurement are disclosed in the Fund-Specific Notes, where applicable.

Interest in Unconsolidated Structured Entities A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. TDAM has determined that all of the underlying invest -ment funds (“Underlying Funds”) in which the Funds invest are unconsolidated structured entities. Underlying Funds include conventional mutual funds and ETFs. In making this determination, TDAM evaluated the fact that decision making about Underlying Funds’ activities is generally not governed by voting or similar rights held by the Funds and other investors in any Underlying Funds.

The Funds may invest in Underlying Funds whose investment objectives range from seeking to achieve short- to long-term income and/or capital growth potential. The Funds’ interests in these securities as at June 30, 2021 and December 31, 2020 are included at their fair value in the Statements of Financial Position, which represent the Funds’ exposure in these Underlying Funds. The Funds do not provide and have not committed to provide any additional significant financial or other support to the Underlying Funds. The change in fair value of each of the Underlying Funds during the reporting periods is included in Net Change in Unrealized Appreciation/Depreciation in the Statements of Comprehensive Income as part of Net Gain (Loss) on Investments and Derivatives. Additional information on the Funds’ interest in Underlying Funds, where applicable, is provided in the Schedule of Investment Portfolio and Fund-Specific Notes.

Certain Funds may also invest in mortgage-related and/or other asset-backed securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. The debt and equity securities issued by these issuers may include tranches with varying levels of subordination. The Funds may invest in senior notes that have a first lien on assets and have minimum exposure to junior or subordinate tranches. These securities may provide a monthly payment which consists of both interest and principal payments. Other asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans.

As at June 30, 2021 and December 31, 2020, the fair value of mortgage-related and other asset-backed securities of these funds, where applicable, is disclosed as Investments in the Statements of Financial Position. The fair value represents the maximum exposure to losses at those dates. The change in fair value of mortgage-related and other asset-backed securities during the reporting periods is included in Net Change in Unrealized Appreciation/Depreciation in the Statements of Comprehensive Income as part of Net Gain (Loss) on Investments and Derivatives.



Translation of Foreign Currencies A Fund’s functional currency, as disclosed in the Fund-Specific Notes, represents the currency that TDAM views to most faithfully represent the economic effects of the Fund’s underlying transactions, events and conditions taking into consideration how units are issued or redeemed and how returns are measured. Foreign currency transactions are trans -lated into the functional currency using the exchange rates prevailing at the dates that transactions occur. Assets and liabilities denominated in a foreign currency are translated into the functional currency using the exchange rate prevailing at the measurement date.

Realized foreign exchange gains and losses on the sale of investments and derivatives are included in Net Realized Gain (Loss). Unrealized foreign exchange gains and losses on investments and derivatives are included in Net Change in Unrealized Appreciation/Depreciation. Realized and unrealized foreign exchange gains and losses relating to income, cash, other assets and liabilities are presented as Foreign Exchange Gain (Loss) on Cash and Other Net Assets in the Statements of Comprehensive Income.

Offsetting of Financial Assets and Liabilities Financial assets and liabilities are offset and the net amount reported in the Statements of Financial Position where the Funds have a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. In the normal course of business, the Funds may enter into various master netting agreements or other similar arrange -ments that do not meet the criteria for offsetting in the Statements of Financial Position but still allow for the related amounts to be set-off in certain circumstances, such as bankruptcy or the termination of the contracts. Offsetting information, where applicable, is presented in the Fund-Specific Notes.

Reverse Repurchase Agreements Certain Funds may enter into reverse repurchase transactions. In a reverse repurchase transaction, a fund buys a security at one price from a third party and agrees to sell the same security back to the same party at a specified price on an agreed future date and the difference is reflected as Income from Reverse Repurchase Agreements in the Statements of Comprehensive Income.

The risk with these types of transactions is that the other party may default under the agreement or go bankrupt. These risks are reduced by requiring the other party to provide collateral to these funds. The value of the collateral must be at least 102 percent of the market value of the security and the collateral is marked to market on each business day. The type of securities received and related collateral held by these funds, where applicable, are listed in the Schedule of Investment Portfolio.

Cash/Bank Overdraft Cash is comprised of deposits with financial institutions. Bank overdrafts are included under Current Liabilities in the Statements of Financial Position.

Margin Deposit (Payable) on Derivatives Margin accounts represent margin deposits or payable in respect of derivatives entered into by the Funds.

Receivable for Investments Sold/Payable for Investments Purchased Receivable for Investments Sold and Payable for Investments Purchased represent trades that have been contracted for but not yet settled or delivered on the Statements of Financial Position dates.

Valuation of Series Units TDAM generally calculates the NAV for each series of the Funds as at 4 p.m. Eastern Time on each day that the Toronto Stock Exchange is open for trading. However, in some unforeseen circumstances, the series NAV per unit may be calculated at another time.

The NAV is calculated, for processing subscription, switch, conversion or redemption orders of series units, for each series of units of the Funds by taking the series’ proportionate share of the individual Fund’s common assets less that series’ proportionate share of its common liabilities and deducting from this amount all liabilities that relate solely to that specific series.

The Net Assets Attributable to Holders of Redeemable Units – Per Series Unit is determined by dividing the total Net Assets Attributable to Holders of Redeemable Units of each series of the Funds by the total number of units outstanding of that series as at the reporting date.

Income Recognition Interest for Distribution Purposes as shown in the Statements of Comprehensive Income consists of interest income from cash and the coupon interest on debt instruments accounted for on an accrual basis. Interest receivable is included in Interest and Dividends Receivables in the Statements of Financial Position based on the debt instruments’ stated rates of interest. The Funds do not amortize premiums paid or discounts received on the purchase of debt securities except for zero coupon bonds which are amortized.

Dividend income from equities and ETFs are recognized on ex-dividend dates and distributions from underlying mutual funds are recognized on ex-distribution dates. Dividends received from ETFs are allocated to interest income, dividend income, capital gains and return of capital based on the nature of the underlying components. The allocations are calculated based on the best information available and actual allocations could be different.

Certain Funds may engage in securities lending pursuant to the terms of an agreement which includes restrictions as set out in Canadian securities legislation. The income earned from securities lending, where applicable, is included in the Statements of Comprehensive Income as it is earned. The fair value of the securities loaned and fair value of the collateral held are determined daily. The details of securities lending income, aggregate values of securities on loan and related collateral held are provided in the Fund-Specific Notes, where applicable.



Investment Transactions and Transaction Costs For the purposes of calculating realized and unrealized gains and losses from investment transactions, the cost of each investment security is determined on an average cost basis, excluding transaction costs.

Transaction costs, such as brokerage commissions, incurred by the Funds in the purchase and sale of investments at fair value are recognized in the Statements of Comprehensive Income in the period incurred. No transaction costs are incurred when the Funds invest in underlying mutual funds; however, the underlying mutual funds’ investments may be subject to transaction costs.

Allocation of Income and Expenses, Realized and Unrealized Gains (Losses) Expenses (excluding interest charges and portfolio transaction costs) are accrued daily, separately for each series. Interest charges and portfolio transaction costs along with income, gains and losses, are allocated to each series based on their respective Net Assets Attributable to Holders of Redeemable Units of the Fund.

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units – Per Series Unit The Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units – Per Series Unit is calculated by dividing the Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units of each series by the weighted average units outstanding of that series for the reporting period, except when a series was established during the reporting period, in which case the Weighted Average Units Outstanding is calculated from the date of commencement of operation of that series.

4. Critical Accounting Estimates and Judgments

The preparation of financial statements requires management to use judgment in applying its accounting policies and to make estimates and assumptions about the future. The following discusses the most significant accounting judgments and estimates that the Funds have made in preparing the financial statements:

Fair Value Measurement of Derivatives and Securities Not Quoted in an Active Market The Funds may hold financial instruments that are not quoted in active markets, including derivatives. As described in Note 3, the use of valua -tion techniques for financial instruments and derivatives that are not quoted in an active market requires TDAM to make assumptions that are based on market conditions existing as at the reporting date of the financial statements. Changes in assumptions about these factors could affect the reported fair values of financial instruments. Refer to the Fund-Specific Notes for further information about the fair value measure -ment of the Funds’ financial instruments, where applicable.

Classification and Measurement of Investments In classifying and measuring financial instruments held by the Funds, TDAM has assessed the Funds’ business model for managing their respective portfolios of investments and evaluating the performance on a fair value basis, and concluded that these financial assets and liabilities should be measured at FVTPL in accordance with IFRS 9.

Investment Entity In determining whether a Fund meets the definition of an investment entity, TDAM may be required to make significant judgments about whether a Fund has the typical characteristics of an investment entity. Each Fund may hold only one investment, an underlying fund (or have only one investor or have investors that are its related parties); however, consistent with the investment entity definition, each Fund primarily obtains funds from one or more investors for the purpose of providing investment management services, commits to its investors that the business purpose is to invest the funds solely for returns from capital appreciation, investment income or both, and measures and evaluates the performance of its investments on a fair value basis.

5. Redeemable Units

Each Fund is authorized to issue an unlimited number of units of multiple series that rank equally and are available for sale under its simplified prospectus. In addition, each of the TD Mutual Fund Trusts is also author-ized to issue an unlimited number of units of multiple series to be sold under a confidential offering memorandum. The various series that may be offered by the Funds are as described below.

Investor Series: Offered on a no-load basis to investors.

H5 Series and H8 Series:

Offered on a no-load basis to investors who wish to receive a regular monthly cash flow from the Funds. Monthly distri-butions may consist of net income, net realized capital gains and/or a return of capital.

Premium Series: Offered on a no-load basis to large investors and others who make the required minimum investment, as determined by TDAM from time to time.

K-Series and K5 Series:

Offered on a no-load basis to large investors and others who make the required minimum investment, as determined by TDAM from time to time, and who wish to receive a regular monthly cash flow from the Funds. Monthly distribu-tions may consist of net income, net realized capital gains, and/or a return of capital.

e-Series: Offered on a no-load basis to investors who want to complete their transactions electronically.

D-Series: Offered on a no-load basis to investors who want to complete their transactions through TD Direct Investing, a division of TDWCI, or other discount brokers.

Advisor Series: Offered on a front-end load basis to investors who seek investment advice.

T5 Series and T8 Series:

Offered on a front-end load basis to investors who seek investment advice and wish to receive a regular monthly cash flow from the Funds. Monthly distributions may consist of net income, net realized capital gains and/or a return of capital.

F-Series: Offered to investors, through fee-based financial advisors or dealer-sponsored “wrap accounts”, and others who pay an annual fee to their dealer instead of transactional sales charges.



FT5 Series and FT8 Series:

Offered to investors, through fee-based financial advisors or dealer-sponsored “wrap accounts”, who wish to receive a regular monthly cash flow from the Funds. Monthly distributions may consist of net income, net realized capital gains, and/or a return of capital. These series may also be offered to other investors who pay an annual fee to their dealer instead of transactional sales charges.

Premium F-Series:

Offered to large investors, through fee-based financial advisors or dealer-sponsored “wrap accounts”, and others who pay an annual fee to their dealer instead of trans -actional sales charges. For this series, investors must make the required minimum investment, as determined by TDAM from time to time.

W-Series: Offered to investors, through certain wealth management businesses of The Toronto-Dominion Bank Group, including certain divisions of TDWCI, or other dealers authorized by TDAM, who pay an annual fee to their dealer instead of transactional sales charges.

WT5 Series and WT8 Series:

Offered to investors who wish to receive a regular monthly cash flow from the Funds, through certain wealth manage-ment businesses of Toronto-Dominion Bank Group, including certain divisions of TDWCI, or other dealers authorized by TDAM, who pay an annual fee to their dealer instead of transactional sales charges. Monthly distributions may consist of net income, net realized capital gains, and/or a return of capital.

Private Series and Private-EM Series:

Offered on a no-load basis to large investors who make the required minimum investment as determined by TDAM, and have entered into a Private Series agreement with TDAM.

Institutional Series:

Offered on a no-load basis to large investors, such as group savings plans and others who make the required minimum investment, as determined by TDAM from time to time.

C-Series: Offered on a no-load basis to large investors who make the required minimum investment as determined by TDAM and have entered into a C-Series agreement with TDAM.

O-Series: Offered on a no-load basis to large investors, such as institutions and mutual funds, who make the required minimum investment as determined by TDAM, and have entered into an O-Series agreement with TDAM.

G-Series: Offered on a no-load basis to large investors, such as institutions, group savings or pension plans and mutual funds, who make the required minimum investment as determined by TDAM and have entered into a G-Series agreement with TDAM.

Each individual series of units is sold under different purchase options and may have higher or lower management fees based on their specific attributes, as summarized above, reflecting the extent of the investment advice provided.

Units of the Funds are redeemable at the option of the unitholder in accordance with their respective provisions of the Declarations of Trust or Trust Indenture. Units of these funds are issued or redeemed on a daily basis at the NAV per series unit next determined after the subscription, switch, conversion order or redemption request, respectively, is received by TDAM. Subscriptions and redemptions include units converted from one series to another series within a Fund in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units. However, conversions between series within a Fund are excluded from Proceeds from Issuance of Redeemable Units and Amounts Paid on Redemption of Redeemable Units in the Statements of Cash Flows.

6. Related Party Transactions

Capital TDAM, affiliates of TDAM, and/or other investment funds managed by TDAM may invest in units of the Funds from time to time. The investment made by related parties is disclosed in the Fund-Specific Notes if significant.

Management Fees (a) TD Mutual Fund Trusts

In consideration for the provision of management, distribution, and portfolio management services and oversight of any portfolio sub-advisory services provided to the TD Mutual Fund Trusts, TDAM receives an annual management fee in respect of certain series of these funds. The management fee is calculated and accrued on a daily basis for each applicable series based on the NAV of that series and paid monthly to TDAM.

No management fees are charged with respect to Private Series, O-Series and G-Series units. Instead, unitholders in Private Series, O-Series and G-Series units may be charged a fee directly by TDAM.

(b) TD Managed Assets Program Portfolios

In consideration for the provision of management, distribution and portfolio management services to the TD Managed Assets Program Portfolios, certain series of these funds pay TDAM an annual manage -ment fee. The management fee is calculated and accrued on a daily basis for each series based on the NAV of that series and paid monthly to TDAM.

No management fees are charged with respect to G-Series units. Instead, unitholders in G-Series units may be charged a fee directly by TDAM.

Where the TD Mutual Fund Trusts and TD Managed Assets Program Portfolios invest in Underlying Funds, there are fees and expenses payable by the Underlying Funds in addition to those paid by the Funds. However, no management fees are payable by Funds that invest in Underlying Funds that, to a reasonable person, would duplicate a fee payable by the Underlying Funds for the same services. Detailed information on the management fees of the Funds is provided in the Fund-Specific Notes.



Administration Fees (a) TD Mutual Fund Trusts

In consideration for paying certain operating expenses, TDAM is paid an annual administration fee with respect to certain series of the TD Mutual Fund Trusts. Except for G-Series, the administration fee includes record -keeping and communication costs, custodial costs, legal fees, audit fees, filing fees and bank charges. For G-Series, the administration fee includes all operating expenses.

The administration fee is payable in respect of Investor Series, H5 Series, H8 Series, D-Series, Advisor Series and T5 Series, T8 Series and G-Series of the TD Mutual Fund Trusts, as applicable, other than the money market funds, TD Ultra Short Term Bond Fund, TD Short Term Bond Fund, TD Canadian Bond Fund, TD Global Conservative Opportunities Fund, TD Global Balanced Opportunities Fund, the Index funds and Advisor Series units of TD U.S. Equity Pool. The administration fee is also payable in respect of Premium Series and K-Series of TD Mutual Fund Trusts other than TD U.S. Money Market Fund, TD Short Term Bond Fund, TD Canadian Bond Fund, TD Income Advantage Portfolio, TD Canadian Core Plus Bond Fund, TD Corporate Bond Plus Fund and TD Global Conservative Opportunities Fund.

The administration fee is calculated and accrued on a daily basis for each applicable series based on the NAV of that series and paid monthly to TDAM. Detailed information on the administration fee is provided in the Fund-Specific Notes.

No administration fee is charged with respect to other series of the TD Mutual Fund Trusts.


Except for the G-Series of these funds and TD Managed ETF Portfolios, no administration fee is charged to the TD Managed Assets Program Portfolios. For the G-Series of the Funds, in consideration for paying all operating expenses, TDAM is paid an annual administration fee. For the TD Managed ETF Portfolios, in consideration for paying certain operating expenses, TDAM is paid an annual administration fee with respect to D-Series and F-Series of the TD Managed ETF Portfolios. The administra -tion fee includes recordkeeping and communication costs, custodial costs, certain legal fees, audit fees, regulatory filing fees and bank charges.

The administration fee is calculated and accrued on a daily basis for each applicable series based on the NAV of that series and paid monthly to TDAM. Detailed information on the administration fee is provided in the Fund-Specific Notes.

Operating Expenses Fund’s Independent Review Committee (“IRC”)

TDAM is responsible for management of the Funds’ investment portfolios, including the making of decisions relating to the investment of the Funds’ assets.

TDAM has established an IRC in respect of the Funds and the Underlying Funds managed by TDAM. The IRC acts as an impartial and independent committee to review and provide recommendations or, if appropriate, approvals respecting any transactions in which TDAM may have a conflict of interest. The IRC prepares, at least annually, a report of its activities for unitholders of the Funds.

Investments in securities of The Toronto-Dominion Bank, interests in Underlying Funds managed by TDAM, or investments in any affiliates that were held by the Funds at the end of the reporting period are disclosed in the Schedule of Investment Portfolio and/or the Fund-Specific Notes.

The compensation and relevant expenses of IRC members are allocated among the investment funds managed by TDAM and disclosed in the Statements of Comprehensive Income as Independent Review Committee Fees.

(a) TD Mutual Fund Trusts

TDAM pays all of the operating expenses with respect to O-Series and G-Series units of the TD Mutual Fund Trusts.

Private Series and Private-EM Series of the TD Mutual Fund Trusts and Advisor Series of TD U.S. Equity Pool bear their respective pro rata share of the operating expenses which are common to the operation of all series of these funds as well as those expenses which are attributable solely to that series (which may be payable to TDAM or its affiliates), including IRC costs, recordkeeping and communication costs, custodial, legal, audit and filing fees, bank charges, borrowing costs, all taxes, costs relating to compliance with any new governmental and regulatory requirements, and new types of costs or expenses.

For other series of the TD Mutual Fund Trusts, TDAM pays all of the operating expenses (including services provided by TDAM or its affiliates), other than costs and expenses associated with: all taxes; borrowing; the IRC; compliance with any new governmental and regulatory requirements, and new types of costs or expenses.


Except for the TD Managed ETF Portfolios, all operating expenses of the TD Managed Assets Program Portfolios (including for services provided by TDAM or its affiliates) are paid for by TDAM, including cost of the IRC, recordkeeping and communication costs, custodial, legal, audit and filing fees, bank charges, borrowing costs, and all taxes on such costs.

For the TD Managed ETF Portfolios, TDAM pays certain operating expenses. Each TD Managed ETF Portfolio is responsible for paying expenses associated with borrowing, the IRC, compliance with any new governmental and regulatory requirements, new types of costs or expenses, and all taxes on such costs and expenses.

Taxes on Expenses The Funds also pay applicable goods and services tax and harmonized sales tax at a blended rate to TDAM on management fees, administration fees and certain operating expenses based on the province or territory of residence of the investors in each series of the Funds, which are included with the respective expense in the Statements of Comprehensive Income.



Waived Expenses TDAM, at its discretion, may waive or absorb a portion of the expenses otherwise payable by the Funds. These waivers or absorptions may be terminated at any time without notice to unitholders. The amount of expenses waived or absorbed is disclosed in the Statements of Comprehensive Income as Waived Expenses, where applicable.

The Accrued Liabilities in the Statements of Financial Position represents the amount of management fees, administration fees and operating expenses (including applicable taxes) payable to TDAM by the Funds as at the reporting period end.

Brokerage Commissions and Soft Dollars Brokerage commissions (including other transaction costs) paid on securities transactions and amounts paid to related parties of The Toronto-Dominion Bank for brokerage services provided to the Funds for the reporting periods ended June 30, 2021 and 2020, where applicable, are disclosed in the Fund-Specific Notes.

Client brokerage commissions are used as payment for order execution services and/or research services. The portfolio advisers or TDAM may select brokers including its affiliates, who charge a commission in excess of that charged by other brokers (“soft dollars”) if they determine in good faith that the commission is reasonable in relation to the order execution and research services utilized.

For debt instruments traded in the over-the-counter markets where client brokerage commissions are not charged, soft dollars or client brokerage commissions are not generated. For equities or other securities where client brokerage commissions are charged, the soft dollar portion of the amount paid or payable for goods and services other than order execu -tion for the Funds is not generally ascertainable. Any ascertainable soft dollar value received under the soft dollar arrangement entered into by the portfolio advisers or TDAM, where applicable, is disclosed in the Fund-Specific Notes.

7. Taxation

The Funds qualify or intend to qualify as mutual fund trusts under the Income Tax Act (Canada) (“Tax Act”), unless otherwise disclosed in the Fund-Specific Notes. All or substantially all of the net investment income and sufficient amounts of net capital gains realized in any taxation year are distributed to unitholders such that no income tax is payable by the Funds, except that in certain circumstances, a Fund that is not a mutual fund trust may become liable to pay alternative minimum tax under the Tax Act. As a result of the distributions, the Funds have determined that they are in substance not taxable and therefore, do not record income taxes in the Statements of Comprehensive Income nor do they recognize any deferred tax assets or liabilities in the Statements of Financial Position. The Funds’ capital and/or non-capital losses carry forward, where applicable, are provided in the Fund-Specific Notes. Capital losses have no expiry. Non-Capital losses can be carried forward for up to twenty years.

The Funds may incur withholding taxes imposed by certain countries on investment income and capital gains. Such income and gains are recorded on a gross basis and the related withholding taxes are reported as Tax Reclaims (Withholding Taxes) in the Statements of Comprehensive Income.

8. Financial Risk Management

Financial Risk Factors Each Fund is exposed to a variety of financial risks: these may include market risk (including interest rate risk, currency risk, and other price risk), credit risk, liquidity risk and concentration risk. All investments present a risk of loss of capital.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect the investment values and the relevant financial instrument risks associated with each of the Funds.

TDAM seeks to reduce financial risks by employing and overseeing professional and experienced portfolio advisers that regularly monitor the Funds’ positions and market events and diversify investment portfolios within the constraints of each Fund’s investment objectives, investment strategies and applicable TDAM policies and procedures (collectively referred to as “Investment Restrictions”).

If a Fund invests in Underlying Funds, TDAM seeks to reduce financial risks by diversifying investments across the three main asset classes: money market investments for safety, bonds for income and equity invest -ments for growth, where applicable. Since different types of investments tend to move independently from one another, positive performance in one asset class may help to offset negative performance in another, thereby reducing volatility and overall risk in the long-term.

The Funds are managed in accordance with their respective Investment Restrictions.

(a) Market Risk (i) Interest Rate Risk

Interest rate risk arises from the possibility that changes in interest rates will affect the future cash flows or the fair values of interest-bearing investments.

A Fund’s exposure to interest rate risk is concentrated in its investments in debt instruments (such as bonds and debentures) and interest rate derivative instruments, if any. Short-term investments, currencies and other assets and liabilities are short-term in nature and/or non-interest bearing and not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

If a Fund invests in Underlying Funds, it is exposed to indirect interest rate risk to the extent of the interest-bearing financial instruments held by the Underlying Funds. A Fund’s direct exposure to interest rate risk, where significant, is disclosed in the Fund-Specific Notes.

(ii) Currency Risk

A Fund may hold financial instruments denominated in currencies other than its functional currency. It is therefore exposed to currency risk, as the value of the financial instruments denominated in other currencies will fluctuate due to changes in the foreign exchange rates of those currencies in relation to the Fund’s functional currency.



Where a Fund invests in any Underlying Funds, it is exposed to indirect currency risk in the event that the Underlying Funds invest in financial instruments that are denominated in a currency other than the Underlying Funds’ functional currency.

A Fund and/or its Underlying Funds may enter into foreign exchange forward contracts for hedging purposes to reduce its foreign currency exposure or to establish exposure to foreign currencies.

A Fund’s direct exposure to currency risk (including monetary and non-monetary instruments), where significant, is disclosed in the Fund-Specific Notes. Where a Fund invests in a single Underlying Fund, the direct and indirect exposure to currency risk (including monetary and non-monetary instruments), where significant, is disclosed in the Fund-Specific Notes.

(iii) Other Price Risk

Other price risk is the risk that securities will fluctuate in value because of changes in market prices (other than those arising from interest rate risk or currency risk). TDAM seeks to reduce this risk through its Investment Restrictions.

In determining each Fund’s sensitivity impact from exposure to other price risk, a historical beta may be used when applicable. Historical beta, a measure of the sensitivity of a fund’s returns to market returns, is generally derived from comparing 36 months of returns between a fund and its benchmark. As such, beta inherently includes effects previously reflected in the interest rate risk and currency risk disclosures. Historical beta may not be representative of future beta.

Where a Fund invests in a single Underlying Fund, it is exposed to indirect other price risk arising from the Underlying Fund’s investments. As a result, other price risk, reflecting this indirect exposure, is provided in the Fund-Specific Notes.

Where a Fund invests in several Underlying Funds, its exposure to other price risk includes all investments in Underlying Funds. A Fund’s direct exposure to other price risk, where applicable, is disclosed in the Fund-Specific Notes.

Except for written options and equities sold short, the maximum risk resulting from financial instruments is the fair value of the financial instruments as presented in the Statements of Financial Position. Possible losses from written options and equities sold short can be unlimited.

(b) Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation. Where applicable, a Fund’s main credit risk concentration is in debt instruments and derivative instruments it holds. A Fund’s exposure to credit risk is the risk that an issuer of debt instruments or a counterparty to derivative instruments will be unable to pay amounts in full when due. All transactions in listed securities are settled or paid for upon delivery using approved brokers. The risk of default with a broker is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation.

A Fund may be exposed to credit risk from the use of counterparties for foreign exchange forward contracts. Where applicable, this risk is minimized by:

(i) using counterparties with a minimum credit rating of A by S&P Global Ratings (“S&PGR”) or an equivalent rating from another recognized credit rating agency;

(ii) limiting the term of the foreign exchange forward contracts to a maximum of 365 days; and,

(iii) limiting the mark-to-market exposure to any one counterparty to 10 percent of the portfolio value.

A Fund may also be exposed indirectly to credit risk if it invests in Underlying Funds in the event that the Underlying Funds invest in debt instruments or derivatives.

The Funds and their Underlying Funds managed by TDAM only buy and hold short-term notes with a minimum of R-1 Low credit rating by DBRS Limited or an equivalent rating from another recognized credit rating agency.

A Fund’s direct exposure to short-term and/or debt instruments, by ratings categories, where applicable, is disclosed in the Fund- Specific Notes.

Certain Funds and the Underlying Funds held by the Funds may also engage in securities lending transactions. For these funds that are managed by TDAM, the securities lending transactions are with counterparties that have a minimum credit rating of A by S&PGR or an equivalent rating from another credit agency. The value of cash or securities held as collateral by these funds in connection with these transactions is at least 102 percent of the fair value of the securities loaned. The collateral and loaned securities are marked to market on each business day. The aggregate fair value of the securities loaned, together with repurchase transactions, are limited to 50 percent of each fund’s NAV determined immediately after the fund enters into any such transaction. Information about the fair values of securities lent and collateral held and securities lending income earned, where applicable, is disclosed in the Fund-Specific Notes.

(c) Liquidity Risk Liquidity risk is defined as the risk that a fund may not be able to settle or meet its obligations on time or at a reasonable price. A fund’s exposure to this risk is concentrated in the daily cash redemptions of redeemable units. The Funds primarily invest in securities that are traded in active markets and can be readily disposed of. In addition, the Funds retain sufficient cash and cash equivalents to maintain liquidity, and have the ability to borrow up to 5 percent of their respective NAV for the purpose of funding redemptions.

All non-derivative financial liabilities, other than redeemable units outstanding, are due in less than 3 months.

(d) Concentration Risk Concentration risk arises as a result of the concentration of exposures within the same category, whether it is geographical location, security type or industry sector. A Fund’s concentration risk is disclosed in the Fund-Specific Notes.



9. Capital Risk Management

Units issued and outstanding represent the capital of the Funds. The Funds do not have any specific capital requirements on the subscription and redemption of units, other than certain minimum subscription requirements. Changes in the Funds’ capital during the reporting periods are reflected in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units. TDAM is responsible for managing the capital of the Funds in accordance with each Fund’s investment objec -tives and for managing liquidity in order to meet redemption requests.

If applicable, the most recent financial statements of the Underlying Funds managed by TDAM are available, without charge, by writing to TD Asset Management Inc., P.O. Box 100, 66 Wellington Street West, TD Bank Tower, Toronto-Dominion Centre, Toronto, Ontario, M5K 1G8, or by e-mail to [email protected], or by visiting our website at www.tdassetmanagement.com or the SEDAR website at www.sedar.com.

Currency codes used throughout the report:

Currency Code

Description

Currency Code

Description

Currency Code

Description

AED UAE Dirham HKD Hong Kong Dollar PHP Philippine Peso

ARS Argentine Peso HUF Hungarian Forint PKR Pakistan Rupee

AUD Australian Dollar IDR Indonesian Rupiah PLN Polish Zloty

BRL Brazilian Real ILS Israeli Shekel QAR Qatari Riyal

CAD/C$ Canadian Dollar INR Indian Rupee RON Romanian Leu

CHF Swiss Franc JOD Jordanian Dinar RUB Russian Ruble

CLP Chilean Peso JPY Japanese Yen SAR Saudi Riyal

CNY/CNH China Renminbi KRW South Korean Won SEK Swedish Krona

COP Colombian Peso LKR Sri Lanka Rupee SGD Singapore Dollar

CZK Czech Koruna MAD Moroccan Dirham THB Thai Baht

DKK Danish Krone MXN Mexican Peso TRY Turkish Lira

EGP Egyptian Pound MYR Malaysian Ringgit TWD New Taiwan Dollar

EUR Euro NOK Norwegian Krone USD/US$ United States Dollar

GBP British Pound NZD New Zealand Dollar ZAR South African Rand

mailto:[email protected]

www.tdassetmanagement.com

www.sedar.com


Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2021. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®”, “Russell®”, and “FTSE Russell®” are trade marks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

TD Mutual Funds, TD Pools and the TD Managed Assets Program portfolios are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank and are available through authorized dealers.

TD Exchange-Traded Funds are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank.

Epoch Investment Partners, Inc. (“Epoch”) is a wholly-owned subsidiary of The Toronto-Dominion Bank and an affiliate of TD Asset Management Inc. TD Asset Management operates through TD Asset Management Inc. in Canada and through TDAM USA Inc. in the United States. Both are wholly-owned subsidiaries of The Toronto-Dominion Bank.

All trademarks are the property of their respective owners.

® The TD logo and other trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

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TD Global Balanced Opportunities Fund

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