td mutual funds - 2009 annual financial · pdf file · 2010-03-2211...

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2009 Annual Financial Report

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12009 Annual Financial Report TD Mutual Funds

�TD Mutual Funds 2009 Annual Financial Repor t

2 Management’s Responsibilityfor Financial Reporting

3 Auditors’ Report

Financial Statements

MONEY MARKET FUNDS

4 TD Canadian T-Bill Fund

6 TD Canadian Money Market Fund

11 TD Premium Money Market Fund

16 TD U.S. Money Market Fund

FIXED INCOME FUNDS

20 TD Short Term Bond Fund

24 TD Mortgage Fund

28 TD Canadian Bond Fund

33 TD Canadian Core Plus Bond Fund

39 TD Corporate Bond Capital Yield Fund

44 TD Real Return Bond Fund

47 TD Global Bond Fund

53 TD High Yield Income Fund

62 TD Income Advantage Portfolio

BALANCED FUNDS

66 TD Monthly Income Fund

74 TD Balanced Income Fund

80 TD Diversified Monthly Income Fund

88 TD Balanced Growth Fund

94 TD Dividend Income Fund

CANADIAN EQUITY FUNDS

102 TD Dividend Growth Fund

107 TD Canadian Blue Chip Equity Fund

112 TD Canadian Equity Fund

117 TD Canadian Value Fund

121 TD Canadian Small-Cap Equity Fund

U.S. EQUITY FUNDS

125 TD North American Dividend Fund

129 TD U.S. Blue Chip Equity Fund

133 TD U.S. Quantitative Equity Fund

138 TD U.S. Large-Cap Value Fund

142 TD U.S. Large-Cap Value Currency Neutral Fund

145 TD U.S. Mid-Cap Growth Fund

150 TD U.S. Small-Cap Equity Fund

156 TD U.S. Equity Advantage Portfolio

159 TD U.S. Equity Advantage Currency Neutral Portfolio

GLOBAL EQUITY FUNDS

162 TD Global Dividend Fund

167 TD Global Value Fund

172 TD Global Select Fund

177 TD Global Multi-Cap Fund

182 TD Global Sustainability Fund

186 TD International Equity Fund

192 TD International Equity Growth Fund

197 TD European Growth Fund

201 TD Japanese Growth Fund

205 TD Asian Growth Fund

209 TD Pacific Rim Fund

212 TD Emerging Markets Fund

218 TD Latin American Growth Fund

222 TD Global Equity Advantage Portfolio

SECTOR FUNDS

225 TD Resource Fund

230 TD Energy Fund

235 TD Precious Metals Fund

240 TD Entertainment & Communications Fund

245 TD Science & Technology Fund

250 TD Health Sciences Fund

INDEX FUNDS

256 TD Canadian Bond Index Fund

268 TD Balanced Index Fund

270 TD Canadian Index Fund

275 TD Dow Jones Industrial AverageSM Index Fund

279 TD U.S. Index Fund

286 TD U.S. Index Currency Neutral Fund

290 TD Nasdaq® Index Fund

295 TD International Index Fund

307 TD International Index Currency Neutral Fund

311 TD European Index Fund

319 TD Japanese Index Fund

325 Notes to Financial Statements

�Management’s Responsibility for Financial Repor ting

The accompanying financial statements have been preparedby TD Asset Management Inc. as Manager of the Funds andapproved by its Board of Directors. The Manager is responsiblefor the integrity, objectivity and reliability of the data presented.This responsibility includes selecting appropriate accountingprinciples and making judgments and estimates consistentwith Canadian generally accepted accounting principles. TheManager is also responsible for the development of internalcontrols over the financial reporting process which are designedto provide reasonable assurance that relevant and reliablefinancial information is produced and the safeguarding of allassets of the Funds.

The Board of Directors of TD Asset Management Inc. isresponsible for reviewing and approving the financial statementsand overseeing management’s performance of its financialreporting responsibilities.

PricewaterhouseCoopers LLP are the external auditors of theFunds. They have audited the financial statements in accordancewith Canadian generally accepted auditing standards to enablethem to express their opinion on the financial statements. Theirreport is included on the following page of this Annual Report.

On behalf of TD Asset Management Inc.,Manager of the Funds

Thomas Dyck Rudy SankovicDirector and President Director andTD Mutual Funds Chief Financial OfficerFebruary 24, 2010 February 24, 2010

2 TD Mutual Funds 2009 Annual Financial Report

�Auditors’ Repor t

We have audited the accompanying statements of investmentportfolio of each of the Funds as at December 31, 2009, thestatements of net assets as at December 31, 2009 and 2008 andthe statements of investment operations and changes in netassets for the periods then ended as indicated in Note 1. Thesefinancial statements are the responsibility of the Manager ofthe Funds. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

We conducted our audits in accordance with Canadian generallyaccepted auditing standards. Those standards require that we planand perform an audit to obtain reasonable assurance whether thefinancial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significantestimates made by the Funds’ Manager, as well as evaluating theoverall financial statement presentation.

In our opinion, these financial statements present fairly, in allmaterial respects, the financial position of each of the Fundsas at December 31, 2009 and 2008, and the results of each of theiroperations and the changes in each of their net assets for theperiods then ended as indicated in Note 1, in accordance withCanadian generally accepted accounting principles.

Chartered Accountants, Licensed Public AccountantsToronto, OntarioFebruary 24, 2010


To the Unitholders and Trustee of:

(collectively, the “Funds”)

TD Canadian T-Bill FundTD Canadian Money Market FundTD Premium Money Market FundTD U.S. Money Market FundTD Short Term Bond FundTD Mortgage FundTD Canadian Bond FundTD Canadian Core Plus Bond FundTD Corporate Bond Capital Yield FundTD Real Return Bond FundTD Global Bond FundTD High Yield Income FundTD Income Advantage PortfolioTD Monthly Income FundTD Balanced Income FundTD Diversified Monthly Income FundTD Balanced Growth FundTD Dividend Income FundTD Dividend Growth FundTD Canadian Blue Chip Equity FundTD Canadian Equity FundTD Canadian Value FundTD Canadian Small-Cap Equity Fund

TD North American Dividend FundTD U.S. Blue Chip Equity FundTD U.S. Quantitative Equity FundTD U.S. Large-Cap Value FundTD U.S. Large-Cap ValueCurrency Neutral Fund

TD U.S. Mid-Cap Growth FundTD U.S. Small-Cap Equity FundTD U.S. Equity Advantage PortfolioTD U.S. Equity AdvantageCurrency Neutral Portfolio

TD Global Dividend FundTD Global Value FundTD Global Select FundTD Global Multi-Cap FundTD Global Sustainability FundTD International Equity FundTD International Equity Growth FundTD European Growth FundTD Japanese Growth FundTD Asian Growth FundTD Pacific Rim FundTD Emerging Markets FundTD Latin American Growth FundTD Global Equity Advantage Portfolio

TD Resource FundTD Energy FundTD Precious Metals FundTD Entertainment& Communications Fund

TD Science & Technology FundTD Health Sciences FundTD Canadian Bond Index FundTD Balanced Index FundTD Canadian Index FundTD Dow Jones Industrial AverageSM

Index FundTD U.S. Index FundTD U.S. Index Currency Neutral FundTD Nasdaq® Index FundTD International Index FundTD International IndexCurrency Neutral Fund

TD European Index FundTD Japanese Index Fund

�TD Canadian T-Bill Fund

Statements of Net Assets (in 000s except per unit amounts and number of units)

as at December 31, 2009 and 2008

2009 2008

AssetsShort-Term Investments $ 232,655 $ 507,769Reverse Repurchase Agreement (Note 2) 37,442 0Cash 75 73Interest Receivable 461 69Subscriptions Receivable 673 1,423

271,306 509,334

LiabilitiesAccrued Liabilities 65 402Redemptions Payable 288 1,530Distributions Payable 2 7

355 1,939

Net Assets (Note 3) $ 270,951 $ 507,395

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 270,951 $ 507,395

Number of Units OutstandingInvestor Series 27,095,076 50,739,499

Net Assets Per Unit (Note 3)Investor Series $ 10.00 $ 10.00

Statements of Investment Operations (in 000s except per unit amounts)

for the periods ended December 31, 2009 and 2008

2009 2008

Investment IncomeInterest $ 2,267 $ 9,546Income from ReverseRepurchase Agreement 43 0

Securities Lending 66 68

2,376 9,614

Expenses (Note 5)Management Fee 3,699 3,241Independent Review Committee Fees 2 2

3,701 3,243Less: Waived Expenses (2,220) (0)

1,481 3,243

Net Investment Income (Loss) 895 6,371

Increase (Decrease) in Net Assetsfrom Investment Operations† $ 895 $ 6,371

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 895 $ 6,371

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.02 $ 0.19

Statements of Changes in Net Assets (in 000s except number of units)


Investor Series

2009 2008

Net Assets, Beginning of the Period $ 507,395 $ 285,446

Increase (Decrease) in Net Assetsfrom Investment Operations 895 6,371

Capital Unit Transactions†

Proceeds from Sale of Units 363,824 695,194Reinvestments of Distributions 885 6,272Amounts Paid on Redemptions (601,153) (479,517)

(236,444) 221,949

Distributions to UnitholdersFrom Net Investment Income (895) (6,371)

Increase (Decrease) in Net Assetsfor the Period (236,444) 221,949

Net Assets, End of the Period $ 270,951 $ 507,395†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 50,739,499 28,544,555Units Issued 36,382,370 69,519,371Units Issued on Reinvestments 88,488 627,246Units Redeemed (60,115,281) (47,951,673)

Units Outstanding, End of the Period 27,095,076 50,739,499

MONEY MARKET FUNDS

4 The accompanying notes are an integral part of these financial statements.TD Mutual Funds 2009 Annual Financial Report

Short-Term Investments – 99.7%

FEDERAL & GUARANTEES – 57.3%

Canada Housing Trust No. 1$ 10,000,000 Floating Rate due March 15, 2010 $ 10,000,412 $ 10,000,412

Government of Canada Treasury Bill21,000,000 0.20% due January 07, 2010 20,999,292 20,999,29221,000,000 0.61% due January 21, 2010 20,993,073 20,993,07310,000,000 0.20% due February 04, 2010 9,998,130 9,998,13020,000,000 0.58% due February 18, 2010 19,984,824 19,984,82410,000,000 0.23% due April 01, 2010 9,994,240 9,994,2405,000,000 0.67% due April 15, 2010 4,990,586 4,990,58620,000,000 0.46% due May 13, 2010 19,966,887 19,966,8871,000,000 0.56% due July 08, 2010 997,108 997,108

Government of Canada Treasury BillReverse Repurchase Agreement datedDecember 31, 2009

38,300,000 0.20% due January 04, 2010 37,441,980 37,441,980

155,366,532 155,366,532

PROVINCIAL & GUARANTEES – 29.9%

Alberta Capital Finance Authority5,000,000 0.24% due January 08, 2010 4,999,771 4,999,771

Province of British Columbia10,000,000 0.25% due January 29, 2010 9,998,079 9,998,079

Province of Manitoba Treasury Bill10,000,000 0.23% due February 03, 2010 9,997,943 9,997,943

Province of Nova Scotia10,000,000 0.25% due January 11, 2010 9,999,309 9,999,309

Province of Ontario Treasury Bill10,000,000 0.25% due February 24, 2010 9,996,280 9,996,280

Province of Quebec Treasury Bill10,000,000 0.19% due January 20, 2010 9,998,987 9,998,98711,000,000 0.20% due February 03, 2010 10,998,052 10,998,0525,000,000 0.25% due February 12, 2010 4,998,569 4,998,569

Province of Saskatchewan10,000,000 10.00% due January 18, 2010 10,043,422 10,043,422

81,030,412 81,030,412

CORPORATE – 12.5%

Bank of Montreal20,200,000 0.25% due January 04, 2010 20,200,000 20,200,000

National Bank of Canada13,500,000 0.25% due January 04, 2010 13,500,000 13,500,000

33,700,000 33,700,000

TOTAL INVESTMENT

PORTFOLIO – 99.7% 270,096,944 270,096,944

OTHER NET ASSETS – 0.3% 853,817 853,817

TOTAL NET ASSETS – 100.0% $ 270,950,761 $ 270,950,761

Credit Risk (Note 11)

The table below summarizes the debt instruments by credit ratings.

Percentage of Percentage ofTotal Debt Instruments (%) Total Net Assets (%)

Credit Rating° 2009 2008 2009 2008

R-1 High 58.84 91.61 58.65 91.68R-1 Mid 19.88 7.40 19.82 7.41R-1 Low 0.00 0.99 0.00 0.98AAA 3.70 0.00 3.69 0.00AA 3.72 0.00 3.71 0.00No Rating 13.86 0.00 13.82 0.00

Total 100.00 100.00 99.69 100.07

° Credit ratings are obtained from Standard & Poor’s, Moody’s or DBRS ratings.

Financial Instruments by the Level in theFair Value Hierarchy (in 000s) (Note 3)

The table below analyses financial instruments, measured at fair value as atDecember 31, 2009, by the level in the fair value hierarchy into which the fair valuemeasurement is categorized.

Level 1 Level 2 Level 3 Total

Short-Term Investments $ 0 $ 270,097 $ 0 $ 270,097

During the period, transfers between Level 1 and Level 2 were nil.

Contractual Maturities Analysis for Financial Liabilities (in 000s) (Note 11)

The table below summarizes cash flows associated with the maturities of the Fund’sfinancial liabilities:

Less than3 months

Accounts payable and accrued liabilities $ 355

�TD Canadian T-Bill Fund

Statement of Investment Port folio as at December 31, 2009

Par Value Description Cost Fair Value

MONEY MARKET FUNDS

52009 Annual Financial Report TD Mutual FundsThe accompanying notes are an integral part of these financial statements.

�TD Canadian Money Market Fund



2009 2008

AssetsShort-Term Investments $ 3,937,832 $ 4,664,353Cash 52 241Interest Receivable 1,667 2,438Subscriptions Receivable 11,657 15,111

3,951,208 4,682,143

LiabilitiesAccrued Liabilities 1,195 3,459Redemptions Payable 10,141 10,979Distributions Payable 186 878

11,522 15,316

Net Assets (Note 3) $ 3,939,686 $ 4,666,827

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 3,361,866 $ 3,924,619Institutional Series $ 269,446 $ 323,392Advisor Series $ 247,678 $ 347,290F-Series $ 45,978 $ 66,093O-Series $ 14,718 $ 5,433

$ 3,939,686 $ 4,666,827


Institutional Series 26,944,593 32,339,134

Advisor Series 24,767,857 34,729,028

F-Series 4,597,771 6,609,329

O-Series 1,471,782 543,310


Institutional Series $ 10.00 $ 10.00

Advisor Series $ 10.00 $ 10.00

F-Series $ 10.00 $ 10.00

O-Series $ 10.00 $ 10.00



2009 2008

Investment IncomeInterest $ 41,333 $ 156,895Securities Lending 142 206

41,475 157,101



26,129 40,031

Net Investment Income (Loss) 15,346 117,070

Increase (Decrease) in Net Assetsfrom Investment Operations† $ 15,346 $ 117,070

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 12,220 $ 102,434Institutional Series $ 1,825 $ 7,486Advisor Series $ 947 $ 5,390F-Series $ 270 $ 1,620O-Series $ 84 $ 140

$ 15,346 $ 117,070

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.03 $ 0.26Institutional Series $ 0.06 $ 0.32Advisor Series $ 0.03 $ 0.25F-Series $ 0.04 $ 0.30O-Series $ 0.09 $ 0.34

MONEY MARKET FUNDS


�TD Canadian Money Market Fund

MONEY MARKET FUNDS



Investor Series Institutional Series Advisor Series

2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 3,924,619 $ 3,712,349 $ 323,392 $ 140,144 $ 347,290 $ 147,654

Increase (Decrease) in Net Assetsfrom Investment Operations 12,220 102,434 1,825 7,486 947 5,390


Proceeds from Sale of Units 3,072,500 5,191,848 386,831 620,208 282,043 427,336Reinvestments of Distributions 12,071 101,131 97 360 918 5,237Amounts Paid on Redemptions (3,647,324) (5,080,709) (440,874) (437,320) (382,573) (232,937)

(562,753) 212,270 (53,946) 183,248 (99,612) 199,636

Distributions to UnitholdersFrom Net Investment Income (12,220) (102,434) (1,825) (7,486) (947) (5,390)

Increase (Decrease) in Net Assetsfor the Period (562,753) 212,270 (53,946) 183,248 (99,612) 199,636

Net Assets, End of the Period $ 3,361,866 $ 3,924,619 $ 269,446 $ 323,392 $ 247,678 $ 347,290†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 392,461,870 371,234,966 32,339,134 14,014,371 34,729,028 14,765,373Units Issued 307,249,956 519,184,567 38,683,130 62,020,787 28,204,296 42,733,563Units Issued on Reinvestments 1,207,132 10,113,227 9,697 35,972 91,784 523,773Units Redeemed (364,732,359) (508,070,890) (44,087,368) (43,731,996) (38,257,251) (23,293,681)

Units Outstanding, End of the Period 336,186,599 392,461,870 26,944,593 32,339,134 24,767,857 34,729,028

F-Series O-Series TOTAL

2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 66,093 $ 41,471 $ 5,433 $ 0 $ 4,666,827 $ 4,041,618

Increase (Decrease) in Net Assetsfrom Investment Operations 270 1,620 84 140 15,346 117,070


Proceeds from Sale of Units 75,431 112,902 11,098 6,371 3,827,903 6,358,665Reinvestments of Distributions 267 1,597 84 140 13,437 108,465Amounts Paid on Redemptions (95,813) (89,877) (1,897) (1,078) (4,568,481) (5,841,921)

(20,115) 24,622 9,285 5,433 (727,141) 625,209

Distributions to UnitholdersFrom Net Investment Income (270) (1,620) (84) (140) (15,346) (117,070)

Increase (Decrease) in Net Assetsfor the Period (20,115) 24,622 9,285 5,433 (727,141) 625,209

Net Assets, End of the Period $ 45,978 $ 66,093 $ 14,718 $ 5,433 $ 3,939,686 $ 4,666,827†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 6,609,329 4,147,118 543,310 11Units Issued 7,543,056 11,290,206 1,109,878 637,075Units Issued on Reinvestments 26,743 159,710 8,345 14,042Units Redeemed (9,581,357) (8,987,705) (189,751) (107,818)

Units Outstanding, End of the Period 4,597,771 6,609,329 1,471,782 543,310




Canada Housing Trust No. 1$ 30,000,000 3.75% due March 15, 2010 $ 30,183,907 $ 30,183,907

27,000,000 Floating Rate due March 15, 2010 27,000,823 27,000,823

Export Development Canada8,000,000 6.20% due June 22, 2010 8,208,905 8,208,905

Government of Canada Treasury Bill70,500,000 0.22% due January 07, 2010 70,497,429 70,497,42982,000,000 0.72% due January 21, 2010 81,967,935 81,967,93556,700,000 0.20% due February 04, 2010 56,689,255 56,689,25579,500,000 0.44% due February 18, 2010 79,454,667 79,454,66797,900,000 0.24% due March 04, 2010 97,860,241 97,860,241104,000,000 0.31% due March 18, 2010 103,931,985 103,931,98596,500,000 0.24% due April 01, 2010 96,443,968 96,443,96867,000,000 0.30% due April 15, 2010 66,942,113 66,942,11320,000,000 0.42% due May 13, 2010 19,969,755 19,969,75516,000,000 0.60% due June 10, 2010 15,958,154 15,958,1545,000,000 0.56% due July 08, 2010 4,985,538 4,985,538

760,094,675 760,094,675



Province of British Columbia8,000,000 0.24% due February 04, 2010 7,998,213 7,998,2136,000,000 0.25% due February 08, 2010 5,998,440 5,998,4404,000,000 0.30% due February 17, 2010 3,998,454 3,998,4545,000,000 0.73% due March 24, 2010 4,991,859 4,991,8598,000,000 0.63% due June 08, 2010 7,978,316 7,978,316

Province of Manitoba15,000,000 Floating Rate due May 15, 2010 14,993,116 14,993,116

Province of New Brunswick15,000,000 0.23% due February 17, 2010 14,995,521 14,995,521


Province of Ontario5,000,000 0.66% due June 02, 2010 4,986,329 4,986,32952,000,000 Floating rate due December 03, 2010 51,888,671 51,888,671

Province of Ontario Treasury Bill1,800,000 0.30% due January 06, 2010 1,799,926 1,799,92610,000,000 0.20% due January 20, 2010 9,998,944 9,998,94441,000,000 0.24% due February 17, 2010 40,987,422 40,987,42210,000,000 0.25% due February 24, 2010 9,996,280 9,996,28034,000,000 0.24% due March 03, 2010 33,986,325 33,986,325

Province of Quebec Residual4,000,000 0.67% due June 28, 2010 3,987,007 3,987,007

Province of Quebec Treasury Bill20,000,000 0.25% due January 19, 2010 19,997,554 19,997,55423,600,000 0.20% due January 20, 2010 23,597,500 23,597,50015,000,000 0.20% due January 25, 2010 14,998,020 14,998,0205,000,000 0.88% due January 29, 2010 4,996,654 4,996,6542,700,000 0.25% due February 12, 2010 2,699,227 2,699,22717,000,000 0.24% due February 19, 2010 16,994,508 16,994,5085,700,000 0.24% due March 05, 2010 5,697,633 5,697,63325,000,000 0.23% due March 12, 2010 24,988,882 24,988,882

380,852,303 380,852,303

CORPORATE – 71.0%

Bank of Montreal22,000,000 0.27% due January 04, 2010 21,999,505 21,999,50550,000,000 0.27% due January 05, 2010 49,998,512 49,998,51210,400,000 0.27% due January 13, 2010 10,399,064 10,399,06430,000,000 0.27% due January 20, 2010 29,995,820 29,995,8206,000,000 7.00% due January 28, 2010 6,028,205 6,028,20525,000,000 0.27% due January 29, 2010 24,994,750 24,994,7506,400,000 Floating Rate due February 01, 2010 6,402,542 6,402,54227,000,000 0.28% due February 08, 2010 26,992,108 26,992,10810,000,000 0.29% due February 22, 2010 9,995,895 9,995,895

The Bank of Nova Scotia38,000,000 0.26% due January 12, 2010 37,996,990 37,996,99020,000,000 0.27% due February 01, 2010 19,995,491 19,995,49120,000,000 0.26% due February 08, 2010 19,994,680 19,994,68015,000,000 0.32% due February 18, 2010 14,993,661 14,993,66160,000,000 3.93% due February 18, 2010 60,222,207 60,222,2075,000,000 0.80% due March 02, 2010 4,993,479 4,993,47910,000,000 0.85% due March 09, 2010 9,984,533 9,984,53310,000,000 0.85% due March 11, 2010 9,984,058 9,984,0587,000,000 0.80% due March 15, 2010 6,988,896 6,988,89625,000,000 Floating Rate due May 13, 2010 25,000,000 25,000,00030,400,000 Floating Rate due June 17, 2010 30,400,110 30,400,1103,000,000 Floating Rate due July 02, 2010 3,010,619 3,010,6195,000,000 5.00% due September 13, 2010 5,151,291 5,151,291

Bay Street Funding Trust31,900,000 0.45% due January 04, 2010 31,898,826 31,898,82612,500,000 0.65% due January 20, 2010 12,495,785 12,495,7855,000,000 0.40% due January 27, 2010 4,998,574 4,998,57425,000,000 0.38% due February 05, 2010 24,990,861 24,990,86110,000,000 0.40% due February 16, 2010 9,994,950 9,994,9502,000,000 0.63% due February 22, 2010 1,998,212 1,998,21211,000,000 0.40% due March 03, 2010 10,992,626 10,992,62610,000,000 0.40% due March 12, 2010 9,992,308 9,992,308

Borealis Finance Trust25,900,000 0.30% due January 05, 2010 25,899,153 25,899,15317,000,000 0.28% due January 08, 2010 16,999,080 16,999,080

Caisse centrale Desjardins15,900,000 0.26% due January 05, 2010 15,899,542 15,899,54210,000,000 0.27% due January 12, 2010 9,999,175 9,999,175

Canadian Imperial Bank of Commerce6,000,000 0.27% due January 04, 2010 5,999,868 5,999,86819,100,000 0.26% due January 07, 2010 19,099,191 19,099,19139,000,000 0.26% due January 15, 2010 38,996,097 38,996,09713,000,000 0.26% due January 25, 2010 12,997,771 12,997,77129,100,000 0.29% due February 01, 2010 29,092,952 29,092,95210,400,000 Floating Rate due February 08, 2010 10,400,000 10,400,0009,000,000 0.28% due February 10, 2010 8,997,224 8,997,22426,000,000 0.29% due February 25, 2010 25,988,711 25,988,71115,000,000 0.29% due March 01, 2010 14,993,007 14,993,00710,400,000 Floating Rate due March 18, 2010 10,399,982 10,399,98212,000,000 0.30% due March 22, 2010 11,992,136 11,992,1366,300,000 4.95% due September 02, 2010 6,478,352 6,478,352

$ $ $

Par Value Description Cost Fair Value�TD Canadian Money Market Fund



MONEY MARKET FUNDS


Canadian Master Trust7,000,000 0.37% due January 07, 2010 6,999,580 6,999,58027,000,000 0.38% due January 11, 2010 26,997,204 26,997,20415,000,000 0.38% due January 13, 2010 14,998,110 14,998,11010,400,000 0.38% due January 18, 2010 10,398,139 10,398,13910,900,000 0.38% due January 19, 2010 10,897,970 10,897,97019,700,000 0.61% due January 22, 2010 19,693,157 19,693,15720,000,000 0.47% due January 26, 2010 19,993,580 19,993,58017,000,000 0.39% due January 27, 2010 16,995,295 16,995,29510,000,000 0.70% due January 29, 2010 9,994,656 9,994,65625,000,000 0.47% due February 02, 2010 24,989,750 24,989,75010,000,000 0.40% due February 17, 2010 9,994,841 9,994,841

CARE Trust3,000,000 0.70% due January 04, 2010 2,999,828 2,999,82810,000,000 0.47% due January 18, 2010 9,997,814 9,997,81417,100,000 0.43% due January 19, 2010 17,096,378 17,096,37815,000,000 0.47% due January 26, 2010 14,995,185 14,995,18521,000,000 0.38% due January 29, 2010 20,993,853 20,993,85312,000,000 0.39% due February 03, 2010 11,995,785 11,995,78515,000,000 0.43% due February 05, 2010 14,993,837 14,993,83715,000,000 0.43% due February 17, 2010 14,991,724 14,991,724

Diversified Trust20,000,000 0.47% due January 05, 2010 19,998,975 19,998,9758,000,000 0.38% due January 22, 2010 7,998,268 7,998,26810,000,000 0.70% due January 25, 2010 9,995,411 9,995,41120,000,000 0.70% due January 26, 2010 19,990,442 19,990,44230,000,000 0.59% due January 28, 2010 29,986,829 29,986,82935,000,000 0.47% due February 03, 2010 34,985,116 34,985,11610,800,000 0.39% due February 09, 2010 10,795,478 10,795,47829,900,000 0.40% due March 01, 2010 29,880,614 29,880,614

GE Capital Canada Funding Company4,900,000 0.29% due January 04, 2010 4,899,883 4,899,883

HSBC Bank Canada12,000,000 0.29% due January 11, 2010 11,999,063 11,999,0638,000,000 0.29% due January 18, 2010 7,998,903 7,998,90311,100,000 0.29% due January 27, 2010 11,097,738 11,097,73830,000,000 0.29% due January 29, 2010 29,993,226 29,993,22630,000,000 0.30% due February 02, 2010 29,992,084 29,992,084

JPMorgan Chase Bank10,000,000 0.28% due January 25, 2010 9,998,133 9,998,133

National Bank of Canada17,400,000 0.27% due January 11, 2010 17,398,728 17,398,72820,000,000 0.27% due January 18, 2010 19,997,515 19,997,5155,000,000 0.26% due January 27, 2010 4,999,059 4,999,05934,900,000 0.28% due January 29, 2010 34,892,607 34,892,607

OMERS Realty Corporation4,500,000 0.30% due January 04, 2010 4,499,890 4,499,8905,000,000 0.30% due January 06, 2010 4,999,796 4,999,796

Plaza Trust5,000,000 0.38% due January 18, 2010 4,999,123 4,999,12315,000,000 0.50% due January 26, 2010 14,994,858 14,994,85815,000,000 0.42% due February 01, 2010 14,994,635 14,994,63520,000,000 0.39% due February 11, 2010 19,991,234 19,991,2349,000,000 0.42% due February 12, 2010 8,995,641 8,995,6416,000,000 0.42% due February 19, 2010 5,996,610 5,996,6106,500,000 0.40% due February 23, 2010 6,496,211 6,496,2117,000,000 0.42% due February 26, 2010 6,995,492 6,995,4926,000,000 0.42% due March 05, 2010 5,995,663 5,995,6637,600,000 0.40% due March 17, 2010 7,593,782 7,593,78219,850,000 0.40% due March 19, 2010 19,833,326 19,833,32630,000,000 0.40% due March 26, 2010 29,972,486 29,972,486

PURE Trust25,000,000 0.38% due January 13, 2010 24,996,900 24,996,90019,650,000 0.38% due January 14, 2010 19,647,372 19,647,37211,500,000 0.50% due January 15, 2010 11,497,802 11,497,80216,000,000 0.38% due January 19, 2010 15,997,013 15,997,01315,000,000 0.50% due January 26, 2010 14,994,858 14,994,8588,400,000 0.50% due January 28, 2010 8,396,893 8,396,8933,500,000 0.50% due January 29, 2010 3,498,664 3,498,6643,000,000 0.42% due February 01, 2010 2,998,927 2,998,9274,000,000 0.45% due February 05, 2010 3,998,278 3,998,2786,000,000 0.39% due February 11, 2010 5,997,370 5,997,3703,910,000 0.42% due February 16, 2010 3,907,928 3,907,92810,800,000 0.40% due February 19, 2010 10,794,179 10,794,1792,600,000 0.42% due February 25, 2010 2,598,356 2,598,3567,300,000 0.40% due March 11, 2010 7,294,500 7,294,50019,700,000 0.40% due March 19, 2010 19,683,452 19,683,4527,140,000 0.40% due March 26, 2010 7,133,452 7,133,452

Ridge Trust35,800,000 0.46% due January 06, 2010 35,797,742 35,797,74214,000,000 0.38% due January 12, 2010 13,998,416 13,998,41620,000,000 0.47% due January 15, 2010 19,996,409 19,996,40917,000,000 0.47% due January 18, 2010 16,996,284 16,996,2846,200,000 0.70% due January 22, 2010 6,197,510 6,197,51025,000,000 0.47% due January 25, 2010 24,992,267 24,992,26720,000,000 0.53% due January 27, 2010 19,992,482 19,992,48219,700,000 0.47% due February 04, 2010 19,691,388 19,691,38853,500,000 0.47% due February 10, 2010 53,472,486 53,472,486

Royal Bank of Canada25,000,000 0.25% due January 11, 2010 24,998,309 24,998,30917,000,000 0.28% due January 15, 2010 16,998,180 16,998,18060,000,000 0.25% due January 22, 2010 59,991,387 59,991,38730,000,000 0.26% due January 28, 2010 29,994,330 29,994,33025,000,000 0.27% due January 29, 2010 24,994,806 24,994,80614,000,000 0.25% due February 01, 2010 13,996,995 13,996,9957,000,000 0.22% due February 05, 2010 6,998,503 6,998,50310,000,000 0.27% due February 16, 2010 9,996,576 9,996,5764,000,000 0.27% due February 17, 2010 3,998,616 3,998,61615,000,000 0.27% due March 01, 2010 14,993,471 14,993,471

SAFE Trust12,000,000 0.95% due January 12, 2010 11,996,581 11,996,5815,000,000 0.62% due May 26, 2010 4,987,719 4,987,71910,000,000 0.62% due May 27, 2010 9,975,268 9,975,268

SMART Trust20,000,000 0.95% due January 06, 2010 19,997,411 19,997,41115,000,000 0.40% due January 21, 2010 14,996,695 14,996,695

SOUND Trust7,300,000 0.77% due March 02, 2010 7,290,800 7,290,80011,000,000 0.62% due May 25, 2010 10,973,167 10,973,167

STARS Trust8,500,000 0.46% due January 07, 2010 8,499,356 8,499,35620,000,000 0.38% due January 08, 2010 19,998,533 19,998,53312,000,000 0.44% due January 11, 2010 11,998,557 11,998,55712,000,000 0.38% due January 12, 2010 11,998,642 11,998,6428,400,000 0.38% due January 14, 2010 8,398,873 8,398,87313,000,000 0.38% due January 18, 2010 12,997,727 12,997,72718,000,000 0.47% due January 27, 2010 17,993,997 17,993,99728,200,000 0.39% due February 09, 2010 28,188,292 28,188,29220,000,000 0.40% due February 23, 2010 19,988,340 19,988,34026,000,000 0.40% due March 08, 2010 25,981,214 25,981,21415,000,000 0.40% due March 10, 2010 14,988,813 14,988,813

$ $ $

Par Value Description Cost Fair Value Par Value Description Cost Fair Value

$ $ $

MONEY MARKET FUNDSTD Canadian Money Market Fund


Storm King Funding12,000,000 0.50% due January 04, 2010 11,999,508 11,999,50823,575,000 0.35% due January 13, 2010 23,572,300 23,572,30045,000,000 0.38% due January 14, 2010 44,993,949 44,993,9499,000,000 0.50% due January 19, 2010 8,997,789 8,997,7898,000,000 0.50% due January 28, 2010 7,997,041 7,997,0412,000,000 0.38% due February 03, 2010 1,999,309 1,999,3096,960,000 0.42% due February 08, 2010 6,956,948 6,956,9488,000,000 0.39% due February 11, 2010 7,996,494 7,996,49432,500,000 0.40% due February 12, 2010 32,485,087 32,485,0879,300,000 0.42% due February 19, 2010 9,294,746 9,294,7468,500,000 0.40% due March 11, 2010 8,493,607 8,493,6076,400,000 0.40% due March 12, 2010 6,395,117 6,395,117

SUMMIT Trust20,100,000 0.53% due January 04, 2010 20,099,125 20,099,12525,000,000 0.70% due January 05, 2010 24,998,088 24,998,0884,900,000 0.38% due January 13, 2010 4,899,385 4,899,38547,600,000 0.55% due January 20, 2010 47,586,499 47,586,49916,000,000 0.70% due January 25, 2010 15,992,658 15,992,6586,000,000 0.47% due February 02, 2010 5,997,540 5,997,54010,000,000 0.38% due February 03, 2010 9,996,543 9,996,54313,000,000 0.39% due February 11, 2010 12,994,342 12,994,34225,000,000 0.40% due February 23, 2010 24,985,440 24,985,44025,000,000 0.40% due March 10, 2010 24,981,355 24,981,355

2,796,885,260 2,796,885,260

TOTAL INVESTMENT

PORTFOLIO – 100.0% 3,937,832,238 3,937,832,238

OTHER NET ASSETS – 0.0% 1,853,776 1,853,776

TOTAL NET ASSETS – 100.0% $ 3,939,686,014 $ 3,939,686,014




Credit Rating° 2009 2008 2009 2008

R-1 High 85.80 96.04 85.76 95.99R-1 Mid 5.57 3.68 5.57 3.68R-1 Low 0.00 0.28 0.00 0.28AAA 1.66 0.00 1.66 0.00AA 5.98 0.00 5.97 0.00A 0.10 0.00 0.10 0.00No Rating 0.89 0.00 0.89 0.00

Total 100.00 100.00 99.95 99.95





Short-Term Investments $ 0 $ 3,937,832 $ 0 $ 3,937,832




Less than3 months

Accounts payable and accrued liabilities $ 11,522

$ $ $


MONEY MARKET FUNDSTD Canadian Money Market Fund


�TD Premium Money Market Fund



2009 2008

AssetsShort-Term Investments $ 4,936,892 $ 6,732,952Cash 42 303Interest Receivable 2,226 3,986Subscriptions Receivable 14,387 44,959

4,953,547 6,782,200

LiabilitiesAccrued Liabilities 1,335 1,760Redemptions Payable 8,013 8,959Distributions Payable 0 335

9,348 11,054

Net Assets (Note 3) $ 4,944,199 $ 6,771,146

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 4,692,106 $ 6,576,011F-Series $ 252,093 $ 195,135

$ 4,944,199 $ 6,771,146


F-Series 25,209,248 19,513,497


F-Series $ 10.00 $ 10.00



2009 2008


59,607 243,363

Expenses (Note 5)Management Fee 19,161 21,760Independent Review Committee Fees 33 38Bank Charges and Interest 0 1

19,194 21,799Less: Waived Expenses (32) (38)

19,162 21,761



†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 38,551 $ 217,671F-Series $ 1,894 $ 3,931

$ 40,445 $ 221,602

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.06 $ 0.32F-Series $ 0.07 $ 0.33

MONEY MARKET FUNDS




Investor Series F-Series TOTAL

2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 6,576,011 $ 6,014,347 $ 195,135 $ 51,633 $ 6,771,146 $ 6,065,980

Increase (Decrease) in Net Assetsfrom Investment Operations 38,551 217,671 1,894 3,931 40,445 221,602


Proceeds from Sale of Units 4,767,229 9,733,905 577,318 370,502 5,344,547 10,104,407Reinvestments of Distributions 37,563 212,290 1,803 3,737 39,366 216,027Amounts Paid on Redemptions (6,688,697) (9,384,531) (522,163) (230,737) (7,210,860) (9,615,268)

(1,883,905) 561,664 56,958 143,502 (1,826,947) 705,166

Distributions to UnitholdersFrom Net Investment Income (38,551) (217,671) (1,894) (3,931) (40,445) (221,602)

Increase (Decrease) in Net Assetsfor the Period (1,883,905) 561,664 56,958 143,502 (1,826,947) 705,166

Net Assets, End of the Period $ 4,692,106 $ 6,576,011 $ 252,093 $ 195,135 $ 4,944,199 $ 6,771,146†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 657,601,118 601,434,706 19,513,497 5,163,274Units Issued 476,722,885 973,390,547 57,731,752 37,050,234Units Issued on Reinvestments 3,756,326 21,228,962 180,349 373,734Units Redeemed (668,869,714) (938,453,097) (52,216,350) (23,073,745)

Units Outstanding, End of the Period 469,210,615 657,601,118 25,209,248 19,513,497

MONEY MARKET FUNDS





Canada Housing Trust No. 1$ 45,000,000 3.75% due March 15, 2010 $ 45,277,574 $ 45,277,574

43,000,000 Floating Rate due March 15, 2010 43,001,288 43,001,288

Government of Canada Treasury Bill51,900,000 0.23% due January 07, 2010 51,898,055 51,898,055111,000,000 0.72% due January 21, 2010 110,956,499 110,956,49948,300,000 0.20% due February 04, 2010 48,290,798 48,290,79888,300,000 0.50% due February 18, 2010 88,241,866 88,241,866132,800,000 0.24% due March 04, 2010 132,745,533 132,745,533138,000,000 0.32% due March 18, 2010 137,907,887 137,907,887133,500,000 0.23% due April 01, 2010 133,423,315 133,423,31573,000,000 0.33% due April 15, 2010 72,930,816 72,930,81640,000,000 0.42% due May 13, 2010 39,939,509 39,939,50924,000,000 0.60% due June 10, 2010 23,937,231 23,937,23110,000,000 0.56% due July 08, 2010 9,971,077 9,971,077

938,521,448 938,521,448



Province of British Columbia7,000,000 0.25% due February 08, 2010 6,998,180 6,998,1806,000,000 0.30% due February 17, 2010 5,997,680 5,997,68010,000,000 0.24% due February 22, 2010 9,996,570 9,996,5705,000,000 0.73% due March 24, 2010 4,991,859 4,991,85911,000,000 0.63% due June 08, 2010 10,970,185 10,970,185

Province of Manitoba25,000,000 Floating Rate due May 15, 2010 24,988,527 24,988,527

Province of Manitoba Treasury Bill31,000,000 0.22% due March 24, 2010 30,984,748 30,984,748

Province of New Brunswick11,500,000 0.24% due February 10, 2010 11,496,974 11,496,97415,000,000 0.23% due February 17, 2010 14,995,521 14,995,521


Province of Ontario8,000,000 0.66% due June 02, 2010 7,978,127 7,978,12774,000,000 Floating Rate due December 03, 2010 73,841,353 73,841,353

Province of Ontario Treasury Bill3,100,000 0.30% due January 06, 2010 3,099,872 3,099,87212,000,000 0.20% due January 20, 2010 11,998,733 11,998,73348,550,000 0.24% due February 17, 2010 48,535,070 48,535,07010,000,000 0.25% due February 24, 2010 9,996,280 9,996,28035,000,000 0.24% due March 03, 2010 34,985,923 34,985,923

Province of Quebec Residual8,000,000 0.67% due June 28, 2010 7,974,014 7,974,014

Province of Quebec Treasury Bill20,000,000 0.25% due January 19, 2010 19,997,554 19,997,55427,400,000 0.20% due January 20, 2010 27,397,105 27,397,10520,000,000 0.20% due January 25, 2010 19,997,360 19,997,3605,000,000 0.88% due January 29, 2010 4,996,654 4,996,65410,000,000 0.25% due February 12, 2010 9,997,138 9,997,13822,800,000 0.24% due February 19, 2010 22,792,634 22,792,6344,000,000 0.24% due March 05, 2010 3,998,339 3,998,33925,000,000 0.23% due March 12, 2010 24,988,882 24,988,882

482,713,732 482,713,732

CORPORATE – 71.1%

Bank of America N.A.44,900,000 0.30% due January 13, 2010 44,895,536 44,895,53630,000,000 0.30% due January 14, 2010 29,996,750 29,996,750

Bank of Montreal34,300,000 0.27% due January 04, 2010 34,299,228 34,299,22836,000,000 0.27% due January 05, 2010 35,998,928 35,998,92840,000,000 0.26% due January 12, 2010 39,996,814 39,996,81419,300,000 0.27% due January 13, 2010 19,298,263 19,298,26340,000,000 0.27% due January 18, 2010 39,994,949 39,994,94930,000,000 0.27% due January 20, 2010 29,995,820 29,995,8208,500,000 7.00% due January 28, 2010 8,539,957 8,539,95725,000,000 0.27% due January 29, 2010 24,994,750 24,994,75010,000,000 Floating Rate due February 01, 2010 10,003,977 10,003,9775,000,000 0.28% due February 08, 2010 4,998,538 4,998,53810,000,000 0.29% due February 22, 2010 9,995,895 9,995,895

The Bank of Nova Scotia30,000,000 0.27% due February 01, 2010 29,993,236 29,993,23630,000,000 0.26% due February 08, 2010 29,992,020 29,992,02015,000,000 0.32% due February 18, 2010 14,993,661 14,993,66175,000,000 3.93% due February 18, 2010 75,277,759 75,277,75920,000,000 0.85% due March 09, 2010 19,969,066 19,969,06614,000,000 0.85% due March 11, 2010 13,977,681 13,977,6818,000,000 0.80% due March 15, 2010 7,987,309 7,987,30947,000,000 Floating Rate due May 13, 2010 47,000,000 47,000,00050,600,000 Floating Rate due June 17, 2010 50,600,164 50,600,1647,000,000 Floating Rate due July 02, 2010 7,024,778 7,024,7785,000,000 5.00% due September 13, 2010 5,151,291 5,151,291

Bay Street Funding Trust22,700,000 0.45% due January 04, 2010 22,699,164 22,699,16410,500,000 0.40% due January 19, 2010 10,497,921 10,497,92112,500,000 0.65% due January 20, 2010 12,495,785 12,495,7858,100,000 0.40% due January 27, 2010 8,097,690 8,097,69035,000,000 0.38% due February 05, 2010 34,987,206 34,987,20611,000,000 0.40% due February 16, 2010 10,994,445 10,994,4453,000,000 0.63% due February 22, 2010 2,997,318 2,997,31811,000,000 0.40% due March 03, 2010 10,992,626 10,992,62614,300,000 0.40% due March 12, 2010 14,289,000 14,289,000

Borealis Finance Trust27,400,000 0.30% due January 05, 2010 27,399,103 27,399,10322,000,000 0.28% due January 08, 2010 21,998,810 21,998,810

Caisse centrale Desjardins3,000,000 0.26% due January 05, 2010 2,999,914 2,999,91415,000,000 0.27% due January 12, 2010 14,998,763 14,998,763

Canadian Imperial Bank of Commerce7,000,000 0.27% due January 04, 2010 6,999,846 6,999,84622,900,000 0.26% due January 07, 2010 22,899,030 22,899,03048,000,000 0.26% due January 15, 2010 47,995,190 47,995,19012,000,000 0.26% due January 22, 2010 11,998,189 11,998,18913,900,000 0.29% due February 01, 2010 13,896,634 13,896,63428,040,000 Floating Rate due February 08, 2010 28,040,000 28,040,00010,000,000 0.28% due February 10, 2010 9,996,916 9,996,91617,000,000 0.28% due February 12, 2010 16,994,540 16,994,54020,000,000 0.29% due March 01, 2010 19,990,677 19,990,67725,100,000 0.29% due March 08, 2010 25,086,876 25,086,87628,040,000 Floating Rate due March 18, 2010 28,039,973 28,039,97325,000,000 0.30% due March 22, 2010 24,983,617 24,983,6178,700,000 4.95% due September 02, 2010 8,946,295 8,946,295


$ $ $




MONEY MARKET FUNDS


Canadian Master Trust35,800,000 0.38% due January 11, 2010 35,796,293 35,796,29315,000,000 0.38% due January 13, 2010 14,998,110 14,998,1104,500,000 0.38% due January 14, 2010 4,499,384 4,499,38430,000,000 0.38% due January 19, 2010 29,994,414 29,994,41414,000,000 0.70% due January 22, 2010 13,994,387 13,994,38725,000,000 0.47% due January 26, 2010 24,991,974 24,991,97417,000,000 0.39% due January 27, 2010 16,995,295 16,995,29515,000,000 0.70% due January 29, 2010 14,991,984 14,991,98440,000,000 0.47% due February 02, 2010 39,983,600 39,983,60010,700,000 0.39% due February 11, 2010 10,695,343 10,695,34313,000,000 0.40% due February 17, 2010 12,993,294 12,993,294

CARE Trust3,200,000 0.70% due January 04, 2010 3,199,816 3,199,81626,000,000 0.38% due January 15, 2010 25,996,243 25,996,24315,400,000 0.47% due January 18, 2010 15,396,634 15,396,63424,200,000 0.42% due January 19, 2010 24,194,978 24,194,97815,000,000 0.47% due January 26, 2010 14,995,185 14,995,18522,400,000 0.38% due January 29, 2010 22,393,443 22,393,44318,800,000 0.43% due February 05, 2010 18,792,276 18,792,27614,600,000 0.43% due February 17, 2010 14,591,945 14,591,945

Diversified Trust30,000,000 0.47% due January 05, 2010 29,998,462 29,998,46211,600,000 0.38% due January 22, 2010 11,597,488 11,597,48815,100,000 0.70% due January 25, 2010 15,093,071 15,093,07123,400,000 0.67% due January 26, 2010 23,389,342 23,389,34232,500,000 0.58% due January 28, 2010 32,486,117 32,486,11720,000,000 0.47% due February 03, 2010 19,991,495 19,991,49521,700,000 0.39% due February 09, 2010 21,690,926 21,690,92630,000,000 0.40% due March 01, 2010 29,980,549 29,980,54914,000,000 0.40% due March 10, 2010 13,989,559 13,989,559

HSBC Bank Canada11,100,000 0.29% due January 11, 2010 11,099,133 11,099,1337,500,000 0.29% due January 18, 2010 7,498,972 7,498,97231,800,000 0.30% due February 01, 2010 31,791,990 31,791,99030,000,000 0.30% due February 02, 2010 29,992,084 29,992,084

JPMorgan Chase Bank10,000,000 0.28% due January 25, 2010 9,998,133 9,998,133

National Bank of Canada25,600,000 0.27% due January 11, 2010 25,598,129 25,598,12930,000,000 0.26% due January 27, 2010 29,994,352 29,994,35235,000,000 0.28% due January 29, 2010 34,992,533 34,992,533

OMERS Realty Corporation4,500,000 0.30% due January 04, 2010 4,499,890 4,499,89015,000,000 0.30% due January 06, 2010 14,999,388 14,999,388

Plaza Trust10,965,000 0.38% due January 18, 2010 10,963,078 10,963,07818,500,000 0.50% due January 22, 2010 18,494,678 18,494,67817,000,000 0.42% due February 01, 2010 16,993,919 16,993,91912,000,000 0.39% due February 11, 2010 11,994,741 11,994,74113,360,000 0.42% due February 12, 2010 13,353,530 13,353,53011,000,000 0.42% due February 16, 2010 10,994,170 10,994,1708,915,000 0.42% due February 19, 2010 8,909,963 8,909,9635,200,000 0.40% due February 23, 2010 5,196,968 5,196,96810,000,000 0.40% due March 17, 2010 9,991,818 9,991,81813,475,000 0.40% due March 19, 2010 13,463,671 13,463,67117,400,000 0.40% due March 25, 2010 17,384,175 17,384,17520,000,000 0.40% due March 26, 2010 19,981,657 19,981,657

PURE Trust50,000 0.50% due January 04, 2010 49,998 49,998

20,500,000 0.35% due January 12, 2010 20,497,858 20,497,85821,470,000 0.38% due January 13, 2010 21,467,338 21,467,33813,730,000 0.38% due January 14, 2010 13,728,166 13,728,16616,400,000 0.50% due January 15, 2010 16,396,865 16,396,86516,100,000 0.50% due January 26, 2010 16,094,481 16,094,48111,600,000 0.50% due January 28, 2010 11,595,709 11,595,7094,960,000 0.50% due January 29, 2010 4,958,106 4,958,1064,300,000 0.42% due February 01, 2010 4,298,462 4,298,4626,150,000 0.45% due February 05, 2010 6,147,352 6,147,35219,950,000 0.42% due February 08, 2010 19,941,253 19,941,2538,100,000 0.39% due February 11, 2010 8,096,450 8,096,45015,000,000 0.40% due February 19, 2010 14,991,915 14,991,9159,900,000 0.40% due March 11, 2010 9,892,535 9,892,53510,000,000 0.40% due March 19, 2010 9,991,607 9,991,607

Ridge Trust50,000,000 0.46% due January 06, 2010 49,996,846 49,996,8467,000,000 0.38% due January 07, 2010 6,999,566 6,999,56627,000,000 0.47% due January 15, 2010 26,995,153 26,995,15325,700,000 0.47% due January 18, 2010 25,694,383 25,694,38310,000,000 0.70% due January 22, 2010 9,995,985 9,995,98515,000,000 0.47% due January 25, 2010 14,995,360 14,995,36024,700,000 0.56% due January 27, 2010 24,690,096 24,690,09624,000,000 0.47% due February 01, 2010 23,990,414 23,990,41430,000,000 0.47% due February 04, 2010 29,986,886 29,986,88610,000,000 0.39% due February 09, 2010 9,995,848 9,995,84855,500,000 0.47% due February 10, 2010 55,471,457 55,471,457

Royal Bank of Canada30,000,000 0.25% due January 04, 2010 29,999,373 29,999,37326,000,000 0.25% due January 11, 2010 25,998,241 25,998,24123,000,000 0.28% due January 15, 2010 22,997,538 22,997,53830,000,000 0.26% due January 28, 2010 29,994,330 29,994,33025,000,000 0.27% due January 29, 2010 24,994,806 24,994,80619,000,000 0.25% due February 01, 2010 18,995,922 18,995,92246,000,000 0.22% due February 05, 2010 45,990,161 45,990,16111,000,000 0.27% due February 16, 2010 10,996,233 10,996,23310,000,000 0.27% due February 19, 2010 9,996,365 9,996,36512,500,000 0.27% due February 25, 2010 12,494,953 12,494,95325,000,000 0.27% due March 01, 2010 24,989,119 24,989,119

SAFE Trust19,000,000 0.95% due January 12, 2010 18,994,586 18,994,5865,000,000 0.62% due May 26, 2010 4,987,719 4,987,71915,000,000 0.62% due May 27, 2010 14,962,902 14,962,902

SMART Trust30,000,000 0.95% due January 06, 2010 29,996,117 29,996,11730,000,000 0.40% due January 21, 2010 29,993,390 29,993,39025,000,000 0.38% due January 22, 2010 24,994,600 24,994,600

Societe Generale (Canada Branch)5,000,000 0.30% due February 22, 2010 4,997,873 4,997,873

SOUND Trust7,300,000 0.77% due March 02, 2010 7,290,800 7,290,80014,000,000 0.62% due May 25, 2010 13,965,849 13,965,849

STARS Trust11,500,000 0.46% due January 07, 2010 11,499,128 11,499,12830,000,000 0.38% due January 08, 2010 29,997,800 29,997,80017,500,000 0.44% due January 11, 2010 17,497,895 17,497,8959,800,000 0.38% due January 14, 2010 9,798,685 9,798,68518,000,000 0.38% due January 18, 2010 17,996,853 17,996,85325,500,000 0.47% due January 27, 2010 25,491,496 25,491,49620,000,000 0.38% due January 28, 2010 19,994,308 19,994,30836,800,000 0.39% due February 09, 2010 36,784,722 36,784,72216,000,000 0.40% due February 23, 2010 15,990,672 15,990,67238,400,000 0.40% due March 08, 2010 38,372,255 38,372,25525,000,000 0.40% due March 10, 2010 24,981,355 24,981,355

$ $ $ $ $ $


MONEY MARKET FUNDSTD Premium Money Market Fund


Storm King Funding17,000,000 0.50% due January 04, 2010 16,999,303 16,999,30351,474,000 0.38% due January 14, 2010 51,467,107 51,467,10721,500,000 0.45% due January 19, 2010 21,495,260 21,495,2607,000,000 0.38% due January 21, 2010 6,998,560 6,998,56010,280,000 0.38% due January 25, 2010 10,277,460 10,277,46010,400,000 0.50% due January 28, 2010 10,396,153 10,396,15316,660,000 0.39% due February 03, 2010 16,654,106 16,654,10622,170,000 0.42% due February 12, 2010 22,159,284 22,159,2848,700,000 0.42% due February 19, 2010 8,695,085 8,695,08510,200,000 0.42% due March 05, 2010 10,192,627 10,192,62710,700,000 0.40% due March 19, 2010 10,691,004 10,691,0042,930,000 0.40% due March 22, 2010 2,927,424 2,927,424

SUMMIT Trust9,000,000 0.45% due January 04, 2010 8,999,666 8,999,66614,000,000 0.70% due January 05, 2010 13,998,930 13,998,93055,000,000 0.58% due January 20, 2010 54,983,371 54,983,37120,000,000 0.70% due January 25, 2010 19,990,822 19,990,82215,000,000 0.47% due February 02, 2010 14,993,850 14,993,85017,300,000 0.38% due February 03, 2010 17,294,019 17,294,0196,400,000 0.39% due February 09, 2010 6,397,343 6,397,34313,000,000 0.39% due February 11, 2010 12,994,342 12,994,34220,000,000 0.40% due February 23, 2010 19,988,352 19,988,35231,900,000 0.40% due March 10, 2010 31,876,209 31,876,209

3,515,656,889 3,515,656,889

TOTAL INVESTMENT

PORTFOLIO – 99.9% 4,936,892,069 4,936,892,069

OTHER NET ASSETS – 0.1% 7,306,563 7,306,563

TOTAL NET ASSETS – 100.0% $ 4,944,198,632 $ 4,944,198,632




Credit Rating° 2009 2008 2009 2008

R-1 High 81.32 95.51 81.20 94.97R-1 Mid 7.62 4.24 7.61 4.22R-1 Low 0.00 0.25 0.00 0.25AAA 1.79 0.00 1.79 0.00AA 7.61 0.00 7.59 0.00A 0.16 0.00 0.16 0.00No Rating 1.50 0.00 1.50 0.00

Total 100.00 100.00 99.85 99.44





Short-Term Investments $ 0 $ 4,936,892 $ 0 $ 4,936,892




Less than3 months


$ $ $


MONEY MARKET FUNDSTD Premium Money Market Fund


�TD U.S. Money Market Fund (expressed in United States dollars)



2009 2008

AssetsShort-Term Investments $ 807,262 $ 901,129Cash 59 192Interest Receivable 247 224Subscriptions Receivable 2,987 5,604

810,555 907,149

LiabilitiesAccrued Liabilities 191 549Redemptions Payable 2,498 3,208Distributions Payable 7 41

2,696 3,798

Net Assets (Note 3) $ 807,859 $ 903,351

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 479,357 $ 480,342Premium Series $ 328,492 $ 423,009O-Series $ 10 $ 0

$ 807,859 $ 903,351


Premium Series 32,849,160 42,300,856

O-Series 1,017 10


Premium Series $ 10.00 $ 10.00

O-Series $ 10.00 $ 10.00



2009 2008

Investment IncomeInterest $ 6,199 $ 36,031



3,520 8,642



†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 1,305 $ 12,076Premium Series $ 1,374 $ 15,313O-Series $ 0 $ 0

$ 2,679 $ 27,389

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.03 $ 0.19Premium Series $ 0.04 $ 0.25O-Series $ 0.07 $ 0.33

MONEY MARKET FUNDS


�TD U.S. Money Market Fund (expressed in United States dollars)

MONEY MARKET FUNDS



Investor Series Premium Series

2009 2008 2009 2008

Net Assets, Beginning of the Period $ 480,342 $ 613,791 $ 423,009 $ 544,833

Increase (Decrease) in Net Assetsfrom Investment Operations 1,305 12,076 1,374 15,313


Proceeds from Sale of Units 908,235 1,263,398 407,882 1,143,844Reinvestments of Distributions 1,287 11,901 1,325 14,678Amounts Paid on Redemptions (910,507) (1,408,748) (503,724) (1,280,346)

(985) (133,449) (94,517) (121,824)

Distributions to UnitholdersFrom Net Investment Income (1,305) (12,076) (1,374) (15,313)

Increase (Decrease) in Net Assetsfor the Period (985) (133,449) (94,517) (121,824)

Net Assets, End of the Period $ 479,357 $ 480,342 $ 328,492 $ 423,009†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 48,034,202 61,379,056 42,300,856 54,483,321Units Issued 90,823,480 126,339,838 40,788,151 114,384,438Units Issued on Reinvestments 128,713 1,190,127 132,546 1,467,741Units Redeemed (91,050,651) (140,874,819) (50,372,393) (128,034,644)


O-Series TOTAL

2009 2008 2009 2008

Net Assets, Beginning of the Period $ 0 $ 0 $ 903,351 $ 1,158,624

Increase (Decrease) in Net Assetsfrom Investment Operations 0 0 2,679 27,389


Proceeds from Sale of Units 10 0 1,316,127 2,407,242Reinvestments of Distributions 0 0 2,612 26,579Amounts Paid on Redemptions 0 0 (1,414,231) (2,689,094)

10 0 (95,492) (255,273)

Distributions to UnitholdersFrom Net Investment Income 0 0 (2,679) (27,389)

Increase (Decrease) in Net Assetsfor the Period 10 0 (95,492) (255,273)

Net Assets, End of the Period $ 10 $ 0 $ 807,859 $ 903,351†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 10 0Units Issued 1,000 10Units Issued on Reinvestments 7 0Units Redeemed 0 0

Units Outstanding, End of the Period 1,017 10




Export Development Canada$ 10,000,000 0.14% due February 24, 2010 $ 9,997,900 $ 9,997,900

17,490,000 0.15% due April 19, 2010 17,482,130 17,482,130

Government of Canada9,000,000 0.30% due January 07, 2010 8,999,550 8,999,55012,000,000 0.08% due February 18, 2010 11,998,720 11,998,720

48,478,300 48,478,300


Alberta Treasury Branches19,700,000 0.17% due January 21, 2010 19,698,146 19,698,146

Province of British Columbia10,000,000 0.15% due February 08, 2010 9,998,417 9,998,417

Province of Manitoba17,750,000 4.45% due April 12, 2010 17,932,028 17,932,028

Province of Ontario Treasury Bill13,900,000 0.19% due January 07, 2010 13,899,560 13,899,56026,700,000 0.18% due January 14, 2010 26,698,267 26,698,26720,000,000 0.11% due January 29, 2010 19,998,289 19,998,28919,400,000 0.19% due February 17, 2010 19,395,188 19,395,18810,000,000 0.14% due March 09, 2010 9,997,394 9,997,39414,700,000 0.23% due May 17, 2010 14,687,227 14,687,227

Province of Quebec10,600,000 0.16% due January 07, 2010 10,599,717 10,599,7179,000,000 0.13% due March 09, 2010 8,997,823 8,997,823

171,902,056 171,902,056

CORPORATE – 72.6%

Bank of America N.A.8,300,000 0.21% due January 12, 2010 8,299,470 8,299,47010,000,000 0.21% due January 25, 2010 9,998,611 9,998,611

Bank of Montreal17,900,000 0.01% due January 04, 2010 17,900,000 17,900,00010,400,000 0.16% due January 11, 2010 10,399,539 10,399,53917,000,000 0.14% due January 15, 2010 16,999,108 16,999,10811,300,000 0.14% due January 25, 2010 11,298,929 11,298,929

The Bank of Nova Scotia6,020,000 0.14% due January 11, 2010 6,019,766 6,019,76612,600,000 0.16% due January 13, 2010 12,599,328 12,599,3286,677,000 0.15% due January 26, 2010 6,676,305 6,676,30515,000,000 0.13% due February 19, 2010 14,997,346 14,997,34610,000,000 Floating Rate due April 20, 2010 10,000,000 10,000,00013,000,000 0.93% due June 17, 2010 13,000,000 13,000,000

Bay Street Funding Trust4,000,000 0.41% due January 25, 2010 3,998,932 3,998,9323,500,000 0.30% due January 27, 2010 3,499,253 3,499,2539,400,000 0.31% due February 03, 2010 9,397,341 9,397,3413,400,000 0.33% due February 05, 2010 3,398,939 3,398,939

Caisse centrale Desjardins11,050,000 0.20% due February 17, 2010 11,047,116 11,047,116

Canadian Imperial Bank of Commerce20,000,000 0.16% due January 20, 2010 19,998,311 19,998,311

Canadian Master Trust5,000,000 0.46% due January 05, 2010 4,999,749 4,999,7491,600,000 0.40% due January 06, 2010 1,599,913 1,599,9134,600,000 0.35% due January 08, 2010 4,599,691 4,599,6918,000,000 0.35% due January 11, 2010 7,999,231 7,999,2313,250,000 0.43% due January 21, 2010 3,249,233 3,249,2333,500,000 0.42% due January 22, 2010 3,499,145 3,499,1458,400,000 0.77% due January 27, 2010 8,395,417 8,395,4172,900,000 0.35% due February 02, 2010 2,899,098 2,899,098

CARE Trust8,000,000 0.33% due January 06, 2010 7,999,639 7,999,63911,200,000 0.34% due January 15, 2010 11,198,534 11,198,5342,500,000 0.44% due January 21, 2010 2,499,402 2,499,40216,800,000 0.35% due February 02, 2010 16,794,803 16,794,803

Diversified Trust8,400,000 0.37% due January 06, 2010 8,399,570 8,399,57013,100,000 0.35% due January 08, 2010 13,099,120 13,099,1204,800,000 0.34% due January 26, 2010 4,798,871 4,798,8714,400,000 0.70% due January 27, 2010 4,397,828 4,397,8283,700,000 0.41% due February 08, 2010 3,698,438 3,698,4387,300,000 0.36% due February 09, 2010 7,297,210 7,297,2101,400,000 0.47% due April 27, 2010 1,397,932 1,397,9321,700,000 0.50% due June 22, 2010 1,696,034 1,696,034

HSBC Bank Canada14,000,000 0.18% due January 28, 2010 13,998,183 13,998,183

National Bank of Canada10,000,000 0.13% due January 29, 2010 9,998,973 9,998,973

Plaza Trust11,600,000 0.31% due January 12, 2010 11,598,928 11,598,9288,420,000 0.30% due January 19, 2010 8,418,746 8,418,746

PURE Trust15,650,000 0.31% due January 05, 2010 15,649,470 15,649,47015,000,000 0.30% due January 27, 2010 14,996,796 14,996,796

Ridge Trust20,000,000 0.42% due January 04, 2010 19,999,303 19,999,3031,200,000 0.34% due January 15, 2010 1,199,843 1,199,84312,000,000 0.44% due January 19, 2010 11,997,417 11,997,4175,000,000 0.43% due January 25, 2010 4,998,602 4,998,6025,000,000 0.77% due January 26, 2010 4,997,370 4,997,370

Royal Bank of Canada10,000,000 0.17% due January 29, 2010 9,998,727 9,998,7276,500,000 0.18% due March 09, 2010 6,497,845 6,497,845

Societe Generale (Canada Branch)15,000,000 0.22% due January 22, 2010 14,998,080 14,998,080

STARS Trust500,000 0.35% due January 06, 2010 499,976 499,976

8,000,000 0.35% due January 11, 2010 7,999,233 7,999,2335,300,000 0.37% due January 19, 2010 5,299,046 5,299,0467,500,000 0.36% due February 04, 2010 7,497,502 7,497,50211,100,000 0.37% due March 08, 2010 11,092,513 11,092,5139,900,000 0.37% due March 10, 2010 9,893,120 9,893,120

$ $ $

Par Value Description Cost Fair Value�TD U.S. Money Market Fund(expressed in United States dollars)



MONEY MARKET FUNDS


Storm King Funding10,925,000 0.30% due January 13, 2010 10,923,917 10,923,9174,000,000 0.30% due January 15, 2010 3,999,533 3,999,533

SUMMIT Trust600,000 0.37% due January 19, 2010 599,892 599,892

6,000,000 0.34% due January 27, 2010 5,998,548 5,998,54811,400,000 0.42% due February 01, 2010 11,395,911 11,395,9117,000,000 0.77% due February 03, 2010 6,995,142 6,995,1429,300,000 0.36% due February 04, 2010 9,296,903 9,296,9034,000,000 0.37% due February 25, 2010 3,997,775 3,997,775

Wells Fargo Financial Corporation Canada10,000,000 0.23% due January 05, 2010 9,999,745 9,999,7458,000,000 0.23% due January 11, 2010 7,999,491 7,999,4915,000,000 0.24% due January 15, 2010 4,999,541 4,999,5414,000,000 0.24% due January 19, 2010 3,999,528 3,999,5285,000,000 0.24% due January 20, 2010 4,999,378 4,999,378

586,882,129 586,882,129

TOTAL INVESTMENT

PORTFOLIO – 99.9% 807,262,485 807,262,485

OTHER NET ASSETS – 0.1% 596,725 596,725

TOTAL NET ASSETS – 100.0% $ 807,859,210 $ 807,859,210




Credit Rating° 2009 2008 2009 2008

R-1 High 77.60 92.01 77.54 91.78R-1 Mid 12.99 7.99 12.98 7.97A 2.22 0.00 2.22 0.00No Rating 7.19 0.00 7.18 0.00

Total 100.00 100.00 99.92 99.75





Short-Term Investments $ 0 $ 807,262 $ 0 $ 807,262




Less than3 months


$ $ $


TD U.S. Money Market Fund


MONEY MARKET FUNDS

�TD Short Term Bond Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 2,419,047 $ 1,376,659Short-Term Investments 144,500 5,100Cash 177 104Interest Receivable 20,481 13,393Subscriptions Receivable 11,444 1,327Receivable for Investment Sales 0 2,151

2,595,649 1,398,734

LiabilitiesAccrued Liabilities 1,619 600Redemptions Payable 3,631 5,302Payable for Investment Purchases 24,650 0

29,900 5,902

Net Assets (Note 3) $ 2,565,749 $ 1,392,832

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 470,097 $ 153,756Institutional Series $ 1,204,865 $ 1,125,223Advisor Series $ 713,669 $ 67,377F-Series $ 117,062 $ 4,991O-Series $ 60,056 $ 41,485

$ 2,565,749 $ 1,392,832



Advisor Series 68,606,215 6,641,667

F-Series 11,247,180 492,821

O-Series 5,858,107 4,136,103




F-Series $ 10.41 $ 10.13

O-Series $ 10.25 $ 10.03



2009 2008


74,769 72,177



11,595 7,625


Net Realized Gain (Loss) onSale of Investments 12,401 14,433

Net Change in Unrealized Appreciation/Depreciation of Investments 19,015 29,021

Net Gain (Loss) on Investments 31,416 43,454


†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 12,115 $ 9,056Institutional Series $ 64,342 $ 90,296Advisor Series $ 12,552 $ 3,454F-Series $ 2,728 $ 256O-Series $ 2,853 $ 4,944

$ 94,590 $ 108,006


FIXED INCOME FUNDS


�TD Short Term Bond Fund

FIXED INCOME FUNDS




2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 153,756 $ 137,577 $ 1,125,223 $ 1,427,312 $ 67,377 $ 52,913



Proceeds from Sale of Units 388,683 47,727 298,697 1,252 752,351 31,819Reinvestments of Distributions 7,572 4,835 40,072 34,624 7,479 1,614Early Redemption Fees 16 1 64 9 19 1Amounts Paid on Redemptions (84,125) (40,406) (281,365) (373,719) (117,687) (20,604)

312,146 12,157 57,468 (337,834) 642,162 12,830

Distributions to UnitholdersFrom Net Investment Income (7,920) (5,034) (42,168) (54,551) (8,422) (1,820)From Net Realized Gains on Investments 0 0 0 0 0 0

(7,920) (5,034) (42,168) (54,551) (8,422) (1,820)

Increase (Decrease) in Net Assetsfor the Period 316,341 16,179 79,642 (302,089) 646,292 14,464

Net Assets, End of the Period $ 470,097 $ 153,756 $ 1,204,865 $ 1,125,223 $ 713,669 $ 67,377†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 15,785,559 14,530,355 112,099,500 146,163,795 6,641,667 5,367,043Units Issued 39,063,523 4,955,877 29,018,158 125,803 72,568,577 3,174,349Units Issued on Reinvestments 763,655 503,553 3,936,380 3,497,505 720,176 161,354Units Redeemed (8,458,969) (4,204,226) (27,573,116) (37,687,603) (11,324,205) (2,061,079)



2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 4,991 $ 3,341 $ 41,485 $ 77,101 $ 1,392,832 $ 1,698,244

Increase (Decrease) in Net Assetsfrom Investment Operations 2,728 256 2,853 4,944 94,590 108,006


Proceeds from Sale of Units 136,201 2,979 18,651 25,333 1,594,583 109,110Reinvestments of Distributions 1,512 129 1,963 3,694 58,598 44,896Early Redemption Fees 3 0 3 0 105 11Amounts Paid on Redemptions (26,543) (1,571) (2,936) (65,893) (512,656) (502,193)

111,173 1,537 17,681 (36,866) 1,140,630 (348,176)

Distributions to UnitholdersFrom Net Investment Income (1,830) (143) (1,963) (3,694) (62,303) (65,242)From Net Realized Gains on Investments 0 0 0 0 0 0

(1,830) (143) (1,963) (3,694) (62,303) (65,242)

Increase (Decrease) in Net Assetsfor the Period 112,071 1,650 18,571 (35,616) 1,172,917 (305,412)

Net Assets, End of the Period $ 117,062 $ 4,991 $ 60,056 $ 41,485 $ 2,565,749 $ 1,392,832†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 492,821 339,533 4,136,103 7,879,673Units Issued 13,158,632 297,556 1,817,289 2,543,416Units Issued on Reinvestments 145,294 12,874 192,938 372,802Units Redeemed (2,549,567) (157,142) (288,223) (6,659,788)

Units Outstanding, End of the Period 11,247,180 492,821 5,858,107 4,136,103


Bonds – 94.3%

FEDERAL BONDS & GUARANTEES – 29.7%

Canada Housing Trust No. 1$ 50,500,000 4.00% due June 15, 2012 $ 49,234,361 $ 52,980,283

100,000,000 4.55% due December 15, 2012 104,625,000 106,597,47856,000,000 2.70% due December 15, 2013 56,310,843 56,083,59435,000,000 2.20% due March 15, 2014 35,192,500 34,244,17150,000,000 3.15% due June 15, 2014 50,539,474 50,643,94150,000,000 2.75% due December 15, 2014 49,907,500 49,414,733

Government of Canada115,000,000 1.00% due September 01, 2011 114,158,698 114,424,71570,000,000 1.25% due December 01, 2011 69,405,500 69,702,50034,000,000 3.50% due June 01, 2013 35,533,400 35,353,51930,000,000 3.00% due June 01, 2014 30,742,829 30,444,79555,000,000 5.00% due June 01, 2014 60,970,291 60,389,910105,000,000 2.00% due December 01, 2014 102,728,500 101,301,000

759,348,896 761,580,639

PROVINCIAL BONDS & GUARANTEES – 9.5%

Financement-Quebec20,000,000 5.25% due December 01, 2011 21,471,000 21,352,07240,000,000 3.25% due June 01, 2014 40,700,000 40,487,193

Ontario Infrastructure Projects Corporation13,500,000 3.95% due June 03, 2013 13,477,995 13,949,831

Ontario School Boards Financing Corporation6,700,000 5.30% due November 07, 2013 7,384,338 7,260,667

Province of British Columbia10,000,000 7.50% due June 09, 2014 12,043,000 11,875,59910,000,000 4.25% due June 18, 2014 10,546,200 10,550,282

Province of Manitoba10,000,000 3.05% due September 01, 2014 10,009,000 10,029,882

Province of Ontario30,000,000 4.40% due December 02, 2011 31,804,800 31,565,60140,000,000 4.75% due June 02, 2013 42,118,100 42,867,93050,000,000 5.00% due March 08, 2014 54,280,000 54,190,302

243,834,433 244,129,359

CORPORATE BONDS – 55.1%

Bank of Montreal10,000,000 5.04% due September 04, 2012 10,256,100 10,689,29235,000,000 5.05% due September 03, 2013 35,390,650 37,649,294

The Bank of Nova Scotia28,000,000 5.04% due April 08, 2013 27,994,960 29,941,96015,000,000 4.56% due October 30, 2013 15,890,100 15,828,31930,000,000 3.43% due July 16, 2014 30,179,202 30,205,34420,000,000 3.35% due November 18, 2014 19,991,800 19,962,654

bcIMC Realty Corporation41,000,000 5.25% due September 19, 2012 41,065,750 43,630,684

Bell Aliant Regional Communications,Limited Partnership

20,000,000 4.72% due September 26, 2011 20,020,600 20,784,006

Boardwalk Real Estate Investment Trust9,300,000 5.31% due January 23, 2012 9,316,647 9,518,484

Caisse centrale Desjardins23,500,000 3.114% due December 04, 2014 23,500,000 23,123,765

Canadian Credit Card Trust12,500,000 4.143% due April 26, 2010 12,500,000 12,617,69520,000,000 5.365% due March 25, 2013 20,000,000 21,387,423

Canadian Imperial Bank of Commerce10,000,000 5.00% due September 10, 2012 10,685,540 10,646,91725,000,000 3.05% due June 03, 2013 24,986,750 25,157,93530,000,000 4.95% due January 23, 2014 31,888,650 32,126,400

Canadian Natural Resources Limited17,000,000 4.50% due January 23, 2013 17,824,140 17,803,213

Canadian Pacific Railway Company10,000,000 4.90% due June 15, 2010 10,442,000 10,156,074

Canadian Tire Corporation Limited7,650,000 5.22% due October 01, 2010 7,967,850 7,874,229

Caterpillar Financial Services Limited33,000,000 4.94% due June 01, 2012 33,217,830 34,677,86712,100,000 5.20% due June 03, 2013 12,099,032 12,844,929

Citigroup Finance Canada Inc.23,500,000 5.13% due October 25, 2010 23,494,125 24,031,674

EnCana Corporation12,500,000 4.30% due March 12, 2012 12,341,808 13,048,029

ENMAX Corporation10,000,000 5.85% due April 08, 2014 9,988,900 10,661,147

First Capital Realty Inc.4,500,000 5.25% due March 30, 2011 4,506,840 4,607,86512,000,000 5.08% due June 21, 2012 11,553,600 12,234,3524,000,000 5.36% due January 31, 2014 3,473,860 4,018,881

GE Capital Canada Funding Company10,000,000 3.65% due June 07, 2010 9,994,100 10,098,73110,000,000 4.75% due May 02, 2011 9,986,800 10,337,06124,000,000 5.29% due August 17, 2012 24,067,020 25,402,24121,500,000 5.15% due June 06, 2013 21,793,760 22,667,117

Genesis Trust*10,000,000 4.245% due September 15, 2011 10,446,800 10,388,022

Glacier Credit Card Trust21,400,000 5.027% due February 20, 2013 21,311,260 22,655,897

Golden Credit Card Trust30,000,000 4.254% due February 15, 2011 29,936,100 30,885,2045,000,000 5.421% due April 15, 2013 5,362,700 5,385,871

Honda Canada Finance Inc.10,000,000 5.675% due September 26, 2012 10,660,500 10,675,20332,000,000 5.613% due September 12, 2013 32,112,340 34,267,450

HSBC Bank Canada27,000,000 4.59% due March 28, 2011 26,993,790 27,961,935

Hydro One Inc.5,000,000 5.00% due November 12, 2013 5,404,000 5,380,96210,000,000 3.13% due November 19, 2014 9,999,100 9,940,047

John Deere Credit Inc.8,250,000 4.40% due March 30, 2011 8,247,608 8,517,3008,500,000 5.30% due July 27, 2012 8,742,690 9,022,36220,000,000 3.90% due July 29, 2013 20,253,896 20,397,707

Master Credit Card Trust21,000,000 4.444% due November 21, 2011 21,118,500 21,929,08120,000,000 5.297% due August 21, 2012 20,000,000 21,419,064

Merrill Lynch Financial Assets Inc.15,392,000 6.79% due April 15, 2011 16,134,356 15,938,44310,550,000 6.38% due November 12, 2011 11,011,774 10,946,67513,000,000 5.245% due June 12, 2013 13,025,870 13,059,226

Merrill Lynch Mortgage Loans Inc.4,918,902 7.139% due March 15, 2010 6,324,653 4,941,401

OMERS Realty CTT Holdings Two Inc.6,000,000 4.05% due May 05, 2014 5,998,380 6,172,801

Ontrea Inc.4,600,000 5.57% due April 09, 2013 4,982,858 4,988,064

$ $ $

Par Value Description Cost Fair Value�TD Short Term Bond Fund



FIXED INCOME FUNDS


Petro-Canada Centre5,949,718 6.379% due June 09, 2014 5,949,718 6,157,455

RioCan Real Estate Investment Trust10,000,000 5.70% due September 11, 2012 9,997,000 10,399,79020,000,000 8.33% due April 03, 2014 20,000,000 22,269,992

Rogers Communications Inc.1,000,000 7.25% due December 15, 2011 1,106,480 1,071,5274,558,000 7.625% due December 15, 2011 5,089,586 4,987,414

Royal Bank of Canada15,000,000 5.20% due August 15, 2012 16,143,450 16,082,62625,000,000 5.06% due July 17, 2013 26,701,550 26,888,60925,000,000 5.00% due January 20, 2014 27,041,700 26,902,52915,000,000 3.27% due November 10, 2014 14,997,900 14,994,218

Schlumberger Canada Limited3,500,000 5.14% due July 12, 2010 3,499,405 3,568,120

Shaw Communications Inc.16,900,000 7.50% due November 20, 2013 18,876,615 19,099,47316,800,000 6.50% due June 02, 2014 18,719,550 18,385,862

Shoppers Drug Mart Corporation17,300,000 4.99% due June 03, 2013 17,299,525 18,392,358

Suncor Energy Inc.30,000,000 6.70% due August 22, 2011 32,772,630 32,193,649

TELUS Corporation5,100,000 4.50% due March 15, 2012 5,091,455 5,310,63011,000,000 4.95% due May 15, 2014 11,253,360 11,554,907

Thomson Reuters Corporation29,700,000 5.25% due July 15, 2011 29,924,555 31,256,121

Timmins Square Limited Partnershipand Trinity Shopping Centres Partnership

10,000,000 5.797% due June 30, 2010 10,629,700 10,100,628

The Toronto-Dominion Bank*30,000,000 5.141% due November 19, 2012 32,367,900 32,241,48534,000,000 4.854% due February 13, 2013 36,263,050 36,300,484

Toyota Credit Canada Inc.40,000,000 5.05% due July 27, 2012 39,979,200 42,250,308

TransCanada PipeLines Limited15,000,000 4.30% due January 13, 2011 14,993,250 15,455,17715,000,000 5.05% due August 20, 2013 14,980,350 16,072,95617,000,000 5.05% due February 14, 2014 18,480,232 18,256,817

Wells Fargo Financial Corporation Canada10,000,000 4.45% due September 13, 2011 10,027,800 10,367,9646,000,000 5.10% due June 26, 2012 6,326,400 6,335,7463,150,000 4.40% due December 12, 2012 3,284,694 3,274,9214,220,000 4.33% due December 06, 2013 4,258,993 4,351,30731,000,000 3.97% due November 03, 2014 30,998,760 31,192,792

Woodbridge Finance Corporation28,000,000 5.315% due October 18, 2010 28,000,000 28,727,110

YPG Holdings Inc.10,000,000 4.65% due February 28, 2011 10,294,000 10,337,44814,900,000 6.85% due December 03, 2013 14,900,000 15,492,0794,500,000 5.71% due April 21, 2014 4,328,100 4,458,126

1,379,062,497 1,413,336,925

TOTAL INVESTMENT

PORTFOLIO – 94.3% 2,382,245,826 2,419,046,923

SHORT-TERM INVESTMENTS – 5.6% 144,500,000 144,500,000

OTHER NET ASSETS – 0.1% 2,201,890 2,201,890

TOTAL NET ASSETS – 100.0% $ 2,528,947,716 $ 2,565,748,813

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



Percentage of Percentage ofTotal Bonds (%) Total Net Assets (%)

Credit Rating° 2009 2008 2009 2008

AAA 41.41 48.52 39.04 47.95AA 31.89 20.94 30.07 20.69A 14.51 20.86 13.68 20.62BBB 11.77 9.68 11.10 9.57No Rating 0.42 0.00 0.39 0.00

Total 100.00 100.00 94.28 98.83


Interest Rate Risk (Note 11)

The table below summarizes the Fund’s exposure to interest rate risk as at December 31,2009 and 2008 by remaining term to maturity. The table also illustrates the potentialimpact to the Fund’s net assets had the prevailing interest rates changed by 1%,assuming a parallel shift in the yield curve, with all other variables held constant. TheFund’s sensitivity to interest rate changes was estimated using the weighted averageduration of the bond portfolio. In practice, the actual trading results may differ fromthese approximate sensitivity analysis amounts and the difference could be material.

Term to Maturity Total Exposure (000s)

Bonds 2009 2008

Less than 1 year $ 112,116 $ 83,2711-5 years 2,306,931 1,293,388

Total $ 2,419,047 $ 1,376,659

Impact on Net Assets (000s) $ 66,040 $ 38,271

Impact on Net Assets (%) 2.57 2.75


The table below illustrates the classification of the Fund’s financial instruments withinthe fair value hierarchy as at December 31, 2009.


Bonds and Short-TermInvestments $ 0 $ 2,563,547 $ 0 $ 2,563,547




Less than3 months


$ $ $


FIXED INCOME FUNDSTD Short Term Bond Fund


�TD Mortgage Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 1,157,157 $ 545,730Short-Term Investments 15,300 4,400Cash 101 90Interest Receivable 2,134 787Unamortized Liquidity/Guarantee Fees (Note 3) 3,010 1,523Subscriptions Receivable 13,027 870Receivable for Investment Sales 22,299 12,416

1,213,028 565,816

LiabilitiesAccrued Liabilities 1,444 564Redemptions Payable 1,684 3,854Payable for Investment Purchases 2,500 2,804

5,628 7,222

Net Assets (Note 3) $ 1,207,400 $ 558,594

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 350,657 $ 254,000Institutional Series $ 338,651 $ 304,594Advisor Series $ 442,403 N/AF-Series $ 75,689 N/A

$ 1,207,400 $ 558,594



Advisor Series 44,313,972 N/A

F-Series 7,574,993 N/A



Advisor Series $ 9.98 N/A

F-Series $ 9.99 N/A



2009 2008


34,558 28,546

Expenses (Note 5)Management Fee 8,426 6,414Administration Fee 590 403Independent Review Committee Fees 4 3Bank Charges and Interest 0 1


9,019 6,820


Net Realized Gain (Loss) onSale of Investments 217 (385)

Net Change in Unrealized Appreciation/Depreciation of Investments 3,191 22,426

Net Gain (Loss) on Investments 3,408 22,041


†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 11,577 $ 18,115Institutional Series $ 15,328 $ 25,652Advisor Series $ 1,642 N/AF-Series $ 400 N/A

$ 28,947 $ 43,767

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 2.36 $ 4.26Institutional Series $ 0.52 $ 0.79Advisor Series $ 0.07 N/AF-Series $ 0.10 N/A

FIXED INCOME FUNDS


�TD Mortgage Fund

FIXED INCOME FUNDS




2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 254,000 $ 264,922 $ 304,594 $ 327,431 $ 0 N/A

Increase (Decrease) in Net Assetsfrom Investment Operations 11,577 18,115 15,328 25,652 1,642 N/A


Proceeds from Sale of Units 173,348 26,644 46,706 0 468,456 N/AReinvestments of Distributions 9,620 7,964 11,458 0 1,435 N/AEarly Redemption Fees 19 0 18 6 9 N/AAmounts Paid on Redemptions (87,861) (55,361) (26,519) (34,928) (27,563) N/A

95,126 (20,753) 31,663 (34,922) 442,337 N/A

Distributions to UnitholdersFrom Net Investment Income (10,046) (8,284) (12,934) (13,567) (1,576) N/AFrom Net Realized Gains on Investments 0 0 0 0 0 N/A

(10,046) (8,284) (12,934) (13,567) (1,576) N/A

Increase (Decrease) in Net Assetsfor the Period 96,657 (10,922) 34,057 (22,837) 442,403 N/A

Net Assets, End of the Period $ 350,657 $ 254,000 $ 338,651 $ 304,594 $ 442,403 N/A

†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 4,139,170 4,486,237 30,275,076 33,816,893 0 N/AUnits Issued 2,789,634 442,712 4,600,051 0 46,930,560 N/AUnits Issued on Reinvestments 154,888 132,684 1,125,761 0 143,855 N/AUnits Redeemed (1,415,845) (922,463) (2,601,815) (3,541,817) (2,760,443) N/A

Units Outstanding, End of the Period 5,667,847 4,139,170 33,399,073 30,275,076 44,313,972 N/A

F-Series TOTAL

2009 2008 2009 2008

Net Assets, Beginning of the Period $ 0 N/A $ 558,594 $ 592,353

Increase (Decrease) in Net Assetsfrom Investment Operations 400 N/A 28,947 43,767


Proceeds from Sale of Units 82,478 N/A 770,988 26,644Reinvestments of Distributions 281 N/A 22,794 7,964Early Redemption Fees 2 N/A 48 6Amounts Paid on Redemptions (7,126) N/A (149,069) (90,289)

75,635 N/A 644,761 (55,675)

Distributions to UnitholdersFrom Net Investment Income (346) N/A (24,902) (21,851)From Net Realized Gains on Investments 0 N/A 0 0

(346) N/A (24,902) (21,851)

Increase (Decrease) in Net Assetsfor the Period 75,689 N/A 648,806 (33,759)

Net Assets, End of the Period $ 75,689 N/A $ 1,207,400 $ 558,594†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 0 N/AUnits Issued 8,259,463 N/AUnits Issued on Reinvestments 28,135 N/AUnits Redeemed (712,605) N/A

Units Outstanding, End of the Period 7,574,993 N/A


Mortgages – 91.4%

Residential Mortgages (Schedule 1) $ 1,084,023,922 $ 1,103,496,199

Canadian Bonds – 4.4%


Canada Housing Trust No. 1$ 4,500,000 3.15% due June 15, 2014 4,579,380 4,557,955

Government of Canada20,000,000 2.00% due December 01, 2014 19,325,000 19,295,42917,000,000 4.25% due June 01, 2018 18,071,521 17,932,4092,000,000 3.75% due June 01, 2019 2,065,980 2,021,675

44,041,881 43,807,468

PROVINCIAL BONDS – 0.8%

Province of British Columbia10,000,000 4.10% due December 18, 2019 9,984,000 9,853,038

Total Canadian Bonds 54,025,881 53,660,506

TOTAL INVESTMENT

PORTFOLIO – 95.8% 1,138,049,803 1,157,156,705


OTHER NET ASSETS – 2.9% 34,942,894 34,942,894

TOTAL NET ASSETS – 100.0% $ 1,188,292,697 $ 1,207,399,599

Residential Mortgages (Schedule 1)

Interest Number of FairRate Mortgages Cost Value

2% 2 $ 370,070 $ 365,8242.25 6 784,963 779,3002.5 8 1,445,826 1,428,6062.75 37 6,057,416 5,989,6553 168 22,351,910 22,153,0103.25 169 19,260,637 19,099,2193.5 109 16,136,217 15,930,7003.75 355 62,066,014 61,077,3114 698 99,933,471 98,857,9464.25 430 54,144,135 54,024,0804.5 608 75,029,381 75,306,2784.75 487 59,330,408 59,720,0895 1,031 113,480,713 114,925,8865.25 1,084 122,754,337 125,306,9055.5 1,262 127,360,330 130,598,9535.75 992 95,020,970 98,137,3896 941 82,064,776 85,280,0946.25 467 31,802,142 33,153,6536.5 235 17,113,405 17,941,6066.75 202 22,233,053 23,672,0627 268 35,944,099 38,736,9167.25 150 11,111,269 12,009,1607.5 64 5,188,930 5,641,9897.75 24 2,806,637 3,119,3808 4 142,773 147,9308.25 2 26,281 27,3658.5 2 3,361 2,6228.75 1 60,398 62,271

TOTAL 9,806 $ 1,084,023,922 $ 1,103,496,199

Type of Mortgages by Principal Value: Residential 100%(9,806 mortgages); National Housing Act (NHA) insured 100.0%(9,806 mortgages). None of the mortgages held by the Fund areprepayable. There is 1 mortgage with a principal value of $211,785(0.02% of the Fund) that is more than three months in arrears. Theaverage term to maturity is 2.9 years (December 31, 2008, 2.6 years).

FIXED INCOME FUNDS

�TD Mortgage Fund







Credit Rating° 2009 2008 2009 2008

AAA 100.00 100.00 4.44 7.23




Total Exposure (000s)

2009

Term to Maturity Bonds Mortgages Total

1-5 years $ 23,854 $ 1,103,496 $ 1,127,3505-10 years 29,807 0 29,807

Total $ 53,661 $ 1,103,496 $ 1,157,157

Impact on Net Assets (000s) $ 28,582

Impact on Net Assets (%) 2.37

2008

Term to Maturity Bonds Mortgages Total

1-5 years $ 12,743 $ 399,375 $ 412,1185-10 years 27,670 105,942 133,612

Total $ 40,413 $ 505,317 $ 545,730

Impact on Net Assets (000s) $ 13,643

Impact on Net Assets (%) 2.44




Bonds and Short-TermInvestments $ 0 $ 68,961 $ 0 $ 68,961

Mortgages 0 1,103,496 0 1,103,496

$ 0 $ 1,172,457 $ 0 $ 1,172,457




Less than3 months


FIXED INCOME FUNDSTD Mortgage Fund


�TD Canadian Bond Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 8,582,094 $ 7,391,575Short-Term Investments 72,700 19,100Cash 159 129Interest Receivable 58,651 54,965Subscriptions Receivable 18,413 4,487

8,732,017 7,470,256

LiabilitiesAccrued Liabilities 4,863 4,150Redemptions Payable 4,515 27,602Distributions Payable 0 3Payable for Investment Purchases 35,021 0

44,399 31,755

Net Assets (Note 3) $ 8,687,618 $ 7,438,501

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 1,987,827 $ 1,733,488Institutional Series $ 4,910,705 $ 4,363,419Advisor Series $ 1,162,355 $ 928,788F-Series $ 147,342 $ 123,318O-Series $ 479,389 $ 289,488

$ 8,687,618 $ 7,438,501



Advisor Series 100,934,423 85,158,635

F-Series 12,569,044 11,106,876

O-Series 47,020,800 30,054,165




F-Series $ 11.72 $ 11.10

O-Series $ 10.20 $ 9.63



2009 2008


394,850 426,327



51,866 52,771



Net Change in Unrealized Appreciation/Depreciation of Investments 357,875 (191,119)

Net Gain (Loss) on Investments 404,128 (149,962)


†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 169,854 $ 42,420Institutional Series $ 435,833 $ 146,313Advisor Series $ 92,353 $ 19,880F-Series $ 12,250 $ 3,553O-Series $ 36,822 $ 11,428

$ 747,112 $ 223,594


FIXED INCOME FUNDS


�TD Canadian Bond Fund

FIXED INCOME FUNDS




2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 1,733,488 $ 1,806,867 $ 4,363,419 $ 5,377,899 $ 928,788 $ 927,757



Proceeds from Sale of Units 426,188 303,472 572,071 301,953 380,301 226,688Reinvestments of Distributions 71,613 78,706 195,406 189,559 35,360 36,731Early Redemption Fees 15 18 36 51 8 9Amounts Paid on Redemptions (339,853) (417,228) (449,826) (1,386,856) (236,130) (242,501)

157,963 (35,032) 317,687 (895,293) 179,539 20,927

Distributions to UnitholdersFrom Net Investment Income (73,478) (72,541) (206,234) (243,190) (38,325) (35,432)From Net Realized Gains on Investments 0 (8,226) 0 (22,310) 0 (4,344)

(73,478) (80,767) (206,234) (265,500) (38,325) (39,776)

Increase (Decrease) in Net Assetsfor the Period 254,339 (73,379) 547,286 (1,014,480) 233,567 1,031

Net Assets, End of the Period $ 1,987,827 $ 1,733,488 $ 4,910,705 $ 4,363,419 $ 1,162,355 $ 928,788†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 138,770,544 141,515,748 430,486,663 518,416,160 85,158,635 83,248,196Units Issued 32,729,674 23,720,326 53,285,025 28,854,250 33,597,939 20,359,207Units Issued on Reinvestments 5,518,197 6,225,232 18,564,843 18,449,917 3,117,903 3,328,992Units Redeemed (26,234,790) (32,690,762) (43,279,107) (135,233,664) (20,940,054) (21,777,760)



2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 59,539 44,182 228,890 106,584 1,666,989 982,879Reinvestments of Distributions 5,136 5,548 18,130 20,850 325,645 331,394Early Redemption Fees 1 1 3 4 63 83Amounts Paid on Redemptions (47,222) (43,904) (75,814) (220,056) (1,148,845) (2,310,545)

17,454 5,827 171,209 (92,618) 843,852 (996,189)

Distributions to UnitholdersFrom Net Investment Income (5,680) (5,636) (18,130) (19,413) (341,847) (376,212)From Net Realized Gains on Investments 0 (566) 0 (1,437) 0 (36,883)

(5,680) (6,202) (18,130) (20,850) (341,847) (413,095)

Increase (Decrease) in Net Assetsfor the Period 24,024 3,178 189,901 (102,040) 1,249,117 (1,185,690)

Net Assets, End of the Period $ 147,342 $ 123,318 $ 479,389 $ 289,488 $ 8,687,618 $ 7,438,501†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 11,106,876 10,590,192 30,054,165 39,631,726Units Issued 5,140,526 3,891,985 22,778,840 10,794,206Units Issued on Reinvestments 445,365 493,848 1,804,099 2,133,049Units Redeemed (4,123,723) (3,869,149) (7,616,304) (22,504,816)





Business Development Bank of Canada$ 35,000,000 4.75% due July 26, 2021 $ 34,929,300 $ 36,647,086

Canada Housing Trust No. 175,000,000 4.05% due March 15, 2011 74,008,500 77,790,426100,000,000 3.60% due June 15, 2013 100,119,500 103,768,51940,000,000 3.95% due June 15, 2013 39,938,800 41,962,819

Farm Credit Canada61,000,000 4.55% due April 12, 2021 60,560,800 63,362,252

Government of Canada101,400,000 1.00% due September 01, 2011 100,846,153 100,892,749150,000,000 3.75% due September 01, 2011 158,310,000 155,975,81750,000,000 2.00% due September 01, 2012 49,871,250 50,093,4609,000,000 3.50% due June 01, 2013 9,251,660 9,358,28596,400,000 3.00% due June 01, 2014 98,270,270 97,829,274195,000,000 2.00% due December 01, 2014 189,052,700 188,130,42920,000,000 4.50% due June 01, 2015 21,760,500 21,611,49515,000,000 4.00% due June 01, 2017 15,742,500 15,669,07135,000,000 4.25% due June 01, 2018 37,630,633 36,919,666306,250,000 3.75% due June 01, 2019 315,238,951 309,568,984170,000,000 3.50% due June 01, 2020 168,763,250 166,079,11563,000,000 8.00% due June 01, 2023 90,241,900 88,983,88646,500,000 8.00% due June 01, 2027 69,559,644 68,369,342131,300,000 5.75% due June 01, 2029 159,797,313 158,394,0447,000,000 5.00% due June 01, 2037 8,314,400 8,055,25048,500,000 4.00% due June 01, 2041 49,461,070 47,833,981

Government of Canada Real Return10,000,000 4.25% due December 01, 2026 15,543,464 18,370,20835,000,000 2.00% due December 01, 2041 34,009,159 40,411,377

1,901,221,717 1,906,077,535


Alberta Capital Finance Authority60,000,000 4.35% due June 15, 2016 59,585,400 62,900,213110,000,000 4.45% due December 15, 2025 106,273,500 105,359,207

Ontario Strategic Infrastructure Financing Authority54,000,000 4.60% due June 01, 2015 53,837,460 56,535,887

Province of Alberta25,000,000 2.75% due December 01, 2014 24,859,500 24,719,75023,583,000 4.00% due December 01, 2019 23,669,901 23,243,379

Province of British Columbia50,000,000 4.10% due December 18, 2019 49,903,000 49,265,190

Province of Ontario32,000,000 4.40% due June 02, 2019 32,725,440 32,348,63525,000,000 8.10% due September 08, 2023 30,234,250 33,626,18630,000,000 7.60% due June 02, 2027 35,178,434 39,545,21350,000,000 6.20% due June 02, 2031 61,212,500 58,698,15050,000,000 5.85% due March 08, 2033 57,755,000 56,669,980

Province of Ontario Residual640,000,000 5.20% due June 02, 2027 295,414,401 264,185,12075,000,000 5.05% due March 08, 2033 25,439,855 23,860,288

Province of Quebec Real Return95,000,000 4.50% due December 01, 2021 136,081,028 147,125,8002,000,000 4.50% due December 01, 2026 3,461,406 3,507,891

995,631,075 981,590,889

MUNICIPAL BONDS – 1.1%

City of Toronto27,000,000 4.85% due July 28, 2016 26,892,080 28,512,87019,000,000 5.05% due July 18, 2017 18,948,320 20,090,109

Durham District School Board33,700,000 6.75% due November 19, 2019 38,233,298 38,734,497

Municipality of Metropolitan Toronto10,000,000 6.10% due December 12, 2017 9,691,200 11,227,787

93,764,898 98,565,263


AltaLink LP3,000,000 5.43% due June 05, 2013 2,999,310 3,217,68514,100,000 5.243% due May 29, 2018 14,219,562 14,664,513

Bank of Montreal65,000,000 4.78% due April 30, 2014 64,987,650 69,281,08925,000,000 5.18% due June 10, 2015 24,988,500 27,121,09718,000,000 5.45% due July 17, 2017 17,991,720 19,684,04775,000,000 6.17% due March 28, 2018 74,977,500 82,605,119

The Bank of Nova Scotia23,000,000 6.65% due January 22, 2016 22,996,090 26,094,511

bcIMC Realty Corporation33,000,000 5.25% due September 19, 2012 33,184,470 35,117,38049,000,000 5.65% due January 05, 2018 48,834,870 51,952,082


25,000,000 4.72% due September 26, 2011 24,998,750 25,980,00725,000,000 4.95% due February 26, 2014 25,010,962 25,998,044

BMO Capital Trust39,500,000 4.633% due December 31, 2015 38,496,543 39,838,551

BMO Capital Trust, Conv.45,000,000 6.903% due June 30, 2010 47,929,100 46,200,28420,000,000 6.647% due December 31, 2010 20,452,900 20,942,56950,000,000 5.474% due December 31, 2014 50,000,000 52,601,231

BNS Capital Trust, Conv.60,000,000 7.31% due December 31, 2010 61,857,291 63,262,342

Boardwalk Real Estate Investment Trust20,000,000 5.31% due January 23, 2012 20,036,850 20,469,858


Canadian Credit Card Trust15,000,000 4.143% due April 26, 2010 15,000,000 15,141,23320,000,000 4.513% due April 24, 2012 20,000,000 20,846,47625,000,000 5.365% due March 25, 2013 25,000,000 26,734,279

Canadian Imperial Bank of Commerce90,000,000 4.95% due January 23, 2014 89,733,600 96,379,20075,000,000 4.75% due December 22, 2014 74,952,750 79,517,14950,000,000 6.00% due June 06, 2018 49,859,000 54,759,607

Canadian Natural Resources Limited70,000,000 4.50% due January 23, 2013 69,987,400 73,307,348


Caterpillar Financial Services Limited72,500,000 4.34% due December 06, 2010 72,480,425 74,510,00074,000,000 4.94% due June 01, 2012 73,993,340 77,762,489

CIBC Capital Trust65,600,000 9.976% due June 30, 2019 65,600,000 84,978,889

ClareGold Trust36,000,000 5.067% due March 15, 2017 34,972,182 31,345,355

$ $ $

Par Value Description Cost Fair Value�TD Canadian Bond Fund



FIXED INCOME FUNDS


Enbridge Gas Distribution Inc.24,000,000 5.57% due January 29, 2014 23,995,680 26,185,19935,000,000 5.16% due September 24, 2014 34,981,100 37,756,353

Enbridge Inc.45,000,000 4.67% due March 25, 2013 44,986,500 47,463,021

Enbridge Pipelines Inc.38,000,000 6.62% due November 19, 2018 37,983,660 44,181,65813,600,000 4.49% due November 12, 2019 13,589,120 13,550,381

EnCana Corporation44,150,000 4.30% due March 12, 2012 43,803,454 46,085,638

ENMAX Corporation25,000,000 5.85% due April 08, 2014 24,972,250 26,652,86668,000,000 6.15% due June 19, 2018 67,854,480 71,843,270

Finning International Inc.20,000,000 4.64% due December 14, 2011 19,994,000 20,727,41622,300,000 5.16% due September 03, 2013 22,298,662 23,472,83641,500,000 6.02% due June 01, 2018 41,473,440 43,701,692

First Capital Realty Inc.22,000,000 5.25% due March 30, 2011 22,033,440 22,527,34015,000,000 5.49% due December 01, 2011 15,038,250 15,443,26020,000,000 5.36% due January 31, 2014 20,007,000 20,094,40325,000,000 5.32% due October 30, 2014 24,997,500 24,709,550

GE Capital Canada Funding Company10,000,000 4.75% due May 02, 2011 10,023,000 10,337,06150,000,000 4.375% due September 28, 2012 49,944,500 51,798,17630,800,000 5.15% due June 06, 2013 30,838,522 32,471,96350,000,000 4.40% due June 01, 2014 49,926,000 51,089,27025,000,000 5.28% due October 22, 2014 24,991,250 26,339,00140,000,000 4.65% due February 11, 2015 39,980,800 40,864,07625,000,000 5.10% due June 01, 2016 24,977,500 25,608,82180,000,000 5.53% due August 17, 2017 79,742,905 82,656,696

Glacier Credit Card Trust20,000,000 4.187% due November 19, 2010 20,000,000 20,481,47320,500,000 4.271% due November 18, 2011 20,500,000 21,235,46421,000,000 5.027% due February 20, 2013 21,000,000 22,232,422

Golden Credit Card Trust95,000,000 4.254% due February 15, 2011 94,690,854 97,803,147

Hollis Receivables Term Trust5,100,000 7.79% due February 22, 2010 5,214,765 5,136,048

Honda Canada Finance Inc.100,000,000 5.613% due September 12, 2013 100,000,000 107,085,782

HSBC Canada Asset Trust23,400,000 7.78% due December 31, 2010 24,844,363 24,619,94040,000,000 5.149% due June 30, 2015 40,259,331 39,829,844

Hydro One Inc.15,000,000 4.64% due March 03, 2016 14,880,150 15,808,344105,000,000 5.18% due October 18, 2017 109,149,709 112,219,088

John Deere Credit Inc.20,500,000 4.40% due March 30, 2011 20,494,055 21,164,20015,000,000 5.30% due July 27, 2012 14,994,750 15,922,7914,200,000 3.90% due July 29, 2013 4,195,212 4,283,51850,000,000 5.45% due September 16, 2015 49,977,000 53,728,050

Manulife Financial Capital Trust125,000,000 6.70% due June 30, 2012 132,793,903 135,224,750

Manulife Financial Capital Trust II60,000,000 7.405% due December 31, 2019 60,000,000 67,184,057

Master Credit Card Trust40,000,000 5.237% due May 21, 2013 40,000,000 42,950,502

Merrill Lynch Financial Assets Inc.11,189,000 6.79% due April 15, 2011 12,382,531 11,586,22950,000,000 5.74% due November 12, 2012 54,830,000 51,370,14851,600,000 5.245% due June 12, 2013 51,748,142 51,835,083

50,000,000 5.278% due October 12, 2014 52,277,500 49,420,54414,415,000 4.823% due February 12, 2015 14,993,330 13,958,64521,000,000 4.475% due July 12, 2015 20,999,708 19,641,91240,000,000 4.621% due November 12, 2015 39,999,284 36,882,06230,000,000 4.85% due December 12, 2015 29,999,166 29,495,552

Merrill Lynch Mortgage Loans Inc.4,918,902 7.139% due March 15, 2010 6,324,653 4,941,40121,800,000 6.75% due November 15, 2032 23,891,732 22,227,804

OMERS Realty CTT Holdings Inc.11,000,000 4.75% due May 05, 2016 10,994,170 11,436,950

Ontrea Inc.35,000,000 5.57% due April 09, 2013 35,162,750 37,952,657

Petro-Canada Centre24,294,680 6.379% due June 09, 2014 24,294,680 25,142,939

RBC Capital Trust, Conv.88,000,000 7.288% due June 30, 2010 91,763,145 90,546,99684,000,000 7.183% due June 30, 2011 87,216,400 90,172,30139,000,000 5.812% due December 31, 2013 40,823,250 42,072,17475,000,000 4.87% due December 31, 2015 74,910,800 76,812,059

Real Estate Asset Liquidity Trust25,412,000 5.077% due August 12, 2014 25,384,319 24,941,55525,000,000 4.859% due March 12, 2015 24,943,744 23,978,24350,000,000 4.618% due September 12, 2016 49,533,183 45,508,00035,000,000 4.61% due November 12, 2016 34,998,373 31,703,90230,000,000 4.782% due March 12, 2017 29,931,138 27,290,357

RioCan Real Estate Investment Trust36,250,000 4.91% due March 08, 2011 36,240,575 37,180,19130,000,000 4.70% due June 15, 2012 29,882,200 30,472,48339,000,000 5.23% due March 11, 2013 38,888,300 39,461,01740,000,000 8.33% due April 03, 2014 40,000,000 44,539,984

Rogers Communications Inc.7,042,000 7.625% due December 15, 2011 7,880,401 7,705,43430,000,000 5.80% due May 26, 2016 29,930,100 32,042,168

Schooner Trust28,200,000 4.719% due April 12, 2020 29,127,216 27,023,477

Scotiabank Capital Trust20,000,000 6.282% due June 30, 2013 20,000,000 21,729,754

Scotiabank Tier I Trust16,000,000 7.802% due June 30, 2019 16,000,000 18,842,938

Shaw Communications Inc.13,900,000 6.10% due November 16, 2012 14,553,975 14,976,68717,378,000 7.50% due November 20, 2013 19,568,339 19,639,6838,000,000 6.50% due June 02, 2014 7,976,320 8,755,17210,000,000 6.15% due May 09, 2016 9,479,200 10,730,31610,000,000 5.70% due March 02, 2017 9,844,880 10,368,406

Shoppers Drug Mart Corporation54,200,000 4.99% due June 03, 2013 54,199,695 57,622,3006,000,000 5.19% due January 20, 2014 5,998,980 6,424,127

SNC-Lavalin Group Inc.13,200,000 6.19% due July 03, 2019 13,200,000 13,953,516

Solar Trust*18,000,000 5.33% due May 12, 2016 18,268,740 18,209,913

Sun Life Capital Trust67,500,000 6.865% due December 31, 2011 70,560,619 72,684,484

Sun Life Capital Trust II20,000,000 5.863% due December 31, 2019 20,000,000 20,101,699

TD Capital Trust III*25,000,000 7.243% due December 31, 2018 21,712,250 28,251,089

TD Capital Trust IV*12,500,000 6.631% due June 30, 2021 12,500,000 13,546,679

$ $ $


$ $ $

FIXED INCOME FUNDSTD Canadian Bond Fund


TELUS Corporation20,000,000 5.00% due June 03, 2013 20,382,900 21,101,80845,000,000 4.95% due May 15, 2014 44,998,200 47,270,072

Thomson Reuters Corporation56,600,000 5.70% due July 15, 2015 56,496,988 62,028,07420,600,000 6.00% due March 31, 2016 20,551,178 22,825,379

Timmins Square Limited Partnershipand Trinity Shopping Centres Partnership

10,000,000 5.797% due June 30, 2010 10,629,700 10,100,628

Toronto Hydro Corporation10,000,000 6.11% due May 07, 2013 10,176,820 10,967,960

The Toronto-Dominion Bank*200,000,000 4.779% due December 14, 2016 199,489,815 199,817,414110,000,000 5.763% due December 18, 2017 109,933,400 114,558,342


TransCanada PipeLines Limited57,000,000 5.05% due August 20, 2013 56,925,330 61,077,23130,000,000 5.65% due January 15, 2014 32,115,450 32,927,36222,300,000 4.65% due October 03, 2016 22,294,648 23,125,082

Wells Fargo Financial Corporation Canada30,000,000 3.60% due June 28, 2010 29,983,800 30,345,0645,000,000 4.45% due February 28, 2011 4,959,250 5,163,84037,500,000 5.10% due June 26, 2012 37,441,125 39,598,41325,000,000 3.97% due November 03, 2014 24,999,000 25,155,478100,000,000 4.38% due June 30, 2015 99,954,000 101,619,028


YPG Holdings Inc.3,000,000 4.65% due February 28, 2011 2,889,000 3,101,23434,800,000 6.85% due December 03, 2013 34,800,000 36,182,843

5,071,895,337 5,262,440,516

Total Canadian Bonds 8,062,513,027 8,248,674,203

Global Bonds – 3.8%

SPAIN – 0.5%

Junta Comunidad Castilla de Mancha50,000,000 4.453% due November 28, 2016 50,000,000 48,067,141

SUPRANATIONALS – 3.3%

Asian Development Bank50,000,000 4.75% due June 15, 2017 49,917,500 52,385,16031,000,000 4.65% due February 16, 2027 29,859,070 29,190,905

European Investment Bank86,000,000 4.60% due January 30, 2037 85,972,480 76,848,337

Inter-American Development Bank81,000,000 4.40% due January 26, 2026 75,392,020 74,082,119

The Nordic Investment Bank50,000,000 5.15% due July 26, 2017 49,911,000 52,845,885

291,052,070 285,352,406

Total Global Bonds 341,052,070 333,419,547

TOTAL INVESTMENT

PORTFOLIO – 98.8% 8,403,565,097 8,582,093,750


OTHER NET ASSETS – 0.4% 32,824,601 32,824,601

TOTAL NET ASSETS – 100.0% $ 8,509,089,698 $ 8,687,618,351





Credit Rating° 2009 2008 2009 2008

AAA 38.39 39.97 37.93 39.72AA 25.26 21.23 24.95 21.10A 25.18 27.61 24.88 27.43BBB 11.05 11.18 10.91 11.11No Rating 0.12 0.01 0.12 0.01

Total 100.00 100.00 98.79 99.37





Bonds 2009 2008

Less than 1 year $ 345,624 $ 275,4761-5 years 3,536,021 2,631,3855-10 years 2,837,346 2,555,499> 10 years 1,863,103 1,929,215

Total $ 8,582,094 $ 7,391,575










Less than3 months


$ $ $


FIXED INCOME FUNDSTD Canadian Bond Fund


�TD Canadian Core Plus Bond Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 672,783 $ 59,604Short-Term Investments 10,827 1,688Foreign Currencies 251 192Cash 273 168Interest Receivable 6,002 765Subscriptions Receivable 17,488 2,047Receivable for Investment Sales 2,059 0Unrealized Gain on Open ForeignExchange Forward Contracts 719 21

710,402 64,485

LiabilitiesAccrued Liabilities 206 61Redemptions Payable 192 20Payable for Investment Purchases 5,868 266Unrealized Loss on Open ForeignExchange Forward Contracts 0 353

6,266 700

Net Assets (Note 3) $ 704,136 $ 63,785

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 70,622 $ 27,538Advisor Series $ 99,748 $ 23,530F-Series $ 16,478 $ 5,462O-Series $ 517,288 $ 7,255

$ 704,136 $ 63,785


Advisor Series 9,249,356 2,392,980

F-Series 1,527,347 554,957

O-Series 46,029,604 713,478



F-Series $ 10.79 $ 9.84

O-Series $ 11.24 $ 10.17



2009 2008

Investment IncomeInterest $ 15,114 $ 2,370Foreign Exchange 6,295 (1,122)Securities Lending 14 5

21,423 1,253

Expenses (Note 5)Management Fee 1,164 524Administration Fee 136 63Independent Review Committee Fees 1 0Bank Charges and Interest 1 2

1,302 589Less: Waived Expenses (2) (2)

1,300 587

Net Investment Income (Loss) 20,123 666

Net Realized Gain (Loss) onSale of Investments 495 341



Increase (Decrease) in Net Assetsfrom Investment Operations† $ 34,110 $ (913)

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 2,570 $ (373)Advisor Series $ 7,227 $ (505)F-Series $ 1,513 $ (115)O-Series $ 22,800 $ 80

$ 34,110 $ (913)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.93 $ (0.14)Advisor Series $ 1.32 $ (0.38)F-Series $ 1.44 $ (0.41)O-Series $ 1.35 $ 0.20

FIXED INCOME FUNDS




Investor Series Advisor Series F-Series

2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 27,538 $ 25,777 $ 23,530 $ 1,007 $ 5,462 $ 271

Increase (Decrease) in Net Assetsfrom Investment Operations 2,570 (373) 7,227 (505) 1,513 (115)


Proceeds from Sale of Units 71,589 2,486 79,603 26,353 11,918 5,839Reinvestments of Distributions 1,542 967 2,683 343 494 58Early Redemption Fees 1 1 2 0 0 0Amounts Paid on Redemptions (31,023) (350) (10,209) (3,289) (2,254) (507)

42,109 3,104 72,079 23,407 10,158 5,390

Distributions to UnitholdersFrom Net Investment Income (1,595) (408) (3,088) (159) (655) (36)From Net Realized Gains on Investments 0 (239) 0 (95) 0 (19)From Return of Capital 0 (323) 0 (125) 0 (29)

(1,595) (970) (3,088) (379) (655) (84)

Increase (Decrease) in Net Assetsfor the Period 43,084 1,761 76,218 22,523 11,016 5,191

Net Assets, End of the Period $ 70,622 $ 27,538 $ 99,748 $ 23,530 $ 16,478 $ 5,462†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 2,845,710 2,535,616 2,392,980 98,497 554,957 26,524Units Issued 6,818,365 248,829 7,574,166 2,585,816 1,135,883 573,711Units Issued on Reinvestments 146,802 96,268 250,694 33,776 46,311 5,743Units Redeemed (3,144,770) (35,003) (968,484) (325,109) (209,804) (51,021)

Units Outstanding, End of the Period 6,666,107 2,845,710 9,249,356 2,392,980 1,527,347 554,957

O-Series TOTAL

2009 2008 2009 2008

Net Assets, Beginning of the Period $ 7,255 $ 0 $ 63,785 $ 27,055

Increase (Decrease) in Net Assetsfrom Investment Operations 22,800 80 34,110 (913)


Proceeds from Sale of Units 493,554 7,315 656,664 41,993Reinvestments of Distributions 13,218 0 17,937 1,368Early Redemption Fees 7 0 10 1Amounts Paid on Redemptions (6,328) (140) (49,814) (4,286)

500,451 7,175 624,797 39,076

Distributions to UnitholdersFrom Net Investment Income (13,218) 0 (18,556) (603)From Net Realized Gains on Investments 0 0 0 (353)From Return of Capital 0 0 0 (477)

(13,218) 0 (18,556) (1,433)

Increase (Decrease) in Net Assetsfor the Period 510,033 7,255 640,351 36,730

Net Assets, End of the Period $ 517,288 $ 7,255 $ 704,136 $ 63,785†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 713,478 0Units Issued 44,717,943 727,340Units Issued on Reinvestments 1,179,166 18Units Redeemed (580,983) (13,880)

Units Outstanding, End of the Period 46,029,604 713,478

FIXED INCOME FUNDS




FEDERAL BONDS – 17.8%

Government of Canada$ 730,000 3.00% due June 01, 2014 $ 767,149 $ 740,823

6,850,000 2.00% due December 01, 2014 6,664,784 6,608,68411,850,000 4.50% due June 01, 2015 12,914,815 12,804,8111,950,000 4.00% due June 01, 2017 2,035,020 2,036,9795,700,000 4.25% due June 01, 2018 6,075,665 6,012,63157,225,000 3.75% due June 01, 2019 59,156,445 57,845,1766,600,000 5.75% due June 01, 2029 8,168,576 7,961,9253,325,000 5.75% due June 01, 2033 4,040,580 4,095,38811,750,000 5.00% due June 01, 2037 13,954,402 13,521,313

Government of Canada Real Return12,010,000 2.00% due December 01, 2041 12,756,320 13,866,875

126,533,756 125,494,605


Province of Ontario17,550,000 3.25% due September 08, 2014 17,739,631 17,726,31417,900,000 4.40% due June 02, 2019 18,233,901 18,095,0187,000,000 6.50% due March 08, 2029 8,430,292 8,425,3334,600,000 5.60% due June 02, 2035 5,051,690 5,095,743

49,455,514 49,342,408


AltaLink LP460,000 5.243% due May 29, 2018 471,840 478,417

Bank of Montreal1,000,000 5.05% due September 03, 2013 999,910 1,075,6942,000,000 4.55% due August 01, 2017 2,067,600 2,073,1636,200,000 6.17% due March 28, 2018 6,839,870 6,828,6901,000,000 6.02% due May 02, 2018 1,092,740 1,120,855

The Bank of Nova Scotia1,000,000 5.04% due April 08, 2013 1,002,985 1,069,356900,000 6.00% due October 03, 2013 899,730 988,817

5,000,000 3.35% due November 18, 2014 4,997,950 4,990,6641,000,000 6.65% due January 22, 2016 999,830 1,134,544

bcIMC Realty Corporation3,000,000 5.65% due January 05, 2018 3,173,810 3,180,740


3,050,000 4.95% due February 26, 2014 3,104,115 3,171,7612,315,000 6.29% due February 17, 2015 2,436,722 2,504,4422,100,000 5.41% due September 26, 2016 1,982,870 2,154,773


BMO Capital Trust, Conv.1,000,000 6.685% due December 31, 2011 986,300 1,079,452320,000 5.474% due December 31, 2014 336,160 336,648

Bombardier Inc. (USD)500,000 6.75% due May 01, 2012 536,594 541,211

2,325,000 6.30% due May 01, 2014 2,317,391 2,413,040


Canadian Credit Card Trust500,000 5.365% due March 25, 2013 500,000 534,686

Canadian Imperial Bank of Commerce1,000,000 5.00% due September 10, 2012 990,610 1,064,6921,000,000 4.75% due December 22, 2014 1,029,800 1,060,2291,000,000 6.00% due June 06, 2018 997,180 1,095,192

Canadian Natural Resources Limited2,881,000 4.50% due January 23, 2013 3,025,255 3,017,1211,200,000 4.95% due June 01, 2015 1,222,800 1,249,366


Cascades Inc.1,500,000 7.75% due December 15, 2013 1,489,600 1,493,750

Caterpillar Financial Services Limited2,070,000 4.94% due June 01, 2012 2,090,190 2,175,248800,000 5.20% due June 03, 2013 799,936 849,252


Citigroup Finance Canada Inc.1,000,000 5.13% due October 25, 2010 999,750 1,022,624

The Consumers’ Waterheater Operating Trust6,500,000 6.75% due April 30, 2014 6,806,837 6,452,856

Domtar Inc. (USD)2,950,000 5.375% due December 01, 2013 2,770,374 2,984,390

Enbridge Gas Distribution Inc.1,110,000 5.16% due September 24, 2014 1,130,480 1,197,4162,000,000 5.16% due December 04, 2017 2,011,660 2,127,341


ENMAX Corporation1,000,000 5.85% due April 08, 2014 998,890 1,066,1155,500,000 6.15% due June 19, 2018 5,790,930 5,810,853

Fairfax Financial Holdings Limited (USD)1,042,000 7.75% due June 15, 2012 1,085,072 1,107,401405,000 7.375% due April 15, 2018 421,020 425,112

Finning International Inc.4,150,000 5.16% due September 03, 2013 4,085,000 4,368,2637,825,000 6.02% due June 01, 2018 8,367,893 8,240,138

First Capital Realty Inc.1,400,000 5.34% due April 01, 2013 1,305,200 1,407,2443,000,000 5.32% due October 30, 2014 2,706,960 2,965,146

GE Capital Canada Funding Company1,300,000 6.25% due July 24, 2012 1,374,490 1,404,1204,100,000 5.29% due August 17, 2012 4,209,430 4,339,5505,300,000 4.375% due September 28, 2012 5,464,532 5,490,6072,200,000 5.15% due June 06, 2013 2,212,760 2,319,4262,700,000 4.65% due February 11, 2015 2,684,020 2,758,3252,000,000 4.55% due January 17, 2017 1,823,200 1,970,6794,500,000 5.53% due August 17, 2017 4,604,380 4,649,439

Glacier Credit Card Trust700,000 5.027% due February 20, 2013 700,000 741,081

Golden Credit Card Trust4,120,000 5.421% due April 15, 2013 4,425,232 4,437,958

Holcim Finance (Canada) Inc.250,000 5.90% due June 21, 2013 249,653 254,882


Hydro One Inc.3,500,000 4.64% due March 03, 2016 3,635,750 3,688,6141,560,000 5.18% due October 18, 2017 1,629,207 1,667,255


$ $ $




FIXED INCOME FUNDS


Iron Mountain Nova Scotia Funding Company500,000 7.50% due March 15, 2012 462,625 490,085

John Deere Credit Inc.1,000,000 4.80% due April 20, 2012 1,031,700 1,047,9322,000,000 5.30% due July 27, 2012 2,112,350 2,122,7233,565,000 5.45% due September 16, 2015 3,813,525 3,830,810

Loblaw Companies Limited2,200,000 4.85% due May 08, 2014 2,300,700 2,307,256

Manulife Financial Capital Trust5,200,000 6.70% due June 30, 2012 5,457,844 5,625,3506,000,000 7.405% due December 31, 2019 6,134,800 6,718,406


Merrill Lynch Financial Assets Inc.592,000 4.823% due February 12, 2015 552,692 573,258535,000 4.38% due August 12, 2015 428,021 434,897

2,182,000 4.678% due August 12, 2015 2,188,644 2,167,4272,050,000 4.621% due November 12, 2015 1,907,920 1,890,2069,600,000 4.85% due December 12, 2015 9,384,254 9,438,577

OMERS Realty CTT Holdings Inc.4,505,000 4.75% due May 05, 2016 4,657,938 4,683,951

Petro-Canada Centre495,810 6.379% due June 09, 2014 495,810 513,121

RBC Capital Trust, Conv.6,700,000 7.183% due June 30, 2011 7,159,335 7,192,31410,500,000 5.812% due December 31, 2013 11,047,460 11,327,124

Real Estate Asset Liquidity Trust5,040,000 4.437% due February 12, 2016 3,765,265 3,965,2863,015,000 4.61% due November 12, 2016 2,727,303 2,731,0652,610,000 4.782% due March 12, 2017 2,367,475 2,374,2611,055,630 4.342% due October 12, 2020 1,009,946 1,053,265

Reliance LP5,750,000 7.30% due April 03, 2013 5,721,020 5,819,183

RioCan Real Estate Investment Trust2,500,000 4.91% due March 08, 2011 2,517,500 2,564,1511,500,000 5.23% due March 11, 2013 1,454,500 1,517,7312,400,000 8.33% due April 03, 2014 2,400,000 2,672,399

Rogers Communications Inc.1,500,000 7.25% due December 15, 2011 1,580,250 1,607,2915,535,000 5.80% due May 26, 2016 5,724,413 5,911,780

RONA Inc.1,000,000 5.40% due October 20, 2016 759,500 954,454

Royal Bank of Canada2,500,000 5.00% due June 06, 2013 2,621,450 2,662,891500,000 5.06% due July 17, 2013 499,915 537,772500,000 5.00% due January 20, 2014 502,350 538,051

Schooner Trust2,454,000 5.10% due September 12, 2019 2,488,675 2,440,0321,600,000 3.972% due September 12, 2020 1,292,120 1,282,402

Scotiabank Capital Trust160,000 6.626% due June 30, 2012 174,640 173,740

6,200,000 6.282% due June 30, 2013 6,418,204 6,736,224


Shaw Communications Inc.1,500,000 7.50% due November 20, 2013 1,730,475 1,695,2205,500,000 6.50% due June 02, 2014 5,963,452 6,019,1811,000,000 5.70% due March 02, 2017 904,700 1,036,8412,650,000 5.65% due October 01, 2019 2,641,600 2,664,485

Sherritt International Corporation3,000,000 7.75% due October 15, 2015 2,762,250 3,062,305

Shoppers Drug Mart Corporation500,000 4.99% due June 03, 2013 499,845 531,571

1,500,000 5.19% due January 20, 2014 1,618,920 1,606,032

SNC-Lavalin Group Inc.1,600,000 6.19% due July 03, 2019 1,681,520 1,691,335

Sun Life Assurance Company of Canada1,000,000 6.15% due June 30, 2012 1,047,100 1,074,830

Sun Life Capital Trust3,000,000 6.865% due December 31, 2011 3,144,312 3,230,422


TD Capital Trust IV*6,000,000 9.523% due June 30, 2019 7,546,800 7,815,0887,100,000 6.631% due June 30, 2021 7,225,640 7,694,514

TELUS Corporation50,000 5.00% due June 03, 2013 52,625 52,755

4,400,000 4.95% due May 15, 2014 4,509,586 4,621,963

Thomson Reuters Corporation1,200,000 5.70% due July 15, 2015 1,244,366 1,315,0838,855,000 6.00% due March 31, 2016 9,634,804 9,811,589

The Toronto-Dominion Bank*2,000,000 4.854% due February 13, 2013 2,139,120 2,135,3231,000,000 4.97% due October 30, 2015 827,930 1,026,9871,000,000 5.763% due December 18, 2017 993,850 1,041,439

TransCanada PipeLines Limited2,800,000 5.65% due January 15, 2014 3,022,788 3,073,220

Wells Fargo Financial Corporation Canada1,140,000 4.40% due December 12, 2012 1,113,900 1,185,2096,250,000 3.97% due November 03, 2014 6,249,750 6,288,8691,100,000 4.38% due June 30, 2015 1,012,440 1,117,809

West Fraser Timber Co., Ltd. (USD)2,000,000 5.20% due October 15, 2014 1,846,776 1,864,658


YPG Holdings Inc.1,500,000 4.65% due February 28, 2011 1,444,500 1,550,6172,500,000 6.85% due December 03, 2013 2,500,000 2,599,342

367,070,834 377,339,290



CAYMAN ISLANDS – 0.3%

Seagate Technology HDD Holdings (USD)1,475,000 6.375% due October 01, 2011 1,431,434 1,573,377

MEXICO – 0.4%

Kansas City Southern de Mexico SA de CV (USD)2,630,000 9.375% due February 02, 2010 2,822,621 2,860,554

UNITED STATES – 14.5%

AK Steel Holding Corporation (USD)3,119,000 7.75% due February 01, 2010 3,296,367 3,302,502

Belden Inc. (USD)2,500,000 9.25% due June 15, 2014 2,717,792 2,768,299

CanWest MediaWorks, Limited Partnership (USD)350,000 9.25% due August 01, 2011 172,127 54,580

Case New Holland Inc. (USD)3,150,000 7.125% due March 01, 2010 3,208,483 3,351,837

Church & Dwight Co., Inc. (USD)180,000 6.00% due February 01, 2010 176,260 192,005

$ $ $ $ $ $


FIXED INCOME FUNDSTD Canadian Core Plus Bond Fund


Constellation Brands Inc. (USD)2,625,000 7.25% due September 01, 2016 2,841,331 2,793,198

DIRECTV Holdings LLC (USD)1,825,000 6.375% due June 15, 2010 1,982,651 1,987,377

EchoStar DBS Corporation (USD)800,000 6.625% due October 01, 2014 828,266 846,018

2,300,000 7.75% due May 31, 2015 2,517,306 2,525,737

El Paso Corporation (USD)3,200,000 6.875% due June 15, 2014 3,353,107 3,352,238

Ford Motor Credit Company LLC (USD)1,500,000 7.00% due October 01, 2013 1,580,690 1,570,150

GameStop Corp./GameStop Inc. (USD)2,050,000 8.00% due February 01, 2010 2,343,615 2,227,023

Gannett Co., Inc. (USD)250,000 5.75% due June 01, 2011 241,558 262,743830,000 6.375% due April 01, 2012 802,307 870,131

1,700,000 10.00% due April 01, 2016 1,717,561 1,923,844

General Cable Corporation (USD)2,940,000 7.125% due April 01, 2012 3,037,325 3,028,211

Georgia-Pacific Corporation (USD)3,125,000 7.125% due January 15, 2012 3,287,145 3,317,045

The Goodyear Tire & Rubber Company (USD)2,400,000 8.625% due February 01, 2010 2,573,676 2,610,392100,000 7.857% due August 15, 2011 114,234 108,373

Great Lakes Dredge & Dock Corporation (USD)1,450,000 7.75% due February 01, 2010 1,498,371 1,512,507

The Hertz Corporation (USD)2,300,000 8.875% due February 01, 2010 2,395,912 2,465,457250,000 10.50% due January 01, 2011 234,542 279,778

Host Marriott Limited Partnership (USD)2,900,000 7.00% due January 20, 2010 3,084,158 3,089,618

Hughes Network Systems LLC/HNS Finance Corp. (USD)

1,375,000 9.50% due April 15, 2010 1,498,332 1,488,329

INVISTA (USD)2,650,000 9.25% due February 01, 2010 2,794,755 2,819,799

Iron Mountain Inc. (USD)2,475,000 6.625% due January 11, 2010 2,569,354 2,542,773

Jabil Circuit Inc. (USD)500,000 7.75% due July 15, 2016 544,693 550,384

1,815,000 8.25% due March 15, 2018 1,902,976 2,035,948

Jarden Corporation (USD)2,825,000 7.50% due May 01, 2012 2,831,386 2,954,185

Landry’s Restaurants Inc. (USD)700,000 11.625% due December 01, 2012 724,127 777,876

Levi Strauss & Co. (USD)2,850,000 8.875% due April 01, 2011 2,922,495 3,125,983

The Manitowoc Company Inc. (USD)1,350,000 7.125% due February 01, 2010 1,258,828 1,330,356

MGM MIRAGE (USD)850,000 11.125% due May 15, 2013 1,006,054 986,890650,000 10.375% due May 15, 2014 729,015 742,756

The Neiman Marcus Group Inc. (USD)2,150,000 10.375% due October 15, 2010 1,726,571 2,208,873

Phillips-Van Heusen Corporation (USD)1,125,000 7.25% due February 01, 2010 1,245,203 1,182,3421,500,000 8.125% due February 01, 2010 1,609,095 1,603,976

Qwest Communications International Inc. (USD)2,650,000 7.50% due February 01, 2010 2,729,371 2,788,545

R.R. Donnelley & Sons Company (USD)2,393,000 11.25% due February 01, 2019 2,991,492 3,130,759

Spirit AeroSystems Holdings Inc. (USD)2,750,000 7.50% due October 01, 2013 2,896,295 2,839,718

Sprint Capital Corporation (USD)1,650,000 7.625% due January 30, 2011 1,767,657 1,770,860

Sprint Nextel Corporation (USD)1,750,000 6.875% due February 01, 2010 1,750,352 1,779,574

Staples Inc. (USD)575,000 9.75% due January 15, 2014 743,994 734,483

Steel Dynamics Inc. (USD)2,675,000 7.375% due November 01, 2012 2,852,994 2,888,466

SunGard Data Systems Inc. (USD)2,900,000 9.125% due February 01, 2010 3,111,637 3,116,220

Terex Corporation (USD)2,950,000 7.375% due January 29, 2010 3,098,527 3,127,425

TRW Automotive Inc. (USD)1,675,000 7.00% due March 15, 2014 1,382,683 1,720,8671,000,000 7.25% due March 15, 2017 983,681 1,022,141

United Rentals (North America) Inc. (USD)1,100,000 6.50% due January 29, 2010 1,127,309 1,150,302

United States Steel Corporation (USD)1,250,000 5.65% due June 01, 2013 1,222,022 1,303,885

Wendy’s/Arby’s Restaurants LLC (USD)2,450,000 10.00% due July 15, 2012 2,735,570 2,799,619

WMG Acquisition Corp. (USD)2,800,000 9.50% due June 15, 2013 3,181,779 3,144,526

99,943,031 102,106,923


Asian Development Bank$ 11,000,000 4.65% due February 16, 2027 10,374,388 10,358,063



14,272,008 14,065,349


TOTAL INVESTMENT

PORTFOLIO – 95.6% 661,529,198 672,782,506

SHORT-TERM

INVESTMENTS (CAD) – 0.8% 5,900,000 5,900,000

SHORT-TERM

INVESTMENTS (USD) – 0.7% 4,927,245 4,927,245

FOREIGN CURRENCIES – 0.0% 250,802 250,903

FORWARD CONTRACTS

(SCHEDULE 1) – 0.1% 0 719,051

OTHER NET ASSETS – 2.8% 19,580,769 19,556,366

TOTAL NET ASSETS – 100.0% $ 692,188,014 $ 704,136,071


$ $


$ $



Currency Risk (Note 11)

The table below indicates the foreign currency to which the Fund had significantexposure as at December 31, 2009 and 2008 in Canadian dollar terms, including theunderlying principal amount of forward currency contracts, if any. The table alsoillustrates the potential impact to the Fund’s net assets if the Fund’s functionalcurrency, the Canadian Dollar, had strengthened or weakened by 5% in relation to thecurrency listed below, with all other variables held constant. In practice, the actualtrading results may differ from these approximate sensitivity analysis amounts and thedifferences could be material.

Total Exposure* (000s) Impact on Net Assets (000s)

Currency 2009 2008 2009 2008

United States Dollar $ 2,046 $ 459 $ 102 $ 23

As Percentage ofNet Assets (%) 0.29 0.72 0.01 0.04

* Includes both monetary and non-monetary instruments.




Credit Rating° 2009 2008 2009 2008

AAA 26.83 39.38 25.64 36.80AA 17.82 16.24 17.03 15.17A 23.61 20.90 22.56 19.52BBB 14.85 9.57 14.19 8.94BB 8.73 8.65 8.34 8.09B 6.75 3.81 6.45 3.56CCC 1.40 1.45 1.33 1.36D 0.01 0.00 0.01 0.00

Total 100.00 100.00 95.55 93.44





Bonds 2009 2008

Less than 1 year $ 2,049 $ 2431-5 years 254,191 21,4655-10 years 317,334 27,440> 10 years 99,209 10,456

Total $ 672,783 $ 59,604







Forward Contracts 0 719 0 719

$ 0 $ 684,329 $ 0 $ 684,329




Less than3 months



Foreign Exchange Forward Contracts (Schedule 1)

Canadian Value Canadian ValueSettlement Currency to be as at Currency to be as at Contract $ CanadianDate Delivered December 31, 2009 Received December 31, 2009 Price Appreciation

January 29, 2010 17,889,000 USD $ 18,753,415 18,796,869 CAD $ 18,796,869 1.03049to 1.07387 $ 43,454

January 29, 2010 16,841,000 USD 17,654,775 17,674,862 CAD 17,674,862 1.04297to 1.05275 20,087

February 26, 2010 21,707,000 USD 22,756,078 22,908,801 CAD 22,908,801 1.04496to 1.05598 152,723

February 26, 2010 12,590,000 USD 13,198,462 13,275,280 CAD 13,275,280 1.04501to 1.06196 76,818

March 31, 2010 19,175,000 USD 20,102,303 20,341,340 CAD 20,341,340 1.05283to 1.06930 239,037

March 31, 2010 23,762,000 USD 24,911,130 25,098,062 CAD 25,098,062 1.04502to 1.06498 186,932

$ 117,376,163 $ 118,095,214 $ 719,051

TOTAL NUMBER OF CONTRACTS: 29 NET APPRECIATION $ 719,051


�TD Corporate Bond Capital Yield Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 458,508 $ 113,275Short-Term Investments 5,700 900Foreign Currencies 1 8Cash 284 219Interest Receivable 1,405 315Subscriptions Receivable 1,272 686Unrealized Gain on Open Forward Contracts 0 26,216

467,170 141,619

LiabilitiesAccrued Liabilities 513 170Redemptions Payable 230 540Payable for Forward Contracts 3,113 43Unrealized Loss on Open Forward Contracts 48,071 0

51,927 753

Net Assets (Note 3) $ 415,243 $ 140,866

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 21,923 $ 6,835Advisor Series $ 324,203 $ 107,837F-Series $ 69,117 $ 26,194

$ 415,243 $ 140,866

Number of Units OutstandingInvestor Series 1,464,689 528,238

Advisor Series 21,670,885 8,334,633

F-Series 4,619,233 2,024,992



F-Series $ 14.96 $ 12.94



2009 2008

Investment IncomeInterest $ 4,068 $ 1,841

Expenses (Note 5)Management Fee 3,704 1,701Administration Fee 363 165Independent Review Committee Fees 1 1Bank Charges and Interest 0 2Forward Contract Fee 903 458


4,971 2,325

Net Investment Income (Loss) (903) (484)

Net Realized Gain (Loss) onSale of Investments (6,387) (58)



Increase (Decrease) in Net Assetsfrom Investment Operations† $ 45,828 $ (11,177)

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 1,988 $ (574)Advisor Series $ 35,356 $ (8,806)F-Series $ 8,484 $ (1,797)

$ 45,828 $ (11,177)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 2.22 $ (1.19)Advisor Series $ 2.32 $ (1.25)F-Series $ 2.45 $ (1.09)

FIXED INCOME FUNDS




Investor Series Advisor Series

2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 1,988 (574) 35,356 (8,806)


Proceeds from Sale of Units 15,254 3,825 227,017 51,830Reinvestments of Distributions 357 212 5,661 2,912Early Redemption Fees 0 0 9 2Amounts Paid on Redemptions (2,118) (2,712) (44,975) (28,136)

13,493 1,325 187,712 26,608

Distributions to UnitholdersFrom Net Investment Income 0 0 0 0From Net Realized Gains on Investments 0 0 0 0From Return of Capital (393) (234) (6,702) (3,400)

(393) (234) (6,702) (3,400)

Increase (Decrease) in Net Assetsfor the Period 15,088 517 216,366 14,402

Net Assets, End of the Period $ 21,923 $ 6,835 $ 324,203 $ 107,837†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 528,238 435,051 8,334,633 6,433,602Units Issued 1,058,291 274,030 16,064,761 3,713,678Units Issued on Reinvestments 24,793 15,135 395,199 209,084Units Redeemed (146,633) (195,978) (3,123,708) (2,021,731)

Units Outstanding, End of the Period 1,464,689 528,238 21,670,885 8,334,633

F-Series TOTAL

2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 8,484 (1,797) 45,828 (11,177)


Proceeds from Sale of Units 48,484 14,871 290,755 70,526Reinvestments of Distributions 1,165 644 7,183 3,768Early Redemption Fees 2 1 11 3Amounts Paid on Redemptions (13,373) (6,844) (60,466) (37,692)

36,278 8,672 237,483 36,605

Distributions to UnitholdersFrom Net Investment Income 0 0 0 0From Net Realized Gains on Investments 0 0 0 0From Return of Capital (1,839) (966) (8,934) (4,600)

(1,839) (966) (8,934) (4,600)

Increase (Decrease) in Net Assetsfor the Period 42,923 5,909 274,377 20,828

Net Assets, End of the Period $ 69,117 $ 26,194 $ 415,243 $ 140,866†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 2,024,992 1,396,525Units Issued 3,429,604 1,072,887Units Issued on Reinvestments 81,356 46,217Units Redeemed (916,719) (490,637)


FIXED INCOME FUNDS





Canada Housing Trust No. 1$ 4,500,000 4.55% due December 15, 2012 $ 4,872,465 $ 4,796,887

2,000,000 3.60% due June 15, 2013 1,996,780 2,075,3705,000,000 2.70% due December 15, 2013 5,046,000 5,007,464

Government of Canada500,000 1.25% due June 01, 2011 501,645 501,147

1,000,000 3.50% due June 01, 2013 1,071,611 1,039,8096,000,000 3.00% due June 01, 2014 6,180,612 6,088,9592,500,000 2.00% due December 01, 2014 2,425,250 2,411,9295,500,000 3.75% due June 01, 2019 5,665,078 5,559,606

27,759,441 27,481,171


Province of Ontario2,000,000 4.20% due March 08, 2018 1,991,220 2,028,436500,000 5.85% due March 08, 2033 587,400 566,700

2,578,620 2,595,136


AltaLink LP1,000,000 5.243% due May 29, 2018 1,018,018 1,040,036

Bank of Montreal5,000,000 4.55% due August 01, 2017 5,174,300 5,182,907

The Bank of Nova Scotia8,600,000 3.43% due July 16, 2014 8,630,975 8,658,8652,000,000 3.35% due November 18, 2014 1,999,180 1,996,265



800,000 4.95% due February 26, 2014 799,768 831,937



Canadian Credit Card Trust5,000,000 5.365% due March 25, 2013 5,325,000 5,346,856

Canadian Imperial Bank of Commerce3,000,000 3.05% due June 03, 2013 3,000,900 3,018,9521,000,000 4.75% due December 22, 2014 1,020,140 1,060,229

Canadian Natural Resources Limited1,000,000 4.50% due January 23, 2013 979,180 1,047,248

Caterpillar Financial Services Limited2,300,000 4.94% due June 01, 2012 2,299,793 2,416,942

Citigroup Finance Canada Inc.500,000 5.13% due October 25, 2010 499,875 511,312

1,500,000 4.75% due March 17, 2014 1,514,565 1,489,274

Enbridge Gas Distribution Inc.500,000 5.16% due December 04, 2017 502,915 531,835

EnCana Corporation750,000 4.30% due March 12, 2012 740,593 782,882

ENMAX Corporation1,500,000 6.15% due June 19, 2018 1,496,790 1,584,778

GE Capital Canada Funding Company1,000,000 4.40% due June 01, 2014 998,520 1,021,7853,000,000 5.28% due October 22, 2014 3,008,580 3,160,6802,500,000 5.10% due June 01, 2016 2,362,500 2,560,8821,000,000 4.55% due January 17, 2017 989,100 985,340


Golden Credit Card Trust2,000,000 4.254% due February 15, 2011 1,985,800 2,059,014


Hydro One Inc.1,500,000 4.89% due March 13, 2037 1,499,760 1,361,0541,900,000 5.49% due July 16, 2040 1,897,473 1,881,860

John Deere Credit Inc.1,400,000 3.90% due July 29, 2013 1,398,404 1,427,839

Master Credit Card Trust2,000,000 4.444% due November 21, 2011 1,996,080 2,088,484

OMERS Realty CTT Holdings Inc.600,000 4.75% due May 05, 2016 633,480 623,834

Ontrea Inc.2,000,000 5.70% due October 31, 2011 2,158,400 2,137,617

RBC Capital Trust, Conv.5,400,000 4.87% due December 31, 2015 4,922,520 5,530,468

RioCan Real Estate Investment Trust200,000 4.70% due June 15, 2012 197,140 203,150500,000 5.70% due September 11, 2012 499,850 519,990500,000 5.23% due March 11, 2013 485,775 505,910

Rogers Communications Inc.1,200,000 5.80% due May 26, 2016 1,197,204 1,281,687

Royal Bank of Canada4,000,000 5.00% due January 20, 2014 4,337,280 4,304,405

Shaw Communications Inc.1,500,000 6.15% due May 09, 2016 1,421,880 1,609,547


The Toronto-Dominion Bank*5,000,000 5.828% due July 09, 2018 5,333,250 5,422,737


TransCanada PipeLines Limited1,000,000 5.05% due February 14, 2014 1,089,755 1,073,930

Wells Fargo Financial Corporation Canada1,000,000 5.10% due June 26, 2012 998,430 1,055,9588,500,000 3.97% due November 03, 2014 8,499,660 8,552,862

YPG Holdings Inc.450,000 4.65% due February 28, 2011 433,350 465,185

99,321,328 102,232,484



$ $ $




FIXED INCOME FUNDS




Citigroup Inc.1,000,000 4.625% due January 17, 2017 998,900 949,544


Asian Development Bank2,000,000 4.65% due February 16, 2027 1,778,600 1,883,284

European Investment Bank1,000,000 4.60% due January 30, 2037 999,680 893,585


5,469,610 5,520,651


Canadian Common Stock – 77.0%

CONSUMER STAPLES – 4.9%

2,079,912 Viterra Inc. 21,039,272 20,487,133

ENERGY – 6.9%

2,031,854 Progress Energy Resources Corp. 21,079,735 28,649,141

FINANCIALS – 5.8%

59,148 Fairfax Financial Holdings Limited, SV 21,131,291 24,227,021

INFORMATION TECHNOLOGY – 17.6%

2,183,451 Celestica Inc., SV 21,080,317 21,594,3302,024,937 CGI Group Inc., Class “A” SV 21,081,038 28,754,105318,056 Research In Motion Limited 21,073,604 22,569,254

63,234,959 72,917,689

MATERIALS – 41.8%

3,522,425 Canfor Corporation 21,067,952 28,531,6431,948,454 Eldorado Gold Corporation 21,083,785 28,973,5111,866,940 HudBay Minerals Inc. 21,079,680 25,241,0292,313,369 Red Back Mining Inc. 21,085,495 34,422,9311,533,486 Teck Resources Limited, Class “B” SV 21,083,761 56,278,936

105,400,673 173,448,050

Total Canadian Common Stock 231,885,930 319,729,034

TOTAL INVESTMENT

PORTFOLIO – 110.4% 368,013,829 458,508,020



FORWARD CONTRACTS

(SCHEDULE 1) – (11.6%) 0 (48,070,812)

OTHER NET LIABILITIES – (0.2%) (895,763) (895,763)

TOTAL NET ASSETS – 100.0% $ 372,819,340 $ 415,242,636


$ $ $$ $

Par Value Description Cost Fair ValueNo. of Shares

or Units Description Cost Fair Value

FIXED INCOME FUNDSTD Corporate Bond Capital Yield Fund


Forward Contracts (Schedule 1) CurrentNo. of No. of Notional Notional Settlement Unrealized

Contracts Sold Cost Fair Value Bought Units Cost Value Date Loss

1 Canadian Common TD Corporate Bond Pool,Stock (see below) $ 231,885,930 $ 319,729,034 O-Series 17,651,606 $ 231,885,930 $ 271,658,222 Sept. 06, 2011 $ (48,070,812)

No. of Canadian Common Stock FairShares Sold Under Forward Contract Cost Value

3,522,425 Canfor Corporation $ 21,067,952 $ 28,531,6432,183,451 Celestica Inc., SV 21,080,317 21,594,3302,024,937 CGI Group Inc., Class “A” SV 21,081,038 28,754,1051,948,454 Eldorado Gold Corporation 21,083,785 28,973,511

59,148 Fairfax Financial Holdings Limited, SV 21,131,291 24,227,0211,866,940 HudBay Minerals Inc. 21,079,680 25,241,0292,031,854 Progress Energy Resources Corp. 21,079,735 28,649,1412,313,369 Red Back Mining Inc. 21,085,495 34,422,931318,056 Research In Motion Limited 21,073,604 22,569,254

1,533,486 Teck Resources Limited,Class “B” SV 21,083,761 56,278,936

2,079,912 Viterra Inc. 21,039,272 20,487,133

$ 231,885,930 $ 319,729,034



Credit Rating° 2009 2008 2009 2008

AAA 34.11 44.20 11.40 10.42AA 41.97 10.78 14.03 2.54A 17.19 29.33 5.74 6.92BBB 6.73 15.69 2.25 3.70

Total 100.00 100.00 33.42 23.58





Bonds 2009 2008

Less than 1 year $ 511 $ 01-5 years 84,479 17,9345-10 years 43,454 11,590> 10 years 10,335 3,696

Total $ 138,779 $ 33,220






Common Shares $ 319,729 $ 0 $ 0 $ 319,729Bonds and Short-TermInvestments 0 144,479 0 144,479

319,729 144,479 0 464,208

Forward Contracts 0 (48,071) 0 (48,071)

$ 319,729 $ 96,408 $ 0 $ 416,137




Less than 3 months3 months to 1 year

Accounts payable and accrued liabilities $ 3,856 $ 0Forward Contracts 0 48,071

$ 3,856 $ 48,071

FIXED INCOME FUNDSTD Corporate Bond Capital Yield Fund


�TD Real Return Bond Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 1,352,978 $ 1,182,762Short-Term Investments 24,800 1,900Cash 126 44Interest Receivable 2,961 2,870Subscriptions Receivable 4,458 566

1,385,323 1,188,142

LiabilitiesAccrued Liabilities 1,582 1,349Redemptions Payable 1,507 1,948

3,089 3,297

Net Assets (Note 3) $ 1,382,234 $ 1,184,845

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 427,442 $ 401,309Advisor Series $ 876,581 $ 729,647F-Series $ 54,436 $ 37,673O-Series $ 23,775 $ 16,216

$ 1,382,234 $ 1,184,845


Advisor Series 66,360,293 62,102,506

F-Series 4,018,451 3,131,359

O-Series 2,290,647 1,761,052



F-Series $ 13.55 $ 12.03

O-Series $ 10.38 $ 9.21



2009 2008


34,770 63,156

Expenses (Note 5)Management Fee 14,988 15,908Administration Fee 1,842 1,958Independent Review Committee Fees 7 7Bank Charges 0 0


16,837 17,872


Net Realized Gain (Loss) onSale of Investments (718) 5,807




†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 51,029 $ (8,210)Advisor Series $ 97,861 $ (13,056)F-Series $ 5,907 $ (369)O-Series $ 2,624 $ (323)

$ 157,421 $ (21,958)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 1.83 $ (0.27)Advisor Series $ 1.58 $ (0.20)F-Series $ 1.74 $ (0.11)O-Series $ 1.40 $ (0.16)

FIXED INCOME FUNDS



FIXED INCOME FUNDS




2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 401,309 $ 446,261 $ 729,647 $ 836,985 $ 37,673 $ 41,936

Increase (Decrease) in Net Assetsfrom Investment Operations 51,029 (8,210) 97,861 (13,056) 5,907 (369)


Proceeds from Sale of Units 63,124 91,827 225,389 145,913 23,798 12,144Reinvestments of Distributions 3,927 15,663 7,191 28,099 650 1,455Early Redemption Fees 6 20 11 36 1 2Amounts Paid on Redemptions (87,908) (128,168) (175,671) (237,851) (12,826) (15,785)

(20,851) (20,658) 56,920 (63,803) 11,623 (2,184)

Distributions to UnitholdersFrom Net Investment Income (4,045) (16,084) (7,847) (30,479) (767) (1,710)From Net Realized Gains on Investments 0 0 0 0 0 0

(4,045) (16,084) (7,847) (30,479) (767) (1,710)

Increase (Decrease) in Net Assetsfor the Period 26,133 (44,952) 146,934 (107,338) 16,763 (4,263)

Net Assets, End of the Period $ 427,442 $ 401,309 $ 876,581 $ 729,647 $ 54,436 $ 37,673†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 29,172,430 30,877,011 62,102,506 67,726,654 3,131,359 3,333,302Units Issued 4,295,940 6,129,388 17,987,832 11,442,670 1,847,502 934,856Units Issued on Reinvestments 261,201 1,075,873 559,272 2,256,536 49,615 114,732Units Redeemed (6,085,616) (8,909,842) (14,289,317) (19,323,354) (1,010,025) (1,251,531)


O-Series TOTAL

2009 2008 2009 2008

Net Assets, Beginning of the Period $ 16,216 $ 18,514 $ 1,184,845 $ 1,343,696

Increase (Decrease) in Net Assetsfrom Investment Operations 2,624 (323) 157,421 (21,958)



5,349 (1,016) 53,041 (87,661)

Distributions to UnitholdersFrom Net Investment Income (414) (959) (13,073) (49,232)From Net Realized Gains on Investments 0 0 0 0

(414) (959) (13,073) (49,232)

Increase (Decrease) in Net Assetsfor the Period 7,559 (2,298) 197,389 (158,851)

Net Assets, End of the Period $ 23,775 $ 16,216 $ 1,382,234 $ 1,184,845†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 1,761,052 1,919,558Units Issued 652,095 1,062,012Units Issued on Reinvestments 41,417 98,584Units Redeemed (163,917) (1,319,102)





Canada Housing Trust No. 1$ 30,000,000 3.95% due June 15, 2013 $ 29,970,000 $ 31,472,114

Government of Canada8,000,000 1.00% due September 01, 2011 7,941,400 7,959,98020,000,000 3.50% due June 01, 2013 20,584,816 20,796,18819,000,000 2.00% due December 01, 2014 18,330,600 18,330,65735,000,000 3.75% due June 01, 2019 35,832,200 35,379,3137,000,000 8.00% due June 01, 2023 9,969,400 9,887,098

Government of Canada Real Return64,225,000 4.25% due December 01, 2021 107,034,878 116,835,019173,800,000 4.25% due December 01, 2026 280,445,152 319,274,21581,891,000 4.00% due December 01, 2031 122,230,267 150,225,720108,588,000 3.00% due December 01, 2036 151,365,193 159,899,75789,000,000 2.00% due December 01, 2041 91,112,232 102,760,358

874,816,138 972,820,419


Province of Manitoba Real Return86,000,000 1.738% due December 01, 2018 91,444,660 92,597,940

Province of Ontario Real Return139,000,000 2.00% due December 01, 2036 153,718,045 152,842,433

Province of Quebec Real Return70,000,000 4.50% due December 01, 2021 103,638,663 108,408,48415,000,000 4.50% due December 01, 2026 24,974,340 26,309,182

373,775,708 380,158,039

TOTAL INVESTMENT

PORTFOLIO – 97.9% 1,248,591,846 1,352,978,458


OTHER NET ASSETS – 0.3% 4,455,262 4,455,264

TOTAL NET ASSETS – 100.0% $ 1,277,847,108 $ 1,382,233,722




Credit Rating° 2009 2008 2009 2008

AAA 71.90 66.53 70.38 66.42AA 18.14 16.56 17.76 16.52A 9.96 16.91 9.74 16.88

Total 100.00 100.00 97.88 99.82





Bonds 2009 2008

1-5 years $ 78,559 $ 58,5465-10 years 127,977 107,202> 10 years 1,146,442 1,017,014

Total $ 1,352,978 $ 1,182,762










Less than3 months


FIXED INCOME FUNDS





�TD Global Bond Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 142,038 $ 171,009Short-Term Investments 1,224 1,900Foreign Currencies 252 887Cash 249 176Interest Receivable 2,695 3,990Subscriptions Receivable 87 109Futures Margin Receivable (Note 3) 0 1,167Unrealized Gain on Open ForeignExchange Forward Contracts 289 2,643

146,834 181,881

LiabilitiesAccrued Liabilities 180 201Redemptions Payable 457 649Unrealized Loss on Open ForeignExchange Forward Contracts 1,494 1,991

2,131 2,841

Net Assets (Note 3) $ 144,703 $ 179,040

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 82,226 $ 95,963Institutional Series $ 58,370 $ 80,225Advisor Series $ 3,770 $ 2,777F-Series $ 337 $ 75

$ 144,703 $ 179,040



Advisor Series 427,326 294,197

F-Series 33,021 6,906




F-Series $ 10.20 $ 10.85



2009 2008

Investment IncomeInterest $ 8,387 $ 8,707Foreign Exchange 180 11,290Derivatives Income (Loss) 35 3,580Securities Lending 2 10

8,604 23,587



2,264 2,239


Net Realized Gain (Loss) onSale of Investments (2,985) (5,358)

Net Change in Unrealized Appreciation/Depreciation of Investments (7,640) 27,940

Net Gain (Loss) on Investments (10,625) 22,582

Increase (Decrease) in Net Assetsfrom Investment Operations† $ (4,285) $ 43,930

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ (2,947) $ 20,673Institutional Series $ (1,210) $ 22,839Advisor Series $ (124) $ 405F-Series $ (4) $ 13

$ (4,285) $ 43,930

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ (0.31) $ 2.22Institutional Series $ (0.16) $ 2.25Advisor Series $ (0.36) $ 1.48F-Series $ (0.22) $ 2.96

FIXED INCOME FUNDS





2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations (2,947) 20,673 (1,210) 22,839 (124) 405


Proceeds from Sale of Units 11,117 16,220 9,647 28,964 2,940 4,991Reinvestments of Distributions 3,253 8,771 17 40 105 228Early Redemption Fees 4 4 3 4 0 0Amounts Paid on Redemptions (21,882) (20,568) (26,697) (42,104) (1,811) (3,703)

(7,508) 4,427 (17,030) (13,096) 1,234 1,516

Distributions to UnitholdersFrom Net Investment Income (3,282) (8,848) (3,615) (10,924) (117) (239)From Net Realized Gains on Investments 0 0 0 0 0 0

(3,282) (8,848) (3,615) (10,924) (117) (239)

Increase (Decrease) in Net Assetsfor the Period (13,737) 16,252 (21,855) (1,181) 993 1,682

Net Assets, End of the Period $ 82,226 $ 95,963 $ 58,370 $ 80,225 $ 3,770 $ 2,777†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 10,012,693 9,600,032 8,618,124 9,983,161 294,197 134,404Units Issued 1,194,812 1,770,135 1,072,464 3,322,073 321,377 563,296Units Issued on Reinvestments 350,253 930,069 1,922 4,378 11,382 24,589Units Redeemed (2,363,164) (2,287,543) (2,965,986) (4,691,488) (199,630) (428,092)

Units Outstanding, End of the Period 9,194,594 10,012,693 6,726,524 8,618,124 427,326 294,197

F-Series TOTAL

2009 2008 2009 2008

Net Assets, Beginning of the Period $ 75 $ 16 $ 179,040 $ 162,228

Increase (Decrease) in Net Assetsfrom Investment Operations (4) 13 (4,285) 43,930


Proceeds from Sale of Units 327 103 24,031 50,278Reinvestments of Distributions 10 10 3,385 9,049Early Redemption Fees 0 0 7 8Amounts Paid on Redemptions (61) (57) (50,451) (66,432)

276 56 (23,028) (7,097)


(10) (10) (7,024) (20,021)

Increase (Decrease) in Net Assetsfor the Period 262 59 (34,337) 16,812

Net Assets, End of the Period $ 337 $ 75 $ 144,703 $ 179,040†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 6,906 1,769Units Issued 31,008 9,602Units Issued on Reinvestments 977 923Units Redeemed (5,870) (5,388)

Units Outstanding, End of the Period 33,021 6,906

FIXED INCOME FUNDS





Government of Canada (CAD)820,000 3.75% due June 01, 2019 $ 844,559 $ 828,887


Province of Ontario (CAD)200,000 4.40% due June 02, 2019 201,740 202,179

Province of Ontario (AUD)1,700,000 6.00% due November 30, 2016 1,498,730 1,519,300

Province of Ontario (EUR)5,000,000 4.125% due May 14, 2013 7,932,088 7,880,110

Province of Quebec (EUR)2,000,000 5.625% due June 21, 2011 2,540,396 3,165,7623,500,000 4.25% due February 27, 2013 5,703,103 5,509,813

17,876,057 18,277,164


BMO Capital Trust II (CAD)1,700,000 10.221% due December 31, 2018 1,839,842 2,277,682

Bombardier Inc. (USD)675,000 6.30% due May 01, 2014 716,507 700,560

Canadian Pacific Railway Company (USD)2,000,000 7.25% due May 15, 2019 2,316,268 2,382,983

Cascades Inc. (CAD)225,000 7.75% due December 15, 2013 222,008 224,063

Caterpillar Financial Services Limited (CAD)2,500,000 5.20% due June 03, 2013 2,499,800 2,653,911

CIBC Capital Trust (CAD)1,500,000 9.976% due June 30, 2019 1,500,000 1,943,115

Domtar Inc. (USD)475,000 5.375% due December 01, 2013 456,348 480,537

ENMAX Corporation (CAD)2,000,000 5.85% due April 08, 2014 1,997,780 2,132,229

Fairfax Financial Holdings Limited (USD)650,000 7.75% due June 15, 2012 669,240 690,797

John Deere Credit Inc. (CAD)1,200,000 4.80% due April 20, 2012 1,199,172 1,257,519

Manulife Financial Capital Trust (CAD)2,400,000 7.405% due December 31, 2019 2,400,000 2,687,362

NOVA Chemicals Corporation (USD)525,000 6.50% due January 15, 2012 556,715 553,136

Power Corporation of Canada (CAD)2,000,000 7.57% due April 22, 2019 1,998,880 2,272,275

Quebecor Printing Inc., Escrow (USD)650,000 6.50% due August 01, 2027 0 0

Reliance LP (CAD)1,600,000 7.30% due April 03, 2013 1,564,976 1,619,251

Rogers Communications Inc. (CAD)1,200,000 5.80% due May 26, 2016 1,197,204 1,281,687

Scotiabank Tier I Trust (CAD)400,000 7.802% due June 30, 2019 400,000 471,073

Shaw Communications Inc. (CAD)665,000 7.50% due November 20, 2013 728,738 751,547

1,300,000 6.50% due June 02, 2014 1,296,152 1,422,716

SNC-Lavalin Group Inc. (CAD)275,000 6.19% due July 03, 2019 275,000 290,698

Sun Life Capital Trust II (CAD)1,500,000 5.863% due December 31, 2019 1,500,000 1,507,627

TD Capital Trust IV* (CAD)1,300,000 6.631% due June 30, 2021 1,300,000 1,408,855

Thomson Reuters Corporation (CAD)1,300,000 6.00% due March 31, 2016 1,296,919 1,440,437

Wells Fargo Financial Corporation Canada (CAD)600,000 3.97% due November 03, 2014 599,976 603,731

1,700,000 4.38% due June 30, 2015 1,519,970 1,727,523

West Fraser Timber Co., Ltd. (USD)586,000 5.20% due October 15, 2014 498,766 546,345

30,550,261 33,327,659



AUSTRALIA – 1.3%

Queensland Treasury Corporation (AUD)1,960,000 6.00% due October 14, 2015 1,694,466 1,860,083

AUSTRIA – 1.7%

Government of Austria (EUR)1,500,000 4.65% due January 15, 2018 2,430,307 2,431,583


Seagate Technology HDD Holdings (USD)550,000 6.375% due October 01, 2011 558,058 586,683

FRANCE – 10.1%

French Treasury Note (EUR)3,000,000 3.75% due January 12, 2013 4,618,469 4,756,945

Government of France (EUR)1,000,000 4.00% due April 25, 2018 1,498,796 1,573,6764,500,000 5.75% due October 25, 2032 7,000,430 8,235,840

13,117,695 14,566,461

GERMANY – 16.6%

Deutschland Bundesrepublik (EUR)10,000,000 3.75% due January 04, 2019 17,075,022 15,548,5924,000,000 3.50% due July 04, 2019 6,486,717 6,104,5831,245,168 6.50% due July 04, 2027 1,986,164 2,427,239

25,547,903 24,080,414

ITALY – 3.3%

Government of Italy (EUR)3,000,000 4.50% due February 01, 2018 4,541,580 4,802,926

UNITED KINGDOM – 1.8%

United Kingdom Treasury (GBP)1,500,000 4.50% due March 07, 2019 2,952,377 2,633,691

Par Value(Local

Currency) Description Cost Fair Value

$ $



Par Value(Local


FIXED INCOME FUNDS



AK Steel Holding Corporation (USD)525,000 7.75% due February 01, 2010 598,445 555,888

AMC Entertainment Inc. (USD)550,000 11.00% due February 01, 2011 611,212 602,539

Belden Inc. (USD)250,000 9.25% due June 15, 2014 283,754 276,830


Case New Holland Inc. (USD)500,000 7.125% due March 01, 2010 493,226 532,038

Constellation Brands Inc. (USD)525,000 7.25% due September 01, 2016 510,945 558,640

DIRECTV Holdings LLC (USD)725,000 6.375% due June 15, 2010 769,005 789,506

EchoStar DBS Corporation (USD)550,000 6.625% due October 01, 2014 589,559 581,638

El Paso Corporation (USD)800,000 6.875% due June 15, 2014 841,042 838,059

Ford Motor Credit Company LLC (USD)500,000 7.00% due October 01, 2013 529,290 523,384

GameStop Corp./GameStop Inc. (USD)625,000 8.00% due February 01, 2010 749,683 678,970

Gannett Co., Inc. (USD)350,000 6.375% due April 01, 2012 305,934 366,923

General Cable Corporation (USD)475,000 7.125% due April 01, 2012 443,644 489,252

Georgia-Pacific Corporation (USD)550,000 7.125% due January 15, 2012 561,980 583,800

The Goodyear Tire & Rubber Company (USD)250,000 8.625% due February 01, 2010 249,460 271,916

Great Lakes Dredge & Dock Corporation (USD)550,000 7.75% due February 01, 2010 546,561 573,710

The Hertz Corporation (USD)550,000 10.50% due January 01, 2011 597,606 615,512

Host Marriott Limited Partnership (USD)525,000 7.00% due January 20, 2010 526,754 559,327


390,000 9.50% due April 15, 2010 421,779 422,144

INVISTA (USD)700,000 9.25% due February 01, 2010 842,686 744,853

Iron Mountain Inc. (USD)625,000 6.625% due January 11, 2010 678,092 642,114

Jarden Corporation (USD)600,000 7.50% due May 01, 2012 536,028 627,437


Levi Strauss & Co. (USD)500,000 8.875% due April 01, 2011 480,641 548,418

The Manitowoc Company Inc. (USD)575,000 7.125% due February 01, 2010 568,484 566,633

MGM Mirage Inc. (USD)400,000 11.125% due May 15, 2013 480,585 464,419

The Neiman Marcus Group Inc. (USD)700,000 10.375% due October 15, 2010 718,186 719,168

Phillips-Van Heusen Corporation (USD)644,000 7.25% due February 01, 2010 736,429 676,825

Quiksilver Inc. (USD)500,000 6.875% due April 15, 2010 490,416 429,824

Qwest Communications International Inc. (USD)650,000 7.50% due February 01, 2010 518,759 683,983

R.R. Donnelley & Sons Company (USD)350,000 11.25% due February 01, 2019 425,636 457,905

Sprint Capital Corporation (USD)700,000 7.625% due January 30, 2011 705,731 751,274


Steel Dynamics Inc. (USD)600,000 7.375% due November 01, 2012 615,708 647,880

SunGard Data Systems Inc. (USD)525,000 9.125% due February 01, 2010 587,043 564,143

Terex Corporation (USD)725,000 7.375% due January 29, 2010 713,614 768,604

TRW Automotive Inc. (USD)725,000 7.00% due March 15, 2014 629,532 744,853

United States Steel Corporation (USD)250,000 5.65% due June 01, 2013 241,703 260,777

United States Treasury (USD)3,700,000 2.25% due May 31, 2014 4,108,017 3,852,5196,500,000 3.625% due August 15, 2019 7,239,670 6,699,250

Wendy’s/Arby’s Restaurants LLC (USD)250,000 10.00% due July 15, 2012 282,147 285,675

WMG Acquisition Corp. (USD)400,000 9.50% due June 15, 2013 452,585 449,218

33,429,214 32,466,588


Inter-American Development Bank (AUD)3,000,000 5.75% due June 15, 2011 3,082,321 2,859,568

The Nordic Investment Bank (AUD)3,500,000 5.375% due January 18, 2011 3,155,397 3,316,726

6,237,718 6,176,294


TOTAL INVESTMENT

PORTFOLIO – 98.1% 139,780,195 142,038,433

SHORT-TERM

INVESTMENTS (CAD) – 0.5% 700,000 700,000

SHORT-TERM

INVESTMENTS (USD) – 0.4% 524,175 524,175


FORWARD CONTRACTS

(SCHEDULE 1) – (0.8%) 0 (1,204,785)

OTHER NET ASSETS – 1.6% 2,491,265 2,392,929

TOTAL NET ASSETS – 100.0% $ 143,747,717 $ 144,702,702


$ $$ $

Par Value(Local


Par Value(Local


FIXED INCOME FUNDSTD Global Bond Fund



The table below indicates the foreign currencies to which the Fund had significantexposure as at December 31, 2009 and 2008 in Canadian dollar terms, including theunderlying principal amount of forward currency contracts, if any. The table alsoillustrates the potential impact to the Fund’s net assets if the Fund’s functionalcurrency, the Canadian Dollar, had strengthened or weakened by 5% in relation to allother currencies, with all other variables held constant. In practice, the actual tradingresults may differ from these approximate sensitivity analysis amounts and thedifferences could be material.


Currency 2009 2008 2009 2008

Australian Dollar $ 961 $ 720 $ 48 $ 36Brazilian Real 3,919 0 196 0British Pound 2,345 13,057 117 653Euro 46,353 88,956 2,318 4,448Japanese Yen 36,992 60,305 1,850 3,015Mexican Nuevo Peso 2,877 0 144 0Swiss Franc 0 1,161 0 58United States Dollar 38,813 40,603 1,941 2,030

Total $ 132,260 $ 204,802 $ 6,614 $ 10,240






Credit Rating° 2009 2008 2009 2008

AAA 44.45 36.85 43.62 35.20AA 8.40 14.05 8.24 13.42A 22.11 27.88 21.70 26.63BBB 8.22 1.47 8.06 1.40BB 7.87 11.02 7.73 10.53B 6.30 5.22 6.19 4.99CCC 2.55 3.47 2.50 3.31D 0.10 0.00 0.10 0.00No Rating 0.00 0.04 0.00 0.03

Total 100.00 100.00 98.14 95.51





Bonds 2009 2008

Less than 1 year $ 0 $ 30,7521-5 years 57,826 81,0675-10 years 67,474 46,442> 10 years 16,738 12,748

Total $ 142,038 $ 171,009






January 29, 2010 7,925,643 CAD $ 7,925,643 13,423,133 BRL $ 8,020,561 1.69363 $ 94,918January 29, 2010 11,870,046 EUR 17,852,872 17,973,422 CAD 17,973,422 1.51418 120,550January 29, 2010 194,805 GBP 329,727 331,126 CAD 331,126 1.69978 1,399January 29, 2010 6,965,749 USD 7,302,341 7,368,996 CAD 7,368,996 1.05789 66,655January 29, 2010 541,488 USD 567,653 572,840 CAD 572,840 1.05790 5,187

$ 33,978,236 $ 34,266,945 $ 288,709

Canadian Value Canadian ValueSettlement Currency to be as at Currency to be as at Contract $ CanadianDate Delivered December 31, 2009 Received December 31, 2009 Price Depreciation

January 29, 2010 9,358,484 AUD $ 8,796,443 8,723,277 CAD $ 8,723,277 0.93212to 0.93213 $ (73,166)

January 29, 2010 6,864,000 BRL 4,101,362 4,052,825 CAD 4,052,825 0.59045 (48,537)January 29, 2010 2,909,184 CAD 2,909,184 2,750,000 USD 2,882,883 1.05789 (26,301)January 29, 2010 4,125,771 CAD 4,125,771 3,900,000 USD 4,088,452 1.05789 (37,319)January 29, 2010 2,956,149 CAD 2,956,149 35,958,600 MXN 2,877,175 12.16400 (78,974)January 29, 2010 18,651,754 CAD 18,651,754 1,602,745,200 JPY 18,050,932 85.93000 (600,822)January 29, 2010 19,568,017 CAD 19,568,017 1,681,653,860 JPY 18,939,642 85.93890 (628,375)

$ 61,108,680 $ 59,615,186 $ (1,493,494)

TOTAL NUMBER OF CONTRACTS: 13 NET DEPRECIATION $ (1,204,785)

FIXED INCOME FUNDSTD Global Bond Fund






0 143,551 0 143,551


$ 0 $ 142,057 $ 0 $ 142,057




Less than3 months

Accounts payable and accrued liabilities $ 637Forward Contracts 1,494

$ 2,131

TD Global Bond Fund


FIXED INCOME FUNDS

�TD High Yield Income Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 1,026,628 $ 923,685Short-Term Investments 190,926 87,477Foreign Currencies 0 54Cash 182 60Interest Receivable 23,427 40,930Dividends Receivable 299 30Subscriptions Receivable 1,715 1,199Unrealized Gain on Open ForeignExchange Forward Contracts 6,293 9,473

1,249,470 1,062,908

LiabilitiesForeign Currencies Overdraft 769 0Accrued Liabilities 883 488Redemptions Payable 3,153 509Unrealized Loss on Open ForeignExchange Forward Contracts 1,728 147,501

6,533 148,498

Net Assets (Note 3) $ 1,242,937 $ 914,410

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 90,909 $ 27,021Institutional Series $ 905,359 $ 830,682Advisor Series $ 171,152 $ 46,096F-Series $ 45,503 $ 10,611H-Series $ 90 N/AS-Series $ 4,654 N/AT-Series $ 717 N/AQ-Series $ 24,553 N/A

$ 1,242,937 $ 914,410



Advisor Series 24,459,686 10,236,023

F-Series 6,910,478 2,485,948

H-Series 5,480 N/A

S-Series 284,422 N/A

T-Series 43,686 N/A

Q-Series 1,520,918 N/A




F-Series $ 6.58 $ 4.27

H-Series $ 16.44 N/A

S-Series $ 16.36 N/A

T-Series $ 16.42 N/A

Q-Series $ 16.14 N/A



2009 2008

Investment IncomeInterest $ 107,923 $ 127,023Dividends 1,683 22Foreign Exchange (4,978) (65,212)Securities Lending 1 512Less: Withholding Taxes (59) (0)

104,570 62,345



8,844 7,782




Transaction Costs on Purchasesand Sales of Investment (3) 0



†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 26,371 $ (17,821)Institutional Series $ 525,429 $ (461,971)Advisor Series $ 64,349 $ (25,744)F-Series $ 19,128 $ (4,384)H-Series $ 2 N/AS-Series $ 200 N/AT-Series $ 16 N/AQ-Series $ 2,601 N/A

$ 638,096 $ (509,920)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 2.56 $ (2.41)Institutional Series $ 2.98 $ (2.71)Advisor Series $ 3.24 $ (3.11)F-Series $ 3.19 $ (3.28)H-Series $ 1.08 N/AS-Series $ 1.52 N/AT-Series $ 1.18 N/AQ-Series $ 1.87 N/A

FIXED INCOME FUNDS





2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 27,021 $ 51,471 $ 830,682 $ 1,155,520 $ 46,096 $ 56,339

Increase (Decrease) in Net Assetsfrom Investment Operations 26,371 (17,821) 525,429 (461,971) 64,349 (25,744)



42,207 (4,299) (382,303) 204,956 74,981 18,407

Distributions to UnitholdersFrom Net Investment Income (4,690) (1,364) (68,449) (49,863) (14,274) (1,852)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital 0 (966) 0 (17,960) 0 (1,054)

(4,690) (2,330) (68,449) (67,823) (14,274) (2,906)


Net Assets, End of the Period $ 90,909 $ 27,021 $ 905,359 $ 830,682 $ 171,152 $ 46,096†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 7,223,434 7,919,141 197,874,269 159,184,888 10,236,023 7,206,643Units Issued 10,619,397 2,371,779 18,689,213 48,030,171 21,889,596 5,535,614Units Issued on Reinvestments 739,120 335,040 9,488,301 6,091,745 1,716,177 288,334Units Redeemed (3,390,908) (3,402,526) (90,579,321) (15,432,535) (9,382,110) (2,794,568)


F-Series H-Series S-Series

2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 10,611 $ 6,020 $ 0 N/A $ 0 N/A

Increase (Decrease) in Net Assetsfrom Investment Operations 19,128 (4,384) 2 N/A 200 N/A


Proceeds from Sale of Units 35,478 10,591 88 N/A 4,547 N/AReinvestments of Distributions 2,788 287 1 N/A 27 N/AEarly Redemption Fees 1 0 0 N/A 0 N/AAmounts Paid on Redemptions (17,746) (1,471) 0 N/A (40) N/A

20,521 9,407 89 N/A 4,534 N/A

Distributions to UnitholdersFrom Net Investment Income (4,757) (371) (1) N/A (60) N/AFrom Net Realized Gains on Investments 0 0 0 N/A 0 N/AFrom Return of Capital 0 (61) (0) N/A (20) N/A

(4,757) (432) (1) N/A (80) N/A

Increase (Decrease) in Net Assetsfor the Period 34,892 4,591 90 N/A 4,654 N/A

Net Assets, End of the Period $ 45,503 $ 10,611 $ 90 N/A $ 4,654 N/A

†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 2,485,948 816,707 0 N/A 0 N/AUnits Issued 6,751,731 1,891,902 5,425 N/A 285,219 N/AUnits Issued on Reinvestments 421,913 41,445 55 N/A 1,672 N/AUnits Redeemed (2,749,114) (264,106) 0 N/A (2,469) N/A

Units Outstanding, End of the Period 6,910,478 2,485,948 5,480 N/A 284,422 N/A

FIXED INCOME FUNDS





T-Series Q-Series TOTAL

2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 0 N/A $ 0 N/A $ 914,410 $ 1,269,350

Increase (Decrease) in Net Assetsfrom Investment Operations 16 N/A 2,601 N/A 638,096 (509,920)


Proceeds from Sale of Units 712 N/A 25,608 N/A 343,490 311,192Reinvestments of Distributions 1 N/A 0 N/A 82,025 45,950Early Redemption Fees 0 N/A 0 N/A 33 6Amounts Paid on Redemptions (6) N/A (2,608) N/A (641,812) (128,677)

707 N/A 23,000 N/A (216,264) 228,471

Distributions to UnitholdersFrom Net Investment Income (4) N/A (816) N/A (93,051) (53,450)From Net Realized Gains on Investments 0 N/A 0 N/A 0 0From Return of Capital (2) N/A (232) N/A (254) (20,041)

(6) N/A (1,048) N/A (93,305) (73,491)

Increase (Decrease) in Net Assetsfor the Period 717 N/A 24,553 N/A 328,527 (354,940)

Net Assets, End of the Period $ 717 N/A $ 24,553 N/A $ 1,242,937 $ 914,410†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 0 N/A 0 N/AUnits Issued 43,973 N/A 1,685,060 N/AUnits Issued on Reinvestments 34 N/A 0 N/AUnits Redeemed (321) N/A (164,142) N/A

Units Outstanding, End of the Period 43,686 N/A 1,520,918 N/A

FIXED INCOME FUNDS



Canadian Equities – 0.4%

INDUSTRIALS – 0.4%

330,975 World Color Press Inc. $ 3,107,676 $ 3,226,892187,584 World Color Press Inc.,

Series I Warrants 20/07/2014 303,675 825,945187,584 World Color Press Inc.,

Series II Warrants 20/07/2014 253,062 576,195

Total Canadian Equities 3,664,413 4,629,032

U.S. Equities – 0.3%

MATERIALS – 0.1%

299,036 INTERMET Corporation 8,407,222 02,500 PT Holdings Company Inc. 3,133,031 743,018

11,540,253 743,018

CONSUMER DISCRETIONARY – 0.0%

13,667 Bally Total Fitness Holding Corporation 31,481 0460,985 Broder Bros. Co. (Restricted) 0 4,833

89 Idearc Inc. 2,709 0262,313 Movie Gallery Inc. 11,840,394 8,250

11,300,000 Movie Gallery Inc., Escrow Shares 0 032,453 Movie Gallery Inc., Warrants 15/05/2015 0 0

11,874,584 13,083

FINANCIALS – 0.0%

126,380 Vertis Holdings Inc. 0 042,060 Vertis Holdings Inc., Warrants 0 0

PREFERRED – 0.2%

2,283 GMAC Inc., Pref. Series “144A” 2,386,137 1,577,539900 Lazy Days’ R.V. Center Inc., Pref. 906,557 906,557

3,292,694 2,484,096

Total U.S. Equities 26,707,531 3,240,197



Abitibi-Consolidated Company of Canada (USD)363,764 13.75% due April 01, 2011 370,311 381,828

Abitibi-Consolidated Inc. (USD)2,000,000 8.55% due August 01, 2010 2,238,167 304,0227,500,000 7.75% due June 15, 2011 7,188,894 1,130,2527,000,000 6.00% due June 20, 2013 4,471,638 1,109,94126,600,000 8.375% due April 01, 2015 16,935,604 4,043,486

Bombardier Inc.$ 7,500,000 7.35% due December 22, 2026 6,800,203 6,952,501

Bombardier Inc. (USD)8,544,000 6.30% due May 01, 2014 8,072,266 8,867,531

Bowater Canada Finance Corporation (USD)7,750,000 7.95% due November 15, 2011 8,228,461 2,569,440

Bowater Incorporated10,500,000 10.85% due November 30, 2014 11,847,861 2,481,176


Catalyst Paper Corporation (USD)11,800,000 7.375% due February 01, 2010 9,968,039 7,546,0238,000,000 8.625% due February 01, 2010 9,291,383 6,457,836

Domtar Inc. (USD)138,000 7.875% due October 15, 2011 144,717 151,183

13,500,000 5.375% due December 01, 2013 13,008,654 13,657,3804,500,000 7.125% due August 15, 2015 3,791,777 4,741,1632,000,000 9.50% due August 01, 2016 1,544,100 2,246,090

Fairfax Financial Holdings Limited (USD)12,000,000 7.75% due June 15, 2012 12,649,841 12,753,1783,000,000 7.375% due April 15, 2018 3,318,997 3,148,981

General Motors Acceptance Corporationof Canada Limited

$ 7,500,000 6.00% due May 25, 2010 7,171,250 7,211,250

Iron Mountain Nova Scotia Funding Company13,000,000 7.50% due March 15, 2012 12,512,500 12,742,199

Nortel Networks Limited (USD)20,750,000 10.75% due July 15, 2011 20,612,211 15,553,583

NOVA Chemicals Corporation (USD)35,300,000 6.50% due January 15, 2012 31,974,614 37,191,789

Quebecor Printing Inc., Escrow (USD)28,400,000 6.50% due August 01, 2027 0 0

Quebecor World Capital ULC (USD)18,500,000 9.75% due January 15, 2011 0 0

Quebecor World Capital ULC, Escrow (USD)4,000,000 6.125% due November 15, 2013 0 0

Russel Metals Inc. (USD)1,000,000 6.375% due February 01, 2010 1,137,001 995,933

Sherritt International Corporation400,000 7.75% due October 15, 2015 275,000 408,307

Stone Container Finance Companyof Canada (USD)

6,000,000 7.375% due February 01, 2010 6,405,932 5,920,557

Stratos Global Corporation (USD)2,000,000 9.875% due February 15, 2010 2,294,324 2,212,019




ARGENTINA – 0.4%

Industrias Metalurgicas Pescarmona SA (USD)6,000,000 11.25% due October 22, 2011 5,788,876 4,780,476

BERMUDA – 0.0%

Global Crossing Limited (USD)250,000 12.00% due September 15, 2012 264,118 287,641



Seagate Technology International (USD)350,000 10.00% due May 01, 2013 403,467 405,449

Votorantim Overseas III (USD)5,500,000 7.875% due January 23, 2014 6,976,077 6,457,836

20,482,273 24,374,805

$ $

Par Value Description Cost Fair Value�TD High Yield Income Fund


No. of Sharesor Units/


FIXED INCOME FUNDS


FRANCE – 0.1%

Compagnie Generale deGeophysique-Veritas (USD)

1,000,000 9.50% due May 15, 2013 1,047,906 1,121,735

IRELAND – 0.6%

Smurfit Kappa Funding PLC (USD)6,834,000 7.75% due February 01, 2010 5,669,563 6,886,802

LUXEMBOURG – 0.3%

Evraz Group SA (USD)1,500,000 8.875% due April 24, 2013 1,518,825 1,572,525

Millicom International Cellular SA (USD)2,000,000 10.00% due February 01, 2010 2,338,472 2,170,085

Wind Acquisition Finance SA (USD)250,000 11.75% due July 15, 2013 283,495 286,331

4,140,792 4,028,941

NETHERLANDS – 1.3%

NXP B.V./NXP Funding LLC (EUR)1,000,000 8.625% due October 15, 2011 1,025,461 1,098,001

NXP B.V./NXP Funding LLC (USD)17,500,000 9.50% due October 15, 2011 18,669,280 15,685,937

19,694,741 16,783,938


Ashtead Holdings PLC (USD)19,500,000 8.625% due August 01, 2010 16,935,429 20,545,039

Global Crossing (UK) Finance PLC (USD)11,669,000 10.75% due February 01, 2010 14,209,393 12,539,026

Ineos Group Holdings PLC (EUR)6,000,000 7.875% due February 15, 2011 8,248,306 5,708,100

Ineos Group Holdings PLC (USD)28,070,000 8.50% due February 15, 2011 20,027,230 19,789,782

Virgin Media Finance PLC (USD)1,000,000 9.50% due August 15, 2013 1,043,429 1,125,666

60,463,787 59,707,613



Algoma Acquisition Corp. (USD)7,535,000 9.875% due June 15, 2011 7,025,804 6,724,294

Allison Transmission Inc. (USD)1,000,000 11.00% due November 01, 2011 940,876 1,100,768

AMC Entertainment Inc. (USD)8,557,000 11.00% due February 01, 2011 9,512,378 9,374,414

Ames True Temper Inc. (USD)9,407,000 10.00% due February 01, 2010 10,608,608 8,949,609

Appleton Papers Inc. (USD)12,300,000 9.75% due January 11, 2010 14,371,370 4,980,580

Apria Healthcare Group Inc. (USD)1,000,000 11.25% due November 01, 2011 1,089,424 1,150,564

ArvinMeritor Inc. (USD)15,788,000 8.125% due September 15, 2015 10,748,352 15,806,539

Ashtead Capital Inc. (USD)1,000,000 9.00% due August 15, 2011 609,964 1,049,660

Baker & Taylor Inc. (USD)6,000,000 11.50% due July 01, 2010 6,798,970 3,388,791

Belden Inc. (USD)3,500,000 9.25% due June 15, 2014 3,892,581 3,875,619

Bill Barret Corporation (USD)500,000 9.875% due July 15, 2013 553,497 558,246

The Bon-Ton Stores Inc. (USD)27,500,000 10.25% due March 15, 2010 20,671,518 26,595,329

Broder Bros. Co. (USD)4,897,173 12.00% due October 15, 2013 12,734,719 3,747,784

Brookstone Inc. (USD)14,000,000 12.00% due February 01, 2010 15,504,535 9,760,139

Burlington Coat FactoryWarehouse Corporation (USD)

2,000,000 11.125% due April 15, 2010 1,512,800 2,164,843

CanWest MediaWorks, Limited Partnership (USD)30,215,000 9.25% due August 01, 2011 17,619,014 4,711,789

Carrols Corporation (USD)1,000,000 9.00% due February 01, 2010 1,097,368 1,064,075

Case New Holland Inc. (USD)10,000,000 7.125% due March 01, 2010 9,802,985 10,640,7539,985,000 7.25% due January 15, 2016 9,153,496 10,336,928

CB Richard Ellis Services Inc. (USD)2,000,000 11.625% due June 15, 2013 2,194,077 2,327,337

Cenveo Corporation (USD)13,705,000 7.875% due February 01, 2010 15,088,497 13,290,064

Chesapeake Energy Corporation (USD)7,500,000 7.50% due February 01, 2010 8,206,832 8,000,221

Coleman Cable Inc. (USD)16,724,000 9.875% due February 01, 2010 17,920,294 17,576,437

Commercial Barge Line Company (USD)3,200,000 12.50% due July 15, 2013 3,368,789 3,488,909

Commercial Vehicle Group Inc. (USD)3,150,000 8.00% due February 01, 2010 3,668,349 1,964,870

Cooper-Standard Automotive Inc. (USD)15,000,000 8.375% due February 01, 2010 15,372,209 4,009,939

CPG International Inc. (USD)9,500,000 10.50% due February 01, 2010 9,959,095 9,411,562

CPM Holdings Inc. (USD)1,250,000 10.625% due September 01, 2012 1,350,667 1,382,512

Dayton Superior Corp. (USD)3,840,000 13.00% due June 15, 2014 4,658,119 1,276,800

EchoStar DBS Corporation (USD)8,900,000 6.375% due October 01, 2011 9,457,669 9,633,550

Ford Motor Credit Company LLC (USD)1,500,000 8.625% due November 01, 2010 1,327,999 1,619,1352,000,000 7.375% due February 01, 2011 2,012,903 2,139,431

Freescale Semiconductor Inc. (USD)6,500,000 8.875% due December 15, 2010 6,068,726 6,252,0972,874,000 10.125% due December 15, 2011 3,133,750 2,425,431

Freescale Semiconductor Inc. (USD), Term Loan3,366,768 12.50% due December 15, 2014 2,549,800 3,529,552


$ $


$ $

FIXED INCOME FUNDSTD High Yield Income Fund


Gannett Co., Inc. (USD)280,000 5.75% due June 01, 2011 246,486 294,272

9,343,000 6.375% due April 01, 2012 7,379,773 9,794,7343,500,000 8.75% due November 15, 2014 3,673,181 3,797,648

General Cable Corporation (USD)16,340,000 7.125% due April 01, 2012 14,317,076 16,830,263

General Motors Corporation (USD)10,500,000 7.20% due January 15, 2011 10,839,586 2,972,0727,000,000 8.375% due July 15, 2033 3,693,867 1,981,382

GEO Sub Corp. (USD)3,000,000 11.00% due February 01, 2010 3,427,680 2,869,858

GMAC LLC (USD)10,487,000 6.875% due September 15, 2011 10,238,258 10,829,136

500,000 7.00% due February 01, 2012 435,039 516,312

Harland Clarke Holdings Corp. (USD)6,900,000 9.50% due May 15, 2011 7,254,008 6,718,220

The Hertz Corporation (EUR)4,000,000 7.875% due February 01, 2010 4,764,976 5,805,867

The Hertz Corporation (USD)19,153,000 8.875% due February 01, 2010 17,521,096 20,530,826

Host Hotels & Resorts Limited Partnership (USD)5,644,000 7.125% due February 01, 2010 5,192,647 6,013,037

Host Marriott Limited Partnership (USD)5,500,000 7.00% due January 20, 2010 5,538,921 5,859,6213,500,000 6.375% due March 15, 2010 4,015,898 3,595,841


12,290,000 9.50% due April 15, 2010 14,142,790 13,302,959

Interface Inc. (USD)100,000 11.375% due November 01, 2013 105,084 117,153


Jabil Circuit Inc. (USD)1,500,000 8.25% due March 15, 2018 1,390,881 1,682,602

Jarden Corporation (USD)5,850,000 7.50% due May 01, 2012 4,990,842 6,117,515

Lamar Media Corp. (USD)1,000,000 7.25% due February 01, 2010 947,958 1,045,7291,000,000 6.625% due August 15, 2010 878,121 1,016,900

Landry’s Restaurants Inc. (USD)5,000,000 11.625% due December 01, 2012 5,172,339 5,556,255

Lazy Days’ R.V. Center Inc. (USD)10,326,000 11.75% due February 01, 2010 12,172,867 649,516

Levi Strauss & Co. (USD)1,000,000 8.875% due April 01, 2011 709,003 1,096,836

Mandalay Resort Group (USD)2,000,000 9.375% due February 15, 2010 2,161,860 2,086,217


Metals USA Inc. (USD)2,500,000 11.125% due December 01, 2010 2,957,000 2,650,360

Muzak LLC/Muzak Finance Corp. (USD)3,027,000 9.875% due March 15, 2019 3,348,437 2,395,883

Neenah Foundry Co. (USD)4,000,000 9.50% due January 01, 2012 4,635,400 2,164,843


8,450,000 10.375% due October 15, 2010 7,288,883 8,681,386

The New York Times Company (USD)2,070,000 5.00% due March 15, 2015 1,597,849 1,946,870

The Newark Group Inc. (USD)11,500,000 9.75% due February 01, 2010 12,187,221 5,892,382

Novelis Inc. (USD)4,500,000 7.25% due February 15, 2010 5,012,916 4,493,490

Penhall International Corporation (USD)7,100,000 12.00% due August 01, 2010 8,098,987 4,670,661

Phillips-Van Heusen Corporation (USD)28,250,000 7.25% due February 01, 2010 31,022,295 29,689,927

Polypore International Inc. (EUR)2,000,000 8.75% due February 01, 2010 2,958,189 2,910,454

Pregis Corporation (USD)5,000,000 12.375% due January 29, 2010 5,807,231 5,077,945

Quiksilver Inc. (USD)24,500,000 6.875% due April 15, 2010 20,883,823 21,061,352

Qwest Communications International Inc. (USD)1,800,000 7.50% due February 01, 2010 1,740,126 1,894,1062,000,000 3.50% due November 20, 2010 1,719,973 2,185,810

R.R. Donnelley & Sons Company (USD)4,000,000 11.25% due February 01, 2019 4,579,918 5,233,195

RailAmerica Inc. (USD)1,800,000 9.25% due July 01, 2013 1,956,513 2,007,328

RathGibson Inc. (USD)9,000,000 11.25% due February 15, 2010 10,338,529 3,031,042

Real Mex Restaurants Inc. (USD)4,000,000 14.00% due July 01, 2011 4,187,340 4,067,598

Reichhold Industries Inc. (USD)5,500,000 9.00% due August 15, 2010 6,130,402 4,843,377

Reliance Intermediate Holdings LP (USD)4,000,000 9.50% due December 15, 2014 4,126,594 4,366,378

The Restaurant Company (USD)12,150,000 10.00% due February 01, 2010 12,926,421 6,368,726

RSC Equipment Rental Inc. (USD)9,000,000 9.50% due December 01, 2010 7,877,634 9,446,944

Securus Technologies Inc. (USD)3,000,000 11.00% due February 01, 2010 3,573,335 2,972,072

Six Flags Inc. (USD)6,000,000 9.625% due February 01, 2010 6,183,921 2,020,695

Six Flags Operations Inc. (USD)1,300,000 12.25% due July 15, 2013 2,321,630 1,451,441

Solo Cup Company (USD)8,195,000 8.50% due February 01, 2010 8,732,167 8,397,926100,000 10.50% due May 01, 2011 112,842 111,649

Spirit AeroSystems Holdings Inc. (USD)750,000 7.50% due October 01, 2013 798,888 774,469

Sprint Capital Corporation (USD)7,200,000 7.625% due January 30, 2011 7,607,487 7,727,38813,858,000 8.375% due March 15, 2012 13,336,475 15,036,516

Sprint Nextel Corporation (USD)2,000,000 6.875% due February 01, 2010 1,936,017 2,033,7995,105,000 6.00% due December 01, 2016 3,923,328 4,883,542

Steel Dynamics Inc. (USD)4,500,000 7.75% due April 15, 2012 3,771,737 4,702,5009,400,000 7.375% due November 01, 2012 9,480,969 10,150,125

SunGard Data Systems Inc. (USD)3,000,000 9.125% due February 01, 2010 3,248,396 3,223,676

Telcordia Technologies Inc. (USD)2,000,000 Floating Rate due February 01, 2010 2,116,026 1,921,101

$ $ $ $




Terex Corporation (USD)12,533,000 7.375% due January 29, 2010 12,753,040 13,286,7846,500,000 8.00% due November 15, 2012 6,369,914 6,558,7405,000,000 10.875% due June 01, 2013 5,329,541 5,844,551

Ticketmaster Entertainment Inc. (USD)8,735,000 10.75% due August 01, 2012 7,990,522 9,867,031

True Temper Sports Inc. (USD)3,500,000 8.375% due March 10, 2010 3,768,070 367

TRW Automotive Inc. (USD)11,600,000 7.00% due March 15, 2014 10,759,718 11,917,643

Tube City IMS Corporation (USD)5,200,000 9.75% due February 01, 2011 5,184,204 5,267,435

United Rentals (North America) Inc. (USD)4,000,000 7.00% due February 01, 2010 2,968,299 3,795,027

United States Steel Corporation (USD)3,750,000 5.65% due June 01, 2013 3,390,500 3,911,6563,000,000 6.05% due June 01, 2017 2,334,796 3,002,4531,000,000 7.00% due February 01, 2018 869,890 1,026,848

Valassis Communications Inc. (USD)16,000,000 8.25% due March 01, 2011 16,186,741 16,731,666

Verso Paper Holdings LLC (USD)1,000,000 9.125% due August 01, 2010 670,040 1,001,17413,350,000 11.375% due August 01, 2011 14,020,438 11,266,355

Vertis Inc. (USD)3,127,099 13.50% due February 01, 2010 1,424,081 1,085,935

VICORP Restaurants Inc. (USD)4,500,000 10.50% due February 01, 2010 5,604,996 2,831

Wendy’s/Arby’s Restaurants LLC (USD)4,000,000 10.00% due July 15, 2012 4,420,976 4,570,806

West Corporation (USD)7,000,000 9.50% due October 15, 2010 7,890,364 7,448,5274,500,000 11.00% due October 15, 2011 5,337,939 4,929,866

WII Components Inc. (USD)4,000,000 10.00% due February 01, 2010 4,784,120 2,516,040

Wise Metals Group LLC (USD)5,500,000 10.25% due February 01, 2010 6,641,514 4,389,310


819,602,665 726,045,451


TOTAL INVESTMENT

PORTFOLIO – 82.6% 1,182,924,735 1,026,627,580

SHORT-TERM

INVESTMENTS (CAD) – 9.0% 112,300,000 112,300,000

SHORT-TERM

INVESTMENTS (USD) – 6.3% 78,626,250 78,626,250

FOREIGN CURRENCIES – (0.0%) (769,152) (769,399)

FORWARD CONTRACTS

(SCHEDULE 1) – 0.4% 0 4,564,404

OTHER NET ASSETS – 1.7% 21,962,702 21,587,671

TOTAL NET ASSETS – 100.0% $ 1,395,044,535 $ 1,242,936,506

$ $


TD High Yield Income Fund


FIXED INCOME FUNDS




January 12, 2010 57,200,000 USD $ 59,964,935 62,233,600 CAD $ 62,233,600 1.08800 $ 2,268,665January 12, 2010 167,646,000 USD 175,749,672 176,119,061 CAD 176,119,061 1.04833

to 1.05540 369,389January 26, 2010 16,400,000 USD 17,192,514 17,388,756 CAD 17,388,756 1.06029 196,242January 26, 2010 15,400,000 USD 16,144,190 16,328,620 CAD 16,328,620 1.06030 184,430February 09, 2010 6,615,260 CAD 6,615,260 4,400,000 EUR 6,617,602 1.50347 2,342February 09, 2010 6,982,300 EUR 10,501,382 10,813,348 CAD 10,813,348 1.54868 311,966February 09, 2010 3,000,000 EUR 4,512,001 4,681,920 CAD 4,681,920 1.56064 169,919February 09, 2010 2,999,600 EUR 4,511,399 4,645,631 CAD 4,645,631 1.54875 134,232February 09, 2010 100,000,000 USD 104,832,334 105,308,250 CAD 105,308,250 1.04150

to 1.06466 475,916February 09, 2010 35,000,000 USD 36,691,316 37,136,550 CAD 37,136,550 1.05198

to 1.06467 445,234February 09, 2010 51,072,268 USD 53,540,250 53,604,210 CAD 53,604,210 1.04197

to 1.06465 63,960February 23, 2010 58,525,000 USD 61,353,396 61,567,130 CAD 61,567,130 1.05198 213,734February 23, 2010 10,000,000 USD 10,483,280 10,519,900 CAD 10,519,900 1.05199 36,620March 09, 2010 50,000,000 USD 52,416,900 52,985,000 CAD 52,985,000 1.05970 568,100March 09, 2010 50,000,000 USD 52,416,900 52,985,000 CAD 52,985,000 1.05970 568,100March 09, 2010 25,000,000 USD 26,208,450 26,492,500 CAD 26,492,500 1.05970 284,050

$ 693,134,179 $ 699,427,078 $ 6,292,899


January 26, 2010 75,000,000 USD $ 78,624,300 78,085,750 CAD $ 78,085,750 1.03157to 1.06029 $ (538,550)

January 26, 2010 50,000,000 USD 52,416,200 51,578,750 CAD 51,578,750 1.03157 (837,450)February 23, 2010 65,000,000 USD 68,141,320 68,129,850 CAD 68,129,850 1.04201

to 1.05199 (11,470)February 23, 2010 25,000,000 USD 26,208,200 26,050,375 CAD 26,050,375 1.04201 (157,825)February 23, 2010 25,000,000 USD 26,208,200 26,025,000 CAD 26,025,000 1.04100 (183,200)

$ 251,598,220 $ 249,869,725 $ (1,728,495)

TOTAL NUMBER OF CONTRACTS: 28 NET APPRECIATION $ 4,564,404





Currency 2009 2008 2009 2008

Euro $ 3,260 $ (603) $ 163 $ (30)United States Dollar 157,197 172,620 7,860 8,631

Total $ 160,457 $ 172,017 $ 8,023 $ 8,601






Credit Rating° 2009 2008 2009 2008

BBB 2.71 2.67 2.22 2.69BB 25.94 40.02 21.26 40.32B 28.61 32.95 23.45 33.20CCC 31.92 19.20 26.16 19.34CC 2.48 1.87 2.03 1.88C 2.23 2.67 1.82 2.69D 3.19 0.11 2.61 0.11No Rating 2.92 0.51 2.39 0.52

Total 100.00 100.00 81.94 100.75





Bonds 2009 2008

Less than 1 year $ 21,833 $ 12,7311-5 years 598,887 432,3875-10 years 386,919 466,771> 10 years 11,119 9,354

Total $ 1,018,758 $ 921,243






Common Shares $ 4,637 $ 0 $ 748 $ 5,385Preferred Shares 0 1,578 907 2,485Bonds and Short-TermInvestments 0 1,203,759 5,925 1,209,684

Forward Contracts 0 6,293 0 6,293

4,637 1,211,630 7,580 1,223,847


$ 4,637 $ 1,209,902 $ 7,580 $ 1,222,119


Reconciliation of Level 3 Fair Value Measurements (in 000s)

The table below reconciles the Fund’s Level 3 fair value measurements fromDecember 31, 2008 to December 31, 2009:

CommonShares Bonds Preferred

Balance at December 31, 2008 $ 875 $ 3,837 $ 0Purchases 0 2,569 907Sales 0 (28) 0Net Transfer In (Out) 0 (1,015) 0Gains (Losses)Net Realized on Sale of Investments 0 8 0Net Change in Unrealized Appreciation/Depreciation of Investments (127) 554 0

Balance at December 31, 2009 748 5,925 907

Total change in unrealized for assetsheld at December 31, 2009 $ (127) $ 554 $ 0



Less than3 months

Accounts payable and accrued liabilities $ 4,805Forward Contracts 1,728

$ 6,533



�TD Income Advantage Por tfolio



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 3,439,101 $ 2,723,198Cash 346 0Subscriptions Receivable 9,658 2,489Receivable for Investment Sales 0 2,776

3,449,105 2,728,463

LiabilitiesBank Overdraft 0 966Accrued Liabilities 3,396 2,699Redemptions Payable 3,512 5,582Distributions Payable 4,825 1,128Payable for Investment Purchases 3,379 0

15,112 10,375

Net Assets (Note 3) $ 3,433,993 $ 2,718,088

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 1,412,241 $ 988,665Institutional Series $ 18,031 $ 944Advisor Series $ 1,704,805 $ 1,489,275F-Series $ 81,189 $ 63,442H-Series $ 70,504 $ 52,796S-Series $ 6,434 $ 4,991T-Series $ 140,789 $ 117,975

$ 3,433,993 $ 2,718,088


Institutional Series 1,623,816 95,493

Advisor Series 162,076,120 158,902,097

F-Series 8,152,433 7,152,627

H-Series 5,203,912 4,298,900

S-Series 476,341 407,465

T-Series 10,454,532 9,644,424




F-Series $ 9.96 $ 8.87

H-Series $ 13.55 $ 12.28

S-Series $ 13.51 $ 12.25

T-Series $ 13.47 $ 12.23



2009 2008

Investment IncomeIncome Distributions Receivedfrom Underlying Funds $ 141,393 $ 119,299

Interest 6 61Less: Withholding Taxes (38) 0

141,361 119,360

Expenses (Note 5)Management Fee 32,341 34,118Administration Fee 2,401 2,538Independent Review Committee Fees 16 18Bank Charges and Interest 22 55


34,742 36,656


Net Realized Gain (Loss) onSale of Investments 335 (3,024)

Capital Gains (Loss) Distributions Receivedfrom Underlying Funds 5,425 5,655




†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 168,901 $ (85,457)Institutional Series $ 419 $ 14Advisor Series $ 234,123 $ (129,382)F-Series $ 11,191 $ (4,717)H-Series $ 8,505 $ (4,736)S-Series $ 852 $ (434)T-Series $ 18,804 $ (10,433)

$ 442,795 $ (235,145)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 1.51 $ (0.78)Institutional Series $ 1.41 $ (0.15)Advisor Series $ 1.50 $ (0.77)F-Series $ 1.50 $ (0.62)H-Series $ 1.94 $ (1.00)S-Series $ 2.04 $ (0.96)T-Series $ 1.93 $ (1.01)

FIXED INCOME FUNDS



FIXED INCOME FUNDS




2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 988,665 $ 1,141,896 $ 944 $ 0 $ 1,489,275 $ 1,788,543

Increase (Decrease) in Net Assetsfrom Investment Operations 168,901 (85,457) 419 14 234,123 (129,382)


Proceeds from Sale of Units 420,245 219,611 17,350 934 311,630 269,035Reinvestments of Distributions 42,994 37,862 104 0 53,080 52,652Early Redemption Fees 12 21 0 0 17 32Amounts Paid on Redemptions (163,264) (285,939) (539) 0 (325,415) (434,700)

299,987 (28,445) 16,915 934 39,312 (112,981)

Distributions to UnitholdersFrom Net Investment Income (42,913) (31,137) (232) 0 (54,561) (44,571)From Net Realized Gains on Investments (2,399) 0 (15) 0 (3,344) 0From Return of Capital 0 (8,192) 0 (4) 0 (12,334)

(45,312) (39,329) (247) (4) (57,905) (56,905)

Increase (Decrease) in Net Assetsfor the Period 423,576 (153,231) 17,087 944 215,530 (299,268)

Net Assets, End of the Period $ 1,412,241 $ 988,665 $ 18,031 $ 944 $ 1,704,805 $ 1,489,275†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 105,483,297 108,782,569 95,493 0 158,902,097 170,405,178Units Issued 40,940,105 21,367,454 1,569,102 95,471 30,791,058 26,207,662Units Issued on Reinvestments 4,231,903 3,730,224 9,796 22 5,238,957 5,187,138Units Redeemed (16,429,705) (28,396,950) (50,575) 0 (32,855,992) (42,897,881)

Units Outstanding, End of the Period 134,225,600 105,483,297 1,623,816 95,493 162,076,120 158,902,097


2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 11,191 (4,717) 8,505 (4,736) 852 (434)


Proceeds from Sale of Units 28,909 20,480 22,492 15,991 2,075 1,124Reinvestments of Distributions 2,737 2,738 1,657 1,710 91 132Early Redemption Fees 1 2 1 1 0 0Amounts Paid on Redemptions (21,830) (33,996) (11,686) (27,217) (1,227) (2,145)

9,817 (10,776) 12,464 (9,515) 939 (889)

Distributions to UnitholdersFrom Net Investment Income (3,110) (2,560) (1,841) (1,402) (211) (165)From Net Realized Gains on Investments (151) 0 (122) 0 (3) 0From Return of Capital 0 (610) (1,298) (1,910) (134) (203)

(3,261) (3,170) (3,261) (3,312) (348) (368)


Net Assets, End of the Period $ 81,189 $ 63,442 $ 70,504 $ 52,796 $ 6,434 $ 4,991†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 7,152,627 8,256,856 4,298,900 5,029,721 407,465 478,098Units Issued 3,031,677 2,157,445 1,690,797 1,164,366 156,174 81,922Units Issued on Reinvestments 285,885 284,710 126,882 127,366 6,965 9,809Units Redeemed (2,317,756) (3,546,384) (912,667) (2,022,553) (94,263) (162,364)





T-Series TOTAL

2009 2008 2009 2008




Proceeds from Sale of Units 37,495 24,944 840,196 552,119Reinvestments of Distributions 2,825 2,839 103,488 97,933Early Redemption Fees 1 3 32 59Amounts Paid on Redemptions (29,171) (43,298) (553,132) (827,295)

11,150 (15,512) 390,584 (177,184)

Distributions to UnitholdersFrom Net Investment Income (3,783) (2,927) (106,651) (82,762)From Net Realized Gains on Investments (270) 0 (6,304) 0From Return of Capital (3,087) (4,314) (4,519) (27,567)

(7,140) (7,241) (117,474) (110,329)


Net Assets, End of the Period $ 140,789 $ 117,975 $ 3,433,993 $ 2,718,088†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 9,644,424 10,829,331Units Issued 2,863,981 1,840,620Units Issued on Reinvestments 217,513 212,316Units Redeemed (2,271,386) (3,237,843)


FIXED INCOME FUNDS



65

Mutual Funds – 100.1%

127,569,090 TD Canadian Bond Fund,Institutional Series $ 1,352,242,694 $ 1,367,540,649

46,258,584 TD Dividend Income Fund,Institutional Series 676,124,820 689,715,490

55,397,728 TD High Yield Income Fund,Institutional Series 456,177,956 372,272,732

33,399,073 TD Mortgage Fund,Institutional Series 331,297,395 338,666,602

49,426,958 TD Short Term Bond Fund,Institutional Series 492,913,417 507,614,857

15,091,532 TD World Bond Pool, O-Series 152,481,290 163,290,374

TOTAL INVESTMENT

PORTFOLIO – 100.1% 3,461,237,572 3,439,100,704

OTHER NET LIABILITIES – (0.1%) (5,107,222) (5,107,222)

TOTAL NET ASSETS – 100.0% $ 3,456,130,350 $ 3,433,993,482




UnderlyingMutual Funds $ 3,439,101 $ 0 $ 0 $ 3,439,101




Less than3 months




No. of Units Description Cost Fair Value


FIXED INCOME FUNDS

�TD Monthly Income Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 4,111,506 $ 3,139,790Short-Term Investments 47,398 134,351Foreign Currencies 887 76Cash 131 62Interest Receivable 15,516 21,465Dividends Receivable 10,984 8,628Subscriptions Receivable 5,255 3,093Unrealized Gain on Open ForeignExchange Forward Contracts 2,376 764

4,194,053 3,308,229

LiabilitiesAccrued Liabilities 4,847 3,791Redemptions Payable 4,490 4,781Payable for Investment Purchases 22,402 1,526Unrealized Loss on Open ForeignExchange Forward Contracts 52 5,704

31,791 15,802

Net Assets (Note 3) $ 4,162,262 $ 3,292,427

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 2,609,647 $ 2,045,023Advisor Series $ 1,314,825 $ 1,055,978F-Series $ 34,055 $ 27,416H-Series $ 37,890 $ 28,760S-Series $ 4,873 $ 4,939T-Series $ 160,972 $ 130,311

$ 4,162,262 $ 3,292,427


Advisor Series 90,440,144 90,028,488

F-Series 3,255,434 3,249,574

H-Series 3,043,031 2,801,522

S-Series 391,114 479,964

T-Series 12,945,786 12,705,880



F-Series $ 10.46 $ 8.44

H-Series $ 12.45 $ 10.27

S-Series $ 12.46 $ 10.29

T-Series $ 12.43 $ 10.26



2009 2008

Investment IncomeInterest $ 123,517 $ 175,888Dividends 75,132 61,096Foreign Exchange 69,059 (99,549)Securities Lending 378 701Less: Withholding Taxes (79) (178)

268,007 137,958



50,940 59,613



Net Change in Unrealized Appreciation/Depreciation of Investments 807,207 (1,119,561)

Transaction Costs on Purchase and Saleof Investments (Note 3) (156) (152)

Net Gain (Loss) on Investments 760,290 (1,141,276)

Increase (Decrease) in Net Assetsfrom Investment Operations† $ 977,357 $ (1,062,931)

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 613,561 $ (661,203)Advisor Series $ 308,451 $ (337,925)F-Series $ 7,743 $ (8,626)H-Series $ 8,287 $ (9,756)S-Series $ 1,218 $ (2,045)T-Series $ 38,097 $ (43,376)

$ 977,357 $ (1,062,931)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 3.74 $ (3.82)Advisor Series $ 3.52 $ (3.67)F-Series $ 2.55 $ (3.00)H-Series $ 3.01 $ (3.26)S-Series $ 3.03 $ (3.16)T-Series $ 3.03 $ (3.41)

BALANCED FUNDS



BALANCED FUNDS




2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 2,045,023 $ 2,972,504 $ 1,055,978 $ 1,464,443 $ 27,416 $ 26,177



Proceeds from Sale of Units 369,986 482,530 181,845 255,407 10,781 20,453Reinvestments of Distributions 123,433 78,424 59,459 37,706 1,594 983Early Redemption Fees 37 64 19 33 0 1Amounts Paid on Redemptions (412,544) (744,610) (225,633) (322,311) (11,657) (10,438)

80,912 (183,592) 15,690 (29,165) 718 10,999

Distributions to UnitholdersFrom Net Investment Income (129,849) (53,930) (65,294) (27,174) (1,822) (789)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital 0 (28,756) 0 (14,201) 0 (345)

(129,849) (82,686) (65,294) (41,375) (1,822) (1,134)

Increase (Decrease) in Net Assetsfor the Period 564,624 (927,481) 258,847 (408,465) 6,639 1,239

Net Assets, End of the Period $ 2,609,647 $ 2,045,023 $ 1,314,825 $ 1,055,978 $ 34,055 $ 27,416†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 165,177,734 178,057,035 90,028,488 92,618,164 3,249,574 2,300,977Units Issued 26,126,181 30,597,332 13,495,365 17,264,690 1,096,975 1,917,383Units Issued on Reinvestments 8,479,039 5,118,091 4,310,391 2,601,358 161,215 95,190Units Redeemed (29,689,525) (48,594,724) (17,394,100) (22,455,724) (1,252,330) (1,063,976)


H-Series S-Series

2009 2008 2009 2008




Proceeds from Sale of Units 8,535 10,566 531 2,643Reinvestments of Distributions 1,033 999 146 181Early Redemption Fees 1 1 0 0Amounts Paid on Redemptions (6,232) (13,089) (1,577) (4,858)

3,337 (1,523) (900) (2,034)

Distributions to UnitholdersFrom Net Investment Income (2,176) (800) (333) (230)From Net Realized Gains on Investments 0 0 0 0From Return of Capital (318) (2,248) (51) (479)

(2,494) (3,048) (384) (709)

Increase (Decrease) in Net Assetsfor the Period 9,130 (14,327) (66) (4,788)

Net Assets, End of the Period $ 37,890 $ 28,760 $ 4,873 $ 4,939†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 2,801,522 2,969,253 479,964 668,298Units Issued 721,759 771,163 43,566 198,085Units Issued on Reinvestments 88,102 77,076 12,569 13,806Units Redeemed (568,352) (1,015,970) (144,985) (400,225)

Units Outstanding, End of the Period 3,043,031 2,801,522 391,114 479,964




T-Series TOTAL

2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 38,097 (43,376) 977,357 (1,062,931)


Proceeds from Sale of Units 30,424 61,396 602,102 832,995Reinvestments of Distributions 3,217 3,526 188,882 121,819Early Redemption Fees 2 4 59 103Amounts Paid on Redemptions (29,900) (47,926) (687,543) (1,143,232)

3,743 17,000 103,500 (188,315)

Distributions to UnitholdersFrom Net Investment Income (9,710) (3,378) (209,184) (86,301)From Net Realized Gains on Investments 0 0 0 0From Return of Capital (1,469) (9,650) (1,838) (55,679)

(11,179) (13,028) (211,022) (141,980)

Increase (Decrease) in Net Assetsfor the Period 30,661 (39,404) 869,835 (1,393,226)

Net Assets, End of the Period $ 160,972 $ 130,311 $ 4,162,262 $ 3,292,427†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 12,705,880 11,706,826Units Issued 2,632,811 4,591,016Units Issued on Reinvestments 276,829 272,831Units Redeemed (2,669,734) (3,864,793)


BALANCED FUNDS



69


ENERGY – 7.3%

1,271,900 Cenovus Energy Inc. $ 23,618,164 $ 33,654,4741,387,300 Enbridge Inc. 42,043,921 67,353,4151,271,900 EnCana Corporation 25,957,908 43,308,195641,662 Progress Energy Resources Corp. 12,289,664 9,047,434

2,634,600 Suncor Energy Inc. 66,199,668 97,770,0061,483,200 TransCanada Corporation 44,660,603 53,617,680

214,769,928 304,751,204

MATERIALS – 1.1%

647,300 Barrick Gold Corporation 19,849,223 26,798,220584,600 Teck Resources Limited, Class “B” SV 11,548,724 21,454,820

31,397,947 48,253,040


265,900 Canadian National Railway Company 11,641,176 15,196,1851,564,400 IESI-BFC Ltd. 26,440,474 26,234,988490,100 Superior Plus Corp. 11,302,886 7,160,36147,205 World Color Press Inc. 443,227 460,23226,754 World Color Press Inc.,



49,907,167 49,251,745


372,500 Groupe Aeroplan Inc. 6,021,783 4,056,525402,200 Shaw Communications Inc.,

Class “B” NV 7,658,956 8,687,520438,000 Thomson Reuters Corporation 17,147,635 14,848,200402,000 Tim Hortons Inc. 13,069,842 12,892,140

43,898,216 40,484,385


402,700 Shoppers Drug Mart Corporation 19,840,605 18,278,553

FINANCIALS – 29.4%

3,345,200 Bank of Montreal 181,142,547 186,628,7083,794,800 The Bank of Nova Scotia 150,530,190 186,666,2122,127,600 Brookfield Asset Management Inc.,

Class “A” LV 37,891,730 49,658,1842,734,000 Canadian Imperial Bank of Commerce 187,074,382 185,775,300705,000 CI Financial Corp. 19,272,030 15,418,350292,500 First Capital Realty Inc. 5,691,475 6,291,675800,000 Intact Financial Corporation 20,000,000 29,504,000

4,401,200 Manulife Financial Corporation 128,610,194 84,943,160125,300 National Bank of Canada 7,265,206 7,538,048

1,253,400 Power Corporation of Canada, SV 38,134,630 36,499,0083,862,600 Royal Bank of Canada 145,825,147 217,696,1361,248,600 Sun Life Financial Inc. 49,120,786 37,670,2622,709,700 The Toronto-Dominion Bank* 145,655,977 178,677,618

1,116,214,294 1,222,966,661

TELECOMMUNICATION SERVICES – 2.8%

1,334,422 BCE Inc. 39,010,899 38,631,5171,102,400 Rogers Communications Inc.,

Class “B” NV 34,926,744 35,894,1441,180,400 TELUS Corporation 46,433,819 40,180,816

120,371,462 114,706,477

UTILITIES – 2.6%

2,483,600 Algonquin Power & Utilities Corp. 18,677,057 10,058,580489,400 ATCO Ltd., Class “I” NV 15,616,091 22,429,202

1,172,500 Atlantic Power Corporation 12,987,527 13,448,575406,400 Emera Inc. 7,975,674 10,184,384609,092 Fortis Inc. 11,248,619 17,468,759

1,399,700 TransAlta Corporation 28,935,285 32,822,965

95,440,253 106,412,465

ROYALTY/INCOME TRUSTS – 17.7%

950,500 AltaGas Income Trust 20,330,581 17,840,8851,003,000 ARC Energy Trust 21,936,926 19,999,8201,246,000 Arctic Glacier Income Fund 12,028,182 4,049,500392,493 Bell Aliant Regional Communications

Income Fund 12,396,572 10,970,1791,190,800 Boardwalk Real Estate Investment Trust 18,613,766 43,797,624545,900 Bonavista Energy Trust 18,769,893 12,157,193

1,845,000 Brookfield Renewable Power Fund 27,110,038 35,239,500446,600 Calloway Real Estate Investment Trust 9,041,998 8,690,836

7,958,946 Canadian Oil Sands Trust 133,802,492 237,017,412107,400 Capital Power Income LP 2,689,862 1,664,700

1,758,300 Chartwell Seniors HousingReal Estate Investment Trust 18,454,482 12,325,683

871,400 Chemtrade Logistics Income Fund 12,261,914 9,567,972954,800 Cineplex Galaxy Income Fund 11,044,104 17,396,456

1,234,600 Clearwater Seafoods Income Fund 11,698,065 1,111,1401,750,200 CML HealthCare Income Fund 22,188,800 24,170,2621,790,500 Fort Chicago Energy Partners,

Limited Partnership 17,485,237 17,851,2852,037,300 H&R Real Estate Investment Trust 30,845,190 31,374,420425,000 Innergex Power Income Fund 4,555,997 4,369,000

1,202,400 InnVest Real Estate Investment Trust 10,075,732 6,384,7441,683,500 Inter Pipeline Fund 15,060,104 18,181,8003,115,957 Just Energy Income Fund 41,478,490 44,869,781550,000 Livingston International Income Fund 9,082,378 5,208,500

1,194,200 Macquarie Power & InfrastructureIncome Fund,Contingency Value Receipts 47,768 47,768

1,101,000 Noranda Income Fund 10,183,148 2,774,520498,700 Penn West Energy Trust 18,282,028 9,235,924965,800 Primaris Retail Real Estate

Investment Trust 10,572,375 15,578,3541,051,500 Priszm Income Fund 8,082,857 977,8953,258,500 RioCan Real Estate Investment Trust 49,062,103 64,648,640905,700 SFK Pulp Fund 5,911,163 624,933

1,307,000 TimberWest Forest Corp., Stapled Units 16,596,624 5,659,310863,700 Vermilion Energy Trust 24,855,796 27,983,880

4,730,500 Yellow Pages Income Fund 61,419,689 25,355,480

685,964,354 737,125,396

PREFERRED – 0.0%

9,500 Spit Yield Corporation, Class “I” Pref. 182,158 167,200

Total Canadian Equities 2,377,986,384 2,642,397,126



2,721,933 Student Transportation Inc. 18,440,550 12,874,743

UTILITIES – 0.6%

1,413,800 Brookfield Infrastructure Partners LP 21,589,744 24,600,120

PREFERRED – 0.0%

1,108 GMAC Inc., Pref. Series “144A” 1,158,055 765,621




$ $



No. of Sharesor Units Description Cost Fair Value

BALANCED FUNDS




Government of Canada40,000,000 1.00% due September 01, 2011 39,782,440 39,799,90120,000,000 2.00% due December 01, 2014 19,300,000 19,295,42995,000,000 3.75% due June 01, 2019 97,354,375 96,029,563

156,436,815 155,124,893


Province of British Columbia30,000,000 5.70% due June 18, 2029 33,849,000 33,316,712

Province of Ontario30,000,000 5.85% due March 08, 2033 34,477,200 34,001,98830,000,000 5.60% due June 02, 2035 33,834,600 33,233,107

102,160,800 100,551,807


Alcan Inc. (USD)9,000,000 6.45% due March 15, 2011 10,299,367 9,898,88812,000,000 5.20% due January 15, 2014 12,589,814 13,260,411

Bank of Montreal17,000,000 5.04% due September 04, 2012 17,062,800 18,171,79610,000,000 6.02% due May 02, 2018 11,335,400 11,208,552

The Bank of Nova Scotia30,000,000 3.35% due November 18, 2014 29,987,700 29,943,981

BMO Capital Trust II2,997,000 10.221% due December 31, 2018 3,246,650 4,015,420

Bombardier Inc.24,089,000 7.35% due December 22, 2026 21,999,853 22,330,507

Bombardier Inc. (USD)1,000,000 8.00% due November 15, 2010 1,163,698 1,088,97412,400,000 6.30% due May 01, 2014 12,964,623 12,869,545

Bowater Canada Finance Corporation (USD)4,500,000 7.95% due November 15, 2011 5,787,542 1,491,933

Bowater Incorporated11,400,000 10.85% due November 30, 2014 13,024,922 2,693,849


Canadian Imperial Bank of Commerce15,000,000 5.00% due September 10, 2012 16,058,250 15,970,376

Canadian National Railway Company (USD)2,751,000 4.40% due March 15, 2013 2,695,049 2,813,54010,000,000 5.80% due June 01, 2016 11,212,785 11,322,7042,000,000 5.85% due November 15, 2017 2,026,092 2,159,098

Canadian Pacific Railway Company (USD)12,050,000 6.25% due October 15, 2011 13,788,210 12,970,769

Canadian Tire Corporation Limited12,000,000 5.22% due October 01, 2010 12,124,840 12,351,73213,000,000 4.95% due June 01, 2015 13,149,570 13,631,861


Catalyst Paper Corporation (USD)15,700,000 7.375% due February 01, 2010 19,312,543 10,040,048


Domtar Inc. (USD)2,813,000 7.875% due October 15, 2011 3,102,327 3,081,71423,500,000 5.375% due December 01, 2013 22,979,921 23,773,957


EnCana Corporation (USD)10,000,000 7.65% due September 15, 2010 11,881,602 10,921,3968,000,000 6.30% due November 01, 2011 9,169,950 9,020,339

EPCOR Utilities Inc.305,000 6.95% due June 28, 2010 343,217 313,291

11,355,000 6.60% due November 01, 2011 12,640,484 12,238,102

Fairfax Financial Holdings Limited7,500,000 7.50% due August 19, 2019 7,472,925 7,792,780

Fairfax Financial Holdings Limited (USD)9,000,000 7.75% due June 15, 2012 11,548,414 9,564,8831,330,000 7.375% due April 15, 2018 1,601,739 1,396,048

Finning International Inc.1,036,000 6.02% due June 01, 2018 1,131,208 1,090,963

First Capital Realty Inc.9,500,000 5.25% due March 30, 2011 9,514,440 9,727,71512,500,000 5.49% due December 01, 2011 12,531,875 12,869,383

GE Capital Canada Funding Company33,000,000 5.29% due August 17, 2012 33,808,250 34,928,0824,000,000 4.375% due September 28, 2012 3,903,440 4,143,85413,500,000 5.15% due June 06, 2013 13,542,145 14,232,8415,500,000 4.40% due June 01, 2014 5,322,350 5,619,8206,000,000 5.53% due August 17, 2017 5,973,600 6,199,252


Holcim Finance (Canada) Inc.3,000,000 5.90% due June 21, 2013 2,995,830 3,058,585

Hydro One Inc.20,000,000 4.89% due March 13, 2037 18,957,525 18,147,380

John Deere Credit Inc.4,200,000 3.90% due July 29, 2013 4,195,212 4,283,518

Manitoba Telecom Services Inc.14,635,000 5.20% due September 27, 2011 14,957,505 15,276,4775,500,000 6.15% due June 10, 2014 5,838,170 5,916,132


NOVA Chemicals Corporation21,700,000 7.85% due August 30, 2010 21,985,978 21,891,677

NOVA Chemicals Corporation (USD)45,865,000 6.50% due January 15, 2012 48,239,616 48,322,986

NOVA Gas Transmission Ltd.225,900 11.20% due June 01, 2014 303,474 283,623



RioCan Real Estate Investment Trust7,500,000 4.91% due March 08, 2011 7,498,050 7,692,453

Rogers Communications Inc.8,500,000 7.25% due December 15, 2011 8,982,250 9,107,98229,380,000 7.625% due December 15, 2011 31,307,278 32,147,920

Rogers Communications Inc. (USD)4,000,000 7.25% due December 15, 2012 4,449,927 4,724,9132,000,000 6.25% due June 15, 2013 2,180,459 2,296,8095,000,000 6.375% due March 01, 2014 5,284,412 5,803,6132,256,000 5.50% due March 15, 2014 2,327,572 2,534,2281,000,000 7.50% due March 15, 2015 1,256,036 1,224,462

$ $ $

$ $ $


BALANCED FUNDSTD Monthly Income Fund


Royal Bank of Canada49,000,000 5.13% due September 27, 2010 49,579,040 50,554,433

Sears Canada Inc.30,177,000 7.45% due May 10, 2010 31,313,091 30,566,8508,000,000 7.05% due September 20, 2010 8,210,950 8,111,801

Shaw Communications Inc.8,000,000 6.10% due November 16, 2012 7,973,400 8,619,67634,435,000 7.50% due November 20, 2013 36,876,127 38,916,5906,214,000 6.15% due May 09, 2016 6,318,455 6,667,818500,000 5.70% due March 02, 2017 468,125 518,420




TELUS Corporation10,000,000 4.95% due May 15, 2014 10,538,294 10,504,46111,000,000 5.95% due April 15, 2015 12,137,840 11,933,4357,000,000 5.05% due December 04, 2019 6,959,330 6,824,514

The Thomson Corporation (USD)4,415,000 6.20% due January 05, 2012 5,211,551 4,980,2291,665,000 5.25% due August 15, 2013 1,784,673 1,801,48714,000,000 5.70% due October 01, 2014 14,144,325 16,112,301



TransAlta Corporation668,000 6.90% due June 01, 2011 751,634 703,457

TransCanada PipeLines Limited2,000,000 9.50% due May 20, 2011 2,508,560 2,205,16918,000,000 5.05% due February 14, 2014 19,587,967 19,330,748

TransCanada PipeLines Limited (USD)5,000,000 4.875% due January 15, 2015 5,212,038 5,520,628

Union Gas Limited4,800,000 8.75% due August 03, 2018 6,454,320 6,148,6126,279,000 8.65% due November 10, 2025 8,268,778 8,316,802

Wells Fargo Financial Corporation Canada9,000,000 4.45% due February 28, 2011 8,983,800 9,294,9125,000,000 4.45% due September 13, 2011 4,958,000 5,183,9826,000,000 4.33% due December 06, 2013 5,846,760 6,186,693


Westcoast Energy Inc.3,000,000 7.30% due December 18, 2026 3,379,500 3,438,128

1,045,024,575 1,038,980,408

Total Canadian Bonds 1,303,622,190 1,294,657,108




Chesapeake Energy Corporation (USD)2,500,000 7.50% due February 01, 2010 2,727,220 2,666,740

Church & Dwight Co., Inc. (USD)14,823,000 6.00% due February 01, 2010 16,152,863 15,811,637

Constellation Brands Inc. (USD)13,000,000 7.25% due September 01, 2016 13,952,071 13,832,978




Gannett Co., Inc. (USD)1,500,000 9.375% due November 15, 2013 1,605,309 1,623,632



Phillips-Van Heusen Corporation (USD)9,365,000 7.25% due February 01, 2010 9,744,701 9,842,3421,000,000 8.125% due February 01, 2010 1,021,465 1,069,317

R.R. Donnelley & Sons Company (USD)2,500,000 8.60% due August 15, 2016 2,701,092 2,853,085

Sprint Capital Corporation (USD)600,000 7.625% due January 30, 2011 683,784 643,949300,000 8.375% due March 15, 2012 327,659 325,513

Staples Inc. (USD)1,103,000 9.75% due January 15, 2014 1,371,016 1,408,930

Steel Dynamics Inc. (USD)1,000,000 7.375% due November 01, 2012 972,618 1,079,801


United States Steel Corporation (USD)6,389,000 5.65% due June 01, 2013 6,611,115 6,664,419

127,181,815 129,955,806




Transaction Costs (Note 3) (450,208) 0

TOTAL INVESTMENT

PORTFOLIO – 98.8% 3,855,911,130 4,111,505,621

SHORT-TERM

INVESTMENTS (CAD) – 0.6% 23,600,000 23,600,000

SHORT-TERM

INVESTMENTS (USD) – 0.6% 23,797,545 23,797,545


FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 2,323,430

OTHER NET ASSETS – 0.0% 250,850 149,167

TOTAL NET ASSETS – 100.0% $ 3,904,446,294 $ 4,162,262,414


$ $ $


$ $






Currency 2009 2008 2009 2008

United States Dollar $ 28,932 $ 33,829 $ 1,447 $ 1,691






Credit Rating° 2009 2008 2009 2008

AAA 17.40 13.54 5.98 5.28AA 21.92 13.46 7.54 5.25A 12.85 10.79 4.42 4.21BBB 23.32 28.14 8.02 10.97BB 18.06 28.23 6.21 11.01B 5.46 3.71 1.88 1.45CCC 0.70 0.80 0.24 0.31C 0.00 1.27 0.00 0.49D 0.29 0.00 0.10 0.00No Rating 0.00 0.06 0.00 0.02

Total 100.00 100.00 34.39 38.99



The table below summarizes the Fund’s exposure to interest rate risk as at December 31,2009 and 2008 by remaining term to maturity. The table also illustrates the potentialimpact to the Fund’s net assets had the prevailing interest rates changed by 1%, assum-ing a parallel shift in the yield curve, with all other variables held constant. The Fund’ssensitivity to interest rate changes was estimated using the weighted average durationof the bond portfolio. In practice, the actual trading results may differ from theseapproximate sensitivity analysis amounts and the difference could be material.


Bonds 2009 2008


Total $ 1,430,868 $ 1,284,233






January 29, 2010 53,550,625 USD $ 56,138,245 56,272,604 CAD $ 56,272,604 1.05083 $ 134,359January 29, 2010 39,550,625 USD 41,461,751 41,560,983 CAD 41,560,983 1.05083 99,232January 29, 2010 35,700,000 USD 37,425,060 37,516,773 CAD 37,516,773 1.05089 91,713January 29, 2010 7,552,000 USD 7,916,920 7,936,019 CAD 7,936,019 1.05085 19,099February 26, 2010 53,550,625 USD 56,138,673 56,526,701 CAD 56,526,701 1.05558 388,028February 26, 2010 45,300,000 USD 47,489,304 47,818,136 CAD 47,818,136 1.05559 328,832February 26, 2010 28,550,625 USD 29,930,448 30,137,183 CAD 30,137,183 1.05557 206,735March 31, 2010 53,550,625 USD 56,140,333 56,650,671 CAD 56,650,671 1.05789 510,338March 31, 2010 27,360,000 USD 28,683,130 28,943,870 CAD 28,943,870 1.05789 260,740March 31, 2010 21,701,250 USD 22,750,722 22,957,883 CAD 22,957,883 1.05791 207,161March 31, 2010 13,550,625 USD 14,205,933 14,335,206 CAD 14,335,206 1.05790 129,273

$ 398,280,519 $ 400,656,029 $ 2,375,510


January 29, 2010 14,702,520 CAD $ 14,702,520 14,000,000 USD $ 14,676,494 1.05018 $ (26,026)February 26, 2010 14,702,660 CAD 14,702,660 14,000,000 USD 14,676,606 1.05019 (26,054)

$ 29,405,180 $ 29,353,100 $ (52,080)






Common Shares $ 2,679,657 $ 0 $ 48 $ 2,679,705Preferred 167 766 0 933Bonds and Short-TermInvestments 0 1,478,266 0 1,478,266


2,679,824 1,481,408 48 4,161,280

Forward Contracts 0 (52) 0 (52)

$ 2,679,824 $ 1,481,356 $ 48 $ 4,161,228




CommonShares

Balance at December 31, 2008 $ 48




Less than3 months

Accounts payable and accrued liabilities $ 31,739Forward Contracts 52

$ 31,791



�TD Balanced Income Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 453,523 $ 400,392Short-Term Investments 9,591 15,626Foreign Currencies 85 72Cash 8 147Interest Receivable 2,027 1,962Dividends Receivable 345 238Subscriptions Receivable 342 443Receivable for Investment Sales 17 0

465,938 418,880

LiabilitiesAccrued Liabilities 765 675Redemptions Payable 432 588Payable for Investment Purchases 0 93

1,197 1,356

Net Assets (Note 3) $ 464,741 $ 417,524

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 336,213 $ 314,174Advisor Series $ 48,911 $ 38,491F-Series $ 1,643 $ 1,397D-Series $ 77,974 $ 63,462

$ 464,741 $ 417,524


Advisor Series 3,971,109 3,427,988

F-Series 156,903 145,739

D-Series 7,000,495 6,250,123



F-Series $ 10.47 $ 9.59

D-Series $ 11.14 $ 10.15



2009 2008

Investment IncomeInterest $ 11,164 $ 11,457Dividends 5,460 6,087Securities Lending 76 149Less: Withholding Taxes (237) (332)

16,463 17,361

Expenses (Note 5)Management Fee 8,197 8,660Administration Fee 308 328Independent Review Committee Fees 2 3


8,506 8,990


Net Realized Gain (Loss) onSale of Investments (2,040) 1,750





†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 35,579 $ (41,929)Advisor Series $ 4,852 $ (4,956)F-Series $ 240 $ (24)D-Series $ 8,003 $ (7,239)

$ 48,674 $ (54,148)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 1.41 $ (1.64)Advisor Series $ 1.30 $ (1.46)F-Series $ 1.42 $ (0.55)D-Series $ 1.27 $ (1.24)

BALANCED FUNDS


�TD Balanced Income Fund

BALANCED FUNDS




2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 46,762 71,358 14,885 9,611 1,020 1,189Reinvestments of Distributions 5,352 7,866 640 829 44 13Early Redemption Fees 5 11 1 1 0 0Amounts Paid on Redemptions (60,243) (81,322) (9,256) (11,205) (1,008) (161)

(8,124) (2,087) 6,270 (764) 56 1,041

Distributions to UnitholdersFrom Net Investment Income (5,416) (5,865) (702) (687) (50) (12)From Net Realized Gains on Investments 0 (2,094) 0 (251) 0 (2)

(5,416) (7,959) (702) (938) (50) (14)

Increase (Decrease) in Net Assetsfor the Period 22,039 (51,975) 10,420 (6,658) 246 1,003

Net Assets, End of the Period $ 336,213 $ 314,174 $ 48,911 $ 38,491 $ 1,643 $ 1,397†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 25,397,311 25,582,855 3,427,988 3,475,428 145,739 35,941Units Issued 3,674,352 5,218,545 1,291,419 798,615 108,361 123,720Units Issued on Reinvestments 415,387 604,826 54,630 70,366 4,354 1,252Units Redeemed (4,698,667) (6,008,915) (802,928) (916,421) (101,551) (15,174)


D-Series TOTAL

2009 2008 2009 2008




Proceeds from Sale of Units 10,159 9,398 72,826 91,556Reinvestments of Distributions 1,799 2,184 7,835 10,892Early Redemption Fees 1 2 7 14Amounts Paid on Redemptions (3,651) (3,909) (74,158) (96,597)

8,308 7,675 6,510 5,865

Distributions to UnitholdersFrom Net Investment Income (1,799) (1,795) (7,967) (8,359)From Net Realized Gains on Investments 0 (389) 0 (2,736)

(1,799) (2,184) (7,967) (11,095)


Net Assets, End of the Period $ 77,974 $ 63,462 $ 464,741 $ 417,524†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 6,250,123 5,556,069Units Issued 932,018 826,399Units Issued on Reinvestments 169,626 203,022Units Redeemed (351,272) (335,367)




ENERGY – 9.4%

43,100 Cameco Corporation $ 437,755 $ 1,457,21161,180 Canadian Natural Resources Limited 3,932,809 4,629,491128,685 Cenovus Energy Inc. 2,461,931 3,405,00580,080 Enbridge Inc. 1,708,118 3,887,884104,305 EnCana Corporation 2,017,380 3,551,58584,800 Imperial Oil Limited 1,526,436 3,443,728230,220 Nexen Inc. 2,971,259 5,787,731159,860 Suncor Energy Inc. 6,417,269 5,932,405370,500 Talisman Energy Inc. 3,497,540 7,243,275126,271 TransCanada Corporation 3,017,476 4,564,697

27,987,973 43,903,012

MATERIALS – 2.9%

126,900 Canfor Corporation 1,419,309 1,027,89074,075 Goldcorp Inc. 2,413,624 3,060,038111,050 Kinross Gold Corporation 1,945,106 2,146,59751,630 Potash Corporation

of Saskatchewan Inc. 1,643,287 5,891,49935,200 West Fraser Timber Co., Ltd. 936,816 1,158,432

8,358,142 13,284,456


101,620 ATS Automation Tooling Systems Inc. 1,319,099 759,101188,840 CAE Inc. 1,938,393 1,646,68572,550 Canadian National Railway Company 3,070,879 4,146,233148,660 SNC-Lavalin Group Inc. 1,539,557 8,015,74731,000 Stantec Inc. 832,168 936,20042,300 Transcontinental Inc., Class “A” SV 1,015,888 541,440

9,715,984 16,045,406


31,800 Astral Media Inc., Class “A” NV 1,059,481 1,054,48860,850 Canadian Tire Corporation Limited,

Class “A” NV 2,303,935 3,489,74874,000 Corus Entertainment Inc., Class “B” NV 1,030,362 1,461,50038,860 Quebecor Inc., Class “B” SV 1,315,803 1,053,495163,200 Shaw Communications Inc.,

Class “B” NV 2,332,750 3,525,120147,115 Thomson Reuters Corporation 5,718,412 4,987,19921,100 Tim Hortons Inc. 710,477 676,67755,150 Uni-Select Inc. 750,710 1,682,627

15,221,930 17,930,854


23,500 George Weston Limited 2,127,022 1,570,27086,200 The Jean Coutu Group (PJC) Inc.,

Class “A” SV 959,172 835,27859,883 Loblaw Companies Limited 3,047,680 2,025,243122,675 METRO Inc., Class “A” SV 2,184,901 4,808,86037,950 Shoppers Drug Mart Corporation 1,667,064 1,722,551

9,985,839 10,962,202

FINANCIALS – 8.9%

47,120 Bank of Montreal 2,891,309 2,628,825170,280 The Bank of Nova Scotia 4,139,929 8,376,073146,700 Great-West Lifeco Inc. 2,579,127 3,934,49415,650 Intact Financial Corporation 879,036 577,172270,730 Manulife Financial Corporation 4,924,539 5,225,08980,400 Power Financial Corporation 1,469,638 2,491,596

189,880 Royal Bank of Canada 4,796,225 10,701,637112,100 The Toronto-Dominion Bank* 5,419,165 7,391,874

27,098,968 41,326,760


54,100 Research In Motion Limited 4,552,746 3,838,936


77,755 Rogers Communications Inc.,Class “B” NV 1,270,757 2,531,703

UTILITIES – 0.5%

47,055 ATCO Ltd., Class “I” NV 935,635 2,156,531


14,939 Enerplus Resources Fund 603,793 360,03060,000 Pembina Pipeline Income Fund 1,023,206 1,048,200

1,626,999 1,408,230



ENERGY – 1.3%

20,600 Chevron Corporation 1,425,573 1,662,02916,600 ConocoPhillips 1,204,317 887,8816,340 EOG Resources Inc. 564,749 646,70815,400 Exxon Mobil Corporation 1,177,027 1,099,76932,340 Halliburton Company 1,006,728 1,019,48217,450 Spectra Energy Corp. 445,574 375,2044,330 Transocean Ltd. 356,658 375,586

6,180,626 6,066,659

MATERIALS – 0.1%

7,300 Monsanto Company 614,173 625,629


11,325 3M Company 1,013,595 980,55523,500 Emerson Electric Company 1,083,119 1,049,50331,800 General Electric Company 1,360,127 504,397

3,456,841 2,534,455


38,120 Comcast Corporation,Class “A” Special 978,888 639,410

11,845 NIKE Inc., Class “B” 705,135 820,3148,555 Scripps Networks Interactive Inc.,

Class “A” 386,788 372,1982,581 Time Warner Cable Inc. 191,354 111,99310,586 Time Warner Inc. 551,854 323,058

550 The Washington Post Company,Class “B” 498,227 253,447

3,312,246 2,520,420


17,100 Altria Group Inc. 278,420 351,72419,200 Colgate-Palmolive Company 1,384,032 1,653,13927,680 CVS Caremark Corporation 852,004 934,39019,800 Kimberly-Clark Corporation 1,598,671 1,322,44923,830 McCormick & Company Incorporated 898,822 902,60619,800 PepsiCo Inc. 1,322,304 1,261,42316,600 Philip Morris International Inc. 622,408 837,58823,785 The Procter & Gamble Company 1,399,329 1,511,06129,755 Walgreen Company 1,212,885 1,144,183

9,568,875 9,918,563

$ $


or Units Description Cost Fair Value�TD Balanced Income Fund



BALANCED FUNDS


HEALTH CARE – 1.7%

22,170 Abbott Laboratories 1,313,184 1,253,9028,110 Beckman Coulter Inc. 507,411 556,37911,530 Becton, Dickinson and Company 930,151 953,21824,830 Community Health Systems Inc. 953,980 926,68719,620 Johnson & Johnson 1,393,533 1,323,18047,760 Pfizer Inc. 1,851,154 910,75913,110 Quest Diagnostics Incorporated 789,489 829,71714,990 Zimmer Holdings Inc. 1,063,631 928,271

8,802,533 7,682,113

FINANCIALS – 1.1%

30,363 The Bank of New YorkMellon Corporation 1,122,124 889,996

15,400 The Hartford Financial ServicesGroup Inc. 1,227,395 375,523

11,480 JPMorgan Chase & Co. 368,788 501,50122,160 Lincoln National Corporation 1,241,745 577,9988,400 M&T Bank Corporation 486,251 589,04316,340 MetLife Inc. 574,079 605,54727,750 U.S. Bancorp 589,838 653,98232,022 Wells Fargo & Company 916,878 904,383

6,527,098 5,097,973


3,750 Apple Inc. 490,213 828,3284,200 Automatic Data Processing Inc. 191,556 188,49550,185 Cisco Systems Inc. 1,393,854 1,259,51819,300 Fiserv Inc. 1,006,256 980,90336,380 Texas Instruments Incorporated 994,738 992,757

4,076,617 4,250,001


International Equities – 8.2%

AUSTRALIA – 0.1%

7,860 BHP Billiton Limited, Sponsored ADR 592,466 630,774

FRANCE – 1.7%

42,454 AXA SA 1,306,834 1,045,84013,732 Danone SA 809,622 883,23111,888 Essilor International SA 486,665 746,0385,300 Lafarge SA 522,644 457,9618,406 L’Air Liquide SA 679,766 1,048,9146,660 L’Oreal SA 673,653 780,4403,550 LVMH Moet Hennessy Louis Vuitton SA 345,658 417,6468,045 Schneider Electric SA 1,118,688 981,4567,880 TOTAL SA 634,825 531,0449,438 TOTAL SA, Sponsored ADR 457,197 633,63313,195 Veolia Environnement 638,677 456,357

7,674,229 7,982,560

GERMANY – 1.0%

11,300 Bayer AG 826,958 952,67518,826 Celesio AG 921,348 502,97014,980 Fresenius Medical Care AG & Co. KGaA 619,447 835,56318,690 Henkel KGaA, Pref. 1,007,650 1,023,5604,160 SAP AG 228,924 208,5865,610 SAP AG, Sponsored ADR 335,700 275,1259,110 Siemens AG 1,195,778 879,369

5,135,805 4,677,848

HONG KONG – 0.2%

147,622 Television Broadcasts Limited 994,347 743,464

ITALY – 0.1%

10,780 Luxottica Group SpA 363,751 292,4453,027 Luxottica Group SpA, Sponsored ADR 54,416 81,428

418,167 373,873

JAPAN – 0.9%

85,800 Daiwa Securities Group Inc. 828,940 452,8737,900 FANUC Ltd. 866,469 772,2282,770 Keyence Corporation 570,840 602,95121,700 Sugi Holdings Co., Ltd. 486,057 500,025122,000 The Sumitomo Trust

and Banking Co., Ltd. 1,100,214 628,25714,900 Suzuki Motor Corporation 466,355 384,85010,300 Terumo Corporation 465,848 651,074

4,784,723 3,992,258

MEXICO – 0.3%

11,060 America Movil SAB de CV 616,416 543,91011,960 Fomento Economico Mexicano

SAB de CV, Sponsored ADR 374,131 599,705

990,547 1,143,615


103,886 ING Groep NV 1,722,452 1,049,70722,380 Royal Dutch Shell PLC, Class “A” 759,697 707,5474,250 Royal Dutch Shell PLC, Class “A”,

Sponsored ADR 348,978 267,819

2,831,127 2,025,073

NORWAY – 0.2%

61,090 Telenor ASA 986,288 896,684

RUSSIA – 0.1%

18,290 OAO Gazprom, Sponsored ADR 649,961 484,192

SOUTH KOREA – 0.1%

24,250 SK Telecom Co., Ltd., ADR 666,001 413,115

SPAIN – 0.4%

68,972 Banco Santander SA 1,043,094 1,195,83912,406 Red Electrica de Espana SA 611,835 726,359

1,654,929 1,922,198

SWITZERLAND – 0.7%

19,120 ABB Ltd. 363,788 386,50527,940 Nestle SA 1,036,985 1,422,5564,700 Roche Holding AG 707,137 843,1935,080 Synthes Inc. 573,935 697,289

2,681,845 3,349,543


7,900 BG Group PLC 148,203 149,51072,158 BP PLC 903,293 730,3055,250 BP PLC, Sponsored ADR 410,647 319,05737,740 Carillion PLC 182,844 193,15060,220 Diageo PLC 1,163,470 1,101,16928,370 GlaxoSmithKline PLC 1,029,503 630,565102,550 HSBC Holdings PLC 845,847 1,226,23214,290 Reckitt Benckiser Group PLC 659,556 810,747109,128 Reed Elsevier PLC 1,456,153 939,00991,800 Smith & Nephew PLC 1,026,107 989,73833,290 Standard Chartered PLC 979,116 880,884374,425 Vodafone Group PLC 972,528 908,79012,063 Vodafone Group PLC, Sponsored ADR 570,681 291,875

10,347,948 9,171,031

Total International Equities 40,408,383 37,806,228

$ $

Par Value Description Cost Fair Value Par Value Description Cost Fair ValueNo. of Shares

or Units Description Cost Fair ValueNo. of Shares


$ $

BALANCED FUNDSTD Balanced Income Fund




Canada Housing Trust No. 1$ 14,957,000 2.75% due September 15, 2014 14,873,624 14,839,668

Government of Canada472,000 4.00% due June 01, 2017 479,984 493,053

11,500,000 3.75% due June 01, 2019 11,940,450 11,624,6312,385,000 8.00% due June 01, 2023 3,133,073 3,368,67614,026,000 5.75% due June 01, 2029 17,168,940 16,920,2964,699,000 5.75% due June 01, 2033 5,796,051 5,787,7372,324,000 5.00% due June 01, 2037 2,716,980 2,674,343

56,109,102 55,708,404


Province of Ontario353,000 4.50% due December 02, 2012 380,252 375,123

4,000,000 4.75% due June 02, 2013 4,040,800 4,286,7932,105,000 4.40% due March 08, 2016 2,204,167 2,216,4175,279,000 4.30% due March 08, 2017 5,499,398 5,464,4786,058,000 6.50% due March 08, 2029 6,902,571 7,291,524200,000 5.60% due June 02, 2035 227,068 221,554

19,254,256 19,855,889


407 International Inc.1,000,000 5.10% due January 20, 2014 1,070,600 1,073,450

AltaLink LP748,000 5.249% due September 22, 2036 721,080 700,187

Bank of Montreal5,150,000 5.04% due September 04, 2012 5,520,800 5,504,9852,949,000 5.10% due April 21, 2016 3,020,711 3,117,6722,278,000 4.55% due August 01, 2017 2,271,372 2,361,332

The Bank of Nova Scotia4,100,000 4.99% due March 27, 2013 4,080,443 4,357,3254,500,000 3.43% due July 16, 2014 4,561,830 4,530,802

Canadian Imperial Bank of Commerce1,600,000 4.55% due March 28, 2011 1,599,280 1,658,5233,500,000 5.00% due September 10, 2012 3,750,810 3,726,4215,125,000 4.75% due December 22, 2014 5,453,308 5,433,672

Canadian Tire Corporation Limited6,732,000 4.95% due June 01, 2015 6,613,301 7,059,2073,800,000 5.65% due June 01, 2016 3,918,642 4,095,678

Canadian Utilities Limited1,366,000 7.05% due June 01, 2011 1,465,286 1,463,355

Enbridge Gas Distribution Inc.840,000 6.90% due November 15, 2032 1,046,136 988,115

Enbridge Inc.3,842,000 5.00% due August 09, 2016 3,814,399 4,042,404

EnCana Corporation3,345,000 4.30% due March 12, 2012 3,246,470 3,491,653199,000 5.80% due January 18, 2018 200,592 211,930

George Weston Limited1,500,000 6.45% due October 24, 2011 1,665,000 1,605,600

Great-West Lifeco Finance (Delaware),Limited Partnership

258,000 5.691% due June 21, 2017 243,604 257,359

Hydro One Inc.4,500,000 4.08% due March 03, 2011 4,696,200 4,649,2332,513,000 4.64% due March 03, 2016 2,662,775 2,648,424

Loblaw Companies Limited1,885,000 5.40% due November 20, 2013 1,968,788 2,024,7243,220,000 7.10% due June 01, 2016 3,737,672 3,718,1251,155,000 5.90% due January 18, 2036 1,204,349 1,028,243

The Manufacturers Life Insurance Company4,202,000 6.24% due February 16, 2011 4,560,971 4,408,032

Manulife Finance (Delaware), Limited Partnership3,108,000 4.448% due December 15, 2016 3,003,593 3,059,2871,340,000 5.059% due December 15, 2036 1,280,786 1,096,230

Manulife Financial Corporation2,565,000 4.896% due June 02, 2014 2,594,770 2,716,101

METRO Inc.536,000 4.98% due October 15, 2015 531,703 563,131

Royal Bank of Canada4,351,000 4.84% due March 11, 2013 4,511,682 4,608,3053,500,000 5.45% due November 04, 2013 3,706,750 3,786,4521,300,000 5.00% due January 20, 2014 1,395,680 1,398,931

Scotiabank Capital Trust2,000,000 6.626% due June 30, 2012 2,195,440 2,171,751

Sun Life Financial Inc.2,200,000 4.80% due November 23, 2015 2,212,980 2,249,2984,500,000 4.95% due June 01, 2016 4,616,150 4,639,292

Suncor Energy Inc.6,016,000 6.70% due August 22, 2011 6,296,949 6,455,900

The Thomson Corporation4,181,000 5.20% due December 01, 2014 4,262,868 4,500,388

Thomson Reuters Corporation5,983,000 6.00% due March 31, 2016 6,725,832 6,629,332

TransCanada PipeLines Limited2,300,000 5.65% due January 15, 2014 2,428,753 2,524,4314,026,000 4.65% due October 03, 2016 4,037,302 4,174,9593,834,000 5.65% due June 20, 2029 4,011,959 3,732,655

Union Gas Limited2,200,000 6.65% due May 04, 2011 2,197,140 2,340,7254,004,000 4.64% due June 30, 2016 3,964,566 4,143,3121,000,000 4.85% due April 25, 2022 991,400 969,633500,000 5.46% due September 11, 2036 535,580 489,645

Wells Fargo Financial Corporation Canada4,000,000 4.45% due February 28, 2011 3,980,650 4,131,0725,443,000 4.38% due June 30, 2015 5,240,195 5,531,124

143,817,147 146,068,405




The Royal Bank of Scotland Group PLC2,500,000 4.25% due March 30, 2010 2,493,825 2,000,000


TOTAL INVESTMENT

PORTFOLIO – 97.6% 411,319,519 453,522,829

SHORT-TERM

INVESTMENTS (CAD) – 0.8% 3,543,613 3,543,374

SHORT-TERM

INVESTMENTS (USD) – 1.3% 6,085,668 6,047,562


OTHER NET ASSETS – 0.3% 1,543,015 1,541,880

TOTAL NET ASSETS – 100.0% $ 422,578,578 $ 464,740,785


$ $

$ $ $





The table below indicates the foreign currencies to which the Fund had significantexposure as at December 31, 2009 and 2008 in Canadian dollar terms, including theunderlying principal amount of forward currency contracts, if any. The table alsoillustrates the potential impact to the Fund’s net assets if the Fund’s functionalcurrency, the Canadian Dollar, had strengthened or weakened by 5% in relation to allother currencies with all other variables held constant. In practice, the actual tradingresults may differ from these approximate sensitivity analysis amounts and thedifferences could be material.


Currency 2009 2008 2009 2008

British Pound $ 8,584 $ 6,716 $ 429 $ 336Euro 15,795 14,513 790 726Hong Kong Dollar 743 573 37 29Japanese Yen 3,992 4,133 200 207Norwegian Krone 897 466 45 23Swiss Franc 3,350 3,207 168 160United States Dollar 49,360 47,365 2,468 2,368

Total $ 82,721 $ 76,973 $ 4,137 $ 3,849






Credit Rating° 2009 2008 2009 2008

AAA 24.91 24.77 11.99 12.70AA 35.86 38.91 17.25 19.95A 21.26 23.49 10.23 12.05BBB 17.97 12.83 8.65 6.58

Total 100.00 100.00 48.12 51.28





Bonds 2009 2008


Total $ 223,633 $ 214,105






Common Shares $ 196,844 $ 32,023 $ 0 $ 228,867Preferred 0 1,023 0 1,023Bonds and Short-TermInvestments 0 233,224 0 233,224

$ 196,844 $ 266,270 $ 0 $ 463,114




Less than3 months




�TD Diversified Monthly Income Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 548,755 $ 472,730Short-Term Investments 4,940 6,547Foreign Currencies 471 309Cash 537 297Interest Receivable 2,006 2,619Dividends Receivable 1,578 1,768Subscriptions Receivable 205 238Unrealized Gain on Open ForeignExchange Forward Contracts 39 80

558,531 484,588

LiabilitiesAccrued Liabilities 988 833Redemptions Payable 565 378Unrealized Loss on Open ForeignExchange Forward Contracts 0 546

1,553 1,757

Net Assets (Note 3) $ 556,978 $ 482,831

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 491,295 $ 429,312Advisor Series $ 33,964 $ 27,957F-Series $ 921 $ 1,011H-Series $ 1,474 $ 1,005S-Series $ 43 $ 1,448T-Series $ 7,299 $ 5,262O-Series $ 21,982 $ 16,836

$ 556,978 $ 482,831


Advisor Series 3,865,399 3,857,918

F-Series 105,197 139,763

H-Series 122,862 98,875

S-Series 3,558 142,463

T-Series 607,637 516,936

O-Series 2,507,318 2,329,799



F-Series $ 8.76 $ 7.23

H-Series $ 12.00 $ 10.17

S-Series $ 12.01 $ 10.17

T-Series $ 12.01 $ 10.18

O-Series $ 8.77 $ 7.23



2009 2008


37,906 25,763



10,844 13,395







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 111,512 $ (152,931)Advisor Series $ 7,022 $ (9,666)F-Series $ 225 $ (328)H-Series $ 245 $ (404)S-Series $ 13 $ 39T-Series $ 1,414 $ (1,262)O-Series $ 5,117 $ (5,709)

$ 125,548 $ (170,261)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 3.98 $ (5.03)Advisor Series $ 1.92 $ (2.59)F-Series $ 1.93 $ (2.63)H-Series $ 2.51 $ (3.71)S-Series $ 1.66 $ (3.98)T-Series $ 2.60 $ (4.13)O-Series $ 2.14 $ (2.50)

BALANCED FUNDS



BALANCED FUNDS




2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 24,931 40,105 8,823 13,209 154 648Reinvestments of Distributions 22,933 13,916 1,287 744 52 42Early Redemption Fees 3 3 0 0 0 0Amounts Paid on Redemptions (74,241) (129,625) (9,616) (10,013) (464) (542)

(26,374) (75,601) 494 3,940 (258) 148

Distributions to UnitholdersFrom Net Investment Income (23,155) (11,873) (1,509) (700) (57) (37)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital 0 (2,172) 0 (137) 0 (8)

(23,155) (14,045) (1,509) (837) (57) (45)

Increase (Decrease) in Net Assetsfor the Period 61,983 (242,577) 6,007 (6,563) (90) (225)

Net Assets, End of the Period $ 491,295 $ 429,312 $ 33,964 $ 27,957 $ 921 $ 1,011†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 28,867,758 32,732,446 3,857,918 3,453,298 139,763 123,736Units Issued 1,514,404 2,090,448 1,068,595 1,432,166 19,825 69,850Units Issued on Reinvestments 1,330,086 757,537 152,978 83,434 6,382 4,563Units Redeemed (4,447,050) (6,712,673) (1,214,092) (1,110,980) (60,773) (58,386)


H-Series S-Series T-Series

2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 1,005 $ 1,282 $ 1,448 $ 116 $ 5,262 $ 1,914

Increase (Decrease) in Net Assetsfrom Investment Operations 245 (404) 13 39 1,414 (1,262)


Proceeds from Sale of Units 554 762 42 1,382 3,113 6,146Reinvestments of Distributions 27 25 0 3 105 69Early Redemption Fees 0 0 0 0 0 0Amounts Paid on Redemptions (270) (563) (1,457) (74) (2,118) (1,321)

311 224 (1,415) 1,311 1,100 4,894

Distributions to UnitholdersFrom Net Investment Income (80) (56) (3) (4) (437) (151)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital (7) (41) (0) (14) (40) (133)

(87) (97) (3) (18) (477) (284)

Increase (Decrease) in Net Assetsfor the Period 469 (277) (1,405) 1,332 2,037 3,348

Net Assets, End of the Period $ 1,474 $ 1,005 $ 43 $ 1,448 $ 7,299 $ 5,262†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 98,875 87,539 142,463 7,935 516,936 130,600Units Issued 47,738 55,508 3,443 139,669 280,200 486,170Units Issued on Reinvestments 2,377 1,954 22 259 9,268 5,408Units Redeemed (26,128) (46,126) (142,370) (5,400) (198,767) (105,242)

Units Outstanding, End of the Period 122,862 98,875 3,558 142,463 607,637 516,936




O-Series TOTAL

2009 2008 2009 2008

Net Assets, Beginning of the Period $ 16,836 $ 0 $ 482,831 $ 710,957



Proceeds from Sale of Units 2,148 24,482 39,765 86,734Reinvestments of Distributions 1,393 677 25,797 15,476Early Redemption Fees 0 0 3 3Amounts Paid on Redemptions (2,119) (1,937) (90,285) (144,075)

1,422 23,222 (24,720) (41,862)

Distributions to UnitholdersFrom Net Investment Income (1,393) (503) (26,634) (13,324)From Net Realized Gains on Investments 0 0 0 0From Return of Capital 0 (174) (47) (2,679)

(1,393) (677) (26,681) (16,003)

Increase (Decrease) in Net Assetsfor the Period 5,146 16,836 74,147 (228,126)

Net Assets, End of the Period $ 21,982 $ 16,836 $ 556,978 $ 482,831†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 2,329,799 0Units Issued 281,055 2,467,322Units Issued on Reinvestments 168,155 78,177Units Redeemed (271,691) (215,700)


BALANCED FUNDS



83


ENERGY – 6.5%

62,090 Canadian Natural Resources Limited $ 2,149,570 $ 4,698,350144,717 Cenovus Energy Inc. 2,292,140 3,829,212169,650 Enbridge Inc. 6,900,857 8,236,508144,717 EnCana Corporation 2,519,212 4,927,614218,112 Suncor Energy Inc. 4,518,667 8,094,136183,598 TransCanada Corporation 7,221,623 6,637,068

25,602,069 36,422,888

MATERIALS – 2.0%


5,345,359 11,153,045


60,000 Canadian Pacific Railway Limited 2,578,821 3,402,000220,000 IESI-BFC Ltd. 3,845,600 3,689,400284,600 Newalta Inc. 5,830,678 2,282,492

12,255,099 9,373,892


101,829 Shaw Communications Inc.,Class “B” NV 1,920,649 2,199,506

85,761 Thomson Reuters Corporation 2,940,585 2,907,298

4,861,234 5,106,804




236,449 Bank of Montreal 15,180,610 13,191,490508,151 The Bank of Nova Scotia 21,254,552 24,995,948352,521 Canadian Imperial Bank of Commerce 27,770,758 23,953,802193,000 CI Financial Corp. 5,089,244 4,220,910123,933 First Capital Realty Inc. 2,632,213 2,665,799110,000 Industrial Alliance Insurance

and Financial Services Inc. 3,589,145 3,533,20091,878 Intact Financial Corporation 2,320,663 3,388,461334,542 Manulife Financial Corporation 10,076,552 6,456,66170,701 National Bank of Canada 4,166,861 4,253,372147,000 Power Corporation of Canada, SV 3,686,123 4,280,640462,031 Royal Bank of Canada 19,604,816 26,040,067161,194 Sun Life Financial Inc. 6,041,311 4,863,223262,696 The Toronto-Dominion Bank* 15,365,594 17,322,174

136,778,442 139,165,747


196,750 BCE Inc. 5,916,123 5,695,913102,000 Rogers Communications Inc.,

Class “B” NV 1,117,263 3,321,120145,000 TELUS Corporation 7,129,769 4,935,8002,442 TELUS Corporation, NV 79,359 79,731

14,242,514 14,032,564

UTILITIES – 1.0%

10,000 Atlantic Power Corporation 109,236 114,700102,884 Emera Inc. 2,320,289 2,578,273110,720 TransAlta Corporation 2,323,846 2,596,384

4,753,371 5,289,357

ROYALTY/INCOME TRUST – 14.4%

175,000 AltaGas Income Trust 4,509,827 3,284,750100,000 ARC Energy Trust 2,267,873 1,994,000100,000 Bell Aliant Regional Communications

Income Fund 2,732,899 2,795,00010,000 Bonavista Energy Trust 289,144 222,700116,300 Brookfield Renewable Power Fund 1,925,494 2,221,330275,186 Calloway Real Estate Investment Trust 5,164,953 5,355,120629,456 Canadian Oil Sands Trust 15,996,646 18,745,20050,000 Canexus Income Fund 300,471 276,00073,400 Chemtrade Logistics Income Fund 1,237,267 805,932274,100 Cineplex Galaxy Income Fund 3,504,142 4,994,102136,600 CML HealthCare Income Fund 1,890,263 1,886,446290,000 The Consumers’ Waterheater

Income Fund 3,903,814 1,212,200210,000 Fort Chicago Energy Partners,

Limited Partnership 2,480,942 2,093,700165,000 Innergex Power Income Fund 1,782,461 1,696,20074,400 InnVest Real Estate Investment Trust 923,400 395,064285,000 Inter Pipeline Fund 2,528,927 3,078,000249,699 Just Energy Income Fund 3,189,280 3,595,666232,273 Keyera Facilities Income Fund 3,689,497 5,653,525200,000 Macquarie Power & Infrastructure

Income Fund,Contingency Value Receipts 8,000 8,000

152,900 Morneau Sobeco Income Fund 1,602,932 1,499,949279,500 Noranda Income Fund 2,207,747 704,340255,000 Pembina Pipeline Income Fund 3,869,182 4,454,85073,175 Penn West Energy Trust 2,616,999 1,355,20130,000 Primaris Retail Real Estate

Investment Trust 481,302 483,900292,907 RioCan Real Estate Investment Trust 6,763,752 5,811,27575,000 Vermilion Energy Trust 2,510,280 2,430,000625,000 Yellow Pages Income Fund 8,157,369 3,350,000

86,534,863 80,402,450



MATERIALS – 0.7%

85,000 Alcoa Inc. 2,799,248 1,436,44931,500 Freeport-McMoRan Copper & Gold Inc. 2,777,450 2,651,419

5,576,698 4,087,868


35,000 3M Company 3,216,671 3,030,413155,000 General Electric Company 5,724,184 2,458,538

8,940,855 5,488,951


75,000 The Coca-Cola Company 4,405,214 4,479,337


48,600 Becton, Dickinson and Company 4,013,294 4,017,90273,000 Johnson & Johnson 4,890,273 4,923,146

8,903,567 8,941,048


125,000 AT&T Inc. 4,707,887 3,673,156

UTILITIES – 0.3%

110,300 Brookfield Infrastructure Partners LP 1,684,360 1,919,220




$ $




BALANCED FUNDS



GERMANY – 0.5%

60,000 E.ON AG 4,204,138 2,631,558


53,000 Diageo PLC, Sponsored ADR 4,656,185 3,853,818




Government of Canada$ 4,000,000 3.50% due June 01, 2013 4,185,800 4,159,238

1,000,000 3.75% due June 01, 2019 1,032,089 1,010,8382,000,000 4.00% due June 01, 2041 2,092,000 1,972,535

7,309,889 7,142,611


Province of Ontario Residual20,000,000 5.20% due June 02, 2027 9,021,062 8,255,785


Durham District School Board5,150,000 6.75% due November 19, 2019 5,138,258 5,919,367


AltaLink LP1,060,000 5.243% due May 29, 2018 1,073,366 1,102,439


The Bank of Nova Scotia900,000 6.00% due October 03, 2013 899,730 988,817

2,000,000 3.43% due July 16, 2014 2,022,400 2,013,6901,000,000 3.35% due November 18, 2014 999,590 998,133



2,500,000 4.72% due September 26, 2011 2,499,875 2,598,001

BMO Capital Trust, Conv.5,000,000 6.647% due December 31, 2010 5,090,400 5,235,642

Boardwalk Real Estate Investment Trust1,000,000 5.31% due January 23, 2012 999,530 1,023,493



Canadian Credit Card Trust2,500,000 5.365% due March 25, 2013 2,500,000 2,673,428

Canadian Imperial Bank of Commerce5,000,000 4.75% due December 22, 2014 5,016,050 5,301,1433,500,000 6.00% due June 06, 2018 3,490,130 3,833,172


Cascades Inc.250,000 7.75% due December 15, 2013 246,675 248,958

Caterpillar Financial Services Limited3,700,000 4.94% due June 01, 2012 3,699,667 3,888,124


The Consumers’ Waterheater Operating Trust800,000 6.75% due April 30, 2014 798,616 794,198

Domtar Inc. (USD)1,000,000 5.375% due December 01, 2013 1,045,865 1,011,658

Enbridge Pipelines Inc.2,000,000 6.62% due November 19, 2018 1,999,140 2,325,3502,000,000 5.08% due December 19, 2036 1,926,012 1,874,185600,000 5.35% due November 10, 2039 599,466 593,576

ENMAX Corporation2,800,000 6.15% due June 19, 2018 2,794,008 2,958,252

Fairfax Financial Holdings Limited (USD)700,000 7.75% due June 15, 2012 792,622 743,935

Finning International Inc.1,000,000 4.64% due December 14, 2011 999,700 1,036,3712,500,000 6.02% due June 01, 2018 2,498,400 2,632,632

First Capital Realty Inc.1,500,000 5.25% due March 30, 2011 1,502,280 1,535,955

GE Capital Canada Funding Company2,500,000 5.15% due June 06, 2013 2,609,700 2,635,7112,500,000 5.53% due August 17, 2017 2,498,850 2,583,022



HSBC Canada Asset Trust1,000,000 5.149% due June 30, 2015 1,000,000 995,746

Hydro One Inc.1,000,000 5.18% due October 18, 2017 1,057,110 1,068,7535,000,000 6.93% due June 01, 2032 6,074,750 5,863,668

Iron Mountain Nova Scotia Funding Company1,000,000 7.50% due March 15, 2012 1,000,000 980,169

John Deere Credit Inc.2,000,000 5.45% due September 16, 2015 1,999,080 2,149,122

Manulife Financial Capital Trust4,000,000 6.70% due June 30, 2012 4,052,400 4,327,1924,000,000 7.405% due December 31, 2019 4,000,000 4,478,937


NOVA Chemicals Corporation (USD)800,000 6.50% due January 15, 2012 876,280 842,873


RBC Capital Trust, Conv.5,000,000 7.183% due June 30, 2011 5,198,900 5,367,399

Reliance LP2,000,000 7.30% due April 03, 2013 2,000,000 2,024,064

RioCan Real Estate Investment Trust5,000,000 4.91% due March 08, 2011 4,998,700 5,128,302

Rogers Communications Inc.1,800,000 5.80% due May 26, 2016 1,795,806 1,922,530


Shaw Communications Inc.1,200,000 6.50% due June 02, 2014 1,196,448 1,313,276500,000 6.15% due May 09, 2016 473,960 536,516750,000 5.65% due October 01, 2019 747,623 754,099

Sherritt International Corporation800,000 7.75% due October 15, 2015 766,250 816,615

Shoppers Drug Mart Corporation2,700,000 4.99% due June 03, 2013 2,699,774 2,870,484

$ $

$ $ $



BALANCED FUNDSTD Diversified Monthly Income Fund




SNC-Lavalin Group Inc.600,000 6.19% due July 03, 2019 600,000 634,251



TELUS Corporation2,500,000 4.95% due May 15, 2014 2,499,900 2,626,115


TransCanada PipeLines Limited1,000,000 5.05% due August 20, 2013 998,690 1,071,5305,000,000 5.10% due January 11, 2017 5,036,600 5,287,908

Wells Fargo Financial Corporation Canada2,500,000 5.10% due June 26, 2012 2,496,075 2,639,8941,000,000 3.97% due November 03, 2014 999,960 1,006,219

West Fraser Timber Co., Ltd. (USD)500,000 5.20% due October 15, 2014 450,533 466,165

YPG Holdings Inc.2,500,000 6.85% due December 03, 2013 2,500,000 2,599,342

143,910,078 150,356,987






AK Steel Holding Corporation (USD)950,000 7.75% due February 01, 2010 1,119,583 1,005,892

AMC Entertainment Inc. (USD)750,000 11.00% due February 01, 2011 977,515 821,644

Belden Inc. (USD)750,000 9.25% due June 15, 2014 851,262 830,490


Case New Holland Inc. (USD)925,000 7.125% due March 01, 2010 856,689 984,270

Constellation Brands Inc. (USD)525,000 7.25% due September 01, 2016 605,101 558,640

DIRECTV Holdings LLC (USD)500,000 6.375% due June 15, 2010 581,921 544,487


El Paso Corporation (USD)500,000 6.875% due June 15, 2014 512,993 523,787

Ford Motor Credit Company LLC (USD)500,000 7.00% due October 01, 2013 529,290 523,384

GameStop Corp./GameStop Inc. (USD)500,000 8.00% due February 01, 2010 607,548 543,176

Gannett Co., Inc. (USD)600,000 6.375% due April 01, 2012 524,596 629,010250,000 10.00% due April 01, 2016 231,997 282,918

General Cable Corporation (USD)900,000 7.125% due April 01, 2012 903,604 927,003

Georgia-Pacific Corporation (USD)1,150,000 7.125% due January 15, 2012 1,303,577 1,220,673

The Goodyear Tire & Rubber Company (USD)1,000,000 8.625% due February 01, 2010 1,048,106 1,087,663

Great Lakes Dredge & Dock Corporation (USD)850,000 7.75% due February 01, 2010 897,263 886,642

The Hertz Corporation (USD)950,000 10.50% due January 01, 2011 1,203,516 1,063,158

Host Marriott Limited Partnership (USD)750,000 7.00% due January 20, 2010 744,538 799,039


550,000 9.50% due April 15, 2010 617,197 595,332

INVISTA (USD)750,000 9.25% due February 01, 2010 931,541 798,056

Jarden Corporation (USD)850,000 7.50% due May 01, 2012 762,144 888,870

The Kansas City Southern Railway (USD)750,000 8.00% due June 01, 2012 816,501 814,765


Levi Strauss & Co. (USD)1,000,000 8.875% due April 01, 2011 962,193 1,096,836


MGM Mirage Inc. (USD)1,000,000 11.125% due May 15, 2013 1,180,179 1,161,048

The Neiman Marcus Group Inc. (USD)950,000 10.375% due October 15, 2010 1,224,054 976,014

Phillips-Van Heusen Corporation (USD)950,000 7.25% due February 01, 2010 1,125,472 998,422

Qwest Communications International Inc. (USD)1,150,000 7.50% due February 01, 2010 1,180,016 1,210,124

R.R. Donnelley & Sons Company (USD)800,000 11.25% due February 01, 2019 976,706 1,046,639

Spirit AeroSystems Holdings Inc. (USD)500,000 7.50% due October 01, 2013 528,146 516,312

Sprint Capital Corporation (USD)1,000,000 7.625% due January 30, 2011 1,075,525 1,073,248


Steel Dynamics Inc. (USD)750,000 7.375% due November 01, 2012 778,875 809,850

SunGard Data Systems Inc. (USD)950,000 9.125% due February 01, 2010 1,155,594 1,020,831

Terex Corporation (USD)675,000 7.375% due January 29, 2010 659,436 715,597

TRW Automotive Inc. (USD)1,000,000 7.00% due March 15, 2014 973,600 1,027,383

United Rentals (North America) Inc. (USD)750,000 6.50% due January 29, 2010 765,862 784,297

United States Steel Corporation (USD)500,000 5.65% due June 01, 2013 482,570 521,554500,000 6.05% due June 01, 2017 458,472 500,409

Wendy’s/Arby’s Restaurants LLC (USD)500,000 10.00% due July 15, 2012 564,294 571,351


35,712,686 34,758,665

$ $ $


$ $







TOTAL INVESTMENT

PORTFOLIO – 98.5% 540,971,770 548,755,252

SHORT-TERM

INVESTMENTS (CAD) – 0.3% 1,900,000 1,900,000

SHORT-TERM

INVESTMENTS (USD) – 0.6% 3,040,215 3,040,215


FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 38,967

OTHER NET ASSETS – 0.5% 2,784,826 2,772,912

TOTAL NET ASSETS – 100.0% $ 549,173,980 $ 556,978,218


$ $ $


TD Diversified Monthly Income Fund




February 17, 2010 22,500,000 USD $ 23,587,335 23,606,775 CAD $ 23,606,775 1.04919to 1.04919 $ 19,440

February 17, 2010 17,500,000 USD 18,345,705 18,360,912 CAD 18,360,912 1.04920 15,207February 17, 2010 5,000,000 USD 5,241,630 5,245,950 CAD 5,245,950 1.04919 4,320

$ 47,174,670 $ 47,213,637 $ 38,967


BALANCED FUNDS




Currency 2009 2008 2009 2008

British Pound $ 2 $ 2 $ 0 $ 0Euro 2,747 2,866 137 143Swiss Franc 0 1,646 0 82United States Dollar 27,585 7,372 1,379 369

Total $ 30,334 $ 11,886 $ 1,516 $ 594






Credit Rating° 2009 2008 2009 2008

AAA 8.13 9.43 3.05 3.90AA 25.66 19.35 9.64 8.01A 28.81 37.82 10.83 15.66BBB 18.69 15.58 7.02 6.45BB 7.88 8.20 2.96 3.40B 8.44 5.63 3.17 2.33CCC 2.34 3.90 0.88 1.51D 0.05 0.00 0.02 0.00No Rating 0.00 0.09 0.00 0.04

Total 100.00 100.00 37.57 41.30





Bonds 2009 2008


Total $ 209,329 $ 199,946






Common Shares $ 336,786 $ 2,632 $ 8 $ 339,426Bonds and Short-TermInvestments 0 214,269 0 214,269


$ 336,786 $ 216,940 $ 8 $ 553,734




CommonShares





Less than3 months




�TD Balanced Growth Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 1,186,639 $ 1,008,989Short-Term Investments 28,959 52,628Foreign Currencies 879 857Cash 217 0Interest Receivable 3,244 3,367Dividends Receivable 1,261 998Subscriptions Receivable 1,145 954Receivable for Investment Sales 28 343

1,222,372 1,068,136

LiabilitiesBank Overdraft 0 129Accrued Liabilities 2,185 1,837Redemptions Payable 923 2,549

3,108 4,515

Net Assets (Note 3) $ 1,219,264 $ 1,063,621

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 1,178,463 $ 1,028,309Advisor Series $ 38,706 $ 33,483F-Series $ 2,095 $ 1,829

$ 1,219,264 $ 1,063,621


Advisor Series 3,355,933 3,344,679

F-Series 182,004 183,071



F-Series $ 11.51 $ 9.99



2009 2008

Investment IncomeInterest $ 19,363 $ 21,409Dividends 17,601 19,527Securities Lending 209 598Less: Withholding Taxes (887) (1,264)

36,286 40,270

Expenses (Note 5)Management Fee 23,063 25,154Administration Fee 954 1,040Independent Review Committee Fees 6 7


24,022 26,200







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 169,729 $ (260,103)Advisor Series $ 5,312 $ (8,367)F-Series $ 291 $ (449)

$ 175,332 $ (268,919)


BALANCED FUNDS


�TD Balanced Growth Fund

BALANCED FUNDS




2009 2008 2009 2008

Net Assets, Beginning of the Period $ 1,028,309 $ 1,265,133 $ 33,483 $ 32,479



Proceeds from Sale of Units 147,546 245,351 8,463 17,371Reinvestments of Distributions 11,767 14,412 349 412Early Redemption Fees 18 33 1 1Amounts Paid on Redemptions (167,078) (222,030) (8,543) (7,992)

(7,747) 37,766 270 9,792

Distributions to UnitholdersFrom Net Investment Income (11,828) (13,651) (359) (396)From Net Realized Gains on Investments 0 (836) 0 (25)

(11,828) (14,487) (359) (421)

Increase (Decrease) in Net Assetsfor the Period 150,154 (236,824) 5,223 1,004

Net Assets, End of the Period $ 1,178,463 $ 1,028,309 $ 38,706 $ 33,483†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 53,917,351 52,331,517 3,344,679 2,560,307Units Issued 7,368,189 10,795,249 791,939 1,454,628Units Issued on Reinvestments 582,772 667,101 32,914 36,581Units Redeemed (8,224,846) (9,876,516) (813,599) (706,837)


F-Series TOTAL

2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 291 (449) 175,332 (268,919)


Proceeds from Sale of Units 460 1,455 156,469 264,177Reinvestments of Distributions 35 38 12,151 14,862Early Redemption Fees 0 0 19 34Amounts Paid on Redemptions (478) (725) (176,099) (230,747)

17 768 (7,460) 48,326

Distributions to UnitholdersFrom Net Investment Income (42) (46) (12,229) (14,093)From Net Realized Gains on Investments 0 (1) 0 (862)

(42) (47) (12,229) (14,955)

Increase (Decrease) in Net Assetsfor the Period 266 272 155,643 (235,548)

Net Assets, End of the Period $ 2,095 $ 1,829 $ 1,219,264 $ 1,063,621†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 183,071 122,981Units Issued 42,198 128,809Units Issued on Reinvestments 3,230 3,442Units Redeemed (46,495) (72,161)



Canadian Equities – 38.1%ENERGY – 10.4%

602,000 Cameco Corporation $ 14,640,395 $ 20,353,620300,000 Canadian Natural Resources Limited 8,222,200 22,701,000465,000 Cenovus Energy Inc. 13,156,396 12,303,900465,000 EnCana Corporation 14,459,740 15,833,250790,000 Suncor Energy Inc. 14,557,668 29,316,900920,000 Talisman Energy Inc. 6,322,017 17,986,000135,000 TransCanada Corporation 4,240,661 4,880,250280,000 Trican Well Service Ltd. 6,100,449 3,914,400

81,699,526 127,289,320

MATERIALS – 3.8%

189,000 Agrium Inc. 7,457,483 12,230,190325,000 Goldcorp Inc. 10,275,230 13,425,750112,000 Potash Corporation

of Saskatchewan Inc. 12,699,510 12,780,320225,000 Teck Resources Limited, Class “B” SV 4,491,250 8,257,500

34,923,473 46,693,760


2,962,000 Bombardier Inc., Class “B” SV 13,048,517 14,187,980345,000 Canadian National Railway Company 10,285,908 19,716,750425,000 Finning International Inc. 7,397,387 7,050,750385,000 WestJet Airlines Ltd. 4,776,159 4,750,900

35,507,971 45,706,380


330,000 Gildan Activewear Inc. 4,682,375 8,438,100200,000 Linamar Corporation 3,330,765 2,750,000302,000 Magna International Inc., Class “A” SV 16,409,663 16,060,360295,000 RONA Inc. 6,879,896 4,551,850500,000 Thomson Reuters Corporation 19,702,648 16,950,000220,000 Tim Hortons Inc. 6,591,353 7,055,400

57,596,700 55,805,710



FINANCIALS – 8.9%

419,000 The Bank of Nova Scotia 10,841,547 20,610,610470,000 Brookfield Asset Management Inc.,

Class “A” LV 15,504,037 10,969,80099,400 IGM Financial Inc. 2,484,245 4,197,662970,000 Manulife Financial Corporation 26,802,986 18,721,000400,000 Royal Bank of Canada 10,499,507 22,544,000123,000 TMX Group Inc. 5,055,068 4,072,530420,000 The Toronto-Dominion Bank* 27,732,954 27,694,800

98,920,344 108,810,402


165,000 Open Text Corporation 6,667,581 7,035,600365,000 Research In Motion Limited 22,021,987 25,900,400

28,689,568 32,936,000



Class “B” NV 5,282,302 8,954,000

17,934,632 24,384,350

UTILITIES – 0.6%

300,000 TransAlta Corporation 6,156,317 7,035,000



ENERGY – 1.6%

28,000 Apache Corporation 1,929,587 3,028,43278,000 Exxon Mobil Corporation 6,665,236 5,570,26148,000 Schlumberger Limited 2,727,891 3,275,381112,000 Spectra Energy Corp. 2,427,505 2,408,18642,092 Transocean Ltd. 4,984,850 3,651,08044,000 Ultra Petroleum Corp. 3,165,666 2,299,912

21,900,735 20,233,252

MATERIALS – 0.4%

30,000 Ecolab Inc. 1,360,724 1,402,37848,000 The Mosaic Company 2,799,749 3,005,661

4,160,473 4,408,039


60,000 Avery Dennison Corporation 3,086,237 2,295,257182,000 General Electric Company 4,064,987 2,886,79980,000 Honeywell International Inc. 3,650,918 3,285,94852,000 United Technologies Corporation 2,592,914 3,780,01570,000 Waste Management Inc. 2,291,418 2,481,130

15,686,474 14,729,149


64,000 Coach Inc. 2,102,913 2,448,94641,000 Kohl’s Corporation 1,839,527 2,318,03870,000 Time Warner Cable Inc. 2,284,275 3,037,38450,000 Viacom Inc., Class “B” 1,930,695 1,556,27642,000 Yum! Brands Inc. 1,524,744 1,539,313

9,682,154 10,899,957


25,500 Colgate-Palmolive Company 1,846,630 2,195,575165,000 CVS Caremark Corporation 5,796,799 5,569,88430,000 The Estee Lauder Companies Inc.,

Class “A” 1,188,728 1,520,94691,000 PepsiCo Inc. 5,893,031 5,797,44984,000 SYSCO Corporation 2,825,625 2,457,79470,000 Wal-Mart Stores Inc. 4,005,485 3,920,934

21,556,298 21,462,582


40,000 Becton, Dickinson and Company 3,148,702 3,306,915128,000 Bristol-Myers Squibb Company 3,291,523 3,386,92556,000 Johnson & Johnson 3,809,960 3,776,660164,000 Merck & Co., Inc. 6,241,733 6,275,423250,000 Pfizer Inc. 6,838,385 4,767,372

23,330,303 21,513,295

FINANCIALS – 1.7%

86,000 ACE Limited 4,327,754 4,543,968135,000 Bank of America Corporation 2,203,492 2,131,40022,000 The Goldman Sachs Group Inc. 3,781,283 3,888,079112,000 JPMorgan Chase & Co. 4,597,554 4,892,69173,000 The NASDAQ OMX Group Inc. 2,356,831 1,516,816125,000 Wells Fargo & Company 4,339,911 3,530,319

21,606,825 20,503,273

$ $


or Units Description Cost Fair Value�TD Balanced Growth Fund



BALANCED FUNDS



13,500 Apple Inc. 1,398,186 2,981,979174,000 Applied Materials Inc. 2,516,119 2,541,012120,000 Cisco Systems Inc. 2,927,320 3,011,70090,000 Corning Incorporated 1,541,120 1,820,98490,000 eBay Inc. 1,495,666 2,219,147129,000 Electronic Arts Inc. 4,564,923 2,400,4596,200 Google Inc., Class “A” 2,841,574 4,029,72780,000 Hewlett-Packard Company 3,098,242 4,316,686235,000 Microsoft Corporation 8,042,869 7,509,121

28,426,019 30,830,815


158,000 AT&T Inc. 5,127,064 4,642,87095,000 Verizon Communications Inc. 3,476,817 3,299,524

8,603,881 7,942,394

UTILITIES – 0.5%

75,000 Exelon Corporation 5,138,494 3,840,89287,000 Northeast Utilities 2,437,431 2,352,214

7,575,925 6,193,106



BRAZIL – 0.4%

63,000 Embraer – Empresa Brasileirade Aeronautica SA, ADR 3,117,002 1,457,636

120,000 Vale SA, Sponsored ADR 3,215,079 3,649,516

6,332,081 5,107,152

FRANCE – 1.4%

19,000 Alstom 1,337,325 1,394,18642,000 BNP Paribas 3,779,465 3,495,33164,000 Electricite de France SA 4,818,876 3,990,95895,000 France Telecom SA, Sponsored ADR 2,847,433 2,513,734110,000 L’Air Liquide SA 1,952,813 2,738,81497,000 L’Oreal SA, ADR 1,910,930 2,254,466

16,646,842 16,387,489

GERMANY – 1.2%

42,000 Bayer AG 2,713,838 3,540,91630,000 Bayerische Motoren Werke AG 1,640,400 1,441,90047,000 Deutsche Boerse AG 4,692,702 4,077,99264,000 SAP AG, Sponsored ADR 3,008,776 3,138,67624,000 Siemens AG, Sponsored ADR 2,217,490 2,307,209

14,273,206 14,506,693

INDONESIA – 0.2%

55,000 P.T. Telekomunikasi Indonesia Tbk,Sponsored ADR 2,064,882 2,300,027

ISRAEL – 0.2%

64,000 Check Point Software Technologies Ltd. 1,921,727 2,269,804

JAPAN – 1.9%

170,000 Asahi Glass Company Limited 1,827,917 1,695,96570,000 Canon Inc., Sponsored ADR 2,909,536 3,103,43138,000 East Japan Railway Company 3,444,926 2,522,01775,000 Hitachi Metals Ltd. 820,648 756,77855,000 Hoya Corporation 2,019,688 1,539,155752,000 Mitsubishi UFJ Financial Group Inc. 7,058,237 3,884,95760,000 NGK Insulators Ltd. 1,460,777 1,376,1985,000 Nintendo Co., Ltd. 1,438,301 1,252,462

56,000 Nippon Telegraph andTelephone Corporation 3,113,050 2,320,127

245,000 Toray Industries Inc. 1,443,156 1,398,00333,000 Toyota Motor Corporation 3,638,498 2,911,561

29,174,734 22,760,654

MEXICO – 0.2%

63,000 Wal-Mart de Mexico SAB de CV,Series “V”, Sponsored ADR 1,856,776 2,942,352


24,000 Akzo Nobel NV 1,372,808 1,669,896144,000 Reed Elsevier NV, Sponsored ADR 5,244,462 3,683,483

6,617,270 5,353,379

SINGAPORE – 0.3%

973,000 CapitaLand Limited 2,237,916 3,027,965

SPAIN – 0.5%

290,427 Banco Santander SA 4,176,593 5,035,43323,000 Industria de Diseno Textil SA 1,209,603 1,507,109

5,386,196 6,542,542

SWEDEN – 0.2%

110,000 Telefonaktiebolaget LM Ericsson 1,846,863 1,057,471210,000 Volvo AB, Class “B” 2,289,381 1,892,111

4,136,244 2,949,582


100,000 Credit Suisse Group 5,554,125 5,197,186124,000 Nestle SA, Sponsored ADR 4,188,055 6,282,678101,000 Novartis AG, ADR 5,373,402 5,757,937140,000 Roche Holdings Ltd., Sponsored ADR 5,924,110 6,193,652

21,039,692 23,431,453

TAIWAN – 0.2%

196,061 Taiwan Semiconductor ManufacturingCompany Limited, Sponsored ADR 2,045,793 2,349,328


45,000 BG Group PLC, Sponsored ADR 2,959,948 4,267,047126,000 BP PLC, Sponsored ADR 8,637,205 7,657,37954,500 Diageo PLC, Sponsored ADR 3,252,190 3,962,889235,000 Experian PLC 2,710,625 2,432,97879,333 HSBC Holdings PLC, Sponsored ADR 5,645,670 4,742,282150,000 Scottish and Southern Energy PLC 2,928,228 2,942,791150,000 Standard Chartered PLC 3,349,337 3,969,140115,000 Tullow Oil PLC 1,836,935 2,528,870185,000 Vodafone Group PLC, Sponsored ADR 5,333,533 4,476,24559,000 WPP PLC, Sponsored ADR 3,333,860 3,009,131

39,987,531 39,988,752


$ $




$ $

BALANCED FUNDSTD Balanced Growth Fund




Canada Housing Trust No. 1$ 10,875,000 4.80% due June 15, 2012 10,872,281 11,616,262

Government of Canada38,185,000 3.75% due June 01, 2012 40,085,798 39,960,1169,490,000 3.50% due June 01, 2013 9,872,833 9,867,7919,970,000 4.50% due June 01, 2015 10,930,086 10,773,33021,795,000 4.25% due June 01, 2018 23,301,497 22,990,4035,655,000 3.50% due June 01, 2020 5,606,030 5,524,57311,500,000 5.75% due June 01, 2029 14,279,980 13,873,0504,390,000 5.75% due June 01, 2033 5,477,908 5,407,14317,105,000 4.00% due June 01, 2041 17,454,932 16,870,108

137,881,345 136,882,776


Province of British Columbia5,830,000 4.25% due June 18, 2014 5,947,475 6,150,8156,810,000 4.70% due December 01, 2017 6,938,661 7,179,9123,705,000 6.35% due June 18, 2031 4,009,702 4,446,6013,970,000 4.95% due June 18, 2040 3,963,013 4,120,859

Province of Manitoba3,755,000 4.70% due September 22, 2017 3,740,093 3,964,581

Province of Ontario8,520,000 4.75% due June 02, 2013 8,778,722 9,130,86913,370,000 5.00% due March 08, 2014 14,118,414 14,490,4871,040,000 3.25% due September 08, 2014 1,038,294 1,050,4481,410,000 4.30% due March 08, 2017 1,343,772 1,459,5414,385,000 4.20% due March 08, 2018 4,366,685 4,447,34516,930,000 6.50% due March 08, 2029 19,103,783 20,377,2699,460,000 5.60% due June 02, 2035 10,559,512 10,479,5063,745,000 4.70% due June 02, 2037 3,532,832 3,689,836

Province of Quebec10,395,000 5.50% due December 01, 2014 11,139,569 11,527,889

350,000 6.00% due October 01, 2029 366,023 396,2301,970,000 5.00% due December 01, 2038 1,999,359 2,004,715

100,945,909 104,916,903


The 55 School Board Trust2,000,000 5.90% due June 02, 2033 2,231,300 2,123,122


407 International Inc.1,720,000 6.47% due July 27, 2029 1,736,392 1,893,232

Alliance Pipeline, Limited Partnership1,161,026 5.546% due December 31, 2023 1,180,216 1,202,357


The Bank of Nova Scotia7,470,000 3.03% due June 04, 2012 7,469,776 7,595,3573,000,000 5.04% due April 08, 2013 3,026,400 3,208,0674,880,000 4.56% due October 30, 2013 4,919,198 5,149,480

Canadian Imperial Bank of Commerce4,455,000 3.75% due September 09, 2010 4,344,036 4,529,9757,590,000 5.00% due September 10, 2012 7,771,213 8,081,010

Canadian Utilities Limited2,650,000 6.80% due August 13, 2019 2,733,218 3,107,566

Gaz Metro Inc.2,000,000 5.45% due July 12, 2021 2,025,200 2,070,197

GE Capital Canada Funding Company1,600,000 4.75% due May 02, 2011 1,592,256 1,653,93011,310,000 4.65% due February 11, 2015 11,094,151 11,554,317


3,180,000 5.691% due June 21, 2017 3,086,508 3,172,097

Honda Canada Finance Inc.2,280,000 5.307% due November 30, 2010 2,280,000 2,358,572

HSBC Bank Canada2,600,000 Floating Rate due March 16, 2016 2,353,260 2,642,688

HSBC Financial Corporation Limited2,020,000 4.35% due October 06, 2011 2,017,212 2,077,713

Hydro One Inc.1,500,000 5.77% due November 15, 2012 1,566,315 1,638,0142,890,000 5.00% due November 12, 2013 2,886,821 3,110,1964,155,000 6.93% due June 01, 2032 4,658,551 4,872,708

Loblaw Companies Limited2,700,000 6.50% due January 19, 2011 2,793,139 2,833,2031,420,000 6.05% due June 09, 2034 1,460,470 1,302,222

Manulife Bank of Canada5,085,000 4.19% due December 09, 2010 5,021,948 5,213,970

National Bank of Canada3,000,000 4.70% due November 02, 2015 2,897,970 3,101,936

Power Financial Corporation1,870,000 6.90% due March 11, 2033 1,868,929 2,058,016

RBC Capital Trust, Conv.730,000 4.87% due December 31, 2015 692,502 747,637

Royal Bank of Canada7,900,000 5.20% due August 15, 2012 8,452,289 8,470,1834,000,000 5.00% due June 06, 2013 4,100,000 4,260,6252,860,000 5.45% due November 04, 2013 2,991,597 3,094,0721,000,000 4.97% due June 05, 2014 1,082,110 1,073,448

Schlumberger Canada Limited2,985,000 5.14% due July 12, 2010 3,003,713 3,043,096

The Thomson Corporation7,440,000 5.20% due December 01, 2014 7,676,304 8,008,344

TransCanada PipeLines Limited3,290,000 5.10% due January 11, 2017 3,360,061 3,479,444

Wells Fargo Financial Corporation Canada4,505,000 4.45% due February 28, 2011 4,503,198 4,652,6201,905,000 3.97% due November 03, 2014 1,904,924 1,916,847

132,332,658 137,674,913




Bank of America Corporation4,000,000 4.81% due June 01, 2011 4,044,440 4,046,9342,990,000 5.45% due September 17, 2014 3,032,458 3,119,250

The Bear Stearns Companies Inc.3,000,000 4.35% due July 20, 2012 2,966,700 3,099,070

Citigroup Finance Canada Inc.1,870,000 5.16% due May 24, 2022 1,634,380 1,463,556

Citigroup Inc.1,900,000 5.365% due March 06, 2036 1,899,050 1,365,763

The Goldman Sachs Group Inc.1,870,000 4.80% due June 01, 2011 1,851,674 1,936,2541,870,000 5.20% due April 19, 2017 1,728,254 1,833,618

$ $

$ $ $




JPMorgan Chase & Co.2,700,000 5.058% due February 22, 2016 2,597,778 2,670,682

Merrill Lynch & Co., Inc.1,195,000 4.50% due January 30, 2012 1,149,590 1,225,6791,400,000 5.29% due May 30, 2017 1,239,266 1,322,029

Morgan Stanley1,910,000 4.90% due February 23, 2017 1,725,989 1,877,371

United States Treasury (USD)5,705,000 1.875% due June 15, 2012 6,204,666 6,046,2071,655,000 4.25% due May 15, 2039 1,700,919 1,627,656



TOTAL INVESTMENT

PORTFOLIO – 97.3% 1,094,977,903 1,186,639,189

SHORT-TERM

INVESTMENTS (CAD) – 1.7% 20,275,753 20,276,198

SHORT-TERM

INVESTMENTS (USD) – 0.7% 11,368,425 8,682,357


OTHER NET ASSETS – 0.2% 2,789,505 2,786,442

TOTAL NET ASSETS – 100.0% $ 1,130,302,237 $ 1,219,263,525





Currency 2009 2008 2009 2008

Australian Dollar $ 34 $ 31 $ 2 $ 2British Pound 11,927 3,427 596 171Euro 26,312 27,667 1,316 1,383Japanese Yen 16,834 19,023 842 951Singapore Dollar 3,053 4,840 153 242Swedish Krona 1,926 1,930 96 97Swiss Franc 5,221 3,024 261 151United States Dollar 261,065 235,183 13,053 11,759

Total $ 326,372 $ 295,125 $ 16,319 $ 14,756






Credit Rating° 2009 2008 2009 2008

AAA 40.28 43.60 13.65 15.98AA 38.43 37.17 13.02 13.63A 20.29 18.25 6.88 6.69BBB 1.00 0.98 0.34 0.36

Total 100.00 100.00 33.89 36.66





Bonds 2009 2008


Total $ 413,232 $ 389,962







$ 708,517 $ 507,081 $ 0 $ 1,215,598




Less than3 months


$ $ $




�TD Dividend Income Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 3,300,970 $ 2,259,899Short-Term Investments 88,136 98,963Foreign Currencies 747 130Cash 7,185 57Interest Receivable 6,162 12,529Dividends Receivable 10,584 7,829Subscriptions Receivable 5,174 5,549Receivable for Investment Sales 127 0Unrealized Gain on Open ForeignExchange Forward Contracts 818 0

3,419,903 2,384,956

LiabilitiesAccrued Liabilities 4,002 2,966Redemptions Payable 1,856 3,331Payable for Investment Purchases 43,416 228Unrealized Loss on Open ForeignExchange Forward Contracts 68 3,350

49,342 9,875

Net Assets (Note 3) $ 3,370,561 $ 2,375,081

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 1,452,651 $ 1,109,508Institutional Series $ 696,188 $ 503,231Advisor Series $ 598,921 $ 462,026F-Series $ 21,461 $ 16,109H-Series $ 29,094 $ 22,229S-Series $ 3,446 $ 2,171T-Series $ 167,773 $ 119,306O-Series $ 401,027 $ 140,501

$ 3,370,561 $ 2,375,081



Advisor Series 47,893,521 46,585,435

F-Series 2,090,406 1,979,474

H-Series 2,573,682 2,381,703

S-Series 305,009 233,059

T-Series 14,905,524 12,823,621

O-Series 40,266,398 17,835,728




F-Series $ 10.27 $ 8.14

H-Series $ 11.30 $ 9.33

S-Series $ 11.30 $ 9.32

T-Series $ 11.26 $ 9.30

O-Series $ 9.96 $ 7.88



2009 2008


167,768 98,426



41,400 47,405







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 341,413 $ (464,092)Institutional Series $ 167,202 $ (194,844)Advisor Series $ 140,281 $ (191,217)F-Series $ 4,561 $ (6,185)H-Series $ 6,943 $ (9,303)S-Series $ 629 $ (1,104)T-Series $ 37,343 $ (43,847)O-Series $ 74,512 $ (44,280)

$ 772,884 $ (954,872)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 6.04 $ (8.12)Institutional Series $ 3.80 $ (4.31)Advisor Series $ 3.00 $ (4.12)F-Series $ 2.43 $ (3.28)H-Series $ 2.77 $ (4.10)S-Series $ 2.12 $ (3.83)T-Series $ 2.74 $ (4.32)O-Series $ 2.64 $ (4.19)

BALANCED FUNDS



BALANCED FUNDS




2009 2008 2009 2008 2009 2008





50,554 (11,240) 56,251 (52,167) 16,256 35,451

Distributions to UnitholdersFrom Net Investment Income (48,824) (10,443) (30,496) (14,732) (19,642) (3,596)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital 0 (18,130) 0 (7,325) 0 (7,385)

(48,824) (28,573) (30,496) (22,057) (19,642) (10,981)


Net Assets, End of the Period $ 1,452,651 $ 1,109,508 $ 696,188 $ 503,231 $ 598,921 $ 462,026†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 55,864,537 56,706,825 42,682,319 45,837,918 46,585,435 44,246,795Units Issued 8,664,737 11,181,788 2,956,864 6,582,133 8,854,399 13,392,935Units Issued on Reinvestments 2,058,123 1,010,342 2,062,721 180,193 1,594,073 749,983Units Redeemed (8,584,078) (13,034,418) (908,662) (9,917,925) (9,140,386) (11,804,278)



2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 4,561 (6,185) 6,943 (9,303) 629 (1,104)


Proceeds from Sale of Units 7,366 7,668 5,798 12,036 3,163 2,128Reinvestments of Distributions 722 479 756 847 87 111Early Redemption Fees 0 0 0 1 0 0Amounts Paid on Redemptions (6,451) (6,580) (4,622) (7,606) (2,337) (2,068)

1,637 1,567 1,932 5,278 913 171

Distributions to UnitholdersFrom Net Investment Income (846) (359) (994) (204) (141) (66)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital 0 (196) (1,016) (2,419) (126) (316)

(846) (555) (2,010) (2,623) (267) (382)


Net Assets, End of the Period $ 21,461 $ 16,109 $ 29,094 $ 22,229 $ 3,446 $ 2,171†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 1,979,474 1,830,114 2,381,703 2,005,282 233,059 241,774Units Issued 785,318 776,801 574,365 917,128 322,714 165,930Units Issued on Reinvestments 77,737 42,910 73,620 68,996 8,434 8,885Units Redeemed (752,123) (670,351) (456,006) (609,703) (259,198) (183,530)





T-Series O-Series TOTAL

2009 2008 2009 2008 2009 2008





22,121 68,509 200,980 76,498 350,643 124,067

Distributions to UnitholdersFrom Net Investment Income (5,360) (781) (14,966) (2,827) (121,269) (33,008)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital (5,636) (11,162) 0 (307) (6,778) (47,240)

(10,996) (11,943) (14,966) (3,134) (128,047) (80,248)

Increase (Decrease) in Net Assetsfor the Period 48,467 12,719 260,526 29,084 995,480 (911,053)

Net Assets, End of the Period $ 167,773 $ 119,306 $ 401,027 $ 140,501 $ 3,370,561 $ 2,375,081†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 12,823,621 7,414,724 17,835,728 9,924,184Units Issued 3,463,167 6,839,020 22,235,102 31,883,268Units Issued on Reinvestments 222,915 191,274 1,622,737 291,265Units Redeemed (1,604,179) (1,621,397) (1,427,169) (24,262,989)


BALANCED FUNDS



97


ENERGY – 9.0%

1,006,900 Cenovus Energy Inc. $ 22,120,660 $ 26,642,5741,989,700 Enbridge Inc. 58,595,036 96,599,9351,006,900 EnCana Corporation 24,312,052 34,284,9451,854,624 Suncor Energy Inc. 66,672,987 68,825,0972,113,800 TransCanada Corporation 65,339,269 76,413,870

237,040,004 302,766,421

MATERIALS – 0.8%

723,200 Teck Resources Limited, Class “B” SV 25,583,874 26,541,440


187,800 Canadian National Railway Company 8,612,301 10,732,77099,600 Canadian Pacific Railway Limited 5,978,369 5,647,320332,600 IESI-BFC Ltd. 5,813,848 5,577,70276,798 World Color Press Inc. 721,092 748,75443,526 World Color Press Inc.,



21,254,792 23,031,891



424,800 Thomson Reuters Corporation 16,844,604 14,400,720591,000 Tim Hortons Inc. 20,067,282 18,953,370

47,971,755 45,713,610





Class “A” LV 48,040,705 54,304,0113,137,600 Canadian Imperial Bank of Commerce 216,460,667 213,199,920210,000 CI Financial Corp. 5,813,643 4,592,700724,500 IGM Financial Inc. 27,866,500 30,595,635433,500 Intact Financial Corporation 10,871,000 15,987,480

5,581,600 Manulife Financial Corporation 176,271,409 107,724,880222,600 National Bank of Canada 12,052,609 13,391,616


1,347,941,564 1,430,095,150



Class “B” NV 54,619,301 51,207,112968,600 TELUS Corporation 30,816,991 32,971,144650,000 TELUS Corporation, NV 34,672,324 21,222,500

185,198,508 168,319,470

UTILITIES – 2.7%

200,000 Algonquin Power & Utilities Corp. 1,756,870 810,000516,900 ATCO Ltd., Class “I” NV 17,886,082 23,689,52782,700 Atlantic Power Corporation 859,403 948,569653,600 Emera Inc. 13,091,053 16,379,216596,208 Fortis Inc. 12,180,832 17,099,245319,639 Spectra Energy Canada

Exchangeco Inc. 6,989,791 6,107,2351,171,600 TransAlta Corporation 25,249,540 27,474,020

78,013,571 92,507,812



Income Fund 11,743,752 9,981,700738,400 Brookfield Renewable Power Fund 10,281,465 14,103,440230,000 Calloway Real Estate Investment Trust 4,839,765 4,475,800

4,422,494 Canadian Oil Sands Trust 66,505,147 131,701,871492,800 Chartwell Seniors Housing

Real Estate Investment Trust 5,499,606 3,454,528344,200 Chemtrade Logistics Income Fund 4,275,553 3,779,316530,000 Cineplex Galaxy Income Fund 5,271,844 9,656,600215,000 CML HealthCare Income Fund 3,057,552 2,969,150

1,369,600 Fort Chicago Energy Partners,Limited Partnership 11,093,501 13,654,912

306,500 H&R Real Estate Investment Trust 4,665,671 4,720,100330,100 InnVest Real Estate Investment Trust 2,683,099 1,752,831

1,332,051 Just Energy Income Fund 8,548,885 19,181,534249,600 Macquarie Power & Infrastructure

Income Fund,Contingency Value Receipts 9,984 9,984

337,750 Morguard Real Estate Investment Trust 1,763,837 4,411,015268,700 Penn West Energy Trust 9,480,361 4,976,324261,200 Primaris Retail Real Estate

Investment Trust 3,177,993 4,213,156322,700 Priszm Income Fund 2,148,513 300,111595,300 RioCan Real Estate Investment Trust 8,269,546 11,810,752338,900 SFK Pulp Fund 2,452,386 233,841570,700 TimberWest Forest Corp., Stapled Units 6,740,749 2,471,131


203,216,375 266,413,626

PREFERRED – 4.9%

Bank of Montreal65,000 Class “B” Pref. Series 5 1,777,100 1,547,000150,000 Class “B” Pref. Series 14 3,744,000 3,510,000100,000 Class “B” Pref. Series 23 2,500,000 2,720,000

The Bank of Nova Scotia104,000 Pref. Series 14 2,595,840 2,112,240200,000 Pref. Series 18 5,000,000 5,294,000

BCE Inc.125,000 1st Pref. Series “AA” 3,187,500 2,527,50045,600 Class “E” Pref. Series 15 1,127,273 825,36078,400 Class “F” Pref. Series 16 1,972,649 1,442,560154,800 Class “G” Pref. Series 17 3,780,922 2,787,948207,600 Class “I” Pref. Series 19 5,163,380 3,880,044139,000 Pref. Series “Y” 3,406,060 2,571,500



$ $




BALANCED FUNDS


Bombardier Inc.237,000 Class “B” Pref. Series 2 5,964,500 2,841,630

Brookfield Asset Management Inc.100,000 Class “A” Pref. Series 17 2,514,000 1,771,000133,000 Pref. Series 2 2,808,570 1,851,360215,000 Pref. Series 10 5,726,850 5,635,150298,000 Pref. Series 13 4,264,486 4,112,400200,000 Pref. Series 18 3,993,000 3,506,000

Brookfield Properties Corporation435,000 Class AAA Pref. Series “F” 11,758,650 10,918,500127,300 Class AAA Pref. Series “I” 3,295,736 3,235,966

Canadian Imperial Bank of Commerce210,000 Class “A” Pref. Series 19 5,320,500 5,451,600175,000 Class “A” Pref. Series 29 4,501,250 4,042,500221,000 Class “A” Pref. Series 30 5,556,080 4,568,07019,900 Class “A” Pref. Series 37 534,066 557,598

E-L Financial Corporation Limited100,000 Class “G” Pref. Series 2 2,088,085 1,794,000175,900 Pref. Series 1 4,653,861 3,454,676

Fortis Inc.55,000 Pref. Series “C” 1,465,950 1,457,500472,800 Pref. Series “E” 12,712,182 12,581,208100,000 Pref. Series “G” 2,500,000 2,670,000

George Weston Limited50,000 Pref. Series “IV” 1,297,000 1,036,000

Great-West Lifeco Inc.160,000 Pref. Series “D” 3,808,000 4,088,000119,900 Pref. Series “G” 3,102,294 2,625,81050,000 Pref. Series “I” 1,002,000 948,000

Industrial Alliance Insuranceand Financial Services Inc.

175,000 Pref. Series “A” 4,097,000 3,410,750

Manulife Financial Corporation127,400 Class “A” Pref. Series 1 3,207,652 3,390,11450,000 Class “A” Pref. Series 2 1,262,450 1,000,00050,000 Class “A” Pref. Series 4 1,317,000 1,402,500

National Bank175,000 Pref. Series 21 4,375,000 4,744,250

Nortel Networks Limited215,000 Class “A” Pref. Series 5 5,404,177 8,600100,000 Class “A” Pref. Series 7 2,384,000 7,000

Power Corporation of Canada25,000 First Pref. 1986 Series 1,273,750 1,087,500106,000 Pref. Series “D” 2,764,040 2,206,920

Power Financial Corporation100,000 Pref. Series “C” 2,669,050 2,638,00050,000 Pref. Series “E” 1,278,250 1,121,50025,000 Pref. Series “H” 632,250 610,000150,000 Pref. Series “K” 3,883,360 3,223,500

Royal Bank of Canada175,000 Pref. Series “AA” 4,099,750 3,536,75050,000 Pref. Series “AE” 1,072,000 1,016,50050,000 Pref. Series “W” 1,297,000 1,115,000

Split Yield Corporation31,900 Class “I” Pref. 626,817 561,440

Sun Life Financial Inc.275,000 Class “A” Pref. Series “6R” 6,875,000 7,565,25050,000 Class “D” Pref. Series 4 1,118,975 948,500

Thomson Reuters Corporation108,000 Pref. Series “B” 2,666,088 2,296,080

TransCanada Corporation273,000 Pref. Series 1 6,825,000 7,057,050

Westcoast Energy Inc.75,000 Pref. Series 7 1,882,500 1,745,25085,000 Pref. Series 8 2,173,450 2,016,200

YPG Holdings Inc.150,000 Pref. Series 1 3,686,000 3,624,000

189,992,343 164,697,774



UTILITIES – 0.6%


PREFERRED – 0.0%

1,040 GMAC Inc., Pref. Series “144A” 1,094,867 718,633




Government of Canada$ 25,000,000 5.50% due June 01, 2010 26,218,643 25,522,163

62,000,000 1.00% due September 01, 2011 61,647,980 61,689,84650,000,000 2.00% due December 01, 2014 48,325,000 48,238,57220,000,000 4.50% due June 01, 2015 21,607,000 21,611,49585,000,000 3.75% due June 01, 2019 87,117,625 85,921,188

244,916,248 242,983,264


Province of Alberta19,334,000 4.00% due December 01, 2019 19,455,418 19,055,570

Province of British Columbia20,000,000 5.70% due June 18, 2029 22,566,000 22,211,142

Province of Ontario20,000,000 5.85% due March 08, 2033 22,984,800 22,667,99220,000,000 5.60% due June 02, 2035 22,556,400 22,155,405

87,562,618 86,090,109



The Bank of Nova Scotia20,000,000 3.35% due November 18, 2014 19,991,800 19,962,654

BMO Capital Trust II1,998,000 10.221% due December 31, 2018 2,164,433 2,676,947

Bombardier Inc.7,050,000 7.35% due December 22, 2026 6,182,750 6,535,351


Bowater Canada Finance Corporation (USD)1,500,000 7.95% due November 15, 2011 1,770,747 497,311

Bowater Incorporated3,600,000 10.85% due November 30, 2014 4,093,250 850,689

Canadian Imperial Bank of Commerce5,000,000 4.95% due January 23, 2014 5,396,000 5,354,400

$ $ $ $




BALANCED FUNDSTD Dividend Income Fund




Canadian Tire Corporation Limited3,000,000 5.22% due October 01, 2010 3,031,210 3,087,933


Catalyst Paper Corporation (USD)2,000,000 7.375% due February 01, 2010 2,382,702 1,278,987


Domtar Inc. (USD)224,000 7.875% due October 15, 2011 231,790 245,398

8,000,000 5.375% due December 01, 2013 7,342,162 8,093,262


Fairfax Financial Holdings Limited7,500,000 7.50% due August 19, 2019 7,472,925 7,792,780

GE Capital Canada Funding Company12,000,000 5.29% due August 17, 2012 12,283,500 12,701,1211,000,000 4.375% due September 28, 2012 975,860 1,035,9645,500,000 5.15% due June 06, 2013 5,506,875 5,798,5654,500,000 4.40% due June 01, 2014 4,354,650 4,598,0344,000,000 5.53% due August 17, 2017 3,982,400 4,132,835



Hydro One Inc.5,000,000 4.89% due March 13, 2037 4,739,381 4,536,845

Iron Mountain Nova Scotia Funding Company5,500,000 7.50% due March 15, 2012 5,372,500 5,390,930


NOVA Chemicals Corporation11,590,000 7.85% due August 30, 2010 11,387,196 11,692,375



Quebecor World Capital ULC (USD)8,217,000 9.75% due January 15, 2011 0 0

Rogers Communications Inc.500,000 7.25% due December 15, 2011 515,000 535,764

8,000,000 7.625% due December 15, 2011 8,463,125 8,753,688

Rogers Communications Inc. (USD)2,000,000 6.375% due March 01, 2014 2,113,824 2,321,445

Royal Bank of Canada41,000,000 5.13% due September 27, 2010 41,230,210 42,300,648

Sears Canada Inc.4,500,000 7.45% due May 10, 2010 4,686,800 4,558,1353,000,000 7.05% due September 20, 2010 3,173,595 3,041,926

Shaw Communications Inc.258,000 6.10% due November 16, 2012 256,065 277,985

9,255,000 7.50% due November 20, 2013 9,804,917 10,459,5051,500,000 6.15% due May 09, 2016 1,477,500 1,609,547




TELUS Corporation7,000,000 4.95% due May 15, 2014 7,376,806 7,353,122

The Thomson Corporation (USD)4,000,000 5.70% due October 01, 2014 4,045,658 4,603,515


TransCanada PipeLines Limited5,000,000 5.05% due February 14, 2014 5,437,726 5,369,652

Wells Fargo Financial Corporation Canada1,000,000 4.45% due February 28, 2011 998,200 1,032,7681,000,000 4.45% due September 13, 2011 991,600 1,036,7964,000,000 4.33% due December 06, 2013 3,897,840 4,124,462


323,712,598 329,802,501





Seagate Technology International (USD)150,000 10.00% due May 01, 2013 172,915 173,764

5,699,555 5,507,245


Ashtead Holdings PLC (USD)500,000 8.625% due August 01, 2010 448,233 526,796


Case New Holland Inc. (USD)5,500,000 7.125% due March 01, 2010 5,540,550 5,852,4141,500,000 7.25% due January 15, 2016 1,496,068 1,552,868

Church & Dwight Co., Inc. (USD)2,716,000 6.00% due February 01, 2010 2,826,405 2,897,147



Freeport-McMoRan Copper & Gold Inc. (USD)4,000,000 8.25% due April 01, 2011 4,560,127 4,570,806

Gannett Co., Inc. (USD)2,000,000 9.375% due November 15, 2013 2,140,412 2,164,843


Host Hotels & Resorts Limited Partnership (USD)1,500,000 7.125% due February 01, 2010 1,455,442 1,598,079




Novelis Inc. (USD)2,878,000 7.25% due February 15, 2010 3,305,580 2,873,837

$ $ $


$ $ $



Phillips-Van Heusen Corporation (USD)1,000,000 8.125% due February 01, 2010 1,021,465 1,069,317

R.R. Donnelley & Sons Company (USD)2,500,000 8.60% due August 15, 2016 2,701,092 2,853,085

Sprint Capital Corporation (USD)1,200,000 7.625% due January 30, 2011 1,364,571 1,287,898300,000 8.375% due March 15, 2012 327,659 325,513


Telcordia Technologies Inc. (USD)5,000,000 Floating Rate due February 01, 2010 5,290,065 4,802,753


68,802,554 69,454,819


European Investment Bank$ 4,000,000 4.60% due January 30, 2037 3,647,200 3,574,341



TOTAL INVESTMENT

PORTFOLIO – 98.0% 3,113,849,348 3,300,970,409

SHORT-TERM

INVESTMENTS (CAD) – 2.1% 70,000,000 70,000,000

SHORT-TERM

INVESTMENTS (USD) – 0.5% 18,136,455 18,136,455


FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 750,137


TOTAL NET ASSETS – 100.0% $ 3,182,716,388 $ 3,370,561,379


$ $






January 29, 2010 30,000,000 USD $ 31,449,630 31,525,050 CAD $ 31,525,050 1.05084 $ 75,420January 29, 2010 16,000,000 USD 16,773,136 16,813,360 CAD 16,813,360 1.05084 40,224February 26, 2010 30,000,000 USD 31,449,870 31,667,100 CAD 31,667,100 1.05557 217,230February 26, 2010 13,000,000 USD 13,628,277 13,722,410 CAD 13,722,410 1.05557 94,133March 31, 2010 30,000,000 USD 31,450,800 31,736,700 CAD 31,736,700 1.05789 285,900March 31, 2010 11,000,000 USD 11,531,960 11,636,790 CAD 11,636,790 1.05789 104,830

$ 136,283,673 $ 137,101,410 $ 817,737


January 29, 2010 8,420,320 CAD $ 8,420,320 8,000,000 USD $ 8,386,568 1.05254 $ (33,752)February 26, 2010 8,420,480 CAD 8,420,480 8,000,000 USD 8,386,632 1.05256 (33,848)

$ 16,840,800 $ 16,773,200 $ (67,600)





Currency 2009 2008 2009 2008

United States Dollar $ 12,925 $ 32,372 $ 646 $ 1,619






Credit Rating° 2009 2008 2009 2008

AAA 41.03 16.08 8.98 3.44AA 24.76 18.31 5.42 3.92A 7.92 1.54 1.73 0.33BBB 6.37 11.80 1.40 2.52BB 13.43 32.28 2.94 6.90B 6.07 11.21 1.33 2.40CCC 0.24 5.79 0.05 1.24CC 0.00 0.29 0.00 0.06C 0.00 2.48 0.00 0.53D 0.18 0.00 0.04 0.00No Rating 0.00 0.22 0.00 0.05

Total 100.00 100.00 21.89 21.39





Bonds 2009 2008


Total $ 737,939 $ 508,003






Common Shares $ 2,397,605 $ 0 $ 10 $ 2,397,615Preferred 164,681 719 16 165,416Bonds and Short-TermInvestments 0 826,075 0 826,075


2,562,286 827,612 26 3,389,924


$ 2,562,286 $ 827,544 $ 26 $ 3,389,856




CommonShares Preferred

Balance at December 31, 2008 $ 10 $ 0Net Transfer In (Out) 0 16

Balance at December 31, 2009 10 16

Total change in unrealized for assetsheld at December 31, 2009 $ 0 $ 0



Less than3 months


$ 49,342



�TD Dividend Growth Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 3,538,667 $ 2,004,517Short-Term Investments 120,044 91,800Foreign Currencies 1,073 116Cash 71 74Interest Receivable 0 106Dividends Receivable 14,083 8,410Subscriptions Receivable 9,989 4,522

3,683,927 2,109,545

LiabilitiesAccrued Liabilities 5,033 3,231Redemptions Payable 5,033 4,017Distributions Payable 0 1Payable for Investment Purchases 2,724 0

12,790 7,249

Net Assets (Note 3) $ 3,671,137 $ 2,102,296

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 1,960,958 $ 1,362,583Institutional Series $ 297,536 $ 9,406Advisor Series $ 954,473 $ 613,998F-Series $ 47,355 $ 33,234H-Series $ 7,627 $ 4,141S-Series $ 3,091 $ 1,179T-Series $ 71,410 $ 30,293O-Series $ 328,687 $ 47,462

$ 3,671,137 $ 2,102,296


Institutional Series 15,176,825 634,942

Advisor Series 53,027,948 44,915,184

F-Series 2,547,416 2,354,512

H-Series 674,178 452,475

S-Series 274,036 129,192

T-Series 6,327,365 3,314,621

O-Series 30,637,552 5,865,215




F-Series $ 18.59 $ 14.11

H-Series $ 11.31 $ 9.15

S-Series $ 11.28 $ 9.13

T-Series $ 11.29 $ 9.14

O-Series $ 10.73 $ 8.09



2009 2008


121,712 120,532



48,700 50,245







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 471,769 $ (589,225)Institutional Series $ 13,370 $ (3,848)Advisor Series $ 220,777 $ (256,822)F-Series $ 9,681 $ (14,067)H-Series $ 1,589 $ (1,421)S-Series $ 533 $ (376)T-Series $ 13,020 $ (10,176)O-Series $ 47,358 $ (27,321)

$ 778,097 $ (903,256)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 12.42 $ (16.62)Institutional Series $ 2.71 $ (6.59)Advisor Series $ 4.51 $ (6.25)F-Series $ 4.57 $ (6.31)H-Series $ 2.91 $ (5.02)S-Series $ 2.89 $ (4.91)T-Series $ 2.93 $ (5.34)O-Series $ 2.99 $ (3.29)








2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 371,685 402,278 313,388 4,950 259,780 294,029Reinvestments of Distributions 16,631 40,923 1,758 289 6,846 16,009Early Redemption Fees 39 51 1 0 19 22Amounts Paid on Redemptions (244,789) (381,026) (38,550) (1,957) (139,825) (165,267)

143,566 62,226 276,597 3,282 126,820 144,793

Distributions to UnitholdersFrom Net Investment Income (16,960) (41,692) (1,837) (429) (7,122) (16,637)From Net Realized Gains on Investments 0 0 0 0 0 0

(16,960) (41,692) (1,837) (429) (7,122) (16,637)

Increase (Decrease) in Net Assetsfor the Period 598,375 (568,691) 288,130 (995) 340,475 (128,666)

Net Assets, End of the Period $ 1,960,958 $ 1,362,583 $ 297,536 $ 9,406 $ 954,473 $ 613,998†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 36,230,626 34,968,889 634,942 479,000 44,915,184 37,045,583Units Issued 8,725,819 7,976,008 16,472,715 235,063 16,852,443 16,250,711Units Issued on Reinvestments 375,653 941,265 92,679 16,184 424,659 1,016,125Units Redeemed (5,726,441) (7,655,536) (2,023,511) (95,305) (9,164,338) (9,397,235)

Units Outstanding, End of the Period 39,605,657 36,230,626 15,176,825 634,942 53,027,948 44,915,184


2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 19,567 23,764 3,760 6,694 2,133 1,695Reinvestments of Distributions 676 1,312 209 147 71 41Early Redemption Fees 1 1 0 0 0 0Amounts Paid on Redemptions (15,088) (17,093) (1,667) (2,295) (666) (206)

5,156 7,984 2,302 4,546 1,538 1,530

Distributions to UnitholdersFrom Net Investment Income (716) (1,434) (57) (78) (38) (31)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital 0 0 (348) (266) (121) (74)

(716) (1,434) (405) (344) (159) (105)

Increase (Decrease) in Net Assetsfor the Period 14,121 (7,517) 3,486 2,781 1,912 1,049

Net Assets, End of the Period $ 47,355 $ 33,234 $ 7,627 $ 4,141 $ 3,091 $ 1,179†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 2,354,512 1,967,888 452,475 94,716 129,192 9,054Units Issued 1,166,319 1,314,465 372,202 529,213 205,294 138,352Units Issued on Reinvestments 40,860 78,269 20,650 13,176 7,071 3,651Units Redeemed (1,014,275) (1,006,110) (171,149) (184,630) (67,521) (21,865)

Units Outstanding, End of the Period 2,547,416 2,354,512 674,178 452,475 274,036 129,192





2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 37,970 38,789 242,231 205,049 1,250,514 977,248Reinvestments of Distributions 636 356 3,701 3,902 30,528 62,979Early Redemption Fees 1 1 3 2 64 77Amounts Paid on Redemptions (7,163) (3,900) (7,935) (188,891) (455,683) (760,635)

31,444 35,246 238,000 20,062 825,423 279,669

Distributions to UnitholdersFrom Net Investment Income (408) (503) (4,133) (3,902) (31,271) (64,706)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital (2,939) (1,813) 0 0 (3,408) (2,153)

(3,347) (2,316) (4,133) (3,902) (34,679) (66,859)

Increase (Decrease) in Net Assetsfor the Period 41,117 22,754 281,225 (11,161) 1,568,841 (690,446)

Net Assets, End of the Period $ 71,410 $ 30,293 $ 328,687 $ 47,462 $ 3,671,137 $ 2,102,296†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 3,314,621 525,109 5,865,215 4,928,892Units Issued 3,664,808 3,104,957 25,276,916 18,432,834Units Issued on Reinvestments 62,968 30,484 372,926 385,372Units Redeemed (715,032) (345,929) (877,505) (17,881,883)





105


ENERGY – 12.8%

1,350,800 Cenovus Energy Inc. $ 33,940,956 $ 35,742,1682,383,400 Enbridge Inc. 76,158,524 115,714,0701,330,800 EnCana Corporation 36,955,246 45,313,7401,422,500 Imperial Oil Limited 51,064,599 57,767,7252,816,912 Suncor Energy Inc. 98,703,699 104,535,6043,042,800 TransCanada Corporation 93,896,473 109,997,220

390,719,497 469,070,527

MATERIALS – 1.9%


54,015,955 71,286,417


217,700 Bombardier Inc., Class “B” SV 1,322,742 1,042,783530,200 Canadian National Railway Company 22,175,788 30,300,930301,100 Canadian Pacific Railway Limited 15,383,909 17,072,370155,000 IESI-BFC Ltd. 2,559,568 2,599,350

41,442,007 51,015,433


1,703,700 Shaw Communications Inc.,Class “B” NV 34,401,209 36,799,920

889,700 Thomson Reuters Corporation 33,057,438 30,160,830782,200 Tim Hortons Inc. 26,053,554 25,085,154

93,512,201 92,045,904


91,300 George Weston Limited 6,748,761 6,100,666176,500 Loblaw Companies Limited 7,741,843 5,969,230914,400 Shoppers Drug Mart Corporation 44,873,826 41,504,616

59,364,430 53,574,512



Class “A” LV 23,438,240 24,824,4244,625,400 Canadian Imperial Bank of Commerce 298,371,757 314,295,930280,000 CI Financial Corp. 7,349,800 6,123,60020,945 E-L Financial Corporation Limited 2,578,185 9,425,45977,000 Fairfax Financial Holdings Limited, SV 19,422,998 31,539,200340,972 First Capital Realty Inc. 6,170,117 7,334,308895,000 Intact Financial Corporation 23,122,440 33,007,600

8,642,800 Manulife Financial Corporation 244,316,820 166,806,040624,100 National Bank of Canada 32,043,738 37,545,856256,900 Onex Corporation, SV 5,869,627 6,042,288


1,791,165,225 2,009,106,495





Class “B” NV 89,731,123 89,546,5121,730,600 TELUS Corporation 51,386,567 58,909,624733,000 TELUS Corporation, NV 37,782,145 23,932,450

269,584,427 264,409,982

UTILITIES – 2.9%

532,600 Canadian Utilities Limited, Class “A” NV 19,543,269 23,290,598860,100 Emera Inc. 17,616,022 21,554,106805,000 Fortis Inc. 19,615,450 23,087,400

1,692,600 TransAlta Corporation 36,672,438 39,691,470

93,447,179 107,623,574



Income Fund 8,320,640 7,075,487798,000 Brookfield Renewable Power Fund 11,510,445 15,241,80050,000 Calloway Real Estate Investment Trust 976,030 973,000

8,690,906 Canadian Oil Sands Trust 112,027,376 258,815,181266,600 Chemtrade Logistics Income Fund 3,452,087 2,927,268556,000 Cineplex Galaxy Income Fund 5,583,986 10,130,320

1,965,000 Fort Chicago Energy Partners,Limited Partnership 16,477,981 19,591,050

1,718,190 Just Energy Income Fund 12,142,574 24,741,936373,600 Penn West Energy Trust 14,348,678 6,919,072436,800 RioCan Real Estate Investment Trust 7,928,914 8,666,112258,500 SFK Pulp Fund 1,903,577 178,365601,000 TimberWest Forest Corp., Stapled Units 6,961,009 2,602,330


228,179,681 373,922,788



UTILITIES – 0.8%


Transaction Costs (Note 3) (2,814,581) 0

TOTAL INVESTMENT

PORTFOLIO – 96.4% 3,058,763,207 3,538,667,280

SHORT-TERM

INVESTMENTS (CAD) – 3.3% 119,100,000 119,100,000

SHORT-TERM

INVESTMENTS (USD) – 0.0% 943,515 943,515

FOREIGN CURRENCIES – 0.0% 1,074,684 1,073,360

OTHER NET ASSETS – 0.3% 11,353,046 11,353,046

TOTAL NET ASSETS – 100.0% $ 3,191,234,452 $ 3,671,137,201




$ $









Currency 2009 2008 2009 2008

United States Dollar $ 2,017 $ 116 $ 101 $ 6






Common Shares $ 3,538,667 $ 0 $ 0 $ 3,538,667Bonds and Short-TermInvestments 0 120,044 0 120,044

$ 3,538,667 $ 120,044 $ 0 $ 3,658,711




Less than3 months


CANADIAN EQUITY FUNDSTD Dividend Growth Fund


�TD Canadian Blue Chip Equity Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 1,283,871 $ 939,942Short-Term Investments 23,525 34,656Foreign Currencies 250 166Cash 7 10Dividends Receivable 2,026 1,144Subscriptions Receivable 1,692 525Receivable for Investment Sales 5,600 0

1,316,971 976,443

LiabilitiesAccrued Liabilities 1,366 1,056Redemptions Payable 3,822 396Payable for Investment Purchases 6,137 613Unrealized Loss on Open ForeignExchange Forward Contracts 3 0

11,328 2,065

Net Assets (Note 3) $ 1,305,643 $ 974,378

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 441,089 $ 381,819Institutional Series $ 718,272 $ 491,402Advisor Series $ 105,452 $ 78,712F-Series $ 5,315 $ 3,922O-Series $ 35,515 $ 18,523

$ 1,305,643 $ 974,378



Advisor Series 6,711,018 6,064,127

F-Series 359,477 323,927

O-Series 3,573,480 2,287,934




F-Series $ 14.79 $ 12.11

O-Series $ 9.94 $ 8.10



2009 2008

Investment IncomeInterest $ 703 $ 1,111Dividends 27,882 28,835Securities Lending 241 917Less: Withholding Taxes (529) (919)

28,297 29,944



14,239 16,407







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 78,960 $ (132,110)Institutional Series $ 114,700 $ (136,029)Advisor Series $ 18,144 $ (26,465)F-Series $ 908 $ (1,256)O-Series $ 5,186 $ (5,135)

$ 217,898 $ (300,995)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 5.24 $ (8.74)Institutional Series $ 3.22 $ (4.17)Advisor Series $ 2.79 $ (4.58)F-Series $ 2.71 $ (3.68)O-Series $ 2.01 $ (2.55)






2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 41,888 58,756 202,664 26,479 27,002 18,722Reinvestments of Distributions 0 17,900 4,282 28,598 0 3,430Early Redemption Fees 3 4 4 4 0 1Amounts Paid on Redemptions (61,581) (97,448) (90,497) (93,611) (18,406) (21,089)

(19,690) (20,788) 116,453 (38,530) 8,596 1,064

Distributions to UnitholdersFrom Net Investment Income 0 0 (4,283) (6,463) 0 0From Net Realized Gains on Investments 0 (18,040) 0 (22,135) 0 (3,573)

0 (18,040) (4,283) (28,598) 0 (3,573)


Net Assets, End of the Period $ 441,089 $ 381,819 $ 718,272 $ 491,402 $ 105,452 $ 78,712†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 15,288,396 15,744,737 34,582,271 35,037,250 6,064,127 5,911,047Units Issued 1,592,290 1,830,431 11,991,261 1,931,346 1,967,605 1,161,957Units Issued on Reinvestments 0 742,432 252,521 2,085,920 0 273,779Units Redeemed (2,291,572) (3,029,204) (5,488,363) (4,472,245) (1,320,714) (1,282,656)



2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 3,922 $ 6,827 $ 18,523 $ 21,297 $ 974,378 $ 1,383,126

Increase (Decrease) in Net Assetsfrom Investment Operations 908 (1,256) 5,186 (5,135) 217,898 (300,995)


Proceeds from Sale of Units 1,869 1,107 13,258 5,035 286,681 110,099Reinvestments of Distributions 25 228 261 1,093 4,568 51,249Early Redemption Fees 0 0 0 0 7 9Amounts Paid on Redemptions (1,382) (2,739) (1,452) (2,674) (173,318) (217,561)

512 (1,404) 12,067 3,454 117,938 (56,204)

Distributions to UnitholdersFrom Net Investment Income (27) (46) (261) (322) (4,571) (6,831)From Net Realized Gains on Investments 0 (199) 0 (771) 0 (44,718)

(27) (245) (261) (1,093) (4,571) (51,549)


Net Assets, End of the Period $ 5,315 $ 3,922 $ 35,515 $ 18,523 $ 1,305,643 $ 974,378†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 323,927 402,514 2,287,934 1,896,520Units Issued 135,536 79,828 1,423,991 519,818Units Issued on Reinvestments 1,734 19,486 26,916 139,997Units Redeemed (101,720) (177,901) (165,361) (268,401)

Units Outstanding, End of the Period 359,477 323,927 3,573,480 2,287,934




109


ENERGY – 23.8%

302,730 Cameco Corporation $ 4,106,920 $ 10,235,301429,600 Canadian Natural Resources Limited 27,404,769 32,507,832911,385 Cenovus Energy Inc. 19,097,194 24,115,247569,830 Enbridge Inc. 14,689,968 27,665,247758,235 EnCana Corporation 16,705,929 25,817,902597,430 Imperial Oil Limited 12,893,021 24,261,632

1,655,640 Nexen Inc. 22,251,297 41,622,7901,152,920 Suncor Energy Inc. 45,383,508 42,784,8612,563,540 Talisman Energy Inc. 23,716,683 50,117,207881,952 TransCanada Corporation 24,764,989 31,882,565

211,014,278 311,010,584

MATERIALS – 7.0%

785,920 Canfor Corporation 8,751,726 6,365,952532,815 Goldcorp Inc. 18,061,022 22,010,588776,890 Kinross Gold Corporation 14,252,516 15,017,284348,600 Potash Corporation

of Saskatchewan Inc. 14,488,748 39,778,746225,745 West Fraser Timber Co., Ltd. 6,970,321 7,429,268

62,524,333 90,601,838


510,820 ATS Automation Tooling Systems Inc. 6,905,893 3,815,8251,509,350 CAE Inc. 14,990,617 13,161,532492,250 Canadian National Railway Company 21,327,263 28,132,088

1,042,177 SNC-Lavalin Group Inc. 17,920,389 56,194,184210,300 Stantec Inc. 5,658,454 6,351,060289,550 Transcontinental Inc., Class “A” SV 6,785,451 3,706,240

73,588,067 111,360,929


227,360 Astral Media Inc., Class “A” NV 7,678,716 7,539,258446,030 Canadian Tire Corporation Limited,

Class “A” NV 19,113,024 25,579,821493,100 Corus Entertainment Inc., Class “B” NV 6,889,001 9,738,725271,605 Quebecor Inc., Class “B” SV 8,322,689 7,363,212

1,142,620 Shaw Communications Inc.,Class “B” NV 16,975,610 24,680,592

1,041,990 Thomson Reuters Corporation 40,379,199 35,323,461156,800 Tim Hortons Inc. 5,088,625 5,028,576347,400 Uni-Select Inc. 5,850,225 10,599,174

110,297,089 125,852,819


154,330 George Weston Limited 13,524,632 10,312,331662,660 The Jean Coutu Group (PJC) Inc.,

Class “A” SV 7,622,514 6,421,175440,300 Loblaw Companies Limited 21,647,410 14,890,946861,950 METRO Inc., Class “A” SV 16,624,156 33,788,440269,840 Shoppers Drug Mart Corporation 11,838,453 12,248,038

71,257,165 77,660,930


324,630 Bank of Montreal 19,459,367 18,111,1081,194,825 The Bank of Nova Scotia 36,389,257 58,773,4421,057,450 Great-West Lifeco Inc. 19,973,755 28,360,809103,310 Intact Financial Corporation 5,533,580 3,810,073

1,888,190 Manulife Financial Corporation 37,536,514 36,442,067535,950 Power Financial Corporation 11,517,294 16,609,091

1,317,180 Royal Bank of Canada 40,087,747 74,236,265779,570 The Toronto-Dominion Bank* 39,643,213 51,404,846

210,140,727 287,747,701





UTILITIES – 1.0%

280,980 ATCO Ltd., Class “I” NV 5,765,557 12,877,313


87,993 Enerplus Resources Fund 3,532,619 2,120,631333,850 Pembina Pipeline Income Fund 5,668,490 5,832,360

9,201,109 7,952,991

Total Canadian Equities 794,165,484 1,069,228,515


ENERGY – 1.2%

51,600 Chevron Corporation 3,466,421 4,163,14041,400 ConocoPhillips 2,726,846 2,214,35417,270 EOG Resources Inc. 1,536,625 1,761,61737,800 Exxon Mobil Corporation 2,656,650 2,699,43482,510 Halliburton Company 2,535,088 2,601,03652,660 Spectra Energy Corp. 1,277,411 1,132,27712,110 Transocean Ltd. 1,022,305 1,050,427

15,221,346 15,622,285

MATERIALS – 0.1%

20,800 Monsanto Company 1,746,420 1,782,614


31,400 3M Company 2,770,893 2,718,71367,300 Emerson Electric Company 2,863,538 3,005,59891,310 General Electric Company 3,048,027 1,448,317

8,682,458 7,172,628


105,635 Comcast Corporation,Class “A” Special 2,476,411 1,771,879

33,175 NIKE Inc., Class “B” 2,016,684 2,297,50125,995 Scripps Networks Interactive Inc.,

Class “A” 1,156,716 1,130,9529,550 Time Warner Cable Inc. 584,058 414,38629,633 Time Warner Inc. 1,386,422 904,3241,420 The Washington Post Company,

Class “B” 1,169,618 654,354

8,789,909 7,173,396



$ $







50,600 Altria Group Inc. 802,412 1,040,77353,900 Colgate-Palmolive Company 3,990,819 4,640,84377,550 CVS Caremark Corporation 2,325,031 2,617,84555,900 Kimberly-Clark Corporation 4,373,972 3,733,58267,110 McCormick & Company Incorporated 2,515,469 2,541,91857,000 PepsiCo Inc. 3,706,430 3,631,36947,900 Philip Morris International Inc. 1,817,873 2,416,89465,685 The Procter & Gamble Company 3,961,588 4,172,96983,930 Walgreen Company 3,539,474 3,227,400

27,033,068 28,023,593


62,340 Abbott Laboratories 3,556,836 3,525,85622,510 Beckman Coulter Inc. 1,408,411 1,544,27733,930 Becton, Dickinson and Company 2,699,545 2,805,09168,000 Community Health Systems Inc. 2,537,555 2,537,84654,740 Johnson & Johnson 3,929,350 3,691,685138,535 Pfizer Inc. 4,642,478 2,641,79138,010 Quest Diagnostics Incorporated 2,344,015 2,405,61142,935 Zimmer Holdings Inc. 2,909,539 2,658,794

24,027,729 21,810,951

FINANCIALS – 1.1%

89,904 The Bank of New YorkMellon Corporation 3,490,734 2,635,254

46,870 The Hartford Financial ServicesGroup Inc. 3,098,341 1,142,907

32,610 JPMorgan Chase & Co. 1,145,253 1,424,56066,308 Lincoln National Corporation 3,152,021 1,729,50822,680 M&T Bank Corporation 1,350,673 1,590,41545,900 MetLife Inc. 1,646,563 1,701,01683,740 U.S. Bancorp 1,825,749 1,973,49390,109 Wells Fargo & Company 2,424,404 2,544,908

18,133,738 14,742,061


10,520 Apple Inc. 1,560,936 2,323,73512,280 Automatic Data Processing Inc. 559,846 551,125142,345 Cisco Systems Inc. 3,876,399 3,572,50453,400 Fiserv Inc. 2,687,723 2,714,002103,940 Texas Instruments Incorporated 2,752,078 2,836,372

11,436,982 11,997,738



AUSTRALIA – 0.1%

22,220 BHP Billiton Limited, Sponsored ADR 1,648,762 1,783,182

FRANCE – 1.7%

119,904 AXA SA 3,595,984 2,953,79438,832 Danone SA 2,299,257 2,497,64433,628 Essilor International SA 1,509,886 2,110,3459,380 Lafarge SA 790,914 810,5055,680 Lafarge SA (Loyalty Dividend) 626,368 490,7969,237 L’Air Liquide SA 992,413 1,152,60814,891 L’Air Liquide SA (Loyalty Shares) 1,261,401 1,858,12418,990 L’Oreal SA 1,918,453 2,225,3089,990 LVMH Moet Hennessy Louis Vuitton SA 974,762 1,175,29222,382 Schneider Electric SA 3,003,342 2,730,50933,600 TOTAL SA 2,504,213 2,264,35215,503 TOTAL SA, Sponsored ADR 789,793 1,040,81537,385 Veolia Environnement 1,739,844 1,292,984

22,006,630 22,603,076

GERMANY – 1.0%

31,050 Bayer AG 2,271,736 2,617,74952,026 Celesio AG 2,398,838 1,389,96740,278 Fresenius Medical Care AG & Co. KGaA 1,589,117 2,246,64951,600 Henkel KGaA, Pref. 2,694,686 2,825,88017,960 SAP AG 950,403 900,5318,891 SAP AG, Sponsored ADR 476,780 436,03125,250 Siemens AG 3,152,481 2,437,330

13,534,041 12,854,137

HONG KONG – 0.2%

417,051 Television Broadcasts Limited 2,540,604 2,100,381

ITALY – 0.1%

38,750 Luxottica Group SpA 1,225,664 1,051,228

JAPAN – 0.9%

244,500 Daiwa Securities Group Inc. 2,125,020 1,290,52822,400 FANUC Ltd. 2,380,173 2,189,6077,890 Keyence Corporation 1,662,342 1,717,43161,200 Sugi Holdings Co., Ltd. 1,347,710 1,410,208346,000 The Sumitomo Trust

and Banking Co., Ltd. 2,854,692 1,781,77842,100 Suzuki Motor Corporation 1,249,263 1,087,39429,600 Terumo Corporation 1,392,593 1,871,049

13,011,793 11,347,995

MEXICO – 0.2%

31,060 America Movil SAB de CV 1,678,842 1,527,47233,080 Fomento Economico Mexicano

SAB de CV, Sponsored ADR 1,095,710 1,658,717

2,774,552 3,186,189


285,056 ING Groep NV 4,440,664 2,880,32275,880 Royal Dutch Shell PLC, Class “A” 2,531,926 2,398,9565,711 Royal Dutch Shell PLC, Class “A”,

Sponsored ADR 439,122 359,886

7,411,712 5,639,164

NORWAY – 0.2%

172,790 Telenor ASA 2,576,963 2,536,227

$ $

$ $




CANADIAN EQUITY FUNDSTD Canadian Blue Chip Equity Fund


RUSSIA – 0.1%

51,590 OAO Gazprom, Sponsored ADR 1,745,853 1,365,746


68,180 SK Telecom Co., Ltd., ADR 1,757,889 1,161,493

SPAIN – 0.4%

194,973 Banco Santander SA 2,923,201 3,380,44834,900 Red Electrica de Espana SA 1,755,088 2,043,361

4,678,289 5,423,809


52,730 ABB Ltd. 1,020,901 1,065,92077,480 Nestle SA 2,847,456 3,944,87013,340 Roche Holding AG 2,106,361 2,393,23314,390 Synthes Inc. 1,681,779 1,975,851

7,656,497 9,379,874


21,190 BG Group PLC 397,500 401,027277,236 BP PLC 3,341,300 2,805,8802,510 BP PLC, Sponsored ADR 188,310 152,540

104,020 Carillion PLC 511,386 532,365170,554 Diageo PLC 3,101,679 3,118,71280,040 GlaxoSmithKline PLC 2,448,851 1,779,008290,220 HSBC Holdings PLC 2,580,792 3,470,27840,330 Reckitt Benckiser Group PLC 1,917,896 2,288,134307,916 Reed Elsevier PLC 3,709,762 2,649,511259,710 Smith & Nephew PLC 2,829,453 2,800,05294,260 Standard Chartered PLC 2,655,699 2,494,208

1,182,688 Vodafone Group PLC 3,034,513 2,870,57621,606 Vodafone Group PLC, Sponsored ADR 958,445 522,777

27,675,586 25,885,068



TOTAL INVESTMENT

PORTFOLIO – 98.3% 1,018,863,356 1,283,871,350

SHORT-TERM

INVESTMENTS (CAD) – 1.7% 21,760,324 21,759,107

SHORT-TERM

INVESTMENTS (USD) – 0.1% 1,780,051 1,766,195


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (3,342)


TOTAL NET ASSETS – 100.0% $ 1,040,664,838 $ 1,305,642,892





Currency 2009 2008 2009 2008

British Pound $ 24,702 $ 16,171 $ 1,235 $ 809Euro 45,189 34,189 2,259 1,709Hong Kong Dollar 2,100 1,356 105 68Japanese Yen 11,348 9,497 567 475Norwegian Krone 2,483 1,067 124 53Swiss Franc 9,235 7,700 462 385United States Dollar 115,851 110,114 5,793 5,506

Total $ 210,908 $ 180,094 $ 10,545 $ 9,005






Common Shares $ 1,188,055 $ 92,990 $ 0 $ 1,281,045Preferred Shares 0 2,826 0 2,826Bonds and Short-TermInvestments 0 23,525 0 23,525

1,188,055 119,341 0 1,307,396


$ 1,188,055 $ 119,338 $ 0 $ 1,307,393




Less than3 months


$ 11,328

$ $



CANADIAN EQUITY FUNDSTD Canadian Blue Chip Equity Fund




January 05, 2010 48,364 USD $ 50,702 374,958 HKD $ 50,696 7.75283 $ (6)January 06, 2010 278,945 USD 292,429 25,671,266 JPY 289,093 92.02907

to 92.03071 (3,336)

$ 343,131 $ 339,789 $ (3,342)

TOTAL NUMBER OF CONTRACTS: 8 NET DEPRECIATION $ (3,342)

�TD Canadian Equity Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 2,949,222 $ 1,833,948Short-Term Investments 12,200 32,849Foreign Currencies 223 334Cash 212 53Dividends Receivable 4,854 4,669Subscriptions Receivable 4,270 1,953Receivable for Investment Sales 15,395 4,409Unrealized Gain on Open ForeignExchange Forward Contracts 1,405 0

2,987,781 1,878,215

LiabilitiesAccrued Liabilities 4,029 2,604Redemptions Payable 5,699 2,230Payable for Investment Purchases 19,906 26,870Unrealized Loss on Open ForeignExchange Forward Contracts 0 432

29,634 32,136

Net Assets (Note 3) $ 2,958,147 $ 1,846,079

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 2,001,919 $ 1,393,769Institutional Series $ 544,943 $ 293,336Advisor Series $ 180,871 $ 115,368F-Series $ 13,690 $ 8,912O-Series $ 216,724 $ 34,694

$ 2,958,147 $ 1,846,079



Advisor Series 17,389,642 16,359,576

F-Series 1,298,046 1,261,939

O-Series 22,007,806 5,305,436




F-Series $ 10.55 $ 7.06

O-Series $ 9.85 $ 6.54



2009 2008


85,766 (10,397)



40,142 50,807

Net Investment Income (Loss) 45,624 (61,204)


Net Change in Unrealized Appreciation/Depreciation of Investments 1,021,572 (879,841)

Transaction Costs on Purchase and Saleof Investments (Note 3) (9,233) (21,599)


Increase (Decrease) in Net Assetsfrom Investment Operations† $ 928,969 $ (1,338,426)

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 658,236 $ (1,035,245)Institutional Series $ 164,962 $ (189,140)Advisor Series $ 55,960 $ (86,009)F-Series $ 4,472 $ (7,167)O-Series $ 45,339 $ (20,865)

$ 928,969 $ (1,338,426)




�TD Canadian Equity Fund





2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 658,236 (1,035,245) 164,962 (189,140) 55,960 (86,009)



(50,086) (15,969) 86,645 (97,978) 9,543 118,755

Distributions to UnitholdersFrom Net Investment Income 0 0 0 0 0 0From Net Realized Gains on Investments 0 0 0 0 0 0

0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 608,150 (1,051,214) 251,607 (287,118) 65,503 32,746

Net Assets, End of the Period $ 2,001,919 $ 1,393,769 $ 544,943 $ 293,336 $ 180,871 $ 115,368†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 82,751,467 83,670,179 35,554,500 41,189,541 16,359,576 6,753,016Units Issued 10,263,371 15,386,207 23,341,626 1,501,527 5,055,349 13,018,942Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (12,436,529) (16,304,919) (14,806,058) (7,136,568) (4,025,283) (3,412,382)



2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 8,912 $ 5,236 $ 34,694 $ 0 $ 1,846,079 $ 3,113,295

Increase (Decrease) in Net Assetsfrom Investment Operations 4,472 (7,167) 45,339 (20,865) 928,969 (1,338,426)



306 10,843 136,691 55,559 183,099 71,210


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 4,778 3,676 182,030 34,694 1,112,068 (1,267,216)

Net Assets, End of the Period $ 13,690 $ 8,912 $ 216,724 $ 34,694 $ 2,958,147 $ 1,846,079†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 1,261,939 432,582 5,305,436 0Units Issued 501,157 1,211,442 16,977,582 5,409,348Units Issued on Reinvestments 0 0 0 0Units Redeemed (465,050) (382,085) (275,212) (103,912)




ENERGY – 30.9%

2,191,500 Canadian Natural Resources Limited $ 122,490,991 $ 165,830,8051,822,604 Cenovus Energy Inc. 50,108,344 48,226,1022,245,221 Crescent Point Energy Corp. 74,791,805 88,573,9681,685,188 Enbridge Inc. 73,005,438 81,815,877787,604 EnCana Corporation 24,744,133 26,817,916250,000 Extract Resources Ltd. 1,802,263 1,987,500

20,110,587 Ivanhoe Energy Inc. 55,951,760 59,527,338399,250 Legacy Oil + Gas Inc. 2,994,375 3,836,793849,157 Nexen Inc. 16,991,595 21,347,807

1,680,000 North West Upgrading Inc. 1,680,000 5,023,2002,062,500 North West Upgrading Inc. (Restricted) 7,500,000 6,166,875260,800 Pacific Rubiales Energy Corp. 2,499,439 4,016,320833,333 Pacific Rubiales Energy Corp.,

Warrants 12/07/2012 (Restricted) 0 7,433,3301,303,715 PetroBakken Energy Ltd., Class “A” 41,007,036 42,044,809997,700 Petrobank Energy and Resources Ltd. 36,881,847 50,912,631

3,941,300 SouthGobi Energy Resources Ltd. 33,221,122 67,277,9913,634,470 Suncor Energy Inc. 122,974,012 134,875,1822,231,700 Talisman Energy Inc. 43,173,685 43,629,7351,498,565 TransCanada Corporation 50,894,343 54,173,125

762,712,188 913,517,304

MATERIALS – 18.9%

25,000 Agnico-Eagle Mines Limited 1,772,047 1,419,75012,412 Agrium Inc. 639,669 803,181

1,177,600 B2Gold Corp. 1,491,004 1,413,1201,621,700 Barrick Gold Corporation 68,317,249 67,138,380953,429 Coalcorp Mining Inc.,

Warrants 08/02/2011 0 9,534535,714 Coalcorp Mining Inc.,

Warrants 17/08/2011 431,250 8,0362,700,000 Consolidated Thompson

Iron Mines Limited 16,317,954 18,171,0004,318,237 Entree Gold Inc. 10,481,089 10,925,140

97,400 First Quantum Minerals Ltd. 6,492,577 7,816,3501,232,500 Global Alumina Corporation 2,975,739 555,59914,646,900 Gold Wheaton Gold Corp. 9,006,088 5,272,8848,000,000 Gold Wheaton Gold Corp.,

Warrants 05/03/2011 0 584,00013,673,450 Gold Wheaton Gold Corp.,

Warrants 08/07/2013 0 957,1422,071,500 Goldcorp Inc. 96,324,075 85,573,6658,013,700 Ivanhoe Mines Ltd. 81,663,017 123,170,5691,277,500 Lake Shore Gold Corp. 3,990,165 5,212,2005,000,000 Lucara Diamond Corp.,

Subscription Receipts (Restricted) 5,000,000 4,987,5002,975,000 Neo Material Technologies Inc. 13,030,525 13,536,250574,772 NGEx Resources Inc. 501,082 442,574321,107 Potash Corporation

of Saskatchewan Inc. 39,564,438 36,641,5202,889,600 Red Back Mining Inc. 34,388,152 42,997,248850,900 Silver Wheaton Corp. 13,290,032 13,435,711300,000 Sino-Forest Corporation 5,040,000 5,796,000

3,072,400 Teck Resources Limited, Class “B” SV 107,635,174 112,757,080

518,351,326 559,624,433


4,321,000 Air Canada, Class “B” 6,195,551 5,617,3002,160,500 Air Canada, Warrants 27/10/2012 545,209 712,9651,596,200 Bombardier Inc., Class “B” SV 9,711,331 7,645,798

41 CAE Inc. 299 358825,100 Canadian National Railway Company 41,927,894 47,154,465623,700 Canadian Pacific Railway Limited 30,811,958 35,363,790

400 SNC-Lavalin Group Inc. 11,870 21,568

89,204,112 96,516,244


100,000 Bycast Inc. 117,481 08,277 Canadian Tire Corporation Limited,

Class “A” NV 554,539 474,686421,200 Dollarama Inc. 7,371,000 9,413,820265,000 Magna International Inc., Class “A” SV 14,028,589 14,092,700

125 Shaw Communications Inc.,Class “B” NV 2,358 2,700

453,188 Thomson Reuters Corporation 15,688,757 15,363,073183 Tim Hortons Inc. 5,295 5,869

285,000 Zongshen PEM Power Systems Inc. 872,100 387,600

38,640,119 39,740,448


500,000 Alliance Grain Traders Inc. 8,125,000 14,950,000900 Saputo Inc. 24,827 27,675100 Shoppers Drug Mart Corporation 4,483 4,539

39,100 Viterra Inc. 314,584 385,135

8,468,894 15,367,349


800,000 Millenium Biologix Corporation 1,000,000 0


1,158,151 Bank of Montreal 62,042,362 64,613,2441,561,388 The Bank of Nova Scotia 61,813,751 76,804,676155,416 Brookfield Asset Management Inc.,

Class “A” LV 3,565,932 3,627,4091,743,380 Canadian Imperial Bank of Commerce 114,189,858 118,462,6713,815,300 CI Financial Corp. 70,079,002 83,440,611

13,700 GMP Capital Trust 138,667 172,072135 Manulife Financial Corporation 2,861 2,606

250,000 MBAC Opportunities and Financing Inc.(Restricted) 2,500,000 3,125,000

160,000 MBAC Opportunities and Financing Inc.,Subscription Receipts (Restricted) 2,000,000 2,000,000

3,820,512 Royal Bank of Canada 157,312,823 215,324,0566,893 Sun Life Financial Inc. 202,871 207,962

3,074,466 The Toronto-Dominion Bank* 170,825,394 202,730,288

644,673,521 770,510,595


623,000 Enablence Technologies Inc. 841,050 299,040900,000 ESI Entertainment Systems Inc. 1,225,000 130,500

1,085,000 Research In Motion Limited 70,286,546 76,991,60029,543 Stockhouse Inc. 355,782 743

72,708,378 77,421,883


1,570,600 Rogers Communications Inc.,Class “B” NV 50,954,128 51,138,736

$ $


or Units Description Cost Fair Value�TD Canadian Equity Fund






1,637,763 Baytex Energy Trust 44,228,533 48,363,141399,000 Brookfield Renewable Power Fund 5,746,848 7,620,900201,511 Canadian Oil Sands Trust 6,289,560 6,000,99860,827 Trilogy Energy Trust 668,831 521,89687,482 Westshore Terminals Income Fund 860,486 1,245,744

57,794,258 63,752,679



MATERIALS – 1.6%

520,000 Freeport-McMoRan Copper & Gold Inc. 39,624,992 43,769,451995,800 Govi High Power Exploration Inc.

(Restricted) 1,992,098 2,160,970995,800 Goviex IP Holdings Inc. (Restricted) 43,322 62,637

41,660,412 45,993,058


900,000 CSX Corporation 44,446,760 45,751,042635,000 Norfolk Southern Corporation 34,962,068 34,869,484

79,408,828 80,620,526


4,444,444 Silverback Media PLC, Units 2,116,100 2,096,700


260,000 The Coca-Cola Company 15,722,389 15,528,370

FINANCIALS – 0.2%

38,000 The Goldman Sachs Group Inc. 6,278,667 6,715,772


570,000 Apple Inc. 111,596,383 125,905,78738,000 Google Inc., Class “A” 23,370,868 24,698,32910,000 Visa Inc. 698,225 915,210

135,665,476 151,519,326



AUSTRALIA – 1.2%

6,500,000 Ivanhoe Australia Limited (Restricted) 12,700,766 22,430,0953,469,600 Paladin Energy Ltd. 14,445,206 13,566,136

27,145,972 35,996,231

FINLAND – 0.0%

24,900 Nokia Oyj 555,677 337,804


41,100 BHP Billiton PLC 394,585 1,373,32895,000 Rio Tinto PLC, Sponsored ADR 20,990,869 21,451,390

21,385,454 22,824,718



TOTAL INVESTMENT

PORTFOLIO – 99.7% 2,572,038,362 2,949,222,176



FORWARD CONTRACTS

(SCHEDULE 1) – 0.1% 0 1,404,553


TOTAL NET ASSETS – 100.0% $ 2,579,536,996 $ 2,958,147,185


$ $




$ $

CANADIAN EQUITY FUNDSTD Canadian Equity Fund




January 29, 2010 71,371,814 USD $ 74,820,571 75,000,000 CAD $ 75,000,000 1.05083 $ 179,429February 26, 2010 75,788,437 USD 79,451,216 80,000,000 CAD 80,000,000 1.05557 548,784March 31, 2010 70,895,170 USD 74,323,660 75,000,000 CAD 75,000,000 1.05790 676,340

$ 228,595,447 $ 230,000,000 $ 1,404,553





Currency 2009 2008 2009 2008

Australian Dollar $ 22,430 $ 1,483 $ 1,122 $ 74British Pound 1,417 1,011 71 51Euro 388 523 19 26Swiss Franc 68 78 3 4United States Dollar 93,851 87,157 4,693 4,358

Total $ 118,154 $ 90,252 $ 5,908 $ 4,513






Common Shares $ 2,898,743 $ 29,713 $ 20,766 $ 2,949,222Bonds and Short-TermInvestments 0 12,200 0 12,200


$ 2,898,743 $ 43,318 $ 20,766 $ 2,962,827




CommonShares

Balance at December 31, 2008 $ 13,772Purchases 6,616Sales (2,500)Net Transfers In (Out) 130Gains (Losses)Net Change in Unrealized Appreciation/Depreciation of Investments 2,748

Balance at December 31, 2009 $ 20,766

Total change in unrealized for assetsheld at December 31, 2009 $ 2,463



Less than3 months


CANADIAN EQUITY FUNDSTD Canadian Equity Fund


�TD Canadian Value Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 663,351 $ 511,717Short-Term Investments 210 3,333Foreign Currencies 212 167Cash 632 232Dividends Receivable 2,129 2,235Subscriptions Receivable 147 116Receivable for Investment Sales 1,406 0Unrealized Gain on Open ForeignExchange Forward Contracts 170 0

668,257 517,800

LiabilitiesAccrued Liabilities 612 439Redemptions Payable 2,455 182Unrealized Loss on Open ForeignExchange Forward Contracts 0 1,245

3,067 1,866

Net Assets (Note 3) $ 665,190 $ 515,934


$ 665,190 $ 515,934




F-Series 51,318 55,884




F-Series $ 12.07 $ 8.52



2009 2008

Investment IncomeInterest $ 979 $ 2,354Dividends 17,767 17,058Foreign Exchange 1,148 (5,663)Securities Lending 110 675Less: Withholding Taxes (66) (78)

19,938 14,346



6,413 8,132







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 73,965 $ (113,183)Institutional Series $ 147,416 $ (189,602)Advisor Series $ 1,591 $ (2,088)F-Series $ 196 $ (318)

$ 223,168 $ (305,191)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 6.37 $ (9.03)Institutional Series $ 4.65 $ (5.80)Advisor Series $ 3.30 $ (4.73)F-Series $ 3.60 $ (5.27)






2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 16,618 20,891 111,647 1,376 1,567 1,374Reinvestments of Distributions 1,202 0 8,203 2,368 24 0Early Redemption Fees 1 1 2 3 0 0Amounts Paid on Redemptions (31,331) (50,243) (170,910) (28,824) (1,447) (1,294)

(13,510) (29,351) (51,058) (25,077) 144 80

Distributions to UnitholdersFrom Net Investment Income (1,207) 0 (8,203) (2,368) (26) 0From Net Realized Gains on Investments 0 0 0 0 0 0

(1,207) 0 (8,203) (2,368) (26) 0


Net Assets, End of the Period $ 239,161 $ 179,913 $ 419,937 $ 331,782 $ 5,472 $ 3,763†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 11,945,528 13,274,980 32,383,699 33,657,286 477,797 454,484Units Issued 934,773 971,195 7,916,482 131,239 164,515 136,091Units Issued on Reinvestments 57,555 0 577,668 245,911 2,203 0Units Redeemed (1,730,175) (2,300,647) (11,943,466) (1,650,737) (154,323) (112,778)


F-Series TOTAL

2009 2008 2009 2008





(42) 61 (64,466) (54,287)


(10) (2) (9,446) (2,370)

Increase (Decrease) in Net Assetsfor the Period 144 (259) 149,256 (361,848)






119


ENERGY – 19.0%

167,854 Canadian Natural Resources Limited $ 7,378,552 $ 12,701,512477,108 Cenovus Energy Inc. 11,015,290 12,624,278186,086 Enbridge Inc. 7,660,540 9,034,475398,708 EnCana Corporation 9,926,969 13,576,007522,060 Nexen Inc. 14,333,141 13,124,588143,110 Parex Resources Inc. 513,895 581,027170,298 PetroBakken Energy Ltd., Class “A” 5,471,899 5,492,111302,400 Progress Energy Resources Corp. 3,929,295 4,263,840182,800 ShawCor Ltd., Class “A” SV 3,073,567 5,352,384628,495 Suncor Energy Inc. 19,544,449 23,323,449651,703 Talisman Energy Inc. 9,149,062 12,740,794127,564 TransCanada Corporation 4,153,116 4,611,439629,000 Trican Well Service Ltd. 10,361,972 8,793,420

106,511,747 126,219,324

MATERIALS – 12.2%

129,100 Agrium Inc. 6,244,979 8,354,061290,900 Barrick Gold Corporation 11,568,001 12,043,260215,500 Cascades Inc. 1,103,931 1,926,570323,430 FNX Mining Company Inc. 5,121,646 3,722,67935,015 FNX Mining Company Inc.,

Warrants 09/09/2012 71,823 134,808191,100 Goldcorp Inc. 5,983,821 7,894,341301,400 HudBay Minerals Inc. 2,365,848 4,074,928728,900 Lundin Mining Corporation 2,051,768 3,112,403621,700 Osisko Mining Corporation 4,960,515 5,240,931901,921 Sherritt International Corporation 10,074,788 5,889,544252,200 Silver Wheaton Corp. 3,244,448 3,982,238348,292 Teck Resources Limited, Class “B” SV 4,173,991 12,782,316

1,003,044 Yamana Gold Inc. 13,770,879 11,996,406

70,736,438 81,154,485


1,034,100 Air Canada, Class “B” 1,482,717 1,344,330529,100 Air Canada, Warrants 27/10/2012 133,520 174,603

2,135,500 Bombardier Inc., Class “B” SV 8,962,213 10,229,045299,215 Canadian Pacific Railway Limited 15,252,067 16,965,491646,500 Finning International Inc. 9,770,084 10,725,435144,200 Stantec Inc. 3,557,477 4,354,840491,747 Transcontinental Inc., Class “A” SV 8,337,576 6,294,362

47,495,654 50,088,106


59,238 Canadian Tire Corporation Limited,Class “A” NV 3,038,680 3,397,299

132,000 Cogeco Cable Inc., SV 4,247,660 4,609,440240,542 Corus Entertainment Inc., Class “B” NV 3,521,183 4,750,705971,880 Linamar Corporation 11,269,012 13,363,350404,726 Thomson Reuters Corporation 15,842,313 13,705,32580,000 Westport Innovations Inc. 672,998 960,000

38,591,846 40,786,119


977,700 The Jean Coutu Group (PJC) Inc.,Class “A” SV 13,853,517 9,473,913

122,279 Loblaw Companies Limited 4,653,541 4,135,476293,884 Maple Leaf Foods Inc. 3,585,284 3,409,054

22,092,342 17,018,443


2,381,182 Patheon Inc. 11,386,992 6,024,390


777,581 AGF Management Limited,Class “B” NV 14,512,831 13,179,998

1,134 Bank of Montreal 45,057 63,266506,293 The Bank of Nova Scotia 22,024,205 24,904,553428,414 Canadian Imperial Bank of Commerce 26,290,428 29,110,731427,884 First Capital Realty Inc. 9,206,934 9,203,785409,866 Industrial Alliance Insurance

and Financial Services Inc. 11,988,347 13,164,8961,756,043 Manulife Financial Corporation 43,624,578 33,891,630

89,173 National Bank of Canada 2,663,895 5,364,64827,013 Onex Corporation, SV 368,879 635,346482,900 Power Financial Corporation 15,830,722 14,965,071627,639 Royal Bank of Canada 26,180,400 35,373,734757,684 Sun Life Financial Inc. 27,526,416 22,859,326522,388 The Toronto-Dominion Bank* 28,874,505 34,446,265

229,137,197 237,163,249


129,400 Open Text Corporation 4,497,989 5,517,6163,700 Research In Motion Limited 217,177 262,552

4,715,166 5,780,168



374,100 TELUS Corporation 17,465,097 12,734,364

24,138,278 25,196,769

UTILITIES – 1.3%

488,600 Algonquin Power & Utilities Corp. 1,177,986 1,978,830293,957 TransAlta Corporation 6,228,739 6,893,292

7,406,725 8,872,122


455,392 Artis Real Estate Investment Trust 4,032,053 5,077,621143,000 Brookfield Renewable Power Fund 2,062,649 2,731,3001,808 Calloway Real Estate Investment Trust 307,521 35,184

462,239 Canadian Oil Sands Trust 12,525,229 13,765,47753,868 H&R Real Estate Investment Trust 482,276 829,567

1,315,178 Precision Drilling Trust 13,820,694 9,995,353979,500 TimberWest Forest Corp., Stapled Units 6,192,460 4,241,235

39,422,882 36,675,737




$ $







MATERIALS – 0.4%

26,300 Freeport-McMoRan Copper & Gold Inc. 1,710,581 2,213,724


615,400 Applied Materials Inc. 8,573,325 8,987,00381,200 Cisco Systems Inc. 1,632,264 2,037,91773,100 Corning Incorporated 1,337,133 1,479,044416,000 Intel Corporation 7,910,847 8,896,717

19,453,569 21,400,681

UTILITIES – 0.4%




BERMUDA – 0.3%

89,700 Marvell Technology Group Ltd. 1,317,178 1,951,268


TOTAL INVESTMENT

PORTFOLIO – 99.7% 625,576,726 663,351,205

SHORT-TERM

INVESTMENTS (USD) – 0.0% 209,670 209,670


FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 169,634

OTHER NET ASSETS – 0.2% 1,252,626 1,247,450

TOTAL NET ASSETS – 100.0% $ 627,251,058 $ 665,189,915





Currency 2009 2008 2009 2008

United States Dollar $ 8,486 $ 15,218 $ 424 $ 761






Common Shares $ 663,351 $ 0 $ 0 $ 663,351Bonds and Short-TermInvestments 0 210 0 210


$ 663,351 $ 380 $ 0 $ 663,731




Less than3 months


$ $



CANADIAN EQUITY FUNDSTD Canadian Value Fund




January 29, 2010 12,500,000 USD $ 13,104,013 13,223,675 CAD $ 13,223,675 1.05789 $ 119,662January 29, 2010 5,225,000 USD 5,477,477 5,527,449 CAD 5,527,449 1.05788 49,972

$ 18,581,490 $ 18,751,124 $ 169,634


�TD Canadian Small-Cap Equity Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 448,700 $ 273,509Short-Term Investments 800 8,888Foreign Currencies 1 61Cash 15 42Dividends Receivable 872 791Subscriptions Receivable 83 11Receivable for Investment Sales 1,469 195

451,940 283,497

LiabilitiesAccrued Liabilities 441 257Redemptions Payable 2,386 56Payable for Investment Purchases 165 1,109

2,992 1,422

Net Assets (Note 3) $ 448,948 $ 282,075

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 153,213 $ 99,433Institutional Series $ 286,358 $ 178,053Advisor Series $ 3,122 $ 1,035F-Series $ 544 $ 128O-Series $ 5,711 $ 3,426

$ 448,948 $ 282,075




F-Series 53,012 20,103

O-Series 568,645 551,734




F-Series $ 10.26 $ 6.36

O-Series $ 10.04 $ 6.21



2009 2008

Investment IncomeInterest $ 3,474 $ 2,910Dividends 4,470 3,479Securities Lending 167 378Less: Withholding Taxes 0 23

8,111 6,790



4,224 4,831







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 58,814 $ (65,833)Institutional Series $ 114,497 $ (107,115)Advisor Series $ 809 $ (649)F-Series $ 100 $ (38)O-Series $ 2,257 $ (2,105)

$ 176,477 $ (175,740)







2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 12,700 9,421 52,682 49,392 1,977 734Reinvestments of Distributions 189 0 2,989 670 3 0Early Redemption Fees 2 3 3 4 0 0Amounts Paid on Redemptions (17,734) (33,076) (58,877) (5,087) (699) (645)

(4,843) (23,652) (3,203) 44,979 1,281 89

Distributions to UnitholdersFrom Net Investment Income (191) 0 (2,989) (670) (3) 0From Net Realized Gains on Investments 0 0 0 0 0 0

(191) 0 (2,989) (670) (3) 0

Increase (Decrease) in Net Assetsfor the Period 53,780 (89,485) 108,305 (62,806) 2,087 (560)

Net Assets, End of the Period $ 153,213 $ 99,433 $ 286,358 $ 178,053 $ 3,122 $ 1,035†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 5,593,191 6,465,737 19,656,319 16,559,561 133,438 125,180Units Issued 536,703 379,127 3,953,624 3,361,552 191,468 82,092Units Issued on Reinvestments 7,327 0 248,446 80,855 270 0Units Redeemed (758,162) (1,251,673) (4,272,570) (345,649) (73,909) (73,834)



2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 128 $ 37 $ 3,426 $ 0 $ 282,075 $ 431,409

Increase (Decrease) in Net Assetsfrom Investment Operations 100 (38) 2,257 (2,105) 176,477 (175,740)


Proceeds from Sale of Units 328 153 504 5,915 68,191 65,615Reinvestments of Distributions 3 0 73 17 3,257 687Early Redemption Fees 0 0 0 0 5 7Amounts Paid on Redemptions (12) (24) (476) (384) (77,798) (39,216)

319 129 101 5,548 (6,345) 27,093

Distributions to UnitholdersFrom Net Investment Income (3) 0 (73) (17) (3,259) (687)From Net Realized Gains on Investments 0 0 0 0 0 0

(3) 0 (73) (17) (3,259) (687)

Increase (Decrease) in Net Assetsfor the Period 416 91 2,285 3,426 166,873 (149,334)

Net Assets, End of the Period $ 544 $ 128 $ 5,711 $ 3,426 $ 448,948 $ 282,075†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 20,103 3,655 551,734 0Units Issued 33,722 19,213 68,684 599,036Units Issued on Reinvestments 323 40 8,837 2,949Units Redeemed (1,136) (2,805) (60,610) (50,251)

Units Outstanding, End of the Period 53,012 20,103 568,645 551,734




123


ENERGY – 21.5%

469,200 Angle Energy Inc. $ 2,413,288 $ 3,143,6401,871,000 BlackWatch Energy Services Corp. 1,610,608 2,001,970160,300 Bonterra Oil & Gas Ltd. 3,778,923 5,555,998283,700 Calfrac Well Services Ltd. 5,802,298 5,864,079516,652 Celtic Exploration Ltd. 7,353,508 10,741,195641,250 Cirrus Energy Corporation 1,510,919 1,635,188135,600 Crescent Point Energy Corp. 3,242,114 5,349,420523,800 Gran Tierra Energy Inc. 1,924,012 3,142,800249,300 Mullen Group Ltd. 3,698,493 4,053,618105,400 Niko Resources Ltd. 7,955,800 10,353,442413,400 NuVista Energy Ltd. 4,723,241 5,134,428506,500 Orleans Energy Ltd. 1,752,229 1,190,275216,950 Pacific Rubiales Energy Corp. 1,370,961 3,341,030182,450 Pason Systems Inc. 2,310,235 2,120,069746,981 Progress Energy Resources Corp. 11,514,300 10,532,432247,900 ShawCor Ltd., Class “A” SV 6,688,599 7,258,512620,900 Storm Exploration Inc. 7,261,865 8,077,909131,100 Trican Well Service Ltd. 2,330,557 1,832,778448,100 Trinidad Drilling Ltd. 2,593,651 3,141,181498,050 Xtreme Coil Drilling Corp. 2,088,570 2,076,869

81,924,171 96,546,833

MATERIALS – 24.8%

2,021,000 Anvil Mining Limited 4,906,647 6,446,990240,500 Athabasca Potash Inc. 1,467,733 1,397,305

5,397,700 Breakwater Resources Ltd. 1,414,739 2,213,0574,838,873 Cathay Forest Products Corp. 5,911,253 2,854,935

60,100 CCL Industries Inc., Class “B” NV 1,334,260 1,682,199198,800 Centerra Gold Inc. 1,500,434 2,123,184345,150 Colossus Minerals Inc. 1,984,613 1,988,064990,333 Consolidated Thompson

Iron Mines Limited 3,742,436 6,664,941149,000 Consolidated Thompson

Iron Mines Limited (Restricted) 655,600 955,463302,000 Detour Gold Corporation 3,912,288 5,378,620426,700 Eldorado Gold Corporation 3,196,211 6,345,029

2,119,600 Equinox Minerals Limited 5,323,511 8,563,184291,800 Fortress Paper Ltd. 2,345,422 2,772,10098,650 IAMGOLD Corporation 947,959 1,626,739

1,404,200 Lundin Mining Corporation 3,752,243 5,995,934230,800 Major Drilling Group International Inc. 4,401,538 6,577,800305,500 Migao Corporation 1,984,593 2,123,225308,752 Minefinders Corporation Ltd. 3,083,161 3,346,872

1,060,260 New Gold Inc. 5,260,101 4,007,783794,250 Osisko Mining Corporation 5,558,774 6,695,528371,100 Potash One Inc. 866,463 938,883750,100 Red Back Mining Inc. 5,499,069 11,161,488717,200 SEMAFO Inc. 3,367,995 3,141,336302,100 Silver Wheaton Corp. 4,073,263 4,770,159423,446 Sino-Forest Corporation 5,145,135 8,180,97715,475 Taseko Mines Limited 46,462 68,090285,800 Thompson Creek Metals Company 4,220,864 3,515,340

85,902,767 111,535,225


469,400 Aecon Group Inc. 4,261,330 7,026,91868,900 Ag Growth International Inc. 1,729,493 2,397,720232,500 Cervus Equipment Corporation 2,672,481 2,906,250334,850 Contrans Group Inc. 1,528,597 2,320,511158,500 IESI-BFC Ltd. 2,296,959 2,658,045167,300 Rocky Mountain Dealership Inc. 1,264,802 1,509,046239,500 Seacliff Construction Corp. 3,055,783 2,644,080175,300 Toromont Industries Ltd. 4,310,432 4,862,822

21,119,877 26,325,392


9,381,300 Azure Dynamics Corporation 1,603,424 1,688,634111,990 Cogeco Cable Inc., SV 4,366,165 3,910,691137,519 Corus Entertainment Inc., Class “B” NV 2,683,204 2,716,000144,700 The Forzani Group Ltd. 1,330,274 2,034,482

1,040,200 Great Canadian Gaming Corporation 6,418,066 8,175,972638,315 Linamar Corporation 3,002,099 8,776,831709,700 Martinrea International Inc. 5,224,871 5,968,577128,900 Quebecor Inc., Class “B” SV 2,640,987 3,494,47959,800 Reitmans (Canada) Limited,

Class “A” NV 653,702 996,2681,369,000 Score Media Inc., SV 2,046,286 547,600203,600 TVA Group Inc., Class “B” NV 2,107,622 2,697,700554,380 Zungui Haixi Corporation 1,801,735 1,746,297

33,878,435 42,753,531


255,500 Alliance Grain Traders Inc. 4,063,791 7,639,450296,009 Cott Corporation 1,945,034 2,548,637536,800 Viterra Inc. 5,139,448 5,287,480

11,148,273 15,475,567


302,500 Canaccord Capital Inc. 2,673,248 3,106,675228,000 Canadian Western Bank 4,641,183 4,993,200197,000 CI Financial Corp. 3,639,117 4,308,390497,900 DundeeWealth Inc. 4,169,228 6,846,12511,090 E-L Financial Corporation Limited 6,345,925 4,990,611285,602 Gluskin Sheff + Associates Inc. 3,869,898 5,869,121839,500 Guardian Capital Group Limited,

Class “A” NV 4,785,738 6,464,150316,900 Industrial Alliance Insurance

and Financial Services Inc. 10,022,885 10,178,828143,000 Intact Financial Corporation 4,993,490 5,273,840

45,140,712 52,030,940


265,800 20-20 Technologies Inc. 1,852,652 733,608344,600 Bridgewater Systems Corporation 2,839,545 2,898,086151,200 Celestica Inc., SV 1,328,678 1,495,36855,350 CGI Group Inc., Class “A” SV 564,355 785,97075,300 Constellation Software Inc. 1,741,165 2,748,450254,087 DragonWave Inc. 2,443,250 3,049,044269,773 Evertz Technologies Limited 3,364,744 3,509,747240,799 EXFO Electro-Optical Engineering Inc. 1,019,520 965,60459,200 MacDonald, Dettwiler

and Associates Ltd. 1,785,952 2,520,736234,244 Matrikon Inc. 598,373 665,253173,900 Miranda Technologies Inc. 2,704,895 914,714141,200 Open Text Corporation 4,613,304 6,020,768366,900 RuggedCom Inc. 5,065,290 6,589,524

1,061,600 Sandvine Corporation 2,163,229 1,369,464

32,084,952 34,266,336



$ $







2,653,100 Peer 1 Network Enterprises Inc. 3,073,826 2,732,693339,750 TeraGo Inc. 3,827,018 1,698,750

6,900,844 4,431,443

UTILITIES – 1.1%

601,410 Algonquin Power & Utilities Corp. 2,081,277 2,435,71163,300 Pacific Northern Gas Ltd. 966,412 1,184,343622,920 Tonbridge Power Inc. 1,955,091 1,283,21571,225 Tonbridge Power Inc.,

Warrants 17/06/2011 0 65,812

5,002,780 4,969,081


132,700 Altus Group Income Fund 1,058,634 1,573,822194,300 Chartwell Seniors Housing

Real Estate Investment Trust 1,001,231 1,362,043295,100 CML HealthCare Income Fund 4,165,140 4,075,331167,974 Extendicare Real Estate

Investment Trust 894,939 1,592,394147,200 Gamehost Income Fund 1,175,563 1,112,832137,100 GENIVAR Income Fund 3,136,104 3,708,555208,150 IBI Income Fund 2,519,441 3,476,10576,592 Keyera Facilities Income Fund 1,406,017 1,864,24997,463 Labrador Iron Ore Royalty Income Fund 3,095,576 4,243,539761,500 Precision Drilling Trust 4,770,969 5,787,400271,100 Vermilion Energy Trust 8,646,883 8,783,640209,600 Westshore Terminals Income Fund 3,418,031 2,984,704

35,288,528 40,564,614



MATERIALS – 0.9%

1,514,400 Mercator Minerals Ltd. 3,898,900 3,755,712

UTILITIES – 1.0%




AUSTRALIA – 2.5%

1,213,350 Andean Resources Limited 2,337,900 2,912,040871,100 Centamin Egypt Limited 1,149,058 1,777,044957,700 Mirabela Nickel Limited 1,145,576 2,260,172

1,141,200 Paladin Energy Ltd. 4,780,892 4,462,092



TOTAL INVESTMENT

PORTFOLIO – 99.9% 374,677,045 448,699,642

SHORT-TERM INVESTMENTS – 0.2% 800,000 800,000

FOREIGN CURRENCIES – 0.0% 573 557


TOTAL NET ASSETS – 100.0% $ 374,925,018 $ 448,947,599




Currency 2009 2008 2009 2008

United States Dollar $ 1 $ 61 $ 0 $ 3






Common Shares $ 447,679 $ 1,021 $ 0 $ 448,700Bonds and Short-TermInvestments 0 800 0 800

$ 447,679 $ 1,821 $ 0 $ 449,500




Less than3 months


$ $



CANADIAN EQUITY FUNDSTD Canadian Small-Cap Equity Fund


�TD North American Dividend Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 130,757 $ 132,775Short-Term Investments 944 2,000Foreign Currencies 130 0Cash 9 91Dividends Receivable 323 512Subscriptions Receivable 65 22

132,228 135,400

LiabilitiesBank Overdraft 0 17Accrued Liabilities 141 126Redemptions Payable 62 22Payable for Investment Purchases 0 3,322

203 3,487

Net Assets (Note 3) $ 132,025 $ 131,913


$ 132,025 $ 131,913




F-Series 18,020 2,843




F-Series $ 7.24 $ 6.97



2009 2008

Investment IncomeInterest $ 54 $ 194Dividends 4,282 4,352Foreign Exchange 2,969 0Securities Lending 5 32Less: Withholding Taxes (348) (463)

6,962 4,115



1,563 1,765







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 2,684 $ (15,536)Institutional Series $ 5,939 $ (17,648)Advisor Series $ 250 $ (497)F-Series $ 3 $ (3)

$ 8,876 $ (33,684)


U.S. EQUITY FUNDS





2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 7,288 10,075 6,044 89,194 1,414 2,522Reinvestments of Distributions 1,457 440 0 0 95 16Early Redemption Fees 0 1 1 2 0 0Amounts Paid on Redemptions (9,223) (14,629) (9,705) (10,273) (666) (766)

(478) (4,113) (3,660) 78,923 843 1,772

Distributions to UnitholdersFrom Net Investment Income (1,487) (450) (3,989) (1,642) (100) (17)From Net Realized Gains on Investments 0 0 0 0 0 0

(1,487) (450) (3,989) (1,642) (100) (17)

Increase (Decrease) in Net Assetsfor the Period 719 (20,099) (1,710) 59,633 993 1,258

Net Assets, End of the Period $ 48,182 $ 47,463 $ 80,100 $ 81,810 $ 3,613 $ 2,620†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 4,320,224 4,615,343 8,725,103 1,781,606 381,342 148,942Units Issued 690,707 757,861 674,684 7,858,356 217,818 320,024Units Issued on Reinvestments 133,387 36,896 0 0 13,795 2,171Units Redeemed (869,155) (1,089,876) (1,074,766) (914,859) (101,316) (89,795)


F-Series TOTAL

2009 2008 2009 2008




Proceeds from Sale of Units 121 34 14,867 101,825Reinvestments of Distributions 3 0 1,555 456Early Redemption Fees 0 0 1 3Amounts Paid on Redemptions (14) (25) (19,608) (25,693)

110 9 (3,185) 76,591

Distributions to UnitholdersFrom Net Investment Income (3) 0 (5,579) (2,109)From Net Realized Gains on Investments 0 0 0 0

(3) 0 (5,579) (2,109)

Increase (Decrease) in Net Assetsfor the Period 110 6 112 40,798



U.S. EQUITY FUNDS



127


ENERGY – 4.5%

41,000 Cenovus Energy Inc. $ 1,432,226 $ 1,084,86034,800 Enbridge Inc. 1,405,269 1,689,54041,000 EnCana Corporation 1,574,110 1,396,05050,500 TransCanada Corporation 1,817,803 1,825,575

6,229,408 5,996,025

MATERIALS – 1.7%

55,900 Barrick Gold Corporation 2,139,040 2,314,260


34,000 Canadian National Railway Company 1,397,300 1,943,10028,200 SNC-Lavalin Group Inc. 1,016,547 1,520,544

2,413,847 3,463,644



44,700 Thomson Reuters Corporation 1,581,430 1,515,330

3,138,585 3,010,050


36,500 Bank of Montreal 1,810,470 2,036,33552,600 The Bank of Nova Scotia 2,374,920 2,587,39427,850 Canadian Imperial Bank of Commerce 2,028,154 1,892,40855,050 Great-West Lifeco Inc. 1,612,478 1,476,44148,150 Manulife Financial Corporation 1,571,419 929,29524,400 National Bank of Canada 1,090,685 1,467,90448,950 Power Financial Corporation 1,600,667 1,516,96161,250 Royal Bank of Canada 2,944,370 3,452,05056,500 Sun Life Financial Inc. 2,297,223 1,704,60540,700 The Toronto-Dominion Bank* 2,490,680 2,683,758

19,821,066 19,747,151



Class “B” NV 1,636,329 1,670,32845,500 TELUS Corporation 1,505,574 1,548,820

4,691,012 5,147,218


56,400 Canadian Oil Sands Trust 1,725,203 1,679,592



ENERGY – 5.5%

34,200 Chevron Corporation 2,806,393 2,759,29163,000 Exxon Mobil Corporation 5,122,194 4,499,057

7,928,587 7,258,348

MATERIALS – 2.3%

30,900 Nucor Corporation 1,325,595 1,511,18118,100 Praxair Inc. 1,421,401 1,523,893

2,746,996 3,035,074


34,750 Emerson Electric Company 1,518,106 1,551,92521,400 General Dynamics Corporation 1,534,312 1,527,802103,250 General Electric Company 2,919,836 1,637,70435,600 Honeywell International Inc. 1,954,743 1,462,24728,800 Illinois Tool Works Inc. 1,263,405 1,448,63525,700 Norfolk Southern Corporation 1,576,348 1,411,25323,500 Northrop Grumman Corporation 1,394,909 1,374,70126,150 Raytheon Company 1,547,650 1,412,38734,500 Tyco International Ltd. 844,439 1,290,47726,600 United Technologies Corporation 1,750,077 1,933,623

16,303,825 15,050,754


98,500 Comcast Corporation, Class “A” 1,756,520 1,741,00530,300 McDonald’s Corporation 1,689,551 1,982,13622,500 NIKE Inc., Class “B” 1,290,759 1,558,21538,800 Yum! Brands Inc. 1,519,000 1,422,032

6,255,830 6,703,388


78,900 Altria Group Inc. 1,634,891 1,622,86541,900 The Coca-Cola Company 2,290,057 2,502,45718,550 Colgate-Palmolive Company 1,367,059 1,597,17334,700 PepsiCo Inc. 2,308,139 2,210,67643,700 Philip Morris International Inc. 2,190,831 2,204,97547,850 The Procter & Gamble Company 3,204,215 3,039,91141,300 Wal-Mart Stores Inc. 2,117,686 2,313,351

15,112,878 15,491,408


36,950 Abbott Laboratories 2,073,907 2,089,83625,500 Baxter International Inc. 1,515,295 1,568,68844,200 Johnson & Johnson 2,974,086 2,980,86461,000 Merck & Co., Inc. 2,229,321 2,334,151140,600 Pfizer Inc. 2,753,255 2,681,170

11,545,864 11,654,709

FINANCIALS – 6.3%


64,200 JPMorgan Chase & Co. 2,811,096 2,804,56124,000 T. Rowe Price Group Inc. 1,123,291 1,339,79191,650 Wells Fargo & Company 2,526,621 2,588,430

8,569,711 8,306,829


115,400 Intel Corporation 2,054,855 2,467,98421,900 International Business Machines

Corporation 2,382,009 3,003,708113,800 Microsoft Corporation 2,952,970 3,636,33259,600 Texas Instruments Incorporated 1,275,235 1,626,398

8,665,069 10,734,422



$ $




U.S. EQUITY FUNDS



98,517 AT&T Inc. 3,320,345 2,894,94729,200 Verizon Communications Inc. 1,127,551 1,014,170

4,447,896 3,909,117

UTILITIES – 5.5%

37,000 Dominion Resources Inc. 1,560,249 1,509,66680,900 Duke Energy Corporation 1,520,113 1,459,60616,100 Entergy Corporation 1,633,557 1,381,16224,550 FPL Group Inc. 1,495,817 1,358,65644,300 Southern Company 1,599,150 1,546,051

7,808,886 7,255,141



TOTAL INVESTMENT

PORTFOLIO – 99.0% 129,370,972 130,757,130



OTHER NET ASSETS – 0.2% 194,631 194,076

TOTAL NET ASSETS – 100.0% $ 130,639,637 $ 132,025,113





Currency 2009 2008 2009 2008







Common Shares $ 130,757 $ 0 $ 0 $ 130,757Bonds and Short-TermInvestments 0 944 0 944

$ 130,757 $ 944 $ 0 $ 131,701




Less than3 months


$ $



U.S. EQUITY FUNDSTD North American Dividend Fund


�TD U.S. Blue Chip Equity Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 624,580 $ 595,446Short-Term Investments 5,766 2,887Foreign Currencies 139 1,538Dividends Receivable 292 560Subscriptions Receivable 164 66Receivable for Investment Sales 641 1,071

631,582 601,568

LiabilitiesAccrued Liabilities 634 574Redemptions Payable 2,509 53Payable for Investment Purchases 159 1,264

3,302 1,891

Net Assets (Note 3) $ 628,280 $ 599,677


$ 628,280 $ 599,677




F-Series 18,759 29,562




F-Series $ 6.13 $ 5.09



2009 2008

Investment IncomeInterest $ 6 $ 154Dividends 6,158 6,461Securities Lending 83 61Less: Withholding Taxes (775) (802)

5,472 5,874



7,033 7,418

Net Investment Income (Loss) (1,561) (1,544)






†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 15,606 $ (35,816)Institutional Series $ 94,517 $ (170,500)Advisor Series $ 501 $ (1,134)F-Series $ 24 $ (73)

$ 110,648 $ (207,523)


U.S. EQUITY FUNDS





2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 14,825 20,185 37,297 242,133 756 1,252Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 0 1 1 5 0 0Amounts Paid on Redemptions (15,121) (23,599) (118,942) (19,718) (802) (1,217)

(296) (3,413) (81,644) 222,420 (46) 35


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 15,310 (39,229) 12,873 51,920 455 (1,099)

Net Assets, End of the Period $ 98,991 $ 83,681 $ 525,958 $ 513,085 $ 3,216 $ 2,761†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 8,320,777 8,587,861 44,498,839 28,621,512 613,913 603,568Units Issued 1,370,026 1,615,595 2,917,706 17,176,825 157,173 231,746Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (1,399,726) (1,882,679) (9,552,825) (1,299,498) (168,822) (221,401)


F-Series TOTAL

2009 2008 2009 2008




Proceeds from Sale of Units 21 104 52,899 263,674Reinvestments of Distributions 0 0 0 0Early Redemption Fees 0 0 1 6Amounts Paid on Redemptions (80) (69) (134,945) (44,603)

(59) 35 (82,045) 219,077

Distributions to UnitholdersFrom Net Investment Income 0 0 0 0From Net Realized Gains on Investments 0 0 0 0

0 0 0 0

Increase (Decrease) in Net Assetsfor the Period (35) (38) 28,603 11,554



U.S. EQUITY FUNDS



131


ENERGY – 0.6%

103,200 Suncor Energy Inc. $ 3,685,410 $ 3,820,179



ENERGY – 6.3%

85,000 Cameron International Corporation 2,864,597 3,724,78894,500 EOG Resources Inc. 8,991,319 9,639,421

600 Exxon Mobil Corporation 48,489 42,84862,400 FMC Technologies Inc. 2,535,112 3,783,722188,000 Schlumberger Limited 11,146,553 12,828,575151,600 Smith International Inc. 6,706,488 4,310,178102,600 Southwestern Energy Company 4,662,214 5,184,426

36,954,772 39,513,958

MATERIALS – 2.1%

2,400 Ecolab Inc. 115,069 112,19012,200 Freeport-McMoRan Copper & Gold Inc. 678,418 1,026,89948,100 Monsanto Company 3,792,846 4,122,29693,400 Praxair Inc. 7,959,907 7,863,625

12,546,240 13,125,010


75,400 3M Company 5,905,254 6,528,375242,700 Danaher Corporation 15,661,226 19,133,47846,700 Expeditors International

of Washington Inc. 1,923,243 1,700,30932,000 Fastenal Company 1,366,932 1,395,5643,700 First Solar Inc. 638,089 525,20236,400 Goodrich Corporation 2,148,895 2,451,776

100 Grainger (W.W.) Inc. 10,079 10,15185,000 McDermott International Inc. 2,282,489 2,135,96144,300 Precision Castparts Corp. 4,908,351 5,124,86412,100 Republic Services Inc. 330,822 358,86047,900 Rockwell Automation Inc. 2,314,781 2,359,14624,300 Union Pacific Corporation 1,694,407 1,626,31856,200 United Technologies Corporation 3,683,167 4,085,324

42,867,735 47,435,328


188,400 Amazon.com Inc. 10,879,658 26,568,93015,300 Apollo Group Inc. 1,378,694 971,688151,800 Bed Bath & Beyond Inc. 5,725,208 6,142,78620,600 CarMax Inc. 504,470 523,70391,200 Carnival Corporation 2,946,006 3,029,866116,800 Discovery Communications Inc.,

Class “A” 3,486,818 3,753,009151,000 Discovery Communications Inc.,

Class “C” 2,693,583 4,194,97318,300 Dollar Tree Inc. 972,627 926,626141,200 Expedia Inc. 2,970,323 3,805,77560,700 The Gap Inc. 1,443,688 1,333,150148,100 Kohl’s Corporation 8,322,152 8,373,206194,200 Lowe’s Companies Inc. 4,639,158 4,759,924187,106 Marriott International Inc. 5,503,829 5,345,15879,100 McDonald’s Corporation 4,797,156 5,174,488127,500 The McGraw-Hill Companies Inc. 4,891,925 4,477,76532,300 NIKE Inc., Class “B” 2,136,007 2,236,904

70,200 O’Reilly Automotive Inc. 2,951,719 2,805,41018,800 priceline.com Incorporated 1,649,106 4,298,33124,300 The Sherwin-Williams Company 1,582,251 1,570,528272,400 Starbucks Corporation 5,791,046 6,585,257162,633 Time Warner Inc. 4,654,732 4,963,147159,300 The Walt Disney Company 4,923,059 5,385,82015,300 Wynn Resorts Limited 1,000,692 933,995103,100 Yum! Brands Inc. 3,716,306 3,778,648

89,560,213 111,939,087


600 The Coca-Cola Company 32,642 35,8357,100 Costco Wholesale Corporation 445,812 439,973

104,940 CVS Caremark Corporation 3,771,841 3,542,44611,600 General Mills Inc. 812,388 861,1119,700 Kellogg Company 519,178 540,88991,210 PepsiCo Inc. 5,859,031 5,810,82852,247 The Procter & Gamble Company 3,303,858 3,319,25213,400 Walgreen Company 548,696 515,27760,700 Wal-Mart Stores Inc. 3,592,717 3,400,010

18,886,163 18,465,621


4,200 Alcon Inc. 576,830 723,645135,300 Allergan Inc. 7,536,908 8,937,44912,200 Amgen Inc. 810,275 723,52324,300 Baxter International Inc. 1,525,794 1,494,867148,100 Celgene Corporation 8,597,120 8,643,36027,400 Cerner Corporation 1,988,408 2,368,072133,500 Express Scripts Inc. 8,204,799 12,099,086224,900 Gilead Sciences Inc. 8,072,843 10,201,93715,000 Intuitive Surgical Inc. 2,849,553 4,769,7837,800 Life Technologies Corporation 399,325 426,683

117,700 McKesson Corporation 6,424,139 7,710,691261,400 Medco Health Solutions Inc. 11,777,075 17,513,8139,700 Medtronic Inc. 536,840 446,92757,600 St. Jude Medical Inc. 2,553,478 2,219,14752,100 Stryker Corporation 2,916,485 2,751,16152,200 Vertex Pharmaceuticals Incorporated 2,173,596 2,344,3711,500 WellPoint Inc. 81,664 91,521

67,025,132 83,466,036


172,300 American Express Company 4,970,583 7,313,73790,560 Ameriprise Financial Inc. 2,965,414 3,685,516115,300 Bank of America Corporation 1,716,960 1,820,37412,200 The Bank of New York

Mellon Corporation 471,279 357,6055,600 BlackRock Inc. 1,000,820 1,363,190

225,200 The Charles Schwab Corporation 4,131,306 4,443,1841,500 CME Group Inc. 521,003 528,290

118,900 Franklin Resources Inc. 10,457,798 13,131,75392,600 The Goldman Sachs Group Inc. 13,270,120 16,365,27642,600 IntercontinentalExchange Inc. 3,867,049 5,009,033103,200 Invesco Ltd. 2,484,353 2,541,377260,900 JPMorgan Chase & Co. 9,917,779 11,397,350171,700 Morgan Stanley 6,652,467 5,324,45060,600 Northern Trust Corporation 3,940,826 3,328,97317,000 PNC Financial Services Group Inc. 971,419 940,8212,400 Prudential Financial Inc. 128,427 125,17360,800 State Street Corporation 3,376,491 2,775,226179,000 U.S. Bancorp 4,139,748 4,218,477282,800 Wells Fargo & Company 7,240,035 7,986,993

82,223,877 92,656,798



$ $




U.S. EQUITY FUNDS



21,300 Adobe Systems Incorporated 692,465 821,292112,800 Altera Corporation 2,407,973 2,673,720163,000 Apple Inc. 19,819,472 36,004,63750,800 Autodesk Inc. 1,835,094 1,352,70735,000 Automatic Data Processing Inc. 1,556,014 1,570,795149,700 Broadcom Corporation 3,934,649 4,932,561222,600 Cisco Systems Inc. 5,973,091 5,586,703

600 eBay Inc. 21,880 14,79410,900 Electronic Arts Inc. 458,181 202,83071,900 EMC Corporation 1,297,545 1,315,31866,700 Fiserv Inc. 3,410,302 3,389,96149,100 Google Inc., Class “A” 21,916,307 31,912,84131,100 Hewlett-Packard Company 1,525,148 1,678,112120,200 Intel Corporation 2,341,828 2,570,63840,100 International Business Machines

Corporation 5,174,597 5,499,94122,200 Intuit Inc. 673,962 714,725304,300 Juniper Networks Inc. 7,339,628 8,508,07433,000 MasterCard Incorporated 7,375,951 8,835,703119,900 McAfee Inc. 4,437,611 5,099,534500,600 Microsoft Corporation 17,652,163 15,996,026243,800 QUALCOMM Incorporated 10,927,155 11,823,4885,500 salesforce.com Inc. 382,943 425,0645,500 VeriSign Inc. 180,953 139,76697,800 Visa Inc. 7,808,252 8,950,749186,600 The Western Union Company 4,576,751 3,685,521235,700 Xilinx Inc. 7,455,428 6,189,757

141,175,343 169,895,257


260,900 American Tower Corporation,Class “A” 9,617,691 11,802,151

PREFERRED – 0.2%

98,400 Bank of America, Pref. Series “S” 1,556,811 1,538,080



BERMUDA – 1.5%


BRAZIL – 0.3%

48,200 Petroleo Brasileiro SA – Petrobras,Sponsored ADR 1,709,370 2,137,439

CHINA – 1.4%

1,900 Baidu Inc., Sponsored ADR 837,173 818,995335,300 Tencent Holdings Limited 2,759,922 7,601,760

3,597,095 8,420,755

IRELAND – 0.5%

71,300 Accenture PLC 2,820,631 3,102,015

ISRAEL – 0.7%

77,100 Teva Pharmaceutical Industries Limited,Sponsored ADR 3,979,230 4,540,905

MACAU – 0.1%

597,600 Wynn Macau Limited 840,571 771,599


13,400 Credit Suisse Group 710,820 696,423


28,100 Shire PLC, ADR 1,643,342 1,728,044



TOTAL INVESTMENT

PORTFOLIO – 99.4% 529,497,809 624,580,439

SHORT-TERM

INVESTMENTS (USD) – 0.9% 5,765,901 5,765,893



TOTAL NET ASSETS – 100.0% $ 533,198,590 $ 628,280,474




Currency 2009 2008 2009 2008

Australian Dollar $ 0 $ 152 $ 0 $ 8Hong Kong Dollar 8,373 2,593 419 130Japanese Yen 0 9,435 0 472Swiss Franc 744 6,341 37 317United States Dollar 622,143 581,717 31,107 29,085

Total $ 631,260 $ 600,238 $ 31,563 $ 30,012






Common Shares $ 613,972 $ 9,070 $ 0 $ 623,042Preferred Shares 1,538 0 0 1,538Bonds and Short-TermInvestments 0 5,766 0 5,766

$ 615,510 $ 14,836 $ 0 $ 630,346




Less than3 months


$ $ $ $




U.S. EQUITY FUNDSTD U.S. Blue Chip Equity Fund


�TD U.S. Quantitative Equity Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 86,523 $ 413,120Foreign Currencies 92 416Cash 153 104Dividends Receivable 147 741Subscriptions Receivable 19 26Receivable for Investment Sales 108 0

87,042 414,407


172 281

Net Assets (Note 3) $ 86,870 $ 414,126

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 77,255 $ 79,587Institutional Series $ 9,615 $ 334,539

$ 86,870 $ 414,126







2009 2008

Investment IncomeInterest $ 1 $ 18Dividends 5,417 11,553Securities Lending 186 38Less: Withholding Taxes (786) (1,674)

4,818 9,935

Expenses (Note 5)Management Fee 1,746 3,301Administration Fee 237 305Independent Review Committee Fees 1 3


1,984 3,609







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 6,374 $ (28,230)Institutional Series $ (664) $ (109,130)

$ 5,710 $ (137,360)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.50 $ (2.00)Institutional Series $ 1.17 $ (2.29)

U.S. EQUITY FUNDS




Investor Series Institutional Series TOTAL

2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 6,374 (28,230) (664) (109,130) 5,710 (137,360)


Proceeds from Sale of Units 3,459 5,288 0 29,169 3,459 34,457Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 0 0 0 0 0 0Amounts Paid on Redemptions (12,165) (21,193) (324,260) (106,618) (336,425) (127,811)

(8,706) (15,905) (324,260) (77,449) (332,966) (93,354)


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period (2,332) (44,135) (324,924) (186,579) (327,256) (230,714)

Net Assets, End of the Period $ 77,255 $ 79,587 $ 9,615 $ 334,539 $ 86,870 $ 414,126†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 13,234,509 15,484,072 44,078,756 52,292,123Units Issued 586,605 761,342 0 3,214,726Units Issued on Reinvestments 0 0 0 0Units Redeemed (2,015,573) (3,010,905) (42,926,036) (11,428,093)


U.S. EQUITY FUNDS



135


ENERGY – 12.3%

2,500 BJ Services Company $ 46,997 $ 48,74828,200 Chevron Corporation 2,471,010 2,275,20532,800 ConocoPhillips 1,707,402 1,754,3685,769 Devon Energy Corporation 453,431 444,52341,064 Exxon Mobil Corporation 3,526,451 2,932,52815,400 Hess Corporation 869,452 976,10210,900 Rowan Companies Inc. 260,829 258,70812,300 Smith International Inc. 348,159 349,70419,600 Sunoco Inc. 675,486 536,29412,400 Tesoro Corporation 254,235 176,14430,100 Valero Energy Corporation 866,311 528,55216,700 The Williams Companies Inc. 330,480 368,707

11,810,243 10,649,583

MATERIALS – 4.8%

7,700 Airgas Inc. 384,417 383,91818,400 AK Steel Holding Corporation 427,914 411,83418,100 Bemis Company Inc. 512,929 562,613

400 CF Industries Holdings Inc. 31,536 38,06811,300 The Dow Chemical Company 299,525 327,3155,300 Eastman Chemical Company 238,169 334,32010,000 Nucor Corporation 461,492 489,0558,900 Sealed Air Corporation 187,924 203,77424,100 United States Steel Corporation 858,925 1,392,620

3,402,831 4,143,517


18,900 Avery Dennison Corporation 570,808 723,0062,200 Burlington Northern Santa Fe

Corporation 229,065 227,45429,900 Danaher Corporation 2,111,840 2,357,1941,600 Donnelley (R.R.) & Sons Company 33,069 37,3218,700 The Dun & Bradstreet Corporation 683,700 769,4183,800 Eaton Corporation 255,025 253,44514,400 FedEx Corporation 1,176,229 1,257,97029,000 Fluor Corporation 1,374,237 1,369,0093,800 General Dynamics Corporation 262,644 271,29210,865 General Electric Company 413,086 172,3366,400 Grainger (W.W.) Inc. 644,635 649,6755,000 Jacobs Engineering Group Inc. 400,284 197,14225,200 Northrop Grumman Corporation 1,399,817 1,474,1489,400 Ryder System Inc. 292,166 405,020

9,846,605 10,164,430


13,900 Big Lots Inc. 346,045 422,298500 The Black & Decker Corporation 31,415 33,977

10,300 DeVry Inc. 614,671 612,57144,900 Eastman Kodak Company 181,800 198,63911,300 Family Dollar Stores Inc. 342,618 329,5669,700 GameStop Corp. 266,346 223,10821,400 Genuine Parts Company 822,709 851,62135,500 H&R Block Inc. 691,299 841,46310,300 Johnson Controls Inc. 295,901 294,03013,600 Lowe’s Companies Inc. 321,640 333,342

19,400 The New York Times Company,Class “A” 174,768 251,378

8,500 Newell Rubbermaid Inc. 157,650 133,75415,500 Omnicom Group Inc. 551,557 636,16528,520 Pulte Homes Inc. 289,770 298,9893,300 Sears Holdings Corporation 211,224 288,7007,100 Snap-on Incorporated 279,074 314,55336,400 The Walt Disney Company 1,058,502 1,230,658


2,600 Whirlpool Corporation 159,548 219,692

6,947,428 7,652,748


69,700 Archer Daniels Midland Company 2,270,443 2,287,82236,700 Costco Wholesale Corporation 1,955,294 2,274,22416,900 Dean Foods Company 304,220 319,440

900 Dr Pepper Snapple Group Inc. 26,445 26,6736,400 The Estee Lauder Companies Inc.,

Class “A” 300,817 324,46911,700 Hormel Foods Corporation 459,799 471,49330,600 The Kroger Co. 719,256 658,5921,200 The Pepsi Bottling Group Inc. 44,849 47,1766,100 The Procter & Gamble Company 468,845 387,53319,900 Reynolds American Inc. 912,321 1,105,06969,600 Safeway Inc. 1,627,674 1,553,42878,900 SYSCO Corporation 2,111,120 2,308,5705,100 Walgreen Company 208,526 196,11318,300 Wal-Mart Stores Inc. 981,252 1,025,044

12,390,861 12,985,646


6,300 Abbott Laboratories 338,512 356,31825,700 Aetna Inc. 890,530 852,19447,000 AmerisourceBergen Corporation 1,014,200 1,283,05512,100 Becton, Dickinson and Company 1,008,052 1,000,3423,300 Biogen Idec Inc. 164,668 185,08636,700 Cardinal Health Inc. 1,063,777 1,240,03117,200 CareFusion Corporation 371,540 450,9712,900 Cephalon Inc. 173,918 189,74025,100 Coventry Health Care Inc. 516,565 637,84112,600 Eli Lilly and Company 534,346 471,17328,100 Humana Inc. 1,190,302 1,290,5831,500 IMS Health Incorporated 31,395 33,11728,200 Johnson & Johnson 1,994,355 1,901,8185,700 Medco Health Solutions Inc. 381,622 381,9009,689 Merck & Co., Inc. 330,477 370,7471,600 Millipore Corporation 118,992 121,3574,000 PerkinElmer Inc. 75,490 86,34211,426 Pfizer Inc. 209,196 217,8887,100 Varian Medical Systems Inc. 459,607 348,4205,200 Watson Pharmaceuticals Inc. 198,301 215,713

11,065,845 11,634,636



$ $




U.S. EQUITY FUNDS



500 Aflac Incorporated 24,450 24,243100 American Express Company 3,179 4,245

19,800 Assurant Inc. 527,373 611,92642,936 Bank of America Corporation 1,286,933 677,8802,300 Capital One Financial Corporation 90,057 92,44642,300 The Chubb Corporation 1,904,933 2,180,89724,100 Cincinnati Financial Corporation 657,905 662,960107,100 Citigroup Inc. 827,264 371,64112,000 Discover Financial Services 192,530 185,05546,100 Huntington Bancshares Inc. 179,168 176,40115,900 Janus Capital Group Inc. 236,806 224,19513,700 M&T Bank Corporation 899,314 960,70117,600 Marsh & McLennan Companies Inc. 436,588 407,397

200 Moody’s Corporation 4,857 5,61923,800 The NASDAQ OMX Group Inc. 509,643 494,5232,000 Northern Trust Corporation 138,735 109,86713,700 People’s United Financial Inc. 232,447 239,8524,400 Plum Creek Timber Company Inc. 150,524 173,993500 The Progressive Corporation 8,832 9,419

1,100 ProLogis 13,386 15,78742,600 SunTrust Banks Inc. 858,751 905,2522,700 Torchmark Corporation 165,278 124,40222,000 Zions Bancorporation 347,274 295,907

9,696,227 8,954,608


800 Affiliated Computer Services Inc.,Class “A” 40,805 50,061

1,700 Autodesk Inc. 45,166 45,2682,000 Ciena Corporation 34,108 22,7074,800 Cisco Systems Inc. 95,571 120,4687,400 Computer Sciences Corporation 381,827 446,30639,800 Compuware Corporation 304,364 301,66720,600 Convergys Corporation 237,647 232,1572,300 eBay Inc. 43,933 56,71232,900 Electronic Arts Inc. 755,168 612,2102,100 Google Inc., Class “A” 910,996 1,364,90822,000 Harris Corporation 853,575 1,096,679

44,100 Hewlett-Packard Company 2,124,415 2,379,57349,800 Intel Corporation 1,353,032 1,065,04030,900 Jabil Circuit Inc. 306,527 562,68413,100 Lexmark International Inc.,

Class “A” 314,147 356,79337,200 Linear Technology Corporation 1,038,644 1,191,01828,400 Microsoft Corporation 910,171 907,48541,300 Novell Inc. 332,546 179,68216,400 Novellus Systems Inc. 326,202 401,1116,300 Sun Microsystems Inc. 67,700 61,8197,600 Texas Instruments Incorporated 181,864 207,39350,600 The Western Union Company 1,182,769 999,39673,500 Xerox Corporation 623,300 650,333

12,464,477 13,311,470


19,906 CenturyTel Inc. 679,606 755,647179,900 Qwest Communications

International Inc. 1,673,155 792,112

2,352,761 1,547,759

UTILITIES – 6.3%

20,900 Ameren Corporation 556,211 612,3992,400 Constellation Energy Group Inc. 70,237 88,33825,300 DTE Energy Company 883,028 1,156,14927,800 FirstEnergy Corp. 1,340,257 1,353,45312,800 Integrys Energy Group Inc. 418,931 563,3257,600 Nicor Inc. 287,309 335,43036,900 Pepco Holdings Inc. 539,681 651,82720,600 Public Service Enterprise Group Inc. 813,056 718,067

4,908,710 5,478,988


TOTAL INVESTMENT

PORTFOLIO – 99.6% 84,831,943 86,523,385


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (122)

OTHER NET ASSETS – 0.3% 255,766 254,797

TOTAL NET ASSETS – 100.0% $ 85,180,099 $ 86,870,077

$ $$ $




U.S. EQUITY FUNDSTD U.S. Quantitative Equity Fund




January 04, 2010 47,810 USD $ 50,122 50,000 CAD $ 50,000 1.04580 $ (122)

TOTAL NUMBER OF CONTRACTS: 1 NET DEPRECIATION $ (122)




Currency 2009 2008 2009 2008







Common Shares $ 86,523 $ 0 $ 0 $ 86,523




Less than3 months


TD U.S. Quantitative Equity Fund


U.S. EQUITY FUNDS

�TD U.S. Large-Cap Value Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 593,499 $ 595,323Short-Term Investments 23,588 8,953Foreign Currencies 1,486 4,259Interest Receivable 6 7Dividends Receivable 790 1,309Subscriptions Receivable 58 114Receivable for Investment Sales 830 0

620,257 609,965


1,517 632

Net Assets (Note 3) $ 618,740 $ 609,333


$ 618,740 $ 609,333




F-Series 75,128 72,710




F-Series $ 8.96 $ 8.64



2009 2008

Investment IncomeInterest $ 182 $ 774Dividends 17,277 19,205Securities Lending 155 176Less: Withholding Taxes (2,359) (2,741)

15,255 17,414



5,330 5,641








$ 30,675 $ (135,870)


U.S. EQUITY FUNDS


�TD U.S. Large-Cap Value Fund

U.S. EQUITY FUNDS




2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 6,104 13,483 86,293 266,491 1,004 1,391Reinvestments of Distributions 173 136 10,332 10,428 23 15Early Redemption Fees 0 0 1 1 0 0Amounts Paid on Redemptions (7,883) (13,593) (104,720) (39,044) (1,998) (2,522)

(1,606) 26 (8,094) 237,876 (971) (1,116)

Distributions to UnitholdersFrom Net Investment Income (173) (136) (10,414) (10,518) (23) (16)From Net Realized Gains on Investments 0 0 0 0 0 0

(173) (136) (10,414) (10,518) (23) (16)

Increase (Decrease) in Net Assetsfor the Period (156) (11,656) 10,445 104,645 (927) (2,664)

Net Assets, End of the Period $ 42,170 $ 42,326 $ 571,635 $ 561,190 $ 4,262 $ 5,189†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 5,328,419 5,312,772 68,591,839 43,734,746 668,946 791,379Units Issued 830,113 1,480,052 10,423,158 27,905,363 135,365 156,001Units Issued on Reinvestments 20,880 17,582 1,209,880 1,310,085 2,840 1,995Units Redeemed (1,049,964) (1,481,987) (12,848,420) (4,358,355) (275,457) (280,429)


F-Series TOTAL

2009 2008 2009 2008





23 362 (10,648) 237,148


(10) (8) (10,620) (10,678)

Increase (Decrease) in Net Assetsfor the Period 45 275 9,407 90,600

Net Assets, End of the Period $ 673 $ 628 $ 618,740 $ 609,333†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 72,710 32,184Units Issued 34,959 66,144Units Issued on Reinvestments 1,139 931Units Redeemed (33,680) (26,549)




FINANCIALS – 0.7%

137,000 Sun Life Financial $ 3,976,287 $ 4,120,571



ENERGY – 10.6%

101,600 Anadarko Petroleum Corporation 5,463,810 6,648,50284,700 BJ Services Company 2,410,614 1,651,592203,220 Chevron Corporation 15,909,450 16,395,99650,900 ConocoPhillips 2,789,311 2,722,47912,800 CONSOL Energy Inc. 433,576 668,260203,300 Exxon Mobil Corporation 15,584,911 14,518,385127,000 Murphy Oil Corporation 8,005,973 7,216,21260,200 NRG Energy Inc. 1,445,552 1,490,043110,060 Schlumberger Limited 6,449,317 7,510,175127,070 Spectra Energy Corp. 3,156,449 2,732,216107,200 Sunoco Inc. 4,363,717 2,933,19963,000 The Williams Companies Inc. 1,270,159 1,390,930

67,282,839 65,877,989

MATERIALS – 6.4%

162,100 Alcoa Inc. 4,949,733 2,739,393151,570 DuPont (E.I.) de Nemours & Company 7,324,644 5,348,520118,550 International Flavors & Fragrances Inc. 5,227,125 5,112,957301,070 International Paper Company 10,499,644 8,452,484137,890 MeadWestvaco Corporation 4,161,129 4,138,666137,400 Nucor Corporation 6,063,982 6,719,61990,000 Vulcan Materials Company 6,545,810 4,969,49450,800 Weyerhaeuser Company 2,092,150 2,295,874

46,864,217 39,777,007


127,000 3M Company 10,263,930 10,996,070110,100 Avery Dennison Corporation 6,000,775 4,211,797110,100 The Boeing Company 6,366,312 6,243,24888,080 Cooper Industries PLC 3,698,712 3,936,397111,700 Deere & Company 4,667,696 6,325,78033,900 Eaton Corporation 1,884,241 2,260,995897,740 General Electric Company 29,632,199 14,239,535145,690 Honeywell International Inc. 6,544,468 5,984,122160,800 Illinois Tool Works Inc. 8,269,330 8,088,21347,700 Lockheed Martin Corporation 3,783,959 3,764,974290,000 Masco Corporation 7,170,169 4,198,53733,900 Pall Corporation 1,034,341 1,286,159301,100 Southwest Airlines Co. 2,615,414 3,607,973105,100 United Parcel Service Inc. 6,969,826 6,315,608101,600 USG Corporation 3,906,024 1,494,368

102,807,396 82,953,776


164,600 Bed Bath & Beyond Inc. 6,039,715 6,660,75542,300 The Black & Decker Corporation 2,746,015 2,874,456165,600 Cablevision Systems Corporation,

Class “A” 3,882,488 4,482,527101,600 D.R. Horton Inc. 1,847,095 1,157,789169,360 Fortune Brands Inc. 10,534,710 7,670,09867,740 Genuine Parts Company 3,150,365 2,695,73845,300 H&R Block Inc. 1,057,065 1,073,755118,500 Harley-Davidson Inc. 4,745,874 3,130,58352,400 Harman International Industries

Incorporated 2,010,906 1,935,858330,300 The Home Depot Inc. 10,528,777 10,007,203118,600 Macy’s Inc. 2,138,488 2,083,843148,969 Marriott International Inc. 3,191,119 4,255,677199,900 Mattel Inc. 4,178,129 4,187,112194,800 The McGraw-Hill Companies Inc. 8,361,821 6,841,322161,400 MGM MIRAGE 5,196,147 1,543,138254,200 The New York Times Company,

Class “A” 7,505,976 3,293,82381,200 Tiffany & Co. 2,286,876 3,655,311272,333 Time Warner Inc. 9,726,684 8,310,914220,220 The Walt Disney Company 7,112,850 7,445,48176,000 Whirlpool Corporation 4,845,013 6,421,773

101,086,113 89,727,156


213,300 The Hershey Company 8,753,619 8,000,87567,750 Kimberly-Clark Corporation 4,734,275 4,525,048160,900 Kraft Foods Inc., Class “A” 5,527,719 4,583,02267,700 McCormick & Company Incorporated 2,513,400 2,564,26541,200 Wal-Mart Stores Inc. 2,199,796 2,307,750

23,728,809 21,980,960


61,000 Amgen Inc. 3,725,404 3,617,615203,200 Bristol-Myers Squibb Company 5,628,672 5,376,744147,500 Eli Lilly and Company 7,779,984 5,515,71088,100 Johnson & Johnson 6,131,176 5,941,495189,730 Merck & Co., Inc. 7,777,709 7,259,976133,043 Pfizer Inc. 2,470,016 2,537,06248,200 WellPoint Inc. 2,336,914 2,940,873

35,849,875 33,189,475


321,800 American Express Company 9,811,823 13,659,667855,882 Bank of America Corporation 18,189,142 13,512,794237,080 The Bank of New York

Mellon Corporation 9,318,601 6,949,257108,300 Capital One Financial Corporation 6,034,429 4,352,98250,780 The Chubb Corporation 2,655,574 2,618,108479,152 JPMorgan Chase & Co. 20,862,104 20,931,633335,600 KeyCorp 5,089,016 1,952,636149,800 Legg Mason Inc. 5,558,074 4,728,560172,736 Lincoln National Corporation 7,452,841 4,505,464271,000 Marsh & McLennan Companies Inc. 9,059,365 6,272,991151,000 Marshall & Ilsley Corporation 2,220,796 862,740121,200 NYSE Euronext Inc. 3,652,955 3,210,807135,300 The Progressive Corporation 3,125,814 2,548,896309,100 Regions Financial Corporation 1,665,061 1,714,198325,000 SLM Corporation 5,530,620 3,839,844186,300 SunTrust Banks Inc. 11,435,950 3,958,88543,779 The Travelers Companies Inc. 2,176,918 2,287,901389,600 U.S. Bancorp 12,107,154 9,181,667419,940 Wells Fargo & Company 12,359,875 11,860,176

148,306,112 118,949,206

$ $


or Units Description Cost Fair Value�TD U.S. Large-Cap Value Fund



U.S. EQUITY FUNDS



177,800 Analog Devices Inc. 6,522,912 5,880,814152,500 Applied Materials Inc. 2,868,270 2,227,036103,200 Cisco Systems Inc. 2,196,237 2,590,062101,600 Computer Sciences Corporation 5,198,953 6,127,656220,100 Dell Inc. 5,189,033 3,308,838152,300 eBay Inc. 3,896,359 3,755,290129,300 Electronic Arts Inc. 2,583,338 2,406,042168,600 Intel Corporation 4,038,764 3,605,737313,290 Microsoft Corporation 9,290,125 10,010,777

41,783,991 39,912,252


428,718 AT&T Inc. 14,468,846 12,597,986846,790 Qwest Communications

International Inc. 4,668,777 3,728,476382,950 Sprint Nextel Corporation 5,725,878 1,469,364176,890 Verizon Communications Inc. 6,959,588 6,143,714

31,823,089 23,939,540

UTILITIES – 7.2%

74,800 CenterPoint Energy Inc. 952,636 1,136,25684,700 Constellation Energy Group Inc. 2,207,845 3,117,601237,040 Duke Energy Corporation 4,398,945 4,276,70057,600 Entergy Corporation 5,202,771 4,941,30140,500 Exelon Corporation 2,106,636 2,074,08250,770 FirstEnergy Corp. 2,984,516 2,471,756228,750 NiSource Inc. 5,959,633 3,688,27984,700 PG&E Corporation 3,461,208 3,964,708136,800 Pinnacle West Capital Corporation 5,292,656 5,246,09479,000 PPL Corporation 2,539,886 2,675,903110,100 Progress Energy Inc. 5,285,699 4,733,51182,200 TECO Energy Inc. 1,463,576 1,397,748203,200 Xcel Energy Inc. 4,531,815 4,520,385

46,387,822 44,244,324



IRELAND – 0.0%

95,800 Allied Irish Banks PLC 2,126,512 351,512


194,750 Royal Dutch Shell PLC, Class “A”,Sponsored ADR 13,876,206 12,272,428


127,040 BP PLC, Sponsored ADR 8,343,974 7,720,5831,084,600 Vodafone Group PLC 2,465,448 2,632,501186,500 WPP PLC 1,616,911 1,911,812

12,426,333 12,264,896




Ford Motor Credit Company (USD)2,972,000 4.25% due December 20, 2016 1,185,115 3,937,461


TOTAL INVESTMENT

PORTFOLIO – 96.0% 678,980,121 593,498,553

SHORT-TERM

INVESTMENTS (USD) – 3.8% 23,587,777 23,587,744


OTHER NET ASSETS – 0.0% 176,124 167,242

TOTAL NET ASSETS – 100.0% $ 704,230,374 $ 618,739,891




Currency 2009 2008 2009 2008

British Pound $ 4,592 $ 3,506 $ 230 $ 175Euro 0 3,268 0 163Swiss Franc 0 3,317 0 166United States Dollar 614,664 599,759 30,733 29,988

Total $ 619,256 $ 609,850 $ 30,963 $ 30,492







$ 585,018 $ 32,069 $ 0 $ 617,087




Less than3 months


$ $



$ $

U.S. EQUITY FUNDSTD U.S. Large-Cap Value Fund


�TD U.S. Large-Cap Value Currency Neutral Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 5,281 $ 2,673Cash 5 10Subscriptions Receivable 3 16Receivable for Investment Sales 1 0Unrealized Gain on Open ForeignExchange Forward Contracts 31 13

5,321 2,712

LiabilitiesAccrued Liabilities 7 3Payable for Investment Purchases 1 27Unrealized Loss on Open ForeignExchange Forward Contracts 2 0

10 30

Net Assets (Note 3) $ 5,311 $ 2,682

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 2,669 $ 964Advisor Series $ 1,980 $ 1,518F-Series $ 662 $ 200

$ 5,311 $ 2,682

Number of Units OutstandingInvestor Series 383,179 163,523


F-Series 81,233 29,287



F-Series $ 8.15 $ 6.83



2009 2008

Investment IncomeIncome Distributions Receivedfrom Underlying Funds $ 118 $ 61

Interest 0 2Foreign Exchange 493 (494)Less: Withholding Taxes (22) (12)

589 (443)

Expenses (Note 5)Management Fee 44 28Administration Fee 11 7Independent Review Committee Fees 0 0

55 35Less: Waived Expenses (0) (0)

55 35

Net Investment Income (Loss) 534 (478)

Net Realized Gain (Loss) onSale of Investments (257) (444)

Capital Gains Distributions Receivedfrom Underlying Funds 0 0

Net Change in Unrealized Appreciation/Depreciation of Investments 530 (127)

Net Gain (Loss) on Investments 273 (571)

Increase (Decrease) in Net Assetsfrom Investment Operations† $ 807 $ (1,049)

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 438 $ (624)Advisor Series $ 305 $ (350)F-Series $ 64 $ (75)

$ 807 $ (1,049)


U.S. EQUITY FUNDS



U.S. EQUITY FUNDS




2009 2008 2009 2008

Net Assets, Beginning of the Period $ 964 $ 2,005 $ 1,518 $ 712

Increase (Decrease) in Net Assetsfrom Investment Operations 438 (624) 305 (350)


Proceeds from Sale of Units 1,445 395 1,223 1,258Reinvestments of Distributions 22 0 25 0Early Redemption Fees 0 0 0 0Amounts Paid on Redemptions (178) (812) (1,065) (102)

1,289 (417) 183 1,156

Distributions to UnitholdersFrom Net Investment Income (22) 0 (26) 0From Net Realized Gains on Investments 0 0 0 0

(22) 0 (26) 0

Increase (Decrease) in Net Assetsfor the Period 1,705 (1,041) 462 806

Net Assets, End of the Period $ 2,669 $ 964 $ 1,980 $ 1,518†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 163,523 206,222 237,893 67,605Units Issued 245,306 50,867 197,814 185,674Units Issued on Reinvestments 3,165 0 3,353 0Units Redeemed (28,815) (93,566) (175,334) (15,386)


F-Series TOTAL

2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 64 (75) 807 (1,049)


Proceeds from Sale of Units 490 229 3,158 1,882Reinvestments of Distributions 5 0 52 0Early Redemption Fees 0 0 0 0Amounts Paid on Redemptions (89) (53) (1,332) (967)

406 176 1,878 915

Distributions to UnitholdersFrom Net Investment Income (8) 0 (56) 0From Net Realized Gains on Investments 0 0 0 0

(8) 0 (56) 0

Increase (Decrease) in Net Assetsfor the Period 462 101 2,629 (134)




Mutual Fund – 99.4%

U.S. EQUITIES – 99.4%

621,968 TD U.S. Large-Cap Value Fund,Institutional Series $ 5,202,320 $ 5,280,512

TOTAL INVESTMENT

PORTFOLIO – 99.4% 5,202,320 5,280,512

FORWARD CONTRACTS

(SCHEDULE 1) – 0.6% 0 29,114

OTHER NET ASSETS – 0.0% 1,806 1,806

TOTAL NET ASSETS – 100.0% $ 5,204,126 $ 5,311,432




Forward Contracts $ 0 $ 31 $ 0 $ 31Underlying Mutual Fund 5,281 0 0 5,281

5,281 31 0 5,312


$ 5,281 $ 29 $ 0 $ 5,310




Less than3 months

Accounts payable and accrued liabilities $ 8Forward Contracts 2

$ 10




U.S. EQUITY FUNDS






January 06, 2010 5,362,249 CAD $ 5,362,249 5,113,562 USD $ 5,360,774 1.04341to 1.07066 $ (1,475)

February 03, 2010 5,110,130 USD 5,357,058 5,357,000 CAD 5,357,000 1.04831 (58)

$ 10,719,307 $ 10,717,774 $ (1,533)


�TD U.S. Mid-Cap Growth Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 269,580 $ 215,179Foreign Currencies 4,026 3,585Dividends Receivable 58 67Subscriptions Receivable 109 49Receivable for Investment Sales 1,797 1,418

275,570 220,298

LiabilitiesAccrued Liabilities 403 314Redemptions Payable 617 103Payable for Investment Purchases 208 652Unrealized Loss on Open ForeignExchange Forward Contracts 0 0

1,228 1,069

Net Assets (Note 3) $ 274,342 $ 219,229

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 143,364 $ 120,229Institutional Series $ 124,250 $ 92,361Advisor Series $ 5,029 $ 4,893F-Series $ 1,699 $ 1,746

$ 274,342 $ 219,229




F-Series 163,169 208,716




F-Series $ 10.42 $ 8.37



2009 2008


1,491 1,538



4,211 4,821








$ 51,418 $ (77,581)


U.S. EQUITY FUNDS





2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 15,237 18,676 32,231 12,312 894 1,085Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 4 2 3 1 0 0Amounts Paid on Redemptions (18,796) (32,565) (23,669) (4,050) (1,754) (2,683)

(3,555) (13,887) 8,565 8,263 (860) (1,598)


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 23,135 (61,380) 31,889 (19,144) 136 (3,678)

Net Assets, End of the Period $ 143,364 $ 120,229 $ 124,250 $ 92,361 $ 5,029 $ 4,893†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 5,123,164 5,623,549 8,515,457 7,612,235 651,897 829,349Units Issued 590,034 639,929 2,617,609 1,200,813 109,773 115,601Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (738,147) (1,140,314) (1,940,998) (297,591) (216,049) (293,053)


F-Series TOTAL

2009 2008 2009 2008




Proceeds from Sale of Units 486 1,474 48,848 33,547Reinvestments of Distributions 0 0 0 0Early Redemption Fees 0 0 7 3Amounts Paid on Redemptions (941) (624) (45,160) (39,922)

(455) 850 3,695 (6,372)


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period (47) 249 55,113 (83,953)

Net Assets, End of the Period $ 1,699 $ 1,746 $ 274,342 $ 219,229†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 208,716 132,344Units Issued 54,272 142,290Units Issued on Reinvestments 0 0Units Redeemed (99,819) (65,918)


U.S. EQUITY FUNDS



147


ENERGY – 0.3%

55,000 Trican Well Service Ltd. $ 1,018,034 $ 768,900

MATERIALS – 1.8%

60,000 Agnico-Eagle Mines Limited 2,889,762 3,396,02552,100 Franco-Nevada Corporation 1,366,351 1,462,968

4,256,113 4,858,993


38,000 Tim Hortons Inc. 1,144,554 1,214,639





ENERGY – 6.6%

35,000 Cameron International Corporation 1,135,425 1,533,73672,000 CNX Gas Corporation 2,230,067 2,227,45054,000 CONSOL Energy Inc. 2,622,206 2,819,2235,000 EOG Resources Inc. 258,342 510,02252,000 FMC Technologies Inc. 1,933,932 3,153,10126,000 Murphy Oil Corporation 1,121,610 1,477,33536,000 Peabody Energy Corporation 1,654,951 1,703,23370,000 Smith International Inc. 1,809,622 1,990,18852,000 Ultra Petroleum Corp. 2,425,004 2,718,078

15,191,159 18,132,366


14,000 A123 Systems Inc. 277,448 328,76315,000 Alliant Techsystems Inc. 1,313,828 1,386,967102,000 AMETEK Inc. 3,520,916 4,089,06818,000 Danaher Corporation 978,176 1,419,04757,000 Dolby Laboratories Inc., Class “A” 1,847,946 2,846,17667,200 Fastenal Company 2,632,796 2,930,6834,000 First Solar Inc. 648,025 567,78645,000 Foster Wheeler AG 1,194,568 1,388,38230,400 Gardner Denver Inc. 1,185,178 1,356,06232,000 Goodrich Corporation 1,633,150 2,155,40838,000 Harsco Corporation 1,790,795 1,283,956164,000 Hertz Global Holdings Inc. 1,283,995 2,049,39880,000 IDEX Corporation 2,759,624 2,612,48845,000 IHS Inc. 2,188,901 2,584,28837,000 Manpower Inc. 1,852,315 2,117,101136,000 McDermott International Inc. 3,006,378 3,417,53731,000 MSC Industrial Direct Co., Inc.,

Class “A” 1,261,738 1,525,82178,000 Quanta Services Inc. 2,003,311 1,704,114102,000 Robert Half International Inc. 2,542,859 2,858,28454,000 Rockwell Collins Inc. 2,119,466 3,130,58362,000 Roper Industries Inc. 2,194,000 3,403,930117,000 Southwest Airlines Co. 1,680,746 1,401,96916,000 Stericycle Inc. 873,490 925,40045,000 SunPower Corporation, Class “B” 1,435,776 985,50191,000 UTi Worldwide Inc. 2,014,066 1,368,98822,700 Verisk Analytics Inc., Class “A” 529,214 719,162

44,768,705 50,556,862


63,000 Bed Bath & Beyond Inc. 2,427,268 2,549,37893,000 Cablevision Systems Corporation,

Class “A” 2,887,800 2,517,361128,000 CarMax Inc. 2,073,181 3,254,07834,000 Chipotle Mexican Grill Inc. 2,326,942 3,139,15836,000 Choice Hotels International Inc. 1,205,672 1,194,86746,000 Coach Inc. 1,774,795 1,760,18054,000 Discovery Communications Inc.,

Class “A” 1,356,696 1,735,12464,000 Discovery Communications Inc.,

Class “C” 808,790 1,778,00250,800 Dollar General Corporation 1,181,636 1,193,471153,000 Expedia Inc. 3,673,942 4,123,82150,000 Gaylord Entertainment Company 2,220,408 1,034,19714,600 Hyatt Hotels Corp. 388,251 455,81022,000 J.Crew Group Inc. 694,056 1,030,02596,800 Lamar Advertising Company 4,061,696 3,149,94825,200 Liberty Media-Starz 1,268,218 1,219,210141,000 Marriott International Inc. 3,975,941 4,028,02355,000 O’Reilly Automotive Inc. 1,314,345 2,197,97114,000 Panera Bread Company, Class “A” 873,499 981,44453,000 Starbucks Corporation 1,057,750 1,281,27251,000 WABCO Holdings Inc. 1,828,207 1,378,88424,000 Wynn Resorts Limited 1,158,318 1,465,090

38,557,411 41,467,314


28,900 Education Management Corporation 564,157 665,026108,000 Whole Foods Market Inc. 3,414,518 3,107,938

3,978,675 3,772,964


23,000 Alexion Pharmaceuticals Inc. 780,159 1,176,18618,000 Allergan Inc. 790,750 1,189,01844,000 BioMarin Pharmaceutical Inc. 1,341,270 867,19534,000 C. R. Bard Inc. 2,836,265 2,772,739106,000 CareFusion Corporation 2,268,809 2,779,23953,000 Cephalon Inc. 3,656,049 3,467,65911,000 Cerner Corporation 645,258 950,68637,000 Covance Inc. 2,066,497 2,115,16157,000 DENTSPLY International Inc. 2,113,834 2,101,61735,000 Edwards Lifesciences Corporation 1,750,170 3,182,68654,000 Henry Schein Inc. 3,006,972 2,977,73390,000 Human Genome Sciences Inc. 1,721,659 2,884,32532,000 Humana Inc. 1,433,142 1,469,70313,000 IDEXX Laboratories Inc. 583,165 728,31040,000 Illumina Inc. 1,163,731 1,285,2775,600 Intuitive Surgical Inc. 758,556 1,780,71918,000 Millipore Corporation 1,242,469 1,365,26618,000 Myriad Genetics Inc. 515,463 491,38322,100 Onyx Pharmaceuticals Inc. 737,964 679,76543,000 OSI Pharmaceuticals Inc. 1,600,535 1,398,80349,000 Perrigo Company 1,520,864 2,044,4922,500 Regeneron Pharmaceuticals Inc. 54,513 63,37338,000 Theravance Inc. 985,947 519,08045,000 Valeant Pharmaceuticals International 949,409 1,497,83054,000 Vertex Pharmaceuticals Incorporated 1,631,478 2,425,21139,000 Waters Corporation 2,245,270 2,531,231

38,400,198 44,744,687



$ $




U.S. EQUITY FUNDS


FINANCIALS – 9.7%

52,000 Aon Corporation 2,151,489 2,090,07436,000 Assurant Inc. 1,405,943 1,112,593392,000 E*TRADE Financial Corporation 488,614 719,16871,000 Eaton Vance Corp. 1,699,316 2,263,503132,000 Fifth Third Bancorp 1,023,187 1,349,22662,000 Interactive Brokers Group Inc. 1,653,676 1,151,75919,000 IntercontinentalExchange Inc. 1,651,441 2,234,076109,000 Janus Capital Group Inc. 1,435,457 1,536,934233,000 KeyCorp 1,387,069 1,355,67418,000 M&T Bank Corporation 995,760 1,262,234247,000 Marshall & Ilsley Corporation 1,562,461 1,411,23681,000 MSCI Inc. 1,865,705 2,700,34064,000 Principal Financial Group Inc. 1,860,966 1,612,94948,000 Raymond James Financial Inc. 1,186,644 1,196,12524,000 The St. Joe Company 671,362 726,88465,000 SunTrust Banks Inc. 1,076,438 1,381,25438,000 TCF Financial Corporation 511,670 542,58471,000 W.R. Berkley Corporation 1,972,232 1,832,537

24,599,430 26,479,150


14,000 Akamai Technologies Inc. 377,080 371,619126,000 Altera Corporation 2,517,602 2,986,60235,000 Autodesk Inc. 1,184,779 931,98331,000 Cree Inc. 792,513 1,830,985115,000 Electronic Arts Inc. 2,710,297 2,139,94436,000 FactSet Research Systems Inc. 1,881,164 2,480,69054,000 Fiserv Inc. 2,706,357 2,744,49672,000 FLIR Systems Inc. 1,288,671 2,469,74580,000 Global Payments Inc. 3,231,788 4,517,130117,000 Intersil Corporation 2,802,462 1,880,331300,000 JDS Uniphase Corporation 2,936,366 2,594,666142,000 Juniper Networks Inc. 3,345,140 3,970,24866,000 McAfee Inc. 2,109,223 2,807,08357,000 MEMC Electronic Materials Inc. 1,059,053 813,27884,000 Microchip Technology Incorporated 2,470,372 2,558,18457,000 MICROS Systems Inc. 1,774,106 1,854,227109,000 National Semiconductor Corporation 1,647,160 1,755,19054,000 Palm Inc. 780,738 567,241119,000 PMC-Sierra Inc. 1,125,687 1,080,36797,000 Red Hat Inc. 2,009,708 3,142,21951,000 Rovi Corporation 1,437,604 1,702,88772,000 SAIC Inc. 1,336,136 1,428,10420,000 salesforce.com Inc. 831,326 1,545,68718,000 Silicon Laboratories Inc. 812,091 911,81368,000 Trimble Navigation Limited 1,676,441 1,796,45349,000 Varian Semiconductor Equipment

Associates Inc. 1,506,863 1,843,12564,000 VeriSign Inc. 1,634,568 1,626,368194,000 The Western Union Company 3,752,269 3,831,677108,000 Xilinx Inc. 3,048,362 2,836,206

54,785,926 61,018,548


75,000 American Tower Corporation,Class “A” 2,226,766 3,392,723

9,000 Crown Castle International Corp. 153,399 368,06536,000 Leap Wireless International Inc. 1,693,829 662,348

4,073,994 4,423,136

UTILITIES – 0.9%

217,000 Calpine Corporation 2,902,449 2,502,411



BERMUDA – 0.9%


IRELAND – 0.8%

126,000 Elan Corporation PLC, ADR 2,227,861 861,24045,000 Warner Chilcott PLC, Class “A” 851,604 1,339,791

3,079,465 2,201,031


107,000 QIAGEN NV 2,071,233 2,502,590



TOTAL INVESTMENT

PORTFOLIO – 98.2% 243,124,524 269,580,173


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (7)

OTHER NET ASSETS – 0.3% 746,868 735,784

TOTAL NET ASSETS – 100.0% $ 247,903,819 $ 274,342,302

$ $$ $




U.S. EQUITY FUNDSTD U.S. Mid-Cap Growth Fund




January 04, 2010 5,264 USD $ 5,518 5,511 CAD $ 5,511 1.04692 $ (7)





Currency 2009 2008 2009 2008







Common Shares $ 269,580 $ 0 $ 0 $ 269,580




Less than3 months


TD U.S. Mid-Cap Growth Fund


U.S. EQUITY FUNDS

�TD U.S. Small-Cap Equity Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 21,970 $ 80,655Short-Term Investments 0 2,192Foreign Currencies 683 21Dividends Receivable 12 57Subscriptions Receivable 40 5Receivable for Investment Sales 39 96

22,744 83,026


113 152

Net Assets (Note 3) $ 22,631 $ 82,874

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 17,500 $ 14,552Institutional Series $ 3,854 $ 67,359Advisor Series $ 980 $ 837F-Series $ 297 $ 126

$ 22,631 $ 82,874


Institutional Series 354,884 7,439,931


F-Series 30,504 15,471




F-Series $ 9.73 $ 8.11



2009 2008

Investment IncomeInterest $ 16 $ 69Dividends 724 801Securities Lending 53 81Less: Withholding Taxes (118) (133)

675 818

Expenses (Note 5)Management Fee 815 1,144Administration Fee 50 56Independent Review Committee Fees 1 1Bank Charges and Interest 0 0

866 1,201Less: Waived Expenses (0) (0)

866 1,201








$ 11,763 $ (17,200)


U.S. EQUITY FUNDS


�TD U.S. Small-Cap Equity Fund

U.S. EQUITY FUNDS




2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 14,552 $ 20,003 $ 67,359 $ 76,099 $ 837 $ 992



Proceeds from Sale of Units 3,294 2,998 525 9,311 235 401Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 0 1 1 2 0 0Amounts Paid on Redemptions (3,027) (4,968) (72,962) (4,551) (225) (359)

267 (1,969) (72,436) 4,762 10 42


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 2,948 (5,451) (63,505) (8,740) 143 (155)

Net Assets, End of the Period $ 17,500 $ 14,552 $ 3,854 $ 67,359 $ 980 $ 837†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 1,403,486 1,577,134 7,439,931 6,980,681 89,010 86,287Units Issued 302,134 253,722 57,623 895,805 23,261 36,495Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (279,601) (427,370) (7,142,670) (436,555) (24,295) (33,772)

Units Outstanding, End of the Period 1,426,019 1,403,486 354,884 7,439,931 87,976 89,010

F-Series TOTAL

2009 2008 2009 2008





153 90 (72,006) 2,925


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 171 71 (60,243) (14,275)





MATERIALS – 0.5%

4,000 Franco-Nevada Corporation $ 69,172 $ 112,320


3,100 Ritchie Bros. Auctioneers Incorporated 58,011 72,895


500 SXC Health Solutions Corp. 22,134 28,279


27,800 Zarlink Semiconductor Inc. 60,420 24,248

Total Canadian Equities 209,737 237,742


ENERGY – 6.6%

3,400 Arena Resources Inc. 118,434 153,7326,000 Bill Barrett Corporation 229,098 195,6855,500 Cloud Peak Energy Inc. 86,765 83,77912,400 Complete Production Services Inc. 180,002 168,9944,700 Concho Resources Inc. 93,224 221,2333,850 Forest Oil Corporation 143,236 89,8048,600 GeoMet Inc. 75,330 12,7122,500 Gulf Island Fabrication Inc. 38,986 55,1171,500 Holly Corporation 46,117 40,3046,500 ION Geophysical Corporation 71,017 40,3415,000 Key Energy Services Inc. 39,791 46,0758,846 Mariner Energy Inc. 186,904 107,6682,400 SEACOR Holdings Inc. 190,995 191,8483,700 Silver Spring Networks (Restricted) 39,213 38,7892,100 Union Drilling Inc. 34,459 13,7382,700 Westmoreland Coal Company 59,160 25,220

1,632,731 1,485,039

MATERIALS – 4.4%

4,800 Arch Chemicals Inc. 160,305 155,3912,100 Compass Minerals International Inc. 120,202 147,9212,500 Haynes International Inc. 149,381 86,2531,700 Intrepid Potash Inc. 58,764 51,8984,200 Koppers Holdings Inc. 162,105 133,633500 Martin Marietta Materials Inc. 42,326 46,704

6,300 Rockwood Holdings Inc. 105,376 155,4062,600 Senomyx Inc. 42,536 10,2762,600 Walter Energy Inc. 92,666 205,082

933,661 992,564


4,800 A.O. Smith Corporation 193,502 218,1419,060 Actuant Corp. 204,585 175,9996,000 Acuity Brands Inc. 249,986 224,1799,900 American Reprographics Company 190,869 72,7541,100 American Science and Engineering Inc. 76,563 87,4111,900 American Woodmark Corporation 56,154 39,1605,500 Applied Industrial Technologies Inc. 161,993 127,2545,900 Baldor Electric Company 188,401 173,7443,400 Builders FirstSource Inc. 47,320 13,2955,478 Builders FirstSource Inc.,

Subscription Rights 0 1,4931,500 Cascade Corporation 47,979 43,0404,600 Celadon Group Inc. 49,980 52,130800 CLARCOR Inc. 26,170 27,190

2,100 Colfax Corporation 21,633 26,4182,600 Consolidated Graphics Inc. 51,645 95,4273,900 EnergySolutions Inc. 66,855 34,6302,300 ESCO Technologies Inc. 108,726 86,4423,800 Gardner Denver Inc. 118,364 169,5082,400 Gibraltar Industries Inc. 51,559 39,5772,850 Graco Inc. 92,360 85,3616,900 GT Solar International Inc. 41,264 40,0746,900 H&E Equipment Services Inc. 165,503 75,8812,100 Harsco Corporation 68,145 70,955425 Heartland Express Inc. 6,930 6,790

7,500 Hexcel Corporation 63,435 101,8213,100 IDEX Corporation 97,811 101,2342,000 Insituform Technologies Inc., Class “A” 51,821 47,6374,500 Interline Brands Inc. 99,238 81,4733,500 John Bean Technologies Corporation 64,383 62,4147,200 Kforce Inc. 84,257 94,20110,825 Knight Transportation Inc. 194,289 218,9102,800 Landstar System Inc. 119,767 113,8052,000 The Middleby Corporation 113,236 102,7593,000 Mine Safety Appliances Company 82,823 83,4382,600 Moog Inc., Class “A” 98,193 79,6733,700 Multi-Color Corporation 79,270 47,3611,100 Quanex Building Products Corporation 17,201 19,5122,318 Quanta Services Inc. 58,879 50,6434,100 RBC Bearings Incorporated 107,082 104,4044,000 Resources Connection Inc. 84,320 88,984800 Simpson Manufacturing Co., Inc. 24,663 22,535

2,100 Sun Hydraulics Corporation 36,198 57,6363,900 Tennant Company 109,629 106,8751,700 Terex Corporation 26,952 35,3051,200 TransDigm Group Incorporated 42,842 59,7431,100 Universal Forest Products Inc. 50,551 42,4494,800 UTi Worldwide Inc. 99,914 72,2102,400 Valmont Industries Inc. 213,795 197,3583,650 Waste Connections Inc. 109,784 127,4981,000 Westinghouse Air Brake

Technologies Corporation 36,847 42,8152,000 Woodward Governor Company 36,989 53,990

4,490,655 4,203,536


2,100 A.C. Moore Arts & Crafts Inc. 33,824 6,2743,800 American Eagle Outfitters Inc. 44,073 67,644300 American Public Education Inc. 13,623 10,806

12,150 AnnTaylor Stores Corporation 223,352 173,7393,400 BJ’s Restaurants Inc. 73,342 66,9396,700 Brinker International Inc. 121,232 104,79715,300 Brunswick Corporation 225,321 203,5445,000 The Cheesecake Factory Incorporated 135,308 113,1694,725 Christopher & Banks Corporation 102,416 37,5471,300 Corinthian Colleges Inc. 19,038 18,767400 Ethan Allen Interiors Inc. 5,603 5,628

3,600 Gaylord Entertainment Company 73,086 74,4621,400 Group 1 Automotive Inc. 17,003 41,609800 The Gymboree Corporation 21,348 36,474700 hhgregg Inc. 12,488 16,130

4,000 Hibbett Sports Inc. 99,704 91,9198,900 Hot Topic Inc. 141,574 59,1544,200 HSN Inc. 49,102 88,8982,400 J.Crew Group Inc. 61,565 112,3665,200 Knology Inc. 32,993 59,4754,200 Leggett & Platt Inc. 75,409 89,8234,200 MarineMax Inc. 94,392 40,464

$ $


or Units Description Cost Fair Value�TD U.S. Small-Cap Equity Fund



U.S. EQUITY FUNDS


500 Matthews International Corporation,Class “A” 18,995 18,572

3,600 Meredith Corporation 111,629 116,2794,300 Meritage Homes Corporation 161,257 87,1384,900 Monro Muffler Brake Inc. 119,633 171,7272,400 P.F. Chang’s China Bistro Inc. 99,409 95,3832,100 Panera Bread Company, Class “A” 124,110 147,2171,700 Pebblebrook Hotel Trust 36,173 39,1553,712 Pool Corporation 107,003 74,2491,700 Red Robin Gourmet Burgers Inc. 75,522 31,9014,900 Scholastic Corporation 195,265 153,2347,130 Sonic Corp. 143,676 75,2717,400 Standard Pacific Corp. 192,810 29,014700 Strattec Security Corporation 34,308 13,422

2,500 Tempur-Pedic International Inc. 26,351 61,8001,500 Tiffany & Co. 35,420 67,5241,600 Toro Co. 72,223 70,1308,400 TRW Automotive Holdings Corp. 161,010 210,0266,000 Zumiez Inc. 140,789 80,010

3,531,379 3,061,680


1,300 Alberto-Culver Company 32,830 39,9043,600 The Pantry Inc. 121,566 51,214200 Seneca Foods Corporation, Class “A” 4,451 4,990400 Seneca Foods Corporation, Class “B” 9,915 9,922

168,762 106,030


2,100 AGA Medical Holdings Inc. 31,459 32,4292,300 Alexion Pharmaceuticals Inc. 44,484 117,6193,800 Alkermes Inc. 72,623 37,407600 AMAG Pharmaceuticals Inc. 24,173 23,890

5,200 AMERIGROUP Corporation 143,971 146,643700 Analogic Corporation 38,793 28,216

1,800 AngioDynamics Inc. 34,060 30,2682,300 BioMarin Pharmaceutical Inc. 55,853 45,3314,000 Catalyst Health Solutions Inc. 110,349 152,9336,500 Centene Corporation 126,352 144,258571 Cephalon Inc. 31,774 37,359

1,100 Computer Programs and Systems Inc. 43,788 53,1041,000 The Cooper Companies Inc. 27,837 39,9633,700 Cubist Pharmaceuticals Inc. 67,261 73,5833,200 Eclipsys Corporation 53,118 62,129600 Edwards Lifesciences Corporation 28,306 54,560

5,300 Exelixis Inc. 53,905 40,95013,400 Health Management Associates Inc.,

Class “A” 93,649 102,1282,100 Healthways Inc. 48,992 40,376200 Henry Schein Inc. 8,058 11,029

1,400 HMS Holdings Corp. 36,933 71,46212,300 Incyte Corporation 82,448 117,4711,100 Integra LifeSciences

Holdings Corporation 46,311 42,4146,000 LifePoint Hospitals Inc. 205,469 204,491300 Masimo Corporation 7,668 9,567

3,400 MedAssets Inc. 65,872 75,4584,400 The Medicines Company 110,733 38,3786,200 Meridian Bioscience Inc. 158,920 140,0702,000 Micrus Endovascular Corporation 40,874 31,346300 Myriad Genetics Inc. 4,163 8,190

1,100 Onyx Pharmaceuticals Inc. 35,806 33,8342,300 Pharmasset Inc. 35,318 49,7911,400 PSS World Medical Inc. 23,654 33,126

1,500 Psychiatric Solutions Inc. 29,826 33,2434,300 Regeneron Pharmaceuticals Inc. 92,038 109,0012,400 Seattle Genetics Inc. 24,442 25,5632,300 Skilled Healthcare Group Inc. 37,079 17,9393,700 Stereotaxis Inc. 42,884 15,1283,600 STERIS Corporation 107,262 105,5601,200 Theravance Inc. 29,961 16,3923,600 TomoTherapy Incorporated 61,387 14,7192,334 Vertex Pharmaceuticals Incorporated 43,788 104,8232,900 Vital Images Inc. 55,490 38,4894,200 Wright Medical Group Inc. 107,485 83,3502,500 XenoPort Inc. 70,544 48,565

2,695,160 2,742,545


1,800 Affiliated Managers Group Inc. 153,824 127,07310,900 CBL & Associates Properties Inc. 77,263 110,4998,300 Citizens Banking Corporation 234,417 5,9173,000 Cohen & Steers Inc. 70,984 71,6762,500 Colony Financial Inc. 53,032 53,3097,643 Cousins Properties Incorporated 132,565 61,13615,000 DiamondRock Hospitality Company 116,374 133,1932,100 East West Bancorp Inc. (Restricted) 20,412 33,045

36 East West Bancorp Inc.,Pref. (Restricted) 38,707 62,664

3,600 EastGroup Properties Inc. 163,131 144,3965,600 Equity One Inc. 125,685 94,108500 Essex Property Trust Inc. 49,380 43,847200 First Niagara Financial Group Inc. 3,070 2,914

7,694 Glacier Bancorp Inc. 148,731 110,6664,500 HCC Insurance Holdings Inc. 111,563 131,9516,100 Highlands Acquisition Corp.,

Escrow Contra Shares 0 04,100 Infinity Property and

Casualty Corporation 178,163 174,6804,400 LaSalle Hotel Properties 70,708 97,928400 Markel Corporation 154,889 142,244

3,700 MarketAxess Holdings Inc. 45,055 53,8784,500 MGIC Investment Corporation 28,752 27,2205,700 NewAlliance Bancshares Inc. 91,989 71,7673,300 Parkway Properties Inc. 95,002 71,9935,000 Penson Worldwide Inc. 92,550 47,4387,100 Pinnacle Financial Partners Inc. 167,839 105,7692,200 Piper Jaffray Companies 111,071 116,7023,800 Prosperity Bancshares Inc. 132,480 161,2221,300 Pzena Investment Management Inc. 11,562 11,0946,500 Radian Group Inc. 30,779 49,6762,600 RiskMetrics Group Inc. 43,552 43,3392,700 SeaBright Insurance Holdings Inc. 38,921 32,5237,300 Selective Insurance Group Inc. 141,721 125,8914,200 Signature Bank 135,904 140,4583,500 SL Green Realty Corp. 87,239 184,3423,300 Starwood Property Trust Inc. 72,285 65,17819,200 Synovus Financial Corporation 120,608 41,0625,900 TCF Financial Corporation 101,019 84,2434,600 Texas Capital Bancshares Inc. 71,342 67,1287,734 Valley National Bancorp 170,121 114,5652,700 Waddell & Reed Financial Inc.,

Class “A” 58,997 86,4452,600 Washington Trust Bancorp Inc. 55,184 42,4673,000 Westamerica Bancorporation 170,908 174,1416,800 Western Alliance Bancorporation 75,412 26,8044,200 Wilmington Trust Corporation 53,815 54,3343,900 Zions Bancorporation 58,430 52,456

4,165,435 3,653,381

$ $




$ $

U.S. EQUITY FUNDSTD U.S. Small-Cap Equity Fund



3,500 3D Systems Corporation 69,768 41,4621,800 Acme Packet Inc. 17,162 20,7206,400 ADTRAN Inc. 157,263 151,1644,300 Advanced Analogic Technologies

Incorporated 28,084 17,6713,400 Advanced Energy Industries Inc. 46,818 53,7517,500 Ariba Inc. 81,388 98,2834,700 Blue Coat Systems Inc. 111,601 140,4263,400 Bottomline Technologies (de) Inc. 40,126 62,62623,100 Cadence Design Systems Inc. 149,442 145,0591,300 Cavium Networks Inc. 17,596 32,4634,400 Constant Contact Inc. 79,225 73,6653,000 Cymer Inc. 96,624 120,6764,600 DemandTec Inc. 50,689 42,293800 Digital River Inc. 31,064 22,636

3,700 Diodes Incorporated 95,401 79,1292,700 DTS Inc. 65,593 96,8332,500 Electro Rent Corporation 51,953 30,1662,700 Emulex Corporation 58,423 30,8536,700 Epiq Systems Inc. 102,643 98,3353,250 FactSet Research Systems Inc. 159,015 223,9516,400 FEI Company 170,832 156,5318,368 Finisar Corporation 174,962 78,076900 FormFactor Inc. 32,343 20,521

1,600 Fortinet Inc. 26,655 29,4382,800 Global Payments Inc. 101,680 158,1002,100 Harmonic Inc. 11,800 13,8922,000 Intermec Inc. 47,626 26,9644,700 Ixia 47,267 36,6096,900 Jack Henry & Associates Inc. 172,612 167,2415,600 The Knot Inc. 79,920 59,1192,900 Measurement Specialties Inc. 54,864 30,4334,500 Monotype Imaging Holdings Inc. 46,545 42,505800 MPS Group Inc. 9,733 11,523

3,200 National Instruments Corporation 89,427 98,7632,900 National Semiconductor Corporation 34,981 46,6982,100 NeuStar Inc., Class “A” 52,324 50,7233,200 Newport Corporation 73,872 30,8301,100 ON Semiconductor Corporation 8,798 10,1601,600 OpenTable Inc. 47,536 42,72211,600 Palm Inc. 74,649 121,8526,100 PDF Solutions Inc. 82,402 23,9175,300 PMC-Sierra Inc. 46,890 48,1174,600 Progress Software Corporation 130,929 140,8633,400 PROS Holdings Inc. 36,169 36,8913,400 Quest Software Inc. 58,080 65,5131,300 Red Hat Inc. 21,930 42,1123,500 RightNow Technologies Inc. 53,022 63,6241,700 Riverbed Technology Inc. 25,041 40,9372,600 Rubicon Technology Inc. 46,994 55,3592,900 Sapient Corporation 25,577 25,0826,600 Semtech Corporation 130,665 117,6942,200 Silicon Laboratories Inc. 81,648 111,4446,300 Sonus Networks Inc. 23,505 13,8704,200 Sourcefire Inc. 39,882 117,6062,100 Synaptics Incorporated 47,222 67,301700 Taleo Corporation 15,051 17,216

1,500 Veeco Instruments Inc. 22,243 51,8783,500 Vocus Inc. 64,794 66,046

3,820,348 3,920,332


1,300 Aruba Networks Inc. 13,978 14,5283,400 Cogent Communications Group Inc. 79,471 35,0387,100 Premiere Global Services Inc. 76,862 61,2581,700 SBA Communications Corporation 35,285 60,8806,600 tw telecom Inc. 112,923 118,594

318,519 290,298

UTILITIES – 3.6%

900 Black Hills Corporation 35,989 25,1261,200 Cleco Corporation 31,039 34,3313,400 El Paso Electric Company 77,224 72,2863,100 The Empire District Electric Company 72,924 60,805800 NorthWestern Corporation 20,860 21,822

5,800 NV Energy Inc. 60,932 75,2763,000 OGE Energy Corp. 97,197 116,0847,400 PNM Resources Inc. 100,596 98,13617,200 RRI Energy Inc. 97,942 103,1414,100 Southwest Gas Corporation 128,427 122,6291,300 Synthesis Energy Systems Inc. 12,178 1,2672,700 UniSource Energy Corporation 94,775 91,115

830,083 822,018



AUSTRALIA – 0.4%

30,700 Lihir Gold Limited 24,741 93,976

BERMUDA – 1.2%

5,000 Assured Guaranty Ltd. 95,704 114,060900 Assured Guaranty Ltd., Pref. 50,992 79,067

1,400 Genpact Limited 12,570 21,8693,900 Xyratex Ltd. 85,113 54,419

244,379 269,415

ISRAEL – 0.2%

5,300 Orbotech Ltd. 108,449 51,729

Total International Equities 377,569 415,120



Terex Corporation (USD)26,000 4.00% due June 01, 2015 28,386 39,829


TOTAL INVESTMENT

PORTFOLIO – 97.1% 23,166,127 21,970,114



TOTAL NET ASSETS – 100.0% $ 23,830,835 $ 22,630,720

$ $ $ $











Currency 2009 2008 2009 2008

Australian Dollar $ 94 $ 139 $ 5 $ 7United States Dollar 22,503 82,493 1,125 4,125

Total $ 22,597 $ 82,632 $ 1,130 $ 4,132






Common Shares $ 21,623 $ 126 $ 39 $ 21,788Preferred Shares 0 63 79 142Bonds 0 40 0 40

$ 21,623 $ 229 $ 118 $ 21,970





Balance at December 31, 2008 $ 0 $ 0Purchases 39 0Net Transfers In (Out) 0 79

Balance at December 31, 2009 $ 39 $ 79



Less than3 months




�TD U.S. Equity Advantage Por tfolio



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 10,713 $ 10,115Cash 0 55Subscriptions Receivable 4 2Receivable for Investment Sales 0 3

10,717 10,175

LiabilitiesAccrued Liabilities 14 13Redemptions Payable 0 3

14 16

Net Assets (Note 3) $ 10,703 $ 10,159

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 9,336 $ 8,881Advisor Series $ 1,310 $ 1,215F-Series $ 57 $ 63

$ 10,703 $ 10,159



F-Series 6,087 7,637



F-Series $ 9.38 $ 8.18



2009 2008


Interest 0 0Less: Withholding Taxes (18) (18)

77 76

Expenses (Note 5)Management Fee 117 143Administration Fee 27 34Securityholder Reporting Costs 2 2Filing 12 11Audit 1 1Bank Charges and Interest 0 1


149 183







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 1,076 $ (3,033)Advisor Series $ 138 $ (393)F-Series $ 8 $ (10)

$ 1,222 $ (3,436)


U.S. EQUITY FUNDS



U.S. EQUITY FUNDS




2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 1,076 (3,033) 138 (393)


Proceeds from Sale of Units 1,055 1,584 213 423Reinvestments of Distributions 0 0 0 0Early Redemption Fees 0 0 0 0Amounts Paid on Redemptions (1,676) (2,286) (256) (543)

(621) (702) (43) (120)


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 455 (3,735) 95 (513)

Net Assets, End of the Period $ 9,336 $ 8,881 $ 1,310 $ 1,215†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 1,116,432 1,188,442 153,420 163,151Units Issued 129,894 169,649 26,517 48,910Units Issued on Reinvestments 0 0 0 0Units Redeemed (208,330) (241,659) (33,415) (58,641)


F-Series TOTAL

2009 2008 2009 2008





(14) 14 (678) (808)


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period (6) 4 544 (4,244)

Net Assets, End of the Period $ 57 $ 63 $ 10,703 $ 10,159†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 7,637 5,480Units Issued 0 4,274Units Issued on Reinvestments 0 0Units Redeemed (1,550) (2,117)





348,084 TD U.S. Blue Chip Equity Fund,Institutional Series $ 5,285,173 $ 4,838,368

501,266 TD U.S. Large-Cap Value Fund,Institutional Series 5,440,207 4,255,748

55,697 TD U.S. Mid-Cap Growth Fund,Institutional Series 725,786 753,024

79,698 TD U.S. Small-Cap Equity Fund,Institutional Series 908,920 866,313

TOTAL INVESTMENT

PORTFOLIO – 100.1% 12,360,086 10,713,453


TOTAL NET ASSETS – 100.0% $ 12,349,795 $ 10,703,162




UnderlyingMutual Funds $ 10,713 $ 0 $ 0 $ 10,713




Less than3 months





U.S. EQUITY FUNDS


�TD U.S. Equity Advantage Currency Neutral Por tfolio



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 3,207 $ 1,787Cash 5 3Subscriptions Receivable 31 0Receivable for Investment Sales 2 2Unrealized Gain on Open ForeignExchange Forward Contracts 18 10

3,263 1,802


7 10

Net Assets (Note 3) $ 3,256 $ 1,792

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 2,379 $ 1,583Advisor Series $ 769 $ 206F-Series $ 108 $ 3

$ 3,256 $ 1,792

Number of Units OutstandingInvestor Series 299,363 258,387


F-Series 12,188 409



F-Series $ 8.86 $ 6.74



2009 2008


Interest 0 1Foreign Exchange 306 (477)Less : Withholding Taxes (5) (3)

327 (462)



34 33

Net Investment Income (Loss) 293 (495)



Net Change in Unrealized Appreciation/Depreciation of Investments 507 (286)

Net Gain (Loss) on Investments 344 (617)

Increase (Decrease) in Net Assetsfrom Investment Operations† $ 637 $ (1,112)

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 514 $ (1,038)Advisor Series $ 106 $ (72)F-Series $ 17 $ (2)

$ 637 $ (1,112)


U.S. EQUITY FUNDS





2009 2008 2009 2008

Net Assets, Beginning of the Period $ 1,583 $ 2,070 $ 206 $ 144

Increase (Decrease) in Net Assetsfrom Investment Operations 514 (1,038) 106 (72)


Proceeds from Sale of Units 697 1,199 493 173Reinvestments of Distributions 0 0 0 0Early Redemption Fees 0 0 0 0Amounts Paid on Redemptions (415) (648) (36) (39)

282 551 457 134


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 796 (487) 563 62

Net Assets, End of the Period $ 2,379 $ 1,583 $ 769 $ 206†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 258,387 195,510 32,927 13,359Units Issued 102,247 135,603 66,842 23,499Units Issued on Reinvestments 0 0 0 0Units Redeemed (61,271) (72,726) (5,090) (3,931)


F-Series TOTAL

2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 17 (2) 637 (1,112)


Proceeds from Sale of Units 88 1 1,278 1,373Reinvestments of Distributions 0 0 0 0Early Redemption Fees 0 0 0 0Amounts Paid on Redemptions 0 0 (451) (687)

88 1 827 686


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 105 (1) 1,464 (426)

Net Assets, End of the Period $ 108 $ 3 $ 3,256 $ 1,792†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 409 325Units Issued 11,779 84Units Issued on Reinvestments 0 0Units Redeemed 0 0

Units Outstanding, End of the Period 12,188 409

U.S. EQUITY FUNDS

�TD U.S. Equity Advantage Currency Neutral Por tfolio


161



107,006 TD U.S. Blue Chip Equity Fund,Institutional Series $ 1,423,158 $ 1,487,383

141,063 TD U.S. Large-Cap Value Fund,Institutional Series 1,229,010 1,197,621

18,857 TD U.S. Mid-Cap Growth Fund,Institutional Series 236,983 254,953

24,572 TD U.S. Small-Cap Equity Fund,Institutional Series 245,615 267,098

TOTAL INVESTMENT

PORTFOLIO – 98.5% 3,134,766 3,207,055

FORWARD CONTRACTS

(SCHEDULE 1) – 0.5% 0 16,489

OTHER NET ASSETS – 1.0% 32,340 32,340

TOTAL NET ASSETS – 100.0% $ 3,167,106 $ 3,255,884




Currency 2009 2008 2009 2008

United States Dollar $ (3,263) $ (1,760) $ (163) $ (88)

As Percentage ofNet Assets (%) (100.22) (98.21) (5.01) (4.91)





Forward Contracts $ 0 $ 18 $ 0 $ 18Underlying Mutual Funds 3,207 0 0 3,207

3,207 18 0 3,225


$ 3,207 $ 16 $ 0 $ 3,223




Less than3 months


$ 7

�TD U.S. Equity AdvantageCurrency Neutral Por tfolio



U.S. EQUITY FUNDS






January 06, 2010 3,265,822 CAD $ 3,265,822 3,113,539 USD $ 3,264,059 1.04390to 1.07033 $ (1,763)

February 03, 2010 3,112,629 USD 3,263,035 3,263,000 CAD 3,263,000 1.04831 (35)

$ 6,528,857 $ 6,527,059 $ (1,798)


�TD Global Dividend Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 444,492 $ 290,316Foreign Currencies 1,302 545Cash 6,865 764Dividends Receivable 963 705Subscriptions Receivable 2,067 555Unrealized Gain on Open ForeignExchange Forward Contracts 178 87

455,867 292,972


1,127 972

Net Assets (Note 3) $ 454,740 $ 292,000

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 78,213 $ 77,773Institutional Series $ 15,656 $ 16,573Advisor Series $ 152,365 $ 185,578F-Series $ 5,044 $ 6,748H-Series $ 1,325 $ 1,173S-Series $ 16 $ 184T-Series $ 1,612 $ 1,293O-Series $ 200,509 $ 2,678

$ 454,740 $ 292,000



Advisor Series 19,767,619 26,121,877

F-Series 656,026 951,650

H-Series 144,651 130,195

S-Series 1,800 20,678

T-Series 176,839 144,250

O-Series 17,187,000 253,183




F-Series $ 7.69 $ 7.09

H-Series $ 9.16 $ 9.01

S-Series $ 9.04 $ 8.91

T-Series $ 9.11 $ 8.97

O-Series $ 11.67 $ 10.58



2009 2008

Investment IncomeInterest $ 381 $ 1,029Dividends 12,218 16,707Foreign Exchange 3,417 105Securities Lending 203 284Less: Withholding Taxes (1,295) (1,983)

14,924 16,142

Expenses (Note 5)Management Fee 5,133 7,783Administration Fee 737 1,121Independent Review Committee Fees 2 2Bank Charges and Interest 4 14


5,871 8,906







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 7,471 $ (32,611)Institutional Series $ 1,870 $ (6,137)Advisor Series $ 13,548 $ (81,012)F-Series $ 529 $ (3,148)H-Series $ 123 $ (425)S-Series $ (27) $ (79)T-Series $ 134 $ (480)O-Series $ 20,035 $ 75

$ 43,683 $ (123,817)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.71 $ (2.80)Institutional Series $ 0.75 $ (2.48)Advisor Series $ 0.60 $ (2.80)F-Series $ 0.67 $ (2.69)H-Series $ 0.92 $ (4.31)S-Series $ 0.93 $ (3.78)T-Series $ 0.87 $ (3.80)O-Series $ 2.74 $ 0.75

GLOBAL EQUITY FUNDS



GLOBAL EQUITY FUNDS




2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 9,008 16,430 287 3,835 9,881 30,825Reinvestments of Distributions 1,429 1,910 440 567 2,954 4,626Early Redemption Fees 1 2 0 1 1 6Amounts Paid on Redemptions (16,024) (32,703) (2,987) (3,015) (56,510) (86,573)

(5,586) (14,361) (2,260) 1,388 (43,674) (51,116)

Distributions to UnitholdersFrom Net Investment Income (1,445) (1,928) (527) (640) (3,087) (4,816)From Net Realized Gains on Investments 0 0 0 0 0 0

(1,445) (1,928) (527) (640) (3,087) (4,816)

Increase (Decrease) in Net Assetsfor the Period 440 (48,900) (917) (5,389) (33,213) (136,944)

Net Assets, End of the Period $ 78,213 $ 77,773 $ 15,656 $ 16,573 $ 152,365 $ 185,578†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 10,952,290 12,609,513 2,565,424 2,403,036 26,121,877 32,085,587Units Issued 1,294,969 1,866,052 42,691 467,083 1,430,854 3,441,187Units Issued on Reinvestments 198,440 230,142 67,678 74,741 411,927 556,472Units Redeemed (2,300,217) (3,753,417) (442,939) (379,436) (8,197,039) (9,961,369)



2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 6,748 $ 15,210 $ 1,173 $ 539 $ 184 $ 269

Increase (Decrease) in Net Assetsfrom Investment Operations 529 (3,148) 123 (425) (27) (79)


Proceeds from Sale of Units 860 1,536 313 1,313 9 30Reinvestments of Distributions 162 315 24 23 1 1Early Redemption Fees 0 0 0 0 0 0Amounts Paid on Redemptions (3,072) (6,824) (211) (162) (148) (8)

(2,050) (4,973) 126 1,174 (138) 23

Distributions to UnitholdersFrom Net Investment Income (183) (341) (23) (20) 0 (8)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital 0 0 (74) (95) (3) (21)

(183) (341) (97) (115) (3) (29)

Increase (Decrease) in Net Assetsfor the Period (1,704) (8,462) 152 634 (168) (85)

Net Assets, End of the Period $ 5,044 $ 6,748 $ 1,325 $ 1,173 $ 16 $ 184†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 951,650 1,511,105 130,195 39,071 20,678 19,536Units Issued 121,812 181,384 36,249 105,493 1,161 2,002Units Issued on Reinvestments 22,904 37,396 2,743 2,126 119 98Units Redeemed (440,340) (778,235) (24,536) (16,495) (20,158) (958)

Units Outstanding, End of the Period 656,026 951,650 144,651 130,195 1,800 20,678





2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 134 (480) 20,035 75 43,683 (123,817)


Proceeds from Sale of Units 449 1,179 179,034 2,643 199,841 57,791Reinvestments of Distributions 34 42 2,693 0 7,737 7,484Early Redemption Fees 0 0 1 0 3 9Amounts Paid on Redemptions (187) (470) (595) (40) (79,734) (129,795)

296 751 181,133 2,603 127,847 (64,511)

Distributions to UnitholdersFrom Net Investment Income (25) (28) (3,337) (0) (8,627) (7,781)From Net Realized Gains on Investments 0 0 0 0 0 0From Return of Capital (86) (122) 0 0 (163) (238)

(111) (150) (3,337) (0) (8,790) (8,019)

Increase (Decrease) in Net Assetsfor the Period 319 121 197,831 2,678 162,740 (196,347)

Net Assets, End of the Period $ 1,612 $ 1,293 $ 200,509 $ 2,678 $ 454,740 $ 292,000†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 144,250 84,977 253,183 0Units Issued 51,426 101,106 16,752,066 257,195Units Issued on Reinvestments 4,034 3,831 239,284 36Units Redeemed (22,871) (45,664) (57,533) (4,048)

Units Outstanding, End of the Period 176,839 144,250 17,187,000 253,183

GLOBAL EQUITY FUNDS



165



135,200 TELUS Corporation $ 4,659,922 $ 4,602,208


313,300 ARC Energy Trust 5,395,227 6,247,202269,000 Canadian Oil Sands Trust 7,267,721 8,010,820

12,662,948 14,258,022



ENERGY – 2.1%

117,000 Chevron Corporation 9,622,473 9,439,679


134,900 Emerson Electric Company 6,276,536 6,024,595149,200 Norfolk Southern Corporation 6,646,574 8,192,95671,100 Northrop Grumman Corporation 3,336,259 4,159,203

16,259,369 18,376,754


455,800 Comcast Corporation, Class “A” 7,590,700 8,056,348


316,000 Altria Group Inc. 6,686,085 6,499,68651,800 The Coca-Cola Company 2,900,132 3,093,72999,900 Heinz (H.J.) Company 4,544,495 4,478,26275,300 PepsiCo Inc. 4,954,776 4,797,230171,200 Philip Morris International Inc. 8,919,220 8,638,253

28,004,708 27,507,160


222,800 Abbott Laboratories 11,930,312 12,601,230193,500 Johnson & Johnson 13,513,408 13,049,709

25,443,720 25,650,939

FINANCIALS – 2.5%


152,900 JPMorgan Chase & Co. 7,084,974 6,679,397

13,109,857 11,307,741


55,300 International Business MachinesCorporation 6,415,693 7,584,706

282,500 Microsoft Corporation 6,512,435 9,026,923

12,928,128 16,611,629


413,100 AT&T Inc. 13,670,999 12,139,047

UTILITIES – 2.4%

36,000 FPL Group Inc. 2,173,183 1,992,326336,700 Northeast Utilities 8,948,771 9,103,340

11,121,954 11,095,666



BRAZIL – 1.4%

430,000 Banco Santander Brasil SA, ADR 6,124,445 6,275,004

FINLAND – 0.8%

249,388 Nokia Oyj 6,020,402 3,383,303

FRANCE – 6.6%

145,400 Bouygues SA 8,043,285 7,902,17610,200 Lafarge SA 617,244 881,35930,800 Lafarge SA, Loyalty Dividend 5,371,763 2,661,359276,500 TOTAL SA 21,909,424 18,633,729

35,941,716 30,078,623

GERMANY – 11.0%

56,100 Allianz SE 10,997,100 7,336,63741,000 Bayer AG 2,697,768 3,456,60847,700 Deutsche Bank AG 3,979,404 3,550,343167,600 E.ON AG 11,119,700 7,350,818121,100 Fresenius SE, Pref. 7,433,459 9,082,873222,800 Gerresheimer AG 6,209,788 7,919,52137,700 Linde AG 3,462,457 4,748,199129,800 SAP AG 5,811,853 6,508,294

51,711,529 49,953,293

HONG KONG – 3.4%

724,000 Cheung Kong (Holdings) Limited 8,976,752 9,752,538331,000 China Mobile Limited 3,777,695 3,228,430456,000 Hang Lung Group Limited 1,762,498 2,363,996

14,516,945 15,344,964

ITALY – 1.3%

329,000 Prysmian SpA 7,333,879 6,025,436

JAPAN – 1.9%

15,200 Nintendo Co., Ltd. 5,855,369 3,807,484956 Osaka Securities Exchange Co., Ltd. 4,516,725 4,779,162

10,372,094 8,586,646


110,000 Koninklijke KPN NV 1,819,933 1,961,753318,974 Wolters Kluwer NV 10,008,322 7,319,229

11,828,255 9,280,982

NORWAY – 1.8%

306,600 StatoilHydro ASA 9,946,870 8,034,236

SINGAPORE – 3.0%

716,000 DBS Group Holdings Ltd. 10,387,110 8,165,1922,445,000 Singapore Telecommunications Limited 5,771,672 5,649,399

16,158,782 13,814,591

SPAIN – 0.8%

59,800 Red Electrica de Espana SA 2,921,286 3,501,232



$ $




GLOBAL EQUITY FUNDS



107,000 Credit Suisse Group 6,493,238 5,560,989206,100 Novartis AG 11,759,584 11,807,13262,700 Roche Holding AG 10,980,703 11,248,5522,600 Sika AG 3,312,327 4,241,082

184,200 Tyco International Ltd. 6,645,260 6,890,025

39,191,112 39,747,780


406,542 Diageo PLC 8,553,295 7,433,934885,966 HSBC Holdings PLC 11,539,431 10,593,853704,600 John Wood Group PLC 3,379,694 3,669,220

1,205,200 Man Group PLC 5,461,451 6,234,355807,400 National Grid PLC 10,901,802 9,236,842381,000 Prudential PLC 3,803,767 4,087,716210,757 Rio Tinto PLC 6,927,289 11,927,905249,607 Standard Chartered PLC 4,373,566 6,604,834

1,062,400 Tesco PLC 9,073,349 7,682,0127,187,900 Vodafone Group PLC 18,734,888 17,446,202634,500 WPP PLC 7,613,414 6,504,261

90,361,946 91,421,134



TOTAL INVESTMENT

PORTFOLIO – 97.8% 456,732,910 444,492,417


FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 177,732

OTHER NET ASSETS – 1.9% 8,785,981 8,767,678

TOTAL NET ASSETS – 100.0% $ 466,826,265 $ 454,739,969




Currency 2009 2008 2009 2008

Australian Dollar $ 3 $ 3 $ 0 $ 0British Pound 91,820 46,811 4,591 2,341Euro 99,244 82,500 4,962 4,125Hong Kong Dollar 16,356 4,339 818 217Japanese Yen 5,145 1,237 257 62Norwegian Krone 8,034 5,750 402 287Singapore Dollar 14,009 11,200 700 560Swiss Franc 32,880 20,477 1,644 1,024United States Dollar 153,795 105,449 7,690 5,272

Total $ 421,286 $ 277,766 $ 21,064 $ 13,888






Common Shares $ 172,210 $ 263,199 $ 0 $ 435,409Preferred Shares 0 9,083 0 9,083Forward Contracts 0 178 0 178

$ 172,210 $ 272,460 $ 0 $ 444,670




Less than3 months


$ $



GLOBAL EQUITY FUNDSTD Global Dividend Fund




January 29, 2010 312,500,000 JPY $ 3,519,534 3,636,385 CAD $ 3,636,385 85.93700 $ 116,851January 29, 2010 2,000,000 EUR 3,008,055 3,068,936 CAD 3,068,936 1.53447 60,881

$ 6,527,589 $ 6,705,321 $ 177,732


�TD Global Value Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 420,693 $ 667,295Foreign Currencies 13 233Cash 6,061 27,773Dividends Receivable 393 1,226Subscriptions Receivable 38 4Receivable for Investment Sales 6,981 771Unrealized Gain on Open ForeignExchange Forward Contracts 9 19

434,188 697,321

LiabilitiesAccrued Liabilities 438 663Redemptions Payable 161 284Payable for Investment Purchases 1,211 1,410Unrealized Loss on Open ForeignExchange Forward Contracts 51 1

1,861 2,358

Net Assets (Note 3) $ 432,327 $ 694,963


$ 432,327 $ 694,963




F-Series 9,910 5,175




F-Series $ 7.48 $ 7.23



2009 2008


11,659 17,734



6,489 8,747







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 178 $ (3,513)Institutional Series $ 19,878 $ (235,507)Advisor Series $ 33 $ (1,010)F-Series $ 7 $ (21)

$ 20,096 $ (240,051)


GLOBAL EQUITY FUNDS





2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 178 (3,513) 19,878 (235,507) 33 (1,010)


Proceeds from Sale of Units 1,131 4,783 50,230 158,643 163 411Reinvestments of Distributions 0 0 5,919 8,257 0 0Early Redemption Fees 0 0 0 0 0 0Amounts Paid on Redemptions (2,365) (3,202) (331,126) (4,872) (795) (1,496)

(1,234) 1,581 (274,977) 162,028 (632) (1,085)

Distributions to UnitholdersFrom Net Investment Income 0 0 (5,919) (8,257) 0 0From Net Realized Gains on Investments 0 0 0 0 0 0

0 0 (5,919) (8,257) 0 0

Increase (Decrease) in Net Assetsfor the Period (1,056) (1,932) (261,018) (81,736) (599) (2,095)

Net Assets, End of the Period $ 7,849 $ 8,905 $ 422,843 $ 683,861 $ 1,561 $ 2,160†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 1,236,134 1,070,645 100,065,580 80,024,584 300,549 420,827Units Issued 164,762 538,429 7,478,776 19,406,811 23,854 50,132Units Issued on Reinvestments 0 0 845,655 1,239,827 0 0Units Redeemed (345,075) (372,940) (48,396,393) (605,642) (113,875) (170,410)


F-Series TOTAL

2009 2008 2009 2008





31 (10) (276,812) 162,514


(1) (1) (5,920) (8,258)

Increase (Decrease) in Net Assetsfor the Period 37 (32) (262,636) (85,795)



GLOBAL EQUITY FUNDS



169


ENERGY – 1.3%

72,000 Canadian Natural Resources Limited $ 5,060,575 $ 5,430,872

MATERIALS – 2.2%

73,992 Agnico-Eagle Mines Limited 5,320,328 4,187,97883,400 Agrium Inc. 4,307,235 5,377,092

9,627,563 9,565,070


414,500 Viterra Inc. 4,128,189 4,082,825



ENERGY – 5.2%

112,700 Anadarko Petroleum Corporation 6,207,676 7,374,86341,800 Apache Corporation 4,309,315 4,521,01659,300 Devon Energy Corporation 4,229,649 4,569,28671,600 Transocean Ltd. 6,483,335 6,210,618

21,229,975 22,675,783

MATERIALS – 4.8%

454,200 Alcoa Inc. 5,421,047 7,675,708175,500 Carpenter Technology Corporation 4,427,342 4,958,40771,000 Kaiser Aluminum Corporation 2,786,901 3,091,19679,500 The Mosaic Company 4,787,829 4,978,127

17,423,119 20,703,438


25,000 AGCO Corporation 848,534 847,591


187,300 DIRECTV, Class “A” 5,637,640 6,546,508


105,000 The Procter & Gamble Company 6,468,943 6,670,65165,900 Wal-Mart Stores Inc. 3,714,096 3,691,279

10,183,039 10,361,930


105,000 Amgen Inc. 6,576,861 6,227,042197,600 Merck & Co., Inc. 6,683,561 7,561,120246,113 Mylan Inc. 3,136,894 4,755,17288,415 Thermo Fisher Scientific Inc. 4,276,169 4,415,745165,354 UnitedHealth Group Incorporated 5,361,294 5,281,940

26,034,779 28,241,019

FINANCIALS – 6.9%

333,600 Bank of America Corporation 4,259,500 5,266,92745,200 Everest Re Group Ltd. 4,259,889 4,059,983143,516 HCC Insurance Holdings Inc. 3,784,720 4,208,226181,780 JPMorgan Chase & Co. 7,876,644 7,941,013224,058 MetLife Inc. 7,702,719 8,303,404

27,883,472 29,779,553


415,800 Dell Inc. 7,151,738 6,250,862383,197 Intel Corporation 8,428,186 8,195,18165,658 International Business Machines

Corporation 7,204,518 9,005,364152,500 MEMC Electronic Materials Inc. 3,366,763 2,175,877165,900 Microsoft Corporation 4,666,027 5,301,120

30,817,232 30,928,404



BELGIUM – 1.3%

103,200 Anheuser-Busch InBev NV 4,488,591 5,605,329242,800 Fortis, Rights 0 0

4,488,591 5,605,329

BRAZIL – 1.2%

170,500 Vale SA, Sponsored ADR 4,124,377 5,185,354

CHINA – 1.4%

12,644,656 Shanghai Electric GroupCompany Limited 5,905,180 6,094,623

DENMARK – 1.1%

65,777 Danisco AS 4,438,127 4,604,871

FRANCE – 6.2%

117,409 BNP Paribas 10,294,980 9,771,03291,100 GDF SUEZ 4,251,551 4,140,801116,500 Publicis Groupe SA 3,924,400 4,970,06464,423 Schneider Electric SA 7,198,462 7,859,333

25,669,393 26,741,230

GERMANY – 7.2%

93,900 DaimlerChrysler AG 4,398,239 5,245,871107,432 Deutsche Bank AG 8,640,857 7,996,23589,392 MTU Aero Engines Holding AG 4,483,830 5,083,20041,714 Salzgitter AG 4,362,357 4,299,97048,908 Siemens AG 5,627,006 4,720,987175,881 Symrise AG 4,607,641 3,938,722

32,119,930 31,284,985

HONG KONG – 3.4%

606,955 Cheung Kong (Holdings) Limited 8,570,466 8,175,900210,000 Jardine Matheson Holdings Limited 5,890,932 6,614,009

14,461,398 14,789,909

ISRAEL – 3.1%

137,300 Check Point Software Technologies Ltd. 4,131,750 4,869,438141,629 Teva Pharmaceutical Industries Limited,

Sponsored ADR 6,439,552 8,341,425

10,571,302 13,210,863



$ $




GLOBAL EQUITY FUNDS


JAPAN – 13.5%

190,900 Advantest Corporation 4,475,787 5,215,828273,700 DENSO Corporation 6,510,306 8,674,01068,400 FANUC Ltd. 6,126,748 6,686,1221,148 Japan Tobacco Inc. 4,072,259 4,065,376

204,300 Makita Corporation 5,165,302 7,359,763127,300 Murata Manufacturing Co., Ltd. 6,150,156 6,663,226

1,079,000 NSK Ltd. 6,973,470 8,304,074394,000 Ricoh Company Ltd. 5,499,521 5,921,039183,500 Sumitomo Mitsui Financial Group Inc. 13,535,339 5,522,566

58,508,888 58,412,004


142,000 Unilever NV 4,199,706 4,849,129

NORWAY – 2.6%

48,638 Fred. Olsen Energy ASA 2,142,141 1,957,168347,094 StatoilHydro ASA 8,451,270 9,095,352

10,593,411 11,052,520

SINGAPORE – 0.8%

11,605,000 Raffles Education Corporation Limited 4,442,704 3,486,873


385,400 LG Display Co., Ltd., ADR 5,675,861 6,828,17639,000 POSCO, ADR 3,851,911 5,356,020

9,527,772 12,184,196


387,895 UBS AG 7,682,991 6,336,729


192,059 Anglo American PLC 5,829,186 8,814,638727,293 Barclays PLC 7,220,020 3,359,027314,000 Bovis Homes Group PLC 2,622,856 2,300,086740,446 Experian PLC 4,659,575 7,665,911457,400 Home Retail Group PLC 2,230,718 2,174,368539,024 HSBC Holdings PLC 6,587,315 6,445,327130,700 Lonmin PLC 3,728,721 4,305,264

1,145,800 Thomas Cook Group PLC 4,836,375 4,436,5061,639,767 Vodafone Group PLC 5,034,685 3,979,9811,341,800 William Hill PLC 4,471,895 4,210,442

47,221,346 47,691,550



TOTAL INVESTMENT

PORTFOLIO – 97.3% 402,408,076 420,693,158


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (41,503)

OTHER NET ASSETS – 2.7% 11,635,463 11,662,631

TOTAL NET ASSETS – 100.0% $ 414,056,340 $ 432,327,087

$ $ $ $




TD Global Value Fund




January 05, 2010 145,630,032 JPY $ 1,639,987 1,649,085 CAD $ 1,649,085 88.30960 $ 9,098


January 04, 2010 1,002,755 GBP $ 1,697,552 1,662,521 CAD $ 1,662,521 1.65795 $ (35,031)January 04, 2010 1,296,364 USD 1,359,038 1,352,863 CAD 1,352,863 1.04358 (6,175)January 05, 2010 162,624 GBP 275,303 274,979 CAD 274,979 1.69089 (324)January 05, 2010 4,405,641 NOK 799,334 790,263 CAD 790,263 5.57490 (9,071)

$ 4,131,227 $ 4,080,626 $ (50,601)


GLOBAL EQUITY FUNDS




Currency 2009 2008 2009 2008

Australian Dollar $ 0 $ 21,840 $ 0 $ 1,092British Pound 47,914 45,609 2,396 2,281Danish Krone 4,605 0 230 0Euro 63,235 102,265 3,162 5,113Hong Kong Dollar 14,271 33,215 714 1,661Japanese Yen 58,412 66,442 2,921 3,322Norwegian Krone 11,053 925 553 46Singapore Dollar 3,487 0 174 0Swiss Franc 6,337 32,723 317 1,636Thai Baht 0 3,775 0 189United States Dollar 207,683 354,805 10,384 17,740

Total $ 416,997 $ 661,599 $ 20,851 $ 33,080






Common Shares $ 204,989 $ 215,704 $ 0 $ 420,693Forward Contracts 0 9 0 9

204,989 215,713 0 420,702


$ 204,989 $ 215,662 $ 0 $ 420,651




Less than3 months


$ 1,861

GLOBAL EQUITY FUNDSTD Global Value Fund


�TD Global Select Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 575,726 $ 557,632Foreign Currencies 227 6,000Cash 417 0Interest Receivable 0 13Dividends Receivable 856 567Subscriptions Receivable 64 115Unrealized Gain on Open ForeignExchange Forward Contracts 252 0

577,542 564,327


1,188 733

Net Assets (Note 3) $ 576,354 $ 563,594


$ 576,354 $ 563,594



Advisor Series 2,569,056 2,999,905

F-Series 239,058 491,133




F-Series $ 8.13 $ 6.95



2009 2008

Investment IncomeInterest $ 26 $ 252Dividends 14,835 21,065Securities Lending 355 1,077Less: Withholding Taxes (2,035) (2,427)

13,181 19,967



7,068 9,627







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 18,772 $ (51,084)Institutional Series $ 63,412 $ (148,185)Advisor Series $ 2,580 $ (7,272)F-Series $ 378 $ (1,358)

$ 85,142 $ (207,899)


GLOBAL EQUITY FUNDS


�TD Global Select Fund

GLOBAL EQUITY FUNDS




2009 2008 2009 2008 2009 2008





(12,325) (25,219) (49,332) (206,291) (2,781) (3,321)

Distributions to UnitholdersFrom Net Investment Income (68) (153) (6,018) (10,261) (10) (19)From Net Realized Gains on Investments 0 0 0 0 0 0

(68) (153) (6,018) (10,261) (10) (19)

Increase (Decrease) in Net Assetsfor the Period 6,379 (76,456) 8,062 (364,737) (211) (10,612)

Net Assets, End of the Period $ 135,781 $ 129,402 $ 420,411 $ 412,349 $ 18,218 $ 18,429†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 11,824,582 13,703,352 34,611,236 47,215,654 2,999,905 3,444,357Units Issued 745,734 1,440,296 4,369,190 2,684,492 357,229 365,665Units Issued on Reinvestments 5,376 14,271 438,963 887,653 1,339 3,095Units Redeemed (1,827,230) (3,333,337) (8,885,225) (16,176,563) (789,417) (813,212)


F-Series TOTAL

2009 2008 2009 2008

Net Assets, Beginning of the Period $ 3,414 $ 5,263 $ 563,594 $ 1,017,248

Increase (Decrease) in Net Assetsfrom Investment Operations 378 (1,358) 85,142 (207,899)


Proceeds from Sale of Units 209 814 69,972 62,846Reinvestments of Distributions 1 66 6,097 10,497Early Redemption Fees 0 0 2 1Amounts Paid on Redemptions (2,057) (1,305) (142,356) (308,600)

(1,847) (425) (66,285) (235,256)


(1) (66) (6,097) (10,499)

Increase (Decrease) in Net Assetsfor the Period (1,470) (1,849) 12,760 (453,654)

Net Assets, End of the Period $ 1,944 $ 3,414 $ 576,354 $ 563,594†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 491,133 550,858Units Issued 29,722 96,760Units Issued on Reinvestments 184 9,745Units Redeemed (281,981) (166,230)




ENERGY – 0.9%

135,300 Suncor Energy Inc. $ 5,066,332 $ 5,020,983

MATERIALS – 0.7%

95,695 Barrick Gold Corporation 3,748,161 3,950,675



ENERGY – 2.8%

41,669 CONSOL Energy Inc. 1,684,247 2,175,448246,000 Denbury Resources Inc. 3,504,570 3,816,83392,086 Devon Energy Corporation 6,013,272 7,095,56993,966 Halliburton Company 2,348,524 2,962,173

13,550,613 16,050,023

MATERIALS – 0.5%

46,765 The Mosaic Company 2,769,044 2,928,328


67,700 ESCO Technologies Inc. 3,036,746 2,544,39351,167 L-3 Communications Holdings Inc. 4,177,542 4,664,07882,780 The Shaw Group Inc. 2,715,713 2,494,12781,566 Union Pacific Corporation 5,272,176 5,458,940

15,202,177 15,161,538


404,472 Interpublic Group of Companies Inc. 2,447,070 3,120,84848,548 ITT Educational Services Inc. 5,191,937 4,883,404

7,639,007 8,004,252


328,412 Altria Group Inc. 6,286,728 6,754,98477,108 The Coca-Cola Company 4,115,930 4,605,23774,227 The J.M. Smucker Company 3,999,259 4,805,130252,427 The Kroger Co. 5,851,911 5,432,89285,773 Wal-Mart Stores Inc. 4,651,162 4,804,432

24,904,990 26,402,675


300,834 Align Technology Inc. 3,514,516 5,613,75268,897 Beckman Coulter Inc. 4,703,893 4,726,611131,161 Eli Lilly and Company 4,922,365 4,904,71966,835 Genzyme Corporation 3,916,932 3,433,958241,364 Hologic Inc. 3,876,992 3,668,992117,457 Medtronic Inc. 4,516,066 5,411,829529,514 Pfizer Inc. 9,126,637 10,097,560

34,577,401 37,857,421

FINANCIALS – 4.3%

365,000 Bank of America Corporation 5,837,679 5,762,675105,583 BB&T Corporation 3,138,932 2,808,15331,067 The Goldman Sachs Group Inc. 5,573,858 5,490,49740,000 Greenhill & Co., Inc. 3,311,014 3,358,494110,000 KBW Inc. 3,268,460 3,151,65583,651 The Travelers Companies Inc. 4,014,190 4,371,622

25,144,133 24,943,096


100,678 Agilent Technologies Inc. 2,588,956 3,279,307460,930 Applied Materials Inc. 6,786,776 6,731,198265,000 Ariba Inc. 3,379,365 3,472,659259,859 Cisco Systems Inc. 6,309,756 6,521,811504,615 EMC Corporation 8,440,470 9,231,279133,118 FLIR Systems Inc. 3,090,940 4,566,215233,774 Microsoft Corporation 6,828,334 7,469,946

37,424,597 41,272,415


3,373,231 Sprint Nextel Corporation 14,417,909 12,942,956

UTILITIES – 1.6%

86,920 FPL Group Inc. 5,278,821 4,810,36189,491 Wisconsin Energy Corporation 4,172,506 4,674,945

9,451,327 9,485,306



AUSTRALIA – 4.8%

606,520 AMP Limited 3,541,826 3,845,445352,991 Newcrest Mining Limited 10,065,791 11,735,910336,245 QBE Insurance Group Ltd. 6,212,602 8,054,116316,447 Santos Limited 4,261,018 4,183,358

24,081,237 27,818,829

AUSTRIA – 0.4%

81,376 STRABAG SE 2,258,219 2,515,017

BERMUDA – 0.7%

103,715 Lazard Ltd., Class “A” 4,457,526 4,121,940

BRAZIL – 4.1%

239,400 Anhanguera EducacionalParticipacoes SA 3,092,628 3,455,369

186,808 Natura Cosmeticos SA 3,192,543 4,079,255130,550 Petroleo Brasileiro SA – Petrobras,

Sponsored ADR 4,968,577 5,789,267452,932 Tele Norte Leste Participacoes SA, ADR 7,771,448 10,142,396

19,025,196 23,466,287

CHILE – 0.7%

61,300 Banco Santander Chile, ADR 3,714,344 4,149,517

FRANCE – 4.7%

40,780 Alstom 3,104,651 2,992,36345,000 BNP Paribas 3,810,797 3,744,99837,953 L’Air Liquide SA 4,348,751 4,735,839123,208 Thales 5,729,381 6,643,998131,267 TOTAL SA 8,416,258 8,846,271

25,409,838 26,963,469

GERMANY – 5.2%

95,122 Bayer AG 6,692,319 8,019,50033,672 Deutsche Boerse AG 2,990,344 2,921,578209,000 Deutsche Post AG 4,088,435 4,258,551533,519 Deutsche Telekom AG 7,426,571 8,251,76467,484 Fresenius Medical Care AG & Co. KGaA 3,406,868 3,764,16049,304 K+S AG 2,967,856 2,951,856

27,572,393 30,167,409

$ $


or Units Description Cost Fair Value�TD Global Select Fund



GLOBAL EQUITY FUNDS


HONG KONG – 2.7%

330,000 China Mobile Limited 3,754,443 3,218,6763,255,000 Huabao International Holdings Limited 3,820,225 3,669,063275,200 Jardine Matheson Holdings Limited 9,024,043 8,667,502

16,598,711 15,555,241

INDONESIA – 0.4%

7,732,500 P.T. Bumi Resources Tbk 2,267,039 2,063,992

JAPAN – 7.4%

531 INPEX Corporation 4,681,586 4,210,8801,517 Japan Tobacco Inc. 4,767,731 5,372,104993 KDDI Corporation 5,743,251 5,516,310

61,500 Lawson Inc. 2,742,102 2,848,712152,000 Mitsubishi Corporation 4,025,971 3,970,86918,300 Nintendo Co., Ltd. 4,826,630 4,584,010671,000 Nomura Holdings Inc. 4,937,924 5,233,52468,200 SECOM Co., Ltd. 3,725,166 3,397,41976,700 Takeda Pharmaceutical

Company Limited 3,285,503 3,314,353727,000 Toshiba Corporation 3,663,287 4,230,914

42,399,151 42,679,095

LUXEMBOURG – 1.8%

136,474 Millicom International Cellular SA 11,149,467 10,543,014

MALAYSIA – 1.4%

2,944,700 AMMB Holdings Berhad 3,720,815 4,491,7441,392,200 Bursa Malaysia Berhad 3,386,000 3,387,816

7,106,815 7,879,560


265,465 Koninklijke Ahold NV 3,251,744 3,690,177

NORWAY – 0.9%


RUSSIA – 0.5%

124,072 JSFC Sistema, Sponsored GDR 2,094,851 2,731,489

SINGAPORE – 0.8%

413,000 DBS Group Holdings Ltd. 4,039,217 4,709,810

SOUTH AFRICA – 1.4%

314,529 Gold Fields Limited 4,187,235 4,339,606218,819 MTN Group Limited 3,891,695 3,659,249

8,078,930 7,998,855


550,620 LG TeleCom Ltd. 4,108,905 4,206,663

SPAIN – 0.7%

27,189 Acciona SA 3,713,293 3,728,745


85,559 Actelion Ltd. 5,164,542 4,793,93246,184 Lonza Group AG 4,782,973 3,413,725147,902 Nestle SA 6,383,873 7,530,384135,698 Novartis AG 6,675,185 7,773,91769,226 Roche Holding AG 10,865,200 12,419,33522,513 Syngenta AG 5,624,330 6,669,76631,948 Zurich Financial Services 7,039,455 7,327,254

46,535,558 49,928,313

TAIWAN – 0.6%

75,556 HTC Corporation, GDR 3,439,311 3,480,742

THAILAND – 1.6%

1,673,900 Advanced Info ServicePublic Company Limited 5,092,737 4,552,919

1,187,900 Bangkok Bank Public Company Limited 4,351,677 4,359,614

9,444,414 8,912,533


90,890 Anglo American PLC 3,308,776 4,171,439853,915 BAE Systems PLC 4,853,473 5,180,046562,145 BP PLC 5,204,968 5,689,418247,712 British American Tobacco PLC 8,186,537 8,428,581

3,190,756 Cable & Wireless PLC 8,365,143 7,608,111383,867 GlaxoSmithKline PLC 8,012,172 8,532,015127,663 Independent Insurance Group PLC 748,861 0470,859 Smith & Nephew PLC 3,993,347 5,076,546223,488 Standard Chartered PLC 5,790,965 5,913,701287,826 Subsea 7 Inc. 3,770,843 5,007,615241,584 Unilever PLC 6,231,021 8,116,768

3,731,122 Vodafone Group PLC 10,281,188 9,056,040224,135 Willis Group Holdings PLC 6,144,725 6,193,860

74,892,019 78,974,140



TOTAL INVESTMENT

PORTFOLIO – 99.9% 544,102,870 575,726,435


FORWARD CONTRACTS

(SCHEDULE 1) – 0.1% 0 251,853

OTHER NET ASSETS – 0.0% 167,799 148,467

TOTAL NET ASSETS – 100.0% $ 544,498,921 $ 576,353,682

$ $




$ $

GLOBAL EQUITY FUNDSTD Global Select Fund




February 12, 2010 9,021,000 GBP $ 15,267,599 14,693,405 USD $ 15,403,454 1.62880 $ 135,855February 12, 2010 3,007,000 GBP 5,089,200 462,137,410 JPY 5,205,198 153.68720 115,998

$ 20,356,799 $ 20,608,652 $ 251,853





Currency 2009 2008 2009 2008

Australian Dollar $ 27,819 $ 332 $ 1,391 $ 17Brazilian Real 7,535 0 377 0British Pound 47,852 35,198 2,393 1,760Euro 67,079 110,317 3,354 5,516Hong Kong Dollar 6,888 6,899 344 345Indian Rupee 0 11,669 0 583Indonesian Rupiah 2,064 0 103 0Japanese Yen 47,884 80,653 2,394 4,033Malaysian Ringgit 7,880 0 394 0Mexican Nuevo Peso 0 9,607 0 480New Taiwan Dollar 175 4,686 9 234Norwegian Krone 10,430 3,236 522 162Singapore Dollar 4,710 0 236 0South African Rand 7,999 0 400 0South Korean Won 4,207 0 210 0Swedish Krona 0 46,155 0 2,308Swiss Franc 49,928 25,549 2,496 1,277Thai Baht 8,913 0 446 0United States Dollar 270,680 223,683 13,534 11,184

Total $ 572,043 $ 557,984 $ 28,603 $ 27,899







$ 255,975 $ 320,003 $ 0 $ 575,978




Less than3 months


GLOBAL EQUITY FUNDSTD Global Select Fund


�TD Global Multi-Cap Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 391,996 $ 225,810Short-Term Investments 14,991 2,839Foreign Currencies 1,187 6,317Dividends Receivable 234 280Subscriptions Receivable 1,943 496Receivable for Investment Sales 266 15Unrealized Gain on Open ForeignExchange Forward Contracts 9 0

410,626 235,757


5,197 596

Net Assets (Note 3) $ 405,429 $ 235,161

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 13,171 $ 11,177Institutional Series $ 202,193 $ 202,909Advisor Series $ 7,900 $ 8,530F-Series $ 1,755 $ 1,619O-Series $ 180,410 $ 10,926

$ 405,429 $ 235,161



Advisor Series 1,034,829 1,332,728

F-Series 228,348 254,688

O-Series 22,993,412 1,695,780




F-Series $ 7.69 $ 6.36

O-Series $ 7.85 $ 6.44



2009 2008


5,324 8,188



2,900 3,101







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 2,112 $ (7,977)Institutional Series $ 40,058 $ (135,569)Advisor Series $ 1,384 $ (6,571)F-Series $ 326 $ (1,150)O-Series $ 19,140 $ (3,294)

$ 63,020 $ (154,561)


GLOBAL EQUITY FUNDS





2009 2008 2009 2008 2009 2008





(118) 4,899 (39,391) 200,395 (2,014) 2,267

Distributions to UnitholdersFrom Net Investment Income 0 (80) (1,383) (4,604) 0 (54)From Net Realized Gains on Investments 0 0 0 0 0 0

0 (80) (1,383) (4,604) 0 (54)

Increase (Decrease) in Net Assetsfor the Period 1,994 (3,158) (716) 60,222 (630) (4,358)

Net Assets, End of the Period $ 13,171 $ 11,177 $ 202,193 $ 202,909 $ 7,900 $ 8,530†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 1,748,810 1,285,908 34,400,248 13,907,085 1,332,728 1,154,732Units Issued 424,800 836,272 3,301,140 19,964,620 150,422 519,589Units Issued on Reinvestments 0 12,784 197,013 795,177 0 7,738Units Redeemed (445,879) (386,154) (9,352,356) (266,634) (448,321) (349,331)



2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 326 (1,150) 19,140 (3,294) 63,020 (154,561)


Proceeds from Sale of Units 632 735 152,250 14,771 179,306 227,604Reinvestments of Distributions 0 40 785 179 2,168 4,952Early Redemption Fees 0 0 0 0 0 2Amounts Paid on Redemptions (822) (738) (1,906) (551) (72,058) (10,561)

(190) 37 151,129 14,399 109,416 221,997

Distributions to UnitholdersFrom Net Investment Income 0 (40) (785) (179) (2,168) (4,957)From Net Realized Gains on Investments 0 0 0 0 0 0

0 (40) (785) (179) (2,168) (4,957)

Increase (Decrease) in Net Assetsfor the Period 136 (1,153) 169,484 10,926 170,268 62,479

Net Assets, End of the Period $ 1,755 $ 1,619 $ 180,410 $ 10,926 $ 405,429 $ 235,161†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 254,688 249,806 1,695,780 0Units Issued 94,106 82,311 21,467,891 1,745,847Units Issued on Reinvestments 0 6,377 100,928 28,321Units Redeemed (120,446) (83,806) (271,187) (78,388)


GLOBAL EQUITY FUNDS



179


ENERGY – 4.2%

71,600 Cameron International Corporation $ 2,915,547 $ 3,137,58644,400 EOG Resources Inc. 3,562,058 4,528,99890,300 Murphy Oil Corporation 6,039,954 5,130,89762,200 Schlumberger Limited 4,453,212 4,244,348

16,970,771 17,041,829

MATERIALS – 1.0%

48,900 Praxair Inc. 3,720,037 4,117,037


57,800 Amazon.com Inc. 4,480,689 8,151,190102,500 Bed Bath & Beyond Inc. 3,488,474 4,147,797281,500 Lowe’s Companies Inc. 6,538,661 6,899,68490,500 NIKE Inc., Class “B” 5,420,176 6,267,487168,500 Yum! Brands Inc. 6,190,064 6,175,578

26,118,064 31,641,736


214,800 Wal-Mart Stores Inc. 12,140,182 12,031,666


68,400 Celgene Corporation 3,576,482 3,991,93633,800 Edwards Lifesciences Corporation 2,875,230 3,073,565165,400 Gilead Sciences Inc. 8,377,489 7,502,892127,300 WellPoint Inc. 6,236,814 7,767,078

21,066,015 22,335,471


638,035 Bank of America, Pref. Series “S” 10,150,072 9,973,060212,600 The Charles Schwab Corporation 3,991,526 4,194,587488,300 Fifth Third Bancorp 5,234,640 4,991,11646,900 The Goldman Sachs Group Inc. 7,902,718 8,288,677122,100 Janus Capital Group Inc. 1,885,806 1,721,648372,900 JPMorgan Chase & Co. 13,290,594 16,290,041176,700 KeyCorp 1,199,828 1,028,101

43,655,184 46,487,230


59,300 Apple Inc. 8,184,453 13,098,620120,900 Autodesk Inc. 3,115,589 3,219,33619,800 Google Inc., Class “A” 10,090,370 12,869,129395,100 Juniper Networks Inc. 10,413,886 11,046,79629,600 MasterCard Incorporated 5,899,669 7,925,358126,900 Microsoft Corporation 2,998,008 4,054,926150,600 QUALCOMM Incorporated 6,967,672 7,303,599104,000 Red Hat Inc. 2,301,193 3,368,978

49,970,840 62,886,742



BRAZIL – 4.8%

338,400 BM&F Bovespa SA 2,676,691 2,493,019165,400 Petroleo Brasileiro SA – Petrobras,

Sponsored ADR 5,762,918 7,334,697133,900 TAM SA, Sponsored ADR 2,635,569 3,119,112244,500 Vale SA, Pref. Series “A”,

Sponsored ADR 5,026,674 6,359,338

16,101,852 19,306,166

CHINA – 2.5%

9,900 Baidu Inc., Sponsored ADR 4,232,557 4,267,3966,599,000 China Construction Bank 4,911,785 5,908,540

9,144,342 10,175,936

FRANCE – 3.4%

75,686 Danone SA 4,835,620 4,868,064101,241 Pernod Ricard SA 8,438,754 9,083,200

13,274,374 13,951,264

GERMANY – 2.8%

36,622 Deutsche Boerse AG 3,080,106 3,177,537185,197 E.ON AG 8,479,302 8,122,610

11,559,408 11,300,147

HONG KONG – 0.3%

7,529,000 Hutchison TelecommunicationsHong Kong Holdings Limited 1,277,854 1,343,659

INDIA – 3.9%

218,099 Bajaj Finserv Limited 2,885,889 1,695,33748,349 Container Corporation of India Ltd. 960,593 1,422,780

3,433,240 GMR Infrastructure Limited 3,959,676 5,151,15951,977 Kotak Mahindra Bank Limited 930,850 938,798187,667 Reliance Industries Limited 4,522,827 4,597,01177,359 United Spirits Limited 1,722,237 2,183,614

14,982,072 15,988,699

IRELAND – 2.7%

208,600 Accenture PLC 8,810,625 9,075,461253,862 Elan Corporation PLC, ADR 2,465,187 1,735,208

11,275,812 10,810,669

ISRAEL – 1.7%


ITALY – 3.8%

3,284,165 Intesa Sanpaolo SpA 13,434,838 15,506,252

JAPAN – 1.0%

200,200 AEON Mall Co., Ltd. 4,682,864 4,067,914

MEXICO – 4.2%

271,600 America Movil SAB de CV 12,271,058 13,356,772976,600 Grupo Financiero Banorte SAB de CV,

Series “O” 2,827,459 3,699,907

15,098,517 17,056,679



$ $




GLOBAL EQUITY FUNDS


RUSSIA – 1.7%

259,276 OAO Gazprom, Sponsored ADR 5,929,015 6,863,832

SPAIN – 1.5%

1,232,667 Iberdrola Renovables SA 7,033,136 6,158,884


51,855 Roche Holding AG 8,571,340 9,302,930


150,627 Rio Tinto PLC 8,431,812 8,524,8161,777,894 Rolls-Royce Group PLC 13,204,828 14,511,55796,480,840 Rolls-Royce Group PLC,

Class “C”, Entitlement Shares 0 163,336246,930 Standard Chartered PLC 6,503,484 6,533,998588,300 Tesco PLC 3,645,577 4,253,885

2,099,686 Vodafone Group PLC 4,854,982 5,096,279765,482 WPP PLC 5,397,551 7,846,958

42,038,234 46,930,829



TOTAL INVESTMENT

PORTFOLIO – 96.7% 354,165,412 391,996,191



FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 9,101


TOTAL NET ASSETS – 100.0% $ 367,603,545 $ 405,429,117

$ $



TD Global Multi-Cap Fund




January 04, 2010 166,406 USD $ 174,451 116,173 EUR $ 174,736 1.43240 $ 285January 05, 2010 480,896 USD 504,144 302,678 GBP 512,397 1.58880

to 1.58880 8,253January 05, 2010 100,230 USD 105,075 103,998 CHF 105,470 1.03759 395January 05, 2010 98,558 USD 103,323 68,806 EUR 103,491 1.43240 168

$ 886,993 $ 896,094 $ 9,101


GLOBAL EQUITY FUNDS




Currency 2009 2008 2009 2008

Brazilian Real $ 2,495 $ 3,883 $ 125 $ 194British Pound 47,018 20,668 2,351 1,033Egyptian Pound 0 1,870 0 94Euro 46,739 35,592 2,337 1,780Hong Kong Dollar 7,252 6,687 363 334Indian Rupee 16,041 10,755 802 538Japanese Yen 4,068 11,547 203 577Mexican Nuevo Peso 3,700 1,611 185 81New Russian Ruble 0 7 0 0Swiss Franc 9,303 15,360 465 768United States Dollar 267,404 127,018 13,370 6,351

Total $ 404,020 $ 234,998 $ 20,201 $ 11,750






Common Shares $ 244,700 $ 137,323 $ 0 $ 382,023Preferred Shares 9,973 0 0 9,973Bonds and Short-TermInvestments 0 14,991 0 14,991


$ 254,673 $ 152,323 $ 0 $ 406,996




Less than3 months


TD Global Multi-Cap Fund


GLOBAL EQUITY FUNDS

�TD Global Sustainability Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 10,952 $ 7,593Foreign Currencies 11 137Cash 171 61Dividends Receivable 13 14Subscriptions Receivable 12 4

11,159 7,809


28 17

Net Assets (Note 3) $ 11,131 $ 7,792

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 7,525 $ 5,152Institutional Series $ 46 N/AAdvisor Series $ 3,421 $ 2,523F-Series $ 139 $ 117

$ 11,131 $ 7,792

Number of Units OutstandingInvestor Series 1,006,282 762,378

Institutional Series 3,550 N/A


F-Series 18,377 17,213


Institutional Series $ 12.97 N/A


F-Series $ 7.57 $ 6.81



2009 2008


229 277



223 237

Net Investment Income (Loss) 6 40

Net Realized Gain (Loss) onSale of Investments (570) (1,502)





†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 740 $ (2,628)Institutional Series $ 0 N/AAdvisor Series $ 353 $ (1,023)F-Series $ 17 $ (91)

$ 1,110 $ (3,742)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.82 $ (3.03)Institutional Series $ 1.40 N/AAdvisor Series $ 0.82 $ (3.96)F-Series $ 0.88 $ (4.84)

GLOBAL EQUITY FUNDS


�TD Global Sustainability Fund

GLOBAL EQUITY FUNDS




2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 5,152 $ 7,868 $ 0 N/A $ 2,523 $ 727

Increase (Decrease) in Net Assetsfrom Investment Operations 740 (2,628) 0 N/A 353 (1,023)


Proceeds from Sale of Units 2,647 5,825 48 N/A 1,075 3,074Reinvestments of Distributions 0 4 0 N/A 0 3Early Redemption Fees 0 0 0 N/A 0 0Amounts Paid on Redemptions (1,014) (5,913) (2) N/A (530) (255)

1,633 (84) 46 N/A 545 2,822

Distributions to UnitholdersFrom Net Investment Income 0 (4) 0 N/A 0 (3)From Net Realized Gains on Investments 0 0 0 N/A 0 0

0 (4) 0 N/A 0 (3)

Increase (Decrease) in Net Assetsfor the Period 2,373 (2,716) 46 N/A 898 1,796

Net Assets, End of the Period $ 7,525 $ 5,152 $ 46 N/A $ 3,421 $ 2,523†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 762,378 779,425 0 N/A 372,029 72,010Units Issued 392,455 641,773 3,697 N/A 160,159 334,748Units Issued on Reinvestments 0 595 1 N/A 0 421Units Redeemed (148,551) (659,415) (148) N/A (76,241) (35,150)

Units Outstanding, End of the Period 1,006,282 762,378 3,550 N/A 455,947 372,029

F-Series TOTAL

2009 2008 2009 2008





6 158 2,230 2,896

Distributions to UnitholdersFrom Net Investment Income (1) (2) (1) (9)From Net Realized Gains on Investments 0 0 0 0

(1) (2) (1) (9)

Increase (Decrease) in Net Assetsfor the Period 22 65 3,339 (855)





MATERIALS – 0.7%

4,300 Kinross Gold Corporation $ 98,968 $ 83,119

FINANCIALS – 1.7%

3,300 Royal Bank of Canada 104,749 185,988


8,800 5N Plus Inc. 49,094 52,184

UTILITIES – 3.0%

153,700 BioteQ Environmental Technologies Inc. 210,470 181,36612,500 Boralex Inc., Class “A” 108,770 121,2509,400 Plutonic Power Corporation 38,825 29,986

358,065 332,602

Total Canadian Equities 610,876 653,893


ENERGY – 2.5%

4,100 Schlumberger Limited 218,114 279,772

MATERIALS – 1.7%

2,300 Praxair Inc. 190,193 193,644


2,700 3M Company 224,224 233,7755,300 A123 Systems Inc. 103,512 124,460300 First Solar Inc. 56,347 42,584

2,470 Flowserve Corporation 200,601 244,778

584,684 645,597


9,300 LKQ Corporation 165,051 190,9963,225 NIKE Inc., Class “B” 196,884 223,3444,725 Staples Inc. 110,760 121,756

472,695 536,096


3,300 The Procter & Gamble Company 220,810 209,649


2,870 Abbott Laboratories 155,520 162,3232,650 Quest Diagnostics Incorporated 144,209 167,716

299,729 330,039


9,500 Cisco Systems Inc. 258,063 238,4269,870 Intel Corporation 225,528 211,0832,040 International Business Machines

Corporation 238,034 279,797

721,625 729,306

UTILITIES – 1.7%

800 FPL Group Inc. 47,299 44,2743,700 Northeast Utilities 98,660 100,0371,205 Ormat Technologies Inc. 55,314 47,726

201,273 192,037



BELGIUM – 0.8%

49,400 Hansen TransmissionsInternational NV 96,449 91,180

BRAZIL – 1.6%

12,500 Banco Santander Brasil SA, ADR 175,014 182,413

CHINA – 2.1%

6,200 Duoyuan Global Water Inc., ADR 201,387 231,977

DENMARK – 2.4%

4,100 Vestas Wind Systems AS 302,198 261,921

FINLAND – 0.4%

3,575 Nokia Oyj 95,521 48,500

FRANCE – 4.8%

2,874 BNP Paribas 250,215 239,1811,430 Saft Groupe SA 77,961 72,6143,450 Sechilienne-Sidec SA 239,202 146,7192,150 Veolia Environnement 173,349 74,359

740,727 532,873

GERMANY – 6.7%

2,500 Allianz SE 332,316 326,9451,700 Deutsche Bank AG 142,755 126,5321,200 Deutsche Boerse AG 104,950 104,1194,285 E.ON AG 270,101 187,937

850,122 745,533

HONG KONG – 0.7%

7,500 China Mobile Limited 84,219 73,152

ITALY – 3.5%

75,200 Landi Renzo SpA 378,069 384,910

JAPAN – 3.4%

4,000 Asahi Holdings Inc. 114,717 64,1435,500 Daiseki Co., Ltd. 135,157 116,3361,200 East Japan Railway Company 93,427 79,6432,800 Toyota Motor Corporation 149,644 123,812

492,945 383,934


3,350 Koninklijke Philips Electronics NV 137,081 103,898

NORWAY – 1.9%

8,100 StatoilHydro ASA 276,185 212,255

SPAIN – 6.2%

9,430 Banco Santander SA 178,771 163,49810,050 Gamesa Corporacion Tecnologica SA 259,593 177,64910,729 Iberdrola SA 158,811 107,8743,120 Red Electrica de Espana SA 164,926 182,6731,900 Telefonica SA 53,874 55,797

815,975 687,491

$ $


or Units Description Cost Fair Value�TD Global Sustainability Fund



GLOBAL EQUITY FUNDS



5,772 Credit Suisse Group 308,257 299,9822,700 Nestle SA 126,221 137,4704,000 Novartis AG 208,328 229,153960 Roche Holding AG 173,708 172,227

816,514 838,832


12,600 BG Group PLC 243,822 238,4597,900 BHP Billiton PLC 242,084 263,97310,419 Diageo PLC 215,689 190,51928,401 HSBC Holdings PLC 340,664 339,6026,170 Johnson Matthey PLC 209,437 159,52928,800 Man Group PLC 109,537 148,97914,300 National Grid PLC 214,098 163,5957,862 Rio Tinto PLC 255,217 444,95410,215 Rotork PLC 186,274 204,58315,850 Tesco PLC 131,122 114,60855,400 Vodafone Group PLC 191,912 134,465

2,339,856 2,403,266



TOTAL INVESTMENT

PORTFOLIO – 98.4% 11,301,685 10,952,168


OTHER NET ASSETS – 1.5% 168,080 167,817

TOTAL NET ASSETS – 100.0% $ 11,481,422 $ 11,131,349




Currency 2009 2008 2009 2008

British Pound $ 2,502 $ 1,398 $ 125 $ 70Danish Krone 262 386 13 19Euro 2,506 1,727 125 86Hong Kong Dollar 76 0 4 0Japanese Yen 384 497 19 25Norwegian Krone 212 212 11 11Swiss Franc 840 740 42 37United States Dollar 3,540 2,459 177 123

Total $ 10,322 $ 7,419 $ 516 $ 371






Common Shares $ 4,184 $ 6,768 $ 0 $ 10,952




Less than3 months


$ $



GLOBAL EQUITY FUNDSTD Global Sustainability Fund


�TD International Equity Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 539,487 $ 663,796Foreign Currencies 5,146 9,463Cash 6,307 6,535Dividends Receivable 635 1,041Subscriptions Receivable 33 64Receivable for Investment Sales 2,140 3,798Futures Margin Receivable (Note 3) 836 1,413Unrealized Gain on Open ForeignExchange Forward Contracts 2,340 1,513

556,924 687,623

LiabilitiesAccrued Liabilities 528 587Redemptions Payable 167 78Payable for Investment Purchases 963 3,114Unrealized Loss on Open ForeignExchange Forward Contracts 699 43

2,357 3,822

Net Assets (Note 3) $ 554,567 $ 683,801


$ 554,567 $ 683,801




F-Series 4,930 11,055




F-Series $ 6.81 $ 6.07



2009 2008

Investment IncomeInterest $ 78 $ 589Dividends 23,748 33,181Foreign Exchange (5,343) (29,056)Derivatives Income (Loss) 3,566 (2,150)Securities Lending 927 1,059Less: Withholding Taxes (2,809) (3,818)

20,167 (195)



6,613 8,474








$ 75,275 $ (366,192)


GLOBAL EQUITY FUNDS


�TD International Equity Fund

GLOBAL EQUITY FUNDS




2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 7,574 16,871 12,443 297,241 516 725Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 0 0 0 2 0 0Amounts Paid on Redemptions (14,911) (27,720) (209,428) (5,097) (666) (1,711)

(7,337) (10,849) (196,985) 292,146 (150) (986)


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 1,631 (70,225) (130,958) (12,541) 126 (3,071)

Net Assets, End of the Period $ 88,900 $ 87,269 $ 462,619 $ 593,577 $ 3,014 $ 2,888†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 7,157,156 7,761,875 68,864,956 43,204,655 441,933 547,758Units Issued 635,791 997,332 1,393,608 26,091,651 78,408 81,492Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (1,211,216) (1,602,051) (22,551,070) (431,350) (103,992) (187,317)


F-Series TOTAL

2009 2008 2009 2008





(37) (18) (204,509) 280,293


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period (33) (62) (129,234) (85,899)





ENERGY – 2.3%

224,196 Nexen Inc. $ 4,100,683 $ 5,636,287145,732 Suncor Energy Inc. 4,980,162 5,408,11575,600 Talisman Energy Inc. 1,408,723 1,477,980

10,489,568 12,522,382

FINANCIALS – 0.8%

34,000 Canadian Imperial Bank of Commerce 2,305,781 2,310,30039,900 National Bank of Canada 2,284,136 2,400,384

4,589,917 4,710,684



AUSTRALIA – 5.5%

287,700 Australia and New ZealandBanking Group Ltd. 3,433,508 6,153,908

115,500 BHP Billiton Limited 4,413,282 4,639,201258,900 Lend Lease Corporation Limited 2,457,306 2,508,52558,983 Macquarie Group Limited 1,526,618 2,652,648

1,160,551 Macquarie Infrastructure Group 3,192,595 1,450,873303,899 National Australia Bank Limited 7,288,966 7,784,521

1,613,783 Qantas Airways Limited 5,220,454 4,519,47098,200 Tabcorp Holdings Limited 630,888 639,510

28,163,617 30,348,656

BELGIUM – 0.0%

291,100 Fortis, Rights 0 0

BRAZIL – 0.6%

80,600 Banco do Brasil SA 1,332,243 1,429,93462,775 Usinas Siderurgicas de Minas Gerais SA,

Pref. Series “A” 1,805,351 1,849,495

3,137,594 3,279,429

CHINA – 0.0%

268,000 China Telecom Corporation Limited 156,839 116,171

DENMARK – 1.3%

35,450 Carlsberg AS, Class “B” 2,828,524 2,738,242196,500 Danske Bank AS 5,353,263 4,628,697

8,181,787 7,366,939

FINLAND – 1.7%

711,864 Nokia Oyj 12,722,759 9,657,449

FRANCE – 13.5%

113,700 BNP Paribas 12,157,914 9,462,3613,200 Bouygues SA 175,847 173,91322,500 Casino Guichard-Perrachon SA 1,889,161 2,103,31296,700 Compagnie de Saint-Gobain 5,643,103 5,503,815305,520 Credit Agricole SA 8,418,426 5,625,751102,800 Electricite de France SA 5,723,192 6,410,476305,692 France Telecom SA 8,795,338 8,014,70331,600 Klepierre 1,410,827 1,343,299115,200 Lagardere SCA 9,366,452 4,893,504141,516 Sanofi-Aventis 12,264,651 11,677,016102,900 Societe Generale 9,692,511 7,501,39824,200 Unibail-Rodamco 5,538,646 5,577,92810,033 Vallourec SA 2,724,288 1,904,501155,630 Vivendi 4,764,937 4,846,413

88,565,293 75,038,390

GERMANY – 13.0%

85,553 Allianz SE 12,843,201 11,188,43771,600 BASF SE 4,881,789 4,679,447117,600 Bayer AG 8,076,120 9,914,564107,200 Bayerische Motoren Werke AG 5,623,114 5,152,391105,900 Deutsche Bank AG 10,437,311 7,882,207307,890 Deutsche Post AG 4,373,933 6,273,518366,500 Deutsche Telekom AG 6,451,887 5,668,536204,931 E.ON AG 10,714,532 8,988,12960,500 METRO AG 3,440,643 3,906,82533,337 Muenchener Rueckversicherungs-

Gesellschaft AG 6,047,742 5,458,17528,810 RWE AG 3,041,434 2,945,057

75,931,706 72,057,286

HONG KONG – 0.4%

277,800 Esprit Holdings Limited 2,002,089 1,932,063

ISRAEL – 1.1%

1,213,500 “Bezeq” The IsraelTelecommunication Corp. Limited 2,324,810 3,206,881

191,000 Israel Chemicals Ltd. 2,408,719 2,643,015

4,733,529 5,849,896

ITALY – 5.1%

543,800 Enel SpA 3,204,299 3,303,232331,600 Eni SpA 11,997,134 8,860,107

3,288,000 Telecom Italia SpA 7,030,866 5,381,5663,002,300 Telecom Italia SpA, di Risp Non Conv. 4,242,234 3,498,7541,983,600 UniCredit SpA 7,359,890 6,959,151

33,834,423 28,002,810

JAPAN – 14.1%

170,700 AEON Co., Ltd. 1,679,745 1,453,12259,500 East Japan Railway Company 4,176,331 3,948,947158,400 Elpida Memory Inc. 2,382,103 2,707,583222,000 ITOCHU Corporation 1,717,797 1,719,88945,000 JFE Holdings Inc. 1,772,147 1,865,604

851 KDDI Corporation 5,046,615 4,727,472255,700 Mitsubishi Corporation 6,652,260 6,679,943201,000 Mitsubishi Materials Corporation 524,088 515,593128,000 Mitsui & Co., Ltd. 2,425,243 1,904,436333,000 Mitsui Fudosan Co., Ltd. 5,591,546 5,905,20772,400 Murata Manufacturing Co., Ltd. 3,837,520 3,789,612200,100 NAMCO BANDAI Holdings Inc. 2,475,369 2,004,840155,100 Nippon Telegraph and

Telephone Corporation 7,077,187 6,425,924888,200 Nissan Motor Co., Ltd. 9,264,676 8,186,33779,280 ORIX Corporation 5,652,046 5,661,132409,000 Sharp Corporation 6,848,750 5,417,025160,600 Sumitomo Mitsui Financial Group Inc. 13,701,925 4,833,37474,000 Sumitomo Realty &

Development Co., Ltd. 1,472,630 1,465,10692,900 Tokyo Electric Power Co., Inc. 2,580,588 2,445,430

1,077,000 Toshiba Corporation 8,553,541 6,267,805

93,432,107 77,924,381

$ $


or Units Description Cost Fair Value�TD International Equity Fund



GLOBAL EQUITY FUNDS


KAZAKHSTAN – 0.3%

73,750 KazMunaiGas ExplorationProduction, GDR 1,897,718 1,914,260


455,320 Koninklijke Ahold NV 6,145,799 6,329,31528,500 Koninklijke DSM NV 1,375,300 1,469,229124,100 Randstad Holding NV 4,011,099 6,478,824486,000 Royal Dutch Shell PLC, Class “A” 19,691,219 15,364,953

31,223,417 29,642,321

NEW ZEALAND – 0.3%

994,500 Telecom Corporation ofNew Zealand Limited 1,761,390 1,894,056

NORWAY – 1.3%


RUSSIA – 1.1%

181,014 JSC MMC Norilsk Nickel, ADR 3,620,397 2,723,14259,150 OAO LUKOIL, Sponsored ADR 3,971,295 3,553,167

7,591,692 6,276,309


41,448 The Bidvest Group Limited 843,594 759,19074,000 Standard Bank Group Limited 925,354 1,067,894

1,768,948 1,827,084


65,900 Hana Financial Group Inc. 3,428,422 1,952,676128,400 Hynix Semiconductor Inc. 2,473,620 2,676,84948,500 KB Financial Group Inc. 1,299,157 2,589,0396,570 Samsung Electronics Co., Ltd. 3,556,841 4,723,075

10,758,040 11,941,639

SPAIN – 3.5%

691,392 Banco Santander SA 10,618,032 11,987,378244,200 Telefonica SA 5,834,059 7,171,349

16,452,091 19,158,727

SWEDEN – 0.4%

22,700 AB Electrolux, Class “B” 333,177 560,36278,000 Svenska Cellulosa AB SCA, Class “B” 1,379,436 1,092,45550,000 Telefonaktiebolaget LM Ericsson 454,898 483,542

2,167,511 2,136,359


86,900 Adecco SA 4,724,724 5,029,021189,193 Novartis AG 12,009,296 10,838,558332,910 Xstrata PLC 6,459,490 6,223,583

23,193,510 22,091,162

TAIWAN – 0.5%

2,276,610 AU Optronics Corp. 1,638,110 2,859,241

TURKEY – 0.6%

758,700 Turkiye Garanti Bankasi AS 2,428,288 3,374,358


145,200 Associated British Foods PLC 2,535,069 2,017,607189,100 AstraZeneca PLC 8,380,286 9,314,899492,100 Aviva PLC 3,068,686 3,280,977435,000 BAE Systems PLC 2,593,825 2,638,811

1,088,950 Barclays PLC 6,537,999 5,029,3521,542,597 BP PLC 17,056,983 15,612,4841,185,082 BT Group PLC 2,533,345 2,705,122548,374 GlaxoSmithKline PLC 14,997,924 12,188,427357,545 Marks & Spencer Group PLC 2,477,540 2,421,262

1,971,700 Old Mutual PLC 3,714,576 3,645,05275,400 Rio Tinto PLC 4,201,720 4,267,303653,800 Rolls-Royce Group PLC 4,741,241 5,336,457

26,610,000 Rolls-Royce Group PLC,Class “C”, Entitlement Shares 0 45,049

543,700 Thomas Cook Group PLC 2,608,177 2,105,191785,800 TUI Travel PLC 4,071,708 3,375,456

6,159,570 Vodafone Group PLC 17,701,583 14,950,278248,300 Wolseley PLC 5,572,440 5,209,393590,600 WPP PLC 5,294,796 6,054,242

108,087,898 100,197,362



TOTAL INVESTMENT

PORTFOLIO – 97.3% 582,956,527 539,486,750


FUTURES CONTRACTS

(SCHEDULE 1) – 0.2% 847,727 836,211

FORWARD CONTRACTS

(SCHEDULE 2) – 0.3% 0 1,640,701

OTHER NET ASSETS – 1.3% 7,466,645 7,457,426

TOTAL NET ASSETS – 100.0% $ 596,422,525 $ 554,566,651

$ $




$ $

GLOBAL EQUITY FUNDSTD International Equity Fund



Futures Contracts (Schedule 1)Net Futures

Number of Notional MarginContracts Description Expiration Date Average Cost Fair Value Receivable

INDEX FUTURES CONTRACTS

JAPAN

52 TOPIX Index March 10, 2010 $ 5,241,599 $ 5,296,535 $ 54,936

Total Futures Contracts $ 5,241,599 $ 5,296,535 $ 54,936Cash Held as Margin 781,275

NET FUTURES MARGIN RECEIVABLE $ 836,211



January 15, 2010 11,289,421 CAD $ 11,289,421 12,082,000 AUD $ 11,373,272 0.93440 $ 83,851January 15, 2010 2,708,000 CHF 2,746,512 2,812,046 CAD 2,812,046 0.96300 65,534January 15, 2010 2,434,000 EUR 3,660,900 3,840,852 CAD 3,840,852 1.57800 179,952January 15, 2010 6,749,000 GBP 11,424,440 11,777,402 CAD 11,777,402 1.74390

to 1.75380 352,962January 15, 2010 2,778,399,000 JPY 31,289,822 32,835,273 CAD 32,835,273 81.98400

to 85.01850 1,545,451April 15, 2010 4,572,987 CAD 4,572,987 31,346,000 SEK 4,605,272 6.85460 32,285April 15, 2010 8,670,000 EUR 13,038,475 13,117,970 CAD 13,117,970 1.51303 79,495

$ 78,022,557 $ 80,362,087 $ 2,339,530


January 05, 2010 557,198 CAD $ 557,198 49,000,000 JPY $ 551,805 87.94001 $ (5,393)January 05, 2010 11,615,000 SEK 1,705,419 1,700,187 CAD 1,700,187 6.83160 (5,232)January 15, 2010 2,807,825 CAD 2,807,825 18,409,000 SEK 2,703,099 6.55632 (104,726)January 15, 2010 3,531,307 CAD 3,531,307 303,304,000 JPY 3,415,754 85.89001 (115,553)January 15, 2010 11,869,466 CAD 11,869,466 6,749,000 GBP 11,424,440 1.75870

to 1.75870 (445,026)April 15, 2010 4,973,293 CAD 4,973,293 2,926,000 GBP 4,950,394 1.69969 (22,899)

$ 25,444,508 $ 24,745,679 $ (698,829)






Currency 2009 2008 2009 2008

Australian Dollar $ 43,795 $ 31,916 $ 2,190 $ 1,596Brazilian Real 3,318 1,704 166 85British Pound 111,914 104,772 5,596 5,239Danish Krone 7,469 0 373 0Euro 219,709 304,220 10,985 15,211Hong Kong Dollar 2,589 4,073 129 204Israeli Shekel 5,874 0 294 0Japanese Yen 50,587 149,271 2,529 7,463New Taiwan Dollar 2,859 4,708 143 235Norwegian Krone 7,416 8,708 371 435Singapore Dollar 0 1,488 0 74South African Rand 1,980 1,156 99 58South Korean Won 11,942 8,753 597 438Swedish Krona 9,922 22,456 496 1,123Swiss Franc 13,259 21,482 663 1,074Thai Baht 0 2,603 0 130Turkish Lira 3,374 0 169 0United States Dollar 8,538 13,675 427 684

Total $ 504,545 $ 680,985 $ 25,227 $ 34,049




The table below illustrates the classification of the Fund’s financial insturements withinthe fair value hierarchy as at December 31, 2009.


Common Shares $ 20,513 $ 518,974 $ 0 $ 539,487Forward Contracts 0 2,340 0 2,340Futures 55 0 0 55

20,568 521,314 0 541,882


$ 20,568 $ 520,615 $ 0 $ 541,183




Less than 3 months3 months to 1 year

Accounts payable and accrued liabilities $ 1,658 $ 0Forward Contracts 676 23

$ 2,334 $ 23



�TD International Equity Growth Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 599,410 $ 572,559Foreign Currencies 3,778 19,423Cash 43 62Dividends Receivable 337 430Subscriptions Receivable 9 10Receivable for Investment Sales 3,387 0Unrealized Gain on Open ForeignExchange Forward Contracts 8 0

606,972 592,484


1,409 629

Net Assets (Note 3) $ 605,563 $ 591,855

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 12,032 $ 10,753Institutional Series $ 592,596 $ 580,141Advisor Series $ 893 $ 873F-Series $ 42 $ 88

$ 605,563 $ 591,855




F-Series 5,021 12,022




F-Series $ 8.29 $ 7.29



2009 2008


14,935 25,066



7,252 8,699








$ 102,499 $ (327,582)


GLOBAL EQUITY FUNDS


�TD International Equity Growth Fund

GLOBAL EQUITY FUNDS




2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 10,753 $ 12,288 $ 580,141 $ 719,603 $ 873 $ 1,550



Proceeds from Sale of Units 2,030 6,849 40,998 186,789 87 725Reinvestments of Distributions 7 95 8,397 15,174 1 0Early Redemption Fees 0 0 0 0 0 0Amounts Paid on Redemptions (2,457) (2,636) (129,200) (5,115) (193) (738)

(420) 4,308 (79,805) 196,848 (105) (13)

Distributions to UnitholdersFrom Net Investment Income (7) (95) (8,397) (15,174) (1) 0From Net Realized Gains on Investments 0 0 0 0 0 0

(7) (95) (8,397) (15,174) (1) 0

Increase (Decrease) in Net Assetsfor the Period 1,279 (1,535) 12,455 (139,462) 20 (677)

Net Assets, End of the Period $ 12,032 $ 10,753 $ 592,596 $ 580,141 $ 893 $ 873†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 1,519,770 1,080,837 87,730,765 67,689,934 122,805 136,775Units Issued 285,221 697,703 6,026,001 18,160,721 12,344 69,356Units Issued on Reinvestments 903 13,965 1,109,177 2,382,034 47 0Units Redeemed (339,392) (272,735) (17,553,924) (501,924) (26,972) (83,326)


F-Series TOTAL

2009 2008 2009 2008





(55) 45 (80,385) 201,188


(1) (1) (8,406) (15,270)

Increase (Decrease) in Net Assetsfor the Period (46) 10 13,708 (141,664)





ENERGY – 2.7%

288,005 Cameco Corporation $ 6,037,323 $ 9,737,449201,324 EnCana Corporation 6,305,371 6,855,082



AUSTRALIA – 4.1%

240,679 BHP Billiton Limited 6,821,541 9,667,171241,644 CSL Limited 7,995,283 7,375,688320,163 Westpac Banking Corporation 7,514,181 7,591,078

22,331,005 24,633,937

AUSTRIA – 1.4%

159,139 Vienna Insurance Group 12,703,155 8,570,517

BELGIUM – 1.1%

66,222 Groupe Bruxelles Lambert SA 5,477,292 6,560,841

CHINA – 4.4%

8,498,109 China Construction Bank 7,262,574 7,608,9436,041,325 CNOOC Limited 6,964,130 9,866,280415,334 Tencent Holdings Limited 4,597,534 9,416,252

18,824,238 26,891,475

DENMARK – 0.9%

84,144 Vestas Wind Systems AS 6,735,037 5,375,379

EGYPT – 0.9%

113,828 Orascom Construction Industries, GDR 8,537,863 5,342,177

FINLAND – 3.4%

380,170 Fortum Oyj 11,971,397 10,821,474222,448 KONE Oyj, Class “B” 6,963,175 10,001,990

18,934,572 20,823,464

FRANCE – 6.6%

322,902 AXA SA 12,055,839 7,954,579146,931 BNP Paribas 14,853,756 12,227,91770,362 LVMH Moet Hennessy Louis Vuitton SA 8,495,207 8,277,866165,892 TOTAL SA 13,368,543 11,179,699

48,773,345 39,640,061

GERMANY – 4.7%

91,116 Bayer AG 7,802,330 7,681,764119,651 Deutsche Bank AG 6,173,762 8,905,70393,129 Linde AG 11,474,540 11,729,312

25,450,632 28,316,779

GREECE – 2.3%

295,432 Coca-Cola Hellenic BottlingCompany SA 8,644,951 7,056,047

246,809 National Bank of Greece SA 10,573,289 6,653,098

19,218,240 13,709,145

HONG KONG – 2.4%

3,309,940 China Resources Power HoldingsCompany Limited 6,157,376 6,873,548

1,718,749 Li & Fung Limited 7,446,586 7,449,013

13,603,962 14,322,561

INDIA – 1.1%

279,610 Reliance Industries Limited 6,213,840 6,849,208

IRELAND – 1.5%

319,088 Ryanair Holdings PLC, Sponsored ADR 9,301,367 8,958,336

ISRAEL – 1.7%


ITALY – 1.0%

231,601 Eni SpA 5,051,946 6,188,208

JAPAN – 18.1%

135,004 Benesse Corporation 7,221,880 5,920,113168,667 FamilyMart Co., Ltd. 8,691,219 5,222,31061,318 Fast Retailing Company Limited 9,042,034 12,086,449185,703 Honda Motor Co., Ltd. 6,662,473 6,608,1367,431 Jupiter Telecommunications Co., Ltd. 7,814,702 7,711,998

366,739 Komatsu Ltd. 10,396,770 8,052,037226,035 Kurita Water Industries Ltd. 7,554,214 7,448,01895,565 NIDEC Corporation 6,811,759 9,263,421752,613 Nippon Electric Glass Co., Ltd. 11,967,546 10,864,39310,230 Rakuten Inc. 7,116,570 8,168,485144,280 Shin-Etsu Chemical Co., Ltd. 9,608,571 8,543,330288,269 Shionogi & Co., Ltd. 7,624,530 6,555,0641,714 Sony Financial Holdings Inc. 6,108,064 4,678,243

406,470 Stanley Electric Co., Ltd. 10,128,172 8,646,914

116,748,504 109,768,911

LUXEMBOURG – 3.1%

241,584 ArcelorMittal 11,452,937 11,585,40293,621 Millicom International Cellular SA 9,125,630 7,232,495

20,578,567 18,817,897

MEXICO – 1.3%

158,923 America Movil SAB de CV 8,348,049 7,815,531

NORWAY – 1.3%

1,100,529 Storebrand ASA, Class “A” 8,612,858 7,869,684

PORTUGAL – 2.3%

1,052,118 Banco Espirito Santo SA 3,539,299 7,189,725665,553 Jeronimo Martins SGPS SA 4,523,470 6,983,763

8,062,769 14,173,488

SINGAPORE – 3.2%

1,108,723 DBS Group Holdings Ltd. 12,532,250 12,643,7651,116,549 Keppel Corporation Limited 7,181,125 6,822,893

19,713,375 19,466,658


44,416 LG Electronics Inc. 5,242,340 4,854,162

SPAIN – 2.9%

579,573 Banco Santander SA 10,671,598 10,048,656127,443 Red Electrica de Espana SA 6,300,734 7,461,664

16,972,332 17,510,320

SWEDEN – 2.7%

386,424 Investor AB, Class “B” 6,007,883 7,518,810537,814 Tele2 AB, Class “B” 6,242,367 8,678,612

12,250,250 16,197,422


250,921 Nestle SA 10,759,768 12,775,56461,782 Roche Holding AG 11,871,084 11,083,8618,234 SGS SA 10,466,939 11,276,68726,718 Syngenta AG 6,237,482 7,915,551

39,335,273 43,051,663

$ $


or Units Description Cost Fair Value�TD International Equity Growth Fund



GLOBAL EQUITY FUNDS



521,615 Aggreko PLC 4,510,296 8,161,765278,807 Autonomy Corporation PLC 6,668,570 7,096,522

2,079,962 Cobham PLC 6,588,161 8,805,946829,730 Prudential PLC 11,814,122 8,902,101211,506 Reckitt Benckiser Group PLC 10,791,293 11,999,851285,840 SABMiller PLC 6,846,024 8,806,377773,426 Smith & Nephew PLC 9,634,097 8,338,659399,413 Standard Chartered PLC 11,779,824 10,568,841

1,319,158 Tesco PLC 11,792,046 9,538,581184,173 Vedanta Resources PLC 7,713,151 8,073,932

2,584,281 Vodafone Group PLC 6,008,925 6,272,470

94,146,509 96,565,045



TOTAL INVESTMENT

PORTFOLIO – 99.0% 589,957,372 599,409,782


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (4,636)

OTHER NET ASSETS – 0.4% 2,367,577 2,379,687

TOTAL NET ASSETS – 100.0% $ 596,103,199 $ 605,563,075

$ $



TD International Equity Growth Fund




January 04, 2010 88,774 CAD $ 88,774 85,098 USD $ 89,212 1.04320 $ 438January 04, 2010 35,518,830 KRW 31,973 30,535 USD 32,012 1,163.21696 39January 05, 2010 62,555,113 JPY 704,453 679,578 USD 712,432 92.04994 $ 7,979

$ 825,200 $ 833,656 $ 8,456


January 04, 2010 207,503 AUD $ 195,559 185,612 USD $ 194,585 0.89450 $ (974)January 04, 2010 285,162 CHF 289,197 274,802 USD 288,087 1.03770 (1,110)January 04, 2010 469,852 EUR 706,704 673,868 USD 706,447 1.43421 (257)January 04, 2010 348,801 GBP 590,482 554,734 USD 581,553 1.59040 (8,929)January 04, 2010 1,466,696 HKD 198,303 189,134 USD 198,278 7.75480 (25)January 04, 2010 171,653 SGD 128,169 122,086 USD 127,988 1.40600 (181)January 05, 2010 172,498 DKK 34,866 33,252 USD 34,859 5.18760 (7)January 05, 2010 143,677 EUR 216,105 206,064 USD 216,026 1.43422 (79)January 05, 2010 305,672 NOK 55,459 52,607 USD 55,150 5.81048 (309)January 05, 2010 747,377 SEK 109,737 103,511 USD 108,516 7.22027 (1,221)

$ 2,524,581 $ 2,511,489 $ (13,092)


GLOBAL EQUITY FUNDS




Currency 2009 2008 2009 2008

Australian Dollar $ 24,634 $ 15,470 $ 1,232 $ 773British Pound 96,682 73,464 4,834 3,673Danish Krone 5,375 8,121 269 406Euro 167,750 194,876 8,388 9,744Hong Kong Dollar 41,214 36,415 2,061 1,821Indian Rupee 6,876 7,157 344 358Indonesian Rupiah 0 1,335 0 67Japanese Yen 109,834 92,620 5,492 4,631New Taiwan Dollar 0 7,671 0 383Norwegian Krone 7,870 3,894 394 195Singapore Dollar 19,467 12,183 973 609South Korean Won 4,854 0 243 0Swedish Krona 16,197 6,933 810 347Swiss Franc 43,052 60,704 2,153 3,035United States Dollar 46,491 60,965 2,325 3,048

Total $ 590,296 $ 581,808 $ 29,518 $ 29,090







51,143 548,275 0 599,418


$ 51,143 $ 548,262 $ 0 $ 599,405




Less than3 months


$ 1,409

GLOBAL EQUITY FUNDSTD International Equity Growth Fund


�TD European Growth Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 58,742 $ 56,125Foreign Currencies 370 2,402Cash 108 242Dividends Receivable 96 88Subscriptions Receivable 12 9

59,328 58,866


293 204

Net Assets (Note 3) $ 59,035 $ 58,662

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 59,035 $ 58,662Institutional Series $ 0 $ 0

$ 59,035 $ 58,662


Institutional Series 8 8





2009 2008


2,054 3,122



1,495 2,160







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 6,188 $ (31,677)Institutional Series $ 0 $ (0)

$ 6,188 $ (31,677)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 1.39 $ (6.53)Institutional Series $ 1.51 $ (5.20)

GLOBAL EQUITY FUNDS




Investor Series Institutional Series TOTAL

2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 58,662 $ 100,718 $ 0 $ 0 $ 58,662 $ 100,718

Increase (Decrease) in Net Assetsfrom Investment Operations 6,188 (31,677) 0 (0) 6,188 (31,677)


Proceeds from Sale of Units 3,635 6,638 0 0 3,635 6,638Reinvestments of Distributions 548 851 0 0 548 851Early Redemption Fees 0 1 0 0 0 1Amounts Paid on Redemptions (9,443) (17,008) 0 0 (9,443) (17,008)

(5,260) (9,518) 0 0 (5,260) (9,518)

Distributions to UnitholdersFrom Net Investment Income (555) (861) 0 0 (555) (861)From Net Realized Gains on Investments 0 0 0 0 0 0

(555) (861) 0 0 (555) (861)

Increase (Decrease) in Net Assetsfor the Period 373 (42,056) 0 (0) 373 (42,056)

Net Assets, End of the Period $ 59,035 $ 58,662 $ 0 $ 0 $ 59,035 $ 58,662†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 4,645,139 5,189,363 8 8Units Issued 289,133 392,280 0 0Units Issued on Reinvestments 39,704 70,122 0 0Units Redeemed (741,453) (1,006,626) 0 0

Units Outstanding, End of the Period 4,232,523 4,645,139 8 8

GLOBAL EQUITY FUNDS



199


DENMARK – 1.9%

8,970 Novo Nordisk AS, Class “B” $ 614,916 $ 600,8818,310 Vestas Wind Systems AS 827,714 530,868

1,442,630 1,131,749

FINLAND – 0.8%

34,200 Nokia Oyj 853,276 463,972

FRANCE – 11.4%

11,676 BNP Paribas 813,304 971,70213,350 Bouygues SA 843,390 725,54428,309 Eutelsat Communications 790,190 952,9755,550 Iliad SA 583,367 695,89317,264 Saft Groupe SA 598,106 876,6459,350 Technip 637,966 690,21427,260 TOTAL SA 1,434,419 1,837,090

5,700,742 6,750,063

GERMANY – 11.9%

5,300 Allianz SE 736,736 693,12317,170 Bayer AG 1,358,135 1,447,5606,310 Deutsche Bank AG 534,481 469,6578,010 Deutsche Boerse AG 716,948 694,99413,000 E.ON AG 917,847 570,1717,650 Fresenius SE, Pref. 635,539 573,77412,050 Gerresheimer AG 633,518 428,3227,980 Linde AG 997,187 1,005,05713,340 SAP AG 608,436 668,88027,300 Tognum AG 930,382 473,751

8,069,209 7,025,289

IRELAND – 1.2%

24,235 CRH PLC 652,826 691,369

ITALY – 4.7%

21,450 Ansaldo STS SpA 460,507 428,92026,500 Eni SpA 613,491 708,06029,620 Luxottica Group SpA 989,866 803,54545,820 Prysmian SpA 1,099,576 839,166

3,163,440 2,779,691

KAZAKHSTAN – 0.9%

34,500 Eurasian Natural ResourcesCorporation PLC 551,076 529,661


6,252 Fugro NV 409,696 376,78638,967 Koninklijke KPN NV 673,335 694,94213,957 Koninklijke Vopak NV 632,512 1,160,60214,190 Nutreco Holding NV 945,830 838,473

2,661,373 3,070,803

NORWAY – 2.1%


RUSSIA – 0.7%

20,800 Vimpel-Communications, ADR 418,840 405,150

SPAIN – 4.1%

69,980 Banco Santander SA 1,019,806 1,213,31611,900 Indra Sistemas SA 302,326 295,53715,440 Red Electrica de Espana SA 681,995 903,997

2,004,127 2,412,850

SWEDEN – 1.7%

22,300 Autoliv Inc. 687,806 1,013,679


16,450 Credit Suisse Group 590,489 854,93727,039 Nestle SA 1,210,928 1,376,68220,550 Novartis AG 1,231,351 1,177,2767,410 Roche Holding AG 1,375,207 1,329,3748,170 Schindler Holding AG 393,143 656,269410 Sika AG 498,511 668,786

5,299,629 6,063,324


224,200 Aberdeen Asset Management PLC 521,859 504,94741,216 Admiral Group PLC 749,154 826,00916,600 AVEVA Group PLC 119,339 283,00651,770 BG Group PLC 1,150,791 979,76332,400 BHP Billiton PLC 950,788 1,082,62496,600 BP PLC 1,096,043 977,68072,300 British Sky Broadcasting Group PLC 605,721 684,50327,301 Charter International PLC 279,471 331,48510,030 Chemring Group PLC 433,650 496,23747,586 Diageo PLC 843,321 870,14737,650 GlaxoSmithKline PLC 966,939 836,827186,410 HSBC Holdings PLC 2,650,781 2,228,979162,900 IG Group Holdings PLC 655,410 1,044,72728,950 Johnson Matthey PLC 1,042,016 748,521252,337 Man Group PLC 1,980,102 1,305,30970,730 National Grid PLC 962,120 809,16766,200 Prudential PLC 673,502 710,25411,590 Randgold Resources Ltd. 722,192 967,34123,200 Reckitt Benckiser Group PLC 868,126 1,316,25874,270 Rightmove PLC 594,488 634,32922,287 Rio Tinto PLC 1,011,401 1,261,34563,030 Rolls-Royce Group PLC 500,243 514,465

3,781,800 Rolls-Royce Group PLC,Class “C”, Entitlement Shares 0 6,402

31,700 Rotork PLC 631,657 634,87955,519 Standard Chartered PLC 1,314,490 1,469,085152,900 Tesco PLC 1,027,914 1,105,591600,435 Vodafone Group PLC 1,575,624 1,457,35360,930 WPP PLC 721,897 624,594

24,649,039 24,711,827

INDEX EQUIVALENTS – 0.7%

7,356 StreetTRACKS MSCI EuropeFinancials ETF 431,218 423,982


TOTAL INVESTMENT

PORTFOLIO – 99.5% 58,190,546 58,741,697



TOTAL NET ASSETS – 100.0% $ 58,496,127 $ 59,034,803



$ $




GLOBAL EQUITY FUNDS





Currency 2009 2008 2009 2008

British Pound $ 25,412 $ 17,623 $ 1,271 $ 881Danish Krone 1,192 1,041 60 52Euro 23,719 27,967 1,186 1,398Norwegian Krone 1,325 1,276 66 64Swedish Krona 0 1 0 0Swiss Franc 6,111 10,676 306 534United States Dollar 1,449 32 72 2

Total $ 59,208 $ 58,616 $ 2,961 $ 2,931






Common Shares $ 1,419 $ 56,749 $ 0 $ 58,168Preferred Shares 0 574 0 574

$ 1,419 $ 57,323 $ 0 $ 58,742




Less than3 months


TD European Growth Fund


GLOBAL EQUITY FUNDS

�TD Japanese Growth Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 23,496 $ 30,815Foreign Currencies 121 419Cash 78 210Dividends Receivable 39 52Subscriptions Receivable 23 55

23,757 31,551


96 203

Net Assets (Note 3) $ 23,661 $ 31,348


$ 23,661 $ 31,348


Institutional Series 751,004 955,322


F-Series 8,989 5,927




F-Series $ 6.79 $ 7.41



2009 2008


491 709

Expenses (Note 5)Management Fee 521 648Administration Fee 59 75Independent Review Committee Fees 0 0Bank Charges and Interest 0 0


580 723


Net Realized Gain (Loss) onSale of Investments (526) (6,699)

Net Change in Unrealized Appreciation/Depreciation of Investments (2,144) 3,127


Net Gain (Loss) on Investments (2,770) (3,779)

Increase (Decrease) in Net Assetsfrom Investment Operations† $ (2,859) $ (3,793)

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ (1,961) $ (2,654)Institutional Series $ (736) $ (777)Advisor Series $ (158) $ (352)F-Series $ (4) $ (10)

$ (2,859) $ (3,793)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ (0.64) $ (0.74)Institutional Series $ (0.88) $ (0.67)Advisor Series $ (0.81) $ (1.10)F-Series $ (0.52) $ (0.91)

GLOBAL EQUITY FUNDS





2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations (1,961) (2,654) (736) (777) (158) (352)


Proceeds from Sale of Units 1,477 3,304 2,314 15,353 224 396Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 1 1 1 0 0 0Amounts Paid on Redemptions (4,015) (6,818) (4,144) (5,370) (707) (1,065)

(2,537) (3,513) (1,829) 9,983 (483) (669)


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period (4,498) (6,167) (2,565) 9,206 (641) (1,021)

Net Assets, End of the Period $ 15,946 $ 20,444 $ 6,641 $ 9,206 $ 1,013 $ 1,654†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 3,304,230 3,873,532 955,322 0 232,554 338,777Units Issued 259,537 539,062 260,820 1,567,935 34,398 55,232Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (708,442) (1,108,364) (465,138) (612,613) (109,113) (161,455)


F-Series TOTAL

2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations (4) (10) (2,859) (3,793)



21 (74) (4,828) 5,727


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 17 (84) (7,687) 1,934

Net Assets, End of the Period $ 61 $ 44 $ 23,661 $ 31,348†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 5,927 15,853Units Issued 3,397 0Units Issued on Reinvestments 0 0Units Redeemed (335) (9,926)


GLOBAL EQUITY FUNDS



203

Japanese Equities – 99.3%

ENERGY – 1.7%

25 INPEX Corporation $ 221,568 $ 198,25220,000 Shinko Plantech Co., Ltd. 195,391 212,699

416,959 410,951

MATERIALS – 11.1%

50,000 Hitachi Metals Ltd. 516,433 504,51950,000 Kuraray Co., Ltd. 535,803 617,20510,000 Stella Chemifa Corporation 249,139 550,894200,000 Sumitomo Metal Industries Ltd. 651,013 563,84425,000 Sumitomo Metal Mining Co., Ltd. 316,988 386,943

2,269,376 2,623,405


15,000 Asahi Holdings Inc. 289,846 240,53720,000 Daiseki Co., Ltd. 469,786 423,0385,000 East Japan Railway Company 378,449 331,8447,500 FANUC Ltd. 615,849 733,12750,000 Iino Kaiun Kaisha Ltd. 376,028 222,97510,000 Japan Airport Terminal Co., Ltd. 145,257 142,23820,000 The Japan Steel Works Ltd. 210,165 267,46750,000 Keisei Electric Railway Co., Ltd. 283,294 286,87375,000 Koito Industries Ltd. 232,068 258,35225,000 Kubota Corporation 220,686 240,5917,500 Kurita Water Industries Ltd. 206,385 247,13015,000 Maeda Road Construction Co., Ltd. 164,853 115,92920,000 Matsuda Sangyo Co., Ltd. 347,923 360,34825,000 Mitsubishi Corporation 451,416 653,10375,000 Mitsubishi Heavy Industries Ltd. 365,103 277,43125,000 Mitsui & Co., Ltd. 348,074 371,9605,000 New Tachikawa Aircraft Co., Ltd. 135,470 252,65425,000 NGK Insulators Ltd. 521,650 573,41625,000 Nippon Sharyo Ltd. 77,694 167,0395,000 SECOM Co., Ltd. 260,069 249,07875,000 Showa Aircraft Industry Co., Ltd. 787,362 481,2412,500 SMC Corporation 332,420 299,3855,000 Toa Valve Holding Inc. 173,212 101,78715,000 Torishima Pump Mfg. Co., Ltd. 226,605 342,14025,000 Toshiba Plant Systems

& Services Corporation 193,372 331,009

7,813,036 7,970,692


2,500 Benesse Corporation 131,270 109,62815,000 Canon Marketing Japan Inc. 268,393 231,83015,000 Honda Motor Co., Ltd. 477,087 533,76720,000 Isetan Mitsukoshi Holdings Ltd. 241,580 189,399

200 Jupiter Telecommunications Co., Ltd. 157,757 207,563250 Rakuten Inc. 197,022 199,621

5,000 Shimano Inc. 205,917 211,71120,000 Toyota Motor Corporation 1,026,689 884,3695,000 Yamada Denki Co., Ltd. 382,460 353,769

3,088,175 2,921,657


25,000 Hokuto Corporation 561,689 547,66315,000 Unicharm PetCare Corporation 540,569 480,530

1,102,258 1,028,193


10,000 Daiichi Sankyo Company Limited 255,381 219,949150 EPS Co., Ltd. 629,807 617,139

1,500 NAKANISHI INC. 144,871 124,9987,500 Tsumura & Co. 206,266 254,296

1,236,325 1,216,382


15,000 Japan Securities Finance Co., Ltd. 125,980 121,519200 MID REIT Inc. 468,122 444,077

100,000 Mitsubishi UFJ Financial Group Inc. 899,938 516,61720,000 Mitsui Fudosan Co., Ltd. 365,076 354,66750,000 Nomura Holdings Inc. 400,570 389,979

100 Osaka Securities Exchange Co., Ltd. 422,230 499,912100,000 Sawada Holdings Co., Ltd. 425,415 388,368

100 Seven Bank Ltd. 238,501 209,378100 Sony Financial Holdings Inc. 346,458 272,943

10,000 Sumitomo Mitsui Financial Group Inc. 890,662 300,95735,000 Suruga Bank Ltd. 359,753 319,887

4,942,705 3,818,304


7,500 Canon Inc. 357,754 334,608200 GameOn Co., Ltd. 246,198 165,999

50,000 GMO Internet Inc. 224,197 211,8552,000 Keyence Corporation 455,058 435,344100 MTI Ltd. 133,936 198,262

10,000 NIDEC Corporation 632,531 969,3321,000 Nintendo Co., Ltd. 290,819 250,4922,500 Trend Micro Inc. 90,037 99,595

2,430,530 2,665,487


125 NTT DoCoMo Inc. 207,035 182,949

UTILITIES – 2.8%

5,000 The Okinawa Electric PowerCompany Incorporated 260,850 280,053

25,000 Shizuoka Gas Co., Ltd. 102,211 168,59950,000 Tokyo Gas Co., Ltd. 216,795 209,321

579,856 657,973


TOTAL INVESTMENT

PORTFOLIO – 99.3% 24,034,179 23,495,993


OTHER NET ASSETS – 0.2% 44,295 44,194

TOTAL NET ASSETS – 100.0% $ 24,200,738 $ 23,661,156



$ $




GLOBAL EQUITY FUNDS





Currency 2009 2008 2009 2008

Japanese Yen $ 23,615 $ 31,279 $ 1,181 $ 1,564United States Dollar 7 7 0 0

$ 23,622 $ 31,286 $ 1,181 $ 1,564






Common Shares $ 0 $ 23,496 $ 0 $ 23,496




Less than3 months


TD Japanese Growth Fund


GLOBAL EQUITY FUNDS

�TD Asian Growth Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 136,009 $ 115,564Foreign Currencies 15 2Cash 520 0Dividends Receivable 107 149Subscriptions Receivable 187 75Receivable for Investment Sales 0 2,089Unrealized Gain on Open ForeignExchange Forward Contracts 27 0

136,865 117,879

LiabilitiesBank Overdraft 0 1,000Accrued Liabilities 290 236Redemptions Payable 455 272Unrealized Loss on Open ForeignExchange Forward Contracts 73 31

818 1,539

Net Assets (Note 3) $ 136,047 $ 116,340


$ 136,047 $ 116,340




F-Series 51,196 42,742




F-Series $ 11.14 $ 9.15



2009 2008

Investment IncomeInterest $ 9 $ 122Dividends 3,561 7,585Foreign Exchange 9 0Securities Lending 1 23Less: Withholding Taxes (263) (515)

3,317 7,215



3,123 4,055

Net Investment Income (Loss) 194 3,160







$ 24,712 $ (82,180)


GLOBAL EQUITY FUNDS





2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 19,208 41,103 6,583 10,567 1,092 2,441Reinvestments of Distributions 0 1,902 0 0 0 76Early Redemption Fees 5 18 1 3 0 1Amounts Paid on Redemptions (21,682) (50,651) (8,962) (11,458) (1,095) (3,351)

(2,469) (7,628) (2,378) (888) (3) (833)

Distributions to UnitholdersFrom Net Investment Income 0 (1,926) (235) (821) 0 (81)From Net Realized Gains on Investments 0 0 0 0 0 0

0 (1,926) (235) (821) 0 (81)

Increase (Decrease) in Net Assetsfor the Period 17,580 (75,566) 1,191 (14,642) 757 (3,805)

Net Assets, End of the Period $ 113,604 $ 96,024 $ 17,400 $ 16,209 $ 4,473 $ 3,716†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 9,509,648 10,183,538 1,444,388 1,639,162 407,274 493,074Units Issued 1,744,109 2,925,974 556,665 693,939 108,920 191,932Units Issued on Reinvestments 0 189,055 0 0 0 8,321Units Redeemed (1,967,633) (3,788,919) (724,282) (888,713) (111,592) (286,053)


F-Series TOTAL

2009 2008 2009 2008




Proceeds from Sale of Units 200 755 27,083 54,866Reinvestments of Distributions 5 20 5 1,998Early Redemption Fees 0 0 6 22Amounts Paid on Redemptions (120) (829) (31,859) (66,289)

85 (54) (4,765) (9,403)

Distributions to UnitholdersFrom Net Investment Income (5) (20) (240) (2,848)From Net Realized Gains on Investments 0 0 0 0

(5) (20) (240) (2,848)


Net Assets, End of the Period $ 570 $ 391 $ 136,047 $ 116,340†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 42,742 52,213Units Issued 19,615 56,294Units Issued on Reinvestments 493 2,160Units Redeemed (11,654) (67,925)


GLOBAL EQUITY FUNDS



207


AUSTRALIA – 21.5%

380,743 Aristocrat Leisure Limited $ 1,563,484 $ 1,431,684164,282 BHP Billiton Limited 4,550,711 6,598,591337,743 BlueScope Steel Limited 838,445 976,80390,642 Commonwealth Bank of Australia 4,043,529 4,644,983927,765 Incitec Pivot Limited 2,230,470 3,080,309147,765 Newcrest Mining Limited 4,060,704 4,912,75165,756 QBE Insurance Group Ltd. 1,379,179 1,575,061182,005 Westpac Banking Corporation 3,448,177 4,315,34665,785 Woolworths Limited 1,614,606 1,731,844

23,729,305 29,267,372

CHINA – 17.7%

6,984,000 BOC Hong Kong (Holdings) Limited,Class “H” 2,486,109 3,934,276

5,957,000 China Construction Bank 4,626,990 5,333,711350,000 China Life Insurance Company Limited 1,294,821 1,795,302

2,177,000 CNOOC Limited 3,428,381 3,555,3284,120,000 Industrial and Commercial Bank

of China Limited 3,010,742 3,556,839592,000 Shimao Property Holdings Limited 1,313,978 1,163,491207,700 Tencent Holdings Limited 1,813,778 4,708,874

17,974,799 24,047,821

HONG KONG – 12.3%

70,000 Cheung Kong (Holdings) Limited 1,050,184 942,925317,923 China Mobile Limited 3,046,652 3,100,882828,000 China Overseas Land & Investment Ltd. 2,057,677 1,818,627175,800 Hang Seng Bank Limited 3,489,856 2,711,190630,000 The Link Real Estate Investment Trust 1,514,763 1,685,170688,000 New World Development

Company Limited 1,525,331 1,469,3841,904,000 Pacific Basin Shipping Limited 1,548,665 1,430,492955,000 Sino Land Company Limited 1,806,082 1,927,317133,500 Swire Pacific Ltd., Class “A” 1,251,901 1,692,382

17,291,111 16,778,369

INDIA – 9.9%

99,508 Axis Bank Ltd. 1,944,425 2,217,52643,063 Hero Honda Motors Limited 1,195,609 1,660,473243,250 Hindustan Unilever Limited 1,396,450 1,445,294521,282 Infrastructure Development

Finance Company Limited 1,559,954 1,804,03561,547 Maruti Suzuki India Limited 1,967,776 2,152,21086,310 Reliance Industries Limited 2,751,140 2,114,213

1,133,263 Unitech Limited 2,291,094 2,101,150

13,106,448 13,494,901

INDONESIA – 3.1%

2,376,403 P.T. Bank Rakyat Indonesia(Persero) Tbk 2,016,630 2,002,343

2,133,500 P.T. Telekomunikasi Indonesia Tbk 1,841,483 2,226,425

3,858,113 4,228,768

MALAYSIA – 4.1%

1,583,506 Axiata Group Berhad 1,933,983 1,478,741525,087 CIMB Group Holdings Berhad 1,648,655 2,059,930880,800 Genting Berhad 2,101,587 1,968,183

5,684,225 5,506,854

SINGAPORE – 3.7%

251,500 DBS Group Holdings Ltd. 1,983,183 2,868,081945,000 Singapore Telecommunications Limited 2,464,719 2,183,510

4,447,902 5,051,591


21,022 GS E&C Corporation 2,196,143 2,043,3809,531 Hyundai Mobis 1,390,265 1,464,194

264,640 Industrial Bank of Korea 3,241,901 3,323,99313,279 LG Electronics Inc. 1,545,872 1,451,2437,592 LG Household & Health Care Ltd. 1,135,053 1,991,2063,743 POSCO 1,936,915 2,069,39210,465 Samsung Electronics Co., Ltd. 6,400,793 7,523,132

17,846,942 19,866,540

TAIWAN – 11.9%

657,300 Chunghwa Telecom Co., Ltd. 1,271,353 1,285,1531,604,000 Fubon Financial Holding Co., Ltd. 1,763,741 2,067,329784,942 Hon Hai Precision Industry Co., Ltd. 3,203,267 3,848,392135,176 MediaTek Inc. 2,049,830 2,462,180602,000 Taiwan Fertilizer Co., Ltd. 1,975,111 2,247,178

2,031,964 Taiwan Semiconductor ManufacturingCompany Limited 4,214,050 4,293,383

14,477,352 16,203,615

THAILAND – 1.2%

356,400 PTT Exploration and ProductionPublic Company Limited 1,908,589 1,563,337


TOTAL INVESTMENT

PORTFOLIO – 100.0% 120,119,635 136,009,168


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (45,546)

OTHER NET ASSETS – 0.0% 69,520 68,559

TOTAL NET ASSETS – 100.0% $ 120,203,992 $ 136,046,923



$ $




GLOBAL EQUITY FUNDS





Currency 2009 2008 2009 2008

Australian Dollar $ 31,439 $ 21,191 $ 1,572 $ 1,060Hong Kong Dollar 40,894 40,123 2,045 2,006Indian Rupee 13,495 7,659 675 383Indonesian Rupiah 4,229 0 211 0Malaysian Ringgit 5,507 8,672 275 434New Taiwan Dollar 16,218 9,880 811 494Singapore Dollar 5,091 13,349 255 667South Korean Won 19,867 13,251 993 663Thai Baht 1,563 1,590 78 79

Total $ 138,303 $ 115,715 $ 6,915 $ 5,786






Common Shares $ 0 $ 136,009 $ 0 $ 136,009Forward Contracts 0 27 0 27

0 136,036 0 136,036


$ 0 $ 135,963 $ 0 $ 135,963




Less than3 months


$ 818




January 06, 2010 1,292,538 AUD $ 1,217,879 1,244,972 CAD $ 1,244,972 0.93310to 0.97528 $ 27,093


January 06, 2010 3,462,339 CAD $ 3,462,339 3,597,497 AUD $ 3,389,700 0.96243 $ (72,639)


GLOBAL EQUITY FUNDSTD Asian Growth Fund

�TD Pacific Rim Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 34,170 $ 33,220Foreign Currencies 72 153Cash 61 1,168Dividends Receivable 24 32Subscriptions Receivable 19 11Receivable for Investment Sales 0 54Unrealized Gain on Open ForeignExchange Forward Contracts 3 0

34,349 34,638


135 109

Net Assets (Note 3) $ 34,214 $ 34,529






2009 2008

Investment IncomeInterest $ 5 $ 20Dividends 807 1,714Securities Lending 2 9Less: Withholding Taxes (63) (111)

751 1,632


830 1,074Less: Waived Expenses (0) (6)

830 1,068

Net Investment Income (Loss) (79) 564






†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 2,500 $ (17,313)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.55 $ (3.51)



Investor Series

2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 2,500 (17,313)


Proceeds from Sale of Units 2,840 4,582Reinvestments of Distributions 0 0Early Redemption Fees 1 3Amounts Paid on Redemptions (5,656) (9,389)

(2,815) (4,804)

Distributions to UnitholdersFrom Net Investment Income 0 0From Net Realized Gains on Investments 0 0

0 0

Increase (Decrease) in Net Assetsfor the Period (315) (22,117)

Net Assets, End of the Period $ 34,214 $ 34,529†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 4,688,497 5,230,595Units Issued 381,480 509,672Units Issued on Reinvestments 0 0Units Redeemed (756,531) (1,051,770)


GLOBAL EQUITY FUNDS



AUSTRALIA – 14.0%

67,112 Aristocrat Leisure Limited $ 281,465 $ 252,35727,516 BHP Billiton Limited 773,019 1,105,21453,808 BlueScope Steel Limited 133,164 155,62114,264 Commonwealth Bank of Australia 636,966 730,964147,101 Incitec Pivot Limited 355,015 488,39624,761 Newcrest Mining Limited 689,021 823,23010,515 QBE Insurance Group Ltd. 220,544 251,86729,238 Westpac Banking Corporation 553,839 693,23411,148 Woolworths Limited 267,121 293,480

3,910,154 4,794,363

CHINA – 11.4%

1,146,000 BOC Hong Kong (Holdings) Limited,Class “H” 407,872 645,573

949,000 China Construction Bank 728,599 849,70555,000 China Life Insurance Company Limited 202,178 282,119345,000 CNOOC Limited 524,333 563,430658,000 Industrial and Commercial Bank

of China Limited 480,163 568,05899,000 Shimao Property Holdings Limited 219,731 194,57035,200 Tencent Holdings Limited 303,505 798,037

2,866,381 3,901,492

HONG KONG – 7.7%

11,000 Cheung Kong (Holdings) Limited 161,590 148,17449,000 China Mobile Limited 466,112 477,925138,000 China Overseas Land & Investment Ltd. 342,946 303,10425,500 Hang Seng Bank Limited 497,771 393,261105,000 The Link Real Estate Investment Trust 252,608 280,862107,000 New World Development

Company Limited 234,151 228,523312,000 Pacific Basin Shipping Limited 249,588 234,408148,000 Sino Land Company Limited 305,698 298,68420,500 Swire Pacific Ltd., Class “A” 191,802 259,879

2,702,266 2,624,820

INDIA – 6.1%

13,792 Axis Bank Ltd. 266,957 307,3536,767 Hero Honda Motors Limited 187,880 260,93041,436 Hindustan Unilever Limited 236,107 246,19675,653 Infrastructure Development Finance

Company Limited 226,394 261,8178,738 Maruti Suzuki India Limited 275,189 305,55514,350 Reliance Industries Limited 436,598 351,512179,857 Unitech Limited 362,505 333,468

1,991,630 2,066,831

INDONESIA – 2.1%

409,811 P.T. Bank Rakyat Indonesia(Persero) Tbk 348,397 345,304

352,000 P.T. Telekomunikasi Indonesia Tbk 303,789 367,331

652,186 712,635

JAPAN – 35.7%

3,200 Aisin Seiki Co., Ltd. 65,369 96,96323,000 Asahi Glass Company Limited 146,092 229,4545,300 Canon Inc. 171,483 236,45628,900 Daiichi Sankyo Company Limited 661,778 635,653

55,000 Daiwa Securities Group Inc. 352,936 290,3033,000 DENSO Corporation 74,470 95,07510,600 Electric Power Development Co., Ltd. 356,049 316,09711,100 FamilyMart Co., Ltd. 359,646 343,6818,800 FUJIFILM Holdings Corporation 290,360 278,7358,300 Honda Motor Co., Ltd. 253,099 295,351

28 INPEX Corporation 267,810 222,04342,000 ITOCHU Corporation 279,238 325,38413,400 JTEKT Corporation 135,020 180,758

284 Jupiter Telecommunications Co., Ltd. 235,110 294,73912,000 Kao Corporation 347,604 294,965

90 Keyence Corporation 17,572 19,5909,100 Mitsubishi Corporation 166,815 237,73023,000 Mitsubishi Estate Co., Ltd. 541,319 385,13573,920 Mitsubishi UFJ Financial Group Inc. 547,666 381,88311,000 Nikon Corporation 203,276 227,811

600 Nintendo Co., Ltd. 215,487 150,29511,275 Nippon Telegraph and

Telephone Corporation 561,216 467,13367,300 Nomura Holdings Inc. 454,822 524,912112,000 Osaka Gas Co., Ltd. 426,849 395,893

330 Rakuten Inc. 215,486 263,5005,700 SECOM Co., Ltd. 273,466 283,94922,100 Seven & i Holdings Co., Ltd. 571,867 473,2694,200 Shin-Etsu Chemical Co., Ltd. 243,457 248,69719,400 Sony Corporation 611,506 591,515

152 Sony Financial Holdings Inc. 554,046 414,87326,700 Sumitomo Electric Industries Ltd. 420,192 348,80213,300 Sumitomo Mitsui Financial Group Inc. 865,911 400,27311,000 T&D Holdings Inc. 526,147 237,2582,900 Takeda Pharmaceutical

Company Limited 163,268 125,31517,200 Tokio Marine Holdings Inc. 551,728 492,28031,800 Toyota Motor Corporation 1,483,602 1,406,150

13,611,762 12,211,920

MALAYSIA – 2.6%

264,524 Axiata Group Berhad 317,279 247,02384,807 CIMB Group Holdings Berhad 246,436 332,700138,700 Genting Berhad 331,130 309,931

894,845 889,654

SINGAPORE – 2.4%

40,500 DBS Group Holdings Ltd. 324,739 461,858154,000 Singapore Telecommunications Limited 396,751 355,831

721,490 817,689


3,532 GS E&C Corporation 368,743 343,3171,562 Hyundai Mobis 227,845 239,96142,570 Industrial Bank of Korea 524,168 534,6982,224 LG Electronics Inc. 257,768 243,0581,272 LG Household & Health Care Ltd. 190,323 333,616629 POSCO 325,430 347,755

1,697 Samsung Electronics Co., Ltd. 1,029,713 1,219,948

2,923,990 3,262,353

TAIWAN – 7.7%

110,400 Chunghwa Telecom Co., Ltd. 213,453 215,854226,000 Fubon Financial Holding Co., Ltd. 246,848 291,282126,147 Hon Hai Precision Industry Co., Ltd. 505,753 618,47023,030 MediaTek Inc. 348,680 419,483101,000 Taiwan Fertilizer Co., Ltd. 332,187 377,018341,042 Taiwan Semiconductor Manufacturing

Company Limited 732,416 720,595

2,379,337 2,642,702

$ $


or Units Description Cost Fair Value�TD Pacific Rim Fund



GLOBAL EQUITY FUNDS


THAILAND – 0.7%

55,900 PTT Exploration and ProductionPublic Company Limited 297,699 245,204


TOTAL INVESTMENT

PORTFOLIO – 99.9% 32,899,911 34,169,663


FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 38


TOTAL NET ASSETS – 100.0% $ 32,943,571 $ 34,214,006




Currency 2009 2008 2009 2008

Australian Dollar $ 4,794 $ 3,633 $ 240 $ 182Hong Kong Dollar 6,537 6,578 327 329Indian Rupee 2,067 1,106 103 55Indonesian Rupiah 714 0 36 0Japanese Yen 12,219 14,549 611 727Malaysian Ringgit 890 1,325 45 66New Taiwan Dollar 2,713 1,759 136 88Singapore Dollar 824 2,073 41 104South Korean Won 3,262 2,186 163 109Thai Baht 245 251 12 13

Total $ 34,265 $ 33,460 $ 1,714 $ 1,673






Common Shares $ 0 $ 34,170 $ 0 $ 34,170Forward Contracts 0 3 0 3

0 34,173 0 34,173


$ 0 $ 34,170 $ 0 $ 34,170




Less than3 months


$ 135

$ $



TD Pacific Rim Fund




January 06, 2010 165,151 AUD $ 155,612 158,983 CAD $ 158,983 0.93310to 0.97528 $ 3,371


January 06, 2010 158,945 CAD $ 158,945 165,151 AUD $ 155,612 0.96230to 0.96243 $ (3,333)

TOTAL NUMBER OF CONTRACTS: 6 NET APPRECIATION $ 38

GLOBAL EQUITY FUNDS

�TD Emerging Markets Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 213,558 $ 150,214Foreign Currencies 9,521 6,000Dividends Receivable 101 398Subscriptions Receivable 301 209Receivable for Investment Sales 231 304Unrealized Gain on Open ForeignExchange Forward Contracts 0 0

223,712 157,125


1,105 1,870

Net Assets (Note 3) $ 222,607 $ 155,255


$ 222,607 $ 155,255



Advisor Series 1,519,474 1,484,144

F-Series 135,749 139,668




F-Series $ 18.84 $ 13.17



2009 2008

Investment IncomeInterest $ 8 $ 114Dividends 4,023 5,543Foreign Exchange 248 0Securities Lending 14 19Less: Withholding Taxes (420) (612)

3,873 5,064



4,942 6,385




Transaction Costs on Purchase and Saleof Investments (Note 3) (486) (1,017)



†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 54,703 $ (123,301)Institutional Series $ 785 $ (1,624)Advisor Series $ 7,651 $ (17,191)F-Series $ 783 $ (2,342)

$ 63,922 $ (144,458)


GLOBAL EQUITY FUNDS


�TD Emerging Markets Fund

GLOBAL EQUITY FUNDS




2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 54,703 (123,301) 785 (1,624) 7,651 (17,191)


Proceeds from Sale of Units 32,902 64,662 2 155 5,401 14,382Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 4 16 0 0 1 2Amounts Paid on Redemptions (29,706) (59,646) (440) (252) (4,670) (8,508)

3,200 5,032 (438) (97) 732 5,876


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 57,903 (118,269) 347 (1,721) 8,383 (11,315)

Net Assets, End of the Period $ 190,546 $ 132,643 $ 2,278 $ 1,931 $ 27,225 $ 18,842†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 13,189,439 13,209,739 172,028 175,442 1,484,144 1,258,696Units Issued 2,764,464 4,073,402 172 9,307 355,681 702,158Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (2,528,522) (4,093,702) (30,098) (12,721) (320,351) (476,710)

Units Outstanding, End of the Period 13,425,381 13,189,439 142,102 172,028 1,519,474 1,484,144

F-Series TOTAL

2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 783 (2,342) 63,922 (144,458)


Proceeds from Sale of Units 655 1,739 38,960 80,938Reinvestments of Distributions 0 0 0 0Early Redemption Fees 0 0 5 18Amounts Paid on Redemptions (719) (3,873) (35,535) (72,279)

(64) (2,134) 3,430 8,677


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 719 (4,476) 67,352 (135,781)





BRAZIL – 13.1%

66,600 Banco Bradesco SA, ADR $ 1,135,464 $ 1,524,17327,800 Banco Bradesco SA, Pref. 375,969 608,228109,800 BM&F Bovespa SA 409,978 808,90584,859 BRF – Brasil Foods SA 2,178,937 2,311,826178,100 Cielo SA 1,746,904 1,638,75720,100 Companhia de Bebidas das

Americas – AmBev, Pref., ADR 1,108,063 2,130,152166,742 Itau Unibanco Holding SA, ADR 2,324,952 3,987,27928,851 Itau Unibanco Holding SA, Pref. 394,361 670,783141,300 MRV Engenharia e Participacoes SA 701,911 1,176,93178,018 Net Servicos de Comunicacao SA, Pref. 1,058,725 1,112,932106,400 PDG Realty SA Empreendimentos

e Participacoes 454,480 1,106,99823,600 Petroleo Brasileiro SA – Petrobras, ADR 1,217,274 1,178,66465,408 Petroleo Brasileiro SA – Petrobras, Pref. 471,415 1,441,66445,151 Petroleo Brasileiro SA – Petrobras,

Sponsored ADR 1,883,747 2,002,23019,050 Ultrapar Participacoes SA 463,086 917,7857,980 Vale SA, Pref. Series “A” 135,022 202,523

195,608 Vale SA, Pref. Series “A”,Sponsored ADR 2,803,500 5,087,679

36,900 Vivo Participacoes SA, ADR 1,112,435 1,197,273

19,976,223 29,104,782

CHINA – 11.4%

2,808,000 BOC Hong Kong (Holdings) Limited,Class “H” 1,256,623 1,581,822

1,750,000 China CITIC Bank 1,145,180 1,552,806118,000 China Communications Services

Corporation Limited 69,196 60,5485,096,000 China Construction Bank 3,837,238 4,562,800568,600 China Dongxiang (Group) Co., Ltd. 379,580 459,898586,000 China Life Insurance Company Limited 2,124,442 3,005,848632,000 China Oilfield Services Limited 844,612 785,773

3,082,000 China Petroleum &Chemical Corporation 2,882,628 2,846,425

1,230,400 China Zhongwang Holdings Limited 1,346,968 1,027,3631,214,000 Dongfeng Motor Group Company Limited 781,978 1,817,2153,104,000 Industrial and Commercial Bank

of China Limited 2,086,892 2,679,7151,340,000 PetroChina Company Limited,

Class “H” 1,789,973 1,669,943188,500 Ping An Insurance (Group) Company

of China Ltd. 1,240,011 1,718,142462,000 Sany Heavy Equipment International

Holdings Company Limited 416,179 612,75884,000 Tsingtao Brewery Company Limited 442,340 487,067639,000 Want Want China Holdings Limited 474,343 467,772

21,118,183 25,335,895

CZECH REPUBLIC – 1.4%

26,520 Cesky Telecom AS 634,287 633,37611,120 CEZ AS 875,569 546,5369,107 Komercni Banka AS 1,609,767 2,042,680

3,119,623 3,222,592

EGYPT – 1.4%

162,218 Commercial International Bank 1,727,437 1,689,97711,158 Orascom Construction Industries 563,147 530,0924,151 Orascom Construction Industries, GDR 212,261 194,815

211,427 Telecom Egypt Company 749,575 728,914

3,252,420 3,143,798

HONG KONG – 6.0%

202,500 Beijing Enterprises Holdings Limited 982,582 1,537,443850,000 Belle International Holdings Limited 477,378 1,032,224280,500 China Mobile Limited 3,274,338 2,735,875220,000 China Resources Land Limited 531,964 524,685598,400 China Resources Power Holdings

Company Limited 982,846 1,242,6601,040,000 Fushan International Energy Group Ltd. 626,798 1,050,8697,109,860 GOME Electrical Appliances

Holding Limited 2,321,999 2,710,74065,000 Hengan International Group

Company Limited 494,635 504,503112,000 Moulin Global Eyecare Holdings Limited 106,400 0381,000 Shanghai Industrial Holdings Limited 1,677,191 2,025,789

11,476,131 13,364,788

HUNGARY – 1.5%

5,558 Gedeon Richter RT 1,057,485 1,321,96313,172 MOL Magyar Olaj-es Gazipari RT 1,019,647 1,244,08527,564 OTP Bank RT 832,794 827,478

2,909,926 3,393,526

INDIA – 9.9%

15,015 Asian Paints Limited 464,591 607,19222,278 Bharat Heavy Electricals Limited 680,250 1,206,17631,124 Colgate-Palmolive (India) Limited 441,682 461,566137,900 Deccan Chronicle Holdings Limited 723,159 511,66427,383 Dr. Reddy’s Laboratories Limited 697,042 702,988134,044 Glenmark Pharmaceuticals Ltd. 682,527 830,20276,291 Godrej Consumer Products Limited 429,227 451,897496,387 GVK Power & Infrastructure Limited 490,704 517,26375,604 HDFC Bank Limited 2,175,598 2,888,01138,825 Hero Honda Motors Limited 1,047,251 1,497,059220,708 Hindalco Industries Limited 659,612 795,771212,362 Hindustan Construction

Company Limited 555,552 698,96261,625 Hindustan Petroleum Corporation Ltd. 405,314 540,21788,580 Hindustan Unilever Limited 503,054 526,307229,234 IndusInd Bank Limited 650,885 737,35563,427 Infosys Technologies Limited 2,964,294 3,700,71482,300 ITC Limited 367,688 463,336342,124 Jaiprakash Associates Limited 931,881 1,126,317139,000 KSK Energy Ventures Limited 624,176 628,414154,800 Marico Limited 305,300 358,6546,283 Nestle India Limited 321,379 359,91751,544 Tata Motors Limited 670,441 912,03848,231 Wipro Limited 615,369 735,463120,467 YES BANK Limited 728,283 722,306

18,135,259 21,979,789

$ $


or Units Description Cost Fair Value�TD Emerging Markets Fund



GLOBAL EQUITY FUNDS


INDONESIA – 3.4%

355,400 P.T. Astra International Tbk 717,057 1,369,7642,607,000 P.T. Bank Central Asia Tbk 840,838 1,398,9571,120,500 P.T. Bank Rakyat Indonesia

(Persero) Tbk 697,994 944,1262,586,000 P.T. Bumi Resources Tbk 957,456 690,2662,102,500 P.T. Indofood Sukses Makmur Tbk 693,388 828,2961,782,500 P.T. Perusahaan Gas Negara

(Persero) Tbk 456,830 772,190961,000 P.T. Telekomunikasi Indonesia Tbk 994,809 1,002,856376,500 P.T. Indocement Tunggal Prakarsa Tbk 252,416 570,560

5,610,788 7,577,015

ISRAEL – 0.4%

28,484 Check Point Software Technologies Ltd. 815,622 1,010,204

MALAYSIA – 1.0%

234,100 CIMB Group Holdings Berhad 543,000 918,380352,100 Sime Darby Berhad 981,866 964,37099,100 Tenaga Nasional Berhad 211,616 254,159

1,736,482 2,136,909

MEXICO – 4.7%


SAB de CV, Sponsored ADR 2,476,980 2,532,200534,350 Grupo Financiero Banorte SAB de CV,

Series “O” 1,557,660 2,024,41676,800 Grupo Televisa SAB, Sponsored ADR 1,762,515 1,669,845

9,497,904 10,419,976

PHILIPPINES – 0.2%

6,623,000 Metro Pacific Investments Corporation 451,150 391,688

POLAND – 3.2%

23,379 Bank Handlowy w Warszawie SA 387,048 594,0059,920 Bank Polska Kasa Opieki SA 730,870 584,2389,993 Bank Zachodni WBK SA 880,660 690,42960,415 Cyfrowy Polsat SA 374,282 300,346102,024 Polski Koncern Naftowy ORLEN SA 1,154,149 1,262,660161,861 Powszechna Kasa Oszczednosci

Bank Polski SA 2,825,027 2,239,933265,508 Telekomunikacja Polska SA 2,039,371 1,539,987

8,391,407 7,211,598

RUSSIA – 5.1%

48,797 OAO LUKOIL, Sponsored ADR 4,096,858 2,885,217161,735 OAO Rosneft Oil Company 1,539,135 1,447,14528,426 Polyus Gold Co., Sponsored ADR 723,808 819,207

16,083,023 RusHydro 927,242 631,920580,494 Sberbank 682,390 1,673,96455,633 Vimpel-Communications, ADR 968,696 1,083,63949,284 Wimm-Bill-Dann Foods OJSC 514,763 1,229,15548,784 X5 Retail Group NV, Sponsored GDR 861,312 1,621,199

10,314,204 11,391,446

SINGAPORE – 0.3%

1,789,000 Golden Agri-Resources Ltd. 667,767 676,292


14,467 Anglo Platinum Limited 1,012,353 1,622,9332,830 AngloGold Ashanti Ltd., ADR 72,096 119,20710,820 AngloGold Limited 271,971 460,48872,900 Impala Platinum Holdings Limited 1,608,400 2,093,62253,900 Imperial Holdings Limited 499,533 677,95812,800 Kumba Iron Ore Limited 486,782 552,597189,253 MTN Group Limited 2,723,490 3,164,82578,128 Naspers Limited 2,205,044 3,322,04437,381 Tiger Brands Limited 637,141 907,135

9,516,810 12,920,809


1,152 AMOREPACIFIC Corporation 730,066 968,6693,537 Cheil Communications Inc. 901,131 1,004,19416,076 Cheil Industries Inc. 674,279 816,11415,912 Hyundai Engineering &

Construction Co., Ltd. 963,359 1,011,8637,340 Hyundai Mobis 983,413 1,127,60331,021 KB Financial Group Inc. 1,058,951 1,655,97124,825 Kia Motors Corporation 401,552 446,87145,050 Korea Exchange Bank 581,701 586,22810,797 LG Chem Ltd. 1,151,952 2,218,50115,890 LG Dacom Corporation 264,824 253,91130,650 LG Display Co., Ltd. 955,699 1,086,39316,700 LG Display Co., Ltd., ADR 245,028 295,8764,540 NCsoft Corporation 602,798 609,4037,462 NHN Corporation 1,080,563 1,292,9343,912 OCI Company Ltd. 783,707 768,1008,135 Samsung Electronics Co., Ltd. 4,812,660 5,848,1302,563 Samsung Electronics Co., Ltd., Pref. 1,011,277 1,211,1124,957 Samsung Fire & Marine

Insurance Co., Ltd. 872,460 889,50853,462 Shinhan Financial Group Co., Ltd. 1,729,563 2,073,9641,874 Shinsegae Co., Ltd. 825,987 907,43033,253 SSCP Co., Ltd. 860,719 240,94640,757 Woongjin Coway Co., Ltd. 1,241,285 1,413,020

22,732,974 26,726,741

TAIWAN – 9.3%

468,734 Acer Incorporated 1,041,452 1,474,5521,232,910 AU Optronics Corp. 1,465,248 1,548,437954,500 Cathay Financial Holding Co., Ltd. 1,767,223 1,862,973

1,112,000 China Steel Corporation 1,134,559 1,202,046924,000 Fubon Financial Holding Co., Ltd. 838,650 1,190,905866,450 Hon Hai Precision Industry Co., Ltd. 3,151,096 4,248,00735,010 HTC Corporation 511,065 420,488450,000 Lite-On Technology Corporation 638,107 708,774550,000 Siliconware Precision

Industries Co., Ltd. 750,061 785,9741,397,000 Taishin Financial Holding Co., Ltd. 536,629 574,303291,000 Taiwan Fertilizer Co., Ltd. 937,664 1,086,261

1,632,017 Taiwan SemiconductorManufacturing Company Limited 3,169,856 3,448,326

528,373 Wistron Corporation 506,010 1,072,6451,447,000 Yuanta Financial Holdings Co., Ltd. 961,856 1,109,960

17,409,476 20,733,651

$ $




$ $

GLOBAL EQUITY FUNDSTD Emerging Markets Fund


THAILAND – 2.3%

4,900 Bangkok Bank PublicCompany Limited 13,530 17,983

338,800 Bangkok Bank Public CompanyLimited, Non-Voting Depository Receipt 1,227,846 1,236,100

34,900 Banpu Public Company Limited,Non-Voting Depository Receipt 577,276 632,412

409,200 KASIKORNBANK Public CompanyLimited, Non-Voting Depository Receipt 983,451 1,093,148

108,800 PTT Exploration and ProductionPublic Company Limited 536,874 477,248

50,400 PTT Public Company Limited 473,136 390,06559,200 The Siam Cement Public

Company Limited 424,204 437,080299,600 The Siam Commercial Bank

Public Company Limited 853,102 817,347

5,089,419 5,101,383

TURKEY – 2.5%

115,953 Akbank TAS 551,005 770,30271,831 Anadolu Efes Biracilik ve

Malt Sanayii AS 796,829 837,61438,019 Coca-Cola Icecek AS 324,904 396,900113,548 Turk Telekomunikasyon AS 354,673 362,884100,926 Turkcell Iletisim Hizmetleri AS 741,017 747,370282,201 Turkiye Garanti Bankasi AS 773,298 1,255,10461,174 Turkiye Halk Bankasi AS 219,015 511,234143,666 Turkiye Is Bankasi AS, Class “C” 493,506 633,376

4,254,247 5,514,784


71,548 SABMiller PLC 1,513,736 2,200,156


TOTAL INVESTMENT

PORTFOLIO – 95.9% 177,613,499 213,557,822


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (154)


TOTAL NET ASSETS – 100.0% $ 186,743,643 $ 222,606,903

$ $$ $




TD Emerging Markets Fund




January 04, 2010 25,276 USD $ 26,498 86,819 MYR $ 26,577 3.43484 $ 79


January 04, 2010 37,435 HKD $ 5,061 4,827 USD $ 5,060 7.75533 $ (1)January 04, 2010 98,394 MYR 30,120 28,646 USD 30,031 3.43483 (89)January 04, 2010 31,299 PLN 11,463 10,853 USD 11,378 2.88390 (85)January 04, 2010 30,834 USD 32,324 35,866,100 KRW 32,285 1,163.19971 (39)January 05, 2010 10,385 PLN 3,803 3,610 USD 3,784 2.87673 (19)

$ 82,771 $ 82,538 $ (233)


GLOBAL EQUITY FUNDS




Currency 2009 2008 2009 2008

Argentine Peso $ 1 $ 1 $ 0 $ 0Brazilian Real 12,414 5,246 621 262Czech Koruna 3,223 3,601 161 180Egyptian Pound 2,949 0 147 0Hong Kong Dollar 38,712 28,677 1,936 1,434Hungarian Forint 3,395 1,068 170 54Indian Rupee 22,132 14,275 1,107 714Indonesian Rupiah 7,577 4,508 379 225Israeli Shekel 8 10 0 0Malaysian Ringgit 2,179 1,573 109 79Mexican Nuevo Peso 2,024 2,257 101 113New Taiwan Dollar 20,739 11,711 1,037 586Pakistan Rupee 20 1,095 1 55Philippine Peso 392 0 20 0Polish Zloty 7,212 6,531 361 327Singapore Dollar 676 224 34 11South African Rand 15,008 12,869 750 643South Korean Won 26,408 17,406 1,320 870Thai Baht 5,101 2,697 255 135Turkish Lira 5,518 7,150 276 357United States Dollar 47,477 34,687 2,374 1,734

Total $ 223,165 $ 155,586 $ 11,159 $ 7,779






Common Shares $ 47,179 $ 166,379 $ 0 $ 213,558

Equity positions with a fair value of $1,838 were transferred from Level 1 to Level 2during the year as a result of decreased activity in the market for those securities.



Less than3 months


GLOBAL EQUITY FUNDSTD Emerging Markets Fund


�TD Latin American Growth Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 236,972 $ 132,044Foreign Currencies 4,129 467Dividends Receivable 478 836Subscriptions Receivable 576 141

242,155 133,488


1,131 781

Net Assets (Note 3) $ 241,024 $ 132,707

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 220,497 $ 123,364Advisor Series $ 18,348 $ 8,486F-Series $ 2,179 $ 857

$ 241,024 $ 132,707


Advisor Series 1,271,044 994,867

F-Series 143,580 96,818



F-Series $ 15.18 $ 8.85



2009 2008


4,038 5,305



4,827 6,192








$ 91,732 $ (119,944)


GLOBAL EQUITY FUNDS


�TD Latin American Growth Fund

GLOBAL EQUITY FUNDS




2009 2008 2009 2008




Proceeds from Sale of Units 51,751 89,942 7,227 13,549Reinvestments of Distributions 0 0 0 0Early Redemption Fees 14 42 1 2Amounts Paid on Redemptions (39,307) (98,132) (3,678) (6,054)

12,458 (8,148) 3,550 7,497


0 0 0 0


Net Assets, End of the Period $ 220,497 $ 123,364 $ 18,348 $ 8,486†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 8,150,851 8,928,597 994,867 624,941Units Issued 2,408,644 3,389,278 615,283 877,517Units Issued on Reinvestments 0 0 0 0Units Redeemed (1,950,219) (4,167,024) (339,106) (507,591)


F-Series TOTAL

2009 2008 2009 2008

Net Assets, Beginning of the Period $ 857 $ 1,359 $ 132,707 $ 252,935



Proceeds from Sale of Units 818 1,269 59,796 104,760Reinvestments of Distributions 0 0 0 0Early Redemption Fees 0 1 15 45Amounts Paid on Redemptions (241) (903) (43,226) (105,089)

577 367 16,585 (284)


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 1,322 (502) 108,317 (120,228)

Net Assets, End of the Period $ 2,179 $ 857 $ 241,024 $ 132,707†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 96,818 87,773Units Issued 67,174 79,573Units Issued on Reinvestments 0 0Units Redeemed (20,412) (70,528)




ARGENTINA – 0.5%

74,600 Telecom Argentina SA,Sponsored ADR $ 883,733 $ 1,315,440

BRAZIL – 70.0%

224,359 Amil Participacoes SA 1,832,811 1,835,023458,400 Banco Bradesco SA, ADR 8,328,809 10,490,70467,700 Banco Bradesco SA, Pref. 907,074 1,481,189313,200 BM&F Bovespa SA 1,285,678 2,307,368332,218 Bradespar SA, Pref. 5,977,562 7,622,138231,114 BRF – Brasil Foods SA 4,362,145 6,296,27310,200 BRF – Brasil Foods SA, ADR 592,337 558,397137,000 BRMalls Participacoes SA 1,237,577 1,768,110729,400 Cielo SA 7,205,772 6,711,44988,300 Companhia de Bebidas

das Americas – AmBev, Pref., ADR 5,103,331 9,357,83164,500 Gerdau SA, Pref. 1,154,679 1,128,786138,500 Gerdau SA, Sponsored ADR 1,461,523 2,472,696833,648 Itau Unibanco Holding SA, ADR 12,225,681 19,934,911114,751 Itau Unibanco Holding SA, Pref. 1,504,564 2,667,948734,312 Itausa – Investimentos Itau SA, Pref. 3,472,812 5,215,424209,323 Localiza Rent a Car SA 1,844,264 2,391,826195,200 Marfrig Alimentos SA 2,307,515 2,210,49351,451 Metalurgica Gerdau SA 1,150,792 1,076,793442,800 MRV Engenharia e Participacoes SA 2,291,380 3,688,21774,000 Multiplan Empreendimentos

Imobiliarios SA 1,264,214 1,402,73938,700 Net Servicos de Comunicacao SA 598,664 548,928290,297 Net Servicos de Comunicacao SA, Pref. 3,750,080 4,141,106600,000 OGX Petroleo e Gas Participacoes SA 4,372,846 6,134,219373,772 PDG Realty SA Empreendimentos

e Participacoes 1,737,494 3,888,767244,128 Petroleo Brasileiro SA – Petrobras, ADR 3,072,968 12,192,581319,128 Petroleo Brasileiro SA – Petrobras,

Sponsored ADR 6,670,276 14,151,79771,800 Ultrapar Participacoes SA 1,756,548 3,459,15723,400 Ultrapar Participacoes SA, ADR 1,154,250 1,147,57873,130 Usinas Siderurgicas de Minas Gerais SA 2,767,732 2,173,92936,610 Usinas Siderurgicas de Minas Gerais SA,

Pref. Series “A” 596,500 1,078,61445,408 Vale SA, Pref. Series “A” 279,548 1,152,402870,759 Vale SA, Pref. Series “A”,

Sponsored ADR 8,482,047 22,648,06234,200 Vale SA, Sponsored ADR 805,024 1,040,112132,300 Vivo Participacoes SA, ADR 2,574,271 4,292,663

104,128,768 168,668,230

CHILE – 4.4%

20,300 Banco Santander Chile, ADR 1,356,854 1,374,147164,719 Compania Cervecerias Unidas SA 1,258,213 1,346,741830,389 Empresa Nacional de Electricidad SA 1,422,285 1,472,51065,600 Enersis SA, Sponsored ADR 1,327,827 1,571,435134,754 LAN Airlines SA, Sponsored ADR 1,638,180 2,346,484207,843 S.A.C.I. Falabella 1,251,525 1,286,52029,900 Sociedad Quimica y Minera

de Chile SA, ADR 1,207,121 1,176,716

9,462,005 10,574,553

MEXICO – 19.3%


SAB de CV, Sponsored ADR 6,362,084 8,408,9111,860,357 Grupo Financiero Banorte SAB de CV,

Series “O” 6,619,898 7,048,072344,600 Grupo Televisa SAB, Sponsored ADR 8,051,696 7,492,562612,509 Megacable Holdings SAB de CV 1,904,395 1,357,493735,160 Wal-Mart de Mexico SAB de CV,

Series “V” 2,536,434 3,435,745

42,207,046 46,425,248

PANAMA – 1.5%

64,203 Copa Holdings SA, Class “A” 2,287,410 3,666,224

PERU – 1.3%

25,200 Compania de Minas Buenaventura SAA,ADR 617,114 881,583

28,900 Credicorp Ltd. 1,952,817 2,333,196

2,569,931 3,214,779


92,357 Antofagasta PLC, Sponsored ADR 2,467,149 3,108,001


TOTAL INVESTMENT

PORTFOLIO – 98.3% 163,697,735 236,972,475



TOTAL NET ASSETS – 100.0% $ 167,799,144 $ 241,024,357

$ $


or Units Description Cost Fair Value�TD Latin American Growth Fund



GLOBAL EQUITY FUNDS





Currency 2009 2008 2009 2008

Argentine Peso $ 0 $ 1 $ 0 $ 0Brazilian Real 70,041 28,714 3,502 1,436Chilean Peso 3,949 0 197 0Mexican Nuevo Peso 11,842 14,897 592 745United States Dollar 155,566 89,702 7,778 4,485

Total $ 241,398 $ 133,314 $ 12,069 $ 6,666






Common Shares $ 230,676 $ 6,296 $ 0 $ 236,972

Equity positions with a fair value of (in 000s) $5,100 were transferred from Level 1 toLevel 2 during the year as a result of decreased activity in the market for securities.



Less than3 months


TD Latin American Growth Fund


GLOBAL EQUITY FUNDS

�TD Global Equity Advantage Por tfolio



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 45,198 $ 44,738Subscriptions Receivable 15 13Receivable for Investment Sales 45 31

45,258 44,782

LiabilitiesBank Overdraft 61 27Accrued Liabilities 58 54Redemptions Payable 51 15Payable for Investment Purchases 0 9

170 105

Net Assets (Note 3) $ 45,088 $ 44,677


$ 45,088 $ 44,677



F-Series 4,840 24,846



F-Series $ 7.40 $ 6.51



2009 2008

Investment IncomeIncome Distributions Receivedfrom Underlying Funds $ 927 $ 1,307

Less: Withholding Taxes (118) (176)

809 1,131



651 863






†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 4,846 $ (19,753)Advisor Series $ 313 $ (1,007)F-Series $ 4 $ (100)

$ 5,163 $ (20,860)


GLOBAL EQUITY FUNDS



GLOBAL EQUITY FUNDS




2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 4,846 (19,753) 313 (1,007)


Proceeds from Sale of Units 2,678 4,522 407 1,157Reinvestments of Distributions 0 0 0 0Early Redemption Fees 0 1 0 0Amounts Paid on Redemptions (7,263) (12,111) (444) (792)

(4,585) (7,588) (37) 365


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 261 (27,341) 276 (642)

Net Assets, End of the Period $ 42,200 $ 41,939 $ 2,852 $ 2,576†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 7,066,153 8,055,949 407,597 351,530Units Issued 452,837 610,780 64,588 153,837Units Issued on Reinvestments 0 0 0 0Units Redeemed (1,190,398) (1,600,576) (70,480) (97,770)


F-Series TOTAL

2009 2008 2009 2008





(130) (41) (4,752) (7,264)


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period (126) (141) 411 (28,124)

Net Assets, End of the Period $ 36 $ 162 $ 45,088 $ 44,677†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 24,846 32,610Units Issued 17 5,361Units Issued on Reinvestments 0 0Units Redeemed (20,023) (13,125)



224


142,093 TD Emerging Markets Fund,Institutional Series $ 2,337,953 $ 2,279,164

1,936,334 TD Global Dividend Fund,Institutional Series 19,191,241 13,573,703

957,603 TD Global Multi-Cap Fund,Institutional Series 9,784,840 6,789,404

819,158 TD Global Select Fund,Institutional Series 14,879,209 11,287,998

1,598,234 TD Global Value Fund,Institutional Series 16,583,223 11,267,551

TOTAL INVESTMENT

PORTFOLIO – 100.2% 62,776,466 45,197,820

FOREIGN CURRENCIES – 0.0% 446 396


TOTAL NET ASSETS – 100.0% $ 62,667,122 $ 45,088,426








Less than3 months





The accompanying notes are an integral part of these financial statements.TD Mutual Funds 2009 Annual Financial Report

GLOBAL EQUITY FUNDS

�TD Resource Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 205,406 $ 126,714Short-Term Investments 5,363 1,970Foreign Currencies 133 79Cash 172 65Interest Receivable 16 18Dividends Receivable 233 265Subscriptions Receivable 398 93Unrealized Gain on Open ForeignExchange Forward Contracts 362 0

212,083 129,204


1,318 1,061

Net Assets (Note 3) $ 210,765 $ 128,143

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 184,139 $ 114,323Advisor Series $ 24,707 $ 13,078F-Series $ 1,919 $ 742

$ 210,765 $ 128,143



F-Series 154,429 90,212



F-Series $ 12.42 $ 8.23



2009 2008


6,912 (5,466)



3,651 4,746








$ 69,790 $ (125,052)


SECTOR FUNDS





2009 2008 2009 2008




Proceeds from Sale of Units 37,136 40,013 8,640 8,573Reinvestments of Distributions 1,675 0 177 0Early Redemption Fees 6 12 1 1Amounts Paid on Redemptions (28,996) (45,804) (4,566) (7,361)

9,821 (5,779) 4,252 1,213

Distributions to UnitholdersFrom Net Investment Income (1,689) 0 (184) 0From Net Realized Gains on Investments 0 0 0 0

(1,689) 0 (184) 0


Net Assets, End of the Period $ 184,139 $ 114,323 $ 24,707 $ 13,078†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 6,361,155 6,592,380 822,457 789,523Units Issued 1,648,681 1,307,983 437,570 309,994Units Issued on Reinvestments 63,315 0 7,575 0Units Redeemed (1,263,539) (1,539,208) (235,137) (277,060)


F-Series TOTAL

2009 2008 2009 2008

Net Assets, Beginning of the Period $ 742 $ 1,675 $ 128,143 $ 258,078



Proceeds from Sale of Units 1,103 563 46,879 49,149Reinvestments of Distributions 30 0 1,882 0Early Redemption Fees 0 0 7 13Amounts Paid on Redemptions (471) (880) (34,033) (54,045)

662 (317) 14,735 (4,883)

Distributions to UnitholdersFrom Net Investment Income (30) 0 (1,903) 0From Net Realized Gains on Investments 0 0 0 0

(30) 0 (1,903) 0


Net Assets, End of the Period $ 1,919 $ 742 $ 210,765 $ 128,143†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 90,212 105,951Units Issued 106,120 44,242Units Issued on Reinvestments 2,480 0Units Redeemed (44,383) (59,981)


SECTOR FUNDS

�TD Resource Fund


227


ENERGY – 37.9%

158,134 Anderson Energy Ltd. $ 1,020,786 $ 183,43535,000 Angle Energy Inc. (Restricted) 175,000 234,500234,800 Arcan Resources Ltd. 293,500 328,72076,600 Calfrac Well Services Ltd. 1,316,477 1,583,32280,000 Cameco Corporation 1,964,878 2,704,800576,900 Canacol Energy Ltd. 392,305 374,98514,000 Canadian Natural Resources Limited 1,016,553 1,059,38046,000 Celtic Exploration Ltd. 400,393 956,340169,200 Cenovus Energy Inc. 2,413,164 4,477,032114,211 Crescent Point Energy Corp. 2,489,917 4,505,6244,175 Cutpick Energy Inc. (Restricted) 0 0

403,200 Denison Mines Corp. 2,513,449 532,224169,200 EnCana Corporation 2,652,226 5,761,260666,400 Enseco Energy Services Corp. 299,880 119,952125,000 Galveston LNG Inc. (Restricted) 625,025 375,00026,000 Gastar Exploration Ltd. 464,035 131,004193,345 Huron Energy Corporation (Restricted) 253,330 386,690117,900 Husky Energy Inc. 4,642,728 3,539,358343,260 Iteration Energy Ltd. 1,337,857 411,91255,900 Legacy Oil + Gas Inc. 419,250 537,199165,952 Nexen Inc. 3,021,540 4,172,033280,000 NiMin Energy Corp. 350,000 392,000330,000 North West Upgrading Inc. (Restricted) 1,200,000 986,70099,900 NuVista Energy Ltd. 1,043,861 1,240,758237,500 Pacific Rubiales Energy Corp. 400,000 3,657,50010,340 Parex Resources Inc. 37,130 41,98036,383 PetroBakken Energy Ltd., Class “A” 1,209,735 1,173,352350,000 Primeline Energy Holdings Inc. 462,600 210,000238,806 Progress Energy Resources Corp. 3,116,537 3,367,165114,300 Rock Energy Inc. 400,050 370,33250,000 SouthGobi Energy Resources Ltd. 150,000 853,50017,575 Spry Energy Ltd. 375,000 65,379123,758 Stratic Energy Corporation 80,000 20,420435,580 Suncor Energy Inc. 9,608,558 16,164,374504,400 Talisman Energy Inc. 4,418,289 9,861,020312,000 TransAtlantic Petroleum Corp.

(Restricted) 514,800 1,123,200115,000 TransCanada Corporation 4,223,448 4,157,250166,500 Uranium One Inc. 422,352 499,500220,000 UTS Energy Corporation 576,144 495,000500,000 Venturion Natural Resources Limited

(Restricted) 500,000 425,000139,700 Vero Energy Inc. 1,072,500 616,077580,000 Virgin Resources Limited (Restricted) 580,000 742,40096,000 Voyager Energy Ltd. (Restricted) 240,000 240,000216,900 West Energy Ltd. 678,188 837,234100,000 WesternZagros Resources Ltd. 300,000 77,000559,300 Windsor Energy Corporation 2,249,761 0

61,921,246 79,991,911

MATERIALS – 32.4%

25,000 Agnico-Eagle Mines Limited 1,040,348 1,419,750131,900 Alamos Gold Inc. 497,261 1,648,750624,990 Andina Minerals Inc. 416,660 1,193,731100,000 Antares Minerals Inc. 50,000 145,000400,000 Atacama Minerals Corp. 500,000 208,000387,000 Avalon Rare Metals Inc. 490,200 1,114,560500,000 AXMIN Inc. 225,000 37,500138,210 Barrick Gold Corporation 4,693,433 5,721,894260,000 Bear Creek Mining Corporation 463,890 990,60030,000 Canfor Corporation 337,500 243,00042,907 Coalcorp Mining Inc.,

Warrants 08/02/2011 0 429158,505 Crystallex International Corporation 350,043 61,81768,300 Crystallex International Corporation,

Warrants (Restricted) 0 0256,600 Eldorado Gold Corporation 997,173 3,815,642

2,359,000 Farallon Mining Ltd. 1,105,300 1,297,450180,000 FNX Mining Company Inc. 1,477,858 2,071,80082,000 Franco-Nevada Corporation 1,404,500 2,302,5604,650 Franco-Nevada Corporation,

Warrants 16/06/2017 0 32,085100,000 Fronteer Development Group Inc. 156,873 411,000218,800 Gold Wheaton Gold Corp. 109,400 78,768109,400 Gold Wheaton Gold Corp.,

Warrants 08/07/2013 0 7,658169,350 Goldcorp Inc. 3,302,105 6,995,84920,000 Goldsource Mines Inc. 235,000 36,00060,100 Harry Winston Diamond Corporation 2,313,139 600,399150,000 HudBay Minerals Inc. 512,055 2,028,00012,000 IAMGOLD Corporation 96,107 197,880200,000 International Royalty Corporation 826,700 1,506,000245,000 Ivanhoe Mines Ltd. 2,025,431 3,765,650310,000 Ivernia Inc. 456,061 131,75073,300 Keegan Resources Inc. 300,530 486,71277,823 Kinross Gold Corporation 1,272,398 1,504,31987,500 Kinross Gold Corporation,

Warrants 07/09/2011 0 173,250135,825 Lucara Diamond Corp. 167,544 138,542400,000 Lucara Diamond Corp.,

Subscription Receipts (Restricted) 400,000 399,000452,740 Lundin Mining Corporation 830,163 1,933,20045,396 Lundin Mining Corporation, SDR 153,898 195,277

1,392,700 Manicouagan Minerals Inc., Units 278,540 69,63590,000 Mediterranean Resources Ltd. 876,240 9,45040,600 Metallic Ventures Gold Inc. (Restricted) 152,250 45,878100,000 Midway Gold Corp. 125,000 80,000155,300 Migao Corporation 848,530 1,079,335200,000 Nautilus Minerals Inc. 400,000 332,000197,347 NGEx Resources Inc. 33,251 151,95718,000 Norbord Inc. 2,123,526 262,440113,250 Osisko Mining Corporation 789,865 954,698170,000 Palladon Ventures Ltd. 119,000 11,900160,000 Platinum Group Metals Ltd. 40,000 347,200260,000 Polaris Minerals Corporation 365,000 436,80070,000 Premier Gold Mines Limited 131,809 291,200225,000 Red Back Mining Inc. 471,540 3,348,000499,500 Reunion Gold Corporation 541,125 37,463140,000 Rubicon Minerals Corp. 103,129 691,600200,000 SEMAFO Inc. 251,277 876,000190,000 Sherritt International Corporation 1,274,037 1,240,700302,800 Silver Wheaton Corp. 1,358,300 4,781,212



$ $

�TD Resource Fund



SECTOR FUNDS


10,000 Silver Wheaton Corp.,Warrants 22/12/2010 0 66,500


75,000 Sino-Forest Corporation 825,000 1,449,0001,491,180 Starfield Resources Inc. 599,900 141,662

96,000 Teck Resources Limited, Class “B” SV 2,902,621 3,523,200362,500 Victoria Gold Corp. 417,608 242,875112,500 Virginia Mines Inc. 461,250 587,250336,162 Yamana Gold Inc. 4,057,032 4,020,498250,000 Yamiri Gold and Energy Inc. 62,500 35,000550,500 Zazu Metals Corporation 785,640 159,64564,500 Zazu Metals Corporation,

Warrants 19/12/2012 0 3,870

47,600,540 68,295,361


112,800 ARC Energy Trust 1,919,842 2,249,232128,100 Bonavista Energy Trust 3,622,586 2,852,78744,000 Brookfield Renewable Power Fund 634,661 840,4007,469 Canfor Pulp Income Fund 76,896 65,20433,000 Penn West Energy Trust 1,043,000 611,16068,944 Precision Drilling Trust 1,916,563 523,97495,900 Vermilion Energy Trust 3,280,603 3,107,160

12,494,151 10,249,917



ENERGY – 8.1%

51,800 Chevron Corporation 3,729,621 4,179,27753,100 Clean Energy Fuels Corp. 677,915 857,83438,000 Comstock Resources Inc. 1,290,705 1,616,19976,000 Helmerich & Payne Inc. 2,738,738 3,177,423111,680 Marathon Oil Corporation 4,716,207 3,655,229280,000 NiMin Energy Corp.,

Warrants 06/09/2011 0 0177,800 Pacific Energy Resources Ltd. 391,160 0

3,305,367 Saber Energy Corp. (Restricted) 535,330 207,91161,900 Spectra Energy Corp. 1,032,216 1,330,953106,916 Weatherford International Ltd. 2,995,754 2,007,449

18,107,646 17,032,275

MATERIALS – 2.5%

158,300 Alcoa Inc. 6,285,730 2,675,17531,360 Coeur d’Alene Mines Corporation 1,472,817 593,74525,000 Freeport-McMoRan Copper & Gold Inc. 1,089,720 2,104,301

8,848,267 5,373,221



AUSTRALIA – 5.4%

78,200 BHP Billiton Limited, Sponsored ADR 3,375,613 6,275,643184,850 CGA Mining Limited 150,525 377,49060,000 Energy Resources of Australia Ltd. 366,746 1,343,9941,709 InterOil Corporation (Restricted) 41,123 137,615

250,000 Ivanhoe Australia Limited (Restricted) 488,491 862,696294,000 Mirabela Nickel Limited 210,291 690,543450,000 Paladin Energy Ltd. 353,658 1,763,193

4,986,447 11,451,174

BERMUDA – 0.4%

129,000 Coastal Energy Company 294,854 702,13239,500 Coastal Energy Company,

Warrants 19/07/2010 0 39,588

294,854 741,720

BRAZIL – 1.1%

47,400 Petroleo Brasileiro SA – Petrobras, ADR 2,097,163 2,367,317

CHINA – 0.0%

857,000 Starfield Resources Inc.,Warrants 12/06/2010 0 15,426

FRANCE – 1.4%

43,000 TOTAL SA, Sponsored ADR 2,737,600 2,886,862

NORWAY – 1.1%

86,200 StatoilHydro ASA, Sponsored ADR 2,604,471 2,249,254


850,000 Archipelago Resources PLC 438,899 453,283550,000 Archipelago Resources PLC,

Private Placement 466,931 290,50811,800 BG Group PLC, Sponsored ADR 1,165,931 1,118,91441,300 BP PLC, Sponsored ADR 2,266,477 2,509,91955,055 Salamander Energy PLC 329,814 276,564

4,668,052 4,649,188


Bonds – 0.1%


Crystallex International Corporation, Conv. (USD)337,000 9.375% due February 01, 2010 337,890 102,455


TOTAL INVESTMENT

PORTFOLIO – 97.5% 166,602,859 205,406,081

SHORT-TERM

INVESTMENTS (CAD) – 1.9% 4,000,000 4,000,000

SHORT-TERM

INVESTMENTS (USD) – 0.6% 1,362,855 1,362,855


FORWARD CONTRACTS

(SCHEDULE 1) – 0.1% 0 317,091


TOTAL NET ASSETS – 100.0% $ 171,645,569 $ 210,765,030

$ $

$ $




SECTOR FUNDSTD Resource Fund







Currency 2009 2008 2009 2008

Australian Dollar $ 181 $ 2,463 $ 9 $ 123British Pound 233 468 12 23Swedish Krona 1 52 0 3United States Dollar 2,537 1,705 127 85

Total $ 2,952 $ 4,688 $ 148 $ 234






Common Shares $ 194,500 $ 7,375 $ 3,429 $ 205,304Bonds and Short-TermInvestments 0 5,363 102 5,465


194,500 13,100 3,531 211,131


$ 194,500 $ 13,055 $ 3,531 $ 211,086

Equity positions with a fair value of $256 were transferred from Level 1 to Level 2 duringthe period as a result of decreased activity in the market for those securities.



CommonShares Bonds

Balance at December 31, 2008 $ 2,939 $ 414Purchases 239 0Sales (230) (5)Gains (Losses)Net Realized on Sale of Investments (273) (189)Net Change in Unrealized Appreciation/Depreciation of Investments 754 (118)

Balance at December 31, 2009 $ 3,429 $ 102

Total change in unrealized for assetsheld at December 31, 2009 $ 487 $ (312)



Less than3 months


$ 1,318




January 29, 2010 921,000 GBP $ 1,558,882 1,565,457 CAD $ 1,565,457 1.69974 $ 6,575January 29, 2010 13,245,000 USD 13,885,012 14,011,806 CAD 14,011,806 1.05789 126,794January 29, 2010 12,010,000 USD 12,590,335 12,705,259 CAD 12,705,259 1.05789 114,924January 29, 2010 11,933,000 USD 12,509,614 12,623,742 CAD 12,623,742 1.05789 114,128

$ 40,543,843 $ 40,906,264 $ 362,421


January 29, 2010 5,193,000 AUD $ 4,881,124 4,837,518 CAD $ 4,837,518 0.93155 $ (43,606)January 29, 2010 1,322,000 SEK 194,129 192,405 CAD 192,405 6.87092 (1,724)

$ 5,075,253 $ 5,029,923 $ (45,330)


SECTOR FUNDSTD Resource Fund

�TD Energy Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 229,443 $ 144,252Short-Term Investments 3,948 5,028Foreign Currencies 111 57Cash 189 284Dividends Receivable 454 568Subscriptions Receivable 320 209Unrealized Gain on Open ForeignExchange Forward Contracts 534 0

234,999 150,398

LiabilitiesAccrued Liabilities 416 261Redemptions Payable 466 256Payable for Investment Purchases 700 0Unrealized Loss on Open ForeignExchange Forward Contracts 22 1,023

1,604 1,540

Net Assets (Note 3) $ 233,395 $ 148,858


$ 233,395 $ 148,858



F-Series 51,284 42,831



F-Series $ 8.48 $ 6.29



2009 2008


11,650 (6,121)



4,193 5,139








$ 62,579 $ (106,991)


SECTOR FUNDS


�TD Energy Fund

SECTOR FUNDS




2009 2008 2009 2008




Proceeds from Sale of Units 57,895 54,902 7,889 7,851Reinvestments of Distributions 4,022 0 147 0Early Redemption Fees 27 21 2 1Amounts Paid on Redemptions (40,151) (62,707) (3,647) (2,658)

21,793 (7,784) 4,391 5,194

Distributions to UnitholdersFrom Net Investment Income (4,066) 0 (152) 0From Net Realized Gains on Investments 0 0 0 0

(4,066) 0 (152) 0


Net Assets, End of the Period $ 221,907 $ 144,430 $ 11,053 $ 4,158†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 7,622,075 7,823,410 681,957 207,688Units Issued 2,691,220 1,824,328 1,136,475 753,695Units Issued on Reinvestments 161,724 0 18,369 0Units Redeemed (1,781,048) (2,025,663) (495,411) (279,426)


F-Series TOTAL

2009 2008 2009 2008




Proceeds from Sale of Units 374 204 66,158 62,957Reinvestments of Distributions 13 0 4,182 0Early Redemption Fees 0 0 29 22Amounts Paid on Redemptions (382) (43) (44,180) (65,408)

5 161 26,189 (2,429)

Distributions to UnitholdersFrom Net Investment Income (13) 0 (4,231) 0From Net Realized Gains on Investments 0 0 0 0

(13) 0 (4,231) 0






ENERGY – 59.8%

377,068 Anderson Energy Ltd. $ 2,790,968 $ 437,39965,000 Angle Energy Inc. (Restricted) 325,000 435,500335,200 Arcan Resources Ltd. 419,000 469,280

1,500,000 Aurado Energy Inc. 300,000 0126,000 Calfrac Well Services Ltd. 2,362,843 2,604,420100,400 Cameco Corporation 3,295,065 3,394,524923,100 Canacol Energy Ltd. 627,695 600,01520,000 Canadian Natural Resources Limited 1,452,218 1,513,400323,000 Cenovus Energy Inc. 3,051,209 8,546,580249,866 Crescent Point Energy Corp. 3,569,289 9,857,2148,325 Cutpick Energy Inc. (Restricted) 0 05,411 Cutpick Energy Inc., Rights 0 0

323,000 EnCana Corporation 3,353,479 10,998,150999,600 Enseco Energy Services Corp. 449,820 179,928330,000 E-T Energy Ltd., Class “A” 387,000 844,800569,391 Galveston LNG Inc. (Restricted) 708,173 1,708,17322,800 Gastar Exploration Ltd. 406,923 114,880386,574 Huron Energy Corporation (Restricted) 506,508 773,148321,100 Husky Energy Inc. 2,978,851 9,639,422180,000 Iteration Energy Ltd. 746,928 216,00079,850 Legacy Oil + Gas Inc. 598,875 767,359102,000 Monterey Exploration Ltd.,

Private Placement 433,500 550,800203,700 Nexen Inc. 2,044,064 5,121,018400,000 NiMin Energy Corp. 500,000 560,000400,000 NiMin Energy Corp.,

Warrants 06/09/2011 0 0420,000 North West Upgrading Inc. 420,000 1,255,80082,500 North West Upgrading Inc. (Restricted) 300,000 246,675133,100 NuVista Energy Ltd. 1,191,100 1,653,102222,300 One Exploration Inc., Class “A” 400,140 66,690356,250 Pacific Rubiales Energy Corp. 600,000 5,486,25017,160 Parex Resources Inc. 61,620 69,67048,511 PetroBakken Energy Ltd., Class “A” 1,612,991 1,564,480640,000 Primeline Energy Holdings Inc. 858,600 384,000453,971 Progress Energy Resources Corp. 6,292,741 6,400,991157,100 Rock Energy Inc. 549,850 509,00435,150 Spry Energy Ltd. 750,000 130,758836,448 Suncor Energy Inc. 13,661,264 31,040,585794,000 Talisman Energy Inc. 5,949,666 15,522,700468,000 TransAtlantic Petroleum Corp.

(Restricted) 772,200 1,684,800150,000 TransCanada Corporation 5,234,200 5,422,50067,500 Uranium One Inc. 270,000 202,500

1,060,000 UTS Energy Corporation 2,725,089 2,385,0001,000,000 Venturion Natural Resources Limited

(Restricted) 1,000,000 850,000266,948 Vero Energy Inc. 1,798,626 1,177,241

1,000,000 Virgin Resources Limited (Restricted) 920,000 1,280,000144,000 Voyager Energy Ltd. (Restricted) 360,000 360,000570,000 West Energy Ltd. 873,339 2,200,200280,000 WesternZagros Resources Ltd. 840,000 215,600494,800 Windsor Energy Corporation 2,393,286 0

81,142,120 139,440,556

MATERIALS – 0.0%

85,807 Coalcorp Mining Inc.,Warrants 08/02/2011 0 858

30,000 Goldsource Mines Inc. 352,500 54,000

352,500 54,858

UTILITIES – 0.4%

20,000 ATCO Ltd., Class “I” NV 450,500 916,600


161,100 ARC Energy Trust 2,743,650 3,212,334212,800 Bonavista Energy Trust 5,432,478 4,739,05659,900 Brookfield Renewable Power Fund 864,005 1,144,090300,000 E-T Royalty Commercial Trust 3,000 0100,000 Fort Chicago Energy Partners,

Limited Partnership 757,439 997,000278,000 Penn West Energy Trust 8,408,936 5,148,560150,769 Precision Drilling Trust 4,276,289 1,145,844158,600 Vermilion Energy Trust 3,922,188 5,138,640

26,407,985 21,525,524



ENERGY – 17.3%

60,000 Bristow Group Inc. 2,472,963 2,416,65680,800 Chevron Corporation 5,745,824 6,519,02686,000 Clean Energy Fuels Corp. 1,098,571 1,389,33666,500 Comstock Resources Inc. 1,996,526 2,828,34930,240 Devon Energy Corporation 1,451,532 2,330,105123,500 Helmerich & Payne Inc. 4,440,733 5,163,312192,096 Marathon Oil Corporation 8,883,027 6,287,204266,700 Pacific Energy Resources Ltd. 586,740 0

4,814,466 Saber Energy Corp. (Restricted) 848,669 302,83467,200 Schlumberger Limited 2,953,027 4,585,533148,100 Spectra Energy Corp. 2,405,004 3,184,39620,000 Tidewater Inc. 851,605 1,004,31923,785 Transocean Ltd. 3,154,519 2,063,122130,244 Weatherford International Ltd. 2,224,620 2,445,455



AUSTRALIA – 2.4%

29,471 InterOil Corporation 716,700 2,372,8071,709 InterOil Corporation (Restricted) 40,698 137,615

507,300 Paladin Energy Ltd. 2,574,453 1,983,543275,000 Paladin Energy Ltd. (Restricted) 1,181,510 1,021,488

4,513,361 5,515,453

BRAZIL – 1.7%

81,100 Petroleo Brasileiro SA – Petrobras, ADR 3,588,184 4,050,409

FRANCE – 2.1%

72,000 TOTAL SA, Sponsored ADR 4,494,585 4,833,816

NORWAY – 1.4%

129,800 StatoilHydro ASA, Sponsored ADR 3,917,599 3,386,927

SWEDEN – 1.1%

300,000 Lundin Petroleum AB 1,352,000 2,486,361

$ $


or Units Description Cost Fair Value�TD Energy Fund



SECTOR FUNDS



20,000 BG Group PLC, Sponsored ADR 1,976,154 1,896,46570,800 BP PLC, Sponsored ADR 3,885,388 4,302,718102,245 Salamander Energy PLC 611,774 513,619

6,473,316 6,712,802



TOTAL INVESTMENT

PORTFOLIO – 98.3% 171,606,184 229,442,953

SHORT-TERM

INVESTMENTS (CAD) – 1.2% 2,900,000 2,900,000

SHORT-TERM

INVESTMENTS (USD) – 0.5% 1,048,350 1,048,350


FORWARD CONTRACTS

(SCHEDULE 1) – 0.2% 0 511,989


TOTAL NET ASSETS – 100.0% $ 175,046,867 $ 233,394,808

$ $



SECTOR FUNDSTD Energy Fund




January 29, 2010 250,000 GBP $ 423,149 424,934 CAD $ 424,934 1.69974 $ 1,785January 29, 2010 19,486,000 USD 20,427,583 20,613,947 CAD 20,613,947 1.05788 186,364January 29, 2010 18,476,000 USD 19,368,779 19,545,650 CAD 19,545,650 1.05789 176,871January 29, 2010 17,654,000 USD 18,507,059 18,675,990 CAD 18,675,990 1.05789 168,931

$ 58,726,570 $ 59,260,521 $ 533,951


January 29, 2010 16,744,000 SEK $ 2,458,774 2,436,812 CAD $ 2,436,812 6.87127 $ (21,962)





Currency 2009 2008 2009 2008

British Pound $ 90 $ 230 $ 5 $ 12Swedish Krona 28 1,988 1 99United States Dollar 4,389 2,661 219 133

Total $ 4,507 $ 4,879 $ 225 $ 244








217,555 8,618 7,752 233,925


$ 217,555 $ 8,596 $ 7,752 $ 233,903

Equity positions with a fair value of $115 and $551 were transferred from Level 1 toLevel 2 and Level 2 to Level 1 respectively during the period as a result of changes inactivities in the market for those equities.



CommonShares

Balance at December 31, 2008 $ 6,319Purchases 372Sales (400)Gains (Losses)Net Change in Unrealized Appreciation/Depreciation of Investments 1,461

Balance at December 31, 2009 $ 7,752

Total change in unrealized for assetsheld at December 31, 2009 $ 1,376



Less than3 months


$ 1,604

SECTOR FUNDSTD Energy Fund


�TD Precious Metals Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 254,035 $ 165,349Short-Term Investments 1,448 700Foreign Currencies 108 119Cash 0 55Interest Receivable 36 42Dividends Receivable 25 73Subscriptions Receivable 528 613

256,180 166,951

LiabilitiesBank Overdraft 89 0Accrued Liabilities 469 257Redemptions Payable 332 328

890 585

Net Assets (Note 3) $ 255,290 $ 166,366

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 225,858 $ 146,569Advisor Series $ 27,688 $ 18,696F-Series $ 1,744 $ 1,101

$ 255,290 $ 166,366


Advisor Series 2,323,212 2,542,960

F-Series 139,907 144,897



F-Series $ 12.47 $ 7.60



2009 2008

Investment IncomeInterest $ 87 $ 159Dividends 601 938Foreign Exchange 943 (2,850)Securities Lending 106 187Less: Withholding Taxes 1 (7)

1,738 (1,573)



4,553 4,438








$ 101,619 $ (83,501)


SECTOR FUNDS





2009 2008 2009 2008





(10,582) 13,968 (2,036) 16,013


0 0 0 0


Net Assets, End of the Period $ 225,858 $ 146,569 $ 27,688 $ 18,696†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 4,239,685 3,966,289 2,542,960 1,085,849Units Issued 1,106,271 1,560,145 1,153,344 2,328,230Units Issued on Reinvestments 0 0 0 0Units Redeemed (1,321,227) (1,286,749) (1,373,092) (871,119)


F-Series TOTAL

2009 2008 2009 2008





(77) 210 (12,695) 30,191


0 0 0 0




SECTOR FUNDS



237


ENERGY – 0.7%

625,000 Aberdeen International Inc.,Warrants 06/06/2012 (Restricted) $ 0 $ 59,375

100,000 SouthGobi Energy Resources Ltd. 300,000 1,707,000

300,000 1,766,375

MATERIALS – 85.4%

2,150,000 Aberdeen International Inc. 1,484,170 946,0002,600,714 African Gold Group Inc. 1,001,250 1,586,436350,000 African Gold Group Inc. (Restricted) 210,000 216,125175,000 African Gold Group Inc.,

Warrants 16/06/2011 (Restricted) 0 83,650175,000 Agnico-Eagle Mines Limited 9,497,712 9,938,250625,250 Alexis Minerals Corporation 538,044 268,858500,000 Anaconda Mining Inc. 400,000 92,500200,000 Antares Minerals Inc. 277,000 290,000280,000 Argentex Mining Corporation

(Restricted) 340,795 214,283571,400 Argentex Mining Corporation, Units

(Restricted) 399,980 455,977140,000 Argentex Mining Corporation, Warrants

(Restricted) 0 0333,330 ATAC Resources Ltd., Units (Restricted) 299,997 470,912

1,000,000 Auger Resources Ltd. (Restricted) 500,000 650,000500,000 Auger Resources Ltd.,

Warrants 13/08/2010 (Restricted) 0 0200,000 Avion Gold Corporation 100,000 124,000

1,000,000 Avion Resources Corp.,Warrants 07/05/2010 (Restricted) 0 224,000

1,275,000 AXMIN Inc. 524,043 95,625437,500 AXMIN Inc.,

Warrants 09/06/2010 (Restricted) 0 1,3131,279,600 B2Gold Corp. 2,449,000 1,535,520378,716 Barrick Gold Corporation 11,775,008 15,678,842400,000 Bear Creek Mining Corporation 1,031,742 1,524,000400,000 Benton Resources Corp. 382,000 288,00050,000 BRC Diamond Corporation 250,000 6,750486,250 Brett Resources Inc. 444,875 850,938

1,666,500 Calibre Mining Corp. (Restricted) 249,975 374,9631,666,500 Calibre Mining Corp.,

Warrants 16/07/2011 (Restricted) 0 41,663124,300 Canterra Minerals Corp. 495,040 34,804720,000 Capstone Mining Corp. 530,917 2,023,200590,000 Castillian Resources Corp. 369,520 41,300385,000 Christopher James Gold Corp. 211,750 21,175800,000 Claude Resources Inc. 731,939 984,000115,000 Colossus Minerals Inc. 678,350 662,400150,000 Comaplex Minerals Corp. 758,710 1,032,000

2,000,000 Coronation Minerals Inc.,Warrants (Restricted) 0 0

1,110,000 Crocodile Gold Corp. 572,956 2,164,500250,000 Crocodile Gold Corp. (Restricted) 250,000 463,125125,000 Crocodile Gold Corp.,

Warrants 02/11/2011 (Restricted) 0 44,125430,000 Crocodile Gold Corp.,

Warrants 15/06/2012 (Restricted) 0 366,7901,044,000 Crystallex International Corporation 3,895,397 407,160

59,400 Crystallex International Corporation,Warrants (Restricted) 0 0

330,000 Dundee Precious Metals Inc. 1,991,103 1,181,400

809,000 Eastern Platinum Limited 1,787,915 744,280600,000 Eastmain Resources Inc. 848,746 912,000100,000 Eastmain Resources Inc.,

Warrants 03/07/2010 (Restricted) 0 16,700566,500 EMC Metals Corp., Warrants 15/08/2011 0 8,498350,063 Entree Gold Inc. 666,207 885,659600,000 Evolving Gold Corp. 503,035 660,000560,000 Evolving Gold Corp., Units (Restricted) 504,000 590,520250,000 Exeter Resource Corporation 1,094,090 1,857,500683,400 Fortuna Silver Mines Inc. 1,001,196 1,421,472616,000 Fortune Minerals Limited 400,400 394,240308,000 Fortune Minerals Limited,

Warrants 03/12/2011 0 49,280154,800 Franco-Nevada Corporation 2,975,329 4,346,78456,950 Franco-Nevada Corporation,

Warrants 13/03/2012 85,886 310,37862,400 Franco-Nevada Corporation,

Warrants 16/06/2017 268,708 430,560350,000 Gabriel Resources Ltd. 987,000 1,508,500100,000 Gammon Gold Inc. 957,000 1,154,000

1,500,000 Gleichen Resources Ltd.,Special Warrants (Restricted) 1,500,000 1,596,000

16,000 Gold Hawk Resources Inc. 100,000 12,8002,550,600 Gold Wheaton Gold Corp. 1,592,313 918,2161,275,300 Gold Wheaton Gold Corp.,

Warrants 08/07/2013 (Restricted) 0 130,081809,535 Goldcorp Inc. 18,626,408 33,441,891

750 Goldcorp Inc., Warrants 09/06/2011 7,200 5,438141,625 Golden Predator Royalty &

Development Corp., Warrants 15/08/2011 0 35,406750,000 Grayd Resource Corporation 634,103 495,000200,000 Greystar Resources Ltd. 741,216 1,160,00050,000 Greystar Resources Ltd.,

Warrants 07/01/2010 0 75,000550,000 Guyana Goldfields Inc. 3,096,495 4,400,000

2,000,000 Guyana Precious Metals Inc. 360,000 340,0001,080,000 Helio Resource Corp. 726,883 626,400235,000 Helio Resource Corp.,

Warrants 16/06/2010 (Restricted) 0 27,025200,000 Helio Resource Corp.,

Warrants 08/04/2011 (Restricted) 0 71,600290,064 IAMGOLD Corporation 2,736,742 4,783,155220,000 International Tower Hill Mines Ltd. 579,298 1,621,400267,600 Ivanhoe Mines Ltd. 3,061,201 4,113,012400,000 Keegan Resources Inc. 1,334,458 2,656,000630,000 Kilo Goldmines Ltd. (Restricted) 283,500 287,280315,000 Kilo Goldmines Ltd.,

Warrants 24/09/2011 (Restricted) 0 0320,999 Kinross Gold Corporation 4,892,405 6,204,911235,524 Kinross Gold Corporation,

Warrants 03/09/2013 204,752 918,544100,000 Kirkland Lake Gold Inc. 834,514 891,00070,000 Kirkland Lake Gold Inc. (Restricted) 570,500 592,51523,333 Kirkland Lake Gold Inc.,

Warrants 10/10/2010 (Restricted) 0 76,277480,000 Kootenay Gold Inc. 755,097 446,400190,000 Kootenay Gold Inc., Warrants 28/02/2011 0 64,030

2,307,300 Lake Shore Gold Corp. 4,875,902 9,413,784307,870 Lucara Diamond Corp. 392,690 314,027

1,500,000 Lucara Diamond Corp.,Subscription Receipts (Restricted) 1,500,000 1,496,250

1,212 Lundin Mining Corporation 2,137 5,175320,000 MAG Silver Corp. 2,817,075 2,009,600

1,411,800 Manicouagan Minerals Inc., Units 282,360 70,5901,000,000 Mediterranean Resources Ltd. 500,000 105,0001,097,716 Medoro Resources Ltd. 952,402 581,789



$ $




SECTOR FUNDS


500,000 Medoro Resources Ltd.,Warrants 20/03/2010 (Restricted) 0 0

6,318 Medoro Resources Ltd.,Warrants 30/10/2011 (Restricted) 0 253

275,000 Mega Precious Metals Inc. 275,000 167,750137,500 Mega Silver Inc.,

Warrants 02/11/2010 (Restricted) 0 0790,000 Merrex Gold Inc. 750,500 742,600625,000 Metalex Ventures Ltd. (Restricted) 500,000 635,313312,500 Metalex Ventures Ltd.,

Warrants 06/10/2011 (Restricted) 0 179,688260,000 Nevsun Resources Ltd. 703,663 652,600237,388 New Gold Inc. 1,899,104 897,327310,000 New Gold Inc., Warrants 03/04/2012 0 9,300817,750 New Gold Inc., Warrants 28/11/2012 0 106,308929,986 NGEx Resources Inc. 1,528,951 716,089525,000 North American Palladium Ltd. 1,664,543 1,916,250187,500 North American Palladium Ltd.,

Warrants 30/09/2011 0 159,375969,230 Olympus Pacific Minerals Inc. 594,500 300,461714,200 Oro Gold Resources Ltd. 499,940 371,384357,100 Oro Gold Resources Ltd.,

Warrants 07/01/2011 0 01,125,000 Osisko Mining Corporation 4,808,408 9,483,750250,000 Pachamama Resources Ltd. 12,500 70,000580,000 Pediment Gold Corp. 1,314,990 951,200716,185 Peregrine Diamonds Ltd. 1,283,887 1,396,56135,342 Peregrine Diamonds Ltd.,

Warrants 19/02/2011 0 45,096400,000 Peregrine Metals Ltd.,

Special Warrants (Restricted) 400,000 400,000814,800 Platinum Group Metals Ltd. 1,709,204 1,768,116172,400 Platinum Group Metals Ltd.,

Warrants 16/12/2010 0 113,784330,000 Premier Gold Mines Limited 736,820 1,372,80044,200 Premier Gold Mines Limited (Restricted) 108,290 175,518

1,600,000 Queensland Minerals Ltd. 560,000 120,000200,000 Queenston Mining Inc. 975,122 1,104,000840,000 Red Back Mining Inc. 13,117,174 12,499,200

1,400,500 Reunion Gold Corporation 1,567,875 105,0382,000,000 Rochester Resources Ltd., Units

(Restricted) 300,000 417,000266,667 Rockport Mining Corp. (Restricted) 400,001 421,334133,333 Rockport Mining Corp.,

Warrants 10/07/2010 (Restricted) 0 0600,000 Rockwell Diamonds Inc. 300,000 33,000600,000 Rockwell Diamonds Inc.,

Warrants (Restricted) 0 04,330,000 Romarco Minerals Inc. 4,543,231 7,274,400250,000 Rubicon Minerals Corp. 343,783 1,235,000844,353 Rusoro Mining Ltd. 2,359,760 367,29451,176 Rusoro Mining Ltd., Warrants 07/03/2012 0 2,047564,000 Rusoro Mining Ltd., Warrants 29/11/2012 0 19,740200,000 Sabina Gold & Silver Corporation 200,000 244,000

1,600,000 San Gold Corporation 3,065,458 5,824,000840,700 Sanatana Diamonds Inc. 1,289,945 79,867800,000 SEMAFO Inc. 1,208,568 3,504,000624,450 Siberian Diamonds Limited (Restricted) 249,780 6,245666,660 Silver Quest Resources Ltd. 199,998 266,664331,400 Silver Wheaton Corp. 3,348,473 5,232,806



350,000 SNS Silver Corp. 360,938 75,2503,976,770 Starfield Resources Inc. 1,489,375 377,7931,240,000 Stornoway Diamond Corporation 1,053,558 806,0001,250,000 StrikePoint Gold Inc., Units (Restricted) 500,000 475,0001,024,385 Temex Resources Corp. 538,640 230,487312,500 Treasury Metals Inc. 500,000 139,063125,000 Treasury Metals Inc.,

Warrants 02/07/2010 (Restricted) 0 2,875833,333 Union Summit Minerals Corporation

(Restricted) 250,000 308,333833,333 Union Summit Minerals Corporation,

Warrants 31/08/2011 (Restricted) 0 0458,300 Vaaldiam Resources Ltd. 413,395 13,749

1,000,022 Victoria Gold Corp. 814,686 670,015475,000 Victoria Gold Corp., Special Warrants

(Restricted) 299,250 306,8501,056,250 Wesdome Gold Mines Ltd. 2,226,318 2,366,000200,000 West Timmins Mining Inc.,

Warrants 06/08/2010 (Restricted) 0 466,200220,000 West Timmins Mining Inc.,

Warrants 04/12/2010 (Restricted) 0 445,500739,173 Yamana Gold Inc. 9,746,787 8,840,509250,000 Yamiri Gold and Energy Inc. 62,500 35,000400,000 Yukon-Nevada Gold Corp. 720,000 86,000250,000 Yukon-Nevada Gold Corp.,

Warrants 20/06/2012 0 11,250

180,475,351 217,950,134

FINANCIALS – 1.0%

400,000 Arapaho Capital Corp.,Warrants 29/04/2011 0 72,000

1,363,636 Dacha Capital Inc. (Restricted) 450,000 750,0001,363,636 Dacha Capital Inc.,

Warrants 16/06/2014 (Restricted) 0 231,818800,000 Malbex Resources Inc. 600,000 744,00035,000 MBAC Opportunities and Financing Inc.

(Restricted) 350,000 437,50024,000 MBAC Opportunities and Financing Inc.,

Subscription Receipts (Restricted) 300,000 300,000

1,700,000 2,535,318


600,000 Claymore Gold Bullion Trust 6,000,000 5,934,000



MATERIALS – 0.8%

160,000 AuEx Ventures Inc. 409,388 465,60030,000 AuEx Ventures Inc., Warrants 16/06/2011 0 28,890

5 Coeur d’Alene Mines Corporation 235 9510,000 Freeport-McMoRan Copper & Gold Inc. 893,159 841,720199,200 Govi High Power Exploration Inc.

(Restricted) 398,500 432,281199,200 Goviex IP Holdings Inc. (Restricted) 8,666 12,53074,400 Metallic Ventures Gold Inc. 279,000 84,072142,900 Paramount Gold and Silver Corp. 349,260 215,725


$ $ $ $




SECTOR FUNDSTD Precious Metals Fund



AUSTRALIA – 8.6%

1,133,900 Allied Gold Limited 400,200 362,8482,350,400 Andean Resources Limited 2,008,483 5,713,657583,250 Blackthorn Resources Limited 1,614,036 394,024

2,156,250 Blackthorn Resources Limited,Warrants 28/09/2010 0 156,540

800,000 Centamin Egypt Limited 688,000 1,632,000150,000 CGA Mining Limited 122,146 306,321430,000 Goldminex Resources Limited 696,398 189,802418,000 Gryphon Minerals Limited 201,356 177,157440,000 Heemskirk Consolidated Limited 228,598 182,533400,000 Ivanhoe Australia Limited (Restricted) 631,070 1,380,314880,000 Mineral Deposits Limited 968,000 836,000204,727 Newcrest Mining Limited 6,338,700 6,806,569

1,800,000 Perseus Mining Limited 2,452,452 3,002,686600,000 Perseus Mining Limited,

Subscription Receipts 876,000 953,880

17,225,439 22,094,331

BRITISH VIRGIN ISLANDS – 0.1%

5,320,000 Polo Resources Limited 874,889 339,965


198,000 Endeavour Financial Corporation,Warrants 04/02/2014 0 150,480

CHINA – 0.0%

1,285,500 Starfield Resources Inc.,Warrants 12/06/2010 0 23,139


350,000 Cluff Gold PLC (Restricted) 479,231 384,988123,400 Orsu Metals Corporation 1,726,235 65,402

2,205,466 450,390


Bonds – 0.3%


Crystallex International Corporation, Conv. (USD)673,000 9.375% due February 01, 2010 674,777 204,606

Wesdome Gold Mines Ltd.$ 500,000 7.00% due May 31, 2012 500,000 505,000

Total Bonds 1,174,777 709,606


TOTAL INVESTMENT

PORTFOLIO – 99.5% 211,851,336 254,034,651

SHORT-TERM

INVESTMENTS (CAD) – 0.2% 400,000 400,000

SHORT-TERM

INVESTMENTS (USD) – 0.4% 1,048,350 1,048,350



TOTAL NET ASSETS – 100.0% $ 213,108,234 $ 255,290,494




Currency 2009 2008 2009 2008

Australian Dollar $ 18,310 $ 5,660 $ 916 $ 283British Pound 737 492 37 25United States Dollar 3,095 16,146 155 807

Total $ 22,142 $ 22,298 $ 1,108 $ 1,115







$ 220,336 $ 31,974 $ 3,173 $ 255,483




CommonShares Bonds

Balance at December 31, 2008 $ 1,946 $ 827Purchases 1,050 0Sales (360) (11)Gains (Losses)Net Realized on Sale of Investments (93) (490)Net Change in Unrealized Appreciation/Depreciation of Investments 425 (121)

Balance at December 31, 2009 $ 2,968 $ 205

Total change in unrealized for assetsheld at December 31, 2009 $ 309 $ (623)



Less than3 months


$ $



SECTOR FUNDSTD Precious Metals Fund




�TD Enter tainment & Communications Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 109,492 $ 81,179Short-Term Investments 3,145 0Foreign Currencies 214 4,431Interest Receivable 110 3Dividends Receivable 102 71Subscriptions Receivable 55 30Receivable for Investment Sales 4 60

113,122 85,774

LiabilitiesBank Overdraft 0 6Accrued Liabilities 255 187Redemptions Payable 90 72Unrealized Loss on Open ForeignExchange Forward Contracts 0 0

345 265

Net Assets (Note 3) $ 112,777 $ 85,509

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 107,725 $ 81,720Institutional Series $ 0 $ 0Advisor Series $ 4,656 $ 3,429F-Series $ 396 $ 360

$ 112,777 $ 85,509




F-Series 31,896 41,620




F-Series $ 12.40 $ 8.64



2009 2008


2,273 3,168



2,559 3,096

Net Investment Income (Loss) (286) 72






†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 32,363 $ (46,578)Institutional Series $ 0 $ (0)Advisor Series $ 1,322 $ (2,098)F-Series $ 147 $ (235)

$ 33,832 $ (48,911)


SECTOR FUNDS


�TD Enter tainment & Communications Fund

SECTOR FUNDS




2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 32,363 (46,578) 0 (0) 1,322 (2,098)


Proceeds from Sale of Units 7,811 9,068 0 0 981 799Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 3 2 0 0 0 0Amounts Paid on Redemptions (14,172) (25,371) 0 0 (1,076) (1,832)

(6,358) (16,301) 0 0 (95) (1,033)


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 26,005 (62,879) 0 (0) 1,227 (3,131)

Net Assets, End of the Period $ 107,725 $ 81,720 $ 0 $ 0 $ 4,656 $ 3,429†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 5,711,931 6,617,885 4 4 439,781 550,739Units Issued 454,012 485,261 0 0 104,427 76,746Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (846,270) (1,391,215) 0 0 (122,291) (187,704)

Units Outstanding, End of the Period 5,319,673 5,711,931 4 4 421,917 439,781

F-Series TOTAL

2009 2008 2009 2008





(111) (347) (6,564) (17,681)


0 0 0 0





Equities – 93.9%

Consumer Services – 3.7%

HOTELS, RESTAURANTS & LEISURE – 3.7%

8,900 Carnival Corporation $ 291,197 $ 295,67814,900 Ctrip.com International Ltd. 584,424 1,121,39017,700 MGM MIRAGE 178,170 169,22988,400 Wynn Macau Limited 124,341 114,13940,000 Wynn Resorts Limited 1,973,286 2,441,817

Total Consumer Services 3,151,418 4,142,253

Financials – 0.2%

FINANCIALS – 0.1%

7,560 OANDA Corporation 227,022 146,226

INSURANCE – 0.1%

4,863 eHealth Inc. 104,463 83,762

Total Financials 331,485 229,988

Media – 27.0%

86,690 British Sky Broadcasting Group PLC 713,414 820,741132,300 Cablevision Systems Corporation,

Class “A” 3,504,145 3,581,14954,500 Clear Channel Outdoor Holdings Inc.,

Class “A” 1,368,382 591,34812,902 DIRECTV, Class “A” 359,345 450,95127,350 Discovery Communications Inc.,

Class “A” 644,737 878,80870,750 Discovery Communications Inc.,

Class “C” 1,302,364 1,965,5258,100 Eutelsat Communications 277,672 272,67366,300 Global Traffic Network Inc. 424,780 285,6681,603 Jupiter Telecommunications Co., Ltd. 1,243,483 1,663,61669,900 Lamar Advertising Company 2,829,434 2,274,60162,100 Liberty Global Inc., Series “A” 1,145,690 1,425,74688,000 Liberty Media Corporation,

Capital Class “A” 819,424 2,200,277239,100 Liberty Media Corporation,

Interactive Class “A” 2,035,139 2,717,1607,590 Liberty Media-Starz 351,481 367,2144,400 Mediacom Communications Corporation 21,086 20,61934,400 Omnicom Group Inc. 1,374,543 1,411,8768,500 Rentrak Corporation 154,021 157,45751,000 Shaw Communications Inc.,

Class “B” NV 1,039,347 1,099,25876,642 Time Warner Cable Inc. 3,521,500 3,325,58951,100 Time Warner Inc. 1,426,100 1,559,44367,000 The Walt Disney Company 1,969,637 2,265,222112,396 WPP PLC 907,369 1,152,172

Total Media 27,433,093 30,487,113

Retailing – 7.6%

INTERNET & CATALOGUE RETAIL – 7.6%

27,700 Amazon.com Inc. 1,557,613 3,906,3662,200 Blue Nile Inc. 55,822 146,062

116,000 drugstore.com Inc. 205,361 373,338119,643 Expedia Inc. 2,621,665 3,224,74712,000 HSN Inc. 135,201 253,99411,500 VistaPrint NV 355,320 683,094

Total Retailing 4,930,982 8,587,601

Information Technology – 0.2%

75,818 Slide Inc., Pref. Series 4 (Restricted) 352,083 217,786

Software & Services – 15.6%

INTERNET SOFTWARE & SERVICES – 15.6%

1,500 Baidu Inc., Sponsored ADR 563,951 646,5759,300 Changyou.com Limited, ADR 319,033 324,37113,700 Equinix Inc. 1,160,460 1,524,568165,526 Gameloft SA 1,099,217 873,5475,200 Google Inc., Class “A” 2,065,364 3,379,77138,184 Here Media Inc. 15,966 14,75538,184 Here Media Inc., Special Shares 0 030,617 Info Edge (India) Limited 514,091 612,21063,100 The Knot Inc. 967,639 666,1398,000 MercadoLibre Inc. 237,827 434,939

118,700 Ning Inc., Pref. Series “D” 851,124 1,082,62110,200 OpenTable Inc. 298,260 272,35537,700 Rackspace Hosting Inc. 551,042 824,05068,800 Rovi Corporation 1,344,128 2,297,228159,900 Tencent Holdings Limited 431,462 3,625,17625,060 Ubisoft Entertainment SA 495,763 372,29323,700 VeriSign Inc. 542,611 602,264

Total Software & Services 11,457,938 17,552,862

Technology, Hardware & Equipment – 7.6%

COMMUNICATIONS EQUIPMENT – 7.6%

19,300 Apple Inc. 3,282,271 4,263,12615,600 Juniper Networks Inc. 402,868 436,168114,800 Palm Inc. 1,161,524 1,205,91354,600 QUALCOMM Incorporated 2,526,187 2,647,918

Total Technology,Hardware & Equipment 7,372,850 8,553,125

$ $


or Units Description Cost Fair Value�TD Enter tainment & Communications Fund



SECTOR FUNDS


Telecommunication Services – 31.2%

DIVERSIFIED TELECOMMUNICATION

SERVICES – 31.2%

64,200 America Movil SAB de CV 2,300,317 3,157,234154,632 American Tower Corporation,

Class “A” 4,515,895 6,994,98091,500 AT&T Inc. 3,037,253 2,688,75089,191 Bharti Airtel Limited 422,835 660,673

1,176,000 China Unicom (Hong Kong) Limited 1,800,561 1,617,703119,700 Cogent Communications Group Inc. 1,732,268 1,233,542133,600 Crown Castle International Corp. 3,322,195 5,463,72311,350 Crown Castle International Corp., Pref. 561,636 690,129906,000 Hutchison Telecommunications

Hong Kong Holdings Limited 139,839 161,689114,600 Leap Wireless International Inc. 4,043,115 2,108,47365,100 MetroPCS Communications Inc. 598,577 520,04721,100 NII Holdings Inc. 658,775 742,79637,800 Premiere Global Services Inc. 325,031 326,13573,200 SBA Communications Corporation 1,900,119 2,621,41211,100 SOFTBANK Corp. 283,862 272,913347,000 Sprint Nextel Corporation 1,405,737 1,331,42518,209 Telefonica SA 408,393 534,73826,400 Turkcell IIetisim Hizmetleri AS, ADR 474,536 483,507

1,501,159 Vodafone Group PLC 3,515,947 3,643,557

Total Telecommunication Services 31,446,891 35,253,426

Transportation – 0.8%

ROAD & RAIL – 0.8%

71,900 Hertz Global Holdings Inc. 554,766 898,486

Total Equities 87,031,506 105,922,640

Bonds – 3.2%


Clearwire Communications LLC/Clearwire Finances Inc. (USD)

325,000 12.00% due December 01, 2015 335,572 345,824

HSN Inc. (USD)350,000 11.25% due August 01, 2012 365,866 411,871

Sirius XM Radio Inc. (USD)105,000 3.25% due October 15, 2011 68,075 99,069

Sirius XM Radio Inc., Conv. (USD)500,000 9.625% due February 01, 2010 362,449 521,554

Univision Communications Inc. (USD)1,856,375 9.75% due March 15, 2011 884,810 1,705,297

XM Satellite Radio Holdings Inc. (USD)300,000 10.00% due February 01, 2010 203,568 314,505

XM Satellite Radio Inc. (USD)150,000 13.00% due August 01, 2013 119,479 170,816

Total Bonds 2,339,819 3,568,936


TOTAL INVESTMENT

PORTFOLIO – 97.1% 89,262,047 109,491,576

SHORT-TERM

INVESTMENTS (USD) – 2.8% 3,145,037 3,145,033


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (1)


TOTAL NET ASSETS – 100.0% $ 92,553,806 $ 112,777,071

$ $



$ $

SECTOR FUNDSTD Entertainment & Communications Fund




January 04, 2010 10,447 HKD $ 1,412 1,347 USD $ 1,412 7.75575 $ (0)January 05, 2010 15,731 HKD 2,127 2,028 USD 2,126 7.75690 (1)

$ 3,539 $ 3,538 $ (1)





Currency 2009 2008 2009 2008

Brazilian Real $ 0 $ 1,143 $ 0 $ 57British Pound 5,684 3,895 284 195Egyptian Pound 0 842 0 42Euro 2,053 2,828 103 141Hong Kong Dollar 5,519 2,812 276 140Indian Rupee 1,273 4,314 64 216Japanese Yen 1,945 3,173 97 159Singapore Dollar 4 712 0 36United States Dollar 96,601 66,025 4,830 3,301

Total $ 113,079 $ 85,744 $ 5,654 $ 4,287






Common Shares $ 87,374 $ 16,398 $ 161 $ 103,933Preferred Shares 690 0 1,300 1,990Bonds and Short-TermInvestments 0 6,714 0 6,714

$ 88,064 $ 23,112 $ 1,461 $ 112,637





Balance at December 31, 2008 $ 134 $ 885Purchases 16 0Gains (Losses)Net Change in Unrealized Appreciation/Depreciation of Investments 11 415

Balance at December 31, 2009 $ 161 $ 1,300

Total change in unrealized for assetsheld at December 31, 2009 $ 11 $ 415



Less than3 months


SECTOR FUNDSTD Entertainment & Communications Fund


�TD Science & Technology Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 96,718 $ 64,337Foreign Currencies 1,207 935Interest Receivable 3 0Dividends Receivable 41 27Subscriptions Receivable 112 18Receivable for Investment Sales 1,238 256Unrealized Gain on Open ForeignExchange Forward Contracts 1 0

99,320 65,573


1,286 425

Net Assets (Note 3) $ 98,034 $ 65,148

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 93,646 $ 64,227Institutional Series $ 0 $ 0Advisor Series $ 3,378 $ 792F-Series $ 1,010 $ 129

$ 98,034 $ 65,148




F-Series 262,434 51,562




F-Series $ 3.85 $ 2.51



2009 2008


767 802



2,156 2,274


Net Realized Gain (Loss) onSale of Investments 6,414 (16,262)





†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 32,201 $ (30,654)Institutional Series $ 0 $ (0)Advisor Series $ 586 $ (387)F-Series $ 166 $ (54)

$ 32,953 $ (31,095)


SECTOR FUNDS





2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 64,227 $ 105,677 $ 0 $ 0 $ 792 $ 1,391

Increase (Decrease) in Net Assetsfrom Investment Operations 32,201 (30,654) 0 (0) 586 (387)


Proceeds from Sale of Units 10,924 7,222 0 0 2,581 185Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 3 4 0 0 0 0Amounts Paid on Redemptions (13,709) (18,022) 0 0 (581) (397)

(2,782) (10,796) 0 0 2,000 (212)


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 29,419 (41,450) 0 (0) 2,586 (599)

Net Assets, End of the Period $ 93,646 $ 64,227 $ 0 $ 0 $ 3,378 $ 792†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 6,473,649 7,355,449 7 7 346,785 420,980Units Issued 849,062 591,689 0 0 824,169 65,910Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (1,087,934) (1,473,489) 0 0 (193,204) (140,105)

Units Outstanding, End of the Period 6,234,777 6,473,649 7 7 977,750 346,785

F-Series TOTAL

2009 2008 2009 2008





715 (36) (67) (11,044)


0 0 0 0


Net Assets, End of the Period $ 1,010 $ 129 $ 98,034 $ 65,148†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 51,562 61,382Units Issued 253,014 19,876Units Issued on Reinvestments 0 0Units Redeemed (42,142) (29,696)


SECTOR FUNDS



247

Equities – 97.9%

Chemicals – 1.5%

17,800 Shin-Etsu Chemical Co., Ltd. $ 993,512 $ 1,054,001206,000 Showa Denko K.K. 431,422 430,276

Total Chemicals 1,424,934 1,484,277

Capital Goods – 1.8%

11,300 A123 Systems Inc. 163,991 265,3583,300 First Solar Inc. 439,849 468,42410,000 NGK Insulators Ltd. 230,078 229,3662,530 SMA Solar Technology AG 146,389 351,60986,500 TASER International Inc. 407,952 395,375

Total Capital Goods 1,388,259 1,710,132

Consumer Durables & Apparel – 0.3%

22,000 Sharp Corporation 287,725 291,380

Media – 0.2%

6,700 Eutelsat Communications 232,328 225,544

Retailing – 0.5%

40,900 Liberty Media Corporation,Interactive Class “A” 510,445 464,792

Energy – 0.2%

22,600 Silver Spring Networks (Restricted) 239,515 236,927

Information Technology – 0.6%

27,600 PROS Holdings Inc. 270,431 299,47214,289 Twitter Inc., Pref. Series “E” (Restricted) 248,721 239,414

Total Information Technology 519,152 538,886


INTERNET SOFTWARE & SERVICES – 8.2%

12,600 Akamai Technologies Inc. 333,543 334,4572,400 Baidu Inc., Sponsored ADR 1,002,990 1,034,5206,300 Equinix Inc. 546,005 701,0795,200 Google Inc., Class “A” 2,534,488 3,379,77119,556 Info Edge (India) Limited 243,433 390,36014,012 Meetic SA 396,759 401,1007,100 MercadoLibre Inc. 215,909 386,0093,281 NHN Corporation 508,183 568,49625,100 Tencent Holdings Limited 448,638 569,05513,000 Vocus Inc. 220,411 245,314

6,450,359 8,010,161

IT SERVICES – 5.0%

61,300 Accenture PLC 2,300,357 2,666,9508,600 Computer Sciences Corporation 461,350 518,68057,900 Genpact Limited 633,847 904,42247,816 Rolta India Limited 76,688 209,152174,922 Xchanging PLC 707,142 609,894

4,179,384 4,909,098

SOFTWARE – 14.4%

35,900 Autodesk Inc. 933,892 955,94815,947 Autonomy Corporation PLC 351,183 405,90229,300 CA Inc. 680,416 689,589

79,600 Cadence Design Systems Inc. 524,799 499,85711,600 Citrix Systems Inc. 334,775 506,01335,800 DemandTec Inc. 330,374 329,1469,800 Fortinet Inc. 158,706 180,306

184,186 Gameloft SA 868,038 972,02435,332 Infotech Enterprises Europe Limited 146,881 244,16436,500 McAfee Inc. 1,443,826 1,552,40287,300 Microsoft Corporation 2,580,591 2,789,55950,400 Monotype Imaging Holdings Inc. 271,691 476,06081,900 Playtech Limited 522,312 574,96039,400 Red Hat Inc. 828,063 1,276,32414,100 Rovi Corporation 307,672 470,79819,758 SAP AG 889,646 990,68521,800 Taleo Corporation 355,484 536,15614,641 Ubisoft Entertainment SA 326,841 217,50816,400 The Ultimate Software Group Inc. 475,231 505,129

12,330,421 14,172,530

Total Software & Services 22,960,164 27,091,789

Technology, Hardware & Equipment – 43.3%

COMMUNICATIONS EQUIPMENT – 15.6%

37,200 Acme Packet Inc. 419,330 428,20579,713 Alcatel-Lucent SA 199,980 281,62386,400 Alcatel-Lucent SA, Sponsored ADR 394,606 300,717100,200 Cisco Systems Inc. 2,523,798 2,514,76923,000 Corning Incorporated 344,143 465,363110,300 Finisar Corporation 851,997 1,029,134142,000 JDS Uniphase Corporation 826,115 1,228,142122,073 Juniper Networks Inc. 3,226,491 3,413,09953,300 Motorola Inc. 494,980 433,04795,400 QUALCOMM Incorporated 4,379,907 4,626,58225,200 Riverbed Technology Inc. 447,196 606,831

14,108,543 15,327,512

COMPUTERS & PERIPHERALS – 18.7%

104,745 Acer Incorporated 199,651 329,50925,700 Apple Inc. 3,411,223 5,676,80533,000 Dell Inc. 482,284 496,10043,400 EMC Corporation 671,101 793,947255,031 Foxconn Technology Co., Ltd. 1,057,600 1,031,42527,900 International Business Machines

Corporation 3,234,365 3,826,642326,300 Palm Inc. 3,622,236 3,427,60822,500 SanDisk Corporation 406,098 683,57716,700 Synaptics Incorporated 395,619 535,203197,000 Toshiba Corporation 1,046,974 1,146,479

150 Wacom Co., Ltd. 319,766 343,100

14,846,917 18,290,395

ELECTRONIC EQUIPMENT & INSTRUMENTS – 9.0%

36,300 Canon Inc. 1,461,559 1,619,50219,600 DTS Inc. 607,961 702,93597,379 Everlight Electronics Co., Ltd. 268,460 383,350176,588 Hon Hai Precision Industry Co., Ltd. 689,703 865,77147,376 Indra Sistemas SA 1,172,681 1,176,58517,940 LG Display Co., Ltd. 542,336 635,8867,900 NIDEC Corporation 537,450 765,77248,000 Nippon Electric Glass Co., Ltd. 518,139 692,907213,400 SYNNEX Corporation 371,895 483,17756,550 Trimble Navigation Limited 1,291,373 1,493,962

7,461,557 8,819,847

Total Technology,Hardware & Equipment 36,417,017 42,437,754



$ $




SECTOR FUNDS


Semiconductors &Semiconductor Equipment – 18.3%

61,900 Advanced Micro Devices Inc. 328,615 626,865476,000 Advanced Semiconductor

Engineering Inc. 352,146 447,9136,681 AIXTRON AG 48,546 233,57735,700 Altera Corporation 732,108 846,204158,226 ARM Holdings PLC 290,374 473,55028,347 ASML Holding NV 678,027 1,015,455165,000 Holtek Semiconductor Inc. 192,499 248,282123,500 Intel Corporation 2,597,340 2,641,21316,700 Lam Research Corporation 577,458 686,46723,000 Marvell Technology Group Ltd. 256,946 500,32584,000 Micron Technology Inc. 568,760 930,80946,700 National Semiconductor Corporation 710,036 751,99426,600 NVIDIA Corporation 474,438 520,355107,600 ON Semiconductor Corporation 881,479 993,79022,350 RichTek Technology Corporation 136,405 238,72342,000 Rubicon Technology Inc. 433,967 894,2642,604 Samsung Electronics Co., Ltd. 1,339,113 1,871,97720,800 Silicon Laboratories Inc. 872,920 1,053,650301,000 Siliconware Precision

Industries Co., Ltd. 425,230 430,14218,300 SUMCO Corporation 348,691 339,149451,249 Taiwan Semiconductor Manufacturing

Company Limited 759,448 953,45411,700 Tokyo Electron Limited 699,901 787,64913,100 Veeco Instruments Inc. 172,703 453,064

Total Semiconductors &Semiconductor Equipment 13,877,150 17,938,871

Telecommunication Services – 3.6%

9,600 America Movil SAB de CV 439,724 472,1108,700 American Tower Corporation, Class “A” 317,483 393,556

336,000 China Unicom (Hong Kong) Limited 478,637 462,20172,600 China Unicom (Hong Kong) Limited,

Sponsored ADR 968,582 996,283454,500 P.T. Telekomunikasi Indonesia Tbk 453,448 474,296299,000 Singapore Telecommunications Limited 668,868 690,867

Total Telecommunication Services 3,326,742 3,489,313

Total Equities 81,183,431 95,909,665

Bonds – 0.8%


Lucent Technologies (USD)532,000 2.75% due June 20, 2013 381,690 476,852

Penson Worldwide Inc. (USD)260,000 8.00% due June 01, 2014 307,261 331,174

Total Bonds 688,951 808,026


TOTAL INVESTMENT

PORTFOLIO – 98.7% 81,776,574 96,717,691


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (5,191)

OTHER NET ASSETS – 0.1% 108,499 113,828

TOTAL NET ASSETS – 100.0% $ 83,092,395 $ 98,033,615

$ $$ $



SECTOR FUNDSTD Science & Technology Fund




January 06, 2010 10,636,468 JPY $ 119,781 115,488 USD $ 121,071 92.10005 to 92.10058 $ 1,290


January 04, 2010 21,957 EUR $ 33,025 31,451 USD $ 32,972 1.43239 $ (53)January 04, 2010 91,242 USD 95,653 8,353,174 JPY 94,067 91.54966 (1,586)January 05, 2010 10,610 EUR 15,958 15,198 USD 15,932 1.43242 (26)January 05, 2010 7,680 GBP 13,001 12,202 USD 12,792 1.58871

to 1.59036 (209)January 05, 2010 99,064 USD 103,853 9,078,227 JPY 102,233 91.64002 (1,620)January 06, 2010 267,291 USD 280,213 24,617,470 JPY 277,226 92.09988 (2,987)

$ 541,703 $ 535,222 $ (6,481)





Currency 2009 2008 2009 2008

British Pound $ 2,080 $ 0 $ 104 $ 0Euro 5,866 4,478 293 224Hong Kong Dollar 1,031 0 52 0Indian Rupee 866 678 43 34Indonesian Rupiah 493 0 25 0Japanese Yen 7,721 3,732 386 187New Taiwan Dollar 5,491 3,071 275 154Singapore Dollar 703 0 35 0South Korean Won 3,115 1,308 156 65United States Dollar 70,865 52,146 3,543 2,607

Total $ 98,231 $ 65,413 $ 4,912 $ 3,271






Common Shares $ 68,276 $ 27,158 $ 237 $ 95,671Preferred Shares 0 0 239 239Bonds 0 808 0 808Forward Contracts 0 1 0 1

68,276 27,967 476 96,719


$ 68,276 $ 27,961 $ 476 $ 96,713





Balance at December 31, 2008 $ 0 $ 0Purchases 240 248Gains (Losses)Net Change in Unrealized Appreciation/Depreciation of Investments (3) (9)

Balance at December 31, 2009 $ 237 $ 239

Total change in unrealized for assetsheld at December 31, 2009 $ (3) $ (9)



Less than3 months


$ 1,286

SECTOR FUNDSTD Science & Technology Fund


�TD Health Sciences Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 151,428 $ 154,813Short-Term Investments 0 2,801Foreign Currencies 322 0Dividends Receivable 83 100Subscriptions Receivable 57 23Receivable for Investment Sales 654 318

152,544 158,055

LiabilitiesForeign Currency Overdraft 0 20Written Options at Fair Value 832 538Accrued Liabilities 342 337Redemptions Payable 194 151Payable for Investment Purchases 57 784Unrealized Loss on Open ForeignExchange Forward Contracts 0 0

1,425 1,830

Net Assets (Note 3) $ 151,119 $ 156,225

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 147,307 $ 152,418Institutional Series $ 313 $ 172Advisor Series $ 3,119 $ 3,324F-Series $ 380 $ 311

$ 151,119 $ 156,225




F-Series 44,571 39,847




F-Series $ 8.53 $ 7.80



2009 2008

Investment IncomeInterest $ 3 $ 70Dividends 1,065 995Securities Lending 33 90Less: Withholding Taxes (131) (150)

970 1,005



3,966 4,610


Net Realized Gain (Loss) onSale of Investments 1,341 (3,512)





†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 10,659 $ (18,203)Institutional Series $ 45 $ (20)Advisor Series $ 222 $ (427)F-Series $ 23 $ (26)

$ 10,949 $ (18,676)


SECTOR FUNDS


�TD Health Sciences Fund

SECTOR FUNDS




2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 10,659 (18,203) 45 (20) 222 (427)


Proceeds from Sale of Units 8,235 10,101 175 0 859 1,039Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 4 4 0 0 0 0Amounts Paid on Redemptions (24,009) (33,728) (79) (60) (1,286) (1,549)

(15,770) (23,623) 96 (60) (427) (510)


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period (5,111) (41,826) 141 (80) (205) (937)

Net Assets, End of the Period $ 147,307 $ 152,418 $ 313 $ 172 $ 3,119 $ 3,324†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 10,497,560 12,067,710 8,770 11,745 477,941 552,842Units Issued 567,931 666,043 9,748 33 124,029 141,279Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (1,656,921) (2,236,193) (4,006) (3,008) (186,048) (216,180)


F-Series TOTAL

2009 2008 2009 2008





46 10 (16,055) (24,183)


0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 69 (16) (5,106) (42,859)




Equities – 100.2%

Materials – 0.7%

CHEMICALS – 0.7%

12,600 Monsanto Company $ 1,126,864 $ 1,079,853

Commercial Services & Supplies – 0.5%

13,200 Stericycle Inc. 590,161 763,455

Retailing – 0.1%

INTERNET & CATALOGUE RETAIL – 0.1%

67,000 drugstore.com Inc. 234,320 215,635

Food & Staples Retailing – 2.3%

58,400 A&D Pharma Holdings NV, GDR 1,001,231 351,36052,500 CVS Caremark Corporation 1,790,207 1,772,23615,100 Shoppers Drug Mart Corporation 660,206 685,38917,000 Walgreen Company 602,132 653,709

Total Food & Staples Retailing 4,053,776 3,462,694

Health Care Equipment & Services – 41.9%

HEALTH CARE EQUIPMENT & SUPPLIES – 18.2%

32,300 AGA Medical Holdings Inc. 482,463 498,78334,400 ArthroCare Corporation 953,163 851,09254,150 Baxter International Inc. 3,082,057 3,331,15568,000 Boston Scientific Corporation 646,991 640,1648,700 C. R. Bard Inc. 805,587 709,49585,600 CareFusion Corporation 1,810,126 2,244,36676,500 Conceptus Inc. 1,796,848 1,500,51951,625 Covidien PLC 2,345,804 2,591,31717,000 DENTSPLY International Inc. 651,975 626,79815,500 Edwards Lifesciences Corporation 853,378 1,409,47571,700 EnteroMedics Inc.,

Warrants 23/02/2013 (Restricted) 11,214 31,1199,823 Fresenius Medical Care AG 555,342 642,92810,500 HeartWare International Inc. 255,786 389,7825,200 IDEXX Laboratories Inc. 270,930 291,3246,400 Intuitive Surgical Inc. 1,298,850 2,035,10755,400 Medtronic Inc. 2,809,288 2,552,55435,100 Micrus Endovascular Corporation 580,566 550,1167,700 Mindray Medical International

Limited, ADR 215,924 273,81221,397 Nobel Biocare Holding AG 897,774 752,305

800 Sonova Holding AG 79,994 101,67545,200 St. Jude Medical Inc. 1,778,353 1,741,41421,800 Stereotaxis Inc. 202,602 89,13129,500 Stryker Corporation 1,665,686 1,557,7594,742 Synthes Inc. 627,891 652,1196,800 Volcano Corporation 124,266 123,89856,800 Wright Medical Group Inc. 1,190,628 1,127,2111,300 Zimmer Holdings Inc. 57,610 80,504

26,051,096 27,395,922

HEALTH CARE PROVIDERS & SERVICES – 21.0%

36,500 Aetna Inc. 1,467,288 1,210,31553,400 AMERIGROUP Corporation 1,376,593 1,505,913486,600 Bangkok Dusit Medical Services

Public Company Limited 695,820 306,01524,400 Cardinal Health Inc. 583,525 824,43552,300 Catalyst Health Solutions Inc. 1,467,215 1,999,603

4,800 Centene Corporation 91,111 106,52939,800 CIGNA Corporation 1,293,674 1,471,61756,600 Community Health Systems Inc. 1,759,267 2,112,38320,600 DaVita Inc. 1,089,800 1,267,25428,100 Express Scripts Inc. 1,616,098 2,546,6991,679 Fresenius Medical Care AG & Co. KGaA 92,087 93,65274,800 Health Management Associates Inc.,

Class “A” 522,543 570,08934,000 Healthways Inc. 537,755 653,70958,300 Henry Schein Inc. 3,088,999 3,214,84952,000 Humana Inc. 2,482,358 2,388,2671,800 Laboratory Corporation

of America Holdings 136,943 141,22525,800 LCA-Vision Inc. 142,443 138,48326,800 McKesson Corporation 1,450,563 1,755,70562,723 Medco Health Solutions Inc. 2,974,332 4,202,44449,100 Medial Saude SA 604,394 510,54762,700 Profarma Distribuidora de

Produtos Farmaceuticos SA 1,152,035 616,51613,600 Psychiatric Solutions Inc. 267,860 301,40528,100 Select Medical Holdings Corporation 306,808 312,26292,800 Tempo Participacoes SA 363,591 205,37880,500 Tenet Healthcare Corporation 473,527 454,87410,000 Triple-S Management Corporation 147,310 184,19544,000 WellPoint Inc. 2,242,269 2,684,615

28,426,208 31,778,978

HEALTH CARE TECHNOLOGY – 2.7%

13,500 Allscripts Healthcare Solutions Inc. 283,804 286,3107,600 Cerner Corporation 467,416 656,83710,300 Computer Programs and Systems Inc. 422,365 497,24846,900 Eclipsys Corporation 810,535 910,58423,900 Fleury SA 236,594 258,72027,800 MedAssets Inc. 507,998 616,98115,600 SXC Health Solutions Corp. 736,794 882,312

3,465,506 4,108,992

Total Health Care Equipment & Services 57,942,810 63,283,892

Pharmaceuticals, Biotechnology& Life Sciences – 54.2%

BIOTECHNOLOGY – 28.7%

6,700 Achillion Pharmaceuticals Inc. 24,227 21,63421,800 Acorda Therapeutics Inc. 510,655 575,4646,400 Actelion Ltd. 398,741 358,597

120,900 Alexion Pharmaceuticals Inc. 2,927,435 6,182,646104,300 Alkermes Inc. 2,575,062 1,026,73022,000 Allos Therapeutics Inc. 148,492 151,29847,300 Amgen Inc. 3,459,350 2,805,1341,363 Basilea Pharmaceutica AG 125,851 88,43322,700 BioCryst Pharmaceuticals Inc. 163,192 153,2565,200 Biogen Idec Inc. 291,648 291,651

119,600 BioMarin Pharmaceutical Inc. 2,696,823 2,357,19455,600 Biovitrum AB 217,459 226,94450,648 Celgene Corporation 2,559,776 2,955,90143,000 Cephalon Inc. 3,076,559 2,813,38445,600 Cubist Pharmaceuticals Inc. 1,245,892 906,85613,500 Dendreon Corporation 351,065 371,93427,000 Dyadic International Inc. 143,123 59,4415,400 Dyadic International Inc.,

Warrants 31/05/2010 0 6,75917,500 Facet Biotech Corporation 306,543 321,60817,500 Favrille Inc., Warrants 07/03/2011 2,542 1832,120 Genmab AS 84,674 35,1543,400 Genzyme Corporation 250,852 174,691

167,200 Gilead Sciences Inc. 4,761,699 7,584,544

$ $


or Units Description Cost Fair Value�TD Health Sciences Fund



SECTOR FUNDS


88,800 Human Genome Sciences Inc. 1,678,044 2,845,868256,900 Incyte Corporation 2,049,051 2,453,5151,800 InterMune Inc. 34,046 24,60727,800 Lexicon Pharmaceuticals Inc. 43,885 49,2546,800 Micromet Inc. 46,172 47,33519,300 Momenta Pharmaceuticals Inc. 223,625 254,73512,500 Myriad Genetics Inc. 225,380 341,23816,000 Neurocrine Biosciences Inc. 367,630 45,6247,500 Newron Pharmaceuticals SpA 142,506 141,73220,900 Onyx Pharmaceuticals Inc. 665,867 642,85510,400 Orexigen Therapeutics Inc. 84,739 80,89926,879 OSI Pharmaceuticals Inc. 1,151,545 874,38217,000 Pacific Biosciences of California Inc. 120,172 124,75423,700 Pharmasset Inc. 320,430 513,06852,162 Poniard Pharmaceuticals Inc. 593,761 99,5255,232 Poniard Pharmaceuticals Inc.,

Warrants 01/02/2011 0 62053,747 Poniard Pharmaceuticals Inc.,

Warrants 26/04/2011 0 7,43834,000 Regeneron Pharmaceuticals Inc. 576,411 861,87056,800 Seattle Genetics Inc. 648,434 604,9903,500 Targacept Inc. 83,791 76,6506,077 Transition Therapeutics Inc. 113,733 22,61679,890 Vertex Pharmaceuticals Incorporated 2,266,449 3,587,96520,800 ZymoGenetics Inc. 124,746 138,902

37,882,077 43,309,878

PHARMACEUTICALS – 20.6%

35,600 Alexza Pharmaceuticals Inc. 217,728 88,59811,160 Alexza Pharmaceuticals Inc., Warrants 1,493 20,12336,400 Allergan Inc. 1,932,701 2,404,45811,400 Array BioPharma Inc. 116,675 33,46334,700 AVANIR Pharmaceuticals Inc. 75,530 68,3903,600 Bayer AG 220,912 303,50720,400 Biodel Inc. 329,600 92,60343,000 Cadence Pharmaceuticals Inc. 366,686 433,66015,900 Cadence Pharmaceuticals Inc.

(Restricted) 142,616 160,3547,950 Cadence Pharmaceuticals Inc.,

Warrants 19/02/2014 (Restricted) 1,250 41,07252,000 Cardiome Pharma Corp. 290,912 241,49856,500 Chugai Pharmaceutical Co., Ltd. 1,246,040 1,107,61013,500 Daiichi Sankyo Company Limited 386,587 296,931153,100 Elan Corporation PLC, ADR 3,021,270 1,046,47615,300 Eurand NV 199,881 206,4324,400 GlaxoSmithKline

Pharmaceuticals Limited 134,299 158,84737,258 Hikma Pharmaceuticals PLC 289,692 320,80026,800 Idenix Pharmaceuticals Inc. 111,462 60,40610,161 Ipsen SA 487,390 591,15421,500 King Pharmaceuticals Inc. 214,271 276,3354,400 MannKind Corporation,

Warrants 05/08/2010 670 6,601180,100 The Medicines Company 3,350,654 1,570,88121,800 Medicis Pharmaceutical Corporation,

Class “A” 439,788 618,202124,914 Merck & Co., Inc. 5,095,206 4,779,80625,100 Mylan Inc. 339,830 484,9596,749 Novartis AG 378,526 386,6397,452 Novo Nordisk AS, Class “B” 319,951 499,19313,800 Optimer Pharmaceuticals Inc. 152,526 162,75627,287 Pfizer Inc. 500,460 520,34956,300 Pharmaxis Ltd. 140,559 144,21617,500 Rigel Pharmaceuticals Inc. 140,007 174,28821,678 Roche Holding AG 3,341,136 3,889,09310,200 Sawai Pharmaceutical Co., Ltd. 438,692 611,842

35,600 Shire PLC 708,856 729,10023,900 Shire PLC, ADR 1,257,389 1,469,75923,100 Simcere Pharmaceutical Group 271,104 223,52268,835 Teva Pharmaceutical Industries Limited,

Sponsored ADR 3,146,107 4,054,12739,600 Theravance Inc. 834,465 540,93614,300 Towa Pharmaceutical Co., Ltd. 481,919 691,64012,380 UCB SA 958,159 542,17156,100 Vectura Group PLC 86,952 71,7056,800 Warner Chilcott PLC, Class “A” 160,892 202,45740,800 XenoPort Inc. 1,311,830 792,578

33,642,673 31,119,537

LIFE SCIENCES TOOLS & SERVICES – 4.9%

21,800 AMAG Pharmaceuticals Inc. 850,004 867,99626,000 Covance Inc. 1,876,330 1,486,33089,100 Exelixis Inc. 767,270 688,41750,500 Illumina Inc. 1,562,782 1,622,66226,725 Infinity Pharmaceuticals Inc. 352,962 173,14612,156 Life Technologies Corporation 464,605 664,9682,138 Lonza Group AG 238,346 158,0327,100 Millipore Corporation 494,697 538,5223,400 Thermo Fisher Scientific Inc. 170,687 169,80816,100 Waters Corporation 904,793 1,044,944

7,682,476 7,414,825

Total Pharmaceuticals,Biotechnology & Life Sciences 79,207,226 81,844,240


46,000 Nuance Communications Inc. 709,591 747,9565,200 Symyx Technologies Inc. 214,023 29,983

Total Software & Services 923,614 777,939

Total Equities 144,078,771 151,427,708

Options – (0.5%)

OPTIONS, WRITTEN – (0.5%)

Aetna Inc.(28) Call 35, 16/01/2010 (3,877) (587)

Alexion Pharmaceuticals Inc.(17) Call 50, 20/02/2010 (2,635) (3,475)

Allergan Inc.(34) Call 60, 16/01/2010 (9,331) (12,475)

AMAG Pharmaceuticals Inc.(4) Call 70, 16/01/2010 (1,265) (21)

AMERIGROUP Corporation(100) Call 25, 20/03/2010 (12,505) (31,451)(33) Call 30, 19/06/2010 (3,748) (5,708)

Amgen Inc.(34) Call 60, 16/01/2010 (3,497) (855)(53) Call 62.5, 16/01/2010 (12,152) (389)

Baxter International Inc.(36) Call 55, 16/01/2010 (7,062) (14,719)(35) Call 62.5, 22/05/2010 (4,454) (6,238)

C. R. Bard Inc.(5) Call 90, 16/01/2010 (557) (52)

CareFusion Corporation(50) Call 27.5, 19/06/2010 (8,000) (7,601)

$ $




$ $

SECTOR FUNDSTD Health Sciences Fund



Contracts Description Cost Fair Value

Celgene Corporation(53) Call 60, 16/01/2010 (15,727) (1,111)

Cephalon Inc.(2) Call 90, 16/01/2010 (416) (10)

Cerner Corporation(6) Call 70, 16/01/2010 (1,656) (7,988)(34) Call 90, 20/03/2010 (5,524) (7,485)

CIGNA Corporation(21) Call 30, 16/01/2010 (5,647) (12,329)(52) Call 32, 16/01/2010 (7,753) (20,170)

Community Health Systems Inc.(70) Call 40, 16/01/2010 (9,092) (734)

Conceptus Inc.(68) Call 22.5, 21/08/2010 (10,936) (11,050)

Covance Inc.(18) Call 50, 16/01/2010 (3,770) (8,492)(18) Call 60, 16/01/2010 (4,205) (189)(54) Call 55, 20/02/2010 (23,457) (13,304)

Covidien PLC(35) Call 45, 16/01/2010 (8,792) (12,108)(16) Call 50, 17/04/2010 (2,611) (2,516)(16) Call 55, 17/07/2010 (1,807) (1,761)

Cubist Pharmaceuticals Inc.(16) Call 25, 20/02/2010 (2,858) (168)

CVS Caremark Corporation(68) Call 35, 16/01/2010 (16,439) (356)(51) Call 35, 22/05/2010 (6,404) (6,416)

DaVita Inc.(17) Call 60, 16/01/2010 (2,823) (980)(34) Call 65, 17/04/2010 (4,999) (2,673)

Express Scripts Inc.(29) Call 70, 16/01/2010 (7,105) (50,772)(36) Call 75, 16/01/2010 (10,262) (44,157)(27) Call 100, 22/05/2010 (6,758) (5,944)

Genzyme Corporation(22) Call 60, 17/04/2010 (4,588) (1,153)

Gilead Sciences Inc.(52) Call 50, 20/02/2010 (11,387) (1,363)(53) Call 55, 20/02/2010 (11,956) (278)(68) Call 50, 22/05/2010 (17,164) (6,416)(105) Call 55, 22/05/2010 (13,063) (3,302)(68) Call 55, 22/01/2011 (19,508) (9,980)(135) Call 60, 22/01/2011 (31,028) (10,615)(135) Call 65, 22/01/2011 (16,945) (5,661)

Henry Schein Inc.(14) Call 60, 16/01/2010 (2,032) (147)

Human Genome Sciences Inc.(19) Call 20, 16/01/2010 (6,413) (21,014)(16) Call 30, 16/01/2010 (2,641) (2,415)(51) Call 35, 17/04/2010 (8,578) (11,067)

Humana Inc.(36) Call 40, 16/01/2010 (7,280) (15,889)(52) Call 45, 20/02/2010 (11,915) (10,630)(69) Call 45, 22/05/2010 (16,487) (28,211)(34) Call 50, 22/05/2010 (6,876) (7,129)

Illumina Inc.(107) Call 40, 16/01/2010 (16,821) (561)

Intuitive Surgical Inc.(9) Call 200, 16/01/2010 (7,235) (98,409)(18) Call 270, 16/01/2010 (16,954) (65,669)

Laboratory Corporationof America Holdings

(18) Call 70, 16/01/2010 (4,340) (9,624)

McKesson Corporation(36) Call 60, 16/01/2010 (8,695) (11,133)

Medco Health Solutions Inc.(36) Call 60, 16/01/2010 (11,299) (16,228)(17) Call 70, 17/04/2010 (3,314) (2,228)

Medtronic Inc.(70) Call 42, 16/01/2010 (8,367) (16,145)(36) Call 45, 16/01/2010 (4,868) (1,698)(51) Call 50, 22/01/2011 (11,777) (14,436)

Merck & Co., Inc.(17) Call 36, 17/04/2010 (1,953) (4,081)

Mindray Medical International Limited(58) Call 30, 16/01/2010 (9,767) (24,930)

Monsanto Company(41) Call 90, 16/01/2010 (5,101) (430)

Myriad Genetics Inc.(36) Call 45, 16/01/2010 (9,222) (377)

Onyx Pharmaceuticals Inc.(21) Call 45, 16/01/2010 (4,406) (110)

Pfizer Inc.(102) Call 20, 22/01/2011 (10,572) (12,618)

Psychiatric Solutions Inc.(83) Call 25, 19/06/2010 (13,173) (10,877)

Shire PLC(15) Call 60, 17/04/2010 (1,886) (5,189)

St. Jude Medical Inc.(53) Call 40, 16/01/2010 (11,731) (556)(51) Call 45, 17/07/2010 (6,044) (4,010)(53) Call 45, 22/01/2011 (15,797) (10,279)

Stericycle Inc.(4) Call 65, 22/05/2010 (514) (189)

SXC Health Solutions Corp.(17) Call 60, 17/07/2010 (9,808) (7,842)

Vertex Pharmaceuticals Incorporated(68) Call 50, 17/04/2010 (8,920) (12,832)

WellPoint Inc.(18) Call 55, 16/01/2010 (5,961) (7,359)(102) Call 55, 20/03/2010 (20,203) (63,090)

Zimmer Holdings Inc.(13) Call 60, 16/01/2010 (2,047) (1,090)

Total Options (646,760) (831,544)


TOTAL INVESTMENT

PORTFOLIO – 99.7% 143,251,386 150,596,164


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (81)

OTHER NET ASSETS – 0.1% 204,475 200,371

TOTAL NET ASSETS – 100.0% $ 143,779,831 $ 151,118,648

$ $ $ $

Par Value Description Cost Fair Value Par Value Description Cost Fair ValueNo. of

Contracts Description Cost Fair ValueNo. of

Contracts Description Cost Fair Value






Currency 2009 2008 2009 2008

Australian Dollar $ 144 $ 0 $ 7 $ 0Brazilian Real 1,591 637 80 32British Pound 1,122 899 56 45Danish Krone 534 578 27 29Euro 2,525 4,747 126 237Indian Rupee 159 532 8 26Japanese Yen 2,718 3,351 136 168Swedish Krona 227 0 11 0Swiss Franc 6,529 3,959 326 198Thai Baht 306 429 15 21United States Dollar 135,043 141,555 6,752 7,078

Total $ 150,898 $ 156,687 $ 7,544 $ 7,834






Common Shares $ 136,570 $ 14,733 $ 125 $ 151,428

Options (523) (309) 0 (832)

$ 136,047 $ 14,424 $ 125 $ 150,596




CommonShares

Balance at December 31, 2008 $ 132Gains (Losses)Net Change in Unrealized Appreciation/Depreciation of Investments (7)


Total change in unrealized for assetsheld at December 31, 2009 $ (7)



Less than 3 months Greater than3 months to 1 year 1 year

Accounts payable andaccrued liabilities $ 593 $ 0 $ 0

Options 642 126 64

$ 1,235 $ 126 $ 64




January 04, 2010 8,215 USD $ 8,613 14,199 BRL $ 8,532 1.72832to 1.73152 $ (81)



�TD Canadian Bond Index Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 356,353 $ 321,453Short-Term Investments 300 300Cash 97 140Interest Receivable 2,741 2,759Subscriptions Receivable 1,379 742

360,870 325,394


976 561

Net Assets (Note 3) $ 359,894 $ 324,833

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 192,810 $ 172,527e-Series $ 85,040 $ 66,559Institutional Series $ 43,153 $ 39,699F-Series $ 2,115 $ 2,178O-Series $ 36,776 $ 43,870

$ 359,894 $ 324,833


e-Series 7,880,457 6,188,226


F-Series 195,207 201,459

O-Series 3,684,888 4,405,473


e-Series $ 10.79 $ 10.76


F-Series $ 10.84 $ 10.81

O-Series $ 9.98 $ 9.96



2009 2008


16,078 16,108



1,976 1,848



Net Change in Unrealized Appreciation/Depreciation of Investments 822 2,908

Net Gain (Loss) on Investments 853 1,851


†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 7,812 $ 8,791e-Series $ 3,353 $ 3,443Institutional Series $ 1,859 $ 2,312F-Series $ 84 $ 89O-Series $ 1,847 $ 1,476

$ 14,955 $ 16,111

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.45 $ 0.53e-Series $ 0.48 $ 0.57Institutional Series $ 0.47 $ 0.51F-Series $ 0.46 $ 0.66O-Series $ 0.47 $ 0.34

INDEX FUNDS


�TD Canadian Bond Index Fund

INDEX FUNDS



Investor Series e-Series Institutional Series

2009 2008 2009 2008 2009 2008





19,718 2,004 18,282 8,211 3,354 (8,123)

Distributions to UnitholdersFrom Net Investment Income (7,247) (7,461) (3,154) (2,914) (1,759) (2,155)From Net Realized Gains on Investments 0 0 0 0 0 0

(7,247) (7,461) (3,154) (2,914) (1,759) (2,155)

Increase (Decrease) in Net Assetsfor the Period 20,283 3,334 18,481 8,740 3,454 (7,966)

Net Assets, End of the Period $ 192,810 $ 172,527 $ 85,040 $ 66,559 $ 43,153 $ 39,699†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 16,252,178 16,072,810 6,188,226 5,422,582 3,913,059 4,735,068Units Issued 5,018,677 5,095,148 2,836,619 1,991,279 418,644 375,345Units Issued on Reinvestments 661,007 691,533 274,604 256,415 173,087 214,772Units Redeemed (3,822,909) (5,607,313) (1,418,992) (1,482,050) (263,551) (1,412,126)



2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 84 89 1,847 1,476 14,955 16,111


Proceeds from Sale of Units 1,549 1,257 7,665 49,933 97,470 129,807Reinvestments of Distributions 78 63 1,881 1,634 13,708 13,822Early Redemption Fees 0 0 2 1 17 13Amounts Paid on Redemptions (1,691) (274) (16,608) (7,540) (76,965) (96,476)

(64) 1,046 (7,060) 44,028 34,230 47,166

Distributions to UnitholdersFrom Net Investment Income (83) (63) (1,881) (1,634) (14,124) (14,227)From Net Realized Gains on Investments 0 0 0 0 0 0

(83) (63) (1,881) (1,634) (14,124) (14,227)

Increase (Decrease) in Net Assetsfor the Period (63) 1,072 (7,094) 43,870 35,061 49,050

Net Assets, End of the Period $ 2,115 $ 2,178 $ 36,776 $ 43,870 $ 359,894 $ 324,833†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 201,459 103,306 4,405,473 0Units Issued 142,715 117,755 768,374 5,006,697Units Issued on Reinvestments 7,243 5,879 188,873 166,782Units Redeemed (156,210) (25,481) (1,677,832) (768,006)





Business Development Bank of Canada$ 934,000 4.75% due July 26, 2021 $ 942,613 $ 977,954

333,000 4.35% due February 28, 2022 332,967 337,044

Canada Housing Trust No. 13,914,000 4.05% due March 15, 2011 3,923,194 4,059,6235,800,000 4.60% due September 15, 2011 5,975,567 6,109,6204,214,000 3.95% due December 15, 2011 4,224,233 4,404,4885,704,000 4.00% due June 15, 2012 5,744,367 5,984,1493,594,000 4.80% due June 15, 2012 3,593,102 3,838,9748,655,000 4.55% due December 15, 2012 8,719,870 9,226,0123,524,000 3.60% due June 15, 2013 3,518,326 3,656,8033,626,000 3.95% due June 15, 2013 3,620,452 3,803,9303,510,000 3.55% due September 15, 2013 3,509,228 3,631,2773,279,000 2.70% due December 15, 2013 3,271,852 3,283,8952,985,000 2.20% due March 15, 2014 2,979,418 2,920,5393,235,000 3.15% due June 15, 2014 3,233,253 3,276,6632,692,000 2.75% due September 15, 2014 2,686,670 2,670,8822,527,000 2.75% due December 15, 2014 2,522,325 2,497,4213,032,000 4.10% due December 15, 2018 3,147,828 3,086,920571,000 3.75% due March 15, 2020 568,847 557,153

Canada Mortgage and Housing Corporation220,000 5.50% due June 01, 2012 241,542 238,211296,000 4.25% due February 01, 2016 288,612 311,666391,000 4.35% due February 01, 2017 390,288 407,843

Export Development Canada806,000 5.75% due June 01, 2011 887,712 856,885433,000 5.80% due December 03, 2012 485,106 476,155283,000 5.10% due June 02, 2014 301,326 308,795593,000 4.30% due June 01, 2016 602,097 624,474

Farm Credit Canada146,000 4.00% due May 24, 2013 145,664 153,077465,000 4.30% due October 05, 2020 453,372 472,763353,000 4.55% due April 12, 2021 356,402 366,670533,000 4.60% due June 01, 2021 541,342 559,600

Government of Canada580,000 9.00% due March 01, 2011 732,563 633,423

6,935,000 1.25% due June 01, 2011 6,955,691 6,950,913498,000 6.00% due June 01, 2011 546,655 532,048300,000 8.50% due June 01, 2011 365,822 330,936

1,825,000 1.00% due September 01, 2011 1,807,661 1,815,8704,623,000 3.75% due September 01, 2011 4,871,084 4,807,1753,300,000 1.25% due December 01, 2011 3,286,320 3,285,9751,450,000 1.50% due March 01, 2012 1,455,945 1,445,7813,722,000 3.75% due June 01, 2012 3,963,119 3,895,0261,210,000 5.25% due June 01, 2012 1,282,640 1,308,9792,127,000 2.00% due September 01, 2012 2,134,849 2,130,976875,000 1.75% due March 01, 2013 867,623 863,257

3,451,000 3.50% due June 01, 2013 3,653,480 3,588,3822,973,000 5.25% due June 01, 2013 3,278,542 3,261,6781,385,000 10.25% due March 15, 2014 2,023,459 1,804,4678,930,000 3.00% due June 01, 2014 9,187,437 9,062,401690,500 5.00% due June 01, 2014 782,164 758,168

4,259,000 2.00% due December 01, 2014 4,138,123 4,108,9621,000,000 2.50% due June 01, 2015 990,425 979,8633,101,000 4.50% due June 01, 2015 3,357,731 3,350,862405,000 11.25% due June 01, 2015 643,146 573,610

2,478,000 4.00% due June 01, 2016 2,602,640 2,606,338

2,732,000 4.00% due June 01, 2017 2,951,260 2,853,8603,105,000 4.25% due June 01, 2018 3,361,552 3,275,3026,438,000 3.75% due June 01, 2019 6,674,291 6,507,7722,656,000 3.50% due June 01, 2020 2,629,328 2,594,742490,000 9.75% due June 01, 2021 810,782 754,895355,000 9.25% due June 01, 2022 575,165 538,539

1,688,800 8.00% due June 01, 2023 2,408,093 2,385,3331,240,000 9.00% due June 01, 2025 2,023,652 1,923,3531,353,000 8.00% due June 01, 2027 2,074,841 1,989,3272,722,000 5.75% due June 01, 2029 3,380,981 3,283,6914,361,000 5.75% due June 01, 2033 5,485,912 5,371,4243,259,000 5.00% due June 01, 2037 3,837,187 3,750,2942,667,000 4.00% due June 01, 2041 2,698,612 2,630,376

Royal Office Finance LP653,516 5.209% due November 12, 2032 653,509 644,438

165,699,859 165,697,922


Alberta Capital Finance Authority264,000 5.70% due September 01, 2011 281,437 282,141132,000 5.85% due June 01, 2012 147,452 143,921117,000 5.00% due December 02, 2013 125,479 126,929221,000 4.90% due June 01, 2015 235,619 239,36156,000 4.35% due June 15, 2016 55,323 58,707157,000 4.65% due June 15, 2017 158,078 165,674200,000 4.45% due December 15, 2025 191,038 191,562

Alberta Treasury Branches255,000 4.10% due June 01, 2011 252,663 265,213188,000 4.10% due December 01, 2011 188,254 196,755261,000 4.40% due December 03, 2012 263,030 276,830301,000 3.85% due June 03, 2013 300,274 313,857

Financement-Quebec346,000 5.25% due December 01, 2011 370,789 369,391366,000 4.25% due March 01, 2014 363,043 385,966424,000 3.25% due June 01, 2014 428,352 429,164358,000 4.25% due December 01, 2015 361,118 373,608355,000 6.25% due December 01, 2015 410,456 408,131464,000 5.25% due June 01, 2034 488,399 477,916

Hospital For Sick Children/Canada77,000 5.217% due December 16, 2049 77,000 75,746

Hydro-Quebec411,000 6.50% due February 15, 2011 463,455 436,354365,000 10.00% due September 26, 2011 481,884 417,059410,000 10.25% due July 16, 2012 562,037 492,138410,000 11.00% due August 15, 2020 679,457 632,301300,000 6.00% due August 15, 2031 352,689 340,309450,000 6.50% due January 16, 2035 556,731 546,492281,000 6.50% due February 15, 2035 355,808 342,693282,000 6.00% due February 15, 2040 336,684 331,625590,000 5.00% due February 15, 2045 603,488 603,351829,000 5.00% due February 15, 2050 849,861 851,330

New Brunswick (F-M) Project Company Inc.471,857 6.47% due November 30, 2027 567,783 532,932

Newfoundland and Labrador Hydro56,000 4.30% due October 13, 2016 55,874 57,92950,000 10.25% due July 14, 2017 77,117 70,395100,000 8.40% due February 27, 2026 148,291 137,998163,000 6.65% due August 27, 2031 209,932 198,756195,000 5.70% due July 14, 2033 224,076 214,517

$ $ $

Par Value Description Cost Fair Value�TD Canadian Bond Index Fund



INDEX FUNDS


Ontario Electricity Financial Corporation480,000 10.00% due October 17, 2014 695,104 625,880900,000 11.00% due October 01, 2020 1,540,852 1,391,814500,000 10.75% due August 06, 2021 800,300 775,262147,000 10.125% due October 15, 2021 241,248 220,317400,000 8.90% due August 18, 2022 606,106 560,21955,000 8.50% due May 26, 2025 82,519 76,381125,000 9.00% due May 26, 2025 195,779 180,276100,000 8.25% due June 22, 2026 146,861 137,495

Ontario Infrastructure Projects Corporation155,000 3.95% due June 03, 2013 154,747 160,165257,000 4.70% due June 01, 2037 257,342 236,686

Ontario School Boards Financing Corporation19,000 5.90% due October 19, 2011 20,231 20,376248,000 5.30% due November 07, 2013 268,470 268,753375,000 6.25% due October 19, 2016 431,650 423,784149,219 7.20% due June 09, 2025 187,051 172,649455,089 6.55% due October 19, 2026 549,817 506,214104,520 5.90% due October 11, 2027 119,326 112,643495,504 5.80% due November 07, 2028 559,566 513,395463,657 5.483% due November 26, 2029 505,231 466,387167,066 4.789% due August 08, 2030 169,165 157,216163,419 5.07% due April 18, 2031 163,419 157,296237,185 5.376% due June 25, 2032 237,185 233,219

Ontario Strategic Infrastructure Financing Authority283,000 4.60% due June 01, 2015 291,777 296,290

Ornge Issuer Trust87,000 5.727% due June 11, 2034 87,000 87,885

Province of Alberta94,669 5.394% due June 14, 2013 106,845 101,638387,000 2.75% due December 01, 2014 385,782 382,662103,635 5.93% due September 16, 2016 119,307 114,033275,000 4.00% due December 01, 2019 275,100 271,040

Province of British Columbia258,000 5.75% due January 09, 2012 278,803 278,806255,000 9.50% due January 09, 2012 334,927 294,29875,000 8.50% due August 23, 2013 97,832 90,251100,000 7.50% due June 09, 2014 124,506 118,756449,000 4.25% due June 18, 2014 476,125 473,70894,000 5.30% due June 18, 2014 102,797 103,25879,000 4.70% due December 01, 2017 78,714 83,291217,000 5.60% due June 01, 2018 244,513 240,781825,000 4.65% due December 18, 2018 847,955 857,290293,000 5.30% due June 17, 2019 321,994 316,973317,000 4.10% due December 18, 2019 316,752 312,341200,000 10.60% due September 05, 2020 316,140 303,534210,000 9.95% due May 15, 2021 333,066 310,94483,000 4.80% due June 15, 2021 83,194 85,462120,000 8.75% due August 19, 2022 180,845 167,104180,000 8.00% due September 08, 2023 257,922 241,082300,000 6.15% due November 19, 2027 355,500 347,246228,000 5.62% due August 17, 2028 256,761 248,933155,000 5.70% due June 18, 2029 180,646 172,136250,000 5.861% due June 18, 2029 294,354 281,781157,000 6.35% due June 18, 2031 199,584 188,42597,000 5.40% due June 18, 2035 110,523 105,280286,000 4.70% due June 18, 2037 287,742 283,835434,000 4.95% due June 18, 2040 442,966 450,492

Province of Manitoba179,000 5.85% due January 25, 2011 194,999 188,29984,000 5.25% due December 03, 2012 91,032 91,047107,000 4.25% due June 03, 2013 106,587 112,964200,000 8.50% due July 22, 2013 257,099 239,67284,000 5.05% due December 03, 2013 89,540 91,252

163,000 3.05% due September 01, 2014 162,954 163,487161,000 4.80% due December 03, 2014 169,865 173,630161,000 5.20% due December 03, 2015 173,787 176,883120,000 4.30% due March 01, 2016 119,300 125,858162,000 4.70% due September 22, 2017 161,357 171,042100,000 6.50% due September 22, 2017 120,697 117,268265,000 4.25% due March 05, 2018 263,890 270,222143,000 5.50% due November 15, 2018 157,536 157,066164,000 4.75% due February 11, 2020 161,199 168,64885,000 7.75% due December 22, 2025 120,897 111,996509,000 10.50% due March 05, 2031 960,586 881,70722,000 5.70% due March 05, 2037 26,086 24,95667,000 4.60% due March 05, 2038 64,943 64,947304,000 4.65% due March 05, 2040 288,854 298,58277,000 4.70% due March 05, 2050 77,176 76,224

Province of New Brunswick144,000 5.80% due July 12, 2011 158,902 153,681187,000 5.85% due December 01, 2011 207,403 201,765188,000 5.875% due December 06, 2012 210,671 206,990175,000 9.25% due January 18, 2013 224,949 210,22686,000 3.35% due June 01, 2013 87,015 88,286200,000 8.50% due June 28, 2013 247,518 238,91868,000 4.50% due February 04, 2015 69,842 72,249100,000 8.75% due May 12, 2015 135,854 126,777110,000 4.30% due December 03, 2015 110,368 115,35862,000 4.70% due July 21, 2016 61,536 66,057180,000 6.75% due June 27, 2017 219,652 213,237370,000 6.00% due December 27, 2017 427,667 420,204490,000 4.45% due March 26, 2018 484,377 504,567533,000 4.40% due June 03, 2019 532,968 537,255130,000 5.65% due December 27, 2028 148,966 141,131363,000 5.50% due January 27, 2034 402,074 389,561120,000 4.65% due September 26, 2035 121,384 114,872260,000 4.55% due March 26, 2037 249,700 246,786442,000 4.80% due September 26, 2039 436,963 438,771

Province of Newfoundland and Labrador176,000 6.40% due July 25, 2011 199,112 189,531111,000 5.25% due June 04, 2014 119,906 121,381175,000 10.13% due November 22, 2014 240,269 230,108100,000 8.45% due February 05, 2026 148,857 138,542150,000 6.15% due April 17, 2028 179,814 171,442150,000 6.50% due October 17, 2029 188,281 179,189100,000 6.55% due October 17, 2030 126,805 120,540118,000 5.60% due October 17, 2033 133,860 128,18698,000 5.70% due October 17, 2035 113,162 108,605133,000 4.50% due April 17, 2037 132,177 125,189182,000 4.65% due October 17, 2040 175,291 176,478

Province of Nova Scotia164,000 6.25% due June 01, 2011 184,228 175,41993,000 4.50% due June 01, 2013 92,580 98,82748,000 4.70% due January 14, 2015 50,088 51,355148,000 4.60% due August 18, 2016 147,133 156,421223,000 4.15% due November 25, 2019 222,440 219,04258,000 4.45% due October 24, 2021 56,869 57,179180,000 9.60% due January 30, 2022 285,448 261,532275,000 6.60% due June 01, 2027 349,552 327,148277,000 6.60% due December 01, 2031 359,882 336,585105,000 5.80% due June 01, 2033 124,202 116,977113,000 4.90% due June 01, 2035 117,947 112,253292,000 4.50% due June 01, 2037 285,077 274,957132,000 4.70% due June 01, 2041 131,015 128,867

$ $ $


$ $ $

INDEX FUNDSTD Canadian Bond Index Fund


Province of Ontario296,000 4.40% due December 02, 2011 294,818 311,447135,000 6.10% due December 02, 2011 148,950 146,320767,000 4.50% due December 02, 2012 768,825 815,069254,000 5.375% due December 02, 2012 276,721 276,147

1,688,000 4.75% due June 02, 2013 1,777,039 1,809,0271,759,000 5.00% due March 08, 2014 1,916,152 1,906,4151,204,000 3.25% due September 08, 2014 1,213,368 1,216,096497,000 4.50% due March 08, 2015 508,726 528,225553,000 4.40% due March 08, 2016 549,302 582,270

1,211,000 4.30% due March 08, 2017 1,185,097 1,253,549875,000 4.20% due March 08, 2018 865,907 887,441414,000 5.50% due June 02, 2018 451,034 454,587

2,571,000 4.40% due June 02, 2019 2,610,101 2,599,011343,000 4.85% due June 02, 2020 340,969 354,709390,000 9.50% due July 13, 2022 617,466 569,627400,000 8.10% due September 08, 2023 573,043 538,019250,000 7.50% due February 07, 2024 340,680 320,353390,000 8.50% due December 02, 2025 588,652 546,084610,000 8.00% due June 02, 2026 883,472 823,369549,000 7.60% due June 02, 2027 759,277 723,677400,000 6.25% due August 25, 2028 487,965 464,376

1,825,000 6.50% due March 08, 2029 2,290,365 2,196,605383,000 6.20% due June 02, 2031 470,484 449,628626,000 5.85% due March 08, 2033 739,595 709,508655,000 5.60% due June 02, 2035 745,866 725,590747,000 4.70% due June 02, 2037 748,435 735,997

1,600,000 4.60% due June 02, 2039 1,569,314 1,560,716217,000 5.65% due July 13, 2039 253,139 245,348

Province of Prince Edward Island50,000 11.00% due September 19, 2011 68,530 57,84950,000 9.75% due December 17, 2012 64,555 60,469151,000 3.20% due June 02, 2014 150,630 152,00530,000 8.50% due October 27, 2015 40,277 37,95741,000 4.25% due September 24, 2019 40,951 40,53398,000 6.10% due July 29, 2027 116,330 110,573198,000 6.25% due January 29, 2032 238,502 230,075198,000 5.60% due February 21, 2034 224,762 213,992115,000 5.70% due June 15, 2035 132,694 126,472138,000 5.30% due May 19, 2036 150,497 144,373180,000 4.65% due November 19, 2037 177,489 171,723

Province of Quebec845,000 6.00% due October 01, 2012 947,310 930,060852,000 5.25% due October 01, 2013 941,001 929,977964,000 5.50% due December 01, 2014 1,065,657 1,069,061467,000 5.00% due December 01, 2015 488,064 507,381

1,427,000 4.50% due December 01, 2016 1,452,422 1,498,5381,733,000 4.50% due December 01, 2017 1,748,977 1,797,2902,028,000 4.50% due December 01, 2018 2,024,622 2,072,2561,452,000 4.50% due December 01, 2019 1,466,764 1,466,053610,000 9.375% due January 16, 2023 950,752 882,09060,000 9.50% due March 30, 2023 94,571 87,555275,000 5.35% due June 01, 2025 297,126 286,809865,000 8.50% due April 01, 2026 1,288,376 1,205,613535,000 6.00% due October 01, 2029 626,021 605,666383,000 6.25% due June 01, 2032 464,243 448,393

1,259,000 5.75% due December 01, 2036 1,385,302 1,411,9711,469,000 5.00% due December 01, 2038 1,487,652 1,494,886355,000 5.00% due December 01, 2041 370,338 362,278

Province of Saskatchewan255,000 5.25% due December 03, 2012 273,046 276,517244,000 4.90% due December 03, 2013 259,444 264,007155,000 10.25% due April 10, 2014 224,775 200,275101,000 5.25% due June 03, 2014 108,955 110,74161,000 4.25% due December 03, 2015 61,629 63,997

183,000 4.50% due August 23, 2016 181,748 193,407178,000 4.65% due September 05, 2017 177,197 187,71950,000 9.60% due February 04, 2022 74,848 73,30820,000 8.75% due May 30, 2025 30,777 28,47774,000 5.75% due March 05, 2029 86,780 82,589186,000 6.40% due September 05, 2031 237,365 224,912106,000 5.80% due September 05, 2033 126,415 120,317196,000 5.60% due September 05, 2035 228,440 218,800158,000 5.00% due March 05, 2037 167,925 164,121292,000 4.75% due June 01, 2040 300,171 294,163

84,433,792 82,845,685


The 55 School Board Trust316,000 5.90% due June 02, 2033 369,641 335,453

City of Edmonton35,000 10.75% due May 16, 2011 46,890 39,333103,000 9.625% due February 13, 2012 135,596 118,966

City of Montreal161,000 4.95% due December 10, 2014 167,726 171,94292,000 4.60% due June 01, 2017 91,814 93,74997,000 5.00% due December 01, 2017 97,476 100,80777,000 5.00% due December 01, 2018 76,344 78,88449,000 5.45% due December 01, 2019 48,559 51,58198,000 6.00% due June 01, 2043 116,140 108,568

City of Toronto76,000 6.40% due July 26, 2011 85,909 81,636116,000 5.125% due September 25, 2013 124,162 125,08182,000 5.30% due May 21, 2014 88,570 88,916107,000 4.90% due October 29, 2014 112,811 114,44157,000 4.55% due May 20, 2015 58,292 59,80479,000 4.85% due July 28, 2016 78,666 83,42718,000 5.05% due July 18, 2017 18,186 19,033143,000 4.95% due June 27, 2018 142,565 148,64725,000 5.60% due December 18, 2018 27,674 27,00153,000 4.50% due December 02, 2019 52,836 52,312107,000 6.80% due July 26, 2021 132,909 124,948108,163 5.342% due July 18, 2027 108,163 107,979

City of Vancouver61,000 3.30% due June 05, 2014 60,836 61,26856,000 4.70% due December 01, 2017 55,668 57,75745,000 4.90% due December 02, 2019 44,944 45,878

City of Winnipeg90,000 9.125% due May 12, 2015 124,342 114,199100,000 6.25% due November 17, 2017 117,142 112,36047,000 5.20% due July 17, 2036 45,826 46,418

Durham District School Board185,000 6.75% due November 19, 2019 225,747 212,637

Municipal Finance Authority of British Columbia99,000 5.90% due June 01, 2011 109,592 105,20651,000 5.25% due December 03, 2012 55,156 55,05988,000 4.90% due December 03, 2013 93,324 94,527180,000 3.10% due June 01, 2014 179,933 179,965112,000 4.90% due December 02, 2014 118,716 120,326155,000 4.15% due October 13, 2015 155,055 159,816135,000 4.65% due April 19, 2016 136,686 142,621103,000 4.80% due December 01, 2017 102,932 107,738213,000 4.60% due April 23, 2018 212,174 218,946186,000 5.10% due November 20, 2018 185,308 196,205182,000 4.875% due June 03, 2019 190,806 188,15946,000 5.35% due December 02, 2024 50,559 47,786137,174 4.978% due April 06, 2025 144,655 141,06584,000 4.95% due December 01, 2027 83,718 80,435

$ $ $$ $ $




Municipality of Metropolitan Toronto47,000 4.20% due September 27, 2011 46,820 48,952

Regional Municipality of Ottawa-Carleton100,000 10.75% due February 28, 2011 133,014 111,055

Regional Municipality of York222,000 4.50% due September 28, 2016 221,416 230,378217,000 4.60% due May 30, 2017 214,094 224,321200,000 7.25% due June 19, 2017 251,874 237,410211,000 5.00% due April 29, 2019 218,406 217,532

Simcoe County District School Board50,000 6.80% due June 19, 2026 62,597 56,816

TCHC Issuer Trust93,000 4.877% due May 11, 2037 93,000 86,320

York Region District School Board84,000 6.55% due April 12, 2023 102,157 92,772239,850 6.45% due June 04, 2024 272,950 268,268117,824 5.30% due June 03, 2025 125,096 118,888

6,415,472 6,313,591


407 International Inc.40,000 4.50% due January 25, 2011 39,991 41,33856,000 5.00% due January 31, 2011 55,898 57,92688,000 4.65% due January 20, 2012 87,912 92,51432,000 5.10% due January 20, 2014 31,969 34,350375,000 6.47% due July 27, 2029 442,901 412,769149,000 5.96% due December 03, 2035 167,315 156,14796,827 6.75% due July 27, 2039 113,852 102,908

Aeroports de Montreal125,000 6.35% due April 16, 2012 137,473 135,516263,232 6.95% due April 16, 2032 317,117 271,46348,929 6.611% due April 11, 2033 56,874 51,160179,000 6.55% due October 11, 2033 214,424 194,772

Algonquin Credit Card Trust426,000 4.889% due July 15, 2011 426,000 440,224454,000 4.562% due June 15, 2012 454,000 465,793

Alliance Pipeline, Limited Partnership30,000 4.928% due December 16, 2019 30,000 29,557114,136 7.181% due June 30, 2023 141,238 125,853357,342 5.546% due December 31, 2023 385,281 370,063180,416 6.765% due December 31, 2025 194,648 193,609327,736 7.217% due December 31, 2025 408,770 361,229

AltaGas Income Trust44,000 5.07% due January 19, 2012 43,985 44,71245,000 7.42% due April 29, 2014 44,993 47,97522,000 6.94% due June 29, 2016 21,994 22,387

AltaLink LP47,000 5.207% due December 16, 2016 47,000 46,32820,000 5.243% due May 29, 2018 20,515 20,80139,000 5.249% due September 22, 2036 39,000 36,507

American Express Canada Credit Corporation350,000 4.70% due May 20, 2011 349,972 361,512111,000 5.90% due April 02, 2013 110,870 118,659147,000 4.853% due October 03, 2014 147,000 151,031

Aon Finance N.S.1, ULC361,000 5.05% due April 12, 2011 360,495 371,238

Bank of Montreal348,000 4.69% due January 31, 2011 352,872 361,213149,000 4.96% due July 14, 2011 148,963 156,616500,000 5.20% due June 21, 2012 503,750 532,074115,000 5.04% due September 04, 2012 114,980 122,927461,000 5.05% due September 03, 2013 487,660 495,895355,000 4.78% due April 30, 2014 367,292 378,381

644,000 5.18% due June 10, 2015 669,240 698,639584,000 5.45% due July 17, 2017 610,395 638,638250,000 4.55% due August 01, 2017 255,075 259,145501,000 6.17% due March 28, 2018 521,568 551,802575,000 6.02% due May 02, 2018 616,721 644,492

The Bank of Nova Scotia594,000 4.58% due February 15, 2011 593,964 616,102372,000 4.40% due May 09, 2011 371,989 386,474229,000 4.92% due September 15, 2011 228,931 240,780374,000 3.03% due June 04, 2012 373,989 380,27619,000 5.30% due January 31, 2013 18,994 20,37787,613 3.99% due March 04, 2013 88,219 89,514

1,000,000 4.99% due March 27, 2013 1,002,500 1,062,7621,215,000 5.04% due April 08, 2013 1,285,292 1,299,267117,000 8.30% due September 27, 2013 148,378 137,885372,000 6.00% due October 03, 2013 371,888 408,711500,000 4.56% due October 30, 2013 536,550 527,611184,000 4.94% due April 15, 2014 183,943 194,667269,000 3.43% due July 16, 2014 268,976 270,841420,000 3.35% due November 18, 2014 419,828 419,216288,000 6.65% due January 22, 2016 287,951 326,749

BCE Inc.130,000 4.85% due June 30, 2014 129,795 136,43661,000 4.64% due February 22, 2016 60,784 61,607

bcIMC Realty Corporation148,000 4.10% due February 10, 2011 148,754 152,039161,000 5.25% due September 19, 2012 160,804 171,330148,000 4.65% due February 10, 2015 151,048 152,71949,000 5.65% due January 05, 2018 48,835 51,952


225,000 4.72% due September 26, 2011 224,989 233,820259,000 4.95% due February 26, 2014 258,925 269,34036,000 6.29% due February 17, 2015 35,986 38,946353,000 5.41% due September 26, 2016 352,838 362,207170,000 5.52% due February 26, 2019 169,867 168,672424,000 6.17% due February 26, 2037 423,597 374,092

Bell Canada80,000 6.90% due December 15, 2011 91,933 86,977345,000 5.00% due February 15, 2017 349,517 349,168140,000 7.00% due September 24, 2027 163,985 142,779155,000 6.55% due May 01, 2029 173,503 151,72232,000 7.85% due April 02, 2031 41,544 35,61380,000 9.70% due December 15, 2032 124,954 105,579116,000 6.10% due March 16, 2035 123,765 108,076

BMO Capital Trust250,000 4.633% due December 31, 2015 249,140 252,143

BMO Capital Trust, Conv.315,000 6.647% due December 31, 2010 353,160 329,845

BMO Capital Trust II87,000 10.221% due December 31, 2018 87,000 116,564

BMO Subordinated Notes Trust199,000 Floating Rate due September 26, 2017 198,970 215,711

Borealis Infrastructure Trust200,000 6.27% due May 03, 2011 221,632 211,640

British Columbia Ferry Services Inc.75,000 5.74% due May 27, 2014 81,896 82,119228,000 5.021% due March 20, 2037 228,000 209,165151,000 5.581% due January 11, 2038 151,000 149,313

$ $ $


$ $ $



Broadcast Centre Trust550,715 7.53% due May 01, 2027 612,639 667,215

Broadway Credit Card Trust228,000 4.804% due March 17, 2014 237,021 230,266

Brookfield Asset Management Inc.179,000 8.95% due June 02, 2014 178,646 202,867302,000 5.29% due April 25, 2017 301,976 276,648101,000 5.95% due June 14, 2035 104,034 75,754

Brookfield Power Corporation136,000 5.25% due November 05, 2018 135,951 124,471203,000 5.84% due November 05, 2036 202,941 157,582

Brookfield Renewable Power Inc.83,000 8.75% due February 03, 2012 83,000 90,62952,000 6.132% due November 30, 2016 52,000 53,192

Caisse centrale Desjardins188,000 3.114% due December 04, 2014 188,000 184,990

Cameco Corporation249,000 4.70% due September 15, 2015 246,698 252,14128,000 5.67% due September 02, 2019 28,119 28,467

The Canada Life Assurance Company100,000 6.40% due December 11, 2028 117,229 104,346

Canada Life Capital Trust50,000 6.679% due June 30, 2012 56,719 54,326100,000 7.529% due June 30, 2032 130,391 109,787

Canadian Credit Card Trust320,000 4.513% due April 24, 2012 328,018 333,544186,000 5.365% due March 25, 2013 186,000 198,903

Canadian Imperial Bank of Commerce421,000 4.40% due March 07, 2011 420,507 436,179500,000 4.35% due November 01, 2011 525,050 521,596

1,000,000 5.00% due September 10, 2012 1,015,000 1,064,692407,000 3.05% due June 03, 2013 406,784 409,571200,000 5.15% due June 06, 2013 199,712 213,585250,000 4.95% due January 23, 2014 268,923 267,720272,000 9.65% due October 31, 2014 377,065 342,270370,000 3.30% due November 19, 2014 369,900 368,76476,000 6.00% due June 06, 2018 75,786 83,235

Canadian Natural Resources Limited53,000 4.50% due January 23, 2013 52,864 55,504

Canadian Pacific Railway Company128,000 6.25% due June 01, 2018 127,154 136,605111,811 6.91% due October 01, 2024 130,241 104,41043,000 6.45% due November 17, 2039 42,977 42,838

Canadian Tire Corporation Limited110,000 4.95% due June 01, 2015 110,243 115,34738,000 5.65% due June 01, 2016 37,985 40,957300,000 6.25% due April 13, 2028 317,693 286,462242,000 6.32% due February 24, 2034 261,555 234,509334,000 5.61% due September 04, 2035 319,447 293,565

Canadian Utilities Limited48,000 7.05% due June 01, 2011 52,641 51,421100,000 6.14% due November 22, 2012 107,535 109,050215,000 6.145% due November 22, 2017 244,796 242,679129,000 5.432% due January 23, 2019 137,584 137,916230,000 6.80% due August 13, 2019 276,870 269,713100,000 11.77% due November 30, 2020 172,790 156,176150,000 9.40% due May 01, 2023 228,461 205,894

Capital Desjardins Inc.299,000 6.322% due June 01, 2012 335,547 324,090204,000 5.756% due April 01, 2014 204,000 220,669206,000 5.541% due June 01, 2016 206,000 220,843

Capital Power Income LP241,000 5.95% due June 23, 2036 239,930 202,352

Caterpillar Financial Services Limited62,000 5.20% due June 03, 2013 61,995 65,817

CBC Monetization Trust40,000 4.688% due May 15, 2027 40,000 39,342

Centra Gas Ontario Inc.50,000 8.65% due October 19, 2018 68,622 63,543

Central 1 Credit Union21,000 4.00% due October 09, 2014 20,977 20,953

CHIP Mortgage Trust193,000 5.613% due May 02, 2011 193,000 202,00996,000 4.542% due August 01, 2012 96,000 98,848

CI Financial Corp.18,000 3.30% due December 17, 2012 17,999 18,00618,000 4.19% due December 16, 2014 17,993 17,960

CIBC Capital Trust454,000 9.976% due June 30, 2019 454,000 588,11674,000 10.25% due June 30, 2039 74,000 105,927

Citigroup Finance Canada Inc.145,000 5.10% due July 26, 2011 153,110 149,088227,000 4.54% due May 16, 2012 226,909 224,449105,000 4.90% due November 13, 2012 104,878 106,838141,000 5.50% due May 21, 2013 140,805 144,93548,000 4.75% due March 17, 2014 49,397 47,65782,000 6.75% due September 22, 2014 81,928 87,632

Cogeco Cable Inc.77,000 5.95% due June 09, 2014 76,908 81,629

Concordia University261,000 6.55% due September 02, 2042 330,978 297,941

The Consumers’ Gas Company Ltd.14,000 6.05% due July 05, 2023 15,598 14,963

The Consumers’ Waterheater Operating Trust154,000 6.75% due April 30, 2014 153,734 152,883

CU Inc.89,000 5.096% due November 18, 2014 93,524 95,77764,000 4.801% due November 22, 2021 64,000 62,41837,000 6.215% due March 06, 2024 37,000 39,75117,000 5.563% due May 26, 2028 17,000 16,979151,000 5.183% due November 21, 2035 146,231 143,09846,000 5.032% due November 20, 2036 46,418 42,689100,000 5.556% due October 30, 2037 100,000 99,87630,000 5.58% due May 26, 2038 30,000 30,14820,000 6.50% due March 07, 2039 20,000 22,623

DundeeWealth Inc.88,000 5.10% due September 25, 2014 87,996 87,922

Eagle Credit Card Trust126,000 4.441% due March 17, 2011 126,000 129,797

Edmonton Regional Airport Authority20,998 7.214% due November 01, 2030 25,817 22,257

Emera Inc.15,000 4.10% due October 20, 2014 14,995 15,18586,000 4.83% due December 02, 2019 85,939 83,845

Empire Life Insurance17,000 6.73% due May 20, 2014 16,994 18,107

$ $ $ $ $ $




Enbridge Gas Distribution Inc.210,000 5.16% due September 24, 2014 221,837 226,538484,000 5.16% due December 04, 2017 483,923 514,81648,000 4.77% due December 17, 2021 47,817 47,53158,000 6.16% due December 16, 2033 63,738 62,525

Enbridge Inc.144,000 4.67% due March 25, 2013 143,957 151,882118,000 5.17% due May 19, 2016 118,883 125,451159,000 5.00% due August 09, 2016 158,283 167,294144,000 4.77% due September 02, 2019 143,932 144,092200,000 7.22% due July 24, 2030 250,058 228,48064,000 7.20% due June 18, 2032 80,401 73,494161,000 5.57% due November 14, 2035 160,791 152,63527,000 5.75% due September 02, 2039 26,973 26,180

Enbridge Pipelines Inc.70,000 4.46% due December 17, 2012 69,992 73,82652,000 6.62% due November 19, 2018 51,978 60,459103,000 4.49% due November 12, 2019 102,918 102,624100,000 6.35% due November 17, 2023 115,083 109,379100,000 8.20% due February 15, 2024 136,731 128,01662,000 5.21% due February 25, 2036 60,260 59,184182,000 5.08% due December 19, 2036 181,862 170,55154,000 5.35% due November 10, 2039 53,952 53,422

EnCana Corporation80,000 4.30% due March 12, 2012 79,914 83,507

ENMAX Corporation116,000 5.85% due April 08, 2014 115,871 123,669192,000 6.15% due June 19, 2018 191,589 202,852

EPCOR Utilities Inc.50,000 6.60% due November 01, 2011 56,365 53,889250,000 6.75% due March 22, 2016 289,365 283,814142,000 5.80% due January 31, 2018 141,237 152,399193,000 5.65% due November 16, 2035 192,345 183,46287,000 6.65% due April 15, 2038 86,798 94,28957,000 5.75% due November 24, 2039 56,919 55,412

ERAC Canada Finance Ltd.104,000 5.38% due February 26, 2016 103,929 99,48539,000 5.70% due February 26, 2021 38,973 36,613

Fairfax Financial Holdings Limited88,000 7.50% due August 19, 2019 87,682 91,435

Finning International Inc.143,000 4.64% due December 14, 2011 146,253 148,20172,000 5.16% due September 03, 2013 71,996 75,78751,000 6.02% due June 01, 2018 50,967 53,706

First Capital Realty Inc.100,000 5.49% due December 01, 2011 100,255 102,95595,000 5.08% due June 21, 2012 95,153 96,855105,000 5.34% due April 01, 2013 105,124 105,54366,000 5.36% due January 31, 2014 66,023 66,312132,000 5.32% due October 30, 2014 131,987 130,46622,000 5.95% due June 01, 2015 22,032 22,103

Fort Chicago Energy Partners LP70,000 5.60% due July 28, 2014 69,982 71,783

Fortis Inc.28,000 6.51% due July 04, 2039 27,982 29,470

FortisAlberta Inc.154,000 5.40% due April 21, 2036 153,886 149,87850,000 5.85% due April 15, 2038 49,734 51,73919,000 7.06% due February 14, 2039 18,998 22,97536,000 5.37% due October 30, 2039 35,984 34,762193,000 4.99% due January 03, 2047 192,801 173,542

FortisBC Inc.95,000 5.48% due November 28, 2014 101,065 102,52543,000 6.10% due June 02, 2039 44,184 44,605105,000 5.90% due July 04, 2047 104,856 105,606

Gaz Metro Inc.74,000 5.40% due April 15, 2013 73,959 79,541159,000 5.45% due July 12, 2021 158,467 164,581

Gaz Metro Limited Partnership70,000 10.45% due October 31, 2016 103,007 95,38941,000 4.93% due June 18, 2019 40,993 41,89099,000 7.05% due October 30, 2030 126,655 115,89192,000 6.30% due October 31, 2033 109,284 100,153159,000 5.70% due July 10, 2036 158,750 160,746

GE Capital Canada Funding Company180,000 4.40% due February 07, 2011 179,625 184,933212,000 4.375% due September 28, 2012 211,765 219,624476,000 5.15% due June 06, 2013 476,864 501,839385,000 4.40% due June 01, 2014 384,430 393,387194,000 4.65% due February 11, 2015 198,494 198,191500,000 5.10% due June 01, 2016 498,930 512,176383,000 4.55% due January 17, 2017 382,793 377,385392,000 5.53% due August 17, 2017 393,607 405,018268,000 5.68% due September 10, 2019 268,515 271,395

George Weston Limited100,000 6.45% due October 24, 2011 108,481 107,04057,000 5.05% due March 10, 2014 58,027 59,409150,000 7.10% due February 05, 2032 181,225 152,40963,000 6.69% due March 01, 2033 72,743 61,041

Glacier Credit Card Trust123,000 4.271% due November 18, 2011 122,798 127,41396,000 5.027% due February 20, 2013 96,000 101,634

Gloucester Credit Card Trust126,000 4.445% due March 15, 2011 126,000 129,107187,000 5.335% due May 15, 2013 187,000 193,128176,000 5.376% due May 15, 2014 189,995 183,033

Golden Credit Card Trust242,000 5.106% due April 15, 2011 242,000 252,36786,000 5.421% due April 15, 2013 86,000 92,637

Greater Toronto Airports Authority150,000 6.25% due January 30, 2012 166,776 162,38840,000 5.89% due December 06, 2013 39,990 43,934125,000 5.00% due June 01, 2015 127,313 132,779150,000 4.70% due February 15, 2016 149,904 156,328293,000 5.26% due April 17, 2018 292,977 307,30379,000 5.96% due November 20, 2019 84,549 86,038825,000 6.45% due December 03, 2027 921,760 883,398266,536 6.45% due July 30, 2029 293,459 281,393325,000 6.47% due February 02, 2034 343,109 353,034

Great-West Life Capital Trust75,000 5.995% due December 31, 2012 82,865 80,856276,000 7.127% due June 26, 2018 276,000 298,283


400,000 5.691% due June 21, 2017 385,366 399,006

Great-West Lifeco Inc.287,000 6.14% due March 21, 2018 328,978 311,417200,000 6.74% due November 24, 2031 245,305 215,576200,000 6.67% due March 21, 2033 242,915 214,904133,000 5.998% due November 16, 2039 133,621 132,867

$ $ $


$ $ $



Groupe Aeroplan Inc.68,000 9.00% due April 23, 2012 68,000 72,79729,000 7.90% due September 02, 2014 29,000 30,068


Honda Canada Finance Inc.82,000 4.727% due May 09, 2011 82,000 84,742106,000 4.696% due August 25, 2011 106,000 110,011257,000 5.675% due September 26, 2012 257,000 274,353123,000 5.076% due May 09, 2013 123,000 129,358240,000 5.613% due September 12, 2013 240,000 257,006

HSBC Bank Canada85,000 4.59% due March 28, 2011 84,980 88,028323,000 Floating Rate due March 16, 2016 322,797 328,303352,000 4.80% due April 10, 2017 351,613 348,836

HSBC Canada Asset Trust190,000 7.78% due December 31, 2010 222,695 199,905251,000 5.149% due June 30, 2015 261,066 249,932

HSBC Financial Corporation Limited246,000 4.80% due April 13, 2011 244,764 254,087

Hydro One Inc.83,000 4.08% due March 03, 2011 82,986 85,753300,000 6.40% due December 01, 2011 329,046 325,361254,000 5.00% due November 12, 2013 256,606 273,35363,000 3.13% due November 19, 2014 62,994 62,622191,000 4.64% due March 03, 2016 189,506 201,293157,000 5.18% due October 18, 2017 157,904 167,794250,000 6.93% due June 01, 2032 319,384 293,18341,000 6.35% due January 31, 2034 49,560 45,289600,000 5.36% due May 20, 2036 606,651 584,064137,000 4.89% due March 13, 2037 137,003 124,31041,000 6.03% due March 03, 2039 40,972 43,75043,000 5.49% due July 16, 2040 42,943 42,589

Hydro Ottawa Holding Inc.274,000 4.93% due February 09, 2015 283,903 290,040

IGM Financial Inc.181,000 7.35% due April 08, 2019 180,899 206,909

Industrial Alliance Capital Trust95,000 5.714% due December 31, 2013 102,252 99,117245,000 5.13% due June 30, 2014 255,923 249,545

Industrial Alliance Insuranceand Financial Services Inc.

19,000 8.25% due March 27, 2014 18,964 21,481

ING Bank of Canada303,000 4.30% due December 05, 2011 303,691 303,920

Intact Financial Corp.35,000 6.40% due November 23, 2039 34,967 33,850

Intact Financial Corporation22,000 5.41% due September 03, 2019 21,990 22,052

Investors Group Inc.177,000 6.75% due May 09, 2011 192,430 187,415311,000 6.58% due March 07, 2018 359,669 339,713200,000 6.65% due December 13, 2027 234,877 200,382300,000 7.45% due May 09, 2031 388,141 327,705200,000 7.00% due December 31, 2032 247,625 214,267

John Deere Credit Inc.10,000 4.80% due April 20, 2012 9,993 10,479121,000 5.30% due July 27, 2012 122,837 128,42512,000 3.90% due July 29, 2013 11,986 12,239183,000 5.45% due September 16, 2015 182,916 196,645

John Hancock Canadian Corporation150,000 6.822% due May 31, 2011 170,057 159,630

Laurentian Bank of Canada103,000 4.90% due January 25, 2011 102,544 105,587

Leisureworld Senior Care LP287,000 4.814% due November 24, 2015 287,000 266,971

Loblaw Companies Limited333,000 6.50% due January 19, 2011 373,486 349,42875,000 6.00% due March 03, 2014 83,561 81,83190,000 4.85% due May 08, 2014 89,980 94,38880,000 6.65% due November 08, 2027 92,918 78,814280,000 6.45% due February 09, 2028 308,982 268,84970,000 6.50% due January 22, 2029 78,769 67,231279,000 6.85% due March 01, 2032 330,810 282,642110,000 6.54% due February 17, 2033 127,612 107,174192,000 6.15% due January 29, 2035 212,706 178,050100,000 6.45% due March 01, 2039 115,441 96,280

Manitoba Telecom Services Inc.15,000 5.05% due May 11, 2012 14,999 15,64429,000 6.65% due May 11, 2016 28,986 31,66457,000 5.625% due December 16, 2019 56,948 55,871

The Manufacturers Life Insurance Company315,000 6.24% due February 16, 2011 349,681 330,445

Manulife Bank of Canada32,783 3.967% due April 01, 2013 32,984 32,332109,000 4.68% due September 12, 2016 109,060 109,366

Manulife Finance (Delaware), Limited Partnership65,000 5.059% due December 15, 2036 64,804 53,175

Manulife Financial Capital Trust II391,000 7.405% due December 31, 2019 391,000 437,816

Manulife Financial Corporation90,000 4.67% due March 28, 2013 89,254 94,582156,000 4.896% due June 02, 2014 156,000 165,190294,000 5.161% due June 26, 2015 294,000 312,320165,000 5.505% due June 26, 2018 165,000 171,295195,000 7.768% due April 08, 2019 195,000 231,561

Maritimes & Northeast Pipeline LP83,000 4.34% due November 30, 2019 82,997 82,463

Master Credit Card Trust253,000 5.297% due August 21, 2012 253,000 270,951183,000 5.237% due May 21, 2013 183,000 196,499

McGill University130,000 6.15% due September 22, 2042 157,239 146,348

Merrill Lynch Canada Finance Company12,995 4.237% due January 30, 2010 14,145 12,98347,000 5.80% due May 05, 2011 46,993 48,845148,000 5.00% due February 18, 2014 147,873 150,880

METRO Inc.81,000 4.98% due October 15, 2015 80,942 85,100

National Bank of Canada319,000 4.456% due November 02, 2011 319,358 331,06519,000 5.55% due November 15, 2013 18,994 20,51576,000 7.447% due June 30, 2020 76,000 81,980

NAV Canada200,000 4.428% due February 24, 2011 198,676 207,18214,000 3.434% due April 17, 2012 14,000 14,365200,000 4.713% due February 24, 2016 199,432 210,74030,000 5.304% due April 17, 2019 30,000 31,75990,000 7.56% due March 01, 2027 115,818 106,270160,000 7.40% due June 01, 2027 204,933 194,293

$ $ $ $ $ $




NBC Capital Trust191,000 5.329% due June 30, 2016 191,474 190,620184,000 7.235% due June 30, 2018 184,000 205,828

Northwestconnect Group138,000 5.95% due April 30, 2041 138,907 126,636

NOVA Gas Transmission Ltd.300,000 12.20% due February 28, 2016 477,347 423,91360,000 9.90% due December 16, 2024 92,395 84,340

Nova Scotia Power Inc.47,000 5.75% due October 01, 2013 50,888 51,09750,000 9.75% due August 02, 2019 73,278 67,836154,000 5.67% due November 14, 2035 153,846 149,0857,000 5.95% due July 27, 2039 6,977 7,085

OMERS Realty Corporation166,000 5.48% due December 31, 2012 181,399 179,487142,000 4.09% due June 04, 2013 141,996 147,35191,000 4.74% due June 04, 2018 90,946 91,689

OMERS Realty CTT Holdings Inc.24,000 4.75% due May 05, 2016 23,987 24,953

OMERS Realty CTT Holdings Two Inc.21,000 4.05% due May 05, 2014 20,994 21,605

Ontrea Inc.237,000 5.70% due October 31, 2011 254,982 253,308353,000 5.57% due April 09, 2013 387,538 382,780

Ottawa Macdonald-CartierInternational Airport Authority

256,000 4.733% due May 02, 2017 256,000 260,78736,197 6.973% due May 25, 2032 44,014 38,188

Pearson International Fuel Facilities Corporation52,069 5.09% due March 09, 2032 51,978 46,936

Plenary Health Bridgepoint LP61,000 7.246% due August 31, 2042 62,170 62,402

Power Corporation of Canada122,000 7.57% due April 22, 2019 121,932 138,60918,000 8.57% due April 22, 2039 17,986 22,403

Power Financial Corporation424,000 6.90% due March 11, 2033 524,893 466,630

PSP Capital Inc.320,000 4.57% due December 09, 2013 320,999 339,148

Queen’s University94,000 6.10% due November 19, 2032 112,305 103,677

RBC Capital Trust84,000 6.821% due June 30, 2018 84,000 92,766

RBC Capital Trust, Conv.400,000 5.812% due December 31, 2013 433,800 431,509300,000 4.87% due December 31, 2015 279,600 307,248

RBC Subordinated Notes Trust1,750,000 4.58% due April 30, 2012 1,730,750 1,834,179

Reliance LP30,000 7.30% due April 03, 2013 29,343 30,361

RioCan Real Estate Investment Trust42,000 8.33% due April 03, 2014 42,000 46,76745,000 5.65% due March 31, 2015 45,117 45,595

Rogers Communications Inc.525,000 7.25% due December 15, 2011 582,998 562,552463,000 7.625% due December 15, 2011 521,948 506,620206,000 5.80% due May 26, 2016 205,520 220,02351,000 5.38% due November 04, 2019 50,965 50,85656,000 6.68% due November 04, 2039 55,942 56,980

Royal Bank of Canada251,000 4.17% due January 11, 2011 251,000 258,715135,000 6.30% due April 12, 2011 149,836 142,673212,000 4.25% due June 01, 2011 211,972 220,205390,000 4.92% due July 06, 2011 389,965 409,566884,000 4.53% due May 07, 2012 883,825 930,700

1,100,000 5.20% due August 15, 2012 1,182,874 1,179,393481,000 4.84% due March 11, 2013 481,000 509,445336,000 5.00% due June 06, 2013 335,896 357,893601,000 5.06% due July 17, 2013 633,366 646,402536,000 4.97% due June 05, 2014 540,199 575,368222,000 3.27% due November 10, 2014 221,969 221,914500,000 4.71% due December 22, 2014 541,665 531,772

SCORE Trust528,000 4.949% due February 20, 2014 546,524 535,524

Scotiabank Capital Trust250,000 6.626% due June 30, 2012 281,380 271,469275,000 6.282% due June 30, 2013 299,668 298,784400,000 5.65% due December 31, 2036 408,248 381,051

Scotiabank Subordinated Notes Trust1,386,000 5.25% due November 01, 2012 1,433,621 1,481,262

Scotiabank Tier I Trust58,000 7.802% due June 30, 2019 58,000 68,306

Serco DES Inc.58,271 5.268% due August 27, 2013 61,369 58,896

Shaw Communications Inc.88,000 6.50% due June 02, 2014 87,740 96,307655,000 5.65% due October 01, 2019 663,925 658,580247,000 6.75% due November 09, 2039 245,842 243,347

Shoppers Drug Mart Corporation75,000 4.80% due January 20, 2012 74,981 78,933131,000 4.99% due June 03, 2013 130,959 139,27250,000 5.19% due January 20, 2014 49,992 53,534

Simon Fraser University298,000 5.613% due June 10, 2043 346,284 300,629

SNC-Lavalin Group Inc.44,000 6.19% due July 03, 2019 44,000 46,512

Sun Life Assurance Company of Canada150,000 6.15% due June 30, 2012 166,214 161,224250,000 6.30% due May 15, 2028 289,198 253,089

Sun Life Capital Trust150,000 6.865% due December 31, 2011 172,129 161,521258,000 7.093% due June 30, 2032 312,517 274,197

Sun Life Capital Trust II27,000 5.863% due December 31, 2019 27,000 27,137

Sun Life Financial Inc.209,000 5.00% due July 11, 2011 208,661 217,191256,000 5.12% due June 26, 2013 255,921 268,03065,000 7.90% due March 31, 2014 64,913 74,69131,000 4.80% due November 23, 2015 31,015 31,695650,000 4.95% due June 01, 2016 670,870 670,12079,000 5.59% due January 30, 2018 78,952 81,08948,000 5.70% due July 02, 2019 47,967 49,99192,000 5.40% due May 29, 2037 91,891 79,103

$ $ $


$ $ $



Suncor Energy Inc.650,000 6.70% due August 22, 2011 715,230 697,52968,000 5.80% due May 22, 2018 67,949 71,158123,000 5.39% due March 26, 2037 122,751 108,178

Talisman Energy Inc.150,000 4.44% due January 27, 2011 150,181 153,934

TD Capital Trust III*400,000 7.243% due December 31, 2018 446,288 452,017

TD Capital Trust IV*200,000 9.523% due June 30, 2019 257,706 260,503152,000 6.631% due June 30, 2021 152,000 164,728200,000 10.00% due June 30, 2039 299,380 291,949

TELUS Communications Inc.280,000 9.65% due April 08, 2022 419,929 355,524131,000 8.80% due September 22, 2025 188,419 162,181

TELUS Corporation207,000 4.50% due March 15, 2012 206,981 215,549100,000 5.00% due June 03, 2013 99,895 105,50945,000 4.95% due May 15, 2014 44,998 47,270252,000 5.95% due April 15, 2015 251,740 273,384116,000 4.95% due March 15, 2017 115,899 117,668298,000 5.05% due December 04, 2019 296,269 290,529

Terasen Gas Inc.177,000 10.30% due September 30, 2016 255,299 238,748118,000 6.50% due May 01, 2034 136,404 132,53858,000 5.90% due February 26, 2035 61,828 60,531119,000 5.55% due September 25, 2036 121,258 117,76538,000 6.00% due October 02, 2037 37,864 40,12698,000 6.05% due February 15, 2038 97,932 101,13720,000 5.80% due May 13, 2038 19,935 20,5408,000 6.55% due February 24, 2039 7,971 9,051

Terasen Pipelines (Corridor) Inc.44,000 5.033% due February 02, 2015 45,389 45,865

The Thomson Corporation128,000 5.20% due December 01, 2014 134,247 137,778

Thomson Reuters Corporation512,000 6.00% due March 31, 2016 554,500 567,310

Toronto Hydro Corporation136,000 6.11% due May 07, 2013 151,273 149,164220,000 5.15% due November 14, 2017 219,778 233,30952,000 4.49% due November 12, 2019 51,988 51,781

The Toronto-Dominion Bank*800,000 4.854% due February 13, 2013 857,280 854,129800,000 4.779% due December 14, 2016 787,832 799,270750,000 5.763% due December 18, 2017 801,180 781,080

Toyota Credit Canada Inc.182,000 5.05% due July 27, 2012 181,905 192,239

TransAlta Corporation250,000 6.90% due June 01, 2011 280,150 263,27045,000 6.45% due May 29, 2014 44,920 47,860115,000 6.40% due November 18, 2019 114,664 117,374192,000 6.90% due November 15, 2030 215,651 177,458

TransCanada PipeLines Limited106,000 4.30% due January 13, 2011 105,952 109,217148,000 5.05% due August 20, 2013 147,806 158,586130,000 5.65% due January 15, 2014 141,368 142,68558,000 5.05% due February 14, 2014 57,836 62,288250,000 11.90% due August 20, 2015 393,853 347,790167,000 4.65% due October 03, 2016 166,710 173,179129,000 5.10% due January 11, 2017 134,668 136,428425,000 9.45% due March 20, 2018 611,228 559,23750,000 7.31% due January 15, 2027 62,377 57,460200,000 7.90% due April 15, 2027 264,789 242,75130,000 6.28% due May 26, 2028 32,115 31,16661,000 6.89% due August 07, 2028 71,528 67,73525,000 8.05% due February 17, 2039 24,882 32,732

UMH Energy Partnership45,000 7.586% due May 08, 2041 45,000 43,844

Union Gas Limited250,000 6.65% due May 04, 2011 282,374 265,99125,000 7.90% due February 24, 2014 30,956 29,211222,000 11.50% due August 28, 2015 337,706 303,65650,000 4.64% due June 30, 2016 50,182 51,74050,000 5.35% due April 27, 2018 49,935 52,910100,000 8.75% due August 03, 2018 137,746 128,09627,000 4.85% due April 25, 2022 26,949 26,180100,000 8.65% due November 10, 2025 140,083 132,454109,000 6.05% due September 02, 2038 108,791 114,971

University Health Network162,749 5.64% due December 08, 2022 181,428 169,791

University of British Columbia184,000 4.817% due July 26, 2035 188,318 168,148

University of Guelph120,000 6.24% due October 10, 2042 148,998 130,879

University of Ontario Institute of Technology147,505 6.351% due October 15, 2034 163,442 148,194

University of Ottawa57,000 6.28% due April 15, 2043 71,235 63,401

University of Western Ontario268,000 4.798% due May 24, 2047 268,000 243,866

University of Windsor96,000 5.37% due June 29, 2046 96,000 91,142

Vancouver International Airport Authority145,000 5.02% due November 13, 2015 145,000 154,03250,000 4.424% due December 07, 2018 49,036 49,313211,000 7.425% due December 07, 2026 270,551 252,328

Wells Fargo Financial Corporation Canada160,000 4.45% due February 28, 2011 159,098 165,243271,000 4.45% due September 13, 2011 270,976 280,972161,000 5.10% due June 26, 2012 160,747 170,009359,000 4.40% due December 12, 2012 358,422 373,237328,000 4.33% due December 06, 2013 327,882 338,206199,000 3.97% due November 03, 2014 198,992 200,238

Westcoast Energy Inc.275,000 8.50% due September 04, 2018 359,398 342,498110,000 5.60% due January 16, 2019 109,801 116,527

Wilfrid Laurier University36,000 5.429% due February 01, 2045 39,291 35,123

$ $ $ $ $ $




Winnipeg Airports Authority Inc.39,000 4.569% due November 20, 2019 39,000 38,36863,000 5.205% due September 28, 2040 63,234 57,15633,000 6.102% due November 20, 2040 33,000 32,333

York University216,000 6.48% due March 07, 2042 278,961 247,187

YPG Holdings Inc.178,000 5.71% due April 21, 2014 186,674 176,34487,000 7.30% due February 02, 2015 87,000 89,650250,000 5.25% due February 15, 2016 247,866 234,425101,000 5.85% due November 18, 2019 104,663 90,00642,000 7.75% due, March 02, 2020 42,000 41,951100,000 6.25% due February 15, 2036 99,728 80,463

101,835,911 101,495,789

TOTAL INVESTMENT

PORTFOLIO – 99.0% 358,385,034 356,352,987


OTHER NET ASSETS – 0.9% 3,241,479 3,241,479

TOTAL NET ASSETS – 100.0% $ 361,926,513 $ 359,894,466





Credit Rating° 2009 2008 2009 2008

AAA 51.80 51.90 51.29 51.36AA 23.50 22.61 23.28 22.37A 19.05 18.90 18.86 18.70BBB 5.65 6.53 5.59 6.46BB 0.00 0.06 0.00 0.06

Total 100.00 100.00 99.02 98.95





Bonds 2009 2008


Total $ 356,353 $ 321,453










Less than3 months


$ $ $




�TD Balanced Index Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 46,182 $ 37,195Cash 136 0Subscriptions Receivable 64 53Receivable for Investment Sales 0 29

46,382 37,277

LiabilitiesBank Overdraft 0 10Redemptions Payable 40 19Distributions Payable 6 0Payable for Investment Purchases 104 12

150 41

Net Assets (Note 3) $ 46,232 $ 37,236






2009 2008


Interest 0 2Less: Withholding Taxes (24) (26)

1,199 1,403

Expenses (Note 5)Management Fee 4 4Independent Review Committee Fees 0 0Bank Charges and Interest 1 2


4 4


Net Realized Gain (Loss) onSale of Investments (263) 284





†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 5,617 $ (6,005)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 1.48 $ (1.76)



Investor Series

2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations 5,617 (6,005)


Proceeds from Sale of Units 10,202 11,242Reinvestments of Distributions 1,184 2,666Early Redemption Fees 2 5Amounts Paid on Redemptions (6,812) (11,582)

4,576 2,331

Distributions to UnitholdersFrom Net Investment Income (1,197) (1,404)From Net Realized Gains on Investments 0 (1,282)

(1,197) (2,686)

Increase (Decrease) in Net Assetsfor the Period 8,996 (6,360)

Net Assets, End of the Period $ 46,232 $ 37,236†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 3,594,141 3,372,668Units Issued 940,395 905,161Units Issued on Reinvestments 106,918 251,240Units Redeemed (620,723) (934,928)


INDEX FUNDS


269


SHORT-TERM – 2.0%

92,117 TD Canadian Money Market Fund,Investor Series $ 921,170 $ 921,170

CANADIAN BONDS – 47.1%

2,043,977 TD Canadian Bond Index Fund,Investor Series 21,293,283 21,788,794

CANADIAN EQUITIES – 32.8%

851,028 TD Canadian Index Fund,Investor Series 12,779,562 15,139,794


451,689 TD U.S. Index Fund (CAD),Investor Series 4,972,899 4,182,640

INTERNATIONAL EQUITIES – 9.0%

466,205 TD International Index Fund,Investor Series 4,596,194 4,149,220

TOTAL INVESTMENT

PORTFOLIO – 99.9% 44,563,108 46,181,618

OTHER NET ASSETS – 0.1% 50,332 50,332

TOTAL NET ASSETS – 100.0% $ 44,613,440 $ 46,231,950








Less than3 months


Par Value Description Cost Fair Value�TD Balanced Index Fund


No. or Units Description Cost Fair Value

INDEX FUNDS


�TD Canadian Index Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 813,708 $ 594,239Foreign Currencies 470 0Cash 1,644 447Interest Receivable 0 4Dividends Receivable 2,027 2,037Subscriptions Receivable 1,474 2,757Receivable for Investment Sales 451 335

819,774 599,819

LiabilitiesForeign Currency Overdraft 0 68Accrued Liabilities 482 341Redemptions Payable 1,595 1,334Payable for Investment Purchases 2,128 2,480

4,205 4,223

Net Assets (Note 3) $ 815,569 $ 595,596

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 607,459 $ 466,603e-Series $ 179,878 $ 103,751Institutional Series $ 23,748 $ 19,073F-Series $ 4,484 $ 6,169

$ 815,569 $ 595,596


e-Series 9,691,085 7,375,316


F-Series 359,756 649,288


e-Series $ 18.56 $ 14.07


F-Series $ 12.46 $ 9.50



2009 2008


21,818 23,111



4,997 5,747







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 158,822 $ (224,449)e-Series $ 42,870 $ (47,321)Institutional Series $ 6,126 $ (7,505)F-Series $ 1,120 $ (1,056)

$ 208,938 $ (280,331)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 4.63 $ (7.02)e-Series $ 5.00 $ (7.38)Institutional Series $ 3.57 $ (5.04)F-Series $ 2.88 $ (4.04)

INDEX FUNDS


�TD Canadian Index Fund

INDEX FUNDS




2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 100,016 120,939 53,695 43,633 3,509 5,827Reinvestments of Distributions 11,451 23,010 3,589 5,393 537 924Early Redemption Fees 40 46 10 9 2 2Amounts Paid on Redemptions (117,915) (137,185) (20,342) (27,000) (4,962) (3,137)

(6,408) 6,810 36,952 22,035 (914) 3,616

Distributions to UnitholdersFrom Net Investment Income (11,558) (13,158) (3,695) (3,466) (537) (572)From Net Realized Gains on Investments 0 (10,043) 0 (2,101) 0 (353)

(11,558) (23,201) (3,695) (5,567) (537) (925)


Net Assets, End of the Period $ 607,459 $ 466,603 $ 179,878 $ 103,751 $ 23,748 $ 19,073†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 34,573,333 33,002,340 7,375,316 6,038,911 1,863,030 1,480,060Units Issued 6,621,431 6,694,143 3,364,339 2,297,325 275,878 476,850Units Issued on Reinvestments 660,407 1,789,271 197,974 402,166 40,770 94,652Units Redeemed (7,617,608) (6,912,421) (1,246,544) (1,363,086) (416,701) (188,532)


F-Series TOTAL

2009 2008 2009 2008





(2,696) 3,922 26,934 36,383

Distributions to UnitholdersFrom Net Investment Income (109) (84) (15,899) (17,280)From Net Realized Gains on Investments 0 (55) 0 (12,552)

(109) (139) (15,899) (29,832)

Increase (Decrease) in Net Assetsfor the Period (1,685) 2,727 219,973 (273,780)

Net Assets, End of the Period $ 4,484 $ 6,169 $ 815,569 $ 595,596†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 649,288 235,090Units Issued 187,021 538,741Units Issued on Reinvestments 8,721 15,303Units Redeemed (485,274) (139,846)




ENERGY – 22.5%

92,366 Advantage Oil & Gas Ltd. $ 1,457,764 $ 632,70771,700 Birchcliff Energy Ltd. 996,020 673,980247,202 Cameco Corporation 2,795,870 8,357,900341,338 Canadian Natural Resources Limited 7,319,081 25,829,04622,200 Celtic Exploration Ltd. 454,920 461,538472,846 Cenovus Energy Inc. 5,789,774 12,511,505125,900 Crescent Point Energy Corp. 3,368,886 4,966,75545,800 Crew Energy Inc. 761,832 668,222237,560 Enbridge Inc. 4,955,930 11,533,538472,846 EnCana Corporation 6,363,340 16,100,40679,114 Ensign Energy Services Inc. 673,451 1,186,710155,136 Husky Energy Inc. 2,104,927 4,657,183160,052 Imperial Oil Limited 3,565,801 6,499,71251,300 Mullen Group Ltd. 1,342,673 834,138328,824 Nexen Inc. 3,656,317 8,266,63526,871 Niko Resources Ltd. 1,039,099 2,639,53856,292 NuVista Energy Ltd. 799,839 699,147113,900 Pacific Rubiales Energy Corp. 591,624 1,754,06039,358 Pason Systems Inc. 456,968 457,34038,676 PetroBakken Energy Ltd., Class “A” 1,281,389 1,247,30158,500 Petrobank Energy and Resources Ltd. 1,468,305 2,985,255105,033 Progress Energy Resources Corp. 1,732,061 1,480,96550,414 Savanna Energy Services Corp. 849,413 346,84837,368 ShawCor Ltd., Class “A” SV 515,755 1,094,135981,270 Suncor Energy Inc. 14,400,015 36,414,930638,690 Talisman Energy Inc. 4,615,349 12,486,390430,342 TransCanada Corporation 10,091,933 15,556,86380,204 Trican Well Service Ltd. 453,105 1,121,25277,000 Trinidad Drilling Ltd. 749,682 539,770302,495 Uranium One Inc. 3,685,120 907,485304,383 UTS Energy Corporation 927,702 684,862

89,263,945 183,596,116

MATERIALS – 19.2%

98,814 Agnico-Eagle Mines Limited 2,689,256 5,611,64798,919 Agrium Inc. 3,112,104 6,401,04868,600 Alamos Gold Inc. 645,190 857,50094,500 Aurizon Mines Ltd. 535,745 444,150618,756 Barrick Gold Corporation 18,846,467 25,616,49854,951 Canfor Corporation 555,404 445,10315,925 CCL Industries Inc., Class “B” NV 209,118 445,74194,100 Centerra Gold Inc. 1,009,420 1,004,988114,500 Consolidated Thompson

Iron Mines Limited 601,462 770,58543,600 Detour Gold Corporation 589,072 776,516338,092 Eldorado Gold Corporation 2,308,693 5,027,428373,400 Equinox Minerals Limited 892,998 1,508,53680,000 European Goldfields Limited 452,230 481,60049,450 First Quantum Minerals Ltd. 1,448,778 3,968,36364,975 FNX Mining Company Inc. 979,775 747,86270,900 Franco-Nevada Corporation 2,142,330 1,990,872123,800 Gabriel Resources Ltd. 549,907 533,57886,340 Gammon Gold Inc. 855,927 996,36487,300 Gerdau Ameristeel Corporation 825,077 759,510461,212 Goldcorp Inc. 10,968,371 19,052,66886,700 HudBay Minerals Inc. 1,007,070 1,172,184232,349 IAMGOLD Corporation 1,870,689 3,831,43531,645 Inmet Mining Corporation 854,307 2,011,356

152,419 Ivanhoe Mines Ltd. 981,380 2,342,680437,924 Kinross Gold Corporation 5,390,208 8,465,071131,500 Lake Shore Gold Corp. 548,605 536,520327,759 Lundin Mining Corporation 2,608,729 1,399,53115,300 Major Drilling Group International Inc. 626,973 436,05058,854 Methanex Corporation 712,889 1,202,38737,700 Minefinders Corporation Ltd. 373,579 408,66828,525 Namibian Minerals Corporation 101,800 0246,400 New Gold Inc. 1,132,372 931,392149,900 Osisko Mining Corporation 877,530 1,263,65766,961 Pan American Silver Corp. 1,025,752 1,673,355186,289 Potash Corporation

of Saskatchewan Inc. 5,824,141 21,257,43863,000 Quadra Mining Ltd. 923,242 913,500145,800 Red Back Mining Inc. 1,090,239 2,169,504103,095 Royal Oak Mines Inc. 6,701 0104,200 Rubicon Minerals Corp. 520,156 514,748157,800 SEMAFO Inc. 708,080 691,164184,542 Sherritt International Corporation 1,861,826 1,205,05943,800 Silver Standard Resources Inc. 895,919 1,003,896214,800 Silver Wheaton Corp. 2,665,669 3,391,692103,700 Silvercorp Metals Inc. 559,686 718,641138,659 Sino-Forest Corporation 1,302,252 2,678,892114,800 Taseko Mines Limited 537,482 505,120303,838 Teck Resources Limited, Class “B” SV 4,024,239 11,150,85587,700 Thompson Creek Metals Company 980,954 1,078,71018,464 West Fraser Timber Co., Ltd. 583,645 607,650461,456 Yamana Gold Inc. 5,093,492 5,519,014

95,906,930 156,520,726


32,200 Aecon Group Inc. 615,718 482,034916,457 Bombardier Inc., Class “B” SV 8,860,917 4,389,829161,014 CAE Inc. 1,180,827 1,404,042295,934 Canadian National Railway Company 6,431,184 16,912,628105,906 Canadian Pacific Railway Limited 2,787,771 6,004,870108,688 Finning International Inc. 1,104,497 1,803,13452,400 IESI-BFC Ltd. 822,205 878,74866,600 Ritchie Bros. Auctioneers Incorporated 1,838,218 1,570,42838,124 Russel Metals Inc. 563,029 672,88995,122 SNC-Lavalin Group Inc. 1,100,184 5,128,97829,200 Stantec Inc. 690,676 881,84056,900 Superior Plus Corp. 1,104,553 831,30941,498 Toromont Industries Ltd. 438,477 1,151,15520,884 Transat A.T. Inc., Class “B” 460,935 438,35543,128 Transcontinental Inc., Class “A” SV 507,598 552,03847,030 TransForce Inc. 333,961 392,23090,744 WestJet Airlines Ltd. 1,073,117 1,119,781

29,913,867 44,614,288


34,696 Astral Media Inc., Class “A” NV 834,112 1,150,51950,220 Canadian Tire Corporation Limited,

Class “A” NV 1,412,554 2,880,11716,657 Cogeco Cable Inc., SV 573,808 581,66242,864 Corus Entertainment Inc., Class “B” NV 806,380 846,56419,232 Dorel Industries Inc., Class “B” SV 503,038 616,38619,774 The Forzani Group Ltd. 311,808 278,02265,934 Gildan Activewear Inc. 873,054 1,685,932125,910 Groupe Aeroplan Inc. 2,022,132 1,371,16070,431 Magna International Inc., Class “A” SV 4,079,864 3,745,52129,727 Quebecor Inc., Class “B” SV 839,239 805,899

$ $


or Units Description Cost Fair Value�TD Canadian Index Fund



INDEX FUNDS


33,415 Reitmans (Canada) Limited,Class “A” NV 575,885 556,694

82,532 RONA Inc. 1,227,316 1,273,46918,546 Sears Canada Inc. 332,624 442,137229,724 Shaw Communications Inc.,

Class “B” NV 3,312,287 4,962,038229,758 Thomson Reuters Corporation 8,700,920 7,788,796114,000 Tim Hortons Inc. 3,411,359 3,655,980

29,816,380 32,640,896


82,772 Alimentation Couche-Tard Inc.,Class “B” SV 764,332 1,714,208

51,200 Cott Corporation 469,281 440,83215,667 Empire Company Limited, Class “A” NV 264,402 739,01230,120 George Weston Limited 1,576,944 2,012,61875,849 The Jean Coutu Group (PJC) Inc.,

Class “A” SV 909,501 734,97764,157 Loblaw Companies Limited 2,359,277 2,169,79027,014 Maple Leaf Foods Inc. 349,091 313,36267,579 METRO Inc., Class “A” SV 1,349,181 2,649,09786,158 Saputo Inc. 1,560,240 2,649,359136,912 Shoppers Drug Mart Corporation 4,462,839 6,214,436233,900 Viterra Inc. 2,268,029 2,303,915

16,333,117 21,941,606


100,256 Biovail Corporation 3,692,374 1,467,74862,723 MDS Inc. 1,159,697 501,78417,000 SXC Health Solutions Corp. 525,784 963,900

5,377,855 2,933,432


46,717 AGF Management Limited, Class “B” NV 793,631 791,853347,372 Bank of Montreal 11,134,481 19,379,884645,084 The Bank of Nova Scotia 14,647,506 31,731,682309,597 Brookfield Asset Management Inc.,

Class “A” LV 3,683,148 7,225,994154,517 Brookfield Properties Corporation 2,134,603 1,967,001241,732 Canadian Imperial Bank of Commerce 11,469,794 16,425,68940,936 Canadian Western Bank 345,164 896,49897,753 CI Financial Corp. 2,423,068 2,137,85846,300 Dundee Bancorp Inc., Class “A” SV 809,175 556,52612,400 Fairfax Financial Holdings Limited, SV 2,782,749 5,079,04015,560 FirstService Corporation, SV 196,727 312,756160,522 Great-West Lifeco Inc. 2,947,486 4,305,20019,784 Home Capital Group Inc. 535,672 824,79566,469 IGM Financial Inc. 1,538,422 2,806,98650,598 Industrial Alliance Insurance

and Financial Services Inc. 969,389 1,625,20876,100 Intact Financial Corporation 2,653,423 2,806,56815,358 Laurentian Bank of Canada 425,076 654,558

1,104,062 Manulife Financial Corporation 24,305,481 21,308,397101,851 National Bank of Canada 2,535,644 6,127,35658,946 Onex Corporation, SV 1,023,397 1,386,410210,830 Power Corporation of Canada, SV 3,441,311 6,139,370142,189 Power Financial Corporation 2,244,108 4,406,437892,156 Royal Bank of Canada 22,634,116 50,281,912353,987 Sun Life Financial Inc. 10,914,853 10,679,78846,768 TMX Group Inc. 1,361,302 1,548,488540,957 The Toronto-Dominion Bank* 22,019,117 35,670,705

149,968,843 237,076,959


127,748 Celestica Inc., SV 6,198,221 1,263,428165,803 CGI Group Inc., Class “A” SV 1,612,878 2,354,40325,977 MacDonald, Dettwiler

and Associates Ltd. 710,783 1,106,10135,838 Open Text Corporation 840,909 1,528,132315,255 Research In Motion Limited 9,845,192 22,370,495

19,207,983 28,622,559


482,769 BCE Inc. 13,941,353 13,976,16340,746 Manitoba Telecom Services Inc. 1,324,805 1,361,324316,476 Rogers Communications Inc.,

Class “B” NV 6,045,633 10,304,459199,996 TELUS Corporation 6,336,999 6,807,864

27,648,790 32,449,810

UTILITIES – 1.3%

25,781 ATCO Ltd., Class “I” NV 529,233 1,181,54337,223 Canadian Utilities Limited, Class “A” NV 944,046 1,627,76270,893 Emera Inc. 1,131,261 1,776,579107,776 Fortis Inc. 2,079,484 3,091,016137,474 TransAlta Corporation 2,775,462 3,223,765

7,459,486 10,900,665


49,000 AltaGas Income Trust 1,218,301 919,730149,100 ARC Energy Trust 3,673,946 2,973,05468,300 Baytex Energy Trust 1,418,061 2,016,89980,745 Bell Aliant Regional Communications

Income Fund 2,733,207 2,256,82324,300 Boardwalk Real Estate Investment Trust 485,221 893,75478,600 Bonavista Energy Trust 2,514,375 1,750,42234,000 Brookfield Renewable Power Fund 654,198 649,40043,459 Calloway Real Estate Investment Trust 949,216 845,71243,269 Canadian Apartment Properties

Real Estate Investment Trust 627,706 606,631304,900 Canadian Oil Sands Trust 9,157,882 9,079,92239,400 Canadian Real Estate Investment Trust 882,660 1,068,13423,600 Capital Power Income LP 726,511 365,80062,100 Chartwell Seniors Housing

Real Estate Investment Trust 685,148 435,32135,400 Cineplex Galaxy Income Fund 587,775 644,98857,700 CML HealthCare Income Fund 816,894 796,83729,300 Cominar Real Estate Investment Trust 617,859 564,90433,900 Davis + Henderson Income Fund 682,082 572,232109,705 Daylight Resources Trust 1,203,547 1,115,70028,234 Enerflex Systems Income Fund 341,447 408,828109,595 Enerplus Resources Fund 5,563,932 2,641,24044,570 Extendicare Real Estate

Investment Trust 462,339 422,52485,500 Fort Chicago Energy Partners,

Limited Partnership 1,014,797 852,43524,129 Freehold Royalty Trust 440,571 363,14189,900 H&R Real Estate Investment Trust 1,621,713 1,384,460157,800 Inter Pipeline Fund 1,548,000 1,704,24077,800 Jazz Air Income Fund 533,890 341,54274,523 Just Energy Income Fund 1,315,768 1,073,13140,799 Keyera Facilities Income Fund 817,867 993,04820,320 Labrador Iron Ore Royalty Income Fund 574,085 884,73386,372 NAL Oil & Gas Trust 1,336,163 1,179,84231,000 North West Company Fund 541,956 588,69040,200 Northland Power Income Fund 555,540 477,576

$ $




$ $

INDEX FUNDSTD Canadian Index Fund


58,241 Paramount Energy Trust 934,855 302,85396,000 Pembina Pipeline Income Fund 1,517,054 1,677,120182,201 Pengrowth Energy Trust 3,493,457 1,843,874265,674 Penn West Energy Trust 9,737,546 4,920,28268,000 Peyto Energy Trust 1,502,746 949,960175,300 Precision Drilling Trust 3,090,752 1,332,28038,600 Primaris Retail Real Estate

Investment Trust 550,669 622,618165,400 Provident Energy Trust 1,988,361 1,166,070149,400 RioCan Real Estate Investment Trust 2,948,869 2,964,09650,100 Vermilion Energy Trust 1,561,968 1,623,24037,900 Westshore Terminals Income Fund 453,334 539,696324,800 Yellow Pages Income Fund 4,862,949 1,740,928

78,945,217 60,554,710


85,000 iShares CDN S&P/TSX 60 Index Fund 1,473,238 1,474,750




211,900 Great Basin Gold Ltd. 372,631 381,420


TOTAL INVESTMENT

PORTFOLIO – 99.8% 551,440,509 813,707,937


OTHER NET ASSETS – 0.1% 1,391,093 1,391,030

TOTAL NET ASSETS – 100.0% $ 553,315,491 $ 815,568,888





Currency 2009 2008 2009 2008

United States Dollar $ 485 $ (23) $ 24 $ (1)

As Percentage ofNet Assets (%) 0.06 (0.00) 0.00 (0.00)





Common Shares $ 813,708 $ 0 $ 0 $ 813,708




Less than3 months


$ $



INDEX FUNDSTD Canadian Index Fund


�TD Dow Jones Industrial AverageSM Index Fund (expressed in United States dollars)



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 44,939 $ 35,433Canadian Currency 46 196Cash 0 1Dividends Receivable 42 45Subscriptions Receivable 115 56Receivable for Investment Sales 289 0Unrealized Gain on Open ForeignExchange Forward Contracts 0 0

45,431 35,731

LiabilitiesBank Overdraft 6 0Accrued Liabilities 25 19Redemptions Payable 250 85Payable for Investment Purchases 158 252

439 356

Net Assets (Note 3) $ 44,992 $ 35,375

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 29,695 $ 23,217e-Series $ 15,124 $ 12,091F-Series $ 173 $ 67

$ 44,992 $ 35,375


e-Series 2,202,665 2,102,811

F-Series 32,605 15,173


e-Series $ 6.87 $ 5.75

F-Series $ 5.56§ $ 5.44§

§Units valued in Canadian dollars



2009 2008


1,016 968



250 271







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 5,521 $ (10,898)e-Series $ 2,584 $ (4,958)F-Series $ 22 $ (36)

$ 8,127 $ (15,892)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 1.25 $ (2.83)e-Series $ 1.26 $ (2.83)F-Series $ 1.23* $ (2.38)*

*Earnings per unit stated in Canadian dollars

INDEX FUNDS




Investor Series e-Series

2009 2008 2009 2008





1,477 3,831 760 3,520


(520) (373) (311) (244)


Net Assets, End of the Period $ 29,695 $ 23,217 $ 15,124 $ 12,091†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 4,181,309 3,649,211 2,102,811 1,584,720Units Issued 1,430,463 1,760,543 742,676 794,305Units Issued on Reinvestments 77,755 67,353 44,517 42,131Units Redeemed (1,201,517) (1,295,798) (687,339) (318,345)


F-Series TOTAL

2009 2008 2009 2008





86 (85) 2,323 7,266


(2) (2) (833) (619)




INDEX FUNDS

�TD Dow Jones Industrial AverageSM Index Fund (expressed in United States dollars)


277


ENERGY – 10.5%

32,480 Chevron Corporation $ 2,663,196 $ 2,499,66132,480 Exxon Mobil Corporation 1,709,311 2,212,538

4,372,507 4,712,199

MATERIALS – 3.6%

32,480 Alcoa Inc. 872,420 523,57832,480 DuPont (E.I.) de Nemours & Company 1,504,053 1,093,277

2,376,473 1,616,855


32,480 3M Company 1,910,064 2,682,52332,480 The Boeing Company 1,600,290 1,756,84332,480 Caterpillar Inc. 1,189,062 1,851,03532,480 General Electric Company 1,033,185 491,42232,480 United Technologies Corporation 1,342,912 2,252,163

7,075,513 9,033,986


32,480 The Home Depot Inc. 1,225,157 938,67232,480 McDonald’s Corporation 1,236,494 2,026,75232,480 The Walt Disney Company 903,295 1,047,480

3,364,946 4,012,904


32,480 The Coca-Cola Company 1,701,184 1,850,38632,480 Kraft Foods Inc., Class “A” 1,088,933 882,48232,480 The Procter & Gamble Company 1,592,467 1,968,28832,480 Wal-Mart Stores Inc. 1,632,255 1,735,406

6,014,839 6,436,562


32,480 Johnson & Johnson 1,756,163 2,089,43832,480 Merck & Co., Inc. 1,680,152 1,185,52032,480 Pfizer Inc. 956,481 590,811

4,392,796 3,865,769


32,480 American Express Company 1,263,679 1,315,11532,480 Bank of America Corporation 1,190,369 489,14932,480 JPMorgan Chase & Co. 1,130,967 1,353,44232,480 The Travelers Companies Inc. 1,424,599 1,619,128

5,009,614 4,776,834


32,480 Cisco Systems Inc. 648,071 777,57132,480 Hewlett-Packard Company 1,128,119 1,671,74632,480 Intel Corporation 924,158 662,59232,480 International Business Machines

Corporation 3,127,066 4,249,35832,480 Microsoft Corporation 1,033,936 989,990

6,861,350 8,351,257


32,480 AT&T Inc. 1,166,379 910,41432,480 Verizon Communications Inc. 1,158,030 1,076,062

2,324,409 1,986,476


1,400 DIAMONDS Trust, Series 1 147,140 145,670


TOTAL INVESTMENT

PORTFOLIO – 99.9% 41,931,427 44,938,512

CANADIAN CURRENCY – 0.1% 46,299 46,308

FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 241

OTHER NET ASSETS – 0.0% 6,134 6,469

TOTAL NET ASSETS – 100.0% $ 41,983,860 $ 44,991,530



$ $

�TD Dow Jones Industrial AverageSM Index Fund(expressed in United States dollars)



INDEX FUNDS



U.S. Value U.S. ValueSettlement Currency to be as at Currency to be as at Contract $ U.S.Date Delivered December 31, 2009 Received December 31, 2009 Price Appreciation

January 05, 2010 95,147 USD $ 95,147 100,000 CAD $ 95,388 1.05101 $ 241January 06, 2010 19,078 USD 19,078 20,000 CAD 19,078 1.04833 0

$ 114,225 $ 114,466 $ 241



The table below indicates the foreign currency to which the Fund had significantexposure as at December 31, 2009 and 2008 in United States dollar terms, including theunderlying principal amount of forward currency contracts, if any. The table alsoillustrates the potential impact to the Fund’s net assets if the Fund’s functionalcurrency, the United States Dollar, had strengthened or weakened by 5% in relation tothe currency listed below, with all other variables held constant. In practice, the actualtrading results may differ from these approximate sensitivity analysis amounts and thedifferences could be material.


Currency 2009 2008 2009 2008

Canadian Dollar $ 20 $ (44) $ 1 $ (2)






Common Shares $ 44,939 $ 0 $ 0 $ 44,939




Less than3 months


INDEX FUNDSTD Dow Jones Industrial AverageSM Index Fund


�TD U.S. Index Fund (expressed in United States dollars)



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 299,908 $ 223,815Canadian Currency 438 15Cash 58 14Dividends Receivable 352 437Subscriptions Receivable 455 2,092Unrealized Gain on Open ForeignExchange Forward Contracts 1 2

301,212 226,375


1,085 1,771

Net Assets (Note 3) $ 300,127 $ 224,604

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 125,863 $ 102,340e-Series $ 50,261 $ 31,271Institutional Series $ 122,906 $ 88,648F-Series $ 1,097 $ 2,345O-Series $ 0 $ 0

$ 300,127 $ 224,604


e-Series 2,602,967 2,006,061


F-Series 215,276 566,998

O-Series 11 18


e-Series $ 19.31 $ 15.59

Institutional Series $ 5.67§ $ 5.40§

F-Series $ 5.35§ $ 5.11§

O-Series $ 8.87§ $ 8.48§

§Units valued in Canadian dollars



2009 2008

Investment IncomeInterest $ 1 $ 7Dividends 5,932 9,266Securities Lending 111 59Less: Withholding Taxes (942) (1,356)

5,102 7,976



1,061 1,655







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 26,028 $ (61,235)e-Series $ 9,892 $ (18,714)Institutional Series $ 24,861 $ (64,083)F-Series $ 130 $ (419)O-Series $ 0 $ (750)

$ 60,911 $ (145,201)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 1.82 $ (4.36)e-Series $ 4.30 $ (9.68)Institutional Series $ 1.31* $ (1.98)*F-Series $ 0.62* $ (2.31)*O-Series $ 1.81* $ (3.46)*

*Earnings per unit stated in Canadian dollars

INDEX FUNDS





2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 21,159 28,811 14,602 15,213 26,010 31,694Reinvestments of Distributions 1,865 1,991 706 656 1,933 3,037Early Redemption Fees 2 5 1 1 3 5Amounts Paid on Redemptions (23,605) (30,402) (5,471) (10,782) (16,616) (282,396)

(579) 405 9,838 5,088 11,330 (247,660)

Distributions to UnitholdersFrom Net Investment Income (1,926) (2,058) (740) (696) (1,933) (3,028)From Net Realized Gains on Investments 0 0 0 0 0 0

(1,926) (2,058) (740) (696) (1,933) (3,028)


Net Assets, End of the Period $ 125,863 $ 102,340 $ 50,261 $ 31,271 $ 122,906 $ 88,648†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 14,321,193 14,161,433 2,006,061 1,791,621 20,267,409 55,722,871Units Issued 2,861,424 3,002,844 893,452 722,194 5,622,141 5,507,575Units Issued on Reinvestments 213,413 283,452 36,973 43,005 361,389 704,027Units Redeemed (3,141,327) (3,126,536) (333,519) (550,759) (3,536,253) (41,667,064)



2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 2,345 $ 909 $ 0 $ 0 $ 224,604 $ 615,149

Increase (Decrease) in Net Assetsfrom Investment Operations 130 (419) 0 (750) 60,911 (145,201)


Proceeds from Sale of Units 672 2,152 0 3,388 62,443 81,258Reinvestments of Distributions 19 16 0 0 4,523 5,700Early Redemption Fees 0 0 0 0 6 11Amounts Paid on Redemptions (2,049) (297) (0) (2,638) (47,741) (326,515)

(1,358) 1,871 (0) 750 19,231 (239,546)

Distributions to UnitholdersFrom Net Investment Income (20) (16) (0) 0 (4,619) (5,798)From Net Realized Gains on Investments 0 0 0 0 0 0

(20) (16) 0 0 (4,619) (5,798)

Increase (Decrease) in Net Assetsfor the Period (1,248) 1,436 (0) (0) 75,523 (390,545)

Net Assets, End of the Period $ 1,097 $ 2,345 $ 0 $ 0 $ 300,127 $ 224,604†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 566,998 136,486 18 0Units Issued 160,650 494,660 2 329,063Units Issued on Reinvestments 3,815 3,872 0 0Units Redeemed (516,187) (68,020) (9) (329,045)

Units Outstanding, End of the Period 215,276 566,998 11 18

INDEX FUNDS



281


ENERGY – 11.4%

15,141 Anadarko Petroleum Corporation $ 644,853 $ 945,10110,107 Apache Corporation 657,810 1,042,7399,213 Baker Hughes Incorporated 564,776 372,5749,424 BJ Services Company 248,300 175,2863,100 Cabot Oil & Gas Corporation 184,500 135,1296,500 Cameron International Corporation 279,270 271,70019,194 Chesapeake Energy Corporation 592,253 496,35760,667 Chevron Corporation 4,073,998 4,668,93244,842 ConocoPhillips 2,738,513 2,287,8395,449 CONSOL Energy Inc. 225,673 271,3607,500 Denbury Resources Inc. 114,780 111,00013,419 Devon Energy Corporation 837,855 986,2972,100 Diamond Offshore Drilling Inc. 130,416 206,68220,684 El Paso Corporation 352,010 202,9107,703 EOG Resources Inc. 487,463 749,502

143,340 Exxon Mobil Corporation 9,705,933 9,764,3213,600 FMC Technologies Inc. 154,440 208,22427,317 Halliburton Company 746,391 821,4228,678 Hess Corporation 439,247 524,67221,490 Marathon Oil Corporation 838,278 670,9182,400 Massey Energy Company 214,464 100,6566,003 Murphy Oil Corporation 334,365 325,3638,656 Nabors Industries Ltd. 250,324 189,48012,950 National Oilwell Varco Inc. 523,358 570,9665,200 Noble Energy Inc. 375,006 370,34424,536 Occidental Petroleum Corporation 1,124,955 1,994,0418,107 Peabody Energy Corporation 355,217 365,8693,500 Pioneer Natural Resources Company 180,728 168,5954,600 Range Resources Corporation 224,942 229,1263,219 Rowan Companies Inc. 103,400 72,87836,441 Schlumberger Limited 2,191,568 2,371,9456,615 Smith International Inc. 285,969 179,39910,300 Southwestern Energy Company 462,033 496,46019,335 Spectra Energy Corp. 477,355 396,5613,299 Sunoco Inc. 170,024 86,1043,900 Tesoro Corporation 194,536 52,84516,552 Valero Energy Corporation 723,645 277,24617,905 The Williams Companies Inc. 469,863 377,07917,518 XTO Energy Inc. 674,791 814,412

33,353,302 34,352,334

MATERIALS – 3.6%

6,397 Air Products and Chemicals Inc. 418,635 518,1572,300 Airgas Inc. 105,616 109,3883,400 AK Steel Holding Corporation 229,200 72,59029,181 Alcoa Inc. 730,390 470,3982,888 Allegheny Technologies Inc. 223,165 129,2962,749 Ball Corporation 99,973 142,1233,593 Bemis Company Inc. 103,996 106,5321,400 CF Industries Holdings Inc. 208,752 127,0924,000 Cliff Natural Resources Inc. 175,900 184,16034,433 The Dow Chemical Company 1,076,090 951,38427,732 DuPont (E.I.) de Nemours & Company 1,190,815 933,4592,101 Eastman Chemical Company 113,185 126,4177,112 Ecolab Inc. 284,406 317,1242,500 FMC Corporation 127,570 139,40012,550 Freeport-McMoRan Copper & Gold Inc. 721,909 1,007,6402,545 International Flavors & Fragrances Inc. 98,134 104,70112,936 International Paper Company 415,628 346,4265,022 MeadWestvaco Corporation 147,930 143,780

16,540 Monsanto Company 820,188 1,352,14514,713 Newmont Mining Corporation 604,640 696,0729,482 Nucor Corporation 458,945 442,3355,000 Owens-Illinois Inc. 135,791 164,3503,694 Pactiv Corporation 112,345 89,0624,859 PPG Industries Inc. 285,819 284,2529,293 Praxair Inc. 512,939 746,3215,034 Sealed Air Corporation 135,011 109,9433,680 Sigma-Aldrich Corporation 134,764 185,9502,850 Titanium Metals Corporation 101,621 35,6824,264 United States Steel Corporation 258,514 235,0323,819 Vulcan Materials Company 269,034 201,1476,325 Weyerhaeuser Company 369,413 272,671

10,670,318 10,745,029


21,090 3M Company 1,460,883 1,741,8233,305 Avery Dennison Corporation 191,934 120,59922,048 The Boeing Company 1,618,266 1,192,5767,947 Burlington Northern

Santa Fe Corporation 508,896 783,7335,100 C.H. Robinson Worldwide Inc. 257,066 299,52318,712 Caterpillar Inc. 944,571 1,066,3973,720 Cintas Corporation 153,111 96,90612,055 CSX Corporation 393,062 584,5475,948 Cummins Inc. 167,207 272,7167,774 Danaher Corporation 489,993 584,60512,624 Deere & Company 548,932 681,9486,476 Donnelley (R.R.) & Sons Company 209,897 144,0915,490 Dover Corporation 233,957 228,4391,600 The Dun & Bradstreet Corporation 123,479 134,9764,887 Eaton Corporation 329,265 310,91122,791 Emerson Electric Company 878,186 970,8973,559 Equifax Inc. 133,658 109,9386,300 Expeditors International

of Washington Inc. 307,702 218,7993,900 Fastenal Company 200,539 162,2409,443 FedEx Corporation 826,458 786,8851,500 First Solar Inc. 219,189 203,1001,900 Flowserve Corporation 171,140 179,6075,422 Fluor Corporation 228,330 244,15311,806 General Dynamics Corporation 751,534 803,989321,661 General Electric Company 10,269,432 4,866,7313,699 Goodrich Corporation 157,447 237,6611,857 Grainger (W.W.) Inc. 121,700 179,81322,972 Honeywell International Inc. 898,064 900,04311,513 Illinois Tool Works Inc. 482,402 552,3945,200 Iron Mountain Incorporated 128,123 118,3525,463 ITT Corporation 253,656 271,7303,800 Jacobs Engineering Group Inc. 306,741 142,9183,412 L-3 Communications Holdings Inc. 279,813 296,6739,738 Lockheed Martin Corporation 758,220 733,17410,545 Masco Corporation 267,356 145,6263,589 Monster Worldwide Inc. 153,541 62,34111,052 Norfolk Southern Corporation 463,410 578,9049,531 Northrop Grumman Corporation 585,646 531,83011,025 PACCAR Inc. 396,892 399,9873,745 Pall Corporation 122,646 135,5324,696 Parker Hannifin Corporation 226,956 252,8336,072 Pitney Bowes Inc. 248,496 138,1994,200 Precision Castparts Corp. 473,005 463,4706,300 Quanta Services Inc. 145,928 131,29211,672 Raytheon Company 564,898 601,3419,483 Republic Services Inc. 225,329 268,2744,510 Robert Half International Inc. 148,280 120,552



$ $




INDEX FUNDS


4,375 Rockwell Automation Inc. 222,178 205,5384,771 Rockwell Collins Inc. 250,665 263,8362,700 Roper Industries Inc. 143,083 141,3991,660 Ryder System Inc. 70,378 68,22622,013 Southwest Airlines Co. 313,293 251,6092,500 Stericycle Inc. 149,092 137,9258,262 Textron Inc. 295,239 155,16015,052 Union Pacific Corporation 660,886 960,92030,165 United Parcel Service Inc. 2,121,019 1,729,05828,453 United Technologies Corporation 1,572,817 1,972,93114,624 Waste Management Inc. 472,621 494,437

35,296,507 30,434,107


2,500 Abercrombie & Fitch Co., Class “A” 191,038 86,97510,082 Amazon.com Inc. 522,334 1,356,2313,928 Apollo Group Inc. 205,627 237,9582,997 AutoNation Inc. 54,803 57,273917 AutoZone Inc. 98,379 144,941

7,793 Bed Bath & Beyond Inc. 266,828 300,81010,152 Best Buy Co., Inc. 418,835 400,5982,363 Big Lots Inc. 46,675 68,4801,698 The Black & Decker Corporation 122,674 110,06413,069 Carnival Corporation 509,076 414,15720,506 CBS Corporation, Class “B” NV 545,468 288,1099,385 Coach Inc. 334,290 342,55386,661 Comcast Corporation, Class “A” 2,040,211 1,461,1047,933 D.R. Horton Inc. 228,617 86,2324,082 Darden Restaurants Inc. 137,146 143,1152,100 DeVry Inc. 98,987 119,13328,888 DIRECTV, Class “A” 812,825 963,1268,367 Eastman Kodak Company 238,375 35,3096,400 Expedia Inc. 200,501 164,5444,400 Family Dollar Stores Inc. 134,594 122,40899,780 Ford Motor Company 763,466 995,8044,435 Fortune Brands Inc. 299,700 191,5925,000 GameStop Corp. 274,164 109,7006,623 Gannett Company Inc. 382,458 98,35214,472 The Gap Inc. 256,228 303,1884,824 Genuine Parts Company 201,753 183,1196,937 The Goodyear Tire & Rubber Company 153,858 97,81210,228 H&R Block Inc. 206,692 231,2556,939 Harley-Davidson Inc. 390,915 174,8632,213 Harman International Industries

Incorporated 158,250 77,9863,624 Hasbro Inc. 85,133 116,18551,539 The Home Depot Inc. 1,810,807 1,489,4778,885 International Game Technology 296,716 166,77116,597 Interpublic Group of Companies Inc. 220,216 122,1547,133 J.C. Penney Company Inc. 371,796 189,59520,323 Johnson Controls Inc. 492,276 553,3959,137 Kohl’s Corporation 533,947 492,7584,419 Leggett & Platt Inc. 94,873 90,1485,550 Lennar Corporation 243,238 70,7078,194 Limited Brands Inc. 212,428 157,65344,602 Lowe’s Companies Inc. 1,107,120 1,042,79512,837 Macy’s Inc. 420,136 215,1487,751 Marriott International Inc. 276,985 211,21510,784 Mattel Inc. 212,777 215,46432,585 McDonald’s Corporation 1,355,057 2,033,3049,368 The McGraw-Hill Companies Inc. 492,475 313,8281,079 Meredith Corporation 54,766 33,2443,284 The New York Times Company,

Class “A” 88,838 40,5908,280 Newell Rubbermaid Inc. 206,336 124,28368,892 News Corporation, Class “A” 1,305,980 943,131

11,872 NIKE Inc., Class “B” 539,633 784,2644,921 Nordstrom Inc. 187,213 184,9317,903 Office Depot Inc. 241,531 50,8959,378 Omnicom Group Inc. 426,655 367,1494,000 O’Reilly Automotive Inc. 141,480 152,4801,623 Polo Ralph Lauren Corporation 136,433 131,4311,300 priceline.com Incorporated 229,119 283,5179,607 Pulte Homes Inc. 293,948 96,0703,910 RadioShack Corporation 78,237 76,2063,800 Ross Stores Inc. 163,001 162,2982,547 Scripps Networks Interactive Inc.,

Class “A” 103,438 105,7011,587 Sears Holdings Corporation 256,142 132,4352,960 The Sherwin-Williams Company 153,440 182,4841,673 Snap-on Incorporated 69,860 70,7012,316 The Stanley Works 104,685 119,18122,223 Staples Inc. 480,846 546,24122,231 Starbucks Corporation 569,982 512,6475,381 Starwood Hotels & Resorts

Worldwide Inc. 281,308 196,72922,800 Target Corporation 1,102,889 1,102,3803,591 Tiffany & Co. 134,537 154,19810,536 Time Warner Cable Inc. 648,243 436,08535,702 Time Warner Inc. 1,696,084 1,039,28512,775 The TJX Companies Inc. 315,779 466,7992,874 VF Corporation 189,951 210,46318,100 Viacom Inc., Class “B” 656,666 537,38958,135 The Walt Disney Company 1,763,501 1,874,854


2,424 Whirlpool Corporation 182,189 195,3745,065 Wyndham Worldwide Corporation 165,781 102,0092,200 Wynn Resorts Limited 98,449 128,10614,616 Yum! Brands Inc. 382,968 510,975

32,073,040 28,989,825


62,679 Altria Group Inc. 994,055 1,229,76219,900 Archer Daniels Midland Company 562,296 623,06912,858 Avon Products Inc. 374,261 405,0273,222 Brown-Forman Corporation, Class “B” 153,657 172,6035,959 Campbell Soup Company 206,778 201,4144,093 The Clorox Company 227,361 249,67370,184 The Coca-Cola Company 3,477,622 3,998,3829,395 Coca-Cola Enterprises Inc. 182,727 199,08015,073 Colgate-Palmolive Company 928,817 1,237,94513,352 ConAgra Foods Inc. 320,599 307,7646,477 Constellation Brands Inc. 166,188 103,11413,288 Costco Wholesale Corporation 648,002 785,45442,668 CVS Caremark Corporation 1,207,443 1,373,9105,374 Dean Foods Company 180,270 96,8937,800 Dr Pepper Snapple Group Inc. 187,836 220,5063,707 The Estee Lauder Companies Inc.,

Class “A” 147,470 179,27110,038 General Mills Inc. 538,140 710,7919,373 Heinz (H.J.) Company 403,997 400,7894,912 The Hershey Company 205,720 175,7512,100 Hormel Foods Corporation 64,124 80,7243,500 The J.M. Smucker Company 147,236 216,1257,735 Kellogg Company 353,316 411,42512,565 Kimberly-Clark Corporation 770,921 800,51644,512 Kraft Foods Inc., Class “A” 1,198,213 1,209,39119,421 The Kroger Co. 451,475 398,7135,100 Lorillard Inc. 383,306 409,1733,865 McCormick & Company Incorporated 135,013 139,6426,200 Mead Johnson Nutrition 257,269 270,568

$ $ $ $




INDEX FUNDSTD U.S. Index Fund


4,674 Molson Coors Brewing Company,Class “B” NV 197,180 210,984

4,352 The Pepsi Bottling Group Inc. 138,076 163,20047,180 PepsiCo Inc. 2,689,057 2,867,12957,579 Philip Morris International Inc. 2,088,319 2,771,27788,325 The Procter & Gamble Company 4,965,902 5,352,4955,043 Reynolds American Inc. 260,924 267,12812,874 Safeway Inc. 457,900 274,08720,517 Sara Lee Corporation 332,792 249,6926,093 SUPERVALU Inc. 191,664 77,38117,606 SYSCO Corporation 540,681 491,3839,115 Tyson Foods Inc., Class “A” 147,335 111,84129,934 Walgreen Company 1,127,362 1,097,97964,421 Wal-Mart Stores Inc. 2,941,541 3,442,0143,994 Whole Foods Market Inc. 218,090 109,635

31,170,935 34,093,700


46,743 Abbott Laboratories 2,229,038 2,521,78513,338 Aetna Inc. 457,659 421,8819,462 Allergan Inc. 486,024 596,2018,964 AmerisourceBergen Corporation 199,268 233,42330,581 Amgen Inc. 1,811,138 1,729,96718,062 Baxter International Inc. 827,823 1,059,8787,176 Becton, Dickinson and Company 461,810 565,8998,656 Biogen Idec Inc. 410,686 463,09644,965 Boston Scientific Corporation 664,300 403,78652,660 Bristol-Myers Squibb Company 1,475,621 1,329,1382,904 C. R. Bard Inc. 200,278 225,90210,797 Cardinal Health Inc. 460,618 347,9875,398 CareFusion Corporation 178,719 135,00413,894 Celgene Corporation 769,768 773,4792,100 Cephalon Inc. 156,478 131,0618,328 CIGNA Corporation 306,295 293,7295,169 Coventry Health Care Inc. 236,692 125,2973,100 DaVita Inc. 171,269 181,9084,300 DENTSPLY International Inc. 128,431 151,23130,678 Eli Lilly and Company 1,623,932 1,094,2848,340 Express Scripts Inc. 335,162 720,9938,884 Forest Laboratories Inc. 401,028 285,1768,006 Genzyme Corporation 473,635 392,37427,196 Gilead Sciences Inc. 864,175 1,176,7714,938 Hospira Inc. 164,829 251,8384,902 Humana Inc. 230,085 214,7575,275 IMS Health Incorporated 134,413 111,0921,120 Intuitive Surgical Inc. 305,360 339,71883,370 Johnson & Johnson 4,951,484 5,363,1927,295 King Pharmaceuticals Inc. 161,415 89,4373,345 Laboratory Corporation

of America Holdings 215,521 250,3405,200 Life Technologies Corporation 115,518 271,3368,043 McKesson Corporation 381,968 502,60714,322 Medco Health Solutions Inc. 384,956 915,31933,751 Medtronic Inc. 1,600,056 1,483,35692,308 Merck & Co., Inc. 3,753,382 3,369,2421,700 Millipore Corporation 111,474 122,9958,775 Mylan Inc. 171,701 161,7232,659 Patterson Companies Inc. 101,213 74,3463,341 PerkinElmer Inc. 80,743 68,791

244,039 Pfizer Inc. 5,826,608 4,439,0694,786 Quest Diagnostics Incorporated 226,348 288,93110,257 St. Jude Medical Inc. 343,324 376,9458,431 Stryker Corporation 414,017 424,66911,790 Tenet Healthcare Corporation 170,561 63,54812,438 Thermo Fisher Scientific Inc. 519,078 592,54635,147 UnitedHealth Group Incorporated 1,399,409 1,070,929

3,700 Varian Medical Systems Inc. 175,636 173,1972,835 Waters Corporation 135,603 175,5153,091 Watson Pharmaceuticals Inc. 98,981 122,31113,884 WellPoint Inc. 915,169 808,0496,344 Zimmer Holdings Inc. 412,786 374,740

38,831,485 37,860,788


14,000 Aflac Incorporated 566,321 647,50016,028 The Allstate Corporation 816,269 481,32135,891 American Express Company 1,718,447 1,453,2273,961 American International Group Inc. 4,782,159 118,7517,770 Ameriprise Financial Inc. 344,959 301,6318,178 Aon Corporation 299,696 313,5453,257 Apartment Investment and

Management Company 116,766 51,8513,600 Assurant Inc. 187,590 106,1282,369 AvalonBay Communities Inc. 257,412 194,353

297,614 Bank of America Corporation 8,380,570 4,482,06736,181 The Bank of New York

Mellon Corporation 1,361,127 1,011,62120,329 BB&T Corporation 702,604 515,7474,216 Boston Properties Inc. 375,618 282,72513,786 Capital One Financial Corporation 773,141 528,5556,949 CB Richard Ellis Group Inc., Class “A” 167,089 94,22828,640 The Charles Schwab Corporation 509,785 539,00510,563 The Chubb Corporation 491,283 519,4884,943 Cincinnati Financial Corporation 196,969 129,704

588,563 Citigroup Inc. 8,135,227 1,948,1442,066 CME Group Inc. 970,251 694,0734,537 Comerica Incorporated 231,462 134,15916,783 Discover Financial Services 400,325 246,87843,356 E*TRADE Financial Corporation 252,311 75,8738,438 Equity Residential 337,036 285,0362,478 Federated Investors Inc., Class “B” 77,331 68,14524,821 Fifth Third Bancorp 686,440 242,0056,153 First Horizon National Corporation 211,644 82,4504,500 Franklin Resources Inc. 411,801 474,07514,769 Genworth Financial Inc., Class “A” 450,085 167,62815,474 The Goldman Sachs Group Inc. 2,349,742 2,608,60711,639 The Hartford Financial Services

Group Inc. 743,648 270,7239,200 HCP Inc. 271,819 280,9683,700 Health Care REIT Inc. 139,399 163,94718,123 Host Hotels & Resorts Inc. 400,003 211,49515,500 Hudson City Bancorp Inc. 214,647 212,81522,602 Huntington Bancshares Inc. 212,758 82,4972,200 IntercontinentalExchange Inc. 320,305 246,75212,400 Invesco Ltd. 288,817 291,2766,111 Janus Capital Group Inc. 133,566 82,193

119,031 JPMorgan Chase & Co. 4,874,357 4,960,02225,972 KeyCorp 447,226 144,14511,365 Kimco Realty Corporation 323,197 153,7684,838 Legg Mason Inc. 392,981 145,6725,400 Leucadia National Corporation 227,472 128,4669,002 Lincoln National Corporation 420,711 223,97010,947 Loews Corporation 380,565 397,9232,456 M&T Bank Corporation 230,471 164,28216,545 Marsh & McLennan Companies Inc. 526,538 365,31415,230 Marshall & Ilsley Corporation 352,263 83,00424,890 MetLife Inc. 1,135,643 879,8626,161 Moody’s Corporation 312,373 165,11540,867 Morgan Stanley 1,928,997 1,208,8464,100 The NASDAQ OMX Group Inc. 129,770 81,262

$ $




$ $



7,465 Northern Trust Corporation 440,212 391,1667,700 NYSE Euronext Inc. 633,991 194,57910,400 People’s United Financial Inc. 185,552 173,6804,873 Plum Creek Timber Company Inc. 167,910 183,81013,914 PNC Financial Services Group Inc. 1,509,475 734,5209,318 Principal Financial Group Inc. 406,555 224,00520,466 The Progressive Corporation 393,019 367,77414,075 ProLogis 443,637 192,68713,922 Prudential Financial Inc. 917,992 692,6204,164 Public Storage 347,540 339,15837,436 Regions Financial Corporation 700,358 198,0368,562 Simon Property Group Inc. 630,509 683,24813,576 SLM Corporation 459,820 153,00215,085 State Street Corporation 866,622 656,80115,059 SunTrust Banks Inc. 810,818 305,2467,586 T. Rowe Price Group Inc. 291,610 403,9552,390 Torchmark Corporation 128,884 105,04116,540 The Travelers Companies Inc. 783,323 824,51957,843 U.S. Bancorp 1,651,539 1,300,3119,572 Unum Group 202,717 186,7504,500 Ventas Inc. 101,927 196,8304,763 Vornado Realty Trust 454,900 333,124

154,362 Wells Fargo & Company 4,504,898 4,158,51210,054 XL Capital Ltd., Class “A” 446,026 184,1893,862 Zions Bancorporation 243,974 49,549

68,692,794 42,975,949


15,625 Adobe Systems Incorporated 520,344 574,68817,583 Advanced Micro Devices Inc. 314,380 169,8523,042 Affiliated Computer Services Inc.,

Class “A” 148,550 181,57710,457 Agilent Technologies Inc. 318,911 324,8995,100 Akamai Technologies Inc. 229,755 129,1328,930 Altera Corporation 191,455 201,9075,200 Amphenol Corporation 211,243 239,8249,047 Analog Devices Inc. 281,251 285,43327,155 Apple Inc. 2,439,232 5,721,55939,830 Applied Materials Inc. 674,715 554,8326,808 Autodesk Inc. 235,701 172,92315,651 Automatic Data Processing Inc. 622,943 670,0195,567 BMC Software Inc. 152,588 223,23712,829 Broadcom Corporation 491,512 403,21511,897 CA Inc. 265,608 267,088173,703 Cisco Systems Inc. 4,320,880 4,158,4505,487 Citrix Systems Inc. 151,001 228,3148,678 Cognizant Technology Solutions

Corporation 326,102 393,1134,450 Computer Sciences Corporation 213,560 256,0097,763 Compuware Corporation 70,774 56,12647,192 Corning Incorporated 957,722 910,80651,925 Dell Inc. 1,168,492 744,60533,995 eBay Inc. 917,707 799,5629,649 Electronic Arts Inc. 421,992 171,27061,249 EMC Corporation 996,685 1,068,7959,428 Fidelity National Information

Services Inc. 219,813 220,9924,633 Fiserv Inc. 219,889 224,6084,500 FLIR Systems Inc. 134,454 147,2407,330 Google Inc., Class “A” 3,388,416 4,544,4534,000 Harris Corporation 190,732 190,20071,759 Hewlett-Packard Company 2,566,337 3,693,436166,702 Intel Corporation 3,513,113 3,400,721

39,661 International Business MachinesCorporation 3,761,073 5,188,849

9,491 Intuit Inc. 265,539 291,4696,185 Jabil Circuit Inc. 177,864 107,4336,768 JDS Uniphase Corporation 537,529 55,83615,590 Juniper Networks Inc. 308,202 415,7855,346 KLA-Tencor Corporation 241,243 193,3112,340 Lexmark International Inc., Class “A” 127,874 60,7936,476 Linear Technology Corporation 216,391 197,77719,388 LSI Corporation 192,726 116,1342,900 MasterCard Incorporated 739,690 740,6604,600 McAfee Inc. 158,803 186,6226,662 MEMC Electronic Materials Inc. 348,625 90,6705,500 Microchip Technology Incorporated 205,263 159,77525,272 Micron Technology Inc. 352,954 267,125233,220 Microsoft Corporation 6,366,005 7,108,5464,068 Molex Incorporated 132,242 87,66568,763 Motorola Inc. 1,158,213 532,9137,085 National Semiconductor Corporation 131,019 108,8269,827 NetApp Inc. 326,573 337,55710,474 Novell Inc. 67,380 43,4672,914 Novellus Systems Inc. 103,274 67,98416,061 NVIDIA Corporation 354,282 299,698118,246 Oracle Corporation 2,058,470 2,901,7579,530 Paychex Inc. 340,025 291,9993,988 QLogic Corporation 118,376 75,21450,348 QUALCOMM Incorporated 1,838,592 2,329,0985,400 Red Hat Inc. 124,254 166,8609,300 SAIC Inc. 175,259 175,9563,600 salesforce.com Inc. 201,991 265,3927,421 SanDisk Corporation 333,014 215,06122,803 Sun Microsystems Inc. 663,200 213,43624,206 Symantec Corporation 538,666 433,04511,666 Tellabs Inc. 165,562 66,2635,164 Teradata Corporation 136,873 162,0985,074 Teradyne Inc. 96,943 54,44438,009 Texas Instruments Incorporated 1,060,900 989,3745,735 Total System Services Inc. 160,526 99,0435,909 VeriSign Inc. 145,006 143,23413,600 Visa Inc. 1,209,992 1,187,2806,600 Western Digital Corporation 178,002 291,39020,953 The Western Union Company 440,840 394,75525,762 Xerox Corporation 363,409 217,4318,299 Xilinx Inc. 231,094 207,89035,681 Yahoo! Inc. 841,111 598,727

54,570,726 59,467,527


11,900 American Tower Corporation, Class “A” 506,993 513,485178,589 AT&T Inc. 5,956,629 5,005,8508,820 CenturyTel Inc. 318,829 319,3728,724 Frontier Communications Corporation 118,695 67,9608,700 MetroPCS Communications Inc. 118,652 66,29443,861 Qwest Communications

International Inc. 623,366 184,21685,761 Sprint Nextel Corporation 1,493,091 313,88585,986 Verizon Communications Inc. 3,190,425 2,848,71614,755 Windstream Corporation 192,323 162,157

12,519,003 9,481,935

UTILITIES – 3.7%

19,929 The AES Corporation 441,679 265,2554,957 Allegheny Energy Inc. 210,252 116,2427,300 Ameren Corporation 336,628 204,03514,216 American Electric Power Company Inc. 528,697 494,43212,421 CenterPoint Energy Inc. 223,165 179,980

$ $$ $






6,443 CMS Energy Corporation 118,960 100,8978,157 Consolidated Edison Inc. 366,989 370,5736,061 Constellation Energy Group Inc. 330,279 212,80218,062 Dominion Resources Inc. 672,608 702,9734,722 DTE Energy Company 209,984 205,83240,171 Duke Energy Corporation 629,871 691,3439,644 Edison International 374,474 335,4185,932 Entergy Corporation 478,477 485,4163,800 EQT Corporation 120,872 166,78219,868 Exelon Corporation 1,049,256 970,5529,503 FirstEnergy Corp. 493,115 441,31912,828 FPL Group Inc. 627,647 677,1902,130 Integrys Energy Group Inc. 116,790 89,4171,342 Nicor Inc. 60,915 56,4987,913 NiSource Inc. 187,559 121,7025,300 Northeast Utilities 107,484 136,6876,000 Pepco Holdings Inc. 149,165 101,10011,606 PG&E Corporation 468,072 518,2082,856 Pinnacle West Capital Corporation 134,166 104,47211,117 PPL Corporation 358,363 359,1908,277 Progress Energy Inc. 367,288 339,4402,100 Progress Energy Inc.,

Contingent Value Obligation 0 015,040 Public Service Enterprise Group Inc. 476,929 500,0805,364 Questar Corporation 226,265 222,7133,800 SCANA Corporation 133,120 143,1847,792 Sempra Energy 383,812 436,19624,232 Southern Company 794,537 806,6836,046 TECO Energy Inc. 122,750 98,0663,500 Wisconsin Energy Corporation 153,702 174,40513,521 Xcel Energy Inc. 301,005 286,916

11,754,875 11,115,998


3,500 SPDR Trust, Series 1 395,009 390,425


TOTAL INVESTMENT

PORTFOLIO – 99.9% 329,260,764 299,907,617

CANADIAN CURRENCY – 0.2% 436,575 438,373

FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 915


TOTAL NET ASSETS – 100.0% $ 329,478,013 $ 300,127,225


The table below indicates the foreign currency to which the Fund had significantexposure as at December 31, 2009 and 2008 in United States dollar terms, including theunderlying principal amount of forward currency contracts, if any. The table alsoillustrates the potential impact to the Fund’s net assets if the Fund’s functionalcurrency, the United States Dollar, had strengthened or weakened by 5% in relation tothe currency listed below, with all other variables held constant. In practice, the actualtrading results may differ from these approximate sensitivity analysis amounts and thedifferences could be material.


Currency 2009 2008 2009 2008

Canadian Dollar $ 44 $ (707) $ 2 $ (35)






Common Shares $ 299,908 $ 0 $ 0 $ 299,908Forward Contracts 0 1 0 1

$ 299,908 $ 1 $ 0 $ 299,909




Less than3 months


$ $






U.S. Value U.S. ValueSettlement Currency to be as at Currency to be as at Contract $ U.S.Date Delivered December 31, 2009 Received December 31, 2009 Price Appreciation

January 04, 2010 281,934 CAD $ 268,932 270,000 USD $ 270,000 1.04420 $ 1,068

U.S. Value U.S. ValueSettlement Currency to be as at Currency to be as at Contract $ U.S.Date Delivered December 31, 2009 Received December 31, 2009 Price Depreciation

January 05, 2010 63,060 CAD $ 60,152 60,000 USD $ 60,000 1.05100 $ (152)January 06, 2010 104,835 CAD 100,001 100,000 USD 100,000 1.04835 (1)

$ 160,153 $ 160,000 $ (153)


�TD U.S. Index Currency Neutral Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 95,326 $ 78,423Short-Term Investments 2,063 4,600Foreign Currencies 115 193Cash 181 113Subscriptions Receivable 170 174Futures Margin Receivable (Note 3) 459 810Unrealized Gain on Open ForeignExchange Forward Contracts 555 547

98,869 84,860


166 650

Net Assets (Note 3) $ 98,703 $ 84,210

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 64,782 $ 58,458e-Series $ 23,945 $ 18,173Institutional Series $ 4,200 $ 2,569F-Series $ 5,776 $ 5,010

$ 98,703 $ 84,210


e-Series 2,937,012 2,726,106


F-Series 855,900 907,488


e-Series $ 8.15 $ 6.67


F-Series $ 6.75 $ 5.52



2009 2008


Interest 12 114Foreign Exchange 11,790 (21,420)Derivatives Income (Loss) 283 (1,121)Less: Withholding Taxes (311) (472)

13,606 (19,753)



315 417






†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 12,199 $ (37,482)e-Series $ 4,462 $ (9,332)Institutional Series $ 670 $ (181)F-Series $ 1,104 $ (1,936)

$ 18,435 $ (48,931)


INDEX FUNDS



INDEX FUNDS




2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 9,721 11,972 5,777 8,515 1,485 2,840Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 6 3 2 1 0 0Amounts Paid on Redemptions (15,602) (16,506) (4,469) (4,307) (524) (90)

(5,875) (4,531) 1,310 4,209 961 2,750


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 6,324 (42,013) 5,772 (5,123) 1,631 2,569

Net Assets, End of the Period $ 64,782 $ 58,458 $ 23,945 $ 18,173 $ 4,200 $ 2,569†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 10,228,793 10,658,182 2,726,106 2,128,861 425,087 10Units Issued 1,692,878 1,631,893 852,419 1,075,508 223,939 439,923Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (2,618,856) (2,061,282) (641,513) (478,263) (81,366) (14,846)


F-Series TOTAL

2009 2008 2009 2008





(338) 1,683 (3,942) 4,111


0 0 0 0







16,812,400 TD U.S. Index Fund (CAD),Institutional Series $ 117,543,679 $ 95,326,309

TOTAL INVESTMENT

PORTFOLIO – 96.6% 117,543,679 95,326,309

SHORT-TERM

INVESTMENTS (CAD) – 0.7% 700,000 700,000

SHORT-TERM

INVESTMENTS (USD) – 1.4% 1,362,855 1,362,855


FUTURES CONTRACTS

(SCHEDULE 1) – 0.5% 457,879 458,674

FORWARD CONTRACTS

(SCHEDULE 2) – 0.5% 0 533,082

OTHER NET ASSETS – 0.2% 207,738 207,738

TOTAL NET ASSETS – 100.0% $ 120,386,912 $ 98,703,366




INDEX FUNDS





UNITED STATES

10 E-Mini S&P 500 Index March 19, 2010 $ 580,091 $ 583,406 $ 3,3158 S&P 500 Index March 18, 2010 2,319,435 2,328,805 9,370






Currency 2009 2008 2009 2008

United States Dollar $ (96,346) $ (72,159) $ (4,817) $ (3,608)







Forward Contracts 0 555 0 555Futures 13 0 0 13Underlying Mutual Fund 95,326 0 0 95,326

95,339 2,618 0 97,957


$ 95,339 $ 2,596 $ 0 $ 97,935




Less than3 months


$ 166






January 06, 2010 24,662,082 USD 25,854,346 26,000,000 CAD 26,000,000 1.05425 145,654February 03, 2010 24,800,641 USD 25,999,041 26,000,000 CAD 26,000,000 1.04836 959

$ 124,065,318 $ 124,620,355 $ 555,037


January 06, 2010 26,000,000 CAD $ 26,000,000 24,799,695 USD $ 25,998,611 1.04840 $ (1,389)January 06, 2010 35,428,166 CAD 35,428,166 33,789,705 USD 35,423,234 1.04404

to 1.05331 (4,932)January 06, 2010 37,192,190 CAD 37,192,190 35,463,972 USD 37,178,444 1.04668

to 1.06250 (13,746)February 03, 2010 34,532,165 USD 36,200,806 36,200,000 CAD 36,200,000 1.04830 (806)February 03, 2010 34,532,429 USD 36,201,082 36,200,000 CAD 36,200,000 1.04829 (1,082)

$ 171,022,244 $ 171,000,289 $ (21,955)


INDEX FUNDSTD U.S. Index Currency Neutral Fund

�TD Nasdaq® Index Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 71,632 $ 47,705Short-Term Investments 1,334 1,711Foreign Currencies 79 67Cash 111 84Dividends Receivable 12 16Subscriptions Receivable 176 108Futures Margin Receivable (Note 3) 526 383Unrealized Gain on Open ForeignExchange Forward Contracts 396 321

74,266 50,395


207 596

Net Assets (Note 3) $ 74,059 $ 49,799


$ 74,059 $ 49,799


e-Series 3,910,676 3,546,124

F-Series 18,281 23,794


e-Series $ 4.80 $ 3.20

F-Series $ 5.26 $ 3.51



2009 2008

Investment IncomeInterest $ 5 $ 67Dividends 442 593Foreign Exchange 8,384 (13,694)Derivatives Income (Loss) 590 (1,042)Securities Lending 43 64Less: Foreign Withholding Taxes (65) (55)

9,399 (14,067)



510 604








$ 24,657 $ (37,531)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 1.46 $ (2.26)e-Series $ 1.61 $ (2.46)F-Series $ 1.74 $ (3.23)

INDEX FUNDS


�TD Nasdaq® Index Fund

INDEX FUNDS




2009 2008 2009 2008





(1,807) (2,251) 1,434 304


0 0 0 0


Net Assets, End of the Period $ 55,177 $ 38,362 $ 18,786 $ 11,354†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 12,937,939 13,328,191 3,546,124 3,465,585Units Issued 2,349,968 2,881,864 1,123,977 872,708Units Issued on Reinvestments 0 0 0 0Units Redeemed (2,825,712) (3,272,116) (759,425) (792,169)


F-Series TOTAL

2009 2008 2009 2008





(24) 35 (397) (1,912)


0 0 0 0







22,711 Research In Motion Limited $ 1,454,710 $ 1,607,351


MATERIALS – 0.4%

4,778 Sigma-Aldrich Corporation 231,092 253,106


6,747 C.H. Robinson Worldwide Inc. 356,475 415,4107,292 Cintas Corporation 300,062 199,1418,310 Expeditors International

of Washington Inc. 371,004 302,5605,704 Fastenal Company 237,248 248,7593,000 First Solar Inc. 529,501 425,8405,200 Foster Wheeler AG 284,238 160,4355,100 J. B. Hunt Transport Services Inc. 156,847 172,5344,038 Joy Global Inc. 204,005 218,13916,238 PACCAR Inc. 776,546 617,5983,600 Stericycle Inc. 216,473 208,215

3,432,399 2,968,631


11,496 Amazon.com Inc. 746,212 1,621,2126,310 Apollo Group Inc. 363,989 400,74214,287 Bed Bath & Beyond Inc. 591,394 578,14257,694 Comcast Corporation, Class “A” 1,545,689 1,019,75227,800 DIRECTV, Class “A” 735,412 971,6658,689 DISH Network Corporation, Class “A” 319,956 189,01411,344 Expedia Inc. 271,004 305,7567,406 Garmin Ltd. 438,313 238,12422,520 Liberty Media Corporation,

Interactive Class “A” 522,867 255,92016,600 Mattel Inc. 352,375 347,70456,900 News Corporation, Class “A” 582,094 816,6245,400 O’Reilly Automotive Inc. 206,555 215,8011,800 priceline.com Incorporated 319,320 411,5425,000 Ross Stores Inc. 189,737 223,8754,737 Sears Holdings Corporation 736,189 414,41619,727 Staples Inc. 538,623 508,33441,158 Starbucks Corporation 1,288,076 994,9936,600 Urban Outfitters Inc. 137,880 242,10013,500 Virgin Media Inc. 241,099 237,9075,415 Wynn Resorts Limited 468,730 330,561

10,595,514 10,324,184


9,136 Costco Wholesale Corporation 551,914 566,139


18,863 Amgen Inc. 1,353,634 1,118,67312,490 Biogen Idec Inc. 716,509 700,52318,182 Celgene Corporation 1,133,357 1,061,1312,900 Cephalon Inc. 237,637 189,7403,300 Cerner Corporation 234,002 285,2065,771 DENTSPLY International Inc. 206,408 212,7799,904 Express Scripts Inc. 573,538 897,59813,233 Genzyme Corporation 912,511 679,90735,402 Gilead Sciences Inc. 1,519,303 1,605,9093,600 Henry Schein Inc. 215,039 198,51611,100 Hologic Inc. 350,592 168,7324,800 Illumina Inc. 155,476 154,2331,570 Intuitive Surgical Inc. 269,353 499,2377,300 Life Technologies Corporation 226,783 399,33112,400 Mylan Inc. 241,147 239,5824,760 Patterson Companies Inc. 195,833 139,5247,500 Vertex Pharmaceuticals Incorporated 295,531 336,835

8,836,653 8,887,456


45,252 Activision Blizzard Inc. 633,829 527,05820,447 Adobe Systems Incorporated 860,705 788,40216,766 Altera Corporation 363,003 397,40850,163 Apple Inc. 6,375,433 11,080,37227,881 Applied Materials Inc. 519,254 407,1619,399 Autodesk Inc. 395,522 250,27714,400 Automatic Data Processing Inc. 647,028 646,2708,500 BMC Software Inc. 340,345 357,33015,859 Broadcom Corporation 545,991 522,54820,000 CA Inc. 475,487 470,70982,182 Cisco Systems Inc. 2,325,748 2,062,5638,852 Citrix Systems Inc. 307,075 386,14111,622 Cognizant Technology Solutions

Corporation 479,503 551,93228,746 Dell Inc. 724,539 432,14838,574 eBay Inc. 1,214,629 951,12713,021 Electronic Arts Inc. 623,327 242,2987,631 Fiserv Inc. 421,686 387,8386,600 FLIR Systems Inc. 266,669 226,3935,886 Google Inc., Class “A” 3,088,449 3,825,64177,346 Intel Corporation 1,730,654 1,654,14815,919 Intuit Inc. 528,564 512,5098,263 KLA-Tencor Corporation 417,514 313,2375,413 Lam Research Corporation 278,983 222,50611,881 Linear Technology Corporation 382,116 380,38912,000 Maxim Integrated Products Inc. 187,666 255,5046,098 Microchip Technology Incorporated 224,255 185,712

122,243 Microsoft Corporation 3,783,813 3,906,11714,031 NetApp Inc. 533,991 505,26821,764 NVIDIA Corporation 550,530 425,75283,556 Oracle Corporation 1,784,992 2,149,60413,572 Paychex Inc. 540,209 435,95280,593 QUALCOMM Incorporated 3,641,893 3,908,4929,300 SanDisk Corporation 250,052 282,54520,000 Seagate Technology 172,589 381,39033,893 Symantec Corporation 723,835 635,6637,476 VeriSign Inc. 214,346 189,98014,828 Xilinx Inc. 389,850 389,40126,890 Yahoo! Inc. 700,500 473,030

37,644,574 41,720,815


6,391 NII Holdings Inc. 396,407 224,986


$ $


or Units Description Cost Fair Value�TD Nasdaq® Index Fund



INDEX FUNDS



BERMUDA – 0.7%

23,895 Marvell Technology Group Ltd. 473,428 519,794

CHINA – 0.6%

1,090 Baidu Inc., Sponsored ADR 390,227 469,845

INDIA – 0.3%

4,300 Infosys Technologies Limited,Sponsored ADR 244,531 249,062

IRELAND – 0.4%

10,200 Warner Chilcott PLC, Class “A” 174,058 303,686

ISRAEL – 2.7%

8,300 Check Point Software Technologies Ltd. 208,758 294,36529,526 Teva Pharmaceutical Industries Limited,

Sponsored ADR 1,320,542 1,738,972

1,529,300 2,033,337

LUXEMBOURG – 0.4%

4,135 Millicom International Cellular SA 309,169 319,441


9,300 QIAGEN NV 221,602 217,515

SINGAPORE – 0.4%

35,166 Flextronics International Ltd. 391,618 269,124


7,300 Logitech International SA 224,625 130,866


23,400 Vodafone Group PLC, Sponsored ADR 557,829 566,184



TOTAL INVESTMENT

PORTFOLIO – 96.7% 67,640,020 71,631,522

SHORT-TERM

INVESTMENTS (CAD) – 0.8% 600,000 600,000

SHORT-TERM

INVESTMENTS (USD) – 1.0% 733,845 733,845


FUTURES CONTRACTS

(SCHEDULE 1) – 0.7% 517,457 525,806

FORWARD CONTRACTS

(SCHEDULE 2) – 0.6% 0 394,618

OTHER NET ASSETS – 0.1% 94,480 94,434

TOTAL NET ASSETS – 100.0% $ 69,665,125 $ 74,059,426

$ $



TD Nasdaq® Index Fund





55 NASDAQ 100 E-Mini March 19, 2010 $ 2,099,514 $ 2,152,132 $ 52,618



INDEX FUNDS




Currency 2009 2008 2009 2008

United States Dollar $ (776) $ 2,562 $ (39) $ 128

As Percentage ofNet Assets (%) (1.05) 5.14 (0.05) 0.26





Common Shares $ 71,632 $ 0 $ 0 $ 71,632Bonds and Short-TermInvestments 0 1,334 0 1,334

Forward Contracts 0 396 0 396Futures 53 0 0 53

71,685 1,730 0 73,415


$ 71,685 $ 1,728 $ 0 $ 73,413




Less than3 months


$ 207




January 06, 2010 34,943,000 CAD $ 34,943,000 33,335,685 USD $ 34,947,265 1.04148to 1.04835 $ 4,265


January 06, 2010 33,144,890 USD 34,747,246 34,943,000 CAD 34,943,000 1.05425 195,754

$ 104,515,069 $ 104,911,387 $ 396,318


January 06, 2010 35,021,123 CAD $ 35,021,123 33,405,945 USD $ 35,020,922 1.04835 $ (201)February 03, 2010 35,151,816 USD 36,850,398 36,850,000 CAD 36,850,000 1.04831 (398)February 03, 2010 35,152,486 USD 36,851,101 36,850,000 CAD 36,850,000 1.04829 (1,101)

$ 108,722,622 $ 108,720,922 $ (1,700)


INDEX FUNDSTD Nasdaq® Index Fund

�TD International Index Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 204,456 $ 173,757Foreign Currencies 114 84Cash 3 170Dividends Receivable 269 232Subscriptions Receivable 2,495 582Receivable for Investment Sales 29 66Unrealized Gain on Open ForeignExchange Forward Contracts 0 3

207,366 174,894


2,383 794

Net Assets (Note 3) $ 204,983 $ 174,100

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 45,756 $ 40,962e-Series $ 52,728 $ 36,268Institutional Series $ 95,165 $ 86,726F-Series $ 1,783 $ 3,291O-Series $ 9,551 $ 6,853

$ 204,983 $ 174,100


e-Series 5,782,826 4,234,039


F-Series 259,940 508,592

O-Series 1,142,953 873,761


e-Series $ 9.12 $ 8.57


F-Series $ 6.86 $ 6.47

O-Series $ 8.36 $ 7.84



2009 2008

Investment IncomeInterest $ 1 $ 19Dividends 6,746 12,397Securities Lending 178 305Foreign Exchange 0 (1)Less: Withholding Taxes (640) (1,404)

6,285 11,316



1,185 1,780







†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 3,906 $ (15,474)e-Series $ 4,817 $ (13,279)Institutional Series $ 8,613 $ (38,717)F-Series $ (36) $ (321)O-Series $ 935 $ (1,619)

$ 18,235 $ (69,410)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.77 $ (3.33)e-Series $ 0.96 $ (3.40)Institutional Series $ 1.08 $ (4.64)F-Series $ 0.58 $ (1.78)O-Series $ 0.91 $ (1.97)

INDEX FUNDS





2009 2008 2009 2008 2009 2008




Proceeds from Sale of Units 10,162 14,483 17,183 15,165 18,562 21,281Reinvestments of Distributions 907 1,427 1,168 1,507 2,618 6,375Early Redemption Fees 1 1 1 1 1 3Amounts Paid on Redemptions (9,267) (13,758) (5,460) (8,709) (18,737) (268,334)

1,803 2,153 12,892 7,964 2,444 (240,675)

Distributions to UnitholdersFrom Net Investment Income (915) (1,436) (1,249) (1,574) (2,618) (6,375)From Net Realized Gains on Investments 0 0 0 0 0 0

(915) (1,436) (1,249) (1,574) (2,618) (6,375)


Net Assets, End of the Period $ 45,756 $ 40,962 $ 52,728 $ 36,268 $ 95,165 $ 86,726†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 4,889,292 4,615,635 4,234,039 3,499,150 7,780,001 22,846,019Units Issued 1,273,291 1,455,545 2,068,102 1,490,388 1,717,248 1,697,131Units Issued on Reinvestments 110,815 142,533 138,256 147,891 239,907 463,165Units Redeemed (1,134,905) (1,324,421) (657,571) (903,390) (1,704,024) (17,226,314)



2009 2008 2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations (36) (321) 935 (1,619) 18,235 (69,410)


Proceeds from Sale of Units 665 2,873 2,859 9,778 49,431 63,580Reinvestments of Distributions 48 50 269 311 5,010 9,670Early Redemption Fees 0 0 0 0 3 5Amounts Paid on Redemptions (2,137) (465) (1,096) (1,306) (36,697) (292,572)

(1,424) 2,458 2,032 8,783 17,747 (219,317)

Distributions to UnitholdersFrom Net Investment Income (48) (51) (269) (311) (5,099) (9,747)From Net Realized Gains on Investments 0 0 0 0 0 0

(48) (51) (269) (311) (5,099) (9,747)

Increase (Decrease) in Net Assetsfor the Period (1,508) 2,086 2,698 6,853 30,883 (298,474)

Net Assets, End of the Period $ 1,783 $ 3,291 $ 9,551 $ 6,853 $ 204,983 $ 174,100†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 508,592 129,976 873,761 0Units Issued 104,212 441,380 376,679 978,817Units Issued on Reinvestments 7,695 6,619 34,700 33,782Units Redeemed (360,559) (69,383) (142,187) (138,838)

Units Outstanding, End of the Period 259,940 508,592 1,142,953 873,761

INDEX FUNDS



297


AUSTRALIA – 8.1%

8,704 AGL Energy Limited $ 122,889 $ 114,83346,272 Alumina Limited 157,005 79,40116,640 Amcor Limited 108,509 97,23938,177 AMP Limited 297,996 242,0496,443 Aristocrat Leisure Limited 83,675 24,22710,700 Arrow Energy Limited 35,081 41,76950,853 Asciano Group 70,053 86,41444,337 Australia and New Zealand

Banking Group Ltd. 935,501 948,3693,332 Australian Stock Exchange Ltd. 105,859 109,03719,335 AXA Asia Pacific Holdings Limited 102,504 118,6624,765 Bendigo and Adelaide Bank Limited 63,361 43,90362,878 BHP Billiton Limited 1,474,022 2,525,5733,063 Billabong International Limited 43,910 31,45732,438 BlueScope Steel Limited 136,769 93,81610,698 Boral Limited 69,723 59,60225,536 Brambles Limited 270,071 162,5622,323 Caltex Australia Limited 44,371 20,28334,204 CFS Retail Property Trust 60,987 61,13210,531 Coca-Cola Amatil Ltd. 75,643 113,970

957 Cochlear Limited 46,984 62,03228,698 Commonwealth Bank of Australia 1,086,298 1,470,6408,130 Computershare Limited 67,114 87,31210,365 Crown Ltd. 119,409 77,84611,487 CSL Limited 249,748 350,61727,537 CSR Limited 68,898 46,54183,420 DEXUS Property Group 97,646 66,4301,300 Energy Resources of Australia Ltd. 27,880 29,12039,905 Fairfax Media Limited 113,128 65,10421,700 Fortescue Metals Group Limited 75,054 90,09436,146 Foster’s Group Ltd. 205,317 186,63624,738 Goodman Fielder Limited 44,735 37,812112,000 Goodman Group 58,659 66,509169,000 GPT Group 227,462 95,322169,000 GPT Group (In Specie) 0 09,143 Harvey Norman Holdings Ltd. 31,649 36,18029,410 Incitec Pivot Limited 167,970 97,64537,800 Insurance Australia Group Limited 176,027 142,5058,051 James Hardie Industries NV 63,367 64,2782,673 Leighton Holdings Limited 51,979 95,1088,341 Lend Lease Corporation Limited 115,025 80,81712,363 Macquarie Airports 39,729 35,1235,904 Macquarie Group Limited 340,786 265,52143,728 Macquarie Infrastructure Group 132,115 54,66713,200 Metcash Limited 51,401 55,55648,011 Mirvac Group 115,002 70,31339,263 National Australia Bank Limited 1,172,666 1,005,7419,150 Newcrest Mining Limited 214,345 304,2112,524 Nufarm Limited 18,428 25,71726,480 OneSteel Limited 97,669 83,4836,672 Orica Limited 139,892 162,82416,769 Origin Energy Limited 137,448 264,81852,456 OZ Minerals Limited 213,552 58,36010,600 Paladin Energy Ltd. 46,523 41,53317,761 Qantas Airways Limited 77,325 49,74019,373 QBE Insurance Group Ltd. 447,474 464,0448,286 Rio Tinto Limited 497,316 580,58715,797 Santos Limited 171,153 208,8332,790 Sims Metal Management Limited 78,438 57,380

6,524 Sonic Healthcare Limited 77,717 94,31221,440 SP AusNet 17,123 18,46843,401 Stockland 217,354 160,50123,563 Suncorp-Metway Limited 290,348 191,47910,527 Tabcorp Holdings Limited 140,058 68,55522,670 Tattersall’s Limited 69,251 51,91183,651 Telstra Corporation Limited 317,262 269,94111,617 Toll Holdings Limited 162,900 95,22021,806 Transurban Group 129,136 113,27718,836 Wesfarmers Limited 463,750 552,6962,924 Wesfarmers Limited,

Partially Protected Shares 101,752 85,69739,930 Westfield Group 589,303 469,07656,736 Westpac Banking Corporation 1,164,483 1,345,2139,361 Woodside Petroleum Limited 320,590 414,37023,111 Woolworths Limited 471,127 608,4163,093 WorleyParsons Limited 55,540 84,298

15,931,234 16,634,727

AUSTRIA – 0.3%

3,269 Erste Group Bank AG 233,438 127,4527,900 IMMOEAST AG 54,710 45,5081,326 Oesterreichische

Elektrizitatswirtschafts AG 73,477 58,9932,807 OMV AG 164,953 129,223931 Raiffeisen International

Bank-Holding AG 131,713 54,5715,938 Telekom Austria AG 176,566 88,935675 Vienna Insurance Group 52,024 36,352

1,981 voestalpine AG 122,186 75,935

1,009,067 616,969

BELGIUM – 1.0%

18,617 Anheuser-Busch InBev NV 507,276 739,6482,872 Belgacom SA 140,290 109,394286 Colruyt SA 62,232 72,395689 Compagnie Nationale à Portefeuille SA 53,676 38,468

1,859 Delhaize Group SA 164,275 149,2129,985 Dexia SA 256,825 65,94742,189 Fortis 1,223,763 163,85638,904 Fortis, Rights 0 01,510 Groupe Bruxelles Lambert SA 189,479 149,6013,018 KBC Group NV 335,161 136,051544 Mobistar SA 52,246 39,130

1,203 Solvay SA, Class “A” 181,572 135,9351,893 UCB SA 145,297 82,9022,142 Umicore 83,369 74,971

3,395,461 1,957,510

CHINA – 0.0%

36,200 Foxconn International Holdings Limited 125,232 43,685

CYPRUS – 0.0%

10,799 Bank of Cyprus Public Company Ltd. 91,303 79,332

DENMARK – 0.8%

10 A.P. Moller – Maersk AS, Class “A” 121,027 70,87820 A.P. Moller – Maersk AS, Class “B” 206,598 147,443

2,024 Carlsberg AS, Class “B” 185,683 156,339412 Coloplast AS, Class “B” 40,576 39,094

8,469 Danske Bank AS 363,157 199,4933,430 DSV AS 65,377 65,2251,200 H. Lundbeck AS 29,220 22,7498,189 Novo Nordisk AS, Class “B” 396,013 548,563988 Novozymes AS, Class “B” 90,806 107,855



$ $




INDEX FUNDS


261 Topdanmark AS 46,313 36,882432 TrygVesta AS 35,181 29,797

3,854 Vestas Wind Systems AS 211,061 246,205388 William Demant Holding AS 34,841 30,600

1,825,853 1,701,123

FINLAND – 1.1%

2,576 Elisa Oyj, Class “A” 69,336 61,6908,232 Fortum Oyj 258,409 234,3221,136 Kesko Oyj, Class “B” 62,200 39,3602,939 KONE Oyj, Class “B” 85,615 132,1472,196 Metso Corporation 117,892 81,0472,206 Neste Oil Oyj 79,186 41,13070,575 Nokia Oyj 1,725,805 957,4501,804 Nokian Renkaat Oyj 41,165 45,8981,522 Orion Oyj 36,990 34,4402,028 Outokumpu Oyj, Class “A” 80,034 40,2803,202 Pohjola Bank PLC 42,678 36,2341,447 Rautaruukki Oyj 59,072 35,1197,933 Sampo PLC, Class “A” 224,952 202,7601,423 SanomaWSOY Oyj 45,448 33,68510,009 Stora Enso Oyj 180,579 73,6579,819 UPM-Kymmene Oyj 244,217 122,4821,442 Wartsila Oyj, Class “B” 87,548 60,644

3,441,126 2,232,345

FRANCE – 10.1%

2,680 Accor SA 217,256 153,874468 Aeroports de Paris 59,657 39,469

2,325 Air France-KLM Group 96,305 38,28346,517 Alcatel-Lucent 693,863 164,3433,768 Alstom 284,465 276,489855 Atos Origin SA 59,520 41,099

29,638 AXA SA 1,235,114 730,122300 bioMerieux 29,087 36,777

17,763 BNP Paribas 1,901,308 1,478,2754,178 Bouygues SA 294,448 227,065925 Bureau Veritas SA 54,206 50,592

2,751 Cap Gemini SA 220,251 131,67812,000 Carrefour SA 851,933 603,9331,177 Casino Guichard-Perrachon SA 113,513 110,027749 Casino Guichard-Perrachon SA,

Rights 13/01/2010 0 3,1991,204 Christian Dior SA 139,947 129,4593,105 Cie Generale de Geophysique-Veritas 151,304 69,251744 CNP Assurances SA 89,938 75,592

7,019 Compagnie de Saint-Gobain 497,460 399,4962,741 Compagnie Generale des

Etablissements Michelin SCA 268,112 220,26316,534 Credit Agricole SA 608,698 304,45210,360 Danone SA 779,541 666,3471,174 Dassault Systemes SA 71,030 70,144792 Eiffage SA 73,646 46,836

4,481 Electricite de France SA 448,025 279,429100 Eramet 99,660 32,859

3,751 Essilor International SA 214,722 235,396454 Eurazeo 58,010 33,042

1,600 Eutelsat Communications 47,687 53,861400 Fonciere des Regions 32,942 42,915400 Fonciere des Regions,

Warrants 31/12/2010 0 35434,616 France Telecom SA 1,100,612 907,57022,821 GDF SUEZ 1,279,409 1,037,291

296 Gecina SA 48,643 33,770963 Hermes International 130,296 134,507338 ICADE 59,831 33,954300 Iliad SA 30,163 37,616

548 Imerys 53,915 34,421500 Ipsen SA 24,342 29,089

1,144 JCDecaux SA 44,432 29,1351,740 Klepierre 90,209 73,9663,775 Lafarge SA 484,601 326,1892,296 Lagardere SCA 191,594 97,5304,689 L’Air Liquide SA 537,775 585,1012,042 Legrand SA 63,669 59,6304,578 L’Oreal SA 518,413 536,4654,598 LVMH Moet Hennessy Louis Vuitton SA 509,303 540,9401,118 Metropole Television SA 44,526 30,02317,273 Natixis 146,162 90,495

556 Neopost SA 77,836 48,1482,173 PagesJaunes Groupe SA 52,154 25,4133,767 Pernod Ricard SA 350,101 337,9703,204 Peugeot SA 203,373 113,0121,437 PPR SA 246,451 180,9812,423 Publicis Groupe SA 104,635 103,3693,650 Renault SA 413,301 196,4613,377 SAFRAN SA 79,898 69,23219,874 Sanofi-Aventis 1,926,205 1,639,8784,439 Schneider Electric SA 505,392 541,5392,988 SCOR 83,944 78,759470 Societe BIC 37,350 34,068400 Societe des Autoroutes

Paris-Rhin-Rhone 32,660 32,31311,847 Societe Generale 1,513,027 863,6452,020 Societe Television Francaise 1 86,796 38,9241,780 Sodexo 114,380 106,2675,314 Suez Environnement SA 16,303 128,5681,959 Technip 138,885 144,6131,729 Thales 93,016 93,23639,611 TOTAL SA 3,049,271 2,669,4421,538 Unibail-Rodamco 376,132 354,4981,018 Vallourec SA 311,140 193,2417,125 Veolia Environnement 498,054 246,4238,120 VINCI 541,292 479,41122,251 Vivendi 1,041,311 692,910

26,942,450 20,774,934

GERMANY – 7.9%

3,654 adidas AG 194,821 208,5978,570 Allianz SE 1,845,451 1,120,76617,432 BASF SE 918,097 1,139,27615,322 Bayer AG 999,304 1,291,7606,332 Bayerische Motoren Werke AG 360,302 304,769908 Bayerische Motoren Werke AG, Pref. 44,117 31,205

1,827 Beiersdorf AG 128,646 126,9761,464 Celesio AG 84,085 39,11313,358 Commerzbank AG 438,876 117,92917,061 Daimler AG 1,184,154 951,92410,570 Deutsche Bank AG 1,335,044 786,7323,711 Deutsche Boerse AG 366,573 321,9883,941 Deutsche Lufthansa AG 119,888 69,91116,022 Deutsche Post AG 516,790 326,4621,650 Deutsche Postbank AG 125,126 56,50753,621 Deutsche Telekom AG 1,159,770 829,3391,627 Dr. Ing. h.c. F. Porsche AG, Pref. 229,359 105,67735,957 E.ON AG 1,781,565 1,577,049

637 Fraport AG Frankfurt AirportServices Worldwide 46,089 34,183

500 Fresenius Medical Care AG 46,383 32,7263,549 Fresenius Medical Care AG & Co. KGaA 182,561 197,9581,477 Fresenius SE, Pref. 121,151 110,7802,752 GEA Group AG 99,980 64,2381,100 Hannover Rückversicherung AG 60,202 54,120

$ $ $ $




INDEX FUNDSTD International Index Fund


2,641 HeidelbergCement AG 197,634 189,7552,258 Henkel KGaA 110,672 105,6293,412 Henkel KGaA, Pref. 172,219 185,805722 HOCHTIEF AG 57,147 57,343

20,500 Infineon Technologies AG 117,975 119,6632,726 K+S AG 140,690 163,2072,869 Linde AG 322,118 361,3422,097 MAN SE 210,118 170,5001,215 Merck KGaA 146,777 118,6922,310 METRO AG 165,828 149,1703,705 Muenchener Rueckversicherungs-

Gesellschaft AG 710,410 606,609110 PUMA AG Rudolf Dassler Sport 44,811 38,697

7,965 RWE AG 970,825 814,210671 RWE AG, Pref. 72,321 62,378707 Salzgitter AG 102,113 72,879

16,230 SAP AG 914,899 813,78715,563 Siemens AG 1,689,575 1,502,2641,442 SolarWorld AG 56,029 33,2101,300 Sudzucker AG 28,641 28,4396,315 ThyssenKrupp AG 293,547 250,7783,676 TUI AG 93,608 32,3562,200 United Internet AG 47,836 30,254884 Volkswagen AG 149,737 102,206

1,924 Volkswagen AG, Pref. 161,409 188,593272 Wacker Chemie AG 70,676 49,467

19,435,949 16,147,218

GREECE – 0.5%

6,329 Alpha Bank SA 208,936 77,4903,456 Coca-Cola Hellenic

Bottling Company SA 100,550 82,5435,783 EFG Eurobank Ergasias SA 189,777 67,8111,841 Hellenic Petroleum SA 28,372 21,6264,640 Hellenic Telecommunications

Organization SA 153,387 71,45512,014 Marfin Investment Group Holdings SA 107,301 35,73211,542 National Bank of Greece SA 527,099 311,1314,122 OPAP SA 167,825 95,0195,735 Piraeus Bank SA 190,860 69,0512,236 Public Power Corporation SA 64,309 43,5101,059 Titan Cement Company SA 62,432 32,2271,100 Vodafone – Panafon SA 10,549 0

1,811,397 907,595

HONG KONG – 2.3%

3,600 ASM Pacific Technology Limited 22,009 35,67927,307 Bank of East Asia Ltd. 144,454 112,45569,824 BOC Hong Kong (Holdings) Limited 179,329 164,44323,000 Cathay Pacific Airways Limited 64,667 44,77427,000 Cheung Kong (Holdings) Limited 368,430 363,7007,000 Cheung Kong Infrastructure

Holdings Ltd. 24,842 27,90413,508 Chinese Estates Holdings Limited 26,248 24,12638,700 CLP Holdings Limited 321,446 274,54521,723 Esprit Holdings Limited 232,877 151,08115,700 Hang Lung Group Limited 83,415 81,39241,000 Hang Lung Properties Ltd. 109,884 168,49214,200 Hang Seng Bank Limited 224,903 218,99320,000 Henderson Land Development

Company Limited 134,744 156,6681,200 Hong Kong Aircraft Engineering Limited 23,129 16,27373,713 The Hong Kong and China

Gas Company Limited 153,594 193,806

19,419 Hong Kong Exchangesand Clearing Limited 218,290 362,186

26,300 Hongkong Electric Holdings Limited 148,582 150,17811,400 Hopewell Holdings Limited 44,095 38,53041,300 Hutchison Whampoa Limited 437,810 296,20611,625 Hysan Development Company Limited 34,566 34,48813,525 Kerry Properties Limited 73,055 71,71140,800 Li & Fung Limited 127,131 176,82610,900 Lifestyle International Holdings Limited 15,264 21,24139,955 The Link Real Estate Investment Trust 95,634 106,87558,000 Mongolia Energy Corporation Limited 130,932 30,93626,348 MTR Corporation Limited 73,426 95,15148,509 New World Development

Company Limited 99,976 103,60228,579 Noble Group Limited 26,532 68,76716,123 NWS Holdings Limited 51,877 31,0204,100 Orient Overseas (International) Limited 19,744 19,93070,500 PCCW Limited 23,057 17,80022,000 Shangri-La Asia Limited 57,699 43,20833,767 Sino Land Company Limited 76,184 68,14627,043 Sun Hung Kai Properties Limited 358,409 421,51214,800 Swire Pacific Ltd., Class “A” 175,015 187,6204,000 Television Broadcasts Limited 28,260 20,14526,114 The Wharf (Holdings) Limited 109,421 157,10116,500 Wheelock and Company Limited 53,708 52,7593,362 Wing Hang Bank Limited 41,963 32,79812,100 Yue Yuen Industrial (Holdings) Limited 41,845 36,723

4,676,446 4,679,790

IRELAND – 0.3%

53,229 Anglo Irish Bank Corporation PLC 0 17,37412,862 CRH PLC 494,073 366,92410,260 Elan Corporation PLC 154,998 67,9382,597 Kerry Group PLC 73,555 80,1346,439 Ryanair Holdings PLC 45,860 31,860

768,486 564,230

ITALY – 3.3%

21,580 AEM SpA 88,260 47,50421,949 Assicurazioni Generali SpA 919,884 620,4194,864 Atlantia SpA 147,168 133,4651,908 Autogrill SpA 23,663 25,23412,215 Banca Carige SpA 55,363 34,21243,045 Banca Monte dei Paschi di Siena SpA 184,193 78,9547,144 Banca Popolare di Milano 134,110 53,25512,115 Banco Popolare Societa Cooperativa 341,335 95,223124,611 Enel SpA 1,162,682 756,93149,245 Eni SpA 1,718,433 1,315,7901,435 EXOR SpA 51,246 29,32614,462 Fiat SpA 313,602 222,0537,563 Finmeccanica SpA 191,831 127,0501,185 Fondiaria-SAI SpA 62,029 19,766

161,301 Intesa Sanpaolo SpA 1,175,652 742,2261,219 Italcementi SpA 37,821 17,4952,387 Luxottica Group SpA 81,095 64,75614,649 Mediaset SpA 192,107 126,3728,880 Mediobanca SpA 201,365 110,6848,458 Mediobanca SpA, Warrants 18/03/2011 0 1,3744,395 Mediolanum SpA 40,784 28,8061,894 Parmalat Finanziaria SpA 7,887 031,080 Parmalat SpA 127,217 91,16849,546 Pirelli & C. SpA 60,289 31,132

66 Prima Cinque Azione 0 01,814 Prysmian SpA 45,647 33,2225,008 Saipem SpA 208,393 181,33527,642 Snam Rete Gas SpA 152,825 144,032

$ $




$ $



24,601 T.E.R.Na. Trasmissione ElettricitaRete Nazionale SpA 96,636 111,006

188,137 Telecom Italia SpA 639,792 307,929112,987 Telecom Italia SpA, di Risp Non Conv. 308,802 131,670266,892 UniCredit SpA 1,823,083 935,45911,331 Unione di Banche Italiane ScpA 331,833 170,41211,331 Unione di Banche Italiane ScpA,

Warrants 30/06/2011 0 83511,574 Unipol Gruppo Finanziario SpA 35,767 16,611

10,960,794 6,805,706

JAPAN – 20.3%

7,000 The 77 Bank Ltd. 48,620 39,061400 ABC-Mart Inc. 11,688 11,638810 Acom Company Ltd. 41,218 12,934

2,700 Advantest Corporation 171,490 73,77013,000 AEON Co., Ltd. 275,003 110,6651,300 AEON Credit Service Co., Ltd. 30,718 13,1631,500 AEON Mall Co., Ltd. 50,094 30,4799,000 Aioi Insurance Company Limited 51,218 45,2462,700 Air Water Inc. 35,577 33,3554,000 Aisin Seiki Co., Ltd. 134,917 121,20412,000 Ajinomoto Co., Inc. 166,578 118,455

600 Alfresa Holdings Corporation 40,468 25,02016,000 All Nippon Airways Co., Ltd. 63,179 45,5486,000 Amada Co., Ltd. 70,181 39,41613,200 Aozora Bank Ltd. 30,587 14,7157,000 Asahi Breweries Ltd. 119,278 135,21320,000 Asahi Glass Company Limited 245,434 199,52524,000 Asahi Kasei Corporation 172,323 126,1202,800 ASICS Corporation 35,889 26,3568,506 Astellas Pharma Inc. 425,906 332,8366,000 The Bank of Kyoto Ltd. 69,216 50,86325,000 The Bank of Yokohama Ltd. 202,818 119,5491,400 Benesse Corporation 76,834 61,39211,800 Bridgestone Corporation 284,852 218,3084,100 Brother Industries Ltd. 60,383 49,45320,200 Canon Inc. 1,161,627 901,2101,300 Canon Marketing Japan Inc. 35,911 20,0924,000 Casio Computer Co., Ltd. 100,990 33,584

29 Central Japan Railway Company 330,886 203,57815,000 Chiba Bank Ltd. 130,293 94,0963,000 Chiyoda Corporation 24,336 24,30112,300 Chubu Electric Power Co., Inc. 405,866 307,7433,900 Chugai Pharmaceutical Co., Ltd. 91,965 76,4543,000 The Chugoku Bank Limited 46,623 39,0215,200 The Chugoku Electric Power Co., Inc. 115,388 104,1575,800 Citizen Holdings Co., Ltd. 54,169 35,153900 Coca-Cola West Japan Company Limited 23,196 16,654

9,000 Cosmo Oil Company Limited 36,821 19,8342,800 Credit Saison Co., Ltd. 113,531 32,88811,000 Dai Nippon Printing Co., Ltd. 188,239 147,0965,000 Daicel Chemical Industries Ltd. 37,390 30,8035,000 Daido Steel Co., Ltd. 39,746 19,4683,000 Daihatsu Motor Co., Ltd. 34,989 31,45112,458 Daiichi Sankyo Company Limited 416,658 274,0134,400 Daikin Industries Ltd. 158,500 182,2693,000 Dainippon Sumitomo Pharma Co., Ltd. 24,385 33,0231,500 Daito Trust Construction Co., Ltd. 78,813 74,48910,000 Daiwa House Industry Co., Ltd. 177,106 112,77531,000 Daiwa Securities Group Inc. 336,674 163,625

6 DeNA Co., Ltd. 41,907 37,2788,000 Denki Kagaku Kogyo Kabushiki Kaisha 38,578 37,5099,200 DENSO Corporation 358,987 291,5633,300 Dentsu Inc. 107,682 79,6844,000 Dowa Holdings Co., Ltd. 39,600 23,212

3,000 Dowa Holdings Co., Ltd.,Rights 29/01/2010 0 867

6,500 East Japan Railway Company 514,241 431,3984,800 Eisai Co., Ltd. 256,869 185,0902,660 Electric Power Development Co., Ltd. 124,160 79,3222,000 Elpida Memory Inc. 108,004 34,1871,000 FamilyMart Co., Ltd. 32,818 30,9623,600 FANUC Ltd. 361,856 351,901900 Fast Retailing Company Limited 98,959 177,400

9,000 Fuji Electric Holdings Co., Ltd. 53,990 16,32411,000 Fuji Heavy Industries Ltd. 54,075 56,373

8 Fuji Television Network Inc. 20,903 11,6268,700 FUJIFILM Holdings Corporation 394,572 275,56836,000 Fujitsu Limited 376,406 244,98213,000 Fukuoka Financial Group Inc. 113,303 47,51613,000 Furukawa Electric Co., Ltd. 82,920 56,9426,000 GS Yuasa Corporation 51,901 46,5218,000 The Gunma Bank Ltd. 56,288 42,9128,000 The Hachijuni Bank Ltd. 62,825 48,964400 Hakuhodo DY Holdings Inc. 29,607 20,435

21,080 Hankyu Hanshin Holdings Inc. 136,016 98,6064,000 Hino Motors Ltd. 15,767 14,515600 Hirose Electric Co., Ltd. 71,218 65,980

8,423 The Hiroshima Bank Ltd. 54,260 34,0391,200 Hisamitsu Pharmaceutical Co., Inc. 48,007 40,6461,700 Hitachi Chemical Co., Ltd. 53,730 36,3381,800 Hitachi Construction Machinery Co., Ltd. 53,826 49,4861,100 Hitachi High-Technologies Corporation 36,930 22,88962,000 Hitachi Ltd. 451,008 199,8973,000 Hitachi Metals Ltd. 44,997 30,2713,600 Hokkaido Electric Power Co., Inc. 101,639 68,49425,000 Hokugin Financial Group Inc. 94,870 53,6103,600 Hokuriku Electric Power Company 87,074 82,43931,300 Honda Motor Co., Ltd. 1,178,528 1,113,7938,100 Hoya Corporation 314,178 226,6762,600 IBIDEN Co., Ltd. 134,485 97,798500 Idemitsu Kosan Co., Ltd. 47,903 30,614

22,000 IHI Corporation 83,715 36,79715 INPEX Corporation 141,025 118,951

7,520 Isetan Mitsukoshi Holdings Ltd. 130,989 71,21422,000 Isuzu Motors Limited 109,266 43,3431,100 ITO EN Ltd. 24,941 17,37229,000 ITOCHU Corporation 268,916 224,670

500 ITOCHU Techno-Solutions Corporation 32,467 14,0824,000 The Iyo Bank Ltd. 49,513 34,13010,800 J. Front Retailing Co., Ltd. 84,431 50,023

500 JAFCO Co., Ltd. 18,433 12,69119,000 Japan Airlines Corporation 44,295 14,325

400 Japan Petroleum Exploration Co., Ltd. 27,294 18,4989 Japan Prime Realty Investment

Corporation 37,338 19,6149 Japan Real Estate Investment

Corporation 102,610 69,5848 Japan Retail Fund Investment

Corporation 63,226 37,7345,900 The Japan Steel Works Ltd. 63,421 78,903

84 Japan Tobacco Inc. 421,755 297,4679,200 JFE Holdings Inc. 471,126 381,4124,000 JGC Corporation 75,036 77,30813,000 The Joyo Bank Ltd. 79,962 54,7904,500 JS Group Corporation 105,834 81,2473,900 JSR Corporation 100,893 83,2453,300 JTEKT Corporation 71,503 44,515

43 Jupiter Telecommunications Co., Ltd. 38,358 44,62615,000 Kajima Corporation 76,274 31,831

$ $ $ $






6,000 Kamigumi Co., Ltd. 58,579 45,9175,000 Kaneka Corporation 54,336 33,41214,500 Kansai Electric Power Co., Inc. 421,224 343,1835,000 Kansai Paint Co., Ltd. 41,297 43,94710,000 Kao Corporation 310,421 245,80429,000 Kawasaki Heavy Industries Ltd. 103,587 77,20010,000 Kawasaki Kisen Kaisha Ltd. 91,272 29,967

56 KDDI Corporation 421,773 311,0918,000 Keihin Electric Express Railway Co., Ltd. 68,331 61,76611,000 Keio Corporation 76,889 69,6195,000 Keisei Electric Railway Co., Ltd. 33,680 28,687792 Keyence Corporation 179,405 172,396

3,000 Kikkoman Corporation 42,135 38,5532,000 Kinden Corporation 24,362 17,77431,000 Kintetsu Corporation 124,132 107,76716,000 Kirin Holdings Company Limited 259,927 269,11447,000 Kobe Steel Ltd. 161,469 89,3301,900 Koito Manufacturing Co., Ltd. 29,810 31,98318,000 Komatsu Ltd. 350,097 395,2041,600 Konami Corporation 58,380 29,9619,100 Konica Minolta Holdings Inc. 144,960 98,35420,000 Kubota Corporation 189,859 192,4736,300 Kuraray Co., Ltd. 80,254 77,7682,400 Kurita Water Industries Ltd. 64,379 79,0823,000 Kyocera Corporation 306,940 277,1055,000 Kyowa Hakko Kogyo Co., Ltd. 50,635 55,4547,200 Kyushu Electric Power Company

Incorporated 208,595 155,5351,300 Lawson Inc. 60,452 60,217600 Mabuchi Motor Co., Ltd. 41,101 31,188

2,200 Makita Corporation 73,996 79,25331,000 Marubeni Corporation 185,077 179,6005,000 Marui Group Co., Ltd. 76,533 32,289700 Maruichi Steel Tube Ltd. 19,525 14,658

2,200 Matsui Securities Co., Ltd. 17,561 16,0768,000 Matsushita Electric Works Ltd. 92,693 101,65817,000 Mazda Motor Corporation 95,149 40,9981,300 McDonald’s Holdings Company

(Japan) Ltd. 27,867 26,0782,500 MEDICEO Paltac Holdings Co., Ltd. 54,188 32,4991,268 MEIJI Holdings Co., Ltd. 62,073 50,2566,000 Minebea Co., Ltd. 49,572 34,14823,250 Mitsubishi Chemical Holdings

Corporation 166,802 103,83823,900 Mitsubishi Corporation 521,075 624,36737,000 Mitsubishi Electric Corporation 362,958 288,27422,000 Mitsubishi Estate Co., Ltd. 595,435 368,3909,000 Mitsubishi Gas Chemical Company Inc. 86,573 47,56656,000 Mitsubishi Heavy Industries Ltd. 294,193 207,1492,000 Mitsubishi Logistics Corporation 29,854 24,74619,000 Mitsubishi Materials Corporation 89,798 48,73873,000 Mitsubishi Motors Corp. 133,076 106,4189,000 Mitsubishi Rayon Co., Ltd. 69,901 37,968

232,680 Mitsubishi UFJ Financial Group Inc. 2,505,958 1,202,064970 Mitsubishi UFJ Lease & Finance

Company Limited 49,632 30,64832,800 Mitsui & Co., Ltd. 545,540 488,01213,000 Mitsui Chemicals Inc. 98,225 35,30412,000 Mitsui Engineering &

Shipbuilding Co., Ltd. 44,610 30,31216,000 Mitsui Fudosan Co., Ltd. 396,824 283,7349,000 Mitsui Mining & Smelting Co., Ltd. 55,051 24,53322,000 Mitsui O.S.K. Lines Ltd. 237,939 121,8908,000 Mitsui Sumitomo Insurance Group

Holdings Inc. 309,688 214,30118,000 Mitsui Trust Holdings Inc. 162,945 63,595

1,400 Mitsumi Electric Co., Ltd. 36,487 25,935239,231 Mizuho Financial Group Inc. 1,493,314 451,2049,000 Mizuho Securities Co., Ltd. 41,394 28,56336,000 Mizuho Trust & Banking Co., Ltd. 57,385 35,2264,200 Murata Manufacturing Co., Ltd. 301,678 219,8393,450 NAMCO BANDAI Holdings Inc. 60,087 34,56637,000 NEC Corporation 240,539 100,3095,000 NGK Insulators Ltd. 86,585 114,6833,000 NGK Spark Plug Co., Ltd. 52,960 35,6942,000 NHK Spring Co., Ltd. 15,168 19,5302,000 NIDEC Corporation 159,875 193,8666,000 Nikon Corporation 154,751 124,2611,900 Nintendo Co., Ltd. 602,354 475,936

9 Nippon Building Fund Inc. 120,985 71,7396,500 Nippon Electric Glass Co., Ltd. 112,477 93,83116,000 Nippon Express Co., Ltd. 93,874 69,3013,000 Nippon Meat Packers Inc. 40,782 36,42716,700 Nippon Mining Holdings Inc. 136,115 75,17125,000 Nippon Oil Corporation 193,275 121,5591,500 Nippon Paper Group Inc. 69,321 40,14910,000 Nippon Sheet Glass Co., Ltd. 60,632 30,05696,000 Nippon Steel Corporation 499,733 407,9749,900 Nippon Telegraph and

Telephone Corporation 600,129 410,16519,000 Nippon Yusen Kabushiki Kaisha 156,680 61,37312,000 NIPPONKOA Insurance

Company Limited 109,278 71,65711,000 The Nishi-Nippon City Bank Ltd. 56,440 28,2503,000 Nissan Chemical Industries Ltd. 38,554 44,85047,100 Nissan Motor Co., Ltd. 536,277 434,1102,900 Nissay Dowa General

Insurance Co., Ltd. 15,884 14,594600 Nissha Printing Co., Ltd. 32,893 31,001

3,200 Nisshin Seifun Group Inc. 37,618 45,35513,000 Nisshin Steel Co., Ltd. 50,814 24,1053,000 Nisshinbo Industries Inc. 34,343 29,1531,500 Nissin Food Products Co., Ltd. 58,985 51,388750 Nitori Co., Ltd. 44,710 58,548

3,200 Nitto Denko Corporation 181,165 120,5661,900 NOK Corporation 49,179 27,48563,900 Nomura Holdings Inc. 868,755 498,3941,800 Nomura Real Estate Holdings Inc. 52,128 28,005

5 Nomura Real Estate Office Fund Inc. 50,205 28,5201,900 Nomura Research Institute Ltd. 63,435 39,1898,000 NSK Ltd. 68,948 61,5698,000 NTN Corporation 73,100 37,910

24 NTT DATA Corporation 139,277 78,053290 NTT DoCoMo Inc. 579,048 424,44119 NTT Urban Development Co. 40,731 13,302

13,000 Obayashi Corporation 87,159 46,409120 OBIC Co., Ltd. 29,399 20,548

12,000 Odakyu Electric Railway Co., Ltd. 93,510 96,58616,000 Oji Paper Co., Ltd. 96,329 70,3094,000 Olympus Corporation 128,254 135,2583,600 OMRON Corporation 111,480 67,9051,700 Ono Pharmaceutical Co., Ltd. 92,470 76,540600 Oracle Corporation Japan 34,367 26,219

1,000 Oriental Land Company Limited 72,270 69,0101,990 ORIX Corporation 472,849 142,10037,000 Osaka Gas Co., Ltd. 156,521 130,786

500 OTSUKA Corporation 39,674 26,15637,207 Panasonic Corporation 820,435 561,787

137 Rakuten Inc. 83,261 109,3929,400 Resona Holdings Inc. 281,319 100,16213,000 Ricoh Company Ltd. 278,348 195,364

800 Rinnai Corporation 36,296 40,547

$ $




$ $



1,900 ROHM Co., Ltd. 236,722 130,051900 Sankyo Co., Ltd. 54,164 47,265

1,200 Santen Pharmaceutical Co., Ltd. 37,733 40,42832,000 SANYO Electric Co., Ltd. 67,209 61,9935,400 Sapporo Hokuyo Holdings Inc. 60,196 20,5564,000 Sapporo Holdings Ltd. 27,079 23,117287 SBI Holdings Inc. 111,967 53,890

3,900 SECOM Co., Ltd. 265,169 194,2813,384 Sega Sammy Holdings Inc. 106,881 42,4722,700 Seiko Epson Corporation 76,025 45,7627,000 Sekisui Chemical Co., Ltd. 65,512 45,67110,000 Sekisui House Ltd. 150,215 95,21411,000 Senshu Ikeda Holdings Inc. 36,821 42,11614,500 Seven & i Holdings Co., Ltd. 558,731 310,516

11 Seven Bank Ltd. 42,702 23,03219,000 Sharp Corporation 354,880 251,6473,300 Shikoku Electric Power Co., Inc. 96,919 89,4264,000 Shimadzu Corporation 42,660 27,943500 Shimamura Co., Ltd. 52,347 50,105

1,100 Shimano Inc. 36,879 46,57610,000 Shimizu Corporation 59,804 37,6717,800 Shin-Etsu Chemical Co., Ltd. 548,927 461,8661,200 Shinko Electric Industries Co., Ltd. 20,797 18,32017,000 Shinsei Bank Limited 95,250 19,4246,000 Shionogi & Co., Ltd. 139,051 136,4367,000 Shiseido Co., Ltd. 159,393 141,09811,000 Shizuoka Bank Ltd. 130,549 100,42320,000 Showa Denko K.K. 84,000 41,7743,200 Showa Shell Sekiyu K.K. 40,360 27,3541,100 SMC Corporation 164,775 131,73014,400 SOFTBANK Corp. 407,823 354,04920,100 Sojitz Corporation 80,276 39,88716,000 Sompo Japan Insurance Inc. 197,518 108,19418,900 Sony Corporation 932,953 576,270

19 Sony Financial Holdings Inc. 71,233 51,8591,200 Square Enix Co., Ltd. 38,404 26,5512,500 Stanley Electric Co., Ltd. 57,585 53,1832,500 SUMCO Corporation 77,110 46,33230,000 Sumitomo Chemical Co., Ltd. 224,450 138,04721,600 Sumitomo Corporation 344,299 230,68113,900 Sumitomo Electric Industries Ltd. 236,411 181,58611,000 Sumitomo Heavy Industries Ltd. 120,945 58,40763,000 Sumitomo Metal Industries Ltd. 269,705 177,61110,000 Sumitomo Metal Mining Co., Ltd. 163,668 154,77717,100 Sumitomo Mitsui Financial Group Inc. 1,577,270 514,6377,000 Sumitomo Realty &

Development Co., Ltd. 216,497 138,5912,900 Sumitomo Rubber Industries Ltd. 43,453 26,44126,000 The Sumitomo Trust

and Banking Co., Ltd. 284,335 133,8914,000 Suruga Bank Ltd. 58,234 36,5581,400 Suzuken Co., Ltd. 58,112 48,2906,600 Suzuki Motor Corporation 192,872 170,470700 Sysmex Corporation 39,913 38,387

4,200 T&D Holdings Inc. 273,763 90,59015,000 Taiheiyo Cement Corporation 68,979 17,94616,000 Taisei Corporation 57,816 28,7922,000 Taisho Pharmaceutical Co., Ltd. 45,367 36,0906,000 Taiyo Nippon Sanso Corporation 53,383 66,9725,000 Takashimaya Co., Ltd. 81,481 33,41314,300 Takeda Pharmaceutical

Company Limited 1,018,537 617,9304,000 Tanabe Seiyaku Co., Ltd. 56,079 52,3472,100 TDK Corporation 176,342 134,59919,000 Teijin Ltd. 121,202 64,382

3,300 Terumo Corporation 148,872 208,5972,100 THK Co., Ltd. 61,709 39,16616,000 Tobu Railway Co., Ltd. 92,491 87,6011,900 Toho Co., Ltd. 40,225 32,3698,000 Toho Gas Co., Ltd. 41,041 44,5828,200 Tohoku Electric Power Co., Inc. 226,031 170,43313,700 Tokio Marine Holdings Inc. 536,310 392,1075,000 Tokuyama Corporation 63,908 29,32223,200 Tokyo Electric Power Co., Inc. 821,037 610,6993,400 Tokyo Electron Limited 289,542 228,89045,000 Tokyo Gas Co., Ltd. 250,869 188,3891,800 Tokyo Steel Manufacturing Co., Ltd. 32,744 21,2535,000 Tokyo Tatemono Co., Ltd. 44,415 20,17220,000 Tokyu Corporation 143,285 83,53010,000 Tokyu Land Corporation 90,332 38,9595,000 TonenGeneral Sekiyu K.K. 55,745 43,81610,000 Toppan Printing Co., Ltd. 121,377 85,39524,000 Toray Industries Inc. 180,076 136,94775,000 Toshiba Corporation 502,340 436,4778,000 Tosoh Corporation 41,247 23,1724,000 TOTO Ltd. 47,744 26,6762,700 Toyo Seikan Kaisha Ltd. 54,726 43,1392,000 Toyo Suisan Kaisha Ltd. 52,153 48,3721,100 Toyoda Gosei Co., Ltd. 30,069 34,9501,200 Toyota Boshoku Corporation 18,369 28,1003,400 Toyota Industries Corporation 162,079 106,50055,000 Toyota Motor Corporation 3,466,601 2,432,0143,600 Toyota Tsusho Corporation 104,849 55,8712,000 Trend Micro Inc. 70,547 79,6761,100 Tsumura & Co. 43,196 37,29721,000 Ube Industries Ltd. 69,954 60,260

700 Unicharm Corporation 44,726 68,8253,000 UNY Co., Ltd. 43,483 22,1881,900 USHIO Inc. 43,907 33,231420 USS Co., Ltd. 31,969 26,89132 West Japan Railway Company 161,143 112,520260 Yahoo Japan Corporation 134,953 81,989

1,800 Yakult Honsha Co., Ltd. 56,007 57,1531,650 Yamada Denki Co., Ltd. 163,392 116,7444,000 Yamaguchi Financial Group Inc. 57,910 38,9433,000 YAMAHA Corporation 69,065 37,9094,100 Yamaha Motor Co., Ltd. 114,275 54,384700 Yamato Kogyo Co., Ltd. 29,837 24,004

7,000 Yamato Transport Co., Ltd. 124,142 102,1952,140 Yamazaki Baking Co., Ltd. 22,330 26,6964,000 Yaskawa Electric Corporation 48,042 34,9493,600 Yokogawa Electric Corporation 63,139 33,345

59,838,894 41,649,765

KAZAKHSTAN – 0.0%


LUXEMBOURG – 0.6%

16,203 ArcelorMittal 779,178 777,0311,431 Millicom International Cellular SA 158,334 111,5581,262 Reinet Investments SCA 23,398 20,8315,205 SES SA 133,814 123,0269,492 Tenaris SA 122,386 214,630

1,217,110 1,247,076

MACAU – 0.0%

14,800 Sands China Ltd. 21,028 18,929

$ $ $ $






MALAYSIA – 0.0%

73,000 Genting Singapore PLC 37,632 70,5461,000 Promet Berhad 329 0

37,961 70,546

MEXICO – 0.0%

3,400 Fresnillo PLC 40,515 45,265


26,823 AEGON NV 512,040 180,2184,338 Akzo Nobel NV 289,451 301,8348,201 ASML Holding NV 233,578 293,7791,009 Corio NV 76,693 72,1277,706 European Aeronautic Defence

and Space Company EADS NV 238,689 162,5241,229 Fugro NV 63,618 74,0682,082 Heineken Holding NV 104,779 91,3624,743 Heineken NV 249,633 236,25068,273 ING Groep NV 1,899,278 689,85822,628 Koninklijke Ahold NV 292,815 314,5473,008 Koninklijke DSM NV 150,142 155,06831,339 Koninklijke KPN NV 522,180 558,90318,400 Koninklijke Philips Electronics NV 747,558 570,663

600 Koninklijke Vopak NV 49,653 49,8933,737 Qiagen NV 78,194 88,2451,921 Randstad Holding NV 104,035 100,28912,792 Reed Elsevier NV 269,041 164,6751,068 Royal Boskalis Westminster NV 64,749 43,13967,315 Royal Dutch Shell PLC, Class “A” 2,645,652 2,135,0032,598 SBM Offshore NV 92,138 53,4827,011 TNT NV 305,468 226,00530,903 Unilever NV 946,328 1,055,3005,273 Wolters Kluwer NV 167,951 120,995

10,103,663 7,738,227

NEW ZEALAND – 0.1%

16,831 Auckland International Airport Limited 28,780 25,8545,197 Contact Energy Limited 30,665 24,30811,269 Fletcher Building Limited 82,882 68,3128,705 SKYCITY Entertainment Group Limited 34,020 21,84436,190 Telecom Corporation of

New Zealand Limited 126,527 68,306

302,874 208,624

NORWAY – 0.8%

13,932 DnB NOR ASA 198,855 158,03312,116 Norsk Hydro ASA 332,496 106,94114,455 Orkla ASA 171,598 149,0076,350 Renewable Energy Corporation ASA 134,636 51,5054,870 SeaDrill Limited 102,370 130,19021,267 StatoilHydro ASA 652,868 557,28715,814 Telenor ASA 288,706 232,1193,562 Yara International ASA 101,778 169,523

1,983,307 1,554,605

PORTUGAL – 0.3%

40,406 Banco Comercial Portugues SA 174,275 51,3559,577 Banco Espirito Santo SA 114,963 65,4453,399 BRISA-Auto-estradas de Portugal SA 45,583 36,6464,672 CIMPOR – Cimentos de Portugal

SGPS SA 41,408 45,05734,034 EDP-Energias de Portugal SA 187,368 158,9803,400 Galp Energia SGPS SA 46,767 61,6183,900 Jeronimo Martins SGPS SA 35,496 40,92311,446 Portugal Telecom SGPS SA 161,150 146,540

807,010 606,564

SINGAPORE – 1.4%

23,000 Ascendas Real EstateInvestment Trust 32,486 37,875

46,500 CapitaLand Limited 170,027 144,70740,000 CapitaMall Trust 62,478 53,55819,000 CapitaMalls Asia Limited 38,821 36,03610,000 City Developments Limited 83,744 85,77432,000 ComfortDelGro Corporation Limited 39,278 39,04719,000 Cosco Corporation (Singapore) Limited 18,548 16,71232,674 DBS Group Holdings Ltd. 395,535 372,61117,000 Fraser & Neave Limited 56,072 53,011127,440 Golden Agri-Resources Ltd. 79,809 48,1762,871 Jardine Cycle & Carriage Limited 31,759 57,50324,000 Keppel Corporation Limited 133,383 146,65719,700 Neptune Orient Lines Limited 21,347 24,12019,264 Olam International Limited 25,734 37,96948,995 Oversea-Chinese Banking

Corporation Limited 264,011 330,95218,266 SembCorp Industries Ltd. 51,604 50,06913,400 SembCorp Marine Ltd. 28,953 36,6776,800 Singapore Airlines Ltd. 79,711 75,54916,000 Singapore Exchange Limited 75,471 98,82930,075 Singapore Press Holdings Limited 93,048 82,13023,000 Singapore Technologies

Engineering Ltd. 51,057 55,531151,900 Singapore Telecommunications Limited 355,440 350,97911,400 StarHub Ltd. 18,963 18,26423,112 United Overseas Bank Limited 307,776 337,4848,711 United Overseas Land Ltd. 27,767 26,33425,000 Wilmar International Limited 101,710 119,24830,800 Yangzijiang Shipbuilding (Holdings) Ltd. 28,901 27,597

2,673,433 2,763,399

SPAIN – 4.5%

5,326 Abertis Infraestructuras SA 166,573 126,344492 Acciona SA 97,285 67,474

2,680 Acerinox SA 84,280 58,7252,689 ACS.Actividades de Construccion

y Servicios SA 157,076 141,03367,348 Banco Bilbao Vizcaya Argentaria SA 1,642,162 1,287,83417,291 Banco de Sabadell SA 182,655 100,7733,700 Banco de Valencia SA 46,450 29,51113,875 Banco Popular Espanol SA 252,147 106,934152,815 Banco Santander SA 2,643,015 2,649,5125,403 Bankinter SA 92,740 58,40415,876 Criteria CaixaCorp SA 102,972 78,8983,800 EDP Renovaveis SA 27,607 37,8033,265 Enagas SA 91,258 75,9428,072 Ferrovial SA 184,569 100,026786 Fomento de Construcciones

y Contratas SA 91,556 34,9693,172 Gamesa Corporacion Tecnologica SA 107,368 56,0704,583 Gas Natural SDG SA 136,819 103,6511,698 Gestevision Telecinco SA 53,471 25,9132,300 Grifols SA 65,567 42,37414,542 Iberdrola Renovables SA 118,739 72,65769,911 Iberdrola SA 838,468 702,9168,201 Iberia, Lineas Aereas de Espana SA 33,116 23,3411,547 Indra Sistemas SA 41,313 38,4204,074 Industria de Diseno Textil SA 237,909 266,95511,864 Mapfre SA 59,515 52,27611,864 Mapfre SA, Rights 0 1782,063 Red Electrica de Espana SA 125,419 120,787

$ $




$ $



13,802 Repsol YPF SA 521,492 388,6011,469 Sacyr Vallehermoso SA 99,738 17,68979,366 Telefonica SA 1,958,493 2,330,7182,439 Zardoya Otis SA 92,054 49,807

10,351,826 9,246,535

SWEDEN – 2.4%

4,314 AB Electrolux, Class “B” 104,121 106,4936,512 Alfa Laval AB 73,724 94,5995,893 ASSA ABLOY AB, Class “B” 127,218 119,26013,416 Atlas Copco AB, Class “A” 213,546 207,1707,369 Atlas Copco AB, Class “B” 110,429 100,9363,713 Getinge AB, Class “B” 79,158 74,5469,654 H&M Hennes & Mauritz AB, Class “B” 509,468 562,206849 Holmen AB, Class “B” 41,573 22,722

7,454 Husqvarna AB, Class “B” 89,232 57,4468,616 Investor AB, Class “B” 203,428 167,6453,937 Lundin Petroleum AB 48,214 32,62961,506 Nordea Bank AB 756,069 654,64119,042 Sandvik AB 267,039 240,8796,148 Scania AB, Class “B” 113,301 83,4055,383 Securitas AB, Class “B” 97,272 55,38128,627 Skandinaviska Enskilda Banken AB,

Class “A” 339,718 185,9037,504 Skanska AB, Class “B” 145,885 133,7577,314 SKF AB, Class “B” 125,262 132,4873,064 SSAB Svenskt Stal AB, Class “A” 80,855 54,6661,559 SSAB Svenskt Stal AB, Class “B” 22,652 25,36510,741 Svenska Cellulosa AB SCA, Class “B” 188,519 150,4379,257 Svenska Handelsbanken AB, Class “A” 269,338 277,0456,300 Swedbank AB 178,426 65,1584,449 Swedish Match AB 88,214 102,1815,227 Tele2 AB, Class “B” 84,270 84,34755,516 Telefonaktiebolaget LM Ericsson 1,178,276 536,88642,553 TeliaSonera AB 362,741 323,0847,700 Volvo AB, Class “A” 42,139 68,94721,360 Volvo AB, Class “B” 302,248 192,455

6,242,335 4,912,676


41,869 ABB Ltd. 815,392 846,3681,839 Actelion Ltd. 84,219 103,0402,300 Adecco SA 166,120 133,1041,400 Aryzta AG 75,705 54,699900 Baloise Holding AG 101,611 78,391300 BKW FMB Energie AG 34,439 24,52816 Chocoladefabriken Lindt & Sprungli AG 50,628 36,037

9,832 Compagnie Financiere Richemont SA,Class “A” 327,542 346,840

21,287 Credit Suisse Group 1,450,364 1,106,3254,162 GAM Holding Ltd. 323,296 52,870768 Geberit AG 121,250 142,830138 Givaudan SA 131,748 115,840

4,665 Holcim Ltd., Class “B” 425,290 380,3394,162 Julius Baer Group Ltd. 173,765 153,5521,139 Kuehne & Nagel International AG, ADR 95,366 116,177

2 Lindt & Spruengli AG 64,545 51,5263,983 Logitech International SA 110,339 72,474851 Lonza Group AG 86,077 62,902

65,011 Nestle SA 2,665,246 3,310,0152,483 Nobel Biocare Holding AG 146,221 87,30139,539 Novartis AG 2,517,119 2,265,125

470 Pargesa Holding SA 56,112 42,90013,267 Roche Holding AG 2,538,741 2,380,136

1,376 Schindler Holding AG 86,652 109,93089 SGS SA 110,852 121,888937 Sonova Holding AG 77,471 119,087

12,982 STMicroelectronics NV 291,104 125,861134 Straumann Holding AG 37,505 39,482605 Swatch Group AG 132,658 160,651882 Swatch Group AG, Class “B” 42,881 44,043601 Swiss Life Holding 158,957 80,221

6,533 Swiss Re 623,943 328,315446 Swisscom AG 188,060 178,689

1,865 Syngenta AG 383,433 552,5301,090 Synthes Inc. 149,727 149,61567,053 UBS AG 2,773,916 1,095,39136,251 Xstrata PLC 792,723 677,6942,764 Zurich Financial Services 847,670 633,922

19,258,687 16,380,638


18,321 3i Group PLC 232,684 86,9443,300 Admiral Group PLC 62,975 66,1355,747 AMEC PLC 54,537 76,74324,758 Anglo American PLC 1,388,915 1,136,2808,230 Antofagasta PLC 119,463 137,2206,357 Associated British Foods PLC 111,294 88,33327,382 AstraZeneca PLC 1,703,354 1,348,8133,900 Autonomy Corporation PLC 86,804 99,26750,919 Aviva PLC 746,576 339,49269,343 BAE Systems PLC 600,104 420,6518,162 Balfour Beatty PLC 74,441 35,600

210,193 Barclays PLC 2,098,732 970,78363,509 BG Group PLC 1,002,185 1,201,92741,678 BHP Billiton PLC 892,840 1,392,642356,282 BP PLC 4,366,783 3,605,89810,114 British Airways PLC 111,905 31,88337,422 British American Tobacco PLC 1,185,943 1,273,31116,245 British Land Company PLC 348,661 131,11322,065 British Sky Broadcasting Group PLC 269,450 208,901144,103 BT Group PLC 886,698 328,9366,072 Bunzl PLC 86,354 69,1817,834 Burberry Group PLC 104,366 78,86447,838 Cable & Wireless PLC 187,703 114,06626,376 Cadbury PLC 367,248 355,45425,990 Cairn Energy PLC 159,317 145,8282,731 Canary Wharf Group PLC 20,316 011,705 The Capita Group PLC 154,068 148,3432,937 Carnival PLC 150,724 104,8747,714 The Carphone Warehouse Group PLC 29,087 24,37496,616 Centrica PLC 614,871 458,68923,630 Cobham PLC 92,486 100,04235,308 Compass Group PLC 250,037 264,84346,845 Diageo PLC 985,325 856,5975,900 Drax Group PLC 85,610 41,22719,363 Experian PLC 247,724 200,4679,117 FirstGroup PLC 107,243 65,36826,827 G4S PLC 107,662 117,85997,267 GlaxoSmithKline PLC 2,863,439 2,161,90412,912 Hammerson PLC 201,960 92,11416,657 Home Retail Group PLC 147,164 79,183324,821 HSBC Holdings PLC 4,924,252 3,884,0169,766 ICAP PLC 98,815 70,59819,457 Imperial Tobacco Group PLC 736,032 643,3598,200 Inmarsat PLC 90,929 95,7724,634 InterContinental Hotels Group PLC 128,493 69,78630,280 International Power PLC 249,522 158,14413,718 Invensys PLC 117,113 69,1716,852 Investec PLC 92,395 49,071

$ $ $ $






22,068 J Sainsbury PLC 193,953 120,6043,870 Johnson Matthey PLC 120,043 100,0613,883 Kazakhmys PLC 56,641 86,17443,250 Kingfisher PLC 246,101 166,875

301 Ladbrokes PLC 720 69814,395 Land Securities Group PLC 390,282 166,065115,400 Legal and General Group PLC 356,058 155,6048,040 Liberty International PLC 152,876 69,669

706,407 Lloyds Banking Group PLC 1,842,909 595,7142,644 London Stock Exchange Group PLC 71,321 32,0042,715 Lonmin PLC 183,670 89,43235,174 Man Group PLC 373,387 181,95129,590 Marks & Spencer Group PLC 404,525 200,38145,848 National Grid PLC 700,503 524,5123,525 NEXT PLC 134,172 123,53599,809 Old Mutual PLC 347,305 184,51515,631 Pearson PLC 275,125 234,9033,800 Petrofac Limited 59,343 67,09847,716 Prudential PLC 679,101 511,9411,500 Randgold Resources Ltd. 116,372 125,19511,465 Reckitt Benckiser Group PLC 584,231 650,47021,486 Reed Elsevier PLC 301,622 184,88038,885 Resolution Limited 155,253 58,87812,382 Rexam PLC 141,465 60,67025,758 Rio Tinto PLC 1,403,729 1,457,78835,028 Rolls-Royce Group PLC 305,313 285,906

1,778,348 Rolls-Royce Group PLC, Class “C” 0 172,2082,101,680 Rolls-Royce Group PLC, Class “C”,

Entitlement Shares 0 3,55864,776 Royal & Sun Alliance

Insurance Group PLC 215,255 131,902311,637 The Royal Bank of Scotland Group PLC 2,769,916 151,62751,315 Royal Dutch Shell PLC, Class “B” 2,021,232 1,566,38317,114 SABMiller PLC 398,253 527,26127,650 The Sage Group PLC 157,600 102,6282,023 Schroders PLC 49,113 45,31517,410 Scottish and Southern Energy PLC 526,146 341,56010,518 SEGRO PLC 178,825 61,1491,099 SEGRO PLC, Subscription Shares 0 6,4118,579 Serco Group PLC 71,698 76,6864,455 Severn Trent PLC 130,244 81,58910,250 Shire PLC 206,918 209,923

16,595 Smith & Nephew PLC 174,471 178,9187,219 Smiths Group PLC 215,135 123,34736,391 Standard Chartered PLC 1,078,478 962,94043,850 Standard Life PLC 257,517 159,637149,148 Tesco PLC 1,223,881 1,078,4618,407 Thomas Cook Group PLC 51,613 32,55217,705 Tomkins PLC 91,211 57,66710,106 TUI Travel PLC 60,795 43,41115,129 Tullow Oil PLC 208,737 332,68924,405 Unilever PLC 762,495 819,96214,158 United Utilities Group PLC 190,927 118,6142,480 Vedanta Resources PLC 120,295 108,720

989,136 Vodafone Group PLC 3,180,966 2,400,7943,450 Whitbread PLC 129,623 82,05439,520 Wm Morrison Supermarkets PLC 238,525 184,8105,178 Wolseley PLC 388,282 108,63623,745 WPP PLC 346,043 243,410

54,784,813 40,450,411


74,800 iShares MSCI EAFE Index Fund 4,371,867 4,332,516


TOTAL INVESTMENT

PORTFOLIO – 99.7% 262,463,139 204,456,008


FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 114

OTHER NET ASSETS – 0.2% 419,445 412,925

TOTAL NET ASSETS – 100.0% $ 262,996,861 $ 204,982,869

$ $




$ $





January 04, 2010 30,000 CAD $ 30,000 28,730 USD $ 30,119 1.04420 $ 119January 04, 2010 9,346 CAD 9,346 10,000 AUD 9,425 0.93460 79January 05, 2010 38,059 USD 39,899 40,000 CAD 40,000 1.05100 101

$ 79,245 $ 79,544 $ 299


January 04, 2010 6,295 GBP $ 10,657 10,000 USD $ 10,483 1.58856 $ (174)January 06, 2010 1,949,931 CAD 1,949,931 1,860,000 USD 1,949,920 1.04835 (11)

$ 1,960,588 $ 1,960,403 $ (185)





Currency 2009 2008 2009 2008

Australian Dollar $ 16,660 $ 10,035 $ 833 $ 502British Pound 43,523 34,249 2,176 1,712Danish Krone 1,709 1,450 85 73Euro 66,832 57,741 3,342 2,887Hong Kong Dollar 4,681 3,441 234 172Japanese Yen 41,683 43,597 2,084 2,180New Zealand Dollar 213 163 11 8Norwegian Krone 1,568 1,057 78 53Singapore Dollar 2,918 1,766 146 88Swedish Krona 5,024 3,484 251 174Swiss Franc 15,581 14,417 779 721United States Dollar 4,347 2,676 217 134

Total $ 204,739 $ 174,076 $ 10,236 $ 8,704






Common Shares $ 4,491 $ 199,087 $ 190 $ 203,768Preferred Shares 0 684 0 684Rights 3 1 0 4

$ 4,494 $ 199,772 $ 190 $ 204,456




CommonShares

Balance at December 31, 2008 $ 0Sales (8)Net Transfers In (Out) 18Gains (Losses)Net Realized on Sale of Investments (4)Net Change in Unrealized Appreciation/Depreciation of Investments 184


Total change in unrealized for assetsheld at December 31, 2009 $ 172



Less than3 months





�TD International Index Currency Neutral Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 60,123 $ 56,499Short-Term Investments 500 3,000Foreign Currencies 0 74Cash 144 66Subscriptions Receivable 91 110Receivable for Investment Sales 57 0Futures Margin Receivable (Note 3) 214 457Unrealized Gain on Open ForeignExchange Forward Contracts 2,727 1,003

63,856 61,209

LiabilitiesAccrued Liabilities 14 13Redemptions Payable 47 66Unrealized Loss on Open ForeignExchange Forward Contracts 63 3,337

124 3,416

Net Assets (Note 3) $ 63,732 $ 57,793

Net Assets Representing Unitholders’ Equity (Note 4)Investor Series $ 35,817 $ 35,664e-Series $ 20,582 $ 16,186Institutional Series $ 0 $ 0F-Series $ 7,333 $ 5,943

$ 63,732 $ 57,793


e-Series 2,873,111 2,700,928


F-Series 1,342,072 1,299,773


e-Series $ 7.16 $ 5.99


F-Series $ 5.46 $ 4.57



2009 2008


Interest 6 73Foreign Exchange 99 (10,314)Derivatives Income (Loss) (74) (747)Less: Withholding Taxes (216) (546)

1,734 (7,035)

Expenses (Note 5)Management Fee 159 235Independent Review Committee Fees 1 0


159 235






†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ 6,001 $ (27,584)e-Series $ 3,398 $ (10,595)Institutional Series $ 0 $ (0)F-Series $ 1,120 $ (2,370)

$ 10,519 $ (40,549)


INDEX FUNDS





2009 2008 2009 2008 2009 2008

Net Assets, Beginning of the Period $ 35,664 $ 68,751 $ 16,186 $ 24,526 $ 0 $ 0



Proceeds from Sale of Units 4,014 7,907 3,688 6,737 0 0Reinvestments of Distributions 0 0 0 0 0 0Early Redemption Fees 1 3 1 1 0 0Amounts Paid on Redemptions (9,863) (13,413) (2,691) (4,483) 0 0

(5,848) (5,503) 998 2,255 0 0


0 0 0 0 0 0

Increase (Decrease) in Net Assetsfor the Period 153 (33,087) 4,396 (8,340) 0 (0)

Net Assets, End of the Period $ 35,817 $ 35,664 $ 20,582 $ 16,186 $ 0 $ 0†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 7,716,583 8,546,582 2,700,928 2,365,648 12 12Units Issued 856,686 1,231,774 605,545 890,355 0 0Units Issued on Reinvestments 0 0 0 0 0 0Units Redeemed (2,061,203) (2,061,773) (433,362) (555,075) 0 0

Units Outstanding, End of the Period 6,512,066 7,716,583 2,873,111 2,700,928 12 12

F-Series TOTAL

2009 2008 2009 2008





270 2,285 (4,580) (963)


0 0 0 0


Net Assets, End of the Period $ 7,333 $ 5,943 $ 63,732 $ 57,793†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 1,299,773 761,344Units Issued 325,764 935,256Units Issued on Reinvestments 0 0Units Redeemed (283,465) (396,827)


INDEX FUNDS




INTERNATIONAL EQUITIES – 94.3%

5,073,707 TD International Index Fund,Institutional Series $ 78,580,111 $ 60,123,425

TOTAL INVESTMENT

PORTFOLIO – 94.3% 78,580,111 60,123,425


FUTURES CONTRACTS

(SCHEDULE 1) – 0.3% 228,191 213,597

FORWARD CONTRACTS

(SCHEDULE 2) – 4.2% 0 2,664,098

OTHER NET ASSETS – 0.4% 230,510 230,510

TOTAL NET ASSETS – 100.0% $ 79,538,812 $ 63,731,630




INDEX FUNDS


Futures Contracts (Schedule 1) Net FuturesMargin

Number of Notional ReceivableContracts Description Expiration Date Average Cost Fair Value (Payable)


UNITED STATES

14 E-Mini MSCI EAFE Index March 19, 2010 $ 1,149,809 $ 1,144,798 $ (5,011)

Total Futures Contracts $ 1,149,809 $ 1,144,798 $ (5,011)Cash Held as Margin 218,608




January 05, 2010 10,863,912 SEK $ 1,595,137 1,639,000 CAD $ 1,639,000 6.62838 $ 43,863January 06, 2010 5,403,862 AUD 5,091,726 5,193,831 CAD 5,193,831 0.92161 to 0.96169 102,105January 06, 2010 4,639,981 CHF 4,705,695 4,872,000 CAD 4,872,000 0.95238 166,305January 06, 2010 114,214 CHF 115,832 115,881 CAD 115,881 0.96833 to 0.98607 49January 06, 2010 2,620,419 DKK 529,649 557,000 CAD 557,000 4.70452 27,351January 06, 2010 19,000 DKK 3,840 3,841 CAD 3,841 4.94663 1January 06, 2010 10,560,842 EUR 15,884,491 16,714,000 CAD 16,714,000 1.58264 829,509January 06, 2010 2,643,060 EUR 3,975,410 4,183,000 CAD 4,183,000 1.58264 207,590January 06, 2010 276,676 EUR 416,146 421,638 CAD 421,638 1.50412 to 1.58925 5,492January 06, 2010 5,125,051 GBP 8,676,020 8,865,000 CAD 8,865,000 1.72974 188,980January 06, 2010 2,648,907 GBP 4,484,243 4,582,000 CAD 4,582,000 1.72977 97,757January 06, 2010 149,317 GBP 252,773 256,917 CAD 256,917 1.69292 to 1.74676 4,144January 06, 2010 10,652,145 HKD 1,440,229 1,449,134 CAD 1,449,134 7.34675 to 7.42676 8,905January 06, 2010 1,050,846,766 JPY 11,833,982 12,849,016 CAD 12,849,016 81.69690 to 85.01278 1,015,034January 06, 2010 2,637,586 NOK 478,526 489,000 CAD 489,000 5.39384 10,474January 06, 2010 1,144,805 SGD 854,777 871,000 CAD 871,000 1.31436 16,223January 07, 2010 2,000 CAD 2,000 13,895 SEK 2,040 6.94750 40February 03, 2010 5,657,406 AUD 5,315,016 5,318,000 CAD 5,318,000 0.94001 2,984February 03, 2010 2,746,830 DKK 554,992 555,000 CAD 555,000 4.94924 8February 03, 2010 2,797,517 NOK 506,893 507,000 CAD 507,000 5.51779 107February 03, 2010 89,327 NZD 67,962 68,000 CAD 68,000 0.76125 38

$ 66,785,339 $ 69,512,298 $ 2,726,959




Currency 2009 2008 2009 2008

United States Dollar $ 741 $ 1,784 $ 37 $ 89Australian Dollar (5,315) (3,274) (266) (164)Swiss Franc (4,896) (4,680) (245) (234)Danish Krone (555) (487) (28) (24)Euro (21,339) (19,281) (1,067) (964)British Pound (13,694) (11,132) (685) (557)Hong Kong Dollar (1,484) (1,138) (74) (57)Japanese Yen (13,300) (14,350) (665) (718)Norwegian Krone (507) (339) (25) (17)New Zealand Dollar (68) (50) (3) (3)Swedish Krona (1,611) (1,169) (81) (58)Singapore Dollar (944) (617) (47) (31)

Total $ (62,972) $ (54,733) $ (3,149) $ (2,738)






Bonds and Short-TermInvestments $ 0 $ 500 $ 0 $ 500

Forward Contracts 0 2,727 0 2,727Underlying Mutual Fund 60,123 0 0 60,123

60,123 3,227 0 63,350

Forward Contracts 0 (63) 0 (63)Futures (5) 0 0 (5)

(5) (63) 0 (68)

$ 60,118 $ 3,164 $ 0 $ 63,282




Less than3 months


$ 124



January 05, 2010 1,595,324 CAD $ 1,595,324 10,863,911 SEK $ 1,595,138 6.49370 to 6.82300 $ (186)January 06, 2010 3,975,427 CAD 3,975,427 2,643,060 EUR 3,975,410 1.50410 (17)January 06, 2010 63,925 CAD 63,925 83,800 NZD 63,895 0.76283 (30)January 06, 2010 529,698 CAD 529,698 2,620,419 DKK 529,649 4.94701 (49)January 06, 2010 3,967 CAD 3,967 19,000 DKK 3,840 4.78951 (127)January 06, 2010 4,484,441 CAD 4,484,441 2,648,907 GBP 4,484,243 1.69294 (198)January 06, 2010 478,933 CAD 478,933 2,637,586 NOK 478,526 5.39817 to 5.51040 (407)January 06, 2010 1,440,909 CAD 1,440,909 10,652,145 HKD 1,440,229 7.27786 to 7.39643 (680)January 06, 2010 855,750 CAD 855,750 1,144,805 SGD 854,777 1.31272 to 1.33920 (973)January 06, 2010 4,707,398 CAD 4,707,398 4,639,981 CHF 4,705,695 0.95704 to 0.98609 (1,703)January 06, 2010 118,290 CAD 118,290 114,214 CHF 115,831 0.94767 to 0.99040 (2,459)January 06, 2010 255,681 CAD 255,681 149,317 GBP 252,774 1.65975 to 1.74672 (2,907)January 06, 2010 5,097,019 CAD 5,097,019 5,403,861 AUD 5,091,727 0.92627 to 0.97339 (5,292)January 06, 2010 8,682,471 CAD 8,682,471 5,125,051 GBP 8,676,020 1.69290 to 1.73100 (6,451)January 06, 2010 15,893,636 CAD 15,893,636 10,560,841 EUR 15,884,492 1.50410 to 1.57558 (9,144)January 06, 2010 427,677 CAD 427,677 276,676 EUR 416,147 1.49813 to 1.58963 (11,530)January 06, 2010 11,845,572 CAD 11,845,572 1,050,846,766 JPY 11,833,978 82.77282 to 88.80100 (11,594)January 06, 2010 83,800 NZD 63,895 63,000 CAD 63,000 0.75179 (895)January 29, 2010 253,575 CAD 253,575 239,700 USD 251,283 1.05788 (2,292)January 29, 2010 321,076 CAD 321,076 303,500 USD 318,165 1.05791 (2,911)February 03, 2010 4,826,348 CHF 4,895,581 4,895,000 CAD 4,895,000 0.98598 (581)February 03, 2010 14,187,866 EUR 21,338,760 21,338,000 CAD 21,338,000 1.50396 (760)February 03, 2010 8,090,852 GBP 13,694,125 13,694,000 CAD 13,694,000 1.69253 (125)February 03, 2010 10,974,898 HKD 1,484,136 1,484,000 CAD 1,484,000 7.39548 (136)February 03, 2010 1,180,904,654 JPY 13,300,281 13,299,000 CAD 13,299,000 88.79650 (1,281)February 03, 2010 10,984,885 SEK 1,613,121 1,613,000 CAD 1,613,000 6.81022 (121)February 03, 2010 1,264,775 SGD 944,012 944,000 CAD 944,000 1.33980 (12)

$ 118,364,680 $ 118,301,819 $ (62,861)


INDEX FUNDSTD International Index Currency Neutral Fund

�TD European Index Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 50,766 $ 45,333Foreign Currencies 20 35Cash 51 2Dividends Receivable 58 67Subscriptions Receivable 306 59Receivable for Investment Sales 26 97Unrealized Gain on Open ForeignExchange Forward Contracts 0 0

51,227 45,593


398 201

Net Assets (Note 3) $ 50,829 $ 45,392


$ 50,829 $ 45,392


e-Series 2,464,154 2,397,335

F-Series 138,610 109,863


e-Series $ 7.74 $ 7.07

F-Series $ 7.13 $ 6.50



2009 2008

Investment IncomeInterest $ 0 $ 5Dividends 1,898 2,706Derivatives Income (Loss) 0 (58)Securities Lending 61 81Less: Withholding Taxes (235) (335)

1,724 2,399



351 451








$ 5,632 $ (22,213)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ 0.83 $ (3.38)e-Series $ 0.90 $ (3.48)F-Series $ 0.99 $ (2.97)

INDEX FUNDS





2009 2008 2009 2008




Proceeds from Sale of Units 19,836 25,479 2,693 3,850Reinvestments of Distributions 785 1,044 540 735Early Redemption Fees 1 1 1 1Amounts Paid on Redemptions (20,131) (28,721) (2,678) (5,545)

491 (2,197) 556 (959)

Distributions to UnitholdersFrom Net Investment Income (806) (1,063) (581) (792)From Net Realized Gains on Investments 0 0 0 0

(806) (1,063) (581) (792)


Net Assets, End of the Period $ 30,767 $ 27,733 $ 19,074 $ 16,945†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 4,094,976 4,285,625 2,397,335 2,499,193Units Issued 2,944,437 3,071,019 381,440 433,470Units Issued on Reinvestments 107,212 159,334 70,562 107,609Units Redeemed (2,996,197) (3,421,002) (385,183) (642,937)


F-Series TOTAL

2009 2008 2009 2008





173 160 1,220 (2,996)


(28) (25) (1,415) (1,880)


Net Assets, End of the Period $ 988 $ 714 $ 50,829 $ 45,392†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 109,863 84,570Units Issued 35,045 36,629Units Issued on Reinvestments 3,383 3,206Units Redeemed (9,681) (14,542)


INDEX FUNDS



313



3,900 Vanguard European ETF $ 207,309 $ 198,622


AUSTRIA – 0.5%

1,323 Erste Group Bank AG 70,743 51,5813,000 IMMOEAST AG 20,776 17,281525 Oesterreichische

Elektrizitatswirtschafts AG 28,014 23,357965 OMV AG 28,514 44,425390 Raiffeisen International

Bank-Holding AG 45,717 22,8602,449 Telekom Austria AG 53,625 36,679331 Vienna Insurance Group 22,724 17,826793 voestalpine AG 41,242 30,397

311,355 244,406

BELGIUM – 1.5%

7,321 Anheuser-Busch InBev NV 177,791 272,9511,196 Belgacom SA 51,573 45,556118 Colruyt SA 26,029 29,869287 Compagnie Nationale à Portefeuille SA 21,773 16,024767 Delhaize Group SA 71,860 61,563

3,826 Dexia SA 100,956 25,26916,006 Fortis 488,624 62,16516,006 Fortis, Rights 0 0

573 Groupe Bruxelles Lambert SA 58,684 56,7691,150 KBC Group NV 132,352 51,842171 Mobistar SA 11,367 12,300445 Solvay SA, Class “A” 56,658 50,283804 UCB SA 45,968 35,210686 Umicore 18,708 24,010

1,262,343 743,811

CYPRUS – 0.1%

3,973 Bank of Cyprus Public Company Ltd. 33,593 29,187

DENMARK – 1.3%

4 A.P. Moller – Maersk AS, Class “A” 48,293 28,3518 A.P. Moller – Maersk AS, Class “B” 70,943 58,977

744 Carlsberg AS, Class “B” 68,264 57,468150 Coloplast AS, Class “B” 13,503 14,233

3,299 Danske Bank AS 109,477 77,7101,500 DSV AS 22,692 28,524400 H. Lundbeck AS 9,740 7,583

3,048 Novo Nordisk AS, Class “B” 158,805 204,179348 Novozymes AS, Class “B” 20,844 37,98981 Topdanmark AS 12,888 11,446200 TrygVesta AS 13,259 13,795

1,418 Vestas Wind Systems AS 100,059 90,586200 William Demant Holding AS 16,334 15,773

665,101 646,614

FINLAND – 1.7%

1,119 Elisa Oyj, Class “A” 23,071 26,7982,967 Fortum Oyj 70,988 84,455364 Kesko Oyj, Class “B” 16,321 12,612

1,112 KONE Oyj, Class “B” 16,932 49,999961 Metso Corporation 36,484 35,467779 Neste Oil Oyj 21,991 14,524

26,640 Nokia Oyj 729,424 361,410

847 Nokian Renkaat Oyj 27,138 21,550492 Orion Oyj 10,874 11,133816 Outokumpu Oyj, Class “A” 25,118 16,207

1,383 Pohjola Bank PLC 20,143 15,650674 Rautaruukki Oyj 26,804 16,358

2,978 Sampo PLC, Class “A” 59,491 76,115695 SanomaWSOY Oyj 19,913 16,452

3,922 Stora Enso Oyj 66,990 28,8623,637 UPM-Kymmene Oyj 81,989 45,368595 Wartsila Oyj, Class “B” 30,859 25,023

1,284,530 857,983

FRANCE – 15.4%

986 Accor SA 74,929 56,612210 Aeroports de Paris 26,769 17,710924 Air France-KLM Group 29,207 15,214

17,325 Alcatel-Lucent 322,640 61,2091,391 Alstom 85,942 102,069284 Atos Origin SA 23,346 13,651

11,367 AXA SA 443,960 280,022100 bioMerieux 9,696 12,259

6,575 BNP Paribas 548,032 547,1861,569 Bouygues SA 93,097 85,272274 Bureau Veritas SA 16,148 14,986949 Cap Gemini SA 113,683 45,425

4,529 Carrefour SA 324,392 227,935406 Casino Guichard-Perrachon SA 39,948 37,953270 Casino Guichard-Perrachon SA,

Rights 13/01/2010 0 1,153403 Christian Dior SA 45,785 43,332990 Cie Generale de Geophysique-Veritas 59,574 22,080298 CNP Assurances SA 27,094 30,277

2,574 Compagnie de Saint-Gobain 148,989 146,5031,009 Compagnie Generale des

Etablissements Michelin SCA 80,037 81,0826,535 Credit Agricole SA 197,919 120,3333,960 Danone SA 233,228 254,704519 Dassault Systemes SA 30,390 31,009290 Eiffage SA 26,857 17,150

1,643 Electricite de France SA 162,104 102,45537 Eramet 36,874 12,158

1,469 Essilor International SA 66,741 92,188193 Eurazeo 23,345 14,046600 Eutelsat Communications 17,883 20,198188 Fonciere des Regions 19,567 20,170188 Fonciere des Regions,

Warrants 31/12/2010 0 16712,938 France Telecom SA 477,359 339,2118,589 GDF SUEZ 427,711 390,399163 Gecina SA 20,807 18,596373 Hermes International 39,310 52,099150 ICADE 27,902 15,068100 Iliad SA 10,054 12,539248 Imerys 17,658 15,577200 Ipsen SA 9,737 11,636339 JCDecaux SA 13,166 8,634558 Klepierre 25,170 23,720

1,443 Lafarge SA 157,663 124,686902 Lagardere SCA 70,001 38,315

1,785 L’Air Liquide SA 167,999 222,735774 Legrand SA 23,513 22,602

1,700 L’Oreal SA 169,478 199,2111,742 LVMH Moet Hennessy Louis Vuitton SA 153,889 204,941



$ $




INDEX FUNDS


261 Metropole Television SA 8,511 7,0096,908 Natixis 73,435 36,192267 Neopost SA 30,461 23,122672 PagesJaunes Groupe SA 17,528 7,859

1,380 Pernod Ricard SA 98,067 123,8121,085 Peugeot SA 64,346 38,270568 PPR SA 95,034 71,536891 Publicis Groupe SA 39,508 38,011

1,221 Renault SA 98,635 65,7201,489 SAFRAN SA 43,427 30,5267,484 Sanofi-Aventis 640,969 617,5331,684 Schneider Electric SA 173,054 205,441983 SCOR 27,180 25,910233 Societe BIC 16,772 16,889200 Societe des Autoroutes

Paris-Rhin-Rhone 16,330 16,1574,490 Societe Generale 448,817 327,320988 Societe Television Francaise 1 45,131 19,038706 Sodexo 48,034 42,149

1,892 Suez Environnement SA 0 45,775703 Technip 39,966 51,895683 Thales 32,643 36,831

14,924 TOTAL SA 854,350 1,005,750578 Unibail-Rodamco 103,500 133,225398 Vallourec SA 112,906 75,550

2,752 Veolia Environnement 137,479 95,1803,050 VINCI 135,475 180,0748,427 Vivendi 509,992 262,422

9,051,143 7,825,673

GERMANY – 12.0%

1,454 adidas AG 76,367 83,0053,235 Allianz SE 748,769 423,0666,426 BASF SE 274,263 419,9745,904 Bayer AG 388,491 497,7522,298 Bayerische Motoren Werke AG 132,024 110,606447 Bayerische Motoren Werke AG, Pref. 20,157 15,362649 Beiersdorf AG 42,491 45,105650 Celesio AG 33,819 17,366

5,013 Commerzbank AG 149,076 44,2576,376 Daimler AG 600,580 355,7514,180 Deutsche Bank AG 460,711 311,1201,437 Deutsche Boerse AG 93,106 124,6821,692 Deutsche Lufthansa AG 54,316 30,0156,150 Deutsche Post AG 164,105 125,311623 Deutsche Postbank AG 55,885 21,336

19,884 Deutsche Telekom AG 558,938 307,539630 Dr. Ing. h.c. F. Porsche AG, Pref. 60,991 40,920

13,497 E.ON AG 529,350 591,969265 Fraport AG Frankfurt Airport

Services Worldwide 18,825 14,221200 Fresenius Medical Care AG 18,553 13,090

1,305 Fresenius Medical Care AG & Co. KGaA 60,311 72,791545 Fresenius SE, Pref. 46,292 40,877975 GEA Group AG 35,280 22,759400 Hannover Rückversicherung AG 21,892 19,680

1,029 HeidelbergCement AG 77,003 73,933953 Henkel KGaA 44,349 44,581

1,268 Henkel KGaA, Pref. 53,286 69,051309 HOCHTIEF AG 18,640 24,542

7,700 Infineon Technologies AG 44,313 44,9471,106 K+S AG 69,269 66,2171,074 Linde AG 99,265 135,267770 MAN SE 40,091 62,606483 Merck KGaA 48,777 47,184797 METRO AG 58,145 51,467

1,409 Muenchener Rueckversicherungs-Gesellschaft AG 327,459 230,692

22 PUMA AG Rudolf Dassler Sport 4,985 7,7392,927 RWE AG 255,376 299,208243 RWE AG, Pref. 19,675 22,590315 Salzgitter AG 39,080 32,471

6,028 SAP AG 342,826 302,2505,850 Siemens AG 576,095 564,688662 SolarWorld AG 26,330 15,246500 Sudzucker AG 11,016 10,938

2,279 ThyssenKrupp AG 89,107 90,5031,427 TUI AG 51,679 12,561900 United Internet AG 19,569 12,377315 Volkswagen AG 49,039 36,419787 Volkswagen AG, Pref. 67,742 77,143113 Wacker Chemie AG 27,949 20,551

7,105,657 6,103,725

GREECE – 0.7%

2,352 Alpha Bank SA 55,840 28,7971,218 Coca-Cola Hellenic

Bottling Company SA 30,709 29,0912,389 EFG Eurobank Ergasias SA 59,195 28,013675 Hellenic Petroleum SA 9,833 7,929

1,883 Hellenic TelecommunicationsOrganization SA 48,386 28,998

4,700 Marfin Investment Group Holdings SA 45,000 13,9794,392 National Bank of Greece SA 168,817 118,3931,579 OPAP SA 43,313 36,3992,428 Piraeus Bank SA 60,514 29,234778 Public Power Corporation SA 22,278 15,139522 Titan Cement Company SA 28,218 15,886

1,071 Vodafone – Panafon SA 10,351 0

582,454 351,858

IRELAND – 0.4%

5,364 Anglo Irish Bank Corporation PLC 0 1,7515,004 CRH PLC 153,330 142,7533,474 Elan Corporation PLC 194,821 23,004936 Kerry Group PLC 23,549 28,882

2,294 Ryanair Holdings PLC 11,936 11,351

383,636 207,741

ITALY – 5.0%

8,814 AEM SpA 36,141 19,4028,264 Assicurazioni Generali SpA 333,473 233,5931,775 Atlantia SpA 47,859 48,705631 Autogrill SpA 11,827 8,345

5,084 Banca Carige SpA 21,126 14,23913,150 Banca Monte dei Paschi di Siena SpA 44,083 24,1202,756 Banca Popolare di Milano 30,885 20,5454,533 Banco Popolare Societa Cooperativa 113,123 35,62946,119 Enel SpA 414,185 280,14318,342 Eni SpA 472,026 490,085

590 EXOR SpA 18,471 12,0575,441 Fiat SpA 106,606 83,5432,870 Finmeccanica SpA 63,180 48,213447 Fondiaria-SAI SpA 17,888 7,456

61,314 Intesa Sanpaolo SpA 383,567 282,491422 Italcementi SpA 11,614 6,057705 Luxottica Group SpA 20,585 19,126

5,346 Mediaset SpA 71,740 46,1183,652 Mediobanca SpA 67,737 45,5203,479 Mediobanca SpA, Warrants 18/03/2011 0 565

$ $$ $




INDEX FUNDSTD European Index Fund


1,521 Mediolanum SpA 12,137 9,9691,788 Parmalat Finanziaria SpA 10,678 013,340 Parmalat SpA 44,066 39,13120,313 Pirelli & C. SpA 33,334 12,764

130 Prima Cinque Azione 0 0756 Prysmian SpA 19,024 13,846

1,862 Saipem SpA 80,453 67,4219,552 Snam Rete Gas SpA 44,163 49,7729,433 T.E.R.Na. Trasmissione Elettricita

Rete Nazionale SpA 34,198 42,56472,870 Telecom Italia SpA 265,744 119,26843,793 Telecom Italia SpA, di Risp Non Conv. 117,561 51,03599,999 UniCredit SpA 673,526 349,8454,264 Unione di Banche Italiane ScpA 116,004 64,1284,264 Unione di Banche Italiane ScpA,

Warrants 30/06/2011 0 3143,574 Unipol Gruppo Finanziario SpA 10,494 5,129

3,747,498 2,551,138

KAZAKHSTAN – 0.0%


LUXEMBOURG – 0.9%

6,156 ArcelorMittal 240,244 295,217497 Millicom International Cellular SA 54,886 38,745505 Reinet Investments SCA 9,363 8,336

2,126 SES SA 54,725 50,2503,500 Tenaris SA 43,827 79,141

403,045 471,689

MEXICO – 0.0%

1,300 Fresnillo PLC 15,491 17,307


11,678 AEGON NV 326,595 78,4621,585 Akzo Nobel NV 105,572 110,2833,126 ASML Holding NV 124,353 111,981378 Corio NV 26,125 27,021

2,835 European Aeronautic Defenceand Space Company EADS NV 76,774 59,792

434 Fugro NV 24,964 26,156775 Heineken Holding NV 41,327 34,008

1,831 Heineken NV 89,630 91,20325,986 ING Groep NV 665,580 262,5738,398 Koninklijke Ahold NV 160,639 116,7391,078 Koninklijke DSM NV 44,204 55,57311,856 Koninklijke KPN NV 212,046 211,4416,906 Koninklijke Philips Electronics NV 259,597 214,185100 Koninklijke Vopak NV 8,275 8,316

1,400 Qiagen NV 29,421 33,059714 Randstad Holding NV 30,807 37,275

4,781 Reed Elsevier NV 100,215 61,547427 Royal Boskalis Westminster NV 25,893 17,247

25,519 Royal Dutch Shell PLC, Class “A” 971,517 809,3761,146 SBM Offshore NV 29,279 23,5912,757 TNT NV 107,492 88,87411,678 Unilever NV 382,754 398,7902,150 Wolters Kluwer NV 72,495 49,334

3,915,554 2,926,826

NORWAY – 1.2%

5,177 DnB NOR ASA 53,739 58,7245,290 Norsk Hydro ASA 102,841 46,6925,115 Orkla ASA 73,871 52,7271,950 Renewable Energy Corporation ASA 35,265 15,8162,000 SeaDrill Limited 81,103 53,466

7,996 StatoilHydro ASA 240,087 209,5305,733 Telenor ASA 80,255 84,1491,413 Yara International ASA 41,494 67,248

708,655 588,352

PORTUGAL – 0.4%

17,341 Banco Comercial Portugues SA 76,584 22,0403,650 Banco Espirito Santo SA 58,415 24,9431,650 BRISA-Auto-estradas de Portugal SA 19,041 17,7891,400 CIMPOR – Cimentos de Portugal

SGPS SA 10,537 13,50213,169 EDP-Energias de Portugal SA 77,032 61,515

829 Galp Energia SGPS SA 12,976 15,0241,600 Jeronimo Martins SGPS SA 14,562 16,7893,806 Portugal Telecom SGPS SA 48,749 48,727

317,896 220,329

SPAIN – 6.9%

1,999 Abertis Infraestructuras SA 53,160 47,420207 Acciona SA 26,228 28,388

1,024 Acerinox SA 22,703 22,438991 ACS.Actividades de Construccion

y Servicios SA 30,391 51,97625,030 Banco Bilbao Vizcaya Argentaria SA 533,355 478,6266,456 Banco de Sabadell SA 70,987 37,6261,600 Banco de Valencia SA 20,087 12,7626,599 Banco Popular Espanol SA 99,407 50,85857,422 Banco Santander SA 873,328 995,5851,908 Bankinter SA 32,481 20,6256,526 Criteria CaixaCorp SA 43,232 32,4321,600 EDP Renovaveis SA 11,624 15,9171,300 Enagas SA 38,581 30,2373,351 Ferrovial SA 53,892 41,524361 Fomento de Construcciones

y Contratas SA 27,868 16,0611,320 Gamesa Corporacion Tecnologica SA 38,610 23,3331,557 Gas Natural SDG SA 52,002 35,214800 Gestevision Telecinco SA 25,193 12,209900 Grifols SA 25,657 16,581

5,600 Iberdrola Renovables SA 45,450 27,98026,475 Iberdrola SA 252,228 266,1913,470 Iberia, Lineas Aereas de Espana SA 12,140 9,876741 Indra Sistemas SA 14,319 18,403

1,482 Industria de Diseno Textil SA 73,162 97,1105,008 Mapfre SA 25,226 22,0665,008 Mapfre SA, Rights 0 75738 Red Electrica de Espana SA 45,675 43,209

5,126 Repsol YPF SA 149,119 144,325458 Sacyr Vallehermoso SA 19,348 5,515

29,918 Telefonica SA 698,758 878,593800 Zardoya Otis SA 40,492 16,337

3,454,703 3,499,492

SWEDEN – 3.6%

1,565 AB Electrolux, Class “B” 41,008 38,6332,640 Alfa Laval AB 21,284 38,3511,946 ASSA ABLOY AB, Class “B” 44,453 39,3825,070 Atlas Copco AB, Class “A” 54,507 78,2912,517 Atlas Copco AB, Class “B” 28,646 34,4761,360 Getinge AB, Class “B” 49,016 27,3053,661 H&M Hennes & Mauritz AB, Class “B” 190,050 213,200400 Holmen AB, Class “B” 18,170 10,705

2,176 Husqvarna AB, Class “B” 23,143 16,7703,200 Investor AB, Class “B” 76,824 62,2641,500 Lundin Petroleum AB 21,106 12,43223,256 Nordea Bank AB 266,793 247,526

$ $




$ $



6,976 Sandvik AB 115,088 88,2462,200 Scania AB, Class “B” 32,809 29,8462,359 Securitas AB, Class “B” 49,930 24,27010,601 Skandinaviska Enskilda Banken AB,

Class “A” 98,869 68,8432,727 Skanska AB, Class “B” 51,551 48,6083,028 SKF AB, Class “B” 39,904 54,8501,200 SSAB Svenskt Stal AB, Class “A” 32,720 21,410600 SSAB Svenskt Stal AB, Class “B” 12,067 9,762

3,859 Svenska Cellulosa AB SCA, Class “B” 58,078 54,0493,328 Svenska Handelsbanken AB, Class “A” 84,408 99,6013,756 Swedbank AB 85,175 38,8471,598 Swedish Match AB 25,667 36,7011,978 Tele2 AB, Class “B” 36,122 31,91921,426 Telefonaktiebolaget LM Ericsson 592,509 207,20716,145 TeliaSonera AB 176,971 122,5813,200 Volvo AB, Class “A” 17,512 28,6537,740 Volvo AB, Class “B” 90,373 69,738

2,434,753 1,854,466


15,526 ABB Ltd. 308,632 313,853711 Actelion Ltd. 31,865 39,838902 Adecco SA 71,223 52,200600 Aryzta AG 32,445 23,443391 Baloise Holding AG 39,063 34,056100 BKW FMB Energie AG 11,480 8,1766 Chocoladefabriken Lindt & Sprungli AG 19,230 13,514

3,774 Compagnie Financiere Richemont SA,Class “A” 99,112 133,134

7,880 Credit Suisse Group 485,829 409,5381,477 GAM Holding Ltd. 117,565 18,763293 Geberit AG 29,141 54,49149 Givaudan SA 36,316 41,132

1,701 Holcim Ltd., Class “B” 134,918 138,6831,430 Julius Baer Group Ltd. 59,703 52,758421 Kuehne & Nagel International AG, ADR 34,492 42,9421 Lindt & Spruengli AG 32,273 25,763

1,279 Logitech International SA 30,205 23,272348 Lonza Group AG 31,246 25,723

24,499 Nestle SA 914,712 1,247,359810 Nobel Biocare Holding AG 43,839 28,479

14,887 Novartis AG 884,948 852,852195 Pargesa Holding SA 21,795 17,799

4,937 Roche Holding AG 815,656 885,711474 Schindler Holding AG 21,533 37,95529 SGS SA 29,672 39,716285 Sonova Holding AG 16,958 36,222

5,224 STMicroelectronics NV 145,920 50,64750 Straumann Holding AG 12,976 14,732226 Swatch Group AG 38,469 60,012349 Swatch Group AG, Class “B” 11,132 17,427177 Swiss Life Holding 46,510 23,626

2,388 Swiss Re 263,128 120,009159 Swisscom AG 69,630 63,703666 Syngenta AG 105,689 197,311433 Synthes Inc. 54,967 59,434

24,884 UBS AG 769,439 406,51013,653 Xstrata PLC 284,199 255,2361,060 Zurich Financial Services 428,508 243,110

6,584,418 6,109,129


6,957 3i Group PLC 90,616 33,0151,400 Admiral Group PLC 26,717 28,0572,466 AMEC PLC 18,997 32,9309,358 Anglo American PLC 395,612 429,4902,853 Antofagasta PLC 41,374 47,5692,659 Associated British Foods PLC 44,942 36,94810,185 AstraZeneca PLC 607,992 501,7041,600 Autonomy Corporation PLC 35,612 40,72519,467 Aviva PLC 302,359 129,79225,136 BAE Systems PLC 206,129 152,4813,242 Balfour Beatty PLC 20,361 14,14079,459 Barclays PLC 691,976 366,98423,522 BG Group PLC 298,163 445,16115,524 BHP Billiton PLC 257,176 518,724132,435 BP PLC 1,503,162 1,340,3634,980 British Airways PLC 48,442 15,69914,227 British American Tobacco PLC 341,566 484,0846,177 British Land Company PLC 84,697 49,8548,408 British Sky Broadcasting Group PLC 118,154 79,60356,400 BT Group PLC 302,085 128,7412,483 Bunzl PLC 33,147 28,2902,943 Burberry Group PLC 24,568 29,62719,617 Cable & Wireless PLC 124,061 46,7759,669 Cadbury PLC 129,247 130,3039,070 Cairn Energy PLC 56,921 50,8912,800 Canary Wharf Group PLC 20,829 04,566 The Capita Group PLC 49,595 57,8671,252 Carnival PLC 42,339 44,7062,474 The Carphone Warehouse Group PLC 16,973 7,81735,947 Centrica PLC 183,786 170,6608,386 Cobham PLC 26,774 35,50413,001 Compass Group PLC 116,360 97,52017,907 Diageo PLC 319,608 327,4432,500 Drax Group PLC 36,275 17,4697,490 Experian PLC 105,923 77,5453,449 FirstGroup PLC 34,577 24,7299,059 G4S PLC 34,414 39,79936,620 GlaxoSmithKline PLC 1,202,241 813,9344,920 Hammerson PLC 52,250 35,0996,565 Home Retail Group PLC 51,391 31,208

122,462 HSBC Holdings PLC 1,649,117 1,464,3274,048 ICAP PLC 30,452 29,2637,284 Imperial Tobacco Group PLC 217,413 240,8503,200 Inmarsat PLC 35,484 37,3741,894 InterContinental Hotels Group PLC 33,952 28,52311,157 International Power PLC 84,324 58,2705,793 Invensys PLC 127,886 29,2102,801 Investec PLC 29,958 20,0608,014 J Sainsbury PLC 70,136 43,7981,528 Johnson Matthey PLC 36,682 39,5071,440 Kazakhmys PLC 43,589 31,95717,829 Kingfisher PLC 96,569 68,791

135 Ladbrokes PLC 324 3135,356 Land Securities Group PLC 113,369 61,78840,818 Legal and General Group PLC 117,782 55,0393,268 Liberty International PLC 45,871 28,318

255,222 Lloyds Banking Group PLC 695,480 215,2291,191 London Stock Exchange Group PLC 16,685 14,4161,198 Lonmin PLC 55,538 39,46211,976 Man Group PLC 83,953 61,95010,676 Marks & Spencer Group PLC 93,044 72,297

$ $$ $






17,257 National Grid PLC 199,450 197,4241,442 NEXT PLC 40,366 50,53535,146 Old Mutual PLC 123,462 64,9745,625 Pearson PLC 127,687 84,5331,688 Petrofac Limited 26,911 29,80618,110 Prudential PLC 269,908 194,301

600 Randgold Resources Ltd. 46,549 50,0784,237 Reckitt Benckiser Group PLC 158,294 240,3878,517 Reed Elsevier PLC 117,247 73,28617,244 Resolution Limited 55,822 26,1106,898 Rexam PLC 55,989 33,7999,653 Rio Tinto PLC 403,051 546,31713,710 Rolls-Royce Group PLC 83,290 111,904595,011 Rolls-Royce Group PLC, Class “B”,

Liquidity Entitlement 0 0804,117 Rolls-Royce Group PLC, Class “C” 0 77,867822,600 Rolls-Royce Group PLC, Class “C”,

Entitlement Shares 0 1,39324,647 Royal & Sun Alliance

Insurance Group PLC 111,697 50,188120,749 The Royal Bank of Scotland Group PLC 851,645 58,75119,451 Royal Dutch Shell PLC, Class “B” 776,066 593,7396,689 SABMiller PLC 118,839 206,08010,339 The Sage Group PLC 62,118 38,375

814 Schroders PLC 14,614 18,2346,646 Scottish and Southern Energy PLC 139,643 130,3855,526 SEGRO PLC 71,137 32,127413 SEGRO PLC, Subscription Shares 0 2,409

3,600 Serco Group PLC 35,915 32,1801,673 Severn Trent PLC 41,684 30,6393,934 Shire PLC 78,991 80,5705,881 Smith & Nephew PLC 57,847 63,4062,924 Smiths Group PLC 91,700 49,96114,026 Standard Chartered PLC 410,042 371,14114,428 Standard Life PLC 71,617 52,52656,022 Tesco PLC 365,072 405,0844,175 Thomas Cook Group PLC 21,131 16,1657,552 Tomkins PLC 30,615 24,5984,805 TUI Travel PLC 25,974 20,6405,912 Tullow Oil PLC 85,120 130,0068,973 Unilever PLC 282,418 301,4764,833 United Utilities Group PLC 76,745 40,4901,012 Vedanta Resources PLC 49,014 44,365

371,480 Vodafone Group PLC 1,297,984 901,6421,269 Whitbread PLC 27,947 30,18214,946 Wm Morrison Supermarkets PLC 90,544 69,8931,970 Wolseley PLC 105,293 41,3318,737 WPP PLC 131,975 89,563

19,006,432 15,292,852



TOTAL INVESTMENT

PORTFOLIO – 99.9% 61,486,218 50,766,470


FORWARD CONTRACTS

(SCHEDULE 1) – (0.0%) 0 (29)

OTHER NET ASSETS – 0.1% 44,406 42,970

TOTAL NET ASSETS – 100.0% $ 61,550,351 $ 50,829,174

$ $




$ $





January 06, 2010 19,078 USD $ 20,000 20,000 CAD $ 20,000 1.04833 $ 0


January 04, 2010 447 CAD $ 447 2,200 DKK $ 445 4.92170 $ (2)January 05, 2010 10,510 CAD 10,510 10,000 USD 10,483 1.05100 (27)

$ 10,957 $ 10,928 $ (29)





Currency 2009 2008 2009 2008

British Pound $ 16,445 $ 13,555 $ 822 $ 678Danish Krone 647 585 32 29Euro 25,238 23,020 1,262 1,151Norwegian Krone 593 431 30 22Swedish Krona 1,893 1,401 95 70Swiss Franc 5,806 5,768 290 288United States Dollar 218 592 11 30

Total $ 50,840 $ 45,352 $ 2,542 $ 2,268






Common Shares $ 261 $ 50,158 $ 80 $ 50,499Preferred Shares 0 266 0 266Rights 1 0 0 1

$ 262 $ 50,424 $ 80 $ 50,766




CommonShares

Balance at December 31, 2008 $ 0Sales (10)Net Transfers In (Out) 2Gains (Losses)Net Realized on Sale of Investments (7)Net Change in Unrealized Appreciation/Depreciation of Investments 95


Total change in unrealized for assetsheld at December 31, 2009 $ 78



Less than3 months




�TD Japanese Index Fund



2009 2008

AssetsInvestments at Fair Value (Note 3) $ 19,574 $ 25,895Foreign Currencies 5 1Cash 0 6Dividends Receivable 16 25Subscriptions Receivable 26 22Receivable for Investment Sales 111 42Unrealized Gain on Open ForeignExchange Forward Contracts 0 0

19,732 25,991

LiabilitiesBank Overdraft 1 0Accrued Liabilities 13 16Redemptions Payable 172 119Unrealized Loss on Open ForeignExchange Forward Contracts 0 0

186 135

Net Assets (Note 3) $ 19,546 $ 25,856


$ 19,546 $ 25,856


e-Series 1,107,034 1,245,480

F-Series 127,637 117,068


e-Series $ 7.03 $ 8.02

F-Series $ 5.46 $ 6.23



2009 2008


371 606



163 223



Net Change in Unrealized Appreciation/Depreciation of Investments (1,279) (1,913)


Net Gain (Loss) on Investments (3,179) (3,512)

Increase (Decrease) in Net Assetsfrom Investment Operations† $ (2,971) $ (3,129)

†Increase (Decrease) in Net Assets from Investment OperationsInvestor Series $ (1,762) $ (1,894)e-Series $ (1,126) $ (1,178)F-Series $ (83) $ (57)

$ (2,971) $ (3,129)

Increase (Decrease) in Net Assets from Investment Operations – Per UnitInvestor Series $ (0.98) $ (0.86)e-Series $ (0.97) $ (0.88)F-Series $ (0.68) $ (0.52)

INDEX FUNDS





2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations (1,762) (1,894) (1,126) (1,178)



(2,198) (2,770) (983) (1,674)

Distributions to UnitholdersFrom Net Investment Income (101) 0 (108) (44)From Net Realized Gains on Investments 0 0 0 0

(101) 0 (108) (44)

Increase (Decrease) in Net Assetsfor the Period (4,061) (4,664) (2,217) (2,896)

Net Assets, End of the Period $ 11,071 $ 15,132 $ 7,778 $ 9,995†Capital Unit TransactionsUnits Outstanding, Beginning of the Period 2,000,731 2,359,075 1,245,480 1,449,468Units Issued 268,145 458,034 163,628 252,810Units Issued on Reinvestments 14,735 0 14,145 5,437Units Redeemed (611,126) (816,378) (316,219) (462,235)


F-Series TOTAL

2009 2008 2009 2008


Increase (Decrease) in Net Assetsfrom Investment Operations (83) (57) (2,971) (3,129)



59 22 (3,122) (4,422)


(8) (3) (217) (47)

Increase (Decrease) in Net Assetsfor the Period (32) (38) (6,310) (7,598)



INDEX FUNDS



321

Japanese Equities – 100.2%

ENERGY – 0.9%

4,000 Cosmo Oil Company Limited $ 16,365 $ 8,815200 Idemitsu Kosan Co., Ltd. 24,556 12,2467 INPEX Corporation 58,433 55,511

200 Japan Petroleum Exploration Co., Ltd. 14,535 9,24912,000 Nippon Oil Corporation 79,966 58,3481,900 Showa Shell Sekiyu K.K. 20,616 16,2412,200 TonenGeneral Sekiyu K.K. 20,608 19,279

235,079 179,689

MATERIALS – 8.7%

1,300 Air Water Inc. 17,130 16,06012,000 Asahi Kasei Corporation 81,189 63,0602,000 Daicel Chemical Industries Ltd. 13,917 12,3212,000 Daido Steel Co., Ltd. 14,310 7,7875,000 Denki Kagaku Kogyo Kabushiki Kaisha 17,519 23,4433,000 Dowa Holdings Co., Ltd. 26,341 17,4093,000 Dowa Holdings Co., Ltd.,

Rights 29/01/2010 0 867700 Hitachi Chemical Co., Ltd. 12,596 14,963

2,000 Hitachi Metals Ltd. 30,396 20,1814,425 JFE Holdings Inc. 144,553 183,4511,400 JSR Corporation 25,276 29,8832,000 Kaneka Corporation 24,196 13,3652,342 Kansai Paint Co., Ltd. 20,393 20,58524,000 Kobe Steel Ltd. 57,766 45,6152,900 Kuraray Co., Ltd. 42,453 35,798400 Maruichi Steel Tube Ltd. 13,593 8,376

10,900 Mitsubishi Chemical HoldingsCorporation 81,217 48,681

3,000 Mitsubishi Gas Chemical Company Inc. 19,935 15,85510,000 Mitsubishi Materials Corporation 35,623 25,6513,000 Mitsubishi Rayon Co., Ltd. 18,136 12,6567,000 Mitsui Chemicals Inc. 57,246 19,0103,000 Mitsui Mining & Smelting Co., Ltd. 18,219 8,1788,100 Nippon Mining Holdings Inc. 50,443 36,460800 Nippon Paper Group Inc. 47,955 21,413

45,000 Nippon Steel Corporation 161,223 191,2381,000 Nissan Chemical Industries Ltd. 12,232 14,9508,544 Nisshin Steel Co., Ltd. 30,602 15,8421,400 Nitto Denko Corporation 81,790 52,7488,000 Oji Paper Co., Ltd. 51,893 35,1543,600 Shin-Etsu Chemical Co., Ltd. 190,053 213,1699,000 Showa Denko K.K. 26,157 18,79814,000 Sumitomo Chemical Co., Ltd. 94,667 64,42231,000 Sumitomo Metal Industries Ltd. 73,239 87,3964,000 Sumitomo Metal Mining Co., Ltd. 41,759 61,91110,200 Taiheiyo Cement Corporation 41,446 12,2043,000 Taiyo Nippon Sanso Corporation 25,503 33,48610,000 Teijin Ltd. 51,847 33,8852,000 Tokuyama Corporation 24,371 11,729700 Tokyo Steel Manufacturing Co., Ltd. 12,203 8,265

12,000 Toray Industries Inc. 89,338 68,4746,000 Tosoh Corporation 22,643 17,3791,500 Toyo Seikan Kaisha Ltd. 34,220 23,9668,000 Ube Industries Ltd. 23,072 22,956400 Yamato Kogyo Co., Ltd. 17,050 13,716

1,975,710 1,702,756


6,000 All Nippon Airways Co., Ltd. 30,916 17,0813,000 Amada Co., Ltd. 26,156 19,7089,000 Asahi Glass Company Limited 106,201 89,786

14 Central Japan Railway Company 146,542 98,2791,500 Chiyoda Corporation 12,168 12,1505,000 Dai Nippon Printing Co., Ltd. 109,831 66,8622,200 Daikin Industries Ltd. 56,873 91,1343,000 East Japan Railway Company 228,804 199,1071,700 FANUC Ltd. 150,125 166,1765,000 Fuji Electric Holdings Co., Ltd. 26,698 9,0696,000 Furukawa Electric Co., Ltd. 43,281 26,2813,000 GS Yuasa Corporation 25,950 23,2608,780 Hankyu Hanshin Holdings Inc. 59,394 41,0703,000 Hino Motors Ltd. 22,351 10,886804 Hitachi Construction Machinery Co., Ltd. 18,112 22,104

10,000 IHI Corporation 19,264 16,72613,000 ITOCHU Corporation 72,666 100,7148,000 Japan Airlines Corporation 28,642 6,0313,000 The Japan Steel Works Ltd. 33,532 40,1202,000 JGC Corporation 35,070 38,6542,200 JS Group Corporation 51,483 39,7211,500 JTEKT Corporation 27,521 20,2347,000 Kajima Corporation 33,775 14,8553,000 Kamigumi Co., Ltd. 27,251 22,95914,000 Kawasaki Heavy Industries Ltd. 48,404 37,2694,000 Kawasaki Kisen Kaisha Ltd. 21,802 11,9874,000 Keihin Electric Express Railway Co., Ltd. 27,914 30,8836,000 Keio Corporation 45,775 37,9743,000 Keisei Electric Railway Co., Ltd. 19,377 17,2121,000 Kinden Corporation 12,017 8,88713,000 Kintetsu Corporation 67,030 45,1928,200 Komatsu Ltd. 98,450 180,03710,200 Kubota Corporation 66,711 98,1611,100 Kurita Water Industries Ltd. 26,722 36,24615,000 Marubeni Corporation 64,603 86,9033,000 Matsushita Electric Works Ltd. 46,969 38,1224,000 Minebea Co., Ltd. 21,900 22,76511,000 Mitsubishi Corporation 190,328 287,36617,000 Mitsubishi Electric Corporation 119,538 132,45027,000 Mitsubishi Heavy Industries Ltd. 150,197 99,8751,000 Mitsubishi Logistics Corporation 18,938 12,37315,600 Mitsui & Co., Ltd. 212,616 232,1035,000 Mitsui Engineering &

Shipbuilding Co., Ltd. 11,302 12,63011,000 Mitsui O.S.K. Lines Ltd. 80,291 60,9452,000 NGK Insulators Ltd. 36,683 45,8737,000 Nippon Express Co., Ltd. 50,670 30,3197,000 Nippon Sheet Glass Co., Ltd. 41,628 21,04010,000 Nippon Yusen Kabushiki Kaisha 70,632 32,301

300 Nissha Printing Co., Ltd. 16,446 15,5004,000 NSK Ltd. 32,619 30,7845,000 NTN Corporation 35,316 23,6946,000 Obayashi Corporation 44,621 21,4205,583 Odakyu Electric Railway Co., Ltd. 38,677 44,9371,800 SECOM Co., Ltd. 130,915 89,6685,000 Shimizu Corporation 30,342 18,836500 SMC Corporation 81,991 59,877

13,043 Sojitz Corporation 72,550 25,88310,400 Sumitomo Corporation 126,202 111,0696,400 Sumitomo Electric Industries Ltd. 106,164 83,6084,000 Sumitomo Heavy Industries Ltd. 23,472 21,239



$ $




INDEX FUNDS


10,000 Taisei Corporation 37,363 17,9951,200 THK Co., Ltd. 43,701 22,3818,000 Tobu Railway Co., Ltd. 38,224 43,80010,000 Tokyu Corporation 56,483 41,7655,000 Toppan Printing Co., Ltd. 68,174 42,6982,000 TOTO Ltd. 19,415 13,3381,800 Toyota Tsusho Corporation 41,264 27,935800 USHIO Inc. 20,266 13,99215 West Japan Railway Company 86,986 52,744

3,000 Yamato Transport Co., Ltd. 66,161 43,798

4,160,455 3,678,841


300 ABC-Mart Inc. 12,589 8,7281,800 Aisin Seiki Co., Ltd. 54,947 54,5421,100 ASICS Corporation 11,902 10,354700 Benesse Corporation 57,788 30,696

5,300 Bridgestone Corporation 141,654 98,053900 Canon Marketing Japan Inc. 22,438 13,910

2,400 Casio Computer Co., Ltd. 36,831 20,1512,100 Daihatsu Motor Co., Ltd. 22,158 22,016

3 DeNA Co., Ltd. 20,954 18,6394,100 DENSO Corporation 132,030 129,9361,700 Dentsu Inc. 58,689 41,049400 Fast Retailing Company Limited 39,284 78,844

6,000 Fuji Heavy Industries Ltd. 28,819 30,7496 Fuji Television Network Inc. 22,739 8,719

310 Hakuhodo DY Holdings Inc. 28,532 15,83714,600 Honda Motor Co., Ltd. 443,209 519,5332,700 Isetan Mitsukoshi Holdings Ltd. 42,308 25,5699,000 Isuzu Motors Limited 44,089 17,7314,200 J. Front Retailing Co., Ltd. 30,485 19,454

23 Jupiter Telecommunications Co., Ltd. 20,388 23,870900 Koito Manufacturing Co., Ltd. 14,120 15,150700 Konami Corporation 24,145 13,108

4,600 Konica Minolta Holdings Inc. 64,500 49,717900 Makita Corporation 27,217 32,422

1,700 Marui Group Co., Ltd. 34,593 10,97810,000 Mazda Motor Corporation 52,988 24,116

700 McDonald’s Holdings Company(Japan) Ltd. 15,005 14,042

33,000 Mitsubishi Motors Corp. 60,487 48,1072,300 NAMCO BANDAI Holdings Inc. 46,714 23,0441,000 NGK Spark Plug Co., Ltd. 15,625 11,8982,000 NHK Spring Co., Ltd. 19,045 19,5302,800 Nikon Corporation 60,402 57,98822,400 Nissan Motor Co., Ltd. 205,943 206,4561,000 Nisshinbo Industries Inc. 10,039 9,718336 Nitori Co., Ltd. 15,701 26,230687 NOK Corporation 30,469 9,938500 Oriental Land Company Limited 45,173 34,505

17,295 Panasonic Corporation 413,792 261,13655 Rakuten Inc. 45,758 43,917400 Rinnai Corporation 18,148 20,273500 Sankyo Co., Ltd. 26,018 26,258

16,000 SANYO Electric Co., Ltd. 59,925 30,9961,560 Sega Sammy Holdings Inc. 52,618 19,5793,000 Sekisui Chemical Co., Ltd. 28,090 19,5734,000 Sekisui House Ltd. 60,290 38,0859,000 Sharp Corporation 171,223 119,201200 Shimamura Co., Ltd. 35,231 20,042700 Shimano Inc. 26,054 29,640

9,000 Sony Corporation 647,245 274,4141,100 Stanley Electric Co., Ltd. 20,609 23,4012,000 Sumitomo Rubber Industries Ltd. 26,174 18,235

3,000 Suzuki Motor Corporation 89,648 77,4863,000 Takashimaya Co., Ltd. 38,050 20,0481,300 Toho Co., Ltd. 33,453 22,147700 Toyoda Gosei Co., Ltd. 19,552 22,241400 Toyota Boshoku Corporation 10,707 9,367

1,600 Toyota Industries Corporation 59,086 50,11825,600 Toyota Motor Corporation 1,260,356 1,131,992

220 USS Co., Ltd. 21,952 14,086730 Yamada Denki Co., Ltd. 44,987 51,650

1,300 YAMAHA Corporation 20,777 16,4272,300 Yamaha Motor Co., Ltd. 50,793 30,508

5,294,535 4,186,147


5,600 AEON Co., Ltd. 113,292 47,6716,400 Ajinomoto Co., Inc. 92,305 63,1763,400 Asahi Breweries Ltd. 54,395 65,675500 Coca-Cola West Japan

Company Limited 11,788 9,252400 FamilyMart Co., Ltd. 12,251 12,385300 ITO EN Ltd. 8,268 4,73840 Japan Tobacco Inc. 145,379 141,651

4,500 Kao Corporation 137,445 110,6121,000 Kikkoman Corporation 12,107 12,8517,000 Kirin Holdings Company Limited 107,981 117,737600 Lawson Inc. 29,118 27,792751 MEIJI Holdings Co., Ltd. 28,531 29,765

2,000 Nippon Meat Packers Inc. 31,590 24,2851,700 Nisshin Seifun Group Inc. 20,710 24,095700 Nissin Food Products Co., Ltd. 23,836 23,981

2,000 Sapporo Holdings Ltd. 14,779 11,5586,760 Seven & i Holdings Co., Ltd. 370,591 144,7652,700 Shiseido Co., Ltd. 53,305 54,4241,000 Toyo Suisan Kaisha Ltd. 16,343 24,186300 Unicharm Corporation 21,684 29,496

2,000 UNY Co., Ltd. 38,135 14,7921,000 Yakult Honsha Co., Ltd. 25,022 31,7521,000 Yamazaki Baking Co., Ltd. 11,945 12,475

1,380,800 1,039,114


232 Alfresa Holdings Corporation 16,649 9,6744,030 Astellas Pharma Inc. 188,581 157,6921,900 Chugai Pharmaceutical Co., Ltd. 36,271 37,2475,733 Daiichi Sankyo Company Limited 161,444 126,0971,000 Dainippon Sumitomo Pharma Co., Ltd. 9,082 11,0082,100 Eisai Co., Ltd. 81,297 80,977700 Hisamitsu Pharmaceutical Co., Inc. 28,004 23,710

2,000 Kyowa Hakko Kogyo Co., Ltd. 18,920 22,1821,500 MEDICEO Paltac Holdings Co., Ltd. 30,135 19,4991,800 Olympus Corporation 45,931 60,866700 Ono Pharmaceutical Co., Ltd. 37,303 31,516600 Santen Pharmaceutical Co., Ltd. 17,566 20,214

2,500 Shionogi & Co., Ltd. 50,536 56,849540 Suzuken Co., Ltd. 21,623 18,626300 Sysmex Corporation 17,106 16,452

1,000 Taisho Pharmaceutical Co., Ltd. 26,022 18,0456,500 Takeda Pharmaceutical

Company Limited 409,837 280,8772,000 Tanabe Seiyaku Co., Ltd. 27,077 26,1741,500 Terumo Corporation 64,855 94,817700 Tsumura & Co. 27,488 23,734

1,315,727 1,136,256

$ $ $ $




INDEX FUNDSTD Japanese Index Fund



3,000 The 77 Bank Ltd. 22,329 16,740590 Acom Company Ltd. 54,935 9,421

1,000 AEON Credit Service Co., Ltd. 25,801 10,125700 AEON Mall Co., Ltd. 27,093 14,223

4,000 Aioi Insurance Company Limited 22,168 20,1095,000 Aozora Bank Ltd. 16,176 5,5743,000 The Bank of Kyoto Ltd. 33,632 25,43110,000 The Bank of Yokohama Ltd. 64,900 47,8207,000 Chiba Bank Ltd. 58,245 43,9111,000 The Chugoku Bank Limited 15,541 13,0071,800 Credit Saison Co., Ltd. 67,103 21,143700 Daito Trust Construction Co., Ltd. 21,629 34,761

5,000 Daiwa House Industry Co., Ltd. 81,512 56,38714,000 Daiwa Securities Group Inc. 140,146 73,8958,000 Fukuoka Financial Group Inc. 66,315 29,2413,000 The Gunma Bank Ltd. 22,978 16,0924,000 The Hachijuni Bank Ltd. 32,613 24,4823,669 The Hiroshima Bank Ltd. 23,635 14,82712,000 Hokugin Financial Group Inc. 39,268 25,7332,000 The Iyo Bank Ltd. 24,036 17,065200 JAFCO Co., Ltd. 19,265 5,0774 Japan Prime Realty Investment

Corporation 15,875 8,7174 Japan Real Estate Investment

Corporation 40,943 30,9263 Japan Retail Fund Investment

Corporation 27,966 14,1507,000 The Joyo Bank Ltd. 41,393 29,5021,300 Matsui Securities Co., Ltd. 10,377 9,49910,000 Mitsubishi Estate Co., Ltd. 207,583 167,450111,040 Mitsubishi UFJ Financial Group Inc. 1,299,794 573,651

500 Mitsubishi UFJ Lease & FinanceCompany Limited 25,583 15,798

7,000 Mitsui Fudosan Co., Ltd. 136,791 124,1333,700 Mitsui Sumitomo Insurance Group

Holdings Inc. 125,278 99,1147,900 Mitsui Trust Holdings Inc. 66,853 27,911

122,621 Mizuho Financial Group Inc. 759,100 231,2714,000 Mizuho Securities Co., Ltd. 18,658 12,69416,000 Mizuho Trust & Banking Co., Ltd. 29,545 15,656

5 Nippon Building Fund Inc. 55,104 39,8555,000 NIPPONKOA Insurance

Company Limited 47,241 29,8578,000 The Nishi-Nippon City Bank Ltd. 43,500 20,5451,000 Nissay Dowa General

Insurance Co., Ltd. 5,557 5,03330,900 Nomura Holdings Inc. 429,414 241,007

700 Nomura Real Estate Holdings Inc. 27,277 10,8913 Nomura Real Estate Office Fund Inc. 25,851 17,11215 NTT Urban Development Co. 26,275 10,502980 ORIX Corporation 143,656 69,979

4,300 Resona Holdings Inc. 147,298 45,8192,775 Sapporo Hokuyo Holdings Inc. 35,337 10,564174 SBI Holdings Inc. 93,551 32,672

4,000 Senshu Ikeda Holdings Inc. 13,389 15,3155 Seven Bank Ltd. 21,361 10,469

9,200 Shinsei Bank Limited 51,471 10,5125,000 Shizuoka Bank Ltd. 71,355 45,6477,000 Sompo Japan Insurance Inc. 81,712 47,335

8 Sony Financial Holdings Inc. 27,608 21,8358,200 Sumitomo Mitsui Financial Group Inc. 802,763 246,7853,000 Sumitomo Realty &

Development Co., Ltd. 44,374 59,396

13,000 The Sumitomo Trustand Banking Co., Ltd. 131,034 66,945

2,000 Suruga Bank Ltd. 25,737 18,2792,100 T&D Holdings Inc. 138,966 45,2956,200 Tokio Marine Holdings Inc. 219,030 177,4502,000 Tokyo Tatemono Co., Ltd. 19,989 8,0693,668 Tokyu Land Corporation 28,528 14,2902,000 Yamaguchi Financial Group Inc. 28,955 19,471

6,471,392 3,226,465


1,600 Advantest Corporation 69,667 43,7161,800 Brother Industries Ltd. 25,455 21,7119,400 Canon Inc. 363,382 419,3752,400 Citizen Holdings Co., Ltd. 25,640 14,5461,200 Elpida Memory Inc. 56,787 20,5123,900 FUJIFILM Holdings Corporation 189,447 123,53017,000 Fujitsu Limited 303,722 115,686

300 Hirose Electric Co., Ltd. 39,111 32,990800 Hitachi High-Technologies Corporation 25,666 16,647

30,000 Hitachi Ltd. 300,998 96,7243,600 Hoya Corporation 120,381 100,7451,000 IBIDEN Co., Ltd. 45,615 37,615100 ITOCHU Techno-Solutions Corporation 6,552 2,816310 Keyence Corporation 72,207 67,478

1,300 Kyocera Corporation 132,011 120,079300 Mabuchi Motor Co., Ltd. 27,227 15,594800 Mitsumi Electric Co., Ltd. 18,079 14,820

1,900 Murata Manufacturing Co., Ltd. 198,687 99,45118,000 NEC Corporation 249,542 48,799

900 NIDEC Corporation 66,066 87,240800 Nintendo Co., Ltd. 166,734 200,394

3,500 Nippon Electric Glass Co., Ltd. 54,347 50,5241,100 Nomura Research Institute Ltd. 32,735 22,688

13 NTT DATA Corporation 93,354 42,27830 OBIC Co., Ltd. 7,310 5,137

1,600 OMRON Corporation 45,332 30,180300 Oracle Corporation Japan 18,836 13,110200 OTSUKA Corporation 24,816 10,462

6,000 Ricoh Company Ltd. 150,152 90,168800 ROHM Co., Ltd. 172,805 54,758

1,300 Seiko Epson Corporation 54,806 22,0341,000 Shimadzu Corporation 10,665 6,986900 Shinko Electric Industries Co., Ltd. 27,364 13,740700 Square Enix Co., Ltd. 22,204 15,488800 SUMCO Corporation 25,059 14,826

1,100 TDK Corporation 100,927 70,5041,600 Tokyo Electron Limited 137,681 107,71335,000 Toshiba Corporation 298,972 203,6891,000 Trend Micro Inc. 59,168 39,838132 Yahoo Japan Corporation 110,498 41,625

1,000 Yaskawa Electric Corporation 10,213 8,7372,600 Yokogawa Electric Corporation 30,236 24,083

3,990,456 2,589,036


26 KDDI Corporation 164,380 144,4354,400 Nippon Telegraph and Telephone

Corporation 400,336 182,296133 NTT DoCoMo Inc. 408,192 194,657

6,700 SOFTBANK Corp. 231,546 164,731

1,204,454 686,119

$ $




$ $



UTILITIES – 5.6%

5,700 Chubu Electric Power Co., Inc. 167,670 142,6132,700 The Chugoku Electric Power Co., Inc. 58,135 54,0811,140 Electric Power Development Co., Ltd. 40,685 33,9951,900 Hokkaido Electric Power Co., Inc. 44,271 36,1501,500 Hokuriku Electric Power Company 35,178 34,3496,700 Kansai Electric Power Co., Inc. 181,719 158,5743,200 Kyushu Electric Power Company

Incorporated 74,192 69,12716,600 Osaka Gas Co., Ltd. 69,558 58,6771,700 Shikoku Electric Power Co., Inc. 48,001 46,0683,000 Toho Gas Co., Ltd. 15,391 16,7183,700 Tohoku Electric Power Co., Inc. 88,809 76,90310,600 Tokyo Electric Power Co., Inc. 343,731 279,02620,000 Tokyo Gas Co., Ltd. 83,279 83,729

1,250,619 1,090,010


5,800 iShares MSCI Japan Index Fund 60,710 59,163


TOTAL INVESTMENT

PORTFOLIO – 100.2% 27,315,247 19,573,596


FORWARD CONTRACTS

(SCHEDULE 1) – 0.0% 0 277


TOTAL NET ASSETS – 100.0% $ 27,288,458 $ 19,546,155




Currency 2009 2008 2009 2008

Japanese Yen $ 19,531 $ 25,820 $ 977 $ 1,291United States Dollar 65 111 3 6

Total $ 19,596 $ 25,931 $ 980 $ 1,297






Common Shares $ 0 $ 19,515 $ 0 $ 19,515Underlying Mutual Funds 59 0 0 59

$ 59 $ 19,515 $ 0 $ 19,574




Less than3 months


$ $







January 05, 2010 104,662 USD $ 109,722 110,000 CAD $ 110,000 1.05100 $ 278


January 04, 2010 162 USD $ 170 15,000 JPY $ 169 92.59259 $ (1)


1. The Funds

The TD Mutual Funds (the “Funds”), as listed below, are open-ended mutual funds established under the lawsof Ontario and are governed by an Amended, Consolidated and Restated Declarations of Trust dated July 20, 2009(“Declarations of Trust”).

Fund Start Date

TD Canadian T-Bill Fund November 14, 1991TD Canadian Money Market Fund June 29, 1988TD Premium Money Market Fund November 13, 1997TD U.S. Money Market Fund June 29, 1988TD Short Term Bond Fund January 23, 1989TD Mortgage Fund January 1, 1975TD Canadian Bond Fund June 29, 1988TD Canadian Core Plus Bond Fund September 4, 2007TD Corporate Bond Capital Yield Fund September 6, 2006TD Real Return Bond Fund November 23, 1994TD Global Bond Fund January 4, 1994TD High Yield Income Fund June 29, 1998TD Income Advantage Portfolio October 31, 2003TD Monthly Income Fund June 29, 1998TD Balanced Income Fund June 29, 1988TD Diversified Monthly Income Fund November 30, 1987TD Balanced Growth Fund September 4, 1987TD Dividend Income Fund October 31, 1994TD Dividend Growth Fund September 4, 1987TD Canadian Blue Chip Equity Fund September 4, 1987TD Canadian Equity Fund June 29, 1988TD Canadian Value Fund January 4, 1994TD Canadian Small-Cap Equity Fund November 12, 1986TD North American Dividend Fund December 31, 1990TD U.S. Blue Chip Equity Fund October 31, 1996TD U.S. Quantitative Equity Fund January 29, 1993TD U.S. Large-Cap Value Fund November 12, 2002TD U.S. Large-Cap Value Currency Neutral Fund September 6, 2006TD U.S. Mid-Cap Growth Fund January 4, 1994TD U.S. Small-Cap Equity Fund November 28, 1997TD U.S. Equity Advantage Portfolio November 1, 2004TD U.S. Equity Advantage Currency Neutral Portfolio September 6, 2006TD Global Dividend Fund September 6, 2006TD Global Value Fund September 6, 2006TD Global Select Fund January 4, 1994TD Global Multi-Cap Fund September 6, 2006TD Global Sustainability Fund September 4, 2007TD International Equity Fund November 30, 1987TD International Equity Growth Fund September 6, 2006TD European Growth Fund November 23, 1994TD Japanese Growth Fund November 23, 1994TD Asian Growth Fund January 4, 1994TD Pacific Rim Fund January 31, 1994TD Emerging Markets Fund December 21, 1992TD Latin American Growth Fund November 23, 1994TD Global Equity Advantage Portfolio January 13, 1998TD Resource Fund January 4, 1994TD Energy Fund November 23, 1994TD Precious Metals Fund November 23, 1994TD Entertainment & Communications Fund November 28, 1997TD Science & Technology Fund January 4, 1994TD Health Sciences Fund October 30, 1996TD Canadian Bond Index Fund May 13, 1997

�Notes to Financial StatementsDecember 31, 2009


TD Balanced Index Fund June 29, 1998TD Canadian Index Fund September 30, 1985TD Dow Jones Industrial AverageSM Index Fund April 30, 1998TD U.S. Index Fund September 30, 1986TD U.S. Index Currency Neutral Fund January 6, 1998TD Nasdaq® Index Fund November 26, 1999TD International Index Fund May 13, 1997TD International Index Currency Neutral Fund January 6, 1998TD European Index Fund April 30, 1998TD Japanese Index Fund April 30, 1998

TD Asset Management Inc. (“TDAM”) is the manager, portfolio adviser and trustee of the Funds. TD InvestmentServices Inc. (“TDIS”) is the principal distributor of the Investor Series, e-Series and Premium Series units of theFunds other than TD Corporate Bond Capital Yield Fund, TD U.S. Large-Cap Value Currency Neutral Fund, TD IncomeAdvantage Portfolio, TD U.S. Equity Advantage Portfolio and TD U.S. Equity Advantage Currency Neutral Portfolio.Both TDAM and TDIS are wholly-owned subsidiaries of The Toronto-Dominion Bank (the “Bank”).

The Funds are authorized to issue an unlimited number of units of multiple series that rank equally and are availablefor sale under two separate simplified prospectuses, one for the Investor Series, e-Series, Institutional Series,Premium Series, O-Series and H-Series and the other for the Advisor Series, F-Series, T-Series and S-Series. Inaddition, units of the D-Series are sold under a confidential Offering Memorandum. The various series offered bythe Funds are as described below.

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

electronically.Institutional Series: Offered on a no-load basis to large investors such as group savings plans and others

who make the minimum investment, as determined by TDAM from time to time(excluding TD segregated Funds).

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

O-Series: Offered on a no-load basis to large investors who make the required minimuminvestments as determined by TDAM, and have entered into O-Series agreementswith TDAM.

H-Series: Offered on a no-load basis to investors who wish to receive a regular monthly cashflow from the Funds. Distributions will consist of net income, net realized capital gains,and/or return of capital monthly.

Advisor Series: Offered to investors through registered brokers and dealers, with either a front-end,back-end or low-load purchase option.

F-Series: Offered to investors, through fee-based brokers or financial planners and others, whopay an annual fee to their dealers or financial advisors instead of transactional salescharges.

T-Series: Offered to investors through registered brokers and dealers, with either a front-end,back-end or low-load purchase option, who wish to receive a regular monthly cashflow from the Funds. Distributions will consist of net income, net realized capital gains,and/or return of capital monthly.

S-Series: Offered to investors, through fee-based brokers or financial planners and others,who pay an annual fee to their dealers or financial advisors instead of transactionalsales charges and who wish to receive a regular monthly cash flow from the Funds.Distributions will consist of net income, net realized capital gains, and/or returnof capital monthly.

D-Series: Offered on a no-load basis to TD Waterhouse Canada Inc.’s Private Giving Foundation.Q-Series: Offered to large investors such as group savings plans and others who make the

required minimum investment, as determined by TDAM from time to time (excludingTD segregated funds), and who also wish to receive a regular monthly cash flow froma Fund. Distributions will consist of net income, net realized capital gains and/or areturn of capital monthly.

Each individual series of units is sold under differing purchase options and may have higher or lower managementfees, reflecting the extent of the investment advice provided. The management fee rates for each of the Funds andtheir various series are provided in Note 5.

In the year a Fund or series is established, “period” represents inception to December 31; in all other cases “period”represents the year ended December 31.



Fund Start Date

3. Summary of Significant Accounting Policies

Basis of PresentationThese financial statements, prepared in accordance with Canadiangenerally accepted accounting principles (“GAAP”), include estimatesand assumptions by management that affect the reported amountsof assets, liabilities, income, expenses, gains and losses during thereporting period. Actual results may differ from those estimates.

Net asset value (“NAV”) is the value of the total assets of a Fundless the value of its total liabilities at a Valuation Date (as definedbelow) determined in accordance with Part 14 of National Instrument81-106 – Investment Fund Continuous Disclosure (“NI 81-106”) forthe purpose of processing unitholder transactions. Net assets (“netassets”) are determined in accordance with CICA Handbook Section3855, “Financial Instruments – Recognition and Measurement”(“Section 3855”). Section 3855 requires the use of bid prices forlong positions and ask prices for short positions in the fair valuationof investments, rather than the use of closing prices currently usedfor the purpose of determining NAV. For investments that are nottraded in an active market, Section 3855 requires the use of specificvaluation techniques, rather than use of valuation techniques byvirtue of general practice in the investment funds industry. This mayresult in a difference between the net assets per series unit andNAV per series unit. Refer to Note 10 for details of the comparisonbetween net assets per unit and NAV per unit.

Adoption of New Accounting Policies

CREDIT RISK AND FAIR VALUE OF FINANCIAL ASSETSAND FINANCIAL LIABILITIESOn January 20, 2009, the Canadian Accounting Standards Boardissued Emerging Issues Committee Abstract 173 – Credit Risk andthe Fair Value of Financial Assets and Financial Liabilities (“EIC-173”).EIC-173 supplements CICA Handbook Section 3855. EIC-173 requiresthat an entity’s own credit risk (in the case of financial liabilities)and a counter-party’s credit risk (in the case of financial assets)be taken into account in determining the fair value of financial assetsand financial liabilities, including derivative instruments.

The Manager has reviewed its policies over valuation of assetsand liabilities and believes that the fair values of the financial assetsand financial liabilities in these financial statements incorporateappropriate levels of credit risk.

AMENDMENTS TO CICA HANDBOOK SECTION 3862 “FINANCIALINSTRUMENTS – DISCLOSURES” (“SECTION 3862”)Effective December 31, 2009, the Funds adopted amendments toCICA Handbook Section 3862 – “Financial Instruments – Disclosures”(“Section 3862”). The amendments were made to enhancedisclosures about inputs to fair value measurement, including theirclassification within a hierarchy that prioritizes the inputs to fairvalue measurement. The hierarchy gives the highest priority tounadjusted quoted prices in active markets for identical assets orliabilities (Level 1) and the lowest priority to unobservable inputs(Level 3). The three levels of the fair value hierarchy are:

Level 1 Unadjusted quoted prices in active markets for identicalassets or liabilities;

Level 2 Inputs other than quoted prices that are observable forthe asset or liability either directly or indirectly; and

Level 3 Inputs that are not based on observable market data.

If different levels of inputs are used to measure a financial instru-ment’s fair value, the classification within the hierarchy is based onthe lowest level input that is significant to the fair value measure-ment. The classification of each Fund’s financial instruments withinthe fair value hierarchy as at December 31, 2009 is disclosed in therespective Fund’s Statement of Investment Portfolio.

The following is a summary of significant accounting policiesfollowed by the Funds in determining net assets for purposes ofthese financial statements.

(I) VALUATION OF INVESTMENTSInvestments are deemed to be held for trading in accordance withSection 3855, and therefore are recorded at fair value, determinedas follows:

(a) Securities listed on a recognized public securities exchange arevalued for financial reporting purposes at their bid prices for longpositions and ask prices for short positions on the last ValuationDate (as defined below) of the reporting period.

(b) Securities with no available bid or ask prices are valued at theirclosing sale prices. Securities not listed on any recognized publicsecurities exchange are valued in the same manner based onavailable public quotations from recognized dealers in suchsecurities.

(c) Securities for which market quotations are not readily available,or whose fair values have been deemed to be materially differentfrom the security’s most recent market quotation, may be valuedby methods deemed by TDAM to represent fair value.



2. Significant Events

(I) SERIES LAUNCHESTDAM offered additional series in certain of the Funds during 2009. New series launches were as follows:

Fund Series Launched Launch Date

TD Global Sustainability Fund Institutional Series March 12, 2009TD Mortgage Fund Advisor Series September 15, 2009TD Mortgage Fund F-Series September 15, 2009TD High Yield Income Fund H-Series September 15, 2009TD High Yield Income Fund S-Series September 15, 2009TD High Yield Income Fund T-Series September 15, 2009TD High Yield Income Fund Q-Series September 15, 2009

(II) FUND TERMINATIONSThe TD Income Trust Capital Yield Fund was terminated on July 31, 2009.

(d) TDAM uses fair value pricing when the market value of a securityheld in a Fund is unavailable, unreliable or not considered toreflect the current market value, and may determine another valuewhich it considers to be fair and reasonable using the servicesof third-party valuation service providers or other means. Certainsecurities of the Funds were fair valued on December 31, 2009given that predetermined thresholds established for the fair valuepricing were above internally prescribed limits on that date.

(e) Short-term notes are valued at their bid quotations received fromrecognized investment dealers for financial reporting purposes.If no bid price is available, they are valued at their amortized cost,which approximates fair value.

(f) Real return bonds are valued at their fair value for financialreporting purposes, which is calculated based on the bid pricefrom available public quotations from recognized dealers in realreturn bonds. Changes in the inflation factor are reflected on theStatements of Investment Operations as part of Interest Income.

(g) Mortgages are valued at their fair value using the Bank’sprevailing rate of return on new mortgages of similar type andterm. Mortgages are purchased from the Bank, the CanadaTrustco Mortgage Company, and the Canada Trust Company.In consideration of the services and facilities provided to theFund, TD Mortgage Fund pays the seller of each mortgagea liquidity fee and for conventional uninsured mortgages, aguarantee fee. Both the liquidity fee and guarantee fee aredeferred and amortized over the remaining term to maturityof the mortgages purchased.

(h) Foreign exchange forward contracts are used by some of theFunds to hedge against or profit from fluctuations in foreignexchange rates. These contracts are limited to the fair value offoreign securities owned by the Funds and quoted in thatcurrency. These contracts are valued at the gain or loss that wouldarise as a result of closing the position on the Valuation Date(as defined below). The unrealized gain or loss is reflected in theStatements of Net Assets as Unrealized Gain (Loss) on OpenForeign Exchange Forward Contracts. When the contracts areclosed out, the net realized gain or loss is reflected in theStatements of Investment Operations as part of Foreign Exchange.As at December 31, 2009, all outstanding contracts as listed in theStatement of Investment Portfolio are with financial institutionswhose short-term debt is rated A-1 or better by Standard & Poor’s.

(i) Certain of the Funds have purchased standardized, exchange-traded futures contracts. The outstanding futures contracts asat December 31, 2009 are listed in the Statement of InvestmentPortfolio. Futures contracts are valued at their bid prices forfinancial reporting purposes at the close of business on the lastValuation Date (as defined below) of the reporting period. Anydifference between the settlement value at the close of businesson the current Valuation Date and that of the previous ValuationDate is settled in cash daily and recorded in the Statements ofInvestment Operations as Derivatives Income (Loss). Any amountsreceivable (payable) from settlement of futures contracts arereflected in the Statements of Net Assets as Futures MarginReceivable (Payable). Short-term debt instruments and currencypositions as indicated in the Statement of Investment Portfoliohave been segregated and are held as margin against the futurescontracts purchased by the Funds.

(j) Options contracts are valued at their bid and/or ask prices at theclose of business on the last Valuation Date (as defined below)of the reporting period for financial reporting purposes. Optionscontracts with no bid/ask prices available are valued at theirclosing prices. The premium received/paid on options writtenor purchased is recorded at cost. The unrealized gain or loss isreflected in the Statements of Investment Operations as partof Net Change in Unrealized Appreciation/Depreciation ofInvestments. The realized gain or loss on sale or expiry of optionsis reflected in the Statements of Investment Operations as partof Net Realized Gain (Loss) on Sale of Investments.

(k) Investments in Underlying Funds are valued at the series’ NAVper unit at the end of each Valuation Date (as defined below).

The Funds invest in Underlying Funds and therefore do not incurtransaction costs. However, where Underlying Funds are held bythe Funds, they may be subject to transaction costs and thereforethe Funds may indirectly incur transaction costs.

(l) Significant accounting policies of TD Corporate Bond Capital Yield(the “Capital Yield Fund”):

The Capital Yield Fund enters into derivative contracts in orderto provide a return similar to what would be achieved by aninvestment directly in units of TD Corporate Bond Pool. TheCapital Yield Fund has entered into a forward purchase and saleagreement with a Canadian chartered bank (the “Counterparty”).The Counterparty is not a related party to the Bank.

Under the terms of the forward agreement, the Counterpartyhas agreed to pay the Capital Yield Fund an amount equal to theredemption proceeds of the number of O-Series units of theTD Corporate Bond Pool specified in the forward agreement, inexchange for the TD Corporate Bond Capital Yield Fund’s commonshare portfolio.

In order to permit the Capital Yield Fund to pay monthly distribu-tions, operating expenses or other liabilities, and meet redemptionrequests, the terms of the forward agreement provide that theforward contract may be settled in whole or in part at any timeprior to the settlement date at their discretion.

The Capital Yield Fund will pay to the Counterparty a fee under theforward agreement of 0.50 percent on the notional value of theforward contract, calculated and payable monthly in arrears.

The change in net excess (shortfall) of the fair value of investments(including unrealized gains and losses on foreign exchange) over(under) the total average cost or amortized cost of the investments isincluded as Net Change in Unrealized Appreciation/Depreciation ofInvestments in the Statements of Investment Operations.

(II) OTHER ASSETS AND LIABILITIESInterest receivable, dividends receivable, subscriptions receivable,receivable for investment sales and other net assets are designatedas loans and receivables and recorded at cost or amortized cost.Similarly, accrued liabilities, redemptions payable, payable forinvestment purchases, and other liabilities are designated as otherfinancial liabilities and reported at cost or amortized cost. Cost oramortized cost approximates fair value for these assets and liabilities.



(III) TRANSLATION OF FOREIGN CURRENCIESThe reporting and functional currency of all the Funds other than theTD U.S. Money Market, TD U.S. Index and TD Dow Jones IndustrialAverageSM Index Funds (collectively, the “U.S.$ Funds”) is theCanadian dollar. The reporting and functional currency for the U.S.$Funds is the United States dollar. Institutional Series, O-Series andF-Series units of the TD U.S. Index Fund and F-Series units of theTD Dow Jones Industrial AverageSM Index Fund are offered to thepublic only in Canadian dollars, and the NAV attributed to theseunits is translated daily to Canadian dollars at the exchange rate onthat day.

The fair value of investments and other assets and liabilitiesdenominated in a foreign currency are translated into the reportingcurrency at the rate of exchange which is current on the ValuationDate (as defined below). Foreign exchange gains and losses on thesale of investments and foreign currencies are included in NetRealized Gain (Loss) on Sale of Investments. Unrealized foreignexchange gains and losses on investments held are included in NetChange in Unrealized Appreciation/Depreciation of Investments.

The Funds’ investment portfolios may consist of securities that aretraded in foreign markets. The proceeds on the sale of such securitieswill be realized in the respective currency. Unhedged foreign currencypositions are subject to gains and losses due to fluctuations in therespective exchange rates.

Foreign currency purchases and sales of investments and foreigncurrency dividend and interest income and expenses are translatedinto the reporting currency at the rate of exchange on the respectivedate of the transaction.

(IV) SECURITIES LENDINGThe Funds may engage in securities lending pursuant to the termsof an agreement which includes restrictions as set out in Canadiansecurities legislation. The income earned from securities lendingis included in the Statements of Investment Operations and isrecognized when earned. The fair value of the securities loaned andvalue of collateral held is determined daily. Refer to Note 9 foraggregate securities on loan and related collateral held by the Funds.

(V) INVESTMENT TRANSACTIONS, INCOME, EXPENSESAND TRANSACTION COSTSThe cost of investments represents the amount paid for each security,and is determined on an average cost basis excluding transactioncosts. Investment transactions are accounted for as of the trade date.Interest income and expenses are accrued daily and dividend incomeis recognized on the ex-dividend date. Realized and unrealized gainsand losses from investment transactions are calculated on an averagecost basis excluding brokerage commissions and other tradingexpenses. Expenses are accrued on a daily basis, and are accruedseparately to each series, while income, gains and losses areallocated to each series based on their respective NAV.

Transaction costs, such as brokerage commissions, incurred in thepurchase and sale of securities by the Funds are recognized in theStatements of Investment Operations in the current period. Referto Note 7 for details of commission amounts paid on securitiestransactions.

(VI) INCREASE (DECREASE) IN NET ASSETS FROMINVESTMENT OPERATIONS PER UNITThe Increase (Decrease) in Net Assets from Investment OperationsPer Unit reported in the Statements of Investment Operations iscalculated as the Increase (Decrease) in Net Assets from InvestmentOperations attributed to each series of units, divided by the weightedaverage number of units of that series outstanding during the period.

(VII) VALUATION OF FUND UNITSTDAM usually calculates the NAV per series unit for each Fund as at4 p.m. (Eastern time) on each day that the Toronto Stock Exchangeis open for trading. However, in some circumstances, it may becalculated at another time. Each day on which a NAV is calculated isreferred to as a Valuation Date (“Valuation Date”).

A separate NAV is calculated for each series of units of a Fund bytaking the series’ proportionate share of the Fund’s common assetsless that series’ proportionate share of the Fund’s common liabilitiesand deducting from this amount all liabilities that relate solely tothat specific series. The NAV per series unit is determined by dividingthe NAV of each series of a Fund by the total number of units of thatseries outstanding.



(VIII) REPURCHASE AND REVERSE REPURCHASE AGREEMENTSThe Funds may enter into repurchase transactions and reverse repurchase transactions. A repurchase transactionis where a Fund sells a security that it owns to a party for cash and agrees to buy the same security back from thesame party at a higher price on an agreed future date. In a reverse repurchase transaction, a Fund buys a securityat one price from a third party and agrees to sell the same security back to the same party at a higher price on anagreed future date and the difference is reported as Income from Reverse Repurchase Agreement.

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 the Fund. The value of the collateralhas to be at least 102 percent of the market value of the security.

At period end, reverse repurchase agreements with details was as follows:

Transaction Expiration Amount Paid Type of Securities Market ValueFund Date Date by Fund Received of Collateral

Government of CanadaTD Canadian T-Bill Fund December 31, 2009 January 4, 2010 $ 37,441,980 Treasury Bill $ 38,182,958

Future Accounting ChangeIn February 2008, the Canadian Accounting Standards Board confirmed that International Financial ReportingStandards (“IFRS”) will replace current Canadian standards and interpretations for publicly accountableenterprises, which includes investment funds, effective January 1, 2011. For the Funds, IFRS will apply to semi-annual and annual financial statements for fiscal years beginning on or after January 1, 2011.

Management has been monitoring developments in the IFRS conversion program and has identified key issuesand the likely impacts resulting from the adoption of IFRS. Management has commenced the process ofdeveloping a transition plan, which includes identifying differences between the Funds’ current accountingpolicies and those it expects to apply under IFRS, as well as impacts to any accounting policy and implementationdecisions, internal controls, information systems and training.

Based on management’s review of the differences between Canadian GAAP and IFRS, it is not expected that therewould be an impact to the Funds’ NAV or net assets per unit. Management has presently determined that theimpact of IFRS to the financial statements would be limited to additional note disclosures and modifications topresentation including unitholder interests. However, this present determination is subject to change resultingfrom the issuance of new standards or new interpretations of existing standards.

4. Unitholders’ Equity

Units of the Funds are redeemable at the option of the unitholder in accordance with the provisions of theDeclarations of Trust. Units of the Funds are issued or redeemed on a daily basis at the NAV per series unitnext determined after the purchase order or redemption request, respectively, is received by TDAM. Purchasesand redemptions include units exchanged from one series to another series within a Fund.

Units issued and outstanding represent the capital of each Fund. The Funds do not have any specific capitalrequirements on the subscription and redemption of units, other than minimum subscription requirements.Changes in each Fund’s capital during the period are reflected in its Statements of Changes in Net Assets.TDAM is responsible for managing the capital of the Funds in accordance with their investment objectives andin managing their liquidity in order to meet redemption requests as discussed in Note 11.

5. Management Fees, Administration Fees and Other Expenses

(I) In consideration for management services and investment advice provided, TDAM is entitled to a manage-ment fee which is payable by the Funds. The management fee, exclusive of goods and services tax, is calculatedon a daily basis for each series based on the NAV of the Funds and paid monthly. No management fee orfund expenses are charged with respect to O-Series units, however investors are directly charged a negotiatedadministration fee.

The maximum annual management fee is the fee that can be charged to each series of the Fund according to thesimplified prospectus, a portion of which may not be charged at the discretion of TDAM. The actual managementfee is the annualized fee that was charged to each series of the Fund for the period. Management fee ratesdisclosed for the TD Income Advantage Portfolio, TD Global Equity Advantage Portfolio, TD U.S. Equity AdvantagePortfolio, TD Balanced Index Fund, TD U.S. Large-Cap Value Currency Neutral Fund, TD U.S. Equity AdvantageCurrency Neutral Portfolio, TD U.S. Index Currency Neutral Fund and TD International Index Currency Neutral Fundinclude the management fees charged to the Underlying Funds. However, there is no duplication of fees.

December 31, 2009Management Fee %

Fund Series Maximum Actual

TD Canadian T-Bill Fund Investor Series 1.00 0.89TD Canadian Money Market Fund Investor Series 1.00 0.88

Institutional Series 0.30 0.28Advisor Series 1.00 1.00F-Series 0.75 0.50O-Series 0.00 0.00

TD Premium Money Market Fund Investor Series 0.30 0.30F-Series 0.25 0.19

TD U.S. Money Market Fund Investor Series 1.00 0.96Premium Series 0.39 0.37O-Series 0.00 0.00

TD Short Term Bond Fund Investor Series 1.00 1.00Institutional Series 0.75 0.39Advisor Series 1.25 1.21F-Series 0.75 0.55O-Series 0.00 0.00

TD Mortgage Fund Investor Series 1.50 1.50Institutional Series 1.00 0.71Advisor Series 1.75 1.69F-Series 1.25 1.00



TD Canadian Bond Fund Investor Series 1.25 1.00Institutional Series 0.75 0.39Advisor Series 1.25 1.25F-Series 0.75 0.55O-Series 0.00 0.00

TD Canadian Core Plus Bond Fund Investor Series 1.25 1.21Advisor Series 1.25 1.21F-Series 0.75 0.60O-Series 0.00 0.00

TD Corporate Bond Capital Yield Fund Investor Series 1.35 1.35Advisor Series 1.35 1.35F-Series 0.85 0.85

TD Real Return Bond Fund Investor Series 1.20 1.20Advisor Series 1.20 1.20F-Series 0.75 0.55O-Series 0.00 0.00

TD Global Bond Fund Investor Series 1.75 1.75Institutional Series 1.00 0.40Advisor Series 1.75 1.75F-Series 1.25 0.80

TD High Yield Income Fund Investor Series 1.75 1.65Institutional Series 1.00 0.52Advisor Series 1.75 1.65F-Series 1.00 0.80H-Series 1.75 1.65S-Series 1.00 0.80T-Series 1.75 1.65Q-Series 1.00 0.52

TD Income Advantage Portfolio Investor Series 1.50 1.41Institutional Series 1.00 0.49Advisor Series 1.75 1.57F-Series 1.00 0.80H-Series 1.50 1.41S-Series 1.00 0.80T-Series 1.75 1.57

TD Monthly Income Fund Investor Series 1.25 1.25Advisor Series 1.25 1.25F-Series 0.75 0.75H-Series 1.25 1.25S-Series 0.75 0.75T-Series 1.25 1.25

TD Balanced Income Fund Investor Series 2.00 1.94Advisor Series 2.00 1.98F-Series 1.00 0.80D-Series 1.00 1.00

TD Diversified Monthly Income Fund Investor Series 2.00 2.00Advisor Series 2.00 2.00F-Series 1.00 0.80H-Series 2.00 2.00S-Series 1.00 0.80T-Series 2.00 2.00O-Series 0.00 0.00

TD Balanced Growth Fund Investor Series 2.00 1.93Advisor Series 2.00 1.98F-Series 1.00 0.80

TD Dividend Income Fund Investor Series 1.75 1.75Institutional Series 1.00 0.49Advisor Series 1.85 1.85F-Series 0.85 0.80H-Series 1.75 1.75S-Series 0.85 0.80T-Series 1.85 1.85O-Series 0.00 0.00





TD Dividend Growth Fund Investor Series 1.75 1.75Institutional Series 1.00 0.49Advisor Series 1.85 1.85F-Series 0.85 0.80H-Series 1.75 1.75S-Series 0.85 0.80T-Series 1.85 1.85O-Series 0.00 0.00

TD Canadian Blue Chip Equity Fund Investor Series 2.00 2.00Institutional Series 1.00 0.55Advisor Series 2.00 2.00F-Series 1.00 0.80O-Series 0.00 0.00

TD Canadian Equity Fund Investor Series 1.85 1.85Institutional Series 1.00 0.49Advisor Series 1.85 1.85F-Series 0.90 0.80O-Series 0.00 0.00

TD Canadian Value Fund Investor Series 1.85 1.85Institutional Series 1.00 0.49Advisor Series 1.85 1.85F-Series 0.90 0.80

TD Canadian Small-Cap Equity Fund Investor Series 2.00 2.00Institutional Series 1.00 0.49Advisor Series 2.00 2.00F-Series 1.00 0.80O-Series 0.00 0.00

TD North American Dividend Fund Investor Series 2.00 2.00Institutional Series 1.25 0.49Advisor Series 2.00 2.00F-Series 1.00 1.00

TD U.S. Blue Chip Equity Fund Investor Series 2.00 2.00Institutional Series 1.25 0.91Advisor Series 2.00 2.00F-Series 1.00 1.00

TD U.S. Quantitative Equity Fund Investor Series 1.15 1.15Institutional Series 0.75 0.49

TD U.S. Large-Cap Value Fund Investor Series 2.00 2.00Institutional Series 1.25 0.79Advisor Series 2.00 2.00F-Series 1.00 1.00

TD U.S. Large-Cap Value Investor Series 2.00 2.00Currency Neutral Fund Advisor Series 2.00 2.00

F-Series 1.00 1.00TD U.S. Mid-Cap Growth Fund Investor Series 2.00 2.00

Institutional Series 1.25 0.89Advisor Series 2.00 2.00F-Series 1.00 1.00

TD U.S. Small-Cap Equity Fund Investor Series 2.00 2.00Institutional Series 1.25 0.99Advisor Series 2.00 2.00F-Series 1.00 1.00

TD U.S. Equity Advantage Portfolio Investor Series 2.00 2.00Advisor Series 2.00 2.00F-Series 1.00 1.00

TD U.S. Equity Advantage Investor Series 2.00 2.00Currency Neutral Portfolio Advisor Series 2.00 2.00

F-Series 1.00 1.00





TD Global Dividend Fund Investor Series 2.00 2.00Institutional Series 1.00 0.99Advisor Series 2.00 2.00F-Series 1.00 1.00H-Series 2.00 2.00S-Series 1.00 1.00T-Series 2.00 2.00O-Series 0.00 0.00

TD Global Value Fund Investor Series 2.10 2.10Institutional Series 1.10 1.10Advisor Series 2.10 2.10F-Series 1.10 1.10

TD Global Select Fund Investor Series 2.00 2.00Institutional Series 1.25 0.85Advisor Series 2.00 2.00F-Series 1.00 1.00

TD Global Multi-Cap Fund Investor Series 2.10 2.10Institutional Series 1.10 1.10Advisor Series 2.10 2.10F-Series 1.10 1.10O-Series 0.00 0.00

TD Global Sustainability Fund Investor Series 2.10 2.01Institutional Series 1.10 0.99Advisor Series 2.10 2.01F-Series 1.10 1.10

TD International Equity Fund Investor Series 2.00 2.00Institutional Series 1.25 0.83Advisor Series 2.00 2.00F-Series 1.00 1.00

TD International Equity Growth Fund Investor Series 2.15 2.15Institutional Series 1.15 1.15Advisor Series 2.15 2.15F-Series 1.15 1.15

TD European Growth Fund Investor Series 2.25 2.25Institutional Series 1.25 0.87

TD Japanese Growth Fund Investor Series 2.25 2.25Institutional Series 1.25 1.00Advisor Series 2.25 2.25F-Series 1.25 1.25

TD Asian Growth Fund Investor Series 2.25 2.25Institutional Series 1.25 1.08Advisor Series 2.25 2.25F-Series 1.25 1.25

TD Pacific Rim Fund Investor Series 2.00 2.00TD Emerging Markets Fund Investor Series 2.25 2.25

Institutional Series 1.50 1.43Advisor Series 2.25 2.25F-Series 1.25 1.25

TD Latin American Growth Fund Investor Series 2.25 2.25Advisor Series 2.25 2.25F-Series 1.25 1.25

TD Global Equity Advantage Portfolio Investor Series 2.50 2.15Advisor Series 2.50 2.15F-Series 1.50 1.14

TD Resource Fund Investor Series 1.85 1.85Advisor Series 2.00 2.00F-Series 1.00 1.00

TD Energy Fund Investor Series 1.85 1.85Advisor Series 2.00 2.00F-Series 1.00 1.00





TD Precious Metals Fund Investor Series 1.85 1.85Advisor Series 2.00 2.00F-Series 1.00 1.00

TD Entertainment & Communications Fund Investor Series 2.25 2.25Institutional Series 1.50 1.13Advisor Series 2.25 2.25F-Series 1.25 1.25

TD Science & Technology Fund Investor Series 2.25 2.25Institutional Series 1.50 1.13Advisor Series 2.25 2.25F-Series 1.25 1.25

TD Health Sciences Fund Investor Series 2.25 2.25Institutional Series 1.50 1.13Advisor Series 2.25 2.25F-Series 1.25 1.25

TD Canadian Bond Index Fund Investor Series 0.75 0.75e-Series 0.50 0.46Institutional Series 0.50 0.34F-Series 0.50 0.50O-Series 0.00 0.00

TD Balanced Index Fund Investor Series 0.80 0.80TD Canadian Index Fund Investor Series 0.80 0.80

e-Series 0.50 0.30Institutional Series 0.50 0.34F-Series 0.50 0.50

TD Dow Jones Industrial AverageSM Investor Series 0.80 0.80Index Fund e-Series 0.50 0.30

F-Series 0.50 0.50TD U.S. Index Fund Investor Series 0.50 0.50

e-Series 0.50 0.31Institutional Series 0.50 0.34F-Series 0.50 0.50O-Series 0.00 0.00

TD U.S. Index Currency Neutral Fund Investor Series 0.80 0.80e-Series 0.50 0.46Institutional Series 0.50 0.34F-Series 0.50 0.50

TD Nasdaq® Index Fund Investor Series 1.25 0.92e-Series 0.50 0.46F-Series 0.50 0.50

TD International Index Fund Investor Series 1.25 1.25e-Series 0.50 0.46Institutional Series 0.50 0.47F-Series 0.50 0.50O-Series 0.00 0.00

TD International Index Investor Series 1.25 0.91Currency Neutral Fund e-Series 0.50 0.47

Institutional Series 0.50 0.47F-Series 0.50 0.50

TD European Index Fund Investor Series 1.25 0.93e-Series 0.50 0.46F-Series 0.50 0.50

TD Japanese Index Fund Investor Series 1.25 0.94e-Series 0.50 0.46F-Series 0.50 0.50





(II) TDAM receives a specified administration fee for the InvestorSeries, Advisor Series, H-Series and T-Series for the following Funds:

For the applicable Investor, Advisor, Administration feeH- and T-Series of the Fund annual rate %

TD Mortgage Fund 0.15TD Canadian Core Plus Bond Fund 0.15TD Corporate Bond Capital Yield Fund 0.15TD Real Return Bond Fund 0.15TD Global Bond Fund 0.30TD High Yield Income Fund 0.15TD Income Advantage Portfolio 0.08TD Monthly Income Fund 0.08TD Balanced Income Fund 0.08TD Diversified Monthly Income Fund 0.08TD Balanced Growth Fund 0.08TD Dividend Income Fund 0.08TD Dividend Growth Fund 0.08TD Canadian Blue Chip Equity Fund 0.12TD Canadian Equity Fund 0.12TD Canadian Value Fund 0.12TD Canadian Small-Cap Equity Fund 0.30TD North American Dividend Fund 0.30TD U.S. Blue Chip Equity Fund 0.30TD U.S. Quantitative Equity Fund 0.30TD U.S. Large-Cap Value Fund 0.30TD U.S. Large-Cap Value Currency Neutral Fund 0.30TD U.S. Mid-Cap Growth Fund 0.30TD U.S. Small-Cap Equity Fund 0.30TD U.S. Equity Advantage Portfolio(other than Advisor Series) 0.30

TD U.S. Equity Advantage Currency Neutral Portfolio 0.30TD Global Dividend Fund 0.30TD Global Value Fund 0.30TD Global Select Fund 0.30TD Global Multi-Cap Fund 0.30TD Global Sustainability Fund 0.30TD International Equity Fund 0.30TD International Equity Growth Fund 0.30TD European Growth Fund 0.30TD Japanese Growth Fund 0.30TD Asian Growth Fund 0.35TD Pacific Rim Fund 0.35TD Emerging Markets Fund 0.35TD Latin American Growth Fund 0.35TD Global Equity Advantage Portfolio 0.30TD Resource Fund 0.20TD Energy Fund 0.20TD Precious Metals Fund 0.20TD Entertainment & Communications Fund 0.30TD Science & Technology Fund 0.30TD Health Sciences Fund 0.30

(III) Securityholder reporting costs, custodian, legal, filing and auditfees are TDAM expenses except for the TD U.S. Equity AdvantagePortfolio (Advisor Series).

The expenses borne by TDAM do not include costs and expensesassociated with the Funds’ independent review committee, taxes,borrowing, compliance with any new governmental or regulatoryrequirements and costs associated with portfolio transactions,including brokerage commissions and research and execution costs,if any. These costs are borne by the Funds.

Pursuant to National Instrument 81-107, an Independent ReviewCommittee (“IRC”) for the Funds was appointed on April 26, 2007and became operational effective September 19, 2007. Costs andexpenses, including the remuneration of committee members,the costs of legal and other advisors to, and legal and other servicesfor, committee members, and insurance costs are chargeable tothe Funds.

(IV) TDAM may reduce or rebate a portion of the management feeattributable to institutional or group plan investors in a Fund.The program to reduce or rebate management fees will not resultin adverse tax consequences to a Fund or to those unitholders notparticipating in such a program. The fee rebate is treated as adistribution of income, capital gains, or a return of capital withadditional units being issued.

(V) The TD Mortgage Fund pays the seller of each mortgage aliquidity fee equal to the present value of up to 0.10 percent perannum applied to the principal value of each mortgage at the timeof purchase. In addition, for conventional uninsured mortgages,the Fund shall pay to the applicable seller a guarantee fee equal tothe present value of 0.10 percent per annum applied to the principalvalue of each mortgage. For this fee, the sellers have agreed torepurchase any mortgages which are in default for 90 days or more.The Liquidity fees (000s) paid in 2009 were $2,345 (2008: $438).

6. Other Related Party Transactions

Pursuant to securities law, the Funds relied on standing instructionsfrom the IRC permitting the Funds to enter into one or more of thefollowing securities transactions:

(a) trades in securities of the Bank or any affiliate or associate thereof;

(b) investments in the securities of an issuer where TD Securities Inc.,TD Waterhouse Canada Inc., or any other affiliate of TDAM(“Related Dealer”) acted as an underwriter during the distributionof such securities and the 60-day period following the completionof the distribution of the underwritten securities;

(c) purchases or sales of securities of an issuer from or to anotherinvestment fund managed by TDAM; and

(d) purchases of securities from or sales of securities to a RelatedDealer, where it acted as principal.

The standing instructions require that securities transactions withrelated parties conducted by TDAM (i) are free from any influenceby an entity related to TDAM and without taking into account anyconsideration relevant to an entity related to TDAM; (ii) represent thebusiness judgment of TDAM uninfluenced by considerations otherthan the best interests of the Funds; (iii) comply with the applicablepolicies and procedures of TDAM; and (iv) achieve a fair andreasonable result for the Funds.

In the case of the TD Mortgage Fund, TD Short Term Bond Fundand TD Monthly Income Fund, regulatory approval has been obtainedto permit the purchase and sales of mortgages between the Fundsand affiliates of TDAM, if such affiliates are acting as principalprovided that the purchase or sale is consistent with, or is necessaryto meet the investment objectives of the Fund and the IRC hasapproved the transaction.



7. Brokerage Commissions and Soft Dollars

Brokerage commissions (including other transaction costs) paid on securities transactions during 2009 and 2008,and amounts paid to related parties of the Bank for brokerage services provided to the Funds are as follows:

Total Brokerage Amounts Paid toCommissions (000s) Related Parties (000s)

Fund 2009 2008 2009 2008

TD Corporate Bond Capital Yield Fund $ 1,087 $ 458 $ 0 $ 0TD Global Bond Fund 1 7 0 0TD High Yield Income Fund 3 0 0 0TD Monthly Income Fund 156 152 3 5TD Balanced Income Fund 32 41 0* 0*TD Diversified Monthly Income Fund 109 97 21 8TD Balanced Growth Fund 487 544 13 11TD Dividend Income Fund 212 251 5 34TD Dividend Growth Fund 778 315 89 28TD Canadian Blue Chip Equity Fund 267 218 4 4TD Canadian Equity Fund 9,233 21,599 675 1,387TD Canadian Value Fund 1,104 1,598 41 39TD Canadian Small-Cap Equity Fund 1,465 1,484 104 130TD North American Dividend Fund 233 402 5 0*TD U.S. Blue Chip Equity Fund 417 426 0 0TD U.S. Quantitative Equity Fund 552 644 0 0TD U.S. Large-Cap Value Fund 170 329 0 0TD U.S. Mid-Cap Growth Fund 187 160 0 0TD U.S. Small-Cap Equity Fund 86 78 0 0TD Global Dividend Fund 689 743 0 3TD Global Value Fund 1,539 1,410 0 0TD Global Select Fund 807 519 0 1TD Global Multi-Cap Fund 355 911 0 0TD Global Sustainability Fund 20 19 0 0TD International Equity Fund 637 587 0 3TD International Equity Growth Fund 666 988 0 0TD European Growth Fund 91 130 0 0TD Japanese Growth Fund 100 207 0 0TD Asian Growth Fund 374 444 0 0TD Pacific Rim Fund 100 148 0 0TD Emerging Markets Fund 486 1,017 0 0TD Latin American Growth Fund 314 560 0 0TD Resource Fund 63 57 0 0TD Energy Fund 70 27 0 0TD Precious Metals Fund 599 396 3 0*TD Entertainment & Communications Fund 158 222 0 0TD Science & Technology Fund 214 187 0 0TD Health Sciences Fund 131 212 0 0TD Canadian Index Fund 87 86 3 1TD Dow Jones Industrial AverageSM

Index Fund (USD) 5 6 0 0TD U.S. Index Fund (USD) 18 89 0 0TD U.S. Index Currency Neutral Fund 3 4 0 0TD Nasdaq® Index Fund 15 25 0 0TD International Index Fund 26 252 0 0TD International Index Currency Neutral Fund 3 3 0 0TD European Index Fund 15 21 0 0TD Japanese Index Fund 8 11 0 0

* Less than $500

Client brokerage commissions are used as payment for order execution services or research services. Theportfolio advisers or TDAM may select brokers including its affiliates, who charge a commission in excess ofthat charged by other brokers (“soft dollars”) if they determine in good faith that the commission is reasonablein relation to the order execution and research services utilized. It is TDAM’s objective that over time, all clientsreceive benefits from client brokerage commissions.



For fixed income or treasury securities traded in the over the counter markets where client brokeragecommissions are not charged, soft dollars or client brokerage commissions are not generated. For equitiesor other securities where client brokerage commissions are charged, the soft dollar portion of the amountpaid or payable for goods and services other than order execution for the Funds is not generally ascertainable.Any ascertainable soft dollar value and the percentage of total commissions received under the soft dollararrangement entered into by the portfolio advisers or TDAM for 2009 for the Fund are as follows.

Soft Dollars Percentage of TotalFund (000s) Commissions (%)

TD Monthly Income Fund $ 1 0.68TD Balanced Income Fund 3 9.03TD Diversified Monthly Income Fund 0* 0.01TD Dividend Income Fund 5 2.57TD Dividend Growth Fund 43 5.57TD Canadian Blue Chip Equity Fund 12 4.46TD Canadian Equity Fund 643 6.96TD Canadian Value Fund 12 1.06TD Canadian Small-Cap Equity Fund 109 7.42TD North American DIvidend Fund 1 0.30TD U.S. Blue Chip Equity Fund 94 22.54TD U.S. Large-Cap Value Fund 41 24.09TD U.S. Mid-Cap Growth Fund 43 23.07TD U.S. Small-Cap Equity Fund 21 24.53TD Global Dividend Fund 5 0.66TD Global Select Fund 392 48.57TD Global Multi-Cap Fund 74 20.98TD International Equity Fund 16 2.51TD International Equity Growth Fund 212 31.78TD Asian Growth Fund 189 50.58TD Pacific Rim Fund 51 51.11TD Energy Fund 2 2.17TD Precious Metals Fund 2 0.34TD Entertainment & Communications Fund 30 18.74TD Science & Technology Fund 48 22.48TD Health Sciences Fund 21 16.35

* Less than $500

8. Tax Status

The Funds qualify as mutual fund trusts under the Income Tax Act (Canada). All or substantially all of the netincome for tax purposes and sufficient net capital gains realized in any year are distributed to unitholders suchthat no income tax is payable by the Funds.

The following Funds have accumulated net realized capital losses/non-capital losses available for utilizationagainst net realized gains or net income for tax purposes in future years as follows. Capital losses have no expiry.Non-capital losses can be carried forward for up to twenty years.

Non-Capital (by year of expiry) (000s)

CapitalFund (000s) 2010 2014 2025 2026 2027 2028 2029

TD U.S. Money Market Fund $ 243,469 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0TD Short Term Bond Fund 5,531 0 0 0 0 0 0 0TD Mortgage Fund 2,470 0 0 0 0 0 0 0TD Canadian Core Plus Bond Fund 118 0 0 0 0 0 0 0TD Corporate Bond Capital Yield Fund 2,484 0 0 0 3 94 10 9TD Real Return Bond Fund 2,378 0 0 0 0 0 0 0TD Global Bond Fund 40,056 0 0 0 0 0 0 0TD High Yield Income Fund 157,994 0 0 0 0 0 0 0TD Monthly Income Fund 53,186 0 0 0 0 0 0 0TD Balanced Income Fund 2,665 0 0 0 0 0 0 0TD Diversified Monthly Income Fund 35,612 0 0 0 0 0 0 0TD Balanced Growth Fund 19,330 0 0 0 0 0 0 0TD Dividend Income Fund 87,634 0 0 0 0 0 0 0



TD Dividend Growth Fund $ 16,574 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0TD Canadian Equity Fund 521,029 0 0 0 0 0 1,419 0TD Canadian Value Fund 23,170 0 0 0 0 0 0 0TD Canadian Small-Cap Equity Fund 65,093 0 0 0 0 0 0 0TD North American Dividend Fund 38,266 0 0 0 0 0 0 0TD U.S. Blue Chip Equity Fund 210,769 3,154 1,135 0 0 1,412 1,440 1,608TD U.S. Quantitative Equity Fund 259,932 0 0 0 0 0 0 0TD U.S. Large-Cap Value Fund 73,766 0 0 0 0 0 0 0TD U.S. Large-Cap Value Currency

Neutral Fund 93 0 0 0 0 0 0 0TD U.S. Mid-Cap Growth Fund 21,589 0 0 0 0 0 3,185 2,529TD U.S. Small-Cap Equity Fund 12,355 0 0 0 0 0 433 146TD U.S. Equity Advantage Portfolio 395 0 0 0 45 0 88 72TD U.S. Equity Advantage Currency

Neutral Portfolio 56 0 0 0 0 0 200 0TD Global Dividend Fund 140,926 0 0 0 0 0 0 0TD Global Value Fund 316,055 0 0 0 0 0 0 0TD Global Select Fund 269,554 0 0 0 0 0 0 0TD Global Multi-Cap Fund 152,773 0 0 0 0 0 0 0TD Global Sustainability Fund 2,046 0 0 0 0 0 0 0TD International Equity Fund 290,938 0 0 0 0 0 939 0TD International Equity Growth Fund 225,571 0 0 0 0 0 0 0TD European Growth Fund 39,067 0 0 0 0 0 0 0TD Japanese Growth Fund 27,563 427 175 0 148 565 21 79TD Asian Growth Fund 59,255 0 0 0 0 0 0 0TD Pacific Rim Fund 16,308 0 0 0 0 0 0 40TD Emerging Markets Fund 63,424 0 0 0 0 0 1,592 793TD Latin American Growth Fund 38,789 0 0 0 0 0 1,236 1,035TD Global Equity Advantage Portfolio 16,583 0 0 0 0 0 0 0TD Resource Fund 14,448 0 0 0 0 0 0 0TD Energy Fund 29,378 0 0 0 0 0 0 0TD Precious Metals Fund 10,529 0 0 0 0 0 0 0TD Entertainment & Communications Fund 81,905 0 0 0 0 0 23 318TD Science & Technology Fund 377,125 4,572 3,666 3,363 2,878 0 1,528 0TD Health Sciences Fund 53,219 6,916 0 0 1,868 0 3,708 3,132TD Canadian Bond Index Fund 9,497 0 0 0 0 0 0 0TD Canadian Index Fund 96,690 0 0 0 0 0 0 0TD Dow Jones Industrial AverageSM

Index Fund 6,217 0 0 0 0 0 0 0TD U.S. Index Fund 53,286 0 0 0 0 0 0 0TD U.S. Index Currency Neutral Fund 18,925 0 0 0 0 0 19,842 0TD Nasdaq® Index Fund 10,040 0 0 0 0 0 14,792 0TD International Index Fund 28,214 0 0 0 0 0 0 0TD International Index Currency

Neutral Fund 5,059 0 0 0 0 0 5,204 0TD European Index Fund 19,121 0 0 0 0 0 0 0TD Japanese Index Fund 7,586 0 0 0 0 0 0 0



Non-Capital (by year of expiry) (000s)

CapitalFund (000s) 2010 2014 2025 2026 2027 2028 2029

9. Securities Lending

As of December 31, 2009, the outstanding value of securities lent and collateral held is as follows (000s):

Fair Value of Value ofFund Securities Lent Collateral Held

TD Canadian T-Bill Fund $ 48,425 $ 51,031TD Canadian Money Market Fund 170,685 179,870TD Premium Money Market Fund 183,381 193,249TD Short Term Bond Fund 458,455 483,126TD Mortgage Fund 15,578 16,416TD Canadian Bond Fund 900,741 949,213TD Canadian Core Plus Bond Fund 118,008 124,359TD Real Return Bond Fund 102,889 108,426TD Global Bond Fund 24,859 26,197TD High Yield Income Fund 5,968 6,289TD Monthly Income Fund 195,487 206,007TD Balanced Income Fund 39,038 41,139TD Diversified Monthly Income Fund 5,278 5,562TD Balanced Growth Fund 133,698 140,893TD Dividend Income Fund 350,943 369,828TD Dividend Growth Fund 162,929 171,697TD Canadian Blue Chip Equity Fund 61,304 64,603TD Canadian Equity Fund 170,217 179,377TD Canadian Value Fund 39,037 41,137TD Canadian Small-Cap Equity Fund 42,762 45,063TD North American Dividend Fund 7,834 8,256TD U.S. Blue Chip Equity Fund 54,448 57,378TD U.S. Quantitative Equity Fund 4,113 4,334TD U.S. Large-Cap Value Fund 46,655 49,166TD U.S. Mid-Cap Growth Fund 56,500 59,541TD U.S. Small-Cap Equity Fund 4,617 4,866TD Global Dividend Fund 16,397 17,279TD Global Value Fund 12,786 13,474TD Global Multi-Cap Fund 19,568 20,621TD Global Sustainability Fund 628 662TD International Equity Fund 13,560 14,290TD International Equity Growth Fund 26,086 27,490TD European Growth Fund 2,259 2,381TD Japanese Growth Fund 782 824TD Emerging Markets Fund 4,486 4,728TD Latin American Growth Fund 610 643TD Resource Fund 19,315 20,354TD Energy Fund 29,116 30,683TD Precious Metals Fund 8,045 8,478TD Entertainment & Communications Fund 19,163 20,195TD Science & Technology Fund 10,376 10,935TD Health Sciences Fund 19,022 20,045TD Canadian Bond Index Fund 79,921 84,222TD Canadian Index Fund 82,281 86,709TD Dow Jones Industrial AverageSM

Index Fund (USD) 2,422 2,553TD U.S. Index Fund (USD) 22,023 23,208TD Nasdaq® Index Fund 7,058 7,437TD International Index Fund 6,576 6,930TD European Index Fund 749 789TD Japanese Index Fund 765 806

Collateral held is in the form of debt obligations of the Government of Canada, Canadian provincial and municipalgovernments or Canadian corporations and is not included in the Statement of Investment Portfolio.



10. Net Assets per Unit and NAV per Unit

NI 81-106 was amended effective September 8, 2008 to require all investment funds, including the Funds, tocalculate NAV for all purposes other than financial statements without giving effect to Section 3855 referredto in Note 3. This may result in a difference between the net assets per series unit and NAV per series unit andthe differences are presented in the following table:

Per Unit ($) as at

Dec. 31, 2009 Dec. 31, 2008

Fund Net Assets NAV Net Assets NAV

TD Canadian T-Bill FundInvestor Series 10.00 10.00 10.00 10.00

TD Canadian Money Market FundInvestor Series 10.00 10.00 10.00 10.00Institutional Series 10.00 10.00 10.00 10.00Advisor Series 10.00 10.00 10.00 10.00F-Series 10.00 10.00 10.00 10.00O-Series 10.00 10.00 10.00 10.00

TD Premium Money Market FundInvestor Series 10.00 10.00 10.00 10.00F-Series 10.00 10.00 10.00 10.00

TD U.S. Money Market Fund (USD)Investor Series 10.00 10.00 10.00 10.00Premium Series 10.00 10.00 10.00 10.00O-Series 10.00 10.00 10.00 10.00

TD Short Term Bond FundInvestor Series 9.97 9.98 9.74 9.75Institutional Series 10.26 10.27 10.04 10.05Advisor Series 10.40 10.42 10.14 10.16F-Series 10.41 10.42 10.13 10.14O-Series 10.25 10.27 10.03 10.04

TD Mortgage FundInvestor Series 61.87 61.87 61.36 61.37Institutional Series 10.14 10.14 10.06 10.06Advisor Series 9.98 9.98 N/A N/AF-Series 9.99 9.99 N/A N/A

TD Canadian Bond FundInvestor Series 13.18 13.21 12.49 12.52Institutional Series 10.70 10.72 10.14 10.16Advisor Series 11.52 11.54 10.91 10.93F-Series 11.72 11.75 11.10 11.12O-Series 10.20 10.22 9.63 9.65

TD Canadian Core Plus Bond FundInvestor Series 10.59 10.62 9.68 9.70Advisor Series 10.78 10.81 9.83 9.86F-Series 10.79 10.82 9.84 9.87O-Series 11.24 11.27 10.17 10.19

TD Corporate Bond Capital Yield FundInvestor Series 14.97 14.98 12.94 12.94Advisor Series 14.96 14.97 12.94 12.94F-Series 14.96 14.97 12.94 12.94

TD Real Return Bond FundInvestor Series 15.46 15.48 13.76 13.77Advisor Series 13.21 13.22 11.75 11.76F-Series 13.55 13.56 12.03 12.04O-Series 10.38 10.39 9.21 9.22

TD Global Bond FundInvestor Series 8.94 8.96 9.58 9.60Institutional Series 8.68 8.70 9.31 9.33Advisor Series 8.82 8.84 9.44 9.46F-Series 10.20 10.22 10.85 10.88



TD High Yield Income FundInvestor Series 5.98 6.02 3.74 3.78Institutional Series 6.68 6.72 4.20 4.24Advisor Series 7.00 7.04 4.50 4.55F-Series 6.58 6.62 4.27 4.31H-Series 16.44 16.54 N/A N/AS-Series 16.36 16.45 N/A N/AT-Series 16.42 16.51 N/A N/AQ-Series 16.14 16.23 N/A N/A

TD Income Advantage PortfolioInvestor Series 10.52 10.52 9.37 9.37Institutional Series 11.10 11.10 9.89 9.89Advisor Series 10.52 10.52 9.37 9.37F-Series 9.96 9.96 8.87 8.87H-Series 13.55 13.55 12.28 12.28S-Series 13.51 13.51 12.25 12.25T-Series 13.47 13.47 12.23 12.23

TD Monthly Income FundInvestor Series 15.34 15.38 12.38 12.42Advisor Series 14.54 14.57 11.73 11.77F-Series 10.46 10.49 8.44 8.46H-Series 12.45 12.48 10.27 10.30S-Series 12.46 12.49 10.29 10.32T-Series 12.43 12.46 10.26 10.29

TD Balanced Income FundInvestor Series 13.56 13.59 12.37 12.40Advisor Series 12.32 12.34 11.23 11.25F-Series 10.47 10.49 9.59 9.61D-Series 11.14 11.16 10.15 10.17

TD Diversified Monthly Income FundInvestor Series 18.02 18.07 14.87 14.92Advisor Series 8.79 8.81 7.25 7.27F-Series 8.76 8.78 7.23 7.26H-Series 12.00 12.03 10.17 10.20S-Series 12.01 12.04 10.17 10.20T-Series 12.01 12.04 10.18 10.21O-Series 8.77 8.79 7.23 7.25

TD Balanced Growth FundInvestor Series 21.97 22.00 19.07 19.10Advisor Series 11.53 11.55 10.01 10.03F-Series 11.51 11.53 9.99 10.00

TD Dividend Income FundInvestor Series 25.04 25.10 19.86 19.93Institutional Series 14.88 14.91 11.79 11.83Advisor Series 12.51 12.53 9.92 9.95F-Series 10.27 10.29 8.14 8.17H-Series 11.30 11.33 9.33 9.37S-Series 11.30 11.32 9.32 9.35T-Series 11.26 11.28 9.30 9.34O-Series 9.96 9.98 7.88 7.91

TD Dividend Growth FundInvestor Series 49.51 49.61 37.61 37.72Institutional Series 19.60 19.64 14.81 14.86Advisor Series 18.00 18.03 13.67 13.71F-Series 18.59 18.63 14.11 14.16H-Series 11.31 11.33 9.15 9.18S-Series 11.28 11.30 9.13 9.16T-Series 11.29 11.31 9.14 9.17O-Series 10.73 10.75 8.09 8.12



Per Unit ($) as at

Dec. 31, 2009 Dec. 31, 2008


TD Canadian Blue Chip Equity FundInvestor Series 30.23 30.29 24.97 25.05Institutional Series 17.38 17.41 14.21 14.25Advisor Series 15.71 15.74 12.98 13.02F-Series 14.79 14.82 12.11 12.14O-Series 9.94 9.96 8.10 8.12

TD Canadian Equity FundInvestor Series 24.84 24.91 16.84 16.92Institutional Series 12.36 12.39 8.25 8.29Advisor Series 10.40 10.43 7.05 7.08F-Series 10.55 10.57 7.06 7.09O-Series 9.85 9.87 6.54 6.57

TD Canadian Value FundInvestor Series 21.34 21.41 15.06 15.12Institutional Series 14.51 14.56 10.25 10.28Advisor Series 11.16 11.20 7.88 7.90F-Series 12.07 12.11 8.52 8.55

TD Canadian Small-Cap Equity FundInvestor Series 28.48 28.66 17.78 17.95Institutional Series 14.62 14.71 9.06 9.14Advisor Series 12.43 12.50 7.75 7.83F-Series 10.26 10.32 6.36 6.42O-Series 10.04 10.10 6.21 6.27

TD North American Dividend FundInvestor Series 11.27 11.28 10.99 11.00Institutional Series 9.62 9.63 9.38 9.39Advisor Series 7.06 7.07 6.87 6.88F-Series 7.24 7.24 6.97 6.99

TD U.S. Blue Chip Equity FundInvestor Series 11.94 11.94 10.06 10.07Institutional Series 13.89 13.90 11.53 11.54Advisor Series 5.34 5.34 4.50 4.50F-Series 6.13 6.13 5.09 5.09

TD U.S. Quantitative Equity FundInvestor Series 6.54 6.55 6.01 6.02Institutional Series 8.34 8.34 7.59 7.60

TD U.S. Large-Cap Value FundInvestor Series 8.22 8.22 7.94 7.95Institutional Series 8.48 8.49 8.18 8.19Advisor Series 8.02 8.02 7.76 7.76F-Series 8.96 8.96 8.64 8.65

TD U.S. Large-Cap Value Currency Neutral FundInvestor Series 6.96 6.96 5.89 5.89Advisor Series 7.51 7.51 6.38 6.38F-Series 8.15 8.15 6.83 6.83

TD U.S. Mid-Cap Growth FundInvestor Series 28.82 28.83 23.47 23.51Institutional Series 13.52 13.52 10.85 10.86Advisor Series 9.22 9.22 7.51 7.52F-Series 10.42 10.42 8.37 8.38

TD U.S. Small-Cap Equity FundInvestor Series 12.27 12.28 10.37 10.39Institutional Series 10.86 10.87 9.05 9.08Advisor Series 11.14 11.15 9.41 9.43F-Series 9.73 9.74 8.11 8.13

TD U.S. Equity Advantage PortfolioInvestor Series 8.99 8.99 7.95 7.95Advisor Series 8.94 8.94 7.92 7.92F-Series 9.38 9.38 8.18 8.18

TD U.S. Equity Advantage CurrencyNeutral PortfolioInvestor Series 7.95 7.95 6.13 6.13Advisor Series 8.12 8.12 6.26 6.26F-Series 8.86 8.86 6.74 6.74



Per Unit ($) as at

Dec. 31, 2009 Dec. 31, 2008


TD Global Dividend FundInvestor Series 7.71 7.71 7.10 7.10Institutional Series 7.01 7.01 6.46 6.46Advisor Series 7.71 7.71 7.10 7.11F-Series 7.69 7.69 7.09 7.09H-Series 9.16 9.16 9.01 9.01S-Series 9.04 9.05 8.91 8.92T-Series 9.11 9.12 8.97 8.97O-Series 11.67 11.67 10.58 10.58

TD Global Value FundInvestor Series 7.43 7.44 7.20 7.21Institutional Series 7.05 7.05 6.83 6.84Advisor Series 7.42 7.42 7.19 7.19F-Series 7.48 7.48 7.23 7.23

TD Global Select FundInvestor Series 12.63 12.64 10.94 10.95Institutional Series 13.77 13.78 11.91 11.92Advisor Series 7.09 7.10 6.14 6.15F-Series 8.13 8.14 6.95 6.96

TD Global Multi-Cap FundInvestor Series 7.62 7.63 6.39 6.39Institutional Series 7.08 7.09 5.90 5.90Advisor Series 7.63 7.64 6.40 6.40F-Series 7.69 7.69 6.36 6.36O-Series 7.85 7.85 6.44 6.45

TD Global Sustainability FundInvestor Series 7.48 7.48 6.76 6.76Institutional Series 12.97 12.98 N/A N/AAdvisor Series 7.50 7.51 6.78 6.78F-Series 7.57 7.57 6.81 6.81

TD International Equity FundInvestor Series 13.51 13.51 12.19 12.20Institutional Series 9.70 9.70 8.62 8.62Advisor Series 7.24 7.24 6.54 6.54F-Series 6.81 6.81 6.07 6.07

TD International Equity Growth FundInvestor Series 8.20 8.21 7.08 7.08Institutional Series 7.66 7.67 6.61 6.61Advisor Series 8.25 8.25 7.11 7.11F-Series 8.29 8.29 7.29 7.30

TD European Growth FundInvestor Series 13.95 13.95 12.63 12.63Institutional Series 12.38 12.38 10.92 10.92

TD Japanese Growth FundInvestor Series 5.58 5.58 6.19 6.19Institutional Series 8.84 8.84 9.64 9.64Advisor Series 6.42 6.42 7.11 7.11F-Series 6.79 6.79 7.41 7.41

TD Asian Growth FundInvestor Series 12.23 12.23 10.10 10.10Institutional Series 13.63 13.63 11.22 11.22Advisor Series 11.05 11.05 9.12 9.12F-Series 11.14 11.14 9.15 9.15

TD Pacific Rim FundInvestor Series 7.93 7.93 7.36 7.36

TD Emerging Markets FundInvestor Series 14.19 14.20 10.06 10.06Institutional Series 16.03 16.04 11.23 11.23Advisor Series 17.92 17.92 12.70 12.71F-Series 18.84 18.85 13.17 13.18

TD Latin American Growth FundInvestor Series 25.61 25.68 15.14 15.20Advisor Series 14.44 14.48 8.53 8.56F-Series 15.18 15.22 8.85 8.88



Per Unit ($) as at

Dec. 31, 2009 Dec. 31, 2008


TD Global Equity Advantage PortfolioInvestor Series 6.67 6.67 5.94 5.94Advisor Series 7.10 7.10 6.32 6.32F-Series 7.40 7.40 6.51 6.51

TD Resource FundInvestor Series 27.04 27.13 17.97 18.11Advisor Series 23.93 24.01 15.90 16.02F-Series 12.42 12.46 8.23 8.29

TD Energy FundInvestor Series 25.52 25.59 18.95 19.04Advisor Series 8.24 8.26 6.10 6.13F-Series 8.48 8.50 6.29 6.32

TD Precious Metals FundInvestor Series 56.12 56.50 34.57 34.97Advisor Series 11.92 12.00 7.35 7.44F-Series 12.47 12.55 7.60 7.69

TD Entertainment & Communications FundInvestor Series 20.25 20.27 14.31 14.33Institutional Series 31.84 31.87 21.92 21.95Advisor Series 11.04 11.04 7.80 7.81F-Series 12.40 12.41 8.64 8.65

TD Science & Technology FundInvestor Series 15.02 15.03 9.92 9.93Institutional Series 18.94 18.95 12.18 12.19Advisor Series 3.45 3.46 2.28 2.28F-Series 3.85 3.85 2.51 2.51

TD Health Sciences FundInvestor Series 15.66 15.67 14.52 14.55Institutional Series 21.53 21.55 19.67 19.70Advisor Series 7.50 7.50 6.95 6.97F-Series 8.53 8.54 7.80 7.82

TD Canadian Bond Index FundInvestor Series 10.65 10.66 10.62 10.63e-Series 10.79 10.80 10.76 10.77Institutional Series 10.17 10.19 10.15 10.16F-Series 10.84 10.85 10.81 10.82O-Series 9.98 9.99 9.96 9.97

TD Balanced Index FundInvestor Series 11.50 11.50 10.36 10.36

TD Canadian Index FundInvestor Series 17.74 17.79 13.50 13.54e-Series 18.56 18.61 14.07 14.12Institutional Series 13.47 13.50 10.24 10.27F-Series 12.46 12.50 9.50 9.53

TD Dow Jones Industrial AverageSM Index FundInvestor Series (USD) 6.62 6.62 5.55 5.56e-Series (USD) 6.87 6.87 5.75 5.76F-Series 5.56 5.56 5.44 5.44

TD U.S. Index FundInvestor Series (USD) 8.83 8.83 7.15 7.15e-Series (USD) 19.31 19.32 15.59 15.60Institutional Series 5.67 5.67 5.40 5.41F-Series 5.35 5.35 5.11 5.11O-Series 8.87 8.87 8.48 8.48

TD U.S. Index Currency Neutral FundInvestor Series 6.96 6.96 5.72 5.72e-Series 8.15 8.15 6.67 6.67Institutional Series 7.40 7.40 6.04 6.05F-Series 6.75 6.75 5.52 5.52

TD Nasdaq® Index FundInvestor Series 4.43 4.43 2.97 2.97e-Series 4.80 4.80 3.20 3.21F-Series 5.26 5.26 3.51 3.51



Per Unit ($) as at

Dec. 31, 2009 Dec. 31, 2008


11. Financial Risk Management

Each Fund’s investment activities expose it to a variety of financialrisks: market risk (including interest rate risk, currency risk, andother price risk), credit risk and liquidity risk. TDAM seeks to reducethese risks by employing experienced portfolio managers, whoinvest within the limits as outlined in the Funds’ investmentobjectives and investment strategies and applicable TDAM policiesand procedures (collectively referred to as the “InvestmentRestrictions”). Investment Restrictions are designed to ensure theTD Mutual Funds are prudently diversified across geography, sector,and issuer, as applicable. TDAM Risk Management uses a compliancemonitoring system to independently monitor the Funds’ InvestmentRestrictions and implements an escalation process for exceptions,where warranted.

TDAM Risk Management conducts regular reviews of the Fundsusing detailed risk reports generated by third party software and,where appropriate holds meetings with the TDAM portfoliomanagers to discuss portfolio positioning and risk reports. Inaddition, TDAM Risk Management performs on-site due diligencevisits to third-party sub-advisers of the TD Mutual Funds. The TDAMInvestment Performance Oversight Committee meets regularly toreview management style, processes, and fund statistics, includingperformance and levels of risk.

(I) INTEREST RATE RISKInterest rate risk arises from the possibility that changes in interestrates will affect the future cash flows or the fair values of interest-bearing investments. Each Fund’s exposure to interest rate risk isconcentrated in its investments in debt securities (such as bondsand debentures) and interest rate derivative instruments, if any.Short-term investments, currencies, and other assets and liabilitiesare short-term in nature and/or non-interest bearing and not subjectto significant amounts of risk due to fluctuations in the prevailinglevels of market interest rates.

Certain Funds that invest in Underlying Funds are exposed to indirectinterest rate risk to the extent of the interest-bearing financial instru-ments held by the underlying mutual funds. Money market fundsinvest in securities that are short-term in nature and are not subject tosignificant amounts of risk due to fluctuations in the prevailing levelsof market interest rates unless there are very significant interest rateshocks. A Fund’s exposure to interest rate risk, where applicable, isdisclosed in the respective Fund’s Statement of Investment Portfolio.

Where applicable, the portfolio managers review each Fund’soverall interest rate sensitivity as part of the investment manage-ment process.

(II) CURRENCY RISKCurrency risk is the risk that the value of financial instruments willfluctuate due to changes in foreign exchange rates. Certain Fundsmay hold assets denominated in currencies other than theirfunctional currency, which is generally the Canadian dollar exceptfor the U.S.$ Funds. Those Funds are therefore exposed to currencyrisk, as the value of the securities denominated in other currencies(indicated in those Funds’ Statement of Investment Portfolio) willfluctuate due to changes in the foreign exchange rates of thosecurrencies in relation to those Funds’ functional currency.

Each Fund may enter into foreign exchange forward contracts forhedging purposes to reduce its foreign currency exposure or toestablish exposure to foreign currencies. Certain Funds that investin underlying mutual funds are exposed to indirect currency riskin the event that the underlying mutual funds invest in financialinstruments that are denominated in a currency other than thefunctional currencies. A Fund’s exposure to currency risk, whereapplicable, is disclosed in the respective Fund’s Statement ofInvestment Portfolio.

Where applicable, the portfolio managers review each Fund’scurrency positions as part of the investment management process.



TD International Index FundInvestor Series 8.90 8.90 8.38 8.38e-Series 9.12 9.12 8.57 8.57Institutional Series 11.85 11.85 11.15 11.15F-Series 6.86 6.86 6.47 6.47O-Series 8.36 8.36 7.84 7.84

TD International Index Currency Neutral FundInvestor Series 5.50 5.50 4.62 4.62e-Series 7.16 7.16 5.99 5.99Institutional Series 5.42 5.42 4.53 4.53F-Series 5.46 5.46 4.57 4.57

TD European Index FundInvestor Series 7.41 7.41 6.77 6.77e-Series 7.74 7.74 7.07 7.07F-Series 7.13 7.13 6.50 6.50

TD Japanese Index FundInvestor Series 6.62 6.62 7.56 7.56e-Series 7.03 7.03 8.02 8.02F-Series 5.46 5.46 6.23 6.23

Per Unit ($) as at

Dec. 31, 2009 Dec. 31, 2008


(III) OTHER PRICE RISK

Other price risk is the risk that securities will fluctuate in value because of changes in other prices (other than thosearising from interest rate risk or currency risk). All securities investments present a risk of loss of capital. TDAM seeksto reduce this risk through its Investment Restrictions. Except for written options and equities sold short, the maximumrisk resulting from financial instruments is determined by the fair value of the financial instruments. Possible lossesfrom written options and equities sold short can be unlimited.

As at December 31, 2009, had the benchmark of each of the following Funds increased or decreased by 5 percent, withall other variables held constant, the net assets of those Funds would have increased or decreased by approximately:

Impact on Impact onNet Assets ($000s) Net Assets (%)

Dec. 31, Dec. 31, Dec. 31, Dec. 31,Fund Benchmark 2009 2008 2009 2008

TD Monthly Income Fund 40% DEX Corporate Bond Index,30% Scotia Capital Income Trust Index,20% S&P/TSX Sector Indices (Financials, Utilities,

Telecommunication Services, and Oil and GasStorage & Transportation sub industry),

10% BMO Capital Markets 50 Preferred ShareTotal Return Index 147,563 105,775 3.55 3.21

TD Balanced Income Fund 50% DEX Universe Bond Index,35% S&P/TSX Composite Total Return Index,15% MSCI World Index Net Dividend (C$) 9,540 7,824 2.05 1.87

TD Diversified Monthly Income Fund 50% S&P/TSX Composite Total Return Index,40% DEX Corporate Bond Index,10% MSCI World High Dividend Yield Index

Net Dividend (C$) 16,634 12,935 2.99 2.68TD Balanced Growth Fund 40% S&P/TSX Composite Total Return Index,

35% DEX Universe Bond Index,25% MSCI World Index Net Dividend (C$) 37,897 32,499 3.11 3.06

TD Dividend Income Fund 50% S&P/TSX Sector Indices (Financials, Utilities,Telecommunication Services, and Oil and GasStorage & Transportation sub industry),

25% BMO Capital Markets 50 Preferred ShareTotal Return Index,

25% DEX Universe Bond Index 165,311 113,859 4.90 4.79TD Dividend Growth Fund 60% S&P/TSX Sector Indices (Financials, Utilities,

Telecommunication Services, and Oil and GasStorage & Transportation sub industry),

20% S&P/TSX 60 Total Return Index,10% BMO Capital Markets 50 Preferred Share

Total Return Index,10% Scotia Capital Income Trust Index 171,625 100,226 4.67 4.77

TD Canadian Blue Chip Equity Fund 85% S&P/TSX Composite Total Return Index,15% MSCI World Index Net Dividend (C$) 53,281 37,598 4.08 3.86

TD Canadian Equity Fund S&P/TSX Composite Total Return Index 179,988 119,179 6.08 6.46TD Canadian Value Fund 50% S&P/TSX Composite Total Return Index,

50% S&P Canada BMI Value Total Return Index 36,494 27,310 5.49 5.29TD Canadian Small-Cap Equity Fund 60% S&P/TSX SmallCap Total Return Index,

40% S&P/TSX Completion Total Return Index 21,089 13,128 4.70 4.65TD North American Dividend Fund 75% MSCI US Investable Market High Dividend

Yield Index Net Dividend (C$),25% Dow Jones Canada Select Dividend Index (C$) 4,903 5,297 3.71 4.02

TD U.S. Blue Chip Equity Fund Russell 1000 Growth Total Return Index (C$) 32,478 32,140 5.17 5.36TD U.S. Quantitative Equity Fund S&P 500 Total Return Index (C$) 4,023 20,609 4.63 4.98TD U.S. Large-Cap Value Fund Russell 1000 Value Total Return Index (C$) 30,068 28,233 4.86 4.63TD U.S. Large-Cap Value

Currency Neutral Fund Russell 1000 Value Total Return Index (US$) 271 138 5.10 5.15TD U.S. Mid-Cap Growth Fund S&P MidCap 400 Total Return Index (C$) 12,535 10,544 4.57 4.81TD U.S. Small-Cap Equity Fund Russell 2000 Total Return Index (C$) 1,031 3,670 4.56 4.43TD U.S. Equity Advantage Portfolio S&P Composite 1500 Total Return Index (C$) 546 531 5.10 5.23TD U.S. Equity Advantage

Currency Neutral Portfolio S&P Composite 1500 Total Return Index (US$) 169 99 5.19 5.53



TD Global Dividend Fund MSCI World High Dividend Yield IndexNet Dividend (C$) 18,676 13,462 4.11 4.61

TD Global Value Fund MSCI World Index Net Dividend (C$) 18,719 31,697 4.33 4.56TD Global Select Fund MSCI World Index Net Dividend (C$) 30,527 31,196 5.30 5.54TD Global Multi-Cap Fund MSCI All Country World Index Net Dividend (C$) 25,284 17,754 6.24 7.55TD Global Sustainability Fund Dow Jones Sustainability World Index (C$) 548 463 4.92 5.94TD International Equity Fund MSCI EAFE Index Net Dividend (C$) 31,930 37,685 5.76 5.51TD International Equity Growth Fund MSCI EAFE Index Net Dividend (C$) 33,267 33,495 5.49 5.66TD European Growth Fund MSCI Europe Index Net Dividend (C$) 2,761 2,834 4.68 4.83TD Japanese Growth Fund Japan TOPIX Index (C$) 1,081 1,510 4.57 4.82TD Asian Growth Fund MSCI All Country Asia Pacific ex-Japan Index

Net Dividend (C$) 5,982 5,776 4.40 4.97TD Pacific Rim Fund MSCI All Country Asia Pacific Index

Net Dividend (C$) 1,674 1,727 4.89 5.00TD Emerging Markets Fund MSCI Emerging Markets Index Net Dividend (C$) 10,891 7,886 4.89 5.08TD Latin American Growth Fund MSCI Emerging Markets Latin America Index

Net Dividend (C$) 12,560 6,866 5.21 5.17TD Global Equity Advantage Portfolio MSCI World Index Net Dividend (C$) 2,328 2,442 5.16 5.47TD Resource Fund S&P/TSX Metals & Mining Industry Index

S&P/TSX Paper & Forest Products Industry Index,S&P/TSX Energy Sector Index 11,206 7,137 5.32 5.57

TD Energy Fund S&P/TSX Energy Sector Index 11,038 7,090 4.73 4.76TD Precious Metals Fund S&P/TSX Global Gold Total Return Index (C$) 12,793 8,451 5.01 5.08TD Entertainment &

Communications Fund Lipper Telecommunication Funds Average (C$) 5,349 3,794 4.74 4.44TD Science & Technology Fund MSCI All Country World Information

Technology Index Net Dividend (C$) 5,515 3,571 5.63 5.48TD Health Sciences Fund Lipper Health/Biotechnology Funds Average (C$) 7,304 7,405 4.83 4.74TD Balanced Index Fund 48% DEX Universe Bond Index,

32% S&P/TSX Composite Total Return Index,9% S&P 500 Total Return Index (C$),9% MSCI EAFE Index Net Dividend (C$),2% DEX 91 Day T-Bill Index 1,174 933 2.54 2.51

TD Canadian Index Fund S&P/TSX Composite Total Return Index 40,685 29,712 4.99 4.99TD Dow Jones Industrial AverageSM

Index Fund Dow Jones Industrial Average Total Return Index (US$) 2,247 1,772 4.99 5.01TD U.S. Index Fund S&P 500 Total Return Index (US$) 14,995 11,191 5.00 4.98TD U.S. Index Currency Neutral Fund S&P 500 Total Return Index Hedged (C$) 4,746 3,882 4.81 4.61TD Nasdaq® Index Fund Nasdaq® 100 Index (US$) 3,604 2,439 4.87 4.90TD International Index Fund MSCI EAFE Index Net Dividend (C$) 10,325 8,519 5.04 4.89TD International Index

Currency Neutral Fund MSCI EAFE Index Net Dividend (Local Currency) 3,234 2,813 5.07 4.87TD European Index Fund MSCI Europe Index Gross Dividend (C$) 2,589 2,244 5.09 4.94TD Japanese Index Fund MSCI Japan Index Gross Dividend (C$) 969 1,269 4.96 4.91

LEGEND

MSCI Morgan Stanley Capital InternationalMSCI EAFE Morgan Stanley Capital International – Europe, Australasia and Far EastS&P Standard & Poor’sS&P/TSX Standard & Poor’s/Toronto Stock ExchangeTOPIX Tokyo Stock Price Index

In practice, the actual trading results may differ from the above approximate sensitivity analysis amountsand the differences could be material.



Impact on Impact onNet Assets ($000s) Net Assets (%)

Dec. 31, Dec. 31, Dec. 31, Dec. 31,Fund Benchmark 2009 2008 2009 2008

(IV) CREDIT RISKCredit risk is the risk that one party to a financial instrument willcause a financial loss to the other party by failing to discharge anobligation. Each Fund’s main credit risk concentration is in debtsecurities and trading derivative instruments it holds. A fund’sexposure to credit risk is the risk that an issuer of debt securities ora counterparty to trading derivative instruments will be unable topay amounts in full when due. All transactions in listed securities aresettled or paid for upon delivery using approved brokers. The risk ofdefault with a broker is considered minimal, as delivery of securitiessold is only made once the broker has received payment. Paymentis made on a purchase once the securities have been received by thebroker. The trade will fail if either party fails to meet its obligation.

Certain Funds that invest in underlying mutual funds are exposedto indirect credit risk in the event that the underlying mutual fundsinvest in debt securities and trading derivatives.

The credit risk from the use of counterparties for forward derivativecontracts is minimized by: (1) using counterparties with a minimumcredit rating of A- by Standard & Poor’s or an equivalent rating fromanother recognized credit rating agency; (2) limiting the term of theforward contracts to a maximum of 365 days; and, (3) limiting themark-to-market exposure to any one counterparty to 10 percent ofthe portfolio value.

Certain Funds may engage in securities lending transactions withcounterparties that have a minimum credit rating of A by Standard& Poor’s, or an equivalent rating from another recognized creditagency, and the value of cash or securities held as collateral mustbe at least 102 percent of the fair value of the securities loaned.

The TD Mortgage Fund portfolio consists primarily of conventionaland National Housing Act (NHA) mortgages that are fully backed byeither the Government of Canada or TD Bank.

The Funds’ investments in short-term notes and debt instruments, byratings categories, are disclosed in the respective Fund’s Statementof Investment Portfolio.

Where applicable, the portfolio managers review each Fund’s creditpositions as part of the investment management process.

(V) LIQUIDITY RISKLiquidity risk is defined as the risk that a fund may not be able tosettle or meet its obligations on time or at a reasonable price. EachFund is exposed to daily cash redemptions of redeemable units.Units are redeemable on demand at the then current NAV per seriesunit at the option of the unitholder. As required by applicablesecurities legislation, each Fund maintains at least 90 percent of itsassets in liquid investments (i.e. investments that are traded in activemarkets and can be readily disposed of). In addition, each Fundretains sufficient cash and cash equivalents to maintain liquidity, andhas the ability to borrow up to 5 percent of its NAV for the purposeof funding redemptions. Where applicable, contractual maturitiesanalysis for the Funds’ financial liabilities is disclosed in the Funds’Statement of Investment Portfolio.

Certain Funds may hold securities that are not traded in an activemarket and may be illiquid. Such investments are identified, whereapplicable, as restricted securities in the Funds’ Statement ofInvestment Portfolio.

Within the limits of the Investment Restrictions, certain Funds may,from time to time, invest in derivative contracts which are tradedover the counter (i.e. not traded in an organized market) andmay be illiquid. All such positions have been disclosed in the Fund’sStatement of Investment Portfolio.



Currency codes used throughout the report:

Currency Code Description

AUD Australian DollarBRL Brazilian RealCAD Canadian DollarCHF Swiss FrancDKK Danish KroneEUR EuroGBP British PoundHKD Hong Kong DollarHUF Hungarian ForintJPY Japanese YenMXN Mexican Nuevo PesoNOK Norwegian KroneNZD New Zealand DollarPLN Polish ZlotySEK Swedish KronaSGD Singapore DollarTHB Thai BahtTRY Turkish LiraUSD United States Dollar

TD Mutual Funds are managed by TD Asset Management Inc.(TDAM), a wholly-owned subsidiary of The Toronto-DominionBank (TD Bank) and are available through authorized dealers.Commissions, trailing commissions, management fees andexpenses all may be associated with mutual fund investments.Please read the prospectus, which contains detailed investmentinformation, before investing. Mutual funds are not covered bythe Canada Deposit Insurance Corporation or by any othergovernment deposit insurer and are not guaranteed or insured.Their values change frequently. There can be no assurancesthat a money market fund will be able to maintain its net assetvalue per unit at a constant amount or that the full amount ofyour investment will be returned to you. Past performance maynot be repeated.

The TD International Index Fund, TD International Index CurrencyNeutral Fund, TD European Index Fund and TD Japanese IndexFund (the “Index Funds”) are not sponsored, endorsed, sold orpromoted by MSCI, any of its affiliates, any of its informationproviders or any other party involved in, or related to, compiling,computing or creating any MSCI Indexes (collectively, the “MSCIParties”). The Index Funds have not been passed on by any of theMSCI Parties as to their legality or suitability with respect to anyperson or entity. None of the MSCI Parties makes any warrantiesor bears any liability with respect to the Index Funds. Withoutlimiting the foregoing, none of the MSCI Parties makes anyrepresentation or warranty, express or implied, to the unitholdersof the Index Funds or any member of the public regarding theadvisability of investing in funds generally or in the Index Fundsparticularly or the ability of any MSCI Indexes to track correspondingstock market performance. MSCI or its affiliates are the licensorsof certain trademarks, service marks and trade names and of theMSCI Indexes which are determined, composed and calculated byMSCI without regard to the Index Funds, the issuer of the IndexFunds, the unitholders of the Index Funds or any other person orentity. None of the MSCI Parties has any obligation to take the needsof the issuer or unitholders of the Index Funds or any other personor entity into consideration in determining, composing or calculatingthe MSCI Indexes. None of the MSCI Parties is responsible for orhas participated in the determination of the timing of, prices at, orquantities of the Index Funds’ units to be issued or in thedetermination or calculation of the equation by which the IndexFunds’ units are redeemable for cash. Further, none of the MSCIParties has any obligation or liability to the issuers of the IndexFunds, the unitholders of the Index Funds or any other person orentity in connection with the administration, marketing or offeringof the Index Funds.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSIONIN OR FOR USE IN THE CALCULATION OF THEMSCI INDEXES FROMSOURCES THATMSCI CONSIDERS RELIABLE, NONE OF THE MSCIPARTIES WARRANTS OR GUARANTEES THE ORIGINALITY,ACCURACYAND/OR THE COMPLETENESS OFANYMSCI INDEX ORANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIESMAKES ANYWARRANTY, EXPRESS OR IMPLIED,AS TO RESULTSTO BE OBTAINED BY THE ISSUER OF THE INDEX FUNDS,UNITHOLDERS OF THE INDEX FUNDS ORANYOTHER PERSON ORENTITY FROM THE USE OF ANY MSCI INDEX OR ANY DATAINCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVEANYLIABILITY FORANYERRORS, OMISSIONS OR INTERRUPTIONSOF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATAINCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIESMAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND,AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALLIMPLIED WARRANTIES (INCLUDING,WITHOUT LIMITATION, THEIMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESSFOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY MSCIINDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITINGANYOF THE FOREGOING, IN NO EVENT SHALLANYOF THE MSCIPARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT,SPECIAL, PUNITIVE, CONSEQUENTIALORANYOTHER DAMAGES(INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITYOF SUCH DAMAGES.

No purchaser, seller or holder of any units of the Index Funds, orany other person or entity, should use or refer to any MSCI tradename, trademark or service mark to sponsor, endorse, market orpromote the Index Funds without first contacting MSCI todetermine whether MSCI’s permission is required. Under nocircumstances may any person or entity claim any affiliationwith MSCI without the prior written permission of MSCI.

The TD Dow Jones Industrial AverageSM Index Fund (the “Fund”)is not sponsored, endorsed, sold or promoted by Dow Jones. DowJones makes no representation or warranty, express or implied,to the unitholders of the Fund or any member of the publicregarding the advisability of investing in securities generally orin the Fund particularly. Dow Jones’ only relationship to TDAMis the licensing of certain trademarks, trade names and servicemarks of Dow Jones and the licensing of the Dow Jones IndustrialAverageSM which is determined, composed and calculated by DowJones without regard to TDAM or the Fund. Dow Jones has noobligation to take the needs of TDAM or the unitholders of theFund into consideration in determining, composing or calculatingthe Dow Jones Industrial AverageSM. Dow Jones is not responsiblefor and has not participated in the determination of the timingof, prices at, or quantities of the Fund’s units to be issued or inthe determination or calculation of the equation by which theFund’s units are to be converted into cash. Dow Jones has noobligation or liability in connection with the administration,marketing or offering of the Fund.


DOW JONES DOES NOT GUARANTEE THE ACCURACY AND/ORTHE COMPLETENESS OF THE DOW JONES INDUSTRIALAVERAGESM OR ANY DATA INCLUDED THEREIN AND DOWJONESSHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, ORINTERRUPTIONS THEREIN. DOWJONES MAKES NOWARRANTY,EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BYTDAM, UNITHOLDERS OF THE FUND, OR ANY OTHER PERSON ORENTITY FROM THE USE OF THE DOW JONES INDUSTRIALAVERAGESM OR ANY DATA INCLUDED THEREIN. DOW JONESMAKES NO EXPRESS OR IMPLIEDWARRANTIES,AND EXPRESSLYDISCLAIMS ALL WARRANTIES OF MERCHANTABILITY ORFITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECTTO THE DOW JONES INDUSTRIAL AVERAGESM OR ANY DATAINCLUDED THEREIN.WITHOUT LIMITING ANYOF THE FOREGOING,IN NO EVENT SHALL DOW JONES HAVE ANY LIABILITY FORANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL ORCONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OFTHE POSSIBILITY THEREOF. THERE ARE NO THIRD PARTYBENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTSBETWEEN DOW JONES AND TDAM.

The TD Nasdaq® Index Fund (the “Fund”) is not sponsored,endorsed, sold or promoted by The NASDAQ OMX Group, Inc. orits affiliates (NASDAQ OMX, with its affiliates, are referred to asthe “Corporations”). The Corporations have not passed on thelegality or suitability of, or the accuracy or adequacy ofdescriptions and disclosures relating to, the Fund. The Corporationsmake no representation or warranty, express or implied to theunitholders of the Fund or any member of the public regarding theadvisability of investing in securities generally or in the Fundparticularly, or the ability of the Nasdaq-100 Index® to trackgeneral stock market performance. The Corporations’ onlyrelationship to TDAM is in the licensing of the Nasdaq®, OMX®,Nasdaq-100®, and Nasdaq-100 Index® registered trademarks, andcertain trade names of the Corporations and the use of theNasdaq-100 Index® which is determined, composed and calculatedby NASDAQ OMX without regard to TDAM or the Fund. NASDAQOMX has no obligation to take the needs of TDAM or theunitholders of the Fund into consideration in determining,composing or calculating the Nasdaq-100 Index®. The Corporationsare not responsible for and have not participated in thedetermination of the timing of, prices at, or quantities of theFund’s units to be issued or in the determination or calculationof the equation by which the Fund’s units are to be converted intocash. The Corporations have no liability in connection with theadministration, marketing or offering of the Fund.

THE CORPORATIONS DO NOT GUARANTEE THE ACCURACYAND/OR UNINTERRUPTED CALCULATION OF THE NASDAQ-100INDEX® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONSMAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTSTO BE OBTAINED BYTDAM, UNITHOLDERS OF THE FUND, OR ANYOTHER PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100INDEX® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONSMAKE NO EXPRESS OR IMPLIEDWARRANTIES, AND EXPRESSLYDISCLAIM ALLWARRANTIES OF MERCHANTABILITY OR FITNESS

FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THENASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN.WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENTSHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOSTPROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, ORCONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THEPOSSIBILITY OF SUCH DAMAGES.

The TD Canadian Index Fund (the “Fund”) is not sponsored,endorsed, sold or promoted by Standard & Poor’s (“S&P”) or theToronto Stock Exchange (“TSX”). S&P and the TSX make norepresentation, condition, warranty, express or implied, to theunitholders of the Fund or any member of the public regarding theadvisability of investing in securities generally or in the Fundparticularly or the ability of the S&P/TSX Composite Index totrack general stock market performance. S&P’s and the TSX’sonly relationship to TD Bank is the licensing of certain of theirtrademarks and trade names and of the S&P/TSX CompositeIndex which is determined, composed and calculated by S&Pwithout regard to TD Bank or the Fund. S&P and the TSX have noobligation to take the needs of TD Bank or the unitholders of theFund into consideration in determining, composing or calculatingthe S&P/TSX Composite Index. S&P and the TSX are notresponsible for, and have not participated in, the determination ofthe prices and amount of the Fund’s units, or the timing of theissuance or sale of the Fund’s units, or in the determination orcalculation of the equation by which the Fund’s units are to beconverted into cash. S&P and the TSX have no obligation orliability in connection with the administration, marketing, oroffering of the Fund.

S&P AND THE TSX DO NOT GUARANTEE THE ACCURACYAND/ORTHE COMPLETENESS OF THE S&P/TSX COMPOSITE INDEX ORANYDATA INCLUDED THEREIN AND S&P AND THE TSX SHALL HAVENO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONSTHEREIN. S&P AND THE TSX MAKE NO WARRANTY ORCONDITION, EXPRESS OR IMPLIED, AS TO RESULTS TO BEOBTAINED BY TD BANK, UNITHOLDERS OF THE FUND, OR ANYOTHER PERSON OR ENTITY FROM THE USE OF THE S&P/TSXCOMPOSITE INDEX OR ANY DATA INCLUDED THEREIN. S&P ANDTHE TSX MAKE NO EXPRESS OR IMPLIED WARRANTIES ORCONDITIONS, AND EXPRESSLY DISCLAIM ALLWARRANTIES ORCONDITIONS OF MERCHANTABILITY OR FITNESS FOR APARTICULAR PURPOSE OR USEWITH RESPECT TO THE S&P/TSXCOMPOSITE INDEX OR ANY DATA INCLUDED THEREIN.WITHOUTLIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P ORTHE TSX HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE,INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOSTPROFITS) RESULTING FROMTHE USE OF THE S&P/TSX COMPOSITEINDEX OR ANY DATA INCLUDED THEREIN, EVEN IF NOTIFIED OFTHE POSSIBILITY OF SUCH DAMAGES.


The TD U.S. Index Fund and TD U.S. Index Currency Neutral Fund(“the U.S. Index Funds”) are not sponsored, endorsed, sold orpromoted by Standard & Poor ’s, a division of McGraw-HillCompanies, Inc. (“S&P”). S&P makes no representation orwarranty, express or implied, to the unitholders of the U.S. IndexFunds or any member of the public regarding the advisability ofinvesting in securities generally or in the U.S. Index Fundsparticularly or the ability of the S&P 500 Index to track generalstock market performance. S&P’s only relationship to the TD Bankis the licensing of certain trademarks and trade names of S&Pand of the S&P 500 Index which is determined, composed andcalculated by S&P without regard to the TD Bank or the U.S. IndexFunds. S&P has no obligation to take the needs of TD Bank or theunitholders of the U.S. Index Funds into consideration indetermining, composing or calculating the S&P 500 Index. S&Pis not responsible for, and has not participated in, the determinationof the timing of, prices at, or quantities of the Funds’ units to beissued or in the determination or calculation of the equation bywhich the Funds’ units are to be converted into cash. S&P hasno obligation or liability in connection with the administration,marketing or offering of the U.S. Index Funds.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THECOMPLETENESS OF THE S&P 500 INDEX OR ANYDATA INCLUDEDTHEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS,OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NOWARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BEOBTAINED BYTD BANK, UNITHOLDERS OF THE U.S. INDEX FUNDS,OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P500 INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NOEXPRESS OR IMPLIEDWARRANTIES,AND EXPRESSLYDISCLAIMSALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR APARTICULAR PURPOSE OR USE AND WITH RESPECT TO THES&P 500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUTLIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&PHAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, ORCONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVENIF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The TD Global Sustainability Fund (the “Fund”) is not sponsored,endorsed, sold or promoted by SAM Indexes GmbH, Dow Jones& Company, Inc., or any of their respective affiliates. NeitherSAM Indexes GmbH, Dow Jones & Company, Inc. nor any of theirrespective affiliates makes any representation or warranty,express or implied, to the unitholders of or counterparts to theFund or any member of the public regarding the advisability ofinvesting in securities or commodities generally or in the Fundparticularly. The only relationship of SAM Indexes GmbH toTDAM is the licensing of certain trademarks, trade names andservice marks and of the Dow Jones Sustainability IndexesSM,which is determined, composed and calculated without regard toTDAM or the Fund. Neither SAM Indexes GmbH, Dow Jones &Company, Inc. nor any of their respective affiliates has anyobligation to take the needs of TDAM or the unitholders of theFund into consideration in determining, composing or calculatingDow Jones Sustainability IndexesSM. Neither SAM IndexesGmbH, Dow Jones & Company, Inc. nor any of their respective

affiliates is responsible for nor has participated in thedetermination of the timing of, prices at, or quantities of theFund’s units to be issued or in the determination or calculationof the equation by which the Fund’s units are to be converted intocash. Neither SAM Indexes GmbH, Dow Jones & Company, Inc.nor any of their respective affiliates shall have any obligation orliability in connection with the administration, marketing ortrading of the Fund. Notwithstanding the foregoing, SAM IndexesGmbH, Dow Jones & Company, Inc. and their respective affiliatesmay independently issue and/or sponsor financial productsunrelated to the Funds currently being issued by TDAM, butwhich may be similar to and competitive with the Fund.

NONE OF SAM INDEXES GMBH, DOW JONES & COMPANY, INC.OR ANY OF THEIR RESPECTIVE AFFILIATES GUARANTEES THEACCURACY AND/OR THE COMPLETENESS OF THE DOW JONESSUSTAINABILITY INDEXESSM OR ANY DATA INCLUDED THEREINAND NONE OF SAM INDEXES GMBH, DOW JONES & COMPANY,INC. OR ANYOF THEIR RESPECTIVE AFFILIATES SHALL HAVE ANYLIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONSTHEREIN. NONE OF SAM INDEXES GMBH, DOW JONES &COMPANY, INC. ORANYOF THEIR RESPECTIVE AFFILIATES MAKESANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BEOBTAINED BYTDAM, UNITHOLDERS OF THE FUND, OR ANYOTHERPERSON OR ENTITY FROM THE USE OF THE DOW JONESSUSTAINABILITY INDEXESSM OR ANYDATA INCLUDED THEREIN.NONE OF SAM INDEXES GMBH, DOW JONES & COMPANY, INC.,OR ANYOF THEIR RESPECTIVE AFFILIATES MAKES ANY EXPRESSOR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALLWARRANTIES OF MERCHANTABILITY OR FITNESS FOR APARTICULAR PURPOSE OR USE WITH RESPECT TO THE DOWJONES SUSTAINABILITY INDEXSM OR ANY DATA INCLUDEDTHEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NOEVENT SHALL SAM INDEXES GMBH, DOW JONES & COMPANY,INC. OR ANY OF THEIR RESPECTIVE AFFILIATES HAVE ANYLIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE,SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IFNOTIFIED OF THE POSSIBILITY THEREOF. OTHER THAN DOWJONES & COMPANY, INC.AND LICENSOR’S AFFILIATES THEREARENO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS ORARRANGEMENTS BETWEEN SAM INDEXES GMBH AND TDAM.

All trademarks are the property of their respective owners.

TD Mutual Funds is a trade-mark of The Toronto-Dominion Bank,used under license.


TD Investment Services Clients

TELEPHONE

ENGL ISH

1-800-386-3757

FRENCH

1-800-409-7125

CHINESE

1-800-288-1177

INTERNET

ADDRESS

www.tdcanadatrust.com/mutualfunds

E -MAIL

[email protected]

I N P ERSON

VISIT YOUR TD CANADA TRUST BRANCH

Dealer Clients

TELEPHONE

1-800-588-8054

INTERNET

ADDRESS

www.tdassetmanagement.com

E -MAIL

[email protected]

I N P ERSON

CONTACT YOUR ADVISOR

TD Asset Management Inc.How to contact us

2009

AnnualFinancia

lReport

593888(03/10)

PrintedinCanadaonrecyclablestock.

TD

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td mutual funds - 2009 annual financial · pdf file · 2010-03-2211...

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