2009 SEMI-ANNUAL FINANCIAL REPORT pdf

Money Market Fund FIXED INCOME FUNDS 19 TD Short Term Bond Fund 23 TD Mortgage Fund 26 TD Canadian Bond Fund 31 TD Canadian Core Plus Bond Fund 37 TD Corporate Bond Capital Yield Fund 42

Mutual Funds

2009 Semi-Annual Financial Report

● TD Mutual Funds 2009 Semi-Annual Financial Repor t

2 Management ’s Responsibility

for Financial Repor ting

Financial Statements

MONEY MARKET FUNDS

3 TD Canadian T-Bill Fund

5 TD Canadian Money Market Fund

10 TD Premium Money Market Fund

15 TD U.S Money Market Fund

FIXED INCOME FUNDS

19 TD Short Term Bond Fund

23 TD Mortgage Fund

26 TD Canadian Bond Fund

31 TD Canadian Core Plus Bond Fund

37 TD Corporate Bond Capital Yield Fund

42 TD Real Return Bond Fund

45 TD Global Bond Fund

51 TD High Yield Income Fund

59 TD Income Advantage Portfolio

BALANCED FUNDS

63 TD Monthly Income Fund

70 TD Balanced Income Fund

76 TD Diversified Monthly Income Fund

84 TD Balanced Growth Fund

90 TD Dividend Income Fund

CANADIAN EQUITY FUNDS

98 TD Dividend Growth Fund

102 TD Income Trust Capital Yield Fund

106 TD Canadian Blue Chip Equity Fund

111 TD Canadian Equity Fund

116 TD Canadian Value Fund

120 TD Canadian Small-Cap Equity Fund

U.S EQUITY FUNDS

124 TD North American Dividend Fund

128 TD U.S Blue Chip Equity Fund

132 TD U.S Quantitative Equity Fund

136 TD U.S Large-Cap Value Fund

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

143 TD U.S Mid-Cap Growth Fund

147 TD U.S Small-Cap Equity Fund

152 TD U.S Equity Advantage Portfolio

155 TD U.S Equity Advantage Currency Neutral Portfolio

GLOBAL EQUITY FUNDS

158 TD Global Dividend Fund

163 TD Global Value Fund

167 TD Global Select Fund

171 TD Global Multi-Cap Fund

175 TD Global Sustainability Fund

179 TD International Equity Fund

184 TD International Equity Growth Fund

188 TD European Growth Fund

192 TD Japanese Growth Fund

196 TD Asian Growth Fund

200 TD Pacific Rim Fund

203 TD Emerging Markets Fund

208 TD Latin American Growth Fund

212 TD Global Equity Advantage Portfolio

SECTOR FUNDS

215 TD Resource Fund

220 TD Energy Fund

224 TD Precious Metals Fund

230 TD Entertainment & Communications Fund

234 TD Science & Technology Fund

238 TD Health Sciences Fund

INDEX FUNDS

244 TD Canadian Bond Index Fund

255 TD Balanced Index Fund

257 TD Canadian Index Fund

262 TD Dow Jones Industrial AverageSMIndex Fund

266 TD U.S Index Fund

273 TD U.S Index Currency Neutral Fund

277 TD Nasdaq®Index Fund

282 TD International Index Fund

294 TD International Index Currency Neutral Fund

298 TD European Index Fund

306 TD Japanese Index Fund

312 Notes to Financial Statements

The accompanying unaudited interim financial statements have

been prepared by TD Asset Management Inc as Manager of the

Funds and approved by its Board of Directors The Manager

is responsible for the integrity, objectivity and reliability of the

data presented This responsibility includes selecting appropriate

accounting principles and making judgments and estimates

consistent with Canadian generally accepted accounting

principles The Manager is also responsible for the development

of internal controls over the financial repor ting process which

are designed to provide reasonable assurance that relevant and

reliable financial information is produced and the safeguarding

of all assets of the Funds.

The Board of Directors of TD Asset Management Inc is

responsible for reviewing and approving the financial statements

and overseeing management’s performance of its financial

repor ting responsibilities.

On behalf of TD Asset Management Inc.,

Manager of the Funds

The Auditors of the Funds have not reviewed

these Financial Statements

TD Asset Management Inc., the Manager of the Funds, appoints

an independent auditor to audit the Funds’ annual financial

statements Applicable securities laws require that if an auditor

has not reviewed the Funds’ interim financial statements, this

must be disclosed in an accompanying notice.

Statements of Changes in Net Assets(in 000s except number of units) for the periods ended June 30, 2009 and 2008 (Unaudited)

Investor Series

Net Assets, Beginning of the Period $ 507,395 $ 285,446Increase (Decrease) in Net Assets

Capital Unit Transactions†

(118,070) (4,082)

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 389,325 $ 281,364

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 50,739,499 28,544,555

Units Outstanding, End of the Period 38,932,489 28,136,446

The accompanying notes are an integral part of these financial statements.

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

as at June 30, 2009 and December 31, 2008 (Unaudited)

Net Assets (Note 3) $ 389,325 $ 507,395

Net Assets Representing Unitholders’ Equity (Note 4)

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

for the periods ended June 30, 2009 and 2008 (Unaudited)

Increase (Decrease) in Net Assets

from Investment Operations† $ 742 $ 3,726

†Increase (Decrease) in Net Assets from Investment Operations

Credit Risk (Note 11)

The table below summarizes the debt instruments by credit ratings

FEDERAL & GUARANTEES – 56.7%

Canada Housing Trust No 1

PROVINCIAL & GUARANTEES – 31.3%

Alberta Treasury Branches

22,000,000 Floating Rate due November 07, 2009 22,003,396 22,003,396

Province of Ontario Treasury Bill

OTHER NET LIABILITIES – (0.2%) (643,640) (643,640)

TOTAL NET ASSETS – 100.0% $ 389,324,887 $ 389,324,887

Statement of Investment Port folioas at June 30, 2009 (Unaudited)

Statements of Investment Operations(in 000s except per unit amounts) for the periods ended June 30, 2009 and 2008 (Unaudited)

Increase (Decrease) in Net Assets from Investment Operations† $ 12,916 $ 65,693

†Increase (Decrease) in Net Assets from Investment Operations

The accompanying notes are an integral part of these financial statements.

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

as at June 30, 2009 and December 31, 2008 (Unaudited)

Net Assets (Note 3) $ 4,472,557 $ 4,666,827

Net Assets Representing Unitholders’ Equity (Note 4)

● TD Canadian Money Market Fund

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

for the periods ended June 30, 2009 and 2008 (Unaudited)

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 3,780,388 $ 4,069,248 $ 274,514 $ 243,725 $ 339,630 $ 209,206

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 392,461,870 371,234,966 32,339,134 14,014,371 34,729,028 14,765,373

Units Outstanding, End of the Period 378,038,797 406,924,774 27,451,453 24,372,541 33,963,028 20,920,634

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 63,653 $ 56,310 $ 14,372 $ 5,380 $ 4,472,557 $ 4,583,869

†Capital Unit Transactions

Units Outstanding, End of the Period 6,365,271 5,630,949 1,437,178 537,981

The accompanying notes are an integral part of these financial statements.

$ $ $

The Bank of Nova Scotia50,000,000 0.57% due July 14, 2009 49,989,857 49,989,85725,000,000 0.57% due July 17, 2009 24,993,745 24,993,74525,000,000 3.10% due August 13, 2009 24,911,431 24,911,43115,000,000 0.34% due September 01, 2009 14,991,327 14,991,32725,000,000 0.34% due September 10, 2009 24,983,408 24,983,40810,000,000 3.30% due September 11, 2009 9,936,980 9,936,9808,000,000 0.65% due September 14, 2009 7,989,352 7,989,35215,000,000 3.45% due November 05, 2009 15,102,635 15,102,63515,000,000 3.15% due November 18, 2009 14,824,269 14,824,26960,000,000 3.93% due February 18, 2010 61,074,002 61,074,0025,000,000 0.80% due March 02, 2010 4,973,483 4,973,48310,000,000 0.85% due March 09, 2010 9,942,056 9,942,05610,000,000 0.85% due March 11, 2010 9,941,546 9,941,5467,000,000 0.80% due March 15, 2010 6,960,906 6,960,90625,000,000 Floating Rate due May 13, 2010 25,000,000 25,000,00030,000,000 Floating Rate due June 17, 2010 30,000,000 30,000,000

Bay Street Funding Trust20,000,000 0.53% due August 17, 2009 19,986,359 19,986,3598,200,000 0.58% due August 21, 2009 8,193,347 8,193,3478,000,000 0.53% due August 25, 2009 7,993,622 7,993,6227,000,000 0.53% due August 27, 2009 6,994,212 6,994,2124,000,000 0.55% due September 11, 2009 3,995,680 3,995,68012,000,000 0.55% due September 14, 2009 11,986,500 11,986,50025,000,000 0.55% due September 16, 2009 24,971,125 24,971,12526,000,000 0.55% due September 18, 2009 25,969,101 25,969,101

Borealis Finance Trust6,700,000 0.33% due July 02, 2009 6,699,939 6,699,9394,500,000 0.31% due July 15, 2009 4,499,472 4,499,4728,000,000 0.30% due July 16, 2009 7,999,012 7,999,01211,765,000 0.32% due July 28, 2009 11,762,213 11,762,2132,000,000 0.33% due August 06, 2009 1,999,349 1,999,3494,000,000 0.33% due August 20, 2009 3,998,179 3,998,179Caisse centrale Desjardins

17,200,000 0.27% due July 30, 2009 17,196,295 17,196,29519,700,000 0.28% due August 10, 2009 19,693,964 19,693,964

Canadian Imperial Bank of Commerce22,000,000 0.27% due July 03, 2009 21,999,673 21,999,67317,000,000 0.27% due July 08, 2009 16,999,125 16,999,12523,500,000 0.27% due July 09, 2009 23,498,618 23,498,6189,000,000 0.53% due July 13, 2009 8,998,433 8,998,43325,000,000 0.53% due July 15, 2009 24,994,972 24,994,97215,800,000 0.40% due July 20, 2009 15,796,710 15,796,71043,000,000 0.28% due July 27, 2009 42,991,470 42,991,47016,000,000 0.29% due July 31, 2009 15,996,191 15,996,1912,800,000 0.28% due August 28, 2009 2,798,751 2,798,75112,000,000 Floating Rate due October 23, 2009 12,000,742 12,000,74210,000,000 Floating Rate due February 08, 2010 10,000,000 10,000,00010,000,000 Floating Rate due March 18, 2010 10,000,000 10,000,000

Canadian Master Trust25,000,000 0.53% due July 30, 2009 24,989,419 24,989,41930,000,000 0.60% due August 07, 2009 29,981,739 29,981,73916,000,000 0.56% due August 31, 2009 15,985,080 15,985,08013,000,000 1.15% due September 15, 2009 12,968,986 12,968,98612,000,000 1.25% due October 19, 2009 11,955,049 11,955,04927,000,000 0.85% due October 29, 2009 26,924,811 26,924,81120,000,000 0.85% due October 30, 2009 19,943,888 19,943,88812,000,000 0.70% due December 04, 2009 11,964,206 11,964,206

Short-Term Investments – 99.9%

FEDERAL & GUARANTEES – 10.7%

Canada Housing Trust No 1

26,450,000 Floating Rate due July 31, 2009 26,451,103 26,451,103

Statement of Investment Port folioas at June 30, 2009 (Unaudited)

Par Value Description Cost Fair Value

National Bank of Canada35,600,000 0.27% due July 02, 2009 35,599,736 35,599,73616,100,000 0.26% due July 07, 2009 16,099,320 16,099,32025,000,000 0.52% due July 13, 2009 24,995,719 24,995,7198,700,000 0.33% due July 22, 2009 8,698,356 8,698,356OMERS Realty Corporation

30,000,000 0.56% due July 07, 2009 29,997,249 29,997,2494,000,000 0.30% due July 09, 2009 3,999,736 3,999,7365,000,000 0.56% due July 13, 2009 4,999,080 4,999,08020,000,000 0.33% due July 17, 2009 19,997,090 19,997,09020,000,000 0.32% due August 18, 2009 19,991,573 19,991,5735,000,000 0.30% due September 02, 2009 4,997,413 4,997,413Plaza Trust

13,700,000 0.55% due July 02, 2009 13,699,792 13,699,79221,000,000 0.55% due July 15, 2009 20,995,590 20,995,59012,470,000 0.55% due July 16, 2009 12,467,185 12,467,18511,000,000 0.55% due July 17, 2009 10,997,360 10,997,36011,290,000 0.55% due July 23, 2009 11,286,274 11,286,27424,180,000 0.55% due July 24, 2009 24,171,658 24,171,6589,300,000 0.55% due July 28, 2009 9,296,198 9,296,19821,300,000 0.55% due July 29, 2009 21,291,054 21,291,05410,465,000 0.65% due July 30, 2009 10,459,593 10,459,59324,000,000 0.64% due August 04, 2009 23,985,754 23,985,75425,000,000 0.59% due August 05, 2009 24,985,886 24,985,88610,050,000 0.55% due August 07, 2009 10,044,422 10,044,42215,000,000 0.55% due September 04, 2009 14,985,375 14,985,3756,595,000 0.55% due September 08, 2009 6,588,149 6,588,14925,000,000 0.55% due September 09, 2009 24,973,750 24,973,7505,000,000 0.55% due September 15, 2009 4,994,279 4,994,27910,000,000 0.55% due September 17, 2009 9,988,300 9,988,300

PURE Trust10,000,000 0.60% due July 02, 2009 9,999,835 9,999,83513,000,000 0.55% due July 10, 2009 12,998,245 12,998,24516,000,000 0.55% due July 16, 2009 15,996,400 15,996,40013,400,000 0.70% due July 21, 2009 13,394,878 13,394,87827,000,000 0.56% due July 22, 2009 26,991,372 26,991,3725,000,000 0.55% due July 23, 2009 4,998,350 4,998,35022,600,000 0.55% due July 24, 2009 22,592,203 22,592,20338,040,000 0.55% due July 28, 2009 38,024,560 38,024,5608,000,000 0.55% due July 29, 2009 7,996,640 7,996,64010,000,000 0.65% due August 04, 2009 9,993,952 9,993,95215,000,000 0.55% due September 09, 2009 14,984,250 14,984,25038,620,000 0.53% due September 15, 2009 38,577,078 38,577,07810,080,000 0.55% due September 18, 2009 10,068,055 10,068,05513,400,000 0.70% due November 04, 2009 13,367,733 13,367,733

Ridge Trust4,000,000 0.53% due July 16, 2009 3,999,130 3,999,13040,000,000 0.90% due July 20, 2009 39,981,299 39,981,29934,000,000 0.90% due July 22, 2009 33,982,425 33,982,42534,000,000 0.90% due July 24, 2009 33,980,744 33,980,74435,000,000 0.80% due July 27, 2009 34,980,076 34,980,07615,000,000 0.53% due July 30, 2009 14,993,651 14,993,6515,800,000 0.53% due August 05, 2009 5,797,057 5,797,05717,000,000 0.56% due September 17, 2009 16,979,668 16,979,66840,000,000 0.70% due October 05, 2009 39,926,484 39,926,48420,000,000 0.80% due October 28, 2009 19,948,073 19,948,07337,000,000 0.85% due November 02, 2009 36,893,608 36,893,6084,000,000 0.70% due December 08, 2009 3,987,760 3,987,7604,000,000 0.70% due December 09, 2009 3,987,689 3,987,689

$ $ $

Storm King Funding10,000,000 0.50% due July 06, 2009 9,999,318 9,999,3187,880,000 1.05% due July 13, 2009 7,877,288 7,877,28816,000,000 0.55% due July 14, 2009 15,996,841 15,996,8419,000,000 0.55% due July 21, 2009 8,997,300 8,997,3005,300,000 0.55% due July 23, 2009 5,298,251 5,298,2515,000,000 0.70% due July 24, 2009 4,997,800 4,997,8006,730,000 0.70% due July 28, 2009 6,726,526 6,726,52614,000,000 0.55% due July 29, 2009 13,994,120 13,994,12015,000,000 0.55% due August 05, 2009 14,992,125 14,992,12512,900,000 0.55% due August 07, 2009 12,892,827 12,892,8275,000,000 0.55% due September 01, 2009 4,995,332 4,995,33214,000,000 0.55% due September 09, 2009 13,985,300 13,985,30019,000,000 0.55% due September 11, 2009 18,979,480 18,979,48018,500,000 0.55% due September 14, 2009 18,479,188 18,479,18820,300,000 0.55% due September 15, 2009 20,276,794 20,276,79410,000,000 0.55% due September 16, 2009 9,988,407 9,988,40713,000,000 0.55% due September 17, 2009 12,984,790 12,984,7904,000,000 0.55% due September 28, 2009 3,994,640 3,994,640SUMMIT Trust

5,000,000 0.53% due July 02, 2009 4,999,928 4,999,92820,000,000 1.50% due July 06, 2009 19,995,910 19,995,91020,000,000 0.53% due July 27, 2009 19,992,423 19,992,42326,000,000 0.53% due July 31, 2009 25,988,610 25,988,61020,000,000 1.55% due August 04, 2009 19,971,314 19,971,31420,000,000 1.60% due September 02, 2009 19,945,190 19,945,19016,900,000 0.56% due September 11, 2009 16,881,333 16,881,33324,400,000 0.56% due September 14, 2009 24,371,940 24,371,9409,000,000 0.56% due September 16, 2009 8,989,415 8,989,4158,000,000 1.30% due October 09, 2009 7,971,672 7,971,672Wells Fargo Financial Corporation Canada

4,000,000 0.28% due July 29, 2009 3,999,150 3,999,150

3,769,129,179 3,769,129,179

TOTAL INVESTMENTPORTFOLIO – 99.9% 4,468,428,736 4,468,428,736

OTHER NET ASSETS – 0.1% 4,128,537 4,128,537

TOTAL NET ASSETS – 100.0% $ 4,472,557,273 $ 4,472,557,273

Credit Risk (Note 11)

The table below summarizes the debt instruments by credit ratings

Statements of Investment Operations(in 000s except per unit amounts) for the periods ended June 30, 2009 and 2008 (Unaudited)

Increase (Decrease) in Net Assets from Investment Operations† $ 32,809 $ 123,583

†Increase (Decrease) in Net Assets from Investment Operations

The accompanying notes are an integral part of these financial statements.

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

as at June 30, 2009 and December 31, 2008 (Unaudited)

Net Assets (Note 3) $ 6,352,607 $ 6,771,146

Net Assets Representing Unitholders’ Equity (Note 4)

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

for the periods ended June 30, 2009 and 2008 (Unaudited)

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

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 6,028,068 $ 7,220,844 $ 324,539 $ 135,010 $ 6,352,607 $ 7,355,854

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 657,601,118 601,434,706 19,513,497 5,163,274

Units Outstanding, End of the Period 602,806,794 722,084,446 32,453,886 13,500,985

The accompanying notes are an integral part of these financial statements.

Par Value Description Cost Fair Value

Short-Term Investments – 99.8%

FEDERAL & GUARANTEES – 10.6%

Canada Housing Trust No 1

36,940,000 Floating Rate due July 31, 2009 36,941,618 36,941,618

The Bank of Nova Scotia

Statement of Investment Port folioas at June 30, 2009 (Unaudited)

35,000,000 3.15% due November 18, 2009 34,589,962 34,589,96275,000,000 3.93% due February 18, 2010 76,342,502 76,342,50220,000,000 0.85% due March 09, 2010 19,884,111 19,884,11114,000,000 0.85% due March 11, 2010 13,918,164 13,918,1648,000,000 0.80% due March 15, 2010 7,955,322 7,955,32247,000,000 Floating Rate due May 13, 2010 47,000,000 47,000,00050,000,000 Floating Rate due June 17, 2010 50,000,000 50,000,000

Bay Street Funding Trust30,000,000 0.53% due August 17, 2009 29,979,538 29,979,53814,000,000 0.58% due August 21, 2009 13,988,641 13,988,64111,800,000 0.53% due August 25, 2009 11,790,593 11,790,59315,000,000 0.53% due August 27, 2009 14,987,598 14,987,5987,000,000 0.55% due September 11, 2009 6,992,440 6,992,44016,500,000 0.55% due September 14, 2009 16,481,438 16,481,43836,000,000 0.55% due September 16, 2009 35,958,420 35,958,42039,000,000 0.55% due September 18, 2009 38,953,747 38,953,747

Borealis Finance Trust6,600,000 0.33% due July 02, 2009 6,599,940 6,599,9404,000,000 0.31% due July 15, 2009 3,999,531 3,999,53112,000,000 0.30% due July 16, 2009 11,998,518 11,998,51817,000,000 0.32% due July 28, 2009 16,995,967 16,995,9672,700,000 0.33% due August 06, 2009 2,699,121 2,699,12110,300,000 0.33% due August 20, 2009 10,295,378 10,295,378

Caisse centrale Desjardins16,100,000 0.27% due July 30, 2009 16,096,532 16,096,53230,300,000 0.28% due August 10, 2009 30,290,717 30,290,717

Canadian Imperial Bank of Commerce6,800,000 0.26% due July 03, 2009 6,799,902 6,799,90213,000,000 0.26% due July 06, 2009 12,999,540 12,999,54048,000,000 0.27% due July 08, 2009 47,997,553 47,997,55327,900,000 0.27% due July 09, 2009 27,898,359 27,898,35918,000,000 0.53% due July 13, 2009 17,996,867 17,996,86721,000,000 0.52% due July 15, 2009 20,995,797 20,995,7975,700,000 0.52% due July 20, 2009 5,698,465 5,698,46525,600,000 0.27% due July 21, 2009 25,596,160 25,596,16020,000,000 0.27% due July 22, 2009 19,996,889 19,996,88928,300,000 0.28% due July 27, 2009 28,294,303 28,294,30344,600,000 0.29% due July 31, 2009 44,589,383 44,589,3832,900,000 0.28% due August 28, 2009 2,898,706 2,898,70617,000,000 Floating Rate due October 23, 2009 17,001,052 17,001,05227,440,000 Floating Rate due February 08, 2010 27,440,000 27,440,00027,440,000 Floating Rate due March 18, 2010 27,440,000 27,440,000

Canadian Master Trust25,000,000 0.53% due July 30, 2009 24,989,419 24,989,41922,000,000 0.60% due August 07, 2009 21,986,608 21,986,60810,000,000 0.56% due August 31, 2009 9,990,675 9,990,67515,000,000 1.15% due September 15, 2009 14,964,215 14,964,2156,000,000 1.35% due September 30, 2009 5,979,930 5,979,93013,000,000 1.25% due October 19, 2009 12,951,303 12,951,30339,000,000 0.85% due October 29, 2009 38,891,393 38,891,39325,000,000 0.85% due October 30, 2009 24,929,860 24,929,86018,000,000 0.70% due December 04, 2009 17,946,309 17,946,309

CARE Trust15,000,000 1.20% due August 04, 2009 14,983,290 14,983,29015,000,000 0.60% due August 07, 2009 14,990,869 14,990,86915,000,000 1.20% due September 08, 2009 14,966,176 14,966,17615,000,000 1.25% due October 13, 2009 14,946,925 14,946,92516,700,000 1.25% due October 20, 2009 16,636,893 16,636,89315,000,000 1.00% due October 23, 2009 14,953,347 14,953,34718,000,000 0.85% due October 26, 2009 17,951,131 17,951,13115,000,000 0.85% due October 30, 2009 14,957,916 14,957,91611,000,000 0.80% due November 03, 2009 10,970,020 10,970,020

$ $ $

OMERS Realty Corporation15,000,000 0.56% due July 07, 2009 14,998,625 14,998,6255,000,000 0.30% due July 09, 2009 4,999,671 4,999,67110,000,000 0.56% due July 13, 2009 9,998,160 9,998,16025,000,000 0.33% due July 17, 2009 24,996,363 24,996,36330,000,000 0.32% due August 18, 2009 29,987,360 29,987,3607,000,000 0.30% due September 01, 2009 6,996,444 6,996,4447,800,000 0.30% due September 02, 2009 7,795,964 7,795,964Plaza Trust

10,000,000 0.55% due July 02, 2009 9,999,848 9,999,84815,100,000 0.55% due July 15, 2009 15,096,829 15,096,82911,000,000 0.55% due July 16, 2009 10,997,513 10,997,51314,000,000 0.55% due July 17, 2009 13,996,640 13,996,64022,000,000 0.55% due July 23, 2009 21,992,740 21,992,74045,000,000 0.55% due July 24, 2009 44,984,475 44,984,47521,260,000 0.55% due July 28, 2009 21,251,308 21,251,30820,000,000 0.55% due July 29, 2009 19,991,600 19,991,60024,000,000 0.65% due July 30, 2009 23,987,600 23,987,60020,415,000 0.63% due August 04, 2009 20,402,984 20,402,98463,295,000 0.57% due August 05, 2009 63,260,175 63,260,17515,000,000 0.55% due August 07, 2009 14,991,675 14,991,67520,000,000 0.55% due September 04, 2009 19,980,500 19,980,50011,000,000 0.55% due September 08, 2009 10,988,573 10,988,57365,000,000 0.55% due September 09, 2009 64,931,750 64,931,75010,000,000 0.55% due September 15, 2009 9,988,557 9,988,557

PURE Trust10,950,000 0.60% due July 02, 2009 10,949,819 10,949,81910,850,000 0.55% due July 03, 2009 10,849,675 10,849,67513,000,000 0.55% due July 10, 2009 12,998,245 12,998,24510,400,000 0.55% due July 14, 2009 10,397,972 10,397,9725,000,000 0.55% due July 15, 2009 4,998,950 4,998,95016,670,000 0.55% due July 16, 2009 16,666,249 16,666,2498,650,000 0.70% due July 21, 2009 8,646,694 8,646,69428,000,000 0.56% due July 22, 2009 27,991,052 27,991,05213,805,000 0.55% due July 23, 2009 13,800,408 13,800,40820,800,000 0.55% due July 24, 2009 20,792,824 20,792,82439,700,000 0.55% due July 28, 2009 39,683,887 39,683,88741,095,000 0.55% due July 29, 2009 41,077,740 41,077,74011,000,000 0.65% due August 04, 2009 10,993,347 10,993,3475,000,000 0.55% due September 08, 2009 4,994,825 4,994,82533,000,000 0.53% due September 15, 2009 32,963,614 32,963,61415,000,000 0.55% due September 18, 2009 14,982,225 14,982,22515,000,000 0.50% due September 22, 2009 14,982,963 14,982,9633,100,000 0.55% due September 28, 2009 3,095,846 3,095,84619,000,000 0.70% due November 04, 2009 18,954,248 18,954,248

Ridge Trust5,000,000 0.53% due July 16, 2009 4,998,913 4,998,91360,000,000 0.90% due July 20, 2009 59,971,948 59,971,94848,000,000 0.90% due July 22, 2009 47,975,188 47,975,18848,000,000 0.90% due July 24, 2009 47,972,815 47,972,81542,000,000 0.80% due July 27, 2009 41,976,091 41,976,09120,000,000 0.53% due July 30, 2009 19,991,535 19,991,53510,000,000 0.53% due August 05, 2009 9,994,925 9,994,92524,000,000 0.56% due September 17, 2009 23,971,296 23,971,29633,000,000 0.70% due October 05, 2009 32,939,349 32,939,34930,000,000 0.80% due October 28, 2009 29,922,109 29,922,10947,000,000 0.85% due November 02, 2009 46,864,853 46,864,8537,000,000 0.70% due December 08, 2009 6,978,579 6,978,5796,000,000 0.70% due December 09, 2009 5,981,534 5,981,534

Par Value Description Cost Fair Value

Storm King Funding5,000,000 0.50% due July 06, 2009 4,999,659 4,999,65916,000,000 0.55% due July 14, 2009 15,996,841 15,996,8415,000,000 1.00% due July 20, 2009 4,997,401 4,997,40115,000,000 0.55% due July 21, 2009 14,995,500 14,995,50010,000,000 0.55% due July 23, 2009 9,996,700 9,996,7005,000,000 0.70% due July 24, 2009 4,997,800 4,997,80018,000,000 0.70% due July 28, 2009 17,990,707 17,990,70725,000,000 0.55% due July 29, 2009 24,989,500 24,989,50022,000,000 0.55% due August 05, 2009 21,988,450 21,988,45035,000,000 0.55% due August 07, 2009 34,980,542 34,980,54215,500,000 0.55% due September 01, 2009 15,485,528 15,485,52820,000,000 0.55% due September 09, 2009 19,979,000 19,979,00025,000,000 0.55% due September 11, 2009 24,973,000 24,973,00019,000,000 0.55% due September 14, 2009 18,978,625 18,978,62520,000,000 0.55% due September 15, 2009 19,977,136 19,977,13613,500,000 0.55% due September 16, 2009 13,484,349 13,484,34922,000,000 0.55% due September 17, 2009 21,974,260 21,974,2605,000,000 0.55% due September 28, 2009 4,993,301 4,993,301SUMMIT Trust

5,000,000 0.53% due July 02, 2009 4,999,928 4,999,9289,000,000 1.50% due July 06, 2009 8,998,159 8,998,15936,000,000 0.53% due July 27, 2009 35,986,361 35,986,36135,000,000 0.53% due July 31, 2009 34,984,676 34,984,67625,000,000 0.94% due August 04, 2009 24,978,203 24,978,2031,000,000 1.20% due September 01, 2009 997,970 997,97010,000,000 1.60% due September 02, 2009 9,972,595 9,972,59522,000,000 0.56% due September 11, 2009 21,975,700 21,975,70023,000,000 0.56% due September 14, 2009 22,973,550 22,973,55017,000,000 0.56% due September 16, 2009 16,980,003 16,980,00326,000,000 1.40% due September 24, 2009 25,915,850 25,915,85012,000,000 1.30% due October 09, 2009 11,957,508 11,957,508

Wells Fargo Financial Corporation Canada6,000,000 0.28% due July 29, 2009 5,998,726 5,998,726

5,320,028,391 5,320,028,391

TOTAL INVESTMENTPORTFOLIO – 99.8% 6,342,115,651 6,342,115,651

OTHER NET ASSETS – 0.2% 10,491,154 10,491,154

TOTAL NET ASSETS – 100.0% $ 6,352,606,805 $ 6,352,606,805

Credit Risk (Note 11)

The table below summarizes the debt instruments by credit ratings

Statements of Investment Operations(in 000s except per unit amounts) for the periods ended June 30, 2009 and 2008 (Unaudited)

Increase (Decrease) in Net Assets from Investment Operations† $ 2,116 $ 17,141

†Increase (Decrease) in Net Assets from Investment Operations

The accompanying notes are an integral part of these financial statements.

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

as at June 30, 2009 and December 31, 2008 (Unaudited)

Net Assets (Note 3) $ 841,027 $ 903,351

Net Assets Representing Unitholders’ Equity (Note 4)

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

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

for the periods ended June 30, 2009 and 2008 (Unaudited)

Investor Series Premium Series

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

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 476,758 $ 672,653 $ 364,259 $ 666,257

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 48,034,202 61,379,056 42,300,856 54,483,321

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 10 $ 0 $ 841,027 $ 1,338,910

†Capital Unit Transactions

Units Outstanding, End of the Period 1,015 10

The accompanying notes are an integral part of these financial statements.

$ $ $

Canadian Imperial Bank of Commerce7,000,000 0.21% due July 09, 2009 6,999,680 6,999,6809,000,000 0.62% due July 16, 2009 8,997,715 8,997,7158,100,000 0.63% due July 23, 2009 8,096,931 8,096,9312,100,000 0.52% due July 30, 2009 2,099,138 2,099,1383,000,000 0.45% due August 06, 2009 2,998,679 2,998,679Canadian Master Trust

5,000,000 1.42% due July 06, 2009 4,999,032 4,999,0323,500,000 1.29% due July 08, 2009 3,499,134 3,499,1345,000,000 1.30% due July 15, 2009 4,997,522 4,997,52212,000,000 1.23% due July 20, 2009 11,992,358 11,992,3587,100,000 1.21% due July 22, 2009 7,095,052 7,095,0526,490,000 0.81% due July 31, 2009 6,485,677 6,485,677CARE Trust

6,100,000 0.66% due July 02, 2009 6,099,889 6,099,8893,200,000 1.34% due July 07, 2009 3,199,299 3,199,2995,300,000 1.37% due July 08, 2009 5,298,613 5,298,6135,000,000 1.30% due July 15, 2009 4,997,522 4,997,5225,000,000 1.22% due July 21, 2009 4,996,678 4,996,6782,500,000 0.91% due July 23, 2009 2,498,625 2,498,62511,700,000 0.81% due July 31, 2009 11,692,228 11,692,22821,200,000 1.75% due September 01, 2009 21,137,488 21,137,488

Diversified Trust5,300,000 0.70% due August 04, 2009 5,296,531 5,296,5315,200,000 0.76% due August 18, 2009 5,194,814 5,194,8143,800,000 0.76% due September 24, 2009 3,793,294 3,793,2946,500,000 0.74% due September 28, 2009 6,488,308 6,488,3082,100,000 0.91% due December 08, 2009 2,091,637 2,091,63711,800,000 0.91% due December 14, 2009 11,751,248 11,751,2487,300,000 0.91% due December 18, 2009 7,269,079 7,269,0798,050,000 0.85% due December 22, 2009 8,017,447 8,017,447HSBC Bank Canada

10,000,000 1.07% due July 08, 2009 9,997,962 9,997,9629,000,000 1.07% due July 13, 2009 8,996,856 8,996,8562,500,000 1.01% due July 15, 2009 2,499,032 2,499,0328,000,000 0.35% due July 22, 2009 7,998,375 7,998,3754,500,000 0.96% due July 28, 2009 4,496,804 4,496,8044,400,000 0.90% due July 29, 2009 4,396,976 4,396,9761,700,000 0.51% due August 19, 2009 1,698,843 1,698,8431,000,000 0.51% due September 08, 2009 999,041 999,041Plaza Trust

1,000,000 0.51% due July 10, 2009 999,873 999,8734,000,000 0.51% due July 21, 2009 3,998,880 3,998,880PURE Trust

11,950,000 0.45% due July 06, 2009 11,949,260 11,949,2602,000,000 0.50% due July 07, 2009 1,999,836 1,999,8361,000,000 0.51% due July 13, 2009 999,832 999,8325,300,000 0.51% due July 14, 2009 5,299,035 5,299,0358,000,000 0.45% due July 15, 2009 7,998,608 7,998,60810,600,000 0.46% due July 22, 2009 10,597,202 10,597,2022,200,000 0.51% due July 24, 2009 2,199,292 2,199,2928,000,000 0.51% due August 04, 2009 7,996,234 7,996,23410,200,000 0.51% due August 07, 2009 10,194,768 10,194,7682,546,000 0.71% due September 25, 2009 2,541,745 2,541,745Ridge Trust

5,000,000 1.12% due July 07, 2009 4,999,084 4,999,08410,000,000 1.12% due July 10, 2009 9,997,254 9,997,25410,000,000 1.22% due July 20, 2009 9,993,681 9,993,6814,000,000 1.22% due July 21, 2009 3,997,342 3,997,34210,000,000 1.22% due July 24, 2009 9,992,358 9,992,35810,000,000 1.11% due July 27, 2009 9,992,091 9,992,0914,000,000 0.99% due July 30, 2009 3,996,851 3,996,8517,000,000 0.81% due August 05, 2009 6,994,577 6,994,577

Short-Term Investments – 99.7%

FEDERAL & GUARANTEES – 16.1%

Export Development Canada

8,000,000 Floating Rate due September 28, 2009 8,000,130 8,000,130

The Bank of Nova Scotia

10,000,000 Floating Rate due April 20, 2010 10,000,000 10,000,000

(expressed in United States dollars)

Statement of Investment Port folioas at June 30, 2009 (Unaudited)

Par Value Description Cost Fair Value

OTHER NET ASSETS – 0.3% 2,116,698 2,116,698

TOTAL NET ASSETS – 100.0% $ 841,027,419 $ 841,027,419

Credit Risk (Note 11)

The table below summarizes the debt instruments by credit ratings

Statements of Investment Operations(in 000s except per unit amounts) for the periods ended June 30, 2009 and 2008 (Unaudited)

Net Realized Gain (Loss) on

Net Change in Unrealized Appreciation/

Increase (Decrease) in Net Assets from Investment Operations† $ 43,409 $ 47,399

†Increase (Decrease) in Net Assets from Investment Operations

The accompanying notes are an integral part of these financial statements.

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

as at June 30, 2009 and December 31, 2008 (Unaudited)

Net Assets (Note 3) $ 1,657,306 $ 1,392,832

Net Assets Representing Unitholders’ Equity (Note 4)

● TD Shor t Term Bond Fund

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

for the periods ended June 30, 2009 and 2008 (Unaudited)

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 231,814 $ 144,112 $ 1,043,960 $ 1,285,074 $ 282,282 $ 54,762

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 15,785,559 14,530,355 112,099,500 146,163,795 6,641,667 5,367,043

Units Outstanding, End of the Period 23,547,145 15,123,253 103,015,723 130,828,137 27,485,290 5,518,728

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 56,122 $ 3,453 $ 43,128 $ 94,423 $ 1,657,306 $ 1,581,824

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 492,821 339,533 4,136,103 7,879,673

Units Outstanding, End of the Period 5,462,930 348,723 4,258,638 9,591,511

The accompanying notes are an integral part of these financial statements.

$ $ $

EnCana Corporation12,500,000 4.30% due March 12, 2012 12,341,808 13,025,629

ENMAX Corporation10,000,000 5.85% due April 08, 2014 9,988,900 9,754,897

First Capital Realty Inc

4,500,000 5.25% due March 30, 2011 4,506,840 4,406,16412,000,000 5.08% due June 21, 2012 11,553,600 11,251,6974,000,000 5.36% due January 31, 2014 3,473,860 3,693,458

GE Capital Canada Funding Company10,000,000 3.65% due June 07, 2010 9,994,100 10,134,34810,000,000 4.75% due May 02, 2011 9,986,800 10,255,06024,000,000 5.29% due August 17, 2012 24,067,020 24,685,39317,000,000 5.15% due June 06, 2013 17,106,110 17,282,394

Glacier Credit Card Trust21,400,000 5.027% due February 20, 2013 21,311,260 21,349,434

Golden Credit Card Trust30,000,000 4.254% due February 15, 2011 29,936,100 31,018,469

Honda Canada Finance Inc

30,000,000 5.613% due September 12, 2013 30,000,000 30,348,207

HSBC Bank Canada27,000,000 4.59% due March 28, 2011 26,993,790 28,037,435

John Deere Credit Inc

8,250,000 4.40% due March 30, 2011 8,247,608 8,456,4155,000,000 5.30% due July 27, 2012 4,998,250 5,167,786Keybank Nova Scotia Funding Company

11,000,000 4.21% due December 14, 2009 10,999,670 10,946,825

Master Credit Card Trust17,000,000 4.444% due November 21, 2011 16,940,900 17,685,39520,000,000 5.297% due August 21, 2012 20,000,000 21,282,153

Merrill Lynch Financial Assets Inc

15,392,000 6.79% due April 15, 2011 16,134,356 15,588,83910,550,000 6.38% due November 12, 2011 11,011,774 10,678,46013,000,000 5.245% due June 12, 2013 13,025,870 12,344,616

Merrill Lynch Mortgage Loans Inc

10,068,676 7.139% due March 15, 2010 11,474,427 10,190,390

OMERS Realty CTT Holdings Two Inc

6,000,000 4.05% due May 05, 2014 5,998,380 6,039,977Petro-Canada Centre

6,000,000 6.379% due June 09, 2014 6,000,000 6,000,000RioCan Real Estate Investment Trust

10,000,000 5.70% due September 11, 2012 9,997,000 9,890,04320,000,000 8.33% due April 03, 2014 20,000,000 20,783,978

Rogers Communications Inc

1,000,000 7.25% due December 15, 2011 1,106,480 1,092,6681,608,000 7.625% due December 15, 2011 1,799,224 1,728,288Royal Bank of Canada

15,000,000 5.20% due August 15, 2012 16,143,450 16,012,63815,000,000 5.06% due July 17, 2013 15,858,150 15,998,16215,000,000 5.00% due January 20, 2014 16,168,600 15,985,295

Schlumberger Canada Limited3,500,000 5.14% due July 12, 2010 3,499,405 3,591,656Shaw Communications Inc

6,000,000 7.50% due November 20, 2013 6,319,020 6,644,520Shoppers Drug Mart Corporation

17,300,000 4.99% due June 03, 2013 17,299,525 18,093,067

Bonds – 95.7%

FEDERAL BONDS & GUARANTEES – 25.7%

Canada Housing Trust No 1

PROVINCIAL BONDS & GUARANTEES – 8.4%

Ontario Infrastructure Projects Corporation

Statement of Investment Port folioas at June 30, 2009 (Unaudited)

Par Value Description Cost Fair Value

Credit Risk (Note 11)

The table below summarizes the debt instruments by credit ratings

Interest Rate Risk (Note 11)

The table below summarizes the Fund’s exposure to interest rate risk

by remaining term to maturity

respectively, by approximately (in 000s) $45,508 (approximately 2.75%

of net assets) The Fund’s sensitivity to interest rate changes wasestimated using the weighted average duration of the bond portfolio

In practice, the actual trading results may differ from the aboveapproximate sensitivity analysis amounts and the differences could

Timmins Square Limited Partnership

and Trinity Shopping Centres Partnership

OTHER NET ASSETS – 1.3% 21,177,780 21,177,780

TOTAL NET ASSETS – 100.0% $ 1,633,380,141 $ 1,657,306,421

* Related party to the Fund as an affiliated entity of

TD Asset Management Inc.

Statements of Investment Operations(in 000s except per unit amounts) for the periods ended June 30, 2009 and 2008 (Unaudited)

Net Realized Gain (Loss) on

Net Change in Unrealized Appreciation/

Increase (Decrease) in Net Assets from Investment Operations† $ 17,811 $ 18,821

†Increase (Decrease) in Net Assets from Investment Operations

The accompanying notes are an integral part of these financial statements.

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

as at June 30, 2009 and December 31, 2008 (Unaudited)

Net Assets (Note 3) $ 593,193 $ 558,594

Net Assets Representing Unitholders’ Equity (Note 4)

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

for the periods ended June 30, 2009 and 2008 (Unaudited)

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 306,433 $ 253,036 $ 286,760 $ 320,886 $ 593,193 $ 573,922

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 4,139,170 4,486,237 30,275,076 33,816,893

Units Outstanding, End of the Period 4,936,449 4,232,074 28,199,068 32,738,807

The accompanying notes are an integral part of these financial statements.

Mortgages – 89.6%

Residential Mortgages (Schedule 1) $ 509,616,740 $ 531,410,849

Canadian Bonds – 6.3%

FEDERAL BONDS & GUARANTEES – 6.3%

Canada Housing Trust No 1

OTHER NET ASSETS – 2.4% 14,408,354 14,408,354

TOTAL NET ASSETS – 100.0% $ 570,489,844 $ 593,192,669

Residential Mortgages(Schedule 1)

Type of Mortgages by Principal Value: Residential 100%

(4,383 mortgages); NHA insured 99.7% (4,377 mortgages);

Conventional insured 0.2% (5 mortgages); Conventional uninsured

0.1% (1 mortgage) None of the mortgages held by the Fund

are prepayable There is 1 mortgage with a principal value of $61,272

(0.01% of the Fund) that is more than three months in arrears The

average term to maturity is 2.7 years (December 31, 2008, 2.6 years)

Credit Risk (Note 11)

The table below summarizes the debt instruments by credit ratings

Interest Rate Risk (Note 11)

The table below summarizes the Fund’s exposure to interest rate risk

by remaining term to maturity

Total Exposure Bonds Mortgages Total Term to Maturity (000s) (000s) (000s)

Less than 1 year $ 0 $ 30,902 $ 30,902

respectively, by approximately (in 000s) $14,220 (approximately 2.40%

of net assets) The Fund’s sensitivity to interest rate changes wasestimated using the weighted average duration of the bond portfolio

In practice, the actual trading results may differ from the aboveapproximate sensitivity analysis amounts and the differences could

be material

The accompanying notes are an integral part of these financial statements.

Statement of Investment Port folioas at June 30, 2009 (Unaudited)

Statements of Investment Operations(in 000s except per unit amounts) for the periods ended June 30, 2009 and 2008 (Unaudited)

Net Realized Gain (Loss) on

Net Change in Unrealized Appreciation/

Increase (Decrease) in Net Assets from Investment Operations† $ 373,586 $ 164,319

†Increase (Decrease) in Net Assets from Investment Operations

The accompanying notes are an integral part of these financial statements.

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

as at June 30, 2009 and December 31, 2008 (Unaudited)

Net Assets (Note 3) $ 7,634,047 $ 7,438,501

Net Assets Representing Unitholders’ Equity (Note 4)

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

for the periods ended June 30, 2009 and 2008 (Unaudited)

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

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 1,813,310 $ 1,786,346 $ 4,314,461 $ 5,290,228 $ 1,018,290 $ 928,645

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 138,770,544 141,515,748 430,486,663 518,416,160 85,158,635 83,248,196

Units Outstanding, End of the Period 141,296,360 140,412,926 414,565,451 511,921,648 90,844,549 83,616,743

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 124,566 $ 125,899 $ 363,420 $ 411,413 $ 7,634,047 $ 8,542,531

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 11,106,876 10,590,192 30,054,165 39,631,726

Units Outstanding, End of the Period 10,923,429 11,139,284 36,692,248 41,791,195

The accompanying notes are an integral part of these financial statements.

Par Value Description Cost Fair Value

CORPORATE BONDS – 65.8%

AltaLink LP3,000,000 5.43% due June 05, 2013 2,999,310 3,186,67514,100,000 5.243% due May 29, 2018 14,219,562 14,473,504

Bank of Montreal65,000,000 4.78% due April 30, 2014 64,987,650 68,105,48025,000,000 5.18% due June 10, 2015 24,988,500 26,432,93118,000,000 5.45% due July 17, 2017 17,991,720 18,997,48175,000,000 6.17% due March 28, 2018 74,977,500 80,597,860

The Bank of Nova Scotia23,000,000 6.65% due January 22, 2016 22,996,090 25,674,417

bcIMC Realty Corporation33,000,000 5.25% due September 19, 2012 33,184,470 34,114,46049,000,000 5.65% due January 05, 2018 48,834,870 50,334,369

Bell Aliant Regional Communications,Limited Partnership

25,000,000 4.72% due September 26, 2011 24,998,750 25,509,11125,000,000 4.95% due February 26, 2014 25,010,962 24,830,999

Bell Canada10,000,000 6.90% due December 15, 2011 9,848,000 10,850,729

BMO Capital Trust39,500,000 4.633% due December 31, 2015 38,496,543 37,418,090

BMO Capital Trust, Conv

45,000,000 6.903% due June 30, 2010 47,929,100 46,717,24320,000,000 6.647% due December 31, 2010 20,452,900 21,010,11670,000,000 5.474% due December 31, 2014 70,000,000 70,524,459

BNS Capital Trust, Conv

Canadian Imperial Bank of Commerce90,000,000 4.95% due January 23, 2014 89,733,600 95,469,04075,000,000 4.75% due December 22, 2014 74,952,750 78,630,57350,000,000 6.00% due June 06, 2018 49,859,000 53,445,696

Canadian Natural Resources Limited70,000,000 4.50% due January 23, 2013 69,987,400 71,559,335

Canadian Pacific Railway Company42,500,000 6.25% due June 01, 2018 42,219,075 40,888,008

CARDS II Trust30,000,000 3.869% due October 15, 2010 30,000,000 30,832,039

Caterpillar Financial Services Limited72,500,000 4.34% due December 06, 2010 72,480,425 73,963,27574,000,000 4.94% due June 01, 2012 73,993,340 75,332,522

CIBC Capital Trust65,600,000 9.976% due June 30, 2019 65,600,000 79,876,191

ClareGold Trust36,000,000 5.067% due March 15, 2017 34,972,182 30,998,992

Enbridge Gas Distribution Inc

24,000,000 5.57% due January 29, 2014 23,995,680 26,057,80235,000,000 5.16% due September 24, 2014 34,981,100 37,350,970

Enbridge Inc

45,000,000 4.67% due March 25, 2013 44,986,500 46,223,352

Canadian Bonds – 95.2%

FEDERAL BONDS & GUARANTEES – 18.0%

Business Development Bank of Canada

PROVINCIAL BONDS & GUARANTEES – 10.1%

Alberta Capital Finance Authority

Statement of Investment Port folioas at June 30, 2009 (Unaudited)

$ $ $

Merrill Lynch Mortgage Loans Inc

10,068,676 7.139% due March 15, 2010 11,474,427 10,190,39021,800,000 6.75% due November 15, 2032 23,891,732 22,333,003

NHA Mortgage-Backed Securities Equitable Trust679,522 6.00% due August 01, 2009 583,703 687,079O&Y FPT Inc

7,830,807 7.928% due December 01, 2009 8,281,559 8,024,293OMERS Realty CTT Holdings Inc

11,000,000 4.75% due May 05, 2016 10,994,170 11,074,400

Ontrea Inc

35,000,000 5.57% due April 09, 2013 35,162,750 37,756,727

Petro-Canada Centre24,500,000 6.379% due June 09, 2014 24,500,000 24,500,000

RBC Capital Trust, Conv

88,000,000 7.288% due June 30, 2010 91,763,145 91,790,11284,000,000 7.183% due June 30, 2011 87,216,400 89,522,87139,000,000 5.812% due December 31, 2013 40,823,250 40,507,43175,000,000 4.87% due December 31, 2015 74,910,800 71,882,933

Real Estate Asset Liquidity Trust25,412,000 5.077% due August 12, 2014 25,384,319 23,434,00425,000,000 4.859% due March 12, 2015 24,943,744 22,261,50650,000,000 4.618% due September 12, 2016 49,533,183 41,820,00035,000,000 4.61% due November 12, 2016 34,998,373 28,423,37730,000,000 4.782% due March 12, 2017 29,931,138 24,844,564

RioCan Real Estate Investment Trust36,250,000 4.91% due March 08, 2011 36,240,575 36,303,79030,000,000 4.70% due June 15, 2012 29,882,200 28,938,16339,000,000 5.23% due March 11, 2013 38,888,300 37,222,18740,000,000 8.33% due April 03, 2014 40,000,000 41,567,956

Rogers Communications Inc

7,042,000 7.625% due December 15, 2011 7,880,401 7,568,78530,000,000 5.80% due May 26, 2016 29,930,100 30,694,655

Schlumberger Canada Limited18,000,000 5.14% due July 12, 2010 17,996,940 18,471,373

Schooner Trust28,200,000 4.719% due April 12, 2020 29,127,216 25,075,970

Scotiabank Capital Trust20,000,000 6.282% due June 30, 2013 20,000,000 20,954,864

Scotiabank Tier I Trust16,000,000 7.802% due June 30, 2019 16,000,000 17,367,891

Shaw Communications Inc

13,900,000 6.10% due November 16, 2012 14,553,975 14,759,86817,378,000 7.50% due November 20, 2013 19,568,339 19,244,7448,000,000 6.50% due June 02, 2014 7,976,320 8,536,68410,000,000 6.15% due May 09, 2016 9,479,200 10,339,73610,000,000 5.70% due March 02, 2017 9,844,880 9,941,771

Shoppers Drug Mart Corporation54,200,000 4.99% due June 03, 2013 54,199,695 56,684,6376,000,000 5.19% due January 20, 2014 5,998,980 6,300,355SNC-Lavalin Group Inc

Enbridge Income Fund

Par Value Description Cost Fair Value

Credit Risk (Note 11)

The table below summarizes the debt instruments by credit ratings

Interest Rate Risk (Note 11)

The table below summarizes the Fund’s exposure to interest rate risk

by remaining term to maturity

respectively, by approximately (in 000s) $447,484 (approximately 5.86%

of net assets) The Fund’s sensitivity to interest rate changes wasestimated using the weighted average duration of the bond portfolio

In practice, the actual trading results may differ from the aboveapproximate sensitivity analysis amounts and the differences could

Timmins Square Limited Partnership

and Trinity Shopping Centres Partnership

TOTAL INVESTMENT

PORTFOLIO – 99.2% 7,574,938,414 7,571,647,239

SHORT-TERM

INVESTMENTS – 1.4% 104,800,000 104,800,000

OTHER NET LIABILITIES – (0.6%) (42,400,255) (42,400,255)

TOTAL NET ASSETS – 100.0% $ 7,637,338,159 $ 7,634,046,984

* Related party to the Fund as an affiliated entity of

TD Asset Management Inc.

Statements of Investment Operations(in 000s except per unit amounts) for the periods ended June 30, 2009 and 2008 (Unaudited)

Net Realized Gain (Loss) on

Net Change in Unrealized Appreciation/

Increase (Decrease) in Net Assets from Investment Operations† $ 12,046 $ 443

†Increase (Decrease) in Net Assets from Investment Operations

The accompanying notes are an integral part of these financial statements.

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

as at June 30, 2009 and December 31, 2008 (Unaudited)

Unrealized Gain on Open Foreign

Unrealized Loss on Open Foreign

Net Assets (Note 3) $ 242,167 $ 63,785

Net Assets Representing Unitholders’ Equity (Note 4)

● TD Canadian Core Plus Bond Fund

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

for the periods ended June 30, 2009 and 2008 (Unaudited)

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 16,705 $ 27,069 $ 54,859 $ 15,014 $ 11,305 $ 3,359

†Capital Unit Transactions

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 159,298 N/A $ 242,167 $ 45,442

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 713,478 N/A

Units Outstanding, End of the Period 14,724,053 N/A

The accompanying notes are an integral part of these financial statements.

$ $ $

Caterpillar Financial Services Limited1,900,000 4.94% due June 01, 2012 1,912,200 1,934,213800,000 5.20% due June 03, 2013 799,936 812,430CIBC Capital Trust

4,150,000 9.976% due June 30, 2019 4,659,052 5,053,143Citigroup Finance Canada Inc

1,000,000 5.13% due October 25, 2010 999,750 995,167The Consumers’ Waterheater Operating Trust

1,500,000 6.75% due April 30, 2014 1,529,987 1,516,225Domtar Inc (USD)

1,400,000 5.375% due December 01, 2013 1,201,963 1,351,580Enbridge Gas Distribution Inc

1,000,000 5.16% due September 24, 2014 1,011,000 1,067,1712,000,000 5.16% due December 04, 2017 2,011,660 2,057,625Enbridge Pipelines Inc

3,565,000 6.62% due November 19, 2018 3,737,652 4,062,533EnCana Corporation

500,000 4.30% due March 12, 2012 489,000 521,025ENMAX Corporation

1,000,000 5.85% due April 08, 2014 998,890 975,490500,000 6.15% due June 19, 2018 498,930 468,297Fairfax Financial Holdings Limited (USD)

745,000 7.75% due June 15, 2012 776,220 775,559405,000 7.375% due April 15, 2018 421,020 426,324Finning International Inc

100,000 4.64% due December 14, 2011 99,800 101,5664,150,000 5.16% due September 03, 2013 4,085,000 4,134,938900,000 6.02% due June 01, 2018 876,619 857,033First Capital Realty Inc

1,400,000 5.34% due April 01, 2013 1,305,200 1,265,5183,000,000 5.32% due October 30, 2014 2,706,960 2,676,088

GE Capital Canada Funding Company4,100,000 5.29% due August 17, 2012 4,209,430 4,217,088700,000 4.375% due September 28, 2012 705,390 700,7932,200,000 5.15% due June 06, 2013 2,212,760 2,236,5451,000,000 4.65% due February 11, 2015 948,320 972,3402,000,000 4.55% due January 17, 2017 1,823,200 1,865,2281,000,000 5.53% due August 17, 2017 1,005,900 978,910Glacier Credit Card Trust

700,000 5.027% due February 20, 2013 700,000 698,346Golden Credit Card Trust

1,000,000 4.254% due February 15, 2011 1,008,000 1,033,9491,250,000 5.421% due April 15, 2013 1,300,250 1,331,477Holcim Finance (Canada) Inc

250,000 5.90% due June 21, 2013 249,653 238,381Honda Canada Finance Inc

2,025,000 5.613% due September 12, 2013 2,017,845 2,048,504Hydro One Inc

1,000,000 4.64% due March 03, 2016 986,000 1,039,3991,475,000 5.18% due October 18, 2017 1,537,619 1,561,080Iron Mountain Nova Scotia Funding Company

250,000 7.50% due March 15, 2012 223,250 241,868John Deere Credit Inc

1,000,000 4.80% due April 20, 2012 1,031,700 1,026,331500,000 5.30% due July 27, 2012 507,590 516,8221,000,000 5.45% due September 16, 2015 999,540 1,016,754Loblaw Companies Limited

Statement of Investment Port folioas at June 30, 2009 (Unaudited)

Par Value Description Cost Fair Value

Thomson Reuters Corporation700,000 5.70% due July 15, 2015 698,726 744,4403,800,000 6.00% due March 31, 2016 3,988,004 4,069,619The Toronto-Dominion Bank*

1,000,000 4.97% due October 30, 2015 827,930 961,8021,000,000 5.763% due December 18, 2017 993,850 967,790TransCanada PipeLines Limited

1,000,000 5.65% due January 15, 2014 1,029,900 1,087,743Wells Fargo Financial Corporation Canada

1,000,000 4.40% due December 12, 2012 969,000 1,011,1371,100,000 4.38% due June 30, 2015 1,012,440 1,069,256West Fraser Timber Co., Ltd (USD)

650,000 5.20% due October 15, 2014 558,421 583,170Woodbridge Finance Corporation

1,000,000 5.315% due October 18, 2010 1,000,000 1,032,206YPG Holdings Inc

1,500,000 4.65% due February 28, 2011 1,444,500 1,501,1321,800,000 6.85% due December 03, 2013 1,800,000 1,809,972

139,592,887 144,629,451Total Canadian Bonds 181,483,687 186,796,830

350,000 9.25% due August 01, 2015 172,127 40,710Case New Holland Inc (USD)

1,150,000 7.125% due March 01, 2014 1,113,018 1,220,581Church & Dwight Co., Inc (USD)

180,000 6.00% due December 15, 2012 176,260 208,320Constellation Brands Inc (USD)

875,000 7.25% due September 01, 2016 964,589 941,425DIRECTV Holdings LLC (USD)

1,025,000 6.375% due June 15, 2010 1,107,391 1,102,812EchoStar DBS Corporation (USD)

800,000 6.625% due October 01, 2014 828,266 858,405550,000 7.75% due May 31, 2015 614,294 609,345GameStop Corp./GameStop Inc (USD)

800,000 8.00% due October 01, 2009 956,257 937,499Gannett Co., Inc (USD)

100,000 6.375% due April 01, 2012 87,593 84,428850,000 10.00% due April 01, 2016 763,405 717,641General Cable Corporation (USD)

890,000 7.125% due April 01, 2012 905,104 939,447Georgia-Pacific Corporation (USD)

875,000 7.125% due January 15, 2012 911,585 946,513The Goodyear Tire & Rubber Company (USD)

850,000 8.625% due December 01, 2009 855,801 973,847100,000 7.857% due August 15, 2011 114,234 113,407Great Lakes Dredge & Dock Corporation (USD)

$ $

Hughes Network Systems LLC/

HNS Finance Corp (USD)

2,500,000 4.40% due January 26, 2026 2,363,495 2,197,986

4,806,735 4,435,928Total Global Bonds 41,930,797 43,142,990

TOTAL INVESTMENTPORTFOLIO – 95.0% 223,414,484 229,939,820

SHORT-TERMINVESTMENTS (CAD) – 3.9% 9,400,000 9,400,000

SHORT-TERMINVESTMENTS (USD) – 0.2% 581,575 581,575

FOREIGN CURRENCIES – 0.0% 101,168 101,882

FORWARD CONTRACTS

OTHER NET ASSETS – 0.8% 2,024,314 2,021,697

TOTAL NET ASSETS – 100.0% $ 235,521,541 $ 242,166,778

* Related party to the Fund as an affiliated entity of

TD Asset Management Inc.

The accompanying notes are an integral part of these financial statements.

Credit Risk (Note 11)

The table below summarizes the debt instruments by credit ratings

Interest Rate Risk (Note 11)

The table below summarizes the Fund’s exposure to interest rate risk

by remaining term to maturity

respectively, by approximately (in 000s) $13,428 (approximately 5.55%

of net assets) The Fund’s sensitivity to interest rate changes wasestimated using the weighted average duration of the bond portfolio

In practice, the actual trading results may differ from the aboveapproximate sensitivity analysis amounts and the differences could

be material

The accompanying notes are an integral part of these financial statements.

Foreign Exchange Forward Contracts(Schedule 1)

● TD Corporate Bond Capital Yield Fund

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

as at June 30, 2009 and December 31, 2008 (Unaudited)

Net Assets (Note 3) $ 282,910 $ 140,866

Net Assets Representing Unitholders’ Equity (Note 4)

Net Realized Gain (Loss) on

Net Change in Unrealized Appreciation/

Increase (Decrease) in Net Assets from Investment Operations† $ 21,587 $ 240

†Increase (Decrease) in Net Assets from Investment Operations

● TD Corporate Bond Capital Yield Fund

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

for the periods ended June 30, 2009 and 2008 (Unaudited)

Investor Series Advisor Series

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 11,557 $ 7,047 $ 222,245 $ 101,118

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 528,238 435,051 8,334,633 6,433,602

Increase (Decrease) in Net Assets

Capital Unit Transactions†

Increase (Decrease) in Net Assets

Net Assets, End of the Period $ 49,108 $ 23,465 $ 282,910 $ 131,630

†Capital Unit Transactions

Units Outstanding, Beginning of the Period 2,024,992 1,396,525

Units Outstanding, End of the Period 3,476,661 1,638,375

The accompanying notes are an integral part of these financial statements.