TD Emerging Markets Class

Transcription

1 TD Asset Management TD Emerging Markets Class (01/18) TD Mutual Funds Corporate Class Funds for the period ended November 30, 2017 This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete interim financial report or annual financial statements of the invest ment fund. You can get a copy of the interim financial report or annual financial statements at your request, at no cost, by calling , by writing to us at TD Asset Management Inc., P.O. Box 100, 66 Wellington Street West, TD Bank Tower, Toronto-Dominion Centre, Toronto, Ontario, M5K 1G8, by to tdadvisor@td.com, or by visiting our website at tdassetmanagement.com or the SEDAR website at sedar.com Securityholders may also contact us or visit our website to get a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure at no cost. This Interim Management Report of Fund Performance represents management s view of the significant factors and developments affecting the investment fund s performance and outlook since May 31, 2017, the investment fund s fiscal year-end, until November 30, This report should be read in conjunction with the May 31, 2017 Annual Management Report of Fund Performance.

2 ntd Emerging Markets Class Management Discussion of Fund Performance Results of Operations The Investor Series shares of TD Emerging Markets Class (the Fund ) returned 4.5 percent for the six-month period ended November 30, 2017 ( Reporting Period ), versus 7.8 percent for the Fund s product benchmark, MSCI Emerging Markets Index (Net Dividend, C$) ( MSCI Emerging Markets Index (ND, C$) ). Returns for other series of the Fund may vary, largely due to differences in fees and expenses. Unlike the benchmark, the Fund s return is quoted after the deduction of fees and expenses. During the Reporting Period, the Fund invested its assets solely in the O-Series units of an underlying fund, the TD Emerging Markets Fund ( UF ). The performance of the UF is similar to that of the Fund except for differences arising from fees and expenses. This Results of Operations and the following Recent Developments commentaries reflect the views of the UF s Sub-Adviser for the same period as they directly impact the Fund. Market Update Emerging markets equities rose over the Reporting Period, with the MSCI Emerging Markets Index (ND, C$) returning 7.8 percent. The emerging markets recovery is notable for being the first since 1999 not driven by commodities prices. As with the U.S. bull market, information technology companies within emerging markets have dominated the recovery. The dominance of technology in emerging markets performance is a combination of several factors, including the rapid growth of cloud computing, internet usage for social media and commerce, and the semi-conductor growth related to the production involved in the Internet of things (the connecting of physical devices, from fridges to cars, to the internet). Emerging markets have not been immune to global investors technology-related enthusiasm. Peru, the best-performing market during the Reporting Period, returned 19.5 percent, compared to Pakistan, the worst-performing market, which declined by 29.4 percent. China, Thailand and Hungary were also among the best-performing markets, while Qatar and Greece were also among the worst-performing markets. Key Contributors/Detractors Stock selection and an overweight allocation to Russia (0.8 percent) was the most significant contributor to the UF s performance during the Reporting Period, driven by a new allocation to financial services company Sberbank of Russia PJSC. An underweight allocation to Qatar (-0.6 percent) and Turkey (-1.1 percent), also contributed to the UF s performance, as both countries were among the worst-performing emerging markets. Stock selection in Poland also contributed to the UF s performance, as clothing retailer LPP Capital Group SA outperformed. Stock selection in South Korea was the most significant detractor from the UF s performance during the Reporting Period, as holdings in Korea Aerospace Industries Ltd. and Hyundai Development Company underperformed. The UF s overweight allocation to Indonesia (2.6 percent) and Pakistan (0.7 percent) also detracted from the UF s performance. An underweight allocation to China (-9.1 percent) detracted from the UF s performance, more than offsetting any gains from stock selection. The Advisor Series and F-Series shares of the Fund experienced a significant increase in assets due to shareholder purchase activity. Recent Developments The UF s Sub-Adviser expects the growth outlook in Central and Eastern Europe to remain healthy, driven by solid consumption, which has been supported by increases in both employment and wages. The UF s Sub-Adviser anticipates that the region should offer attractive investment opportunities through a combination of solid economic growth, attractive currencies and overlooked equity markets. The UF s Sub-Adviser introduced a position in Polish insurance company Powszechny Zaklad Ubezpieczen SA ( PZU Group ). The company is gaining market share in the banking sector while lowering costs, and the sector s consolidation should further improve pricing trends. Poland is an underpenetrated market in terms of the insurance industry, and there should be long-term demand given the country s healthy economic growth, job creation and improving per capita income. PZU Group is also very sensitive to rising interest rates, both in terms of its large investment portfolio and its exposure to the banking system. With a solid rise in real wages, Poland s Central Bank has a comfortable margin to increase interest rates, which is constructive for the banking sector in general. In India, the financial sector is increasingly moving towards affordable housing and the financialization of savings (putting more savings into financial products), which should benefit asset managers and insurers. The UF s Sub-Adviser initiated positions in India s Housing Development Finance Corp. Ltd. ( HDFC ) and ICICI Bank Ltd. In addition to promoting the bank, HDFC has also successfully built businesses in insurance and asset management, and both are expected to be listed on stock exchanges in the next twelve to eighteen months. There are initial signs of an increase in loan growth and corporate lending. ICICI Bank, India s largest private sector bank by assets, offers lower valuations compared to its peer group, a lower cost of funds and a retail book that is growing at rates comparable to other private sector banks. November 30,

3 The UF s Sub-Adviser shifted to an overweight allocation to Russia, driven largely by conviction in individual companies, as well as by the discipline policymakers have followed on the fiscal side in dealing with a prolonged period of lower oil prices. The country may also benefit from the potential for reforms closer to the presidential election in 2018 with regards to the investment climate, state-owned enterprises and crude oil. Russia s currency has underperformed in 2017 and inflation has declined. Within the market, the UF invests in companies with long-term growth opportunities, which should garner additional support from the emerging markets recovery. In particular, a recovery in overall advertising spending should add to the existing long-term trend of online marketing growth, which in turn should help internet stocks. The UF s Sub-Adviser initiated a position in Sberbank, which is expected benefit from the consolidation of the banking sector, in which it holds a significant market share. Sberbank, with a 90 percent share in the fast-growing peerto-peer market, should benefit from Russia s shift towards a more cashless society. In Mexico, the economy continues to show resilience, but investors are increasing their focus on North American Free Trade Agreement ( NAFTA ) negotiations and the policy implications of the country s presidential elections in July Earlier in 2017, initial uncertainty related to the U.S. administration s policies abated. However, more recently, investors were giving greater scrutiny to the new NAFTA negotiations as the discussions among Mexico, the U.S. and Canada increased. Despite its solid performance in 2017, the Mexican peso remains relatively inexpensive and has weakened recently in response to news surrounding NAFTA. High interest rates may be negative for consumer spending, but they are supportive of the banking sector s profitability. The UF s Sub-Adviser reduced the exposure to Mexico in response to concerns of the peso s higher volatility ahead of the country s presidential elections in July The UF s Sub-Adviser exited the UF s position in Brazil-based company Raia Drogasil SA, which has been able to consistently beat estimates over the past couple of years, justifying its increasingly steep valuation. The economic downturn in Brazil allowed the company to increase its expansion plan. However, the UF s Sub- Adviser expects that much of the earnings expansion is fairly reflected in the company s valuation and does not anticipate any positive surprises relative to market expectations. With the proceeds of this sale, the UF s Sub-Adviser added B3 SA Brasil Bolsa Balcao ( B3 ) following the consolidation of BM&FBOVESPA SA and Cetip SA, the UF s Sub-Adviser anticipates that B3 should solidly grow revenues without assuming much recovery in Brazil. The UF s Sub-Adviser also anticipates that a better outlook in Brazil would be positive for equities and auto loan businesses. The UF s Sub-Adviser reduced the UF s exposure to Thailand, as it seems unlikely that gross domestic product growth can increase beyond the 3.0 to 3.5 percent range. The country is in need of infrastructure improvement, but has had little success moving projects forward in a timely manner. Consumption lags relative to peer countries in the Association of Southeast Asian Nations. The UF maintained an underweight allocation to China, which was down 9.1 percent during the Reporting Period, as massive credit expansion over the past eight years has significantly slowed the country s economic growth. The UF s other significantly underweight allocations include South Korea and Taiwan, which declined by 5.1 percent and 4.1 percent, respectively. The UF s Sub-Adviser anticipates that the UF s most compelling investment opportunities should be in Central and Eastern Europe, Indonesia and Brazil, which were up 5.4 percent, 2.6 percent and 1.7 percent, respectively, over the Reporting Period. While the UF s Sub-Adviser remains constructive on emerging markets growth prospects over the next three to five years, markets may experience some short-term turbulence from any number of factors. Within emerging markets, the UF s Sub-Adviser anticipates that negative fallout could stem from China s significant debt levels, which could lead to investor disappointment with the country s macroeconomic data or a sharp increase in non-performing loans. External events could come from a disruption in the U.S. technology rally, although the UF s Sub-Adviser notes there are many differences from the dot-com boom of the late 1990s. Given the above, the UF s Sub-Adviser continues to invest in and seek emerging markets financials stocks that are benefiting from under penetrated credit markets and favourable interest rate environments in individual countries. The UF s Sub-Adviser also continues to favour companies benefiting from healthy domestic demand, particularly in regard to health care, travel and leisure, and select consumer discretionary and consumer staples stocks. The UF s Sub-Adviser seeks to minimize the UF s exposure to countries that are highly dependent on trade, as the UF s Sub-Adviser expects that protectionism is increasingly an issue. November 30,

4 Related Party Transactions Affiliates of TD Asset Management Inc. ( TDAM ) may earn fees and spreads in connection with various services provided to, or transactions with, the Fund, such as in connection with banking, custody, brokerage and derivatives transactions. Manager and Portfolio Adviser: TDAM, a wholly-owned subsidiary of The Toronto-Dominion Bank ( TD ), is the manager and portfolio adviser of the Fund. The Fund pays TDAM an annual management fee, which may vary for each series of Fund shares, and an annual administration fee of 0.35 percent with respect to the Investor Series and Advisor Series shares of the Fund. The Fund may also hold series of units of other funds managed by TDAM for which TDAM may be paid a fee. However, there is no duplication of fees paid to TDAM or its affiliates. Distributor: Shares of the Fund are distributed through brokers and dealers including TD Waterhouse Canada Inc. ( TDW ), a wholly-owned subsidiary of TD. TDW, like other dealers, is paid a trailer commission by TDAM for distributing certain series of shares of the Fund. Trailer commissions are paid by TDAM out of the management fees it receives from the Fund and are based on the average value of assets held by each dealer. Registrar and Transfer Agent: TD is the registrar and transfer agent of the Fund, and as such maintains all shareholder records, processes purchase, switch, conversion and redemption orders, issues investor statements and prepares annual tax reporting information on behalf of the Fund. The Fund also maintains bank accounts and overdraft provisions with TD for which TD earns a fee. Buying and Selling Securities: TDAM has established an independent review committee ( IRC ) which acts as an impartial and independent committee to review and provide recommendations or, if appropriate, approvals respecting any conflict of interest matters referred to it by TDAM. The IRC prepares, at least annually, a report of its activities for securityholders of the Fund. The report is available on the TDAM website at tdassetmanagement.com or at the securityholder s request at no cost by contacting TDAM (see front cover). The Fund and/or the underlying fund in which the Fund invests did not engage in any portfolio transactions requiring IRC approval during the Reporting Period. November 30,

5 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the six-month period ended November 30, 2017 and the past five fiscal years, as applicable. Net Assets per Share ($) 1 INVESTOR SERIES Nov. 30, 2017 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013 Net Assets, Beginning of Period Increase (Decrease) from Operations: Total Revenue Total Expenses (excluding distributions) (0.18) (0.32) (0.31) (0.33) (0.30) (0.29) Realized Gains (Losses) for the Period Unrealized Gains (Losses) for the Period (1.20) Total Increase (Decrease) from Operations (1.16) Distributions: From Net Investment Income (excluding dividends) From Dividends From Capital Gains (0.35) (0.25) (0.48) (0.19) Return of Capital Total Annual Distributions 3 (0.35) (0.25) (0.48) (0.19) Net Assets, End of Period ADVISOR SERIES Nov. 30, 2017 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013 Net Assets, Beginning of Period Increase (Decrease) from Operations: Total Revenue Total Expenses (excluding distributions) (0.18) (0.33) (0.31) (0.33) (0.31) (0.29) Realized Gains (Losses) for the Period Unrealized Gains (Losses) for the Period (1.14) Total Increase (Decrease) from Operations (1.09) Distributions: From Net Investment Income (excluding dividends) From Dividends From Capital Gains (0.28) (0.24) (0.48) (0.16) Return of Capital Total Annual Distributions 3 (0.28) (0.24) (0.48) (0.16) Net Assets, End of Period Footnotes for the above table(s) can be found at the end of the Net Assets per Share section. November 30,

6 Net Assets per Share ($) 1 (continued) F-SERIES Nov. 30, 2017 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013 Net Assets, Beginning of Period Increase (Decrease) from Operations: Total Revenue Total Expenses (excluding distributions) (0.10) (0.17) (0.16) (0.17) (0.15) (0.15) Realized Gains (Losses) for the Period Unrealized Gains (Losses) for the Period (1.26) Total Increase (Decrease) from Operations (1.03) Distributions: From Net Investment Income (excluding dividends) From Dividends From Capital Gains (0.31) (0.25) (0.44) (0.17) Return of Capital Total Annual Distributions 3 (0.31) (0.25) (0.44) (0.17) Net Assets, End of Period This information is derived from the Fund s interim and audited annual financial statements. The Fund adopted International Financial Reporting Standards ( IFRS ) on June 1, 2014 and accordingly adjusted the immediately preceding financial year ended May 31, 2014 to reflect the amounts in accordance with IFRS. Previously, financial statements were prepared as per Canadian generally accepted accounting principles ( GAAP ) under which the Fund measured fair values of its investments based on bid prices for long positions and ask prices for short positions. As such, the net assets per share presented in the financial statements may have differed from the net asset value ( NAV ) per share calculated for fund pricing purposes. Under IFRS, the Fund measures fair values of its investments based on close market prices, where the close market price falls within the bid-ask spread or based on quotations from recognized dealers. As such, the Fund s accounting policies for measuring the fair value of investments in the financial statements are substantively consistent with those used in measuring the NAV for transactions with shareholders. All figures presented prior to June 1, 2013 were prepared in accordance with Canadian GAAP. 2 Net assets and distributions are based on the actual number of shares outstanding at the relevant time. The increase (decrease) from operations presented in the Net Assets per Share tables starting from June 1, 2013 are based on the weighted average number of shares outstanding over the financial periods. The increase (decrease) from operations prior to June 1, 2013 were calculated by aggregating each valuation day s increase (decrease) from operations divided by the number of shares outstanding on that date. These tables are not intended to be a reconciliation of the net assets per share. 3 Distributions were paid in cash or reinvested in additional shares of the Fund, or both. Ratios and Supplemental Data INVESTOR SERIES Nov. 30, 2017 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013 Total Net Asset Value ($000s) ,024 1,223 1,236 1,498 Number of Shares Outstanding (000s) Management Expense Ratio (%) Management Expense Ratio Before Waivers or Absorptions (%) Trading Expense Ratio (%) Portfolio Turnover Rate (%) Net Asset Value per Share ($) ADVISOR SERIES Nov. 30, 2017 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013 Total Net Asset Value ($000s) Number of Shares Outstanding (000s) Management Expense Ratio (%) Management Expense Ratio Before Waivers or Absorptions (%) Trading Expense Ratio (%) Portfolio Turnover Rate (%) Net Asset Value per Share ($) Footnotes for the above table(s) can be found at the end of the Ratios and Supplemental Data section. November 30,

7 Ratios and Supplemental Data (continued) F-SERIES Nov. 30, 2017 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014 May 31, 2013 Total Net Asset Value ($000s) Number of Shares Outstanding (000s) Management Expense Ratio (%) Management Expense Ratio Before Waivers or Absorptions (%) Trading Expense Ratio (%) Portfolio Turnover Rate (%) Net Asset Value per Share ($) This information is provided as at November 30, 2017 and May 31 of the years shown, as applicable. 2 Management expense ratio ( MER ) is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) net of any waivers or absorptions for the stated period, including the Fund s proportionate share of the MER, if any, of the underlying fund(s) in which the Fund has invested in, and is expressed as an annualized percentage of daily average NAV during the period. Any waivers or absorptions may be discontinued at any time by TDAM at its discretion without notice. 3 The trading expense ratio ( TER ) represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average NAV during the stated period. Where a Fund invests in securities of any underlying fund, the TER presented for the Fund includes the portion of TERs, if available, of the underlying fund(s) attributable to this investment. 4 The Fund s portfolio turnover rate ( PTR ) indicates how actively the Fund s portfolio adviser manages its investments. A PTR of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the stated period. The higher a fund s PTR, the greater the trading costs payable, directly or indirectly, by the fund in the period, and the greater the chance of an investor receiving taxable capital gains in the fiscal year. There is not necessarily a relationship between a high turnover rate and the performance of a fund. Management Fees As manager of the Fund, TDAM is responsible for the overall business and affairs of the Fund, including activities related to making shares of the Fund available to investors, and providing, or arranging for the provision of, investment advisory services and marketing services to the Fund. In consideration for the provision of such services, each series of the Fund pays TDAM a management fee. Management fees are calculated and accrued as a percentage of the net asset value of each series of shares of the Fund, as of the close of business on each business day for each series and are paid monthly to TDAM. Prior to July 27, 2017, the simplified prospectus disclosed the maximum management fee rate that TDAM could charge for each series of shares of the Fund (so the actual management fee charged to the Fund might have been less than the maximum management fee rate). TDAM was able to charge the maximum management fee without notice to share - holders. Effective July 27, 2017, the simplified prospectus discloses a specified annual management fee rate. Where TDAM chooses to charge a management fee rate below the specified annual management fee rate, the difference represents a waiver of management fees. TDAM may waive all or a portion of the management fees being charged to the Fund, which may be discontinued at any time by TDAM at its discretion without notice to shareholders. The annual management fees and a breakdown of the major services rendered for each series, as a percentage of the management fees paid, are as follows: Waived Annual Dealer Operating (expressed as a %) Mgmt. Fees Compensation Expenses Other Investor Series Advisor Series F-Series Includes management fees paid by the Fund and the proportionate management fees, if any, of the underlying fund(s) managed by TDAM held by the Fund. However, there is no duplication of management fees paid to TDAM or its affiliates if the Fund invests in underlying fund(s) that are managed by TDAM. Investment advisory, marketing services and other. November 30,

8 Past Performance The following charts show how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. These returns include the reinvestment of all distributions and would be lower if an investor did not reinvest distributions. They do not include deduction of sales, switch, redemption, or other optional charges (which dealers may charge) or income taxes payable, and these returns would be lower if they did. The Fund s past performance does not necessarily indicate how it will perform in the future. Year-by-year returns The bar charts show how the Fund s performance has varied from year to year for each of the fiscal years shown. They show in percentage terms how an investment made on June 1 would have increased or decreased by May 31 for each year and for the six-month period ended November 30, November 30,

9 Summary of Investment Portfolio as at November 30, 2017 % of Net Asset Value as at November 30, 2017 % of Net Asset Value ASSET ALLOCATION International Equity Funds Other Net Assets (Liabilities) 0.0 as at November 30, 2017 % of Net Asset Value TOP 25 INVESTMENTS 1. TD Emerging Markets Fund, O-Series Total % of Net Asset Value represented by these holdings TOTAL NET ASSET VALUE (000s) $ 2,357 as at November 30, 2017 % of Net Asset Value INVESTMENT MIX OF UNDERLYING FUND China 19.7 South Korea 10.4 India 8.7 Taiwan 7.8 Brazil 7.3 Russia 4.9 Poland 4.7 Indonesia 4.6 South Africa 4.2 Malaysia 3.9 Mexico 3.1 Hong Kong 2.7 Other Countries Emerging Markets 12.3 Other Countries Non-Emerging Markets 3.7 Cash 3.5 Other Net Assets (Liabilities) (1.5) TOP 25 INVESTMENTS OF UNDERLYING FUND 1. Tencent Holdings Limited Samsung Electronics Company Ltd Cash Taiwan Semiconductor Manufacturing Company Limited Alibaba Group Holding Limited Bank of China Limited Grupo Financiero Banorte SAB de CV China Construction Bank Corporation Itau Unibanco Holding SA Petroleo Brasileiro SA Credicorp Ltd MercadoLibre Inc Sberbank of Russia PJSC Banco Bradesco SA Powszechny Zaklad Ubezpieczen SA China Pacific Insurance (Group) Company Ltd Samsonite International SA NAVER Corporation Powszechna Kasa Oszczednosci Bank Polski SA Lojas Renner SA Maruti Suzuki India Limited OTP Bank Nyrt Marico Limited Metropolitan Bank & Trust Company Bharat Petroleum Corporation Limited 1.1 Total % of Net Asset Value represented by these holdings 47.9 Note: Totals may not add due to rounding to one decimal place of individual figures. The simplified prospectus and other information about underlying TD investment fund(s) are available on the internet at sedar.com, tdassetmanagement.com or upon request to TD Asset Management Inc. The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Fund and the underlying fund. Updates are available quarterly. You may obtain the most current quarterly information by contacting TD Mutual Funds at , by writing to us at TD Asset Management Inc., P.O. Box 100, 66 Wellington Street West, TD Bank Tower, Toronto, Ontario, M5K 1G8, or by to tdadvisor@td.com November 30,

10 Caution regarding forward-looking statements Certain portions of this report, including, but not limited to, Results of Operations and Recent Developments, may contain forward-looking state ments including, but not limited to, statements about the Fund, its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates and similar forward-looking expressions or negative versions thereof. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future general economic, political and relevant market factors, such as interest rates, foreign exchange rates, equity and capital markets, and the general business environment, in each case assuming no changes to applicable tax or other laws or government regulation. Expectations and projections about future events are inherently subject to, among other things, risks and uncertainties, some of which may be unforeseeable. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date. Forward-looking statements are not guarantees of future performance, and actual events could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could con tribute to these digressions, including, but not limited to, general economic, political and relevant market factors in North America and internationally, interest and foreign exchange rates, equity and capital markets, business competition, tech nological change, changes in government relations, unexpected judicial or regulatory proceedings and catastrophic events. The above mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing any undue reliance on forward-looking statements. Further, there is no specific intention of updating any forward-looking statements contained herein whether as a result of new information, future events or otherwise. For Funds with references to FTSE TMX Canada indices: FTSE TMX Global Debt Capital Markets Inc 2018 FTSE is a trade mark of FTSE International Ltd and is used under licence. TMX is a trade mark of TSX Inc. and is used under licence. All rights in the FTSE TMX Global Debt Capital Markets Inc s indices and/or FTSE TMX Global Debt Capital Markets Inc s ratings vest in FTSE TMX Global Debt Capital Markets Inc and/or its licensors. Neither FTSE TMX Global Debt Capital Markets Inc nor its licensors accept any liability for any errors or omissions in such indices and/or ratings or underlying data. No further distribution of FTSE TMX Global Debt Capital Markets Inc s data is permitted without FTSE TMX Global Debt Capital Markets Inc s express written consent. TD Mutual Funds Corporate Class funds are issued by TD Mutual Funds Corporate Class Ltd. TD Mutual Funds, TD Strategic Managed Portfolios, TD Pools, TD Emerald Funds and the classes of TD Mutual Funds Corporate Class Ltd. are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank. All trademarks are the property of their respective owners. The TD logo and other trade-marks are the property of The Toronto-Dominion Bank. November 30,