TD Monthly Income Fund

Transcription

1 TD Monthly Income Fund (03/18) TD Mutual Funds for the period ended

2 nmanagement s Responsibility for Financial Reporting The accompanying financial statements have been prepared by TD Asset Management Inc. ( TDAM ) as manager of the TD Mutual Fund Trusts, TD Managed Assets Program Portfolios and TD Managed ETF Portfolios (collectively the Funds and individually the Fund ) and approved by TDAM s board of directors. The manager is responsible for the integrity, objectivity and reliability of the data presented. This responsibility includes selecting appropriate accounting principles and making judgments and estimates consistent with International Financial Reporting Standards ( IFRS ). The manager is also responsible for the development of internal controls over the financial reporting process, which are designed to provide reasonable assurance that relevant and reliable financial informa - tion is produced, and the safeguarding of all assets of the Funds. The board of directors of TDAM is responsible for reviewing and approving the financial statements and overseeing management s performance of its financial reporting responsibilities. PricewaterhouseCoopers LLP is the external auditor of the Funds. The auditor has audited the financial statements in accordance with Canadian generally accepted auditing standards to enable them to express their opinion on the financial statements. The auditor s report is included on the follow ing page of this annual report. On behalf of TDAM, manager of the Funds. Bruce Cooper David Lambie Director and Director and Chief Executive Officer Chief Financial Officer March 16, 2018 March 16,

3 nindependent Auditor s Report To the Unitholders and Trustee of: TD Canadian Money Market Fund TD Premium Money Market Fund TD U.S. Money Market Fund TD Ultra Short Term Bond Fund TD Short Term Bond Fund TD Canadian Bond Fund TD Income Advantage Portfolio TD Canadian Core Plus Bond Fund TD Canadian Corporate Bond Fund TD Corporate Bond Plus Fund TD U.S. Corporate Bond Fund TD Real Return Bond Fund TD Global Income Fund TD Global Core Plus Bond Fund TD Global Unconstrained Bond Fund TD High Yield Bond Fund TD Global Conservative Opportunities Fund TD Global Balanced Opportunities Fund TD Monthly Income Fund TD Tactical Monthly Income Fund TD U.S. Monthly Income Fund TD U.S. Monthly Income Fund C$ TD Balanced Income Fund TD Diversified Monthly Income Fund TD Strategic Yield Fund TD Balanced Growth Fund TD Dividend Income Fund TD Canadian Diversified Yield Fund TD Canadian Low Volatility Fund TD Dividend Growth Fund TD Canadian Blue Chip Dividend Fund TD Canadian Large-Cap Equity Fund TD Canadian Equity Fund TD Core Canadian Value Fund TD Canadian Value Fund TD Canadian Small-Cap Equity Fund TD U.S. Risk Managed Equity Fund TD U.S. Low Volatility Fund TD U.S. Low Volatility Currency Neutral Fund TD North American Dividend Fund TD U.S. Dividend Growth Fund TD U.S. Blue Chip Equity Fund TD U.S. Quantitative Equity Fund TD U.S. Equity Portfolio TD North American Small-Cap Equity Fund TD U.S. Mid-Cap Growth Fund TD U.S. Small-Cap Equity Fund TD Global Risk Managed Equity Fund TD Global Low Volatility Fund TD International Growth Fund TD International Stock Fund TD Emerging Markets Low Volatility Fund TD Asian Growth Fund TD Emerging Markets Fund Epoch U.S. Shareholder Yield Fund Epoch U.S. Blue Chip Equity Fund Epoch U.S. Blue Chip Equity Currency Neutral Fund Epoch U.S. Large-Cap Value Fund Epoch Global Shareholder Yield Fund Epoch Global Shareholder Yield Currency Neutral Fund Epoch Global Equity Fund Epoch International Equity Fund Epoch European Equity Fund TD Resource Fund TD Precious Metals Fund TD Entertainment & Communications Fund TD Science & Technology Fund TD Health Sciences Fund TD Canadian Bond Index Fund TD Balanced Index Fund TD Canadian Index Fund TD Dow Jones Industrial Average Index Fund TD U.S. Index Fund TD U.S. Index Currency Neutral Fund TD Nasdaq Index Fund TD International Index Fund TD International Index Currency Neutral Fund TD European Index Fund TD US$ Retirement Portfolio TD Retirement Conservative Portfolio TD Retirement Balanced Portfolio TD Advantage Balanced Income Portfolio TD Advantage Balanced Portfolio TD Advantage Balanced Growth Portfolio TD Advantage Growth Portfolio TD Advantage Aggressive Growth Portfolio TD Comfort Conservative Income Portfolio TD Comfort Balanced Income Portfolio TD Comfort Balanced Portfolio TD Comfort Balanced Growth Portfolio TD Comfort Growth Portfolio TD Comfort Aggressive Growth Portfolio TD Fixed Income Pool TD Risk Management Pool TD Canadian Equity Pool TD Global Equity Pool TD Tactical Pool TD Managed Income Portfolio TD Managed Income & Moderate Growth Portfolio TD Managed Balanced Growth Portfolio TD Managed Aggressive Growth Portfolio TD Managed Maximum Equity Growth Portfolio TD FundSmart Managed Income & Moderate Growth Portfolio TD FundSmart Managed Balanced Growth Portfolio TD FundSmart Managed Aggressive Growth Portfolio TD Managed Index Income Portfolio TD Managed Index Income & Moderate Growth Portfolio TD Managed Index Balanced Growth Portfolio TD Managed Index Aggressive Growth Portfolio TD Managed Index Maximum Equity Growth Portfolio TD Managed Income ETF Portfolio TD Managed Income & Moderate Growth ETF Portfolio TD Managed Balanced Growth ETF Portfolio TD Managed Aggressive Growth ETF Portfolio TD Managed Maximum Equity Growth ETF Portfolio (collectively, the Funds ) 2

4 nindependent Auditor s Report We have audited the accompanying financial statements of each of the Funds, which comprise the statements of financial position, comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows as at and for the periods indicated in note 1, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with Inter national Financial Reporting Standards, and for such internal control as manage ment determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on the financial statements of each of the Funds based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit pro - cedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of account - ing policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements of each of the Funds present fairly, in all material respects, the financial position, financial performance and cash flows of each of the Funds as at and for the periods indicated in note 1 in accordance with Inter national Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants Toronto, Ontario March 16,

5 ntd Monthly Income Fund Statements of Financial Position (in 000s except per unit amounts) as at and Assets Current Assets Investments $ 8,303,158 $ 7,783,708 Cash 290, ,480 Interest Receivable 17,181 16,633 Dividends Receivable 16,615 16,832 Subscriptions Receivable 8,883 12,102 Tax Reclaims Receivable 10 1 Derivative Assets Unrealized Appreciation on Open Foreign Exchange Forward Contracts 4, ,640,523 7,941,487 Liabilities Current Liabilities Accrued Liabilities Redemptions Payable 9,627 8,730 Distributions Payable 0 1 Payable for Investments Purchased 3,241 0 Derivative Liabilities Unrealized Depreciation on Open Foreign Exchange Forward Contracts 1,113 1,290 14,552 10,567 Net Assets Attributable to Holders of Redeemable Units $ 8,625,971 $ 7,930,920 Net Assets Attributable to Holders of Redeemable Units Per Series (Note 5) Investor Series $ 6,707,251 $ 6,146,954 Advisor Series $ 1,162,399 $ 1,205,059 F-Series $ 314,899 $ 217,739 C-Series $ 209,809 $ 154,705 H-Series $ 50,908 $ 50,341 S-Series $ 14,796 $ 11,502 T-Series $ 102,716 $ 111,477 D-Series $ 63,193 $ 33,143 $ 8,625,971 $ 7,930,920 Net Assets Attributable to Holders of Redeemable Units Per Series Unit Investor Series $ $ Advisor Series $ $ F-Series $ $ C-Series $ $ H-Series $ $ S-Series $ $ T-Series $ $ D-Series $ $ The accompanying notes are an integral part of the financial statements. 4

6 ntd Monthly Income Fund Statements of Comprehensive Income (in 000s except per unit amounts) for the periods ended and Income Foreign Exchange Gain (Loss) on Cash $ (2,475) $ 1,653 Securities Lending Income 1,585 1,287 Net Gain (Loss) on Investments and Derivatives Net Gain (Loss) on Investments Interest for Distribution Purposes 98, ,662 Dividend Income 177, ,832 Net Realized Gain (Loss) 38, ,965 Net Change in Unrealized Appreciation/ Depreciation 320, ,712 Net Gain (Loss) on Investments 634,586 1,135,171 Net Gain (Loss) on Derivatives Net Realized Gain (Loss) 18,553 (303) Net Change in Unrealized Appreciation/ Depreciation 3,989 12,168 Net Gain (Loss) on Derivatives 22,542 11,865 Total Net Gain (Loss) on Investments and Derivatives 657,128 1,147,036 Total Income (Net) 656,238 1,149,976 Expenses (Note 6) Management Fees 112, ,592 Administration Fees 6,935 6,384 Independent Review Committee Fees 1 2 Transaction Costs Interest Charges 0 3 Total Expenses before Waivers 119, ,735 Less: Waived Expenses 0 (3) Total Expenses (Net) 119, ,732 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units before Tax 536,598 1,040,244 Tax Reclaims (Withholding Taxes) (362) (350) Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units $ 536,236 $ 1,039, Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units Per Series Investor Series $ 415,310 $ 808,744 Advisor Series $ 75,750 $ 161,791 F-Series $ 19,375 $ 24,932 C-Series $ 11,214 $ 17,933 H-Series $ 3,313 $ 6,751 S-Series $ 975 $ 1,285 T-Series $ 6,854 $ 15,963 D-Series $ 3,445 $ 2,495 $ 536,236 $ 1,039,894 Weighted Average Units Outstanding for the Period Per Series Investor Series 301, ,781 Advisor Series 58,049 62,915 F-Series 18,364 12,654 C-Series 12,152 10,130 H-Series 3,893 3,797 S-Series T-Series 8,002 9,034 D-Series 4,567 1,645 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units Per Series Unit Investor Series $ 1.38 $ 2.73 Advisor Series $ 1.30 $ 2.57 F-Series $ 1.06 $ 1.97 C-Series $ 0.92 $ 1.77 H-Series $ 0.85 $ 1.78 S-Series $ 1.01 $ 1.91 T-Series $ 0.86 $ 1.77 D-Series $ 0.75 $ 1.52 The accompanying notes are an integral part of the financial statements. 5

7 ntd Monthly Income Fund Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (in 000s) for the periods ended and 2016 Investor Series Advisor Series F-Series Net Assets Attributable to Holders of Redeemable Units at Beginning of the Period $ 6,146,954 $ 5,874,945 $ 1,205,059 $ 1,201,275 $ 217,739 $ 146,520 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 415, ,744 75, ,791 19,375 24,932 Distributions to Holders of Redeemable Units From Net Investment Income (127,658) (130,703) (23,244) (26,266) (7,094) (5,000) From Net Realized Gains on Investments Return of Capital (127,658) (130,703) (23,244) (26,266) (7,094) (5,000) Redeemable Unit Transactions Proceeds from Redeemable Units Issued 1,390, , , , ,784 80,541 Reinvestments of Distributions to Holders of Redeemable Units 123, ,616 20,764 23,467 4,808 3,528 Early Redemption Fees on Redeemable Units Redemption of Redeemable Units (1,241,260) (1,426,482) (255,376) (269,697) (41,713) (32,782) Net Increase (Decrease) from Redeemable Unit Transactions 272,645 (406,032) (95,166) (131,741) 84,879 51,287 Net Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 560, ,009 (42,660) 3,784 97,160 71,219 Net Assets Attributable to Holders of Redeemable Units at End of the Period $ 6,707,251 $ 6,146,954 $ 1,162,399 $ 1,205,059 $ 314,899 $ 217,739 Redeemable Unit Transactions Redeemable Units Outstanding, Beginning of the Period 291, ,919 60,540 67,806 15,166 11,474 Redeemable Units Issued 64,714 44,879 6,882 6,103 8,334 5,902 Redeemable Units Issued on Reinvestments 5,726 6,230 1,024 1, Redeemable Units Redeemed (57,786) (72,630) (12,603) (14,603) (2,857) (2,467) Redeemable Units Outstanding, End of the Period 304, ,398 55,843 60,540 20,972 15,166 C-Series H-Series S-Series Net Assets Attributable to Holders of Redeemable Units at Beginning of the Period $ 154,705 $ 116,452 $ 50,341 $ 49,210 $ 11,502 $ 7,485 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 11,214 17,933 3,313 6, ,285 Distributions to Holders of Redeemable Units From Net Investment Income (3,773) (3,234) (1,062) (1,118) (363) (267) From Net Realized Gains on Investments Return of Capital 0 0 (2,069) (1,748) (448) (267) (3,773) (3,234) (3,131) (2,866) (811) (534) Redeemable Unit Transactions Proceeds from Redeemable Units Issued 65,465 33,570 9,117 8,539 4,471 4,566 Reinvestments of Distributions to Holders of Redeemable Units 3,773 3,234 1,685 1, Early Redemption Fees on Redeemable Units Redemption of Redeemable Units (21,575) (13,250) (10,417) (12,818) (1,636) (1,486) Net Increase (Decrease) from Redeemable Unit Transactions 47,663 23, (2,754) 3,130 3,266 Net Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 55,104 38, ,131 3,294 4,017 Net Assets Attributable to Holders of Redeemable Units at End of the Period $ 209,809 $ 154,705 $ 50,908 $ 50,341 $ 14,796 $ 11,502 Redeemable Unit Transactions Redeemable Units Outstanding, Beginning of the Period 11,775 9,964 3,747 3, Redeemable Units Issued 4,824 2, Redeemable Units Issued on Reinvestments Redeemable Units Redeemed (1,616) (1,092) (776) (999) (118) (116) Redeemable Units Outstanding, End of the Period 15,265 11,775 3,773 3,747 1, The accompanying notes are an integral part of the financial statements. 6

8 ntd Monthly Income Fund Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (in 000s) for the periods ended and 2016 T-Series D-Series TOTAL Net Assets Attributable to Holders of Redeemable Units at Beginning of the Period $ 111,477 $ 122,904 $ 33,143 $ 6,811 $ 7,930,920 $ 7,525,602 Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units 6,854 15,963 3,445 2, ,236 1,039,894 Distributions to Holders of Redeemable Units From Net Investment Income (2,185) (2,615) (1,159) (477) (166,538) (169,680) From Net Realized Gains on Investments Return of Capital (4,223) (4,144) 0 0 (6,740) (6,159) (6,408) (6,759) (1,159) (477) (173,278) (175,839) Redeemable Unit Transactions Proceeds from Redeemable Units Issued 9,898 8,354 37,428 28,532 1,778,490 1,173,406 Reinvestments of Distributions to Holders of Redeemable Units 2,360 2,428 1, , ,417 Early Redemption Fees on Redeemable Units Redemption of Redeemable Units (21,465) (31,413) (10,730) (4,651) (1,604,172) (1,792,579) Net Increase (Decrease) from Redeemable Unit Transactions (9,207) (20,631) 27,764 24, ,093 (458,737) Net Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units (8,761) (11,427) 30,050 26, , ,318 Net Assets Attributable to Holders of Redeemable Units at End of the Period $ 102,716 $ 111,477 $ 63,193 $ 33,143 $ 8,625,971 $ 7,930,920 Redeemable Unit Transactions Redeemable Units Outstanding, Beginning of the Period 8,313 9,929 3, Redeemable Units Issued ,372 2,754 Redeemable Units Issued on Reinvestments Redeemable Units Redeemed (1,601) (2,454) (966) (457) Redeemable Units Outstanding, End of the Period 7,627 8,313 5,542 3,040 The accompanying notes are an integral part of the financial statements. 7

9 ntd Monthly Income Fund Statements of Cash Flows (in 000s) for the periods ended and Cash Flows from (used in) Operating Activities Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units $ 536,236 $ 1,039,894 Adjustment For: Unrealized Foreign Exchange (Gain) Loss on Cash (23) 27 Net Realized (Gain) Loss on Sale of Investments and Derivatives (57,329) (273,662) Net Change in Unrealized Appreciation/ Depreciation of Investments and Derivatives (324,134) (597,880) Purchase of Investments (1,567,934) (9,301,347) Proceeds from Sale and/or Maturity of Investments 1,429,248 9,894,059 (Increase) Decrease in Interest Receivable (599) 1,346 (Increase) Decrease in Dividends Receivable 218 1,126 (Increase) Decrease in Tax Reclaims Receivable (9) (1) Increase (Decrease) in Accrued Liabilities 25 (8,830) Net Cash from (used in) Operating Activities 15, ,732 Cash Flows from (used in) Financing Activities Distributions Paid to Holders of Redeemable Units, Net of Reinvested Distributions (15,518) (15,422) Proceeds from Issuance of Redeemable Units 1,649,291 1,047,838 Amounts Paid on Redemption of Redeemable Units, Net of Early Redemption Fees (1,470,843) (1,676,101) Net Cash from (used in) Financing Activities 162,930 (643,685) Unrealized Foreign Exchange Gain (Loss) on Cash 23 (27) Net Increase (Decrease) in Cash 178, ,047 Cash (Bank Overdraft) at Beginning of the Period 111, Cash (Bank Overdraft) at End of the Period $ 290,132 $ 111,480 Interest for Distribution Purposes Received*, Net of Withholding Taxes $ 97,844 $ 107,008 Dividends Received*, Net of Withholding Taxes $ 177,160 $ 170,680 * Included as part of Cash Flows from (used in) Operating Activities. The accompanying notes are an integral part of the financial statements. 8

10 ntd Monthly Income Fund Schedule of Investment Portfolio (in 000s except number of Shares or Units/Par Value) as at No. of Shares or Units/ Par Value Description Cost Fair Value Canadian Equities 64.8% ENERGY 10.2% 1,081,399 AltaGas Ltd. $ 27,602 $ 30,950 1,060,100 ARC Resources Ltd. 23,509 15, ,000 Canadian Natural Resources Limited 22,612 30,321 3,158,100 Cenovus Energy Inc. 59,671 36,255 5,318,400 Enbridge Inc. 189, , ,900 Enbridge Income Fund Holdings Inc. 12,371 13, ,100 Encana Corporation 21,511 16, ,712 Husky Energy Inc. 15,368 11,621 1,687,400 Inter Pipeline Ltd. 18,812 43, ,000 Kinder Morgan Canada Ltd. 8,330 8, ,397 Pembina Pipeline Corporation 21,395 37, ,316 PrairieSky Royalty Ltd. 18,405 16,329 4,638,069 Suncor Energy Inc. 191, ,047 1,869,300 TransCanada Corporation 68, , ,900 Vermilion Energy Inc. 21,379 30, , ,068 MATERIALS 0.5% 901,900 Barrick Gold Corporation 29,949 16, ,500 Teck Resources Limited, Class B 20,587 25,063 50,536 41,460 INDUSTRIALS 3.6% 1,342,800 Canadian National Railway Company 45, , ,400 Canadian Pacific Railway Limited 21,616 78, ,933 Student Transportation Inc. 2,845 3, ,066 Waste Connections Inc. 22,748 85,332 93, ,629 CONSUMER DISCRETIONARY 3.1% 807,700 Cineplex Inc. 10,329 30, ,300 Dollarama Inc. 11,356 84,226 1,547,700 Magna International Inc. 35, , ,000 Restaurant Brands International Inc. 12,828 23, ,400 Shaw Communications Inc., Class B NV 11,542 16,451 81, ,885 CONSUMER STAPLES 1.2% 728,600 Alimentation Couche-Tard Inc., Class B SV 43,803 47, ,500 Empire Company Limited, Class A 4,927 4, ,171 Loblaw Companies Limited 14,258 22, ,700 METRO Inc. 11,060 27,398 74, ,406 FINANCIALS 30.7% 3,860,100 Bank of Montreal 218, ,287 4,327,200 The Bank of Nova Scotia 195, ,023 3,127,700 Brookfield Asset Management Inc., Class A 42, ,148 3,103,300 Canadian Imperial Bank of Commerce 223, , ,900 CI Financial Corp. 15,696 17,026 1,707,600 ECN Capital Corporation 4,232 6,711 1,701,800 Element Fleet Management Corp. 16,946 16, ,600 Intact Financial Corporation 17,308 69,041 5,348,400 Manulife Financial Corporation 131, , ,700 National Bank of Canada 35,121 59, ,500 Power Corporation of Canada, SV 27,985 29,958 4,614,700 Royal Bank of Canada 207, ,699 1,518,700 Sun Life Financial Inc. 54,415 78,790 6,376,800 The Toronto-Dominion Bank* 194, ,651 1,386,328 2,651,956 No. of Shares or Units/ Par Value Description Cost Fair Value TELECOMMUNICATION SERVICES 3.0% 1,316,322 BCE Inc. $ 41,585 $ 79,480 1,125,300 Rogers Communications Inc., Class B 37,856 72,075 2,263,200 TELUS Corporation 48, , , ,329 UTILITIES 2.1% 2,261,000 Algonquin Power & Utilities Corp. 17,229 31, ,470 ATCO Ltd., Class I 18,733 42, ,700 Capital Power Corporation 12,219 12, ,700 Emera Inc. 9,364 19, ,492 Fortis Inc. 11,831 26, ,500 Hydro One Limited 3,967 4, ,900 Innergex Renewable Energy Inc. 5,113 9,704 2,288,757 Just Energy Group Inc. 30,183 12, ,600 Superior Plus Corp. 16,048 11,414 1,344,400 TransAlta Corporation 27,000 10, , ,089 REAL ESTATE 0.1% 614,300 First Capital Realty Inc. 9,090 12,728 ROYALTY/INCOME TRUSTS 4.6% 1,022,400 Boardwalk Real Estate Investment Trust 11,757 44,055 1,816,375 Brookfield Infrastructure Partners L.P. 13, ,407 1,531,300 Brookfield Renewable Partners L.P. 15,792 67,086 1,426,400 Chartwell Retirement Residences 10,074 23, ,300 Chemtrade Logistics Income Fund 12,543 17,059 2,749,563 H&R Real Estate Investment Trust 29,602 58, ,400 Noranda Income Fund 8,487 1,345 2,773,000 RioCan Real Estate Investment Trust 35,370 67, ,500 SmartCentres Real Estate Investment Trust 11,725 19, , ,194 PREFERRED 5.7% 50,000 AltaGas Ltd., Pref. 1,233 1, ,600 AltaGas Ltd., Pref. Series K 5,440 5, ,000 Bank of Montreal, Class B Pref. Series 17 3,779 3, ,000 Bank of Montreal, Pref. Series 26 4,379 5, ,000 Bank of Montreal, Pref. Series 27 8,387 8,400 25,000 Bank of Montreal, Pref. Series ,000 Bank of Montreal, Pref. Series 38 4,475 4, ,000 Bank of Montreal, Pref. Series 40 7,500 7, ,000 Bank of Montreal, Pref. Series 42 7,500 7, ,000 BCE Inc., Pref. Series AA 5,310 4,860 1,077,000 BCE Inc., Pref. Series AD 18,372 21, ,000 BCE Inc., Pref. Series AE 2,396 2,808 47,100 BCE Inc., Pref. Series AF ,000 BCE Inc., Pref. Series AI 826 1,108 85,000 BCE Inc., Pref. Series T 1,110 1,598 79,000 Brookfield Asset Management Inc., Class A Pref. Series 38 1,267 1, ,000 Brookfield Asset Management Inc., Pref. Series 28 1,644 2, ,000 Brookfield Asset Management Inc., Pref. Series 30 7,441 9, ,900 Brookfield Asset Management Inc., Pref. Series 37 4,569 5, ,000 Brookfield Asset Management Inc., Pref. Series 40 8,107 7, ,000 Brookfield Asset Management Inc., Pref. Series 42 7,500 7, ,800 Brookfield Asset Management Inc., Pref. Series 46 5,745 6, ,000 Brookfield Asset Management Inc., Pref. Series 48 7,500 7,711 9

11 TD Monthly Income Fund No. of Shares or Units/ Par Value Description Cost Fair Value 280,000 Brookfield Infrastructure Partners L.P., Pref. Series 7 $ 7,000 $ 7, ,500 Brookfield Renewable Partners L.P., Pref. Series 11 7,336 7,467 34,000 Brookfield Renewable Power Preferred Equity Inc., Pref. Series ,000 Brookfield Renewable Power Preferred Equity Inc., Pref. Series 6 3,190 3, ,000 Canadian Imperial Bank of Commerce, Pref. Series 39 11,281 11, ,200 Canadian Imperial Bank of Commerce, Pref. Series 41 8,601 8, ,500 Canadian Imperial Bank of Commerce, Pref. Series 45 7,213 7, ,000 Canadian Utilities Limited, Pref. Series FF 2,500 2,626 91,900 Capital Power Corporation, Pref. Series 9 2,298 2, ,500 Emera Inc., Pref. Series A 1,592 2,330 25,000 Emera Inc., Pref. Series C ,000 Emera Inc., Pref. Series F 6,250 6, ,000 Enbridge Inc., Pref. Series 1 1,932 3, ,000 Enbridge Inc., Pref. Series 3 12,400 9,796 91,600 Enbridge Inc., Pref. Series 7 1,677 1,912 30,000 Enbridge Inc., Pref. Series ,000 Enbridge Inc., Pref. Series 15 7,292 6, ,000 Enbridge Inc., Pref. Series 19 15,000 14, ,000 Enbridge Inc., Pref. Series B 2,786 3, ,000 Enbridge Inc., Pref. Series N 2,126 2, ,700 Enbridge Inc., Pref. Series P 4,119 6,134 40,200 Enbridge Inc., Pref. Series R ,000 Fortis Inc., Pref. Series M 11,047 12, ,300 Husky Energy Inc., Pref. Series 1 3,017 4, ,000 Husky Energy Inc., Pref. Series 3 5,000 4,956 83,600 Industrial Alliance Insurance and Financial Services Inc., Pref. Series G 1,654 2, ,000 Intact Financial Corporation, Pref. Series 6 5,000 5, ,000 Kinder Morgan Canada Ltd., Pref. Series 3 10,000 10,040 20,000 Manulife Financial Corporation, Pref. Series ,000 Manulife Financial Corporation, Pref. Series 17 10,000 9, ,000 Manulife Financial Corporation, Pref. Series 19 9,377 8, ,000 Manulife Financial Corporation, Pref. Series 21 5,000 5, ,000 Manulife Financial Corporation, Pref. Series 23 10,780 11, ,000 National Bank of Canada, Pref. Series 32 5,000 4, ,000 National Bank of Canada, Pref. Series 34 6,000 6, ,300 National Bank of Canada, Pref. Series 36 3,333 3,583 60,000 Pembina Pipeline Corporation, Pref. Series , ,000 Pembina Pipeline Corporation, Pref. Series 3 5,558 5, ,400 Pembina Pipeline Corporation, Pref. Series 7 5,061 7, ,100 Pembina Pipeline Corporation, Pref. Series 9 3,283 3,461 80,000 Pembina Pipeline Corporation, Pref. Series 15 1,878 1, ,200 Pembina Pipeline Corporation, Pref. Series 21 7,631 7,670 50,000 Power Financial Corporation, Pref. Series E 1,237 1, ,000 Power Financial Corporation, Pref. Series T 3,875 3, ,000 Royal Bank of Canada, Pref. Series BB 9,375 8, ,000 Royal Bank of Canada, Pref. Series BD 1,819 2, ,900 Royal Bank of Canada, Pref. Series BF 6,401 7,420 No. of Shares or Units/ Par Value Description Cost Fair Value 378,500 Royal Bank of Canada, Pref. Series BK $ 9,476 $ 10, ,000 Royal Bank of Canada, Pref. Series BM 7,500 8,124 50,000 Sun Life Financial Inc., Pref. Class A, Series 5 1,136 1,087 81,700 Sun Life Financial Inc., Pref. Series 12 R 1,470 2,016 21,000 Sun Life Financial Inc., Pref. Series 9 QR ,000 The Bank of Nova Scotia, Pref. Series 21 1,407 1, ,100 The Bank of Nova Scotia, Pref. Series 32 2,737 3, ,000 The Bank of Nova Scotia, Pref. Series 34 7,500 8, ,600 The Bank of Nova Scotia, Pref. Series 36 5,990 6, ,000 The Bank of Nova Scotia, Pref. Series 38 3,250 3, ,000 The Toronto-Dominion Bank, Pref. Series T* 5,380 5, ,000 The Toronto-Dominion Bank, Pref. Series Z* 4,754 4, ,000 Thomson Reuters Corporation, Pref. Series B 6,608 6, ,000 TransCanada Corporation, Pref. Series 1 2,524 3,419 35,000 TransCanada Corporation, Pref. Series ,600 TransCanada Corporation, Pref. Series 3 3,037 4,528 26,500 TransCanada Corporation, Pref. Series ,000 TransCanada Corporation, Pref. Series 5 3,166 4,816 25,000 TransCanada Corporation, Pref. Series ,000 TransCanada Corporation, Pref. Series 9 7,500 7, ,000 TransCanada Corporation, Pref. Series 11 9,514 9, ,300 TransCanada Corporation, Pref. Series 13 8,083 8, ,000 TransCanada Corporation, Pref. Series 15 10,000 10, ,000 Westcoast Energy Inc., Pref. Series 12 3,000 3, , ,429 Total Canadian Equities 3,303,297 5,593,173 U.S. Equities 0.7% INDUSTRIALS 0.1% 367,200 General Electric Company 8,615 8,054 FINANCIALS 0.4% 530,900 MetLife Inc. 21,957 33,741 PREFERRED 0.2% 250,000 Brookfield Office Properties Inc., Pref. Series AA 6,250 5, ,000 Brookfield Office Properties Inc., Pref. Series GG 10,000 9,832 16,250 15,700 Total U.S. Equities 46,822 57,495 Canadian Bonds 27.1% FEDERAL BONDS & GUARANTEES 3.8% Canada Housing Trust No. 1 22,150, % due December 15, ,674 23,061 44,200, % due June 15, ,742 43,121 18,800, % due December 15, ,555 18,413 41,500, % due December 15, ,533 42,003 25,000, % due June 15, ,214 25,959 Government of Canada 25,300, % due September 01, ,357 24,330 2,000, % due June 01, ,089 2,067 28,192, % due June 01, ,054 27,055 18,900, % due June 01, ,250 17,224 91,456, % due December 01, , , , ,531 10

12 TD Monthly Income Fund No. of Shares or Units/ Par Value Description Cost Fair Value PROVINCIAL BONDS & GUARANTEES 7.1% Hydro One Inc. 4,100, % due March 13, 2037 $ 3,886 $ 4, , % due July 16, ,500,000 Callable 4.17% due June 06, ,493 7,203 Ontrea Inc. 6,942, % due April 09, ,942 7,000 Province of Alberta 32,100, % due June 01, ,003 31,117 19,200, % due December 01, ,617 20,726 17,000, % due December 01, ,996 17,952 Province of British Columbia 16,000, % due June 18, ,053 20,747 8,500, % due June 18, ,599 10,874 55,800, % due June 18, ,539 69,725 Province of Manitoba 25,000, % due March 05, ,906 29,389 16,800, % due March 05, ,532 19,736 16,700, % due September 05, ,243 19,788 Province of New Brunswick 11,700, % due June 02, ,463 11,986 19,600, % due June 03, ,150 25,138 Province of Newfoundland and Labrador 25,700, % due June 02, ,586 25,030 Province of Ontario 17,000, % due March 08, ,153 23,148 26,700, % due March 08, ,685 36,629 4,440, % due June 02, ,007 6,104 10,700, % due June 02, ,122 13,561 5,200, % due June 02, ,073 6,584 80,200, % due June 02, , ,362 19,900, % due December 02, ,116 19,717 38,200, % due June 02, ,807 37,177 Province of Ontario Generic Strip Residual 78,000, % due June 02, ,251 35,088 Province of Saskatchewan 12,000, % due December 02, ,076 11, , ,478 CORPORATE BONDS 16.2% 777 Bay Limited Partnership 2,438, % due July 17, ,439 2,388 AIMCo Realty Investors LP 6,200,000 Callable 2.266% due June 26, ,200 6,021 6,600,000 Callable 3.043% due June 01, ,600 6,580 Alberta Powerline LP 3,400, % due December 01, ,400 3,642 3,400, % due March 01, ,400 3,642 Bank of Montreal 9,800, % due June 04, ,849 9,940 7,600, % due March 31, ,600 7,486 13,500, % due October 28, ,457 13,101 12,600, % due March 16, ,595 12,419 10,000, % due July 11, ,000 9,897 9,000, % due September 11, ,999 8,997 5,600,000 Callable 3.12% due September 19, ,677 5,658 13,700,000 Callable 3.34% due December 08, ,695 13,948 13,900,000 Callable 2.57% due June 01, ,900 13,683 The Bank of Nova Scotia 13,900, % due June 15, ,896 13,862 10,000, % due September 09, ,156 9,950 17,600, % due December 02, ,595 17,240 18,600, % due April 27, ,593 18,082 12,000,000 Callable 2.36% due November 08, ,998 11,887 No. of Shares or Units/ Par Value Description Cost Fair Value 18,200, % due June 28, 2024 $ 18,199 $ 17,747 21,200,000 Callable 3.367% due December 08, ,200 21,602 25,800,000 Callable 2.58% due March 30, ,794 25,409 bcimc Realty Corporation 15,500,000 Callable 2.84% due June 03, ,533 15,484 6,700,000 Callable 3.00% due March 31, ,700 6,718 Bell Canada Inc. 8,030, % due June 18, ,017 8,169 10,100, % due June 17, ,092 10,316 12,200, % due October 01, ,176 11,947 17,800,000 Callable 3.00% due October 03, ,846 18,015 BMO Capital Trust II 2,474,000 Callable % due December 31, ,412 2,664 BMW Canada Inc. 1,300, % due September 26, ,300 1,305 9,700, % due October 19, ,697 9,554 Bombardier Inc. (USD) 1,350, % due March 15, ,945 1,831 Bow Centre Street L.P. 8,520, % due June 14, ,520 8,406 Canadian Imperial Bank of Commerce 6,300, % due April 26, ,297 6,208 4,800, % due July 12, ,798 4,678 11,700, % due March 21, ,696 11,497 20,800,000 Callable 3.42% due January 26, ,883 21,210 Canadian Natural Resources Limited 12,000, % due June 01, ,997 11,875 15,100, % due August 14, ,100 15,235 5,700, % due February 11, ,699 5,817 13,900,000 Callable 3.55% due June 03, ,849 14,165 Capital Desjardins Inc. 11,000,000 Callable 4.954% due December 15, ,000 11,953 Cascades Inc. (USD) 25,000 Callable 5.50% due July 15, Chaudiere Hydro L.P., Series ,900, % due March 31, ,900 1,908 CIBC Capital Trust 17,314,000 Callable 9.976% due June 30, ,378 19,117 Daimler Canada Finance Inc. 6,500, % due November 23, ,500 6,480 7,900, % due December 16, ,899 7,801 4,800, % due November 22, ,800 4,773 Enbridge Gas Distribution Inc. 6,500,000 Callable 3.31% due September 11, ,498 6,748 7,900,000 Callable 2.50% due August 05, ,894 7,720 7,100,000 Callable 4.00% due August 22, ,077 7,719 Enbridge Pipelines Inc. 7,600, % due November 12, ,678 7,945 3,410, % due April 06, ,409 3,574 14,020,000 Callable 3.00% due August 10, ,947 13,934 1,400, % due November 10, ,399 1,686 1,400, % due April 06, ,400 1,684 Federation des caisses Desjardins du Quebec 9,700, % due November 19, ,705 9,785 Ford Auto Securitization Trust 2,800,000 Callable 1.423% due April 15, ,800 2,778 Ford Credit Canada Company 11,700, % due September 16, ,700 11,777 6,600, % due February 23, ,600 6,530 9,900, % due June 22, ,900 9,790 12,400, % due September 19, ,400 12,550 11

13 TD Monthly Income Fund No. of Shares or Units/ Par Value Description Cost Fair Value FortisBC Inc. 6,300,000 Callable 4.00% due October 28, 2044 $ 6,296 $ 6,803 Grand Renewable Solar L.P. 3,673, % due January 31, ,674 3,630 HCN Canadian Holdings-1 L.P. 6,600, % due November 25, ,583 6,750 Honda Canada Finance Inc. 4,300, % due February 18, ,300 4,274 4,100, % due December 19, ,100 4,073 7,500, % due March 01, ,500 7,460 HSBC Bank Canada 21,800, % due May 13, ,800 21,920 13,200, % due January 14, ,362 13,380 21,000, % due July 07, ,999 20,748 12,300, % due January 29, ,300 12,313 12,300, % due June 29, ,300 12,081 Husky Energy Inc. 4,496, % due March 12, ,893 4,736 Industrial Alliance Insurance and Financial Services Inc. 5,200,000 Callable 3.30% due September 15, ,199 5,273 Institutional Mortgage Securities Canada Inc. 3,600,000 Callable 4.697% due February 12, ,600 3,801 Kent Hills Wind LP 2,800, % due December 31, ,800 2,910 Kingston Solar LP 5,985, % due July 31, ,986 5,828 The Manufacturers Life Insurance Company 6,000,000 Callable 2.64% due January 15, ,000 6,033 18,500,000 Callable 2.10% due June 01, ,499 18,361 Manulife Financial Capital Trust II 13,000,000 Callable 7.405% due December 31, ,936 14,176 Nissan Canada Financial Services Inc. 2,400, % due April 09, ,400 2,370 6,000, % due October 19, ,000 6,004 North West Redwater Partnership/ NWR Financing Company Ltd. 8,400,000 Callable 2.80% due June 01, ,378 8,133 12,700,000 Callable 4.25% due June 01, ,665 13,780 10,000,000 Callable 3.65% due June 01, ,993 10,110 8,000,000 Callable 3.70% due February 23, ,971 7,917 6,500,000 Callable 4.05% due July 22, ,483 6,791 Northland Power Solar Finance One L.P. 4,754, % due June 30, ,756 4,982 NOVA Chemicals Corporation (USD) 725,000 Callable 5.25% due August 01, OMERS Realty Corporation 8,200, % due April 05, ,318 8,358 2,000, % due June 05, ,120 2,074 4,000,000 Callable 2.858% due February 23, ,064 4,032 10,000, % due November 12, ,166 10,348 11,000,000 Callable 3.244% due October 04, ,000 11,200 Original Wempi Inc. 9,100, % due February 13, ,100 9,325 Plenary Roads Winnipeg Transitway L.P. 2,600, % due May 31, ,600 2,632 Powell River Energy Inc. 2,000, % due August 31, ,000 2,004 Precision Drilling Corporation (USD) 68,000 Callable 6.50% due December 15, ,000 Callable 7.75% due December 15, No. of Shares or Units/ Par Value Description Cost Fair Value RBC Capital Trust 10,800,000 Callable 6.821% due June 30, 2018 $ 12,920 $ 11,058 Real Estate Asset Liquidity Trust 4,755,355 Callable 2.356% due January 12, ,755 4,652 5,700,000 Callable 3.239% due May 12, ,700 5,566 5,400,000 Callable 2.588% due October 12, ,400 5,178 Reliant FN L.P. 761, % due June 15, ,399, % due December 15, ,400 1,411 Resolute Forest Products Inc. (USD) 2,400,000 Callable 5.875% due May 15, ,931 3,134 RioCan Real Estate Investment Trust 4,800, % due August 26, ,800 4,757 3,800, % due April 09, ,800 3,744 20,100, % due May 30, ,259 20,780 5,600, % due October 03, ,600 5,561 Rogers Communications Inc. 15,000, % due November 04, ,786 15,852 5,470, % due March 22, ,468 5,951 Royal Bank of Canada 100, % due May 07, , % due December 09, ,030, % due March 04, ,023 13,227 17,800, % due March 15, ,793 17,612 9,700, % due September 13, ,700 9,410 22,200, % due March 02, ,200 21,752 10,000,000 Callable 2.99% due December 06, ,049 10,132 19,900,000 Callable 2.48% due June 04, ,896 19,858 21,500,000 Callable 3.31% due January 20, ,491 21,869 15,600,000 Callable 3.45% due September 29, ,593 15,938 Schlegel Villages Inc. 1,773, % due March 31, ,773 1,819 Scotiabank Tier 1 Trust 3,000,000 Callable 7.802% due June 30, ,514 3,223 ScotianWEB II LP 2,095, % due November 30, ,095 2,116 Shaw Communications Inc. 2,800, % due October 01, ,992 2,961 4,000, % due December 07, ,985 4,338 Southgate Solar L.P. 5,000, % due July 31, ,000 5,025 Sun Life Capital Trust II 14,000,000 Callable 5.863% due December 31, ,000 14,846 TD Capital Trust IV* 15,700,000 Callable 6.631% due June 30, ,393 17,583 TELUS Corporation 5,110, % due December 04, ,168 5,382 15,280,000 Callable 3.20% due April 05, ,284 15,602 Thomson Reuters Corporation 3,700,000 Callable 3.309% due November 12, ,700 3,793 Toromont Industries Ltd. 3,700,000 Callable 3.842% due October 27, ,700 3,788 The Toronto-Dominion Bank* 22,000, % due April 02, ,000 21,752 8,000, % due March 23, ,000 7,857 15,900, % due July 18, ,900 15,338 24,100,000 Callable 2.692% due June 24, ,100 24,168 14,400,000 Callable 3.224% due July 25, ,400 14,396 18,900,000 Callable 4.859% due March 04, ,286 20,879 Toyota Credit Canada Inc. 4,500, % due October 11, ,500 4,513 12

14 TD Monthly Income Fund No. of Shares or Units/ Par Value Description Cost Fair Value TransCanada PipeLines Limited 4,200, % due November 15, 2021 $ 4,194 $ 4,399 9,400,000 Callable 3.30% due July 17, ,388 9,675 5,900,000 Callable 3.39% due March 15, ,897 6,045 Union Gas Limited 4,800, % due August 03, ,454 4,990 6,279, % due November 10, ,269 8,722 5,400,000 Callable 2.88% due November 22, ,396 5,395 6,000,000 Callable 4.20% due June 02, ,950 6,719 Ventas Canada Finance Limited 9,900,000 Callable 3.30% due February 01, ,899 10,066 6,700,000 Callable 2.55% due March 15, ,697 6,556 Videotron Ltd. 400,000 Callable 5.75% due January 15, Videotron Ltd. (USD) 40,000 Callable 5.125% due April 15, VW Credit Canada Inc. 7,500, % due August 20, ,493 7,545 Wells Fargo Canada Corporation 9,200, % due July 25, ,237 9,321 11,900, % due January 29, ,895 12,123 Westcoast Energy Inc. 600, % due July 02, , % due December 05, ,308,000 Callable 3.43% due September 12, ,356 2,379 5,274,000 Callable 3.77% due December 08, ,454 5,526 3,000, % due December 18, ,380 3,837 Windsor Solar LP 4,500, % due July 31, ,500 4,522 1,395,326 1,397,679 Total Canadian Bonds 2,293,161 2,336,688 Global Bonds 3.7% AUSTRALIA 0.6% Commonwealth of Australia (AUD) 53,300, % due October 21, ,057 52,988 FRANCE 0.0% Numericable-SFR SA (USD) 1,400,000 Callable 6.00% due May 15, ,823 1,784 IRELAND 0.0% AerCap Ireland Capital Limited and AerCap Global Aviation Trust (USD) 1,375, % due May 15, ,887 1,816 NETHERLANDS 0.0% Schaeffler Finance BV (USD) 1,400,000 Callable 4.75% due May 15, ,858 1,799 UNITED KINGDOM 0.3% Fiat Chrysler Automobiles NV (USD) 2,250, % due April 15, ,164 2,912 HSBC Holdings PLC 17,000, % due December 05, ,000 17,171 20,164 20,083 UNITED STATES 2.8% The ADT Corporation (USD) 600, % due October 15, ,576, % due July 15, ,266 3,206 AECOM (USD) 3,500,000 Callable 5.75% due October 15, ,050 4,608 The AES Corporation (USD) 68, % due June 01, No. of Shares or Units/ Par Value Description Cost Fair Value Ally Financial Inc. (USD) 1,000, % due September 10, 2018 $ 1,344 $ 1, , % due November 18, ,134 1,212 1,015, % due September 15, ,250 1,416 ANTM CTL PT Trust, Series A2 (USD) 3,200, % due November 30, ,285 3,990 Ashland Inc. (USD) 2,350,000 Callable 4.75% due August 15, ,794 3,079 Ball Corporation (USD) 3,900, % due November 15, ,057 5,019 Bank of America Corporation 18,600,000 Callable 2.604% due March 15, ,600 18,473 Best Buy Company Inc. (USD) 1,556, % due August 01, ,730 1,988 2,000,000 Callable 5.50% due March 15, ,077 2,710 Calpine Corporation (USD) 900,000 Callable 6.00% due January 15, ,279 1,169 1,000,000 Callable 5.375% due January 15, ,251 1,227 CBRE Services Inc. (USD) 2,261,000 Callable 5.00% due March 15, ,787 2,923 CCO Holdings LLC/ CCO Holdings Capital Corporation (USD) 2,676,000 Callable 5.125% due May 01, ,519 3, ,000 Callable 5.75% due January 15, ,000 Callable 5.875% due May 01, Celanese US Holdings LLC (USD) 75, % due November 15, Cemex Finance LLC (USD) 675,000 Callable 6.00% due April 01, CenturyLink Inc. (USD) 1,700, % due April 01, ,827 2,161 1,342, % due June 15, ,547 1,712 Charter Communications Operating LLC/ Charter Communications Operating Capital (USD) 600,000 Callable 3.75% due February 15, CHS/Community Health Systems Inc. (USD) 411,000 Callable 5.125% due August 01, CIT Group Inc. (USD) 675, % due August 01, CNH Industrial Capital LLC (USD) 1,900, % due April 15, ,622 2,407 Constellation Brands Inc. (USD) 772, % due November 15, , , % due May 01, Crown Castle International Corp. (USD) 1,750, % due April 15, ,391 2,361 Dana Holding Corporation (USD) 2,200,000 Callable 6.00% due September 15, ,156 2,897 Diamond 1 Finance Corporation/ Diamond 2 Finance Corporation (USD) 3,287,000 Callable 5.875% due June 15, ,547 4,297 DISH DBS Corporation (USD) 1,000, % due April 01, ,073 1,265 1,000, % due September 01, ,245 1,348 Evercore Inc. (USD) 184,000 Callable 8.00% due December 15, First Data Corporation (USD) 2,288,000 Callable 5.375% due August 15, ,175 3, ,000 Callable 5.00% due January 15,

15 TD Monthly Income Fund No. of Shares or Units/ Par Value Description Cost Fair Value Frontier Communications Corporation (USD) 500, % due October 01, 2018 $ 610 $ 628 1,833, % due March 15, ,213 2, , % due April 15, GameStop Corp. (USD) 1,353,000 Callable 6.75% due March 15, ,802 1,786 The Goodyear Tire & Rubber Company (USD) 1,400,000 Callable 5.125% due November 15, ,958 1,841 HCA Inc. (USD) 3,315, % due February 15, ,315 4, , % due March 15, , % due May 01, ,038 25, % due May 01, Hologic Inc. (USD) 3,650,000 Callable 5.25% due July 15, ,952 4,766 Hughes Satellite Systems Corporation (USD) 1,150, % due June 15, ,479 1,516 International Lease Finance Corporation (USD) 450, % due May 15, Iron Mountain Incorporated (USD) 500,000 Callable 6.00% due August 15, Jabil Circuit Inc. (USD) 2,150, % due March 15, ,502 2,749 1,600, % due December 15, ,723 2,157 Kawa SBA IO Trust A (USD) 793, % due October 25, , ,500, % due August 01, ,214 3,148 The Kraft Heinz Company (USD) 898,000 Callable 4.875% due February 15, ,119 1,197 L Brands Inc. (USD) 2,625, % due April 01, ,150 3,630 Lamar Media Corp. (USD) 1,500,000 Callable 5.875% due February 01, ,766 1,930 2,329,000 Callable 5.00% due May 01, ,178 3,030 MSCI Inc. (USD) 3,550,000 Callable 5.25% due November 15, ,905 4,725 Neptune Finco Corp. (USD) 2,675,000 Callable 6.625% due October 15, ,711 3,648 Nielsen Finance LLC/Nielsen Finance Co. (USD) 1,655,000 Callable 4.50% due October 01, ,196 2,101 1,437,000 Callable 5.00% due April 15, ,634 1,863 Nielsen Finance LLC/Nielsen Finance Co., Term Loan (USD) 1,500,000 due October 04, ,889 1,896 NRG Energy Inc. (USD) 175,000 Callable 6.25% due July 15, ,300,000 Callable 6.625% due March 15, ,548 1, ,000 Callable 6.25% due May 01, NRG Energy Inc., Term Loan (USD) 1,100,000 due June 30, ,409 1,385 PVH Corp. (USD) 4,108,000 Callable 4.50% due December 15, ,773 5,279 R.R. Donnelley & Sons Company (USD) 144, % due June 15, ,000, % due March 15, ,403 3, , % due April 01, SBA Communications Corporation (USD) 2,400,000 Callable 4.875% due July 15, ,238 3,107 SHW CTL PS Trust, Series A1 (USD) 1,395, % due May 15, ,804 1,714 No. of Shares or Units/ Par Value Description Cost Fair Value SHW CTL PS Trust, Series A2 (USD) 2,000, % due May 15, 2029 $ 2,586 $ 2,484 Sinclair Broadcasting, Term Loan (USD) 1,150,000 due December 12, ,471 1,446 Sinclair Television Group Inc. (USD) 2,250,000 Callable 5.375% due April 01, ,649 2,885 Sirius XM Radio Inc. (USD) 1,550,000 Callable 3.875% due August 01, ,040 1, ,000 Callable 6.00% due July 15, ,000 Callable 5.00% due August 01, Six Flags Entertainment Corporation (USD) 1,700,000 Callable 4.875% due July 31, ,164 2,174 Spectrum Brands Inc. (USD) 425,000 Callable 6.125% due December 15, Sprint Corporation (USD) 2,240, % due November 15, ,411 2,967 1,450, % due August 15, ,438 1, , % due September 15, Staples Inc., Term Loan (USD) 1,550,000 due August 15, ,943 1,910 Steel Dynamics Inc. (USD) 1,700,000 Callable 5.125% due October 01, ,858 2,196 10,000 Callable 5.00% due December 15, TEGNA Inc. (USD) 1,500,000 Callable 4.875% due September 15, ,916 1, ,000 Callable 6.375% due October 15, T-Mobile US Inc. (USD) 2,650,000 Callable 6.00% due March 01, ,368 3,496 UNA CTL PT Trust, Series A1 (USD) 2,864, % due June 15, ,755 3,492 UNA CTL PT Trust, Series A2 (USD) 1,387, % due June 15, ,819 1,736 UNA CTL PT Trust, Series A3 (USD) 117, % due June 15, ,100, % due July 15, ,775 2,574 VeriSign Inc. (USD) 1,000,000 Callable 4.625% due May 01, ,377 1, ,000 Callable 4.75% due July 15, Wells Fargo & Company 14,900, % due March 15, ,900 14,765 14,800, % due April 25, ,800 14,440 11,280, % due October 27, ,280 11,013 WESCO Distribution Inc. (USD) 200,000 Callable 5.375% due June 15, ZF North America Capital Inc. (USD) 1,800, % due April 29, ,337 2, , ,332 Total Global Bonds 312, ,802 Transaction Costs (866) TOTAL INVESTMENT PORTFOLIO 96.3% $ 5,955,106 $ 8,303,158 FORWARD CONTRACTS (SCHEDULE 1) 0.0% 3,431 OTHER NET ASSETS (LIABILITIES) 3.7% 319,382 TOTAL NET ASSETS 100.0% $ 8,625,971 * Related party to the Fund as an affiliated entity of TD Asset Management Inc. 14