TD Asset Management
TD EMERALD FUNDS
Annual Financial Statements
for the period ended December 31, 2015
TD Emerald Funds
Table of Contents
Management’s Responsibility for Financial Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Independent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
TD Emerald Canadian Treasury Management Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
TD Emerald Canadian Treasury Management – Government of Canada Fund . . . . . . . . . . . . . . . . . . . . . . . . . 9
TD Emerald Canadian Short Term Investment Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
TD Emerald Canadian Bond Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
TD Emerald Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
TD Emerald Canadian Equity Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
TD Emerald U.S. Market Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
TD Emerald International Equity Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Redemption of Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
1
TD Emerald Funds
Management’s Responsibility for Financial Reporting
The accompanying financial statements have been prepared by TD Asset Management Inc. as manager of the funds. 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 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 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 following page of this annual report.
On behalf of TD Asset Management Inc., manager of the Funds
Timothy M. Thompson
Director and Chief Operating Officer
March 17, 2016
2
Atanaska Novakova
Director and Chief Financial Officer
March 17, 2016
TD Emerald Funds
INDEPENDENT AUDITOR’S REPORT
To the Unitholders and Trustee of:
TD Emerald Canadian Treasury Management Fund
TD Emerald Canadian Treasury Management – Government of Canada Fund
TD Emerald Canadian Short Term Investment Fund
TD Emerald Canadian Bond Index Fund
TD Emerald Balanced Fund
TD Emerald Canadian Equity Index Fund
TD Emerald U.S. Market Index Fund
TD Emerald International Equity Index Fund
(collectively, the “Funds”)
We have audited the accompanying financial statements of each of the Funds, which comprise the statements of financial position as
at December 31, 2015 and 2014 and the statements of comprehensive income, changes in net assets attributable to holders of redeemable
units and cash flows for the years ended December 31, 2015 and 2014, 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
International Financial Reporting Standards, and for such internal control as management 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 an 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 procedures 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 accounting 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 of each of the
Funds as at December 31, 2015 and 2014, and the financial performance and cash flows of each of the Funds for the years ended
December 31, 2015 and 2014 in accordance with International Financial Reporting Standards.
Chartered Professional Accountants, Licensed Public Accountants
Toronto, Ontario
March 17, 2016
3
TD Emerald Canadian Treasury Management Fund
TD Emerald Funds
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF COMPREHENSIVE INCOME
(in 000s except per unit amounts and number of units)
as at December 31, 2015 and 2014
(in 000s except per unit amounts and number of units)
for the periods ended December 31, 2015 and 2014
December 31,
2015
Assets
Current Assets
Investments (Note 3)
Reverse Repurchase Agreements (Note 3)
Cash
Interest Receivable
$
933,272
241,905
76
280
December 31,
2014
$
1,175,533
Liabilities
Current Liabilities
Accrued Liabilities
Net Assets Attributable to
Holders of Redeemable
Units (Note 3)
Number of Redeemable Units
Outstanding
Net Assets Attributable to
Holders of Redeemable
Units – Per Unit (Note 3)
1,021,437
11
$
1,175,522
24
$
117,552,167
$
10.00
845,073
175,998
268
98
1,021,413
102,141,268
$
10.00
$
Total Income (Net)
The accompanying notes are an integral part of the financial statements.
8,805
$
9,935
1,478
10,283
1,991
11,926
10,283
11,926
Expenses (Note 6)
Securityholder Reporting Costs
Custodial Fees
Legal Fees
Filing Fees
Audit Fees
Independent Review Committee Fees
Bank Charges and Interest
193
30
5
38
17
1
2
197
31
1
20
16
2
0
Total Expenses before Waivers
Less: Waived Expenses
286
0
267
0
Total Expenses (Net)
286
267
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units before Tax
9,997
11,659
Tax Reclaims (Withholding Taxes)
0
0
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Weighted Average Units
Outstanding for the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units – Per Unit (Note 3) $
4
2014
2015
Income
Net Gain (Loss) on Investments
Interest for Distribution Purposes
Income from Reverse Repurchase
Agreements
Net Gain (Loss) on Investments
9,997
$
126,888,399
0.08
11,659
105,659,509
$
0.11
TD Emerald Funds
TD Emerald Canadian Treasury Management Fund
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE
TO HOLDERS OF REDEEMABLE UNITS
STATEMENTS OF CASH FLOWS
(in 000s)
for the periods ended December 31, 2015 and 2014
(in 000s except number of units)
for the periods ended December 31, 2015 and 2014
2014
2015
2015
Net Assets Attributable to Holders
of Redeemable Units at
Beginning of the Period
Increase (Decrease) in Net Assets
Attributable to Holders
of Redeemable Units
Distributions to Holders of
Redeemable Units
From Net Investment Income
From Net Realized Gains on Investments
$
1,021,413
2014
$
9,997
Redeemable Unit Transactions
Proceeds from Redeemable Units Issued
Reinvestments of Distributions to
Holders of Redeemable Units
Redemption of Redeemable Units
1,266,616
11,659
(9,997)
0
(11,659)
0
(9,997)
(11,659)
Cash Flows from (used in) Operating Activities
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
9,997
Adjustment For:
(66,688,931)
Purchase of Investments
Proceeds from Sale and/or
Maturity of Investments
66,534,825
(182)
(Increase) Decrease in Interest Receivable
Increase (Decrease) in Accrued Liabilities
(13)
Net Cash from (used in)
Operating Activities
Cash Flows from (used in) Financing Activities
Proceeds from Issuance of Redeemable Units
Amounts Paid on Redemption of Redeemable
Units, Net of Redemption Fees
4,710,026
4,549,648
9,997
(4,565,914)
11,659
(4,806,510)
Net Increase (Decrease) from
Redeemable Unit Transactions
154,109
(245,203)
Net Increase (Decrease) in
Net Assets Attributable to
Holders of Redeemable Units
Net Increase (Decrease) in Cash
Cash (Bank Overdraft) at Beginning
of the Period
154,109
(245,203)
Cash (Bank Overdraft) at
End of the Period
$
Interest for Distribution Purposes Received*,
Net of Withholding Taxes
Net Assets Attributable to
Holders of Redeemable Units
at End of the Period
Redeemable Unit Transactions
Redeemable Units Outstanding,
Beginning of the Period
Redeemable Units Issued
Redeemable Units Issued
on Reinvestments
Redeemable Units Redeemed
Redeemable Units Outstanding,
End of the Period
$
1,175,522
$
1,021,413
Net Cash from (used in)
Financing Activities
$
11,659
(57,327,980)
57,572,902
375
3
(144,304)
256,959
4,710,026
4,549,648
(4,565,914)
(4,806,510)
144,112
(256,862)
(192)
97
268
171
76
10,101
$
268
10,310
* Included as part of Cash Flows from (used in) Operating Activities.
102,141,268
471,002,655
126,661,577
454,964,812
999,650
(456,591,406)
1,165,909
(480,651,030)
117,552,167
102,141,268
The accompanying notes are an integral part of the financial statements.
5
TD Emerald Canadian Treasury Management Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
SHORT-TERM INVESTMENTS – 79.4%
PROVINCIAL & GUARANTEES – 4.2%
10,000,000
5,000,000
Ontario Teachers’ Finance Trust
0.77% due January 22, 2016
0.76% due March 01, 2016
5,000,000
5,000,000
Province of Ontario Treasury Bill
0.71% due March 30, 2016
0.72% due December 28, 2016
25,000,000
Province of Saskatchewan
0.57% due January 19, 2016
$
9,996 $
4,994
9,996
4,994
4,991
4,964
4,991
4,964
24,993
49,938
24,993
49,938
CORPORATE – 75.2%
10,000,000
5,000,000
15,861,000
2,000,000
5,000,000
Bank of Montreal
0.88% due January 06, 2016
0.72% due January 20, 2016
0.75% due February 09, 2016
3.49% due June 10, 2016
0.84% due August 09, 2016
9,999
4,998
15,848
2,022
4,975
9,999
4,998
15,848
2,022
4,975
5,000,000
5,047,000
20,000,000
15,000,000
15,000,000
9,000,000
5,000,000
3,000,000
6,000,000
The Bank of Nova Scotia
0.75% due January 25, 2016
0.78% due January 27, 2016
0.74% due January 29, 2016
0.74% due February 02, 2016
0.77% due February 12, 2016
0.81% due February 19, 2016
0.76% due February 22, 2016
3.61% due February 22, 2016
1.80% due May 09, 2016
4,998
5,044
19,989
14,990
14,987
8,990
4,995
3,011
6,015
4,998
5,044
19,989
14,990
14,987
8,990
4,995
3,011
6,015
5,000,000
6,000,000
2,000,000
16,000,000
6,000,000
20,000,000
8,000,000
1,400,000
Bay Street Funding Trust
0.82% due January 15, 2016
0.80% due February 03, 2016
0.81% due February 08, 2016
0.81% due February 10, 2016
0.81% due February 11, 2016
0.87% due February 23, 2016
0.92% due March 22, 2016
0.96% due June 28, 2016
4,998
5,996
1,998
15,986
5,995
19,975
7,984
1,393
4,998
5,996
1,998
15,986
5,995
19,975
7,984
1,393
14,000,000
10,000,000
13,000,000
10,000,000
6,000,000
Caisse centrale Desjardins
0.74% due January 12, 2016
0.76% due January 20, 2016
0.78% due January 22, 2016
0.81% due February 17, 2016
0.81% due March 24, 2016
13,997
9,996
12,994
9,990
5,989
13,997
9,996
12,994
9,990
5,989
7,000,000
5,000,000
10,000,000
2,784,000
10,000,000
8,000,000
5,000,000
13,000,000
5,000,000
Canadian Imperial Bank of Commerce
0.91% due January 05, 2016
1.08% due January 06, 2016
0.80% due January 11, 2016
3.40% due January 14, 2016
0.74% due February 02, 2016
0.74% due February 05, 2016
0.73% due February 16, 2016
0.76% due February 24, 2016
1.75% due June 01, 2016
6,999
4,999
9,998
2,786
9,994
7,994
4,995
12,985
5,013
6,999
4,999
9,998
2,786
9,994
7,994
4,995
12,985
5,013
3,000
8,198
3,499
4,498
8,995
4,997
6,995
3,000
8,198
3,499
4,498
8,995
4,997
6,995
3,000,000
8,200,000
3,500,000
4,500,000
9,000,000
5,000,000
7,000,000
6
Canadian Master Trust
1.01% due January 04, 2016
0.78% due January 15, 2016
0.80% due January 20, 2016
0.77% due January 22, 2016
0.77% due January 27, 2016
0.80% due January 28, 2016
0.77% due February 04, 2016
NO. OF SHARES OR
UNITS/PAR VALUE
3,500,000
6,800,000
3,000,000
6,500,000
2,000,000
DESCRIPTION
COST
$
3,496 $
6,792
2,996
6,490
1,994
FAIR VALUE
4,600,000
20,000,000
24,000,000
4,000,000
5,000,000
5,000,000
0.77% due February 18, 2016
0.81% due February 23, 2016
0.81% due March 01, 2016
0.85% due March 07, 2016
0.86% due May 17, 2016
Imperial Oil Limited
0.95% due January 05, 2016
0.84% due January 07, 2016
0.82% due January 12, 2016
0.79% due January 14, 2016
0.80% due January 21, 2016
0.83% due February 11, 2016
National Bank of Canada
2.05% due January 11, 2016
0.77% due January 26, 2016
0.77% due January 29, 2016
0.75% due February 03, 2016
OMERS Finance Trust
1.01% due January 04, 2016
0.79% due January 07, 2016
0.80% due January 20, 2016
0.75% due January 21, 2016
0.76% due January 25, 2016
0.74% due February 12, 2016
Plaza Trust
0.90% due January 06, 2016
0.92% due January 07, 2016
0.86% due January 08, 2016
0.80% due January 21, 2016
0.78% due February 16, 2016
0.81% due February 25, 2016
0.84% due March 01, 2016
0.83% due March 04, 2016
0.84% due March 07, 2016
0.84% due March 11, 2016
Ridge Trust
0.78% due January 13, 2016
0.77% due January 18, 2016
0.80% due February 08, 2016
0.77% due February 11, 2016
0.78% due February 18, 2016
0.84% due February 22, 2016
4,672,000
7,954,000
5,000,000
6,990,000
30,000,000
8,000,000
3,789,000
3,900,000
Royal Bank of Canada
0.99% due January 04, 2016
0.82% due January 08, 2016
3.36% due January 11, 2016
0.81% due March 16, 2016
0.85% due March 31, 2016
1.05% due May 20, 2016
0.85% due December 01, 2016
0.86% due December 16, 2016
4,672
7,953
5,003
6,978
29,937
7,968
3,760
3,868
4,672
7,953
5,003
6,978
29,937
7,968
3,760
3,868
5,000,000
6,500,000
7,000,000
5,000,000
9,500,000
4,500,000
11,000,000
9,500,000
4,500,000
SAFE Trust
0.87% due January 08, 2016
0.83% due January 12, 2016
0.81% due January 15, 2016
0.80% due January 25, 2016
0.80% due January 26, 2016
0.81% due January 27, 2016
0.78% due January 28, 2016
0.80% due February 02, 2016
0.84% due February 29, 2016
4,999
6,498
6,998
4,997
9,495
4,497
10,994
9,493
4,494
4,999
6,498
6,998
4,997
9,495
4,497
10,994
9,493
4,494
13,000,000
12,000,000
13,000,000
6,000,000
6,000,000
10,000,000
6,000,000
10,000,000
5,965,000
4,050,000
4,600,000
5,000,000
21,000,000
3,000,000
5,000,000
8,000,000
2,500,000
9,800,000
3,700,000
11,800,000
8,000,000
8,400,000
2,000,000
6,200,000
6,000,000
3,000,000
3,496
6,792
2,996
6,490
1,994
12,999
11,998
12,997
5,998
5,997
9,991
12,999
11,998
12,997
5,998
5,997
9,991
6,002
9,995
5,961
4,047
6,002
9,995
5,961
4,047
4,600
4,999
20,991
2,999
4,998
7,993
4,600
4,999
20,991
2,999
4,998
7,993
2,500
9,799
3,699
11,795
7,992
8,390
1,997
6,191
5,991
2,995
2,500
9,799
3,699
11,795
7,992
8,390
1,997
6,191
5,991
2,995
4,599
19,993
23,980
3,997
4,995
4,994
4,599
19,993
23,980
3,997
4,995
4,994
TD Emerald Funds
TD Emerald Canadian Treasury Management Fund
SCHEDULE OF INVESTMENT PORTFOLIO
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
1,500,000
14,000,000
6,000,000
9,000,000
5,000,000
3,000,000
4,000,000
5,000,000
15,000,000
SOUND Trust
0.81% due January 14, 2016
0.81% due January 22, 2016
0.80% due January 26, 2016
0.81% due January 28, 2016
0.80% due February 09, 2016
0.82% due February 10, 2016
0.81% due February 18, 2016
0.87% due March 17, 2016
0.84% due May 18, 2016
11,000,000
12,500,000
7,000,000
8,500,000
9,000,000
4,000,000
10,000,000
Storm King Funding
0.94% due January 06, 2016
0.81% due February 01, 2016
0.80% due February 17, 2016
0.79% due February 25, 2016
0.83% due March 03, 2016
0.83% due March 04, 2016
0.84% due April 19, 2016
4,000,000
The Toronto-Dominion Bank*
2.948% due August 02, 2016
COST
FAIR VALUE
(I) The Fund start date was June 23, 2006.
$
Total Short-Term Investments
1,500 $
13,994
5,997
8,995
4,996
2,997
3,996
4,991
14,953
1,500
13,994
5,997
8,995
4,996
2,997
3,996
4,991
14,953
10,999
12,491
6,993
8,490
8,987
3,994
9,975
10,999
12,491
6,993
8,490
8,987
3,994
9,975
4,045
883,334
4,045
883,334
None for the Fund.
933,272
933,272
(E) SECURITIES LENDING AND COLLATERAL HELD (in 000s)
as at December 31, 2015 and 2014 (Note 3)
REVERSE REPURCHASE AGREEMENTS – 20.6%º
100,000,000
45,300,000
(II) TDAM is the trustee, manager, portfolio adviser and promoter of the Fund.
(III) The presentation and functional currency of the Fund is the Canadian dollar.
(IV) The investment objective is to seek to earn a high rate of interest income and at
the same time preserve capital and maintain liquidity. The Fund invests primarily in
Canadian dollar denominated debt instruments, such as treasury bills of Canadian
governments, bankers’ acceptances of Canadian chartered banks and commercial paper
of corporations and trusts.
(B) MANAGEMENT FEES (Note 6)
Not applicable for the Fund.
(C) BROKERAGE COMMISSIONS AND SOFT DOLLARS (in 000s)
for the periods ended December 31, 2015 and 2014 (Notes 3 and 6)
Not applicable for the Fund.
(D) TAX LOSS CARRY FORWARDS (in 000s)
as at December 31, 2015 (Note 7)
Not applicable for the Fund.
FEDERAL – 20.6%
100,000,000
(A) THE FUND (Note 1)
(F) FINANCIAL RISK MANAGEMENT (Notes 3, 4 and 8)
Government of Canada,
Reverse Repurchase Agreement
dated December 31, 2015
0.48% due January 04, 2016
Government of Canada,
Reverse Repurchase Agreement
dated December 31, 2015
0.48% due January 04, 2016
Government of Canada Treasury Bill,
Reverse Repurchase Agreement
dated December 31, 2015
0.47% due January 04, 2016
(I) Interest Rate Risk
98,734
98,734
Not significant to the Fund.
(II) Currency Risk
Not applicable for the Fund.
Total Reverse
Repurchase Agreements
98,791
98,791
44,380
44,380
241,905
241,905
1,175,177
1,175,177
345
345
(III) Other Price Risk
Not significant to the Fund.
(IV) Credit Risk
The table below summarizes the debt instruments by credit ratings as at December 31,
2015 and 2014.
Percentage of
Total Debt Instruments (%)
TOTAL INVESTMENT
PORTFOLIO – 100.0%
OTHER NET ASSETS
(LIABILITIES) – 0.0%
$
TOTAL NET ASSETS – 100.0%
1,175,522 $
1,175,522
* Related party to the Fund as an affiliated entity of TD Asset Management Inc.
Percentage of
Total Net Assets (%)
Credit
Rating*
December 31,
2015
December 31,
2014
December 31,
2015
December 31,
2014
R-1 High
R-1 Mid
R-1 Low
82.39
5.43
12.18
72.10
1.85
26.05
82.36
5.43
12.18
72.08
1.85
26.04
100.00
100.00
99.97
99.97
Total
* Credit ratings are obtained from Standard & Poor’s, Moody’s or DBRS rating agencies.
º Reverse Repurchase Agreements
At period end, reverse repurchase agreements with details were as follows:
Type of Securities
Received
Government of Canada
0.48% due January 04, 2016
Amount Paid
by Fund
$
98,734
Market Value
of Collateral
$
100,969
Government of Canada
0.48% due January 04, 2016
98,791
100,782
Government of Canada Treasury Bill
0.47% due January 04, 2016
44,380
45,232
7
TD Emerald Canadian Treasury Management Fund
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(V) Financial Instruments by the Level in the Fair Value Hierarchy (in 000s)
The table below illustrates the classification of the Fund’s financial instruments within
the fair value hierarchy as at December 31, 2015 and 2014.
Level 1
December 31, 2015
Short-Term Investments
Reverse Repurchase
Agreements
December 31, 2014
Short-Term Investments
Reverse Repurchase
Agreements
$
0
Level 2
$
933,272
Level 3
$
0
Total
$
933,272
0
241,905
0
241,905
$
0
$ 1,175,177
$
0
$ 1,175,177
$
0
$
$
0
$
$
845,073
0
175,998
0
$ 1,021,071
$
845,073
0
175,998
0
$ 1,021,071
During the periods, transfers between Level 1 and Level 2 were nil.
(VI) Reconciliation of Level 3 Fair Value Measurements (in 000s)
Not applicable for the Fund.
(VII) Contractual Maturities Analysis for Financial Liabilities
As at December 31, 2015 and 2014, the Fund’s net assets are due on demand. All other
financial liabilities of the Fund are due in less than three months.
(G) INVESTMENT PORTFOLIO CONCENTRATION (%)
As at December 31, 2015 and 2014, the Fund’s investment portfolio concentration can
be summarized as follows:
Short-Term Investments
Federal & Guarantees
Provincial & Guarantees
Corporate
Other Net Assets (Liabilities)
December 31,
2015
December 31,
2014
20.6
4.2
75.2
0.0
18.2
0.0
81.8
0.0
100.0
100.0
(H) INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES (Note 3)
Not applicable for the Fund.
(I) OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (in 000s) (Note 3)
Not applicable for the Fund.
8
TD Emerald Funds
TD Emerald Funds
TD Emerald Canadian Treasury Management –
Government of Canada Fund
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF COMPREHENSIVE INCOME
(in 000s except per unit amounts and number of units)
as at December 31, 2015 and 2014
(in 000s except per unit amounts and number of units)
for the periods ended December 31, 2015 and 2014
December 31,
2015
Assets
Current Assets
Investments (Note 3)
Reverse Repurchase Agreements
Cash
Interest Receivable
$
140,572
131,889
93
22
December 31,
2014
$
272,576
Liabilities
Current Liabilities
Accrued Liabilities
Net Assets Attributable to
Holders of Redeemable
Units (Note 3)
Number of Redeemable Units
Outstanding
Net Assets Attributable to
Holders of Redeemable
Units – Per Unit (Note 3)
337,789
8
$
272,568
9
$
27,256,787
$
10.00
173,035
164,488
208
58
337,780
33,778,015
$
10.00
2014
2015
Income
Net Gain (Loss) on Investments
Interest for Distribution Purposes
Income from Reverse Repurchase
Agreements
Net Gain (Loss) on Investments
Total Income (Net)
$
544
$
1,948
934
1,972
1,972
1,882
3,830
3,830
78
12
5
15
18
1
102
21
0
28
17
2
Total Expenses before Waivers
Less: Waived Expenses
129
(27)
170
(48)
Total Expenses (Net)
Expenses (Note 6)
Securityholder Reporting Costs
Custodial Fees
Legal Fees
Filing Fees
Audit Fees
Independent Review Committee Fees
102
122
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units before Tax
1,870
3,708
Tax Reclaims (Withholding Taxes)
0
0
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Weighted Average Units
Outstanding for the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units – Per Unit (Note 3) $
1,870
$
31,353,384
0.06
3,708
40,294,267
$
The accompanying notes are an integral part of the financial statements.
0.09
9
TD Emerald Canadian Treasury Management –
Government of Canada Fund
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE
TO HOLDERS OF REDEEMABLE UNITS
TD Emerald Funds
STATEMENTS OF CASH FLOWS
(in 000s)
for the periods ended December 31, 2015 and 2014
(in 000s except number of units)
for the periods ended December 31, 2015 and 2014
2014
2015
2015
Net Assets Attributable to Holders
of Redeemable Units
at Beginning of the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Distributions to Holders of
Redeemable Units
Redeemable Unit Transactions
Proceeds from Redeemable Units Issued
Reinvestments of Distributions to
Holders of Redeemable Units
Redemption of Redeemable Units
Net Increase (Decrease) from
Redeemable Unit Transactions
Net Increase (Decrease) in
Net Assets Attributable to
Holders of Redeemable Units
337,780
2014
$
386,949
1,870
3,708
(1,870)
(3,708)
580,518
795,732
Net Cash from (used in)
Operating Activities
1,870
(647,600)
3,708
(848,609)
(65,212)
(49,169)
Cash Flows from (used in) Financing Activities
Proceeds from Issuances of
Redeemable Units
Amounts Paid on Redemption
of Redeemable Units
(65,212)
(49,169)
Net Cash from (used in)
Financing Activities
337,780
Net Increase (Decrease) in Cash
Cash (Bank Overdraft) at
Beginning of the Period
Net Assets Attributable to
Holders of Redeemable Units
at End of the Period
$
Redeemable Unit Transactions
Redeemable Units Outstanding,
Beginning of the Period
Redeemable Units Issued
Redeemable Units Issued on Reinvestments
Redeemable Units Redeemed
33,778,015
58,051,740
187,009
(64,759,977)
38,694,874
79,573,204
370,810
(84,860,873)
Redeemable Units Outstanding,
End of the Period
27,256,787
33,778,015
10
Cash Flows from (used in) Operating Activities
Increase (Decrease) in Net Assets
Attributable to Holders of
$
1,870
Redeemable Units
Adjustment for:
Purchase of Investments
(37,565,061)
Proceeds from Sale and/or Maturity
37,630,123
of Investments
(Increase) Decrease in Interest Receivable
36
Increase (Decrease) in Accrued Liabilities
(1)
272,568
$
Cash (Bank Overdraft) at
End of the Period
The accompanying notes are an integral part of the financial statements.
Interest for Distribution Purposes Received*,
Net of Withholding Taxes
$
$
3,708
(49,049,296)
49,098,571
(58)
(1)
66,967
52,924
580,518
795,732
(647,600)
(848,609)
(67,082)
(52,877)
(115)
47
208
161
93
2,008
* Included as part of Cash Flows from (used in) Operating Activities.
$
208
1,890
TD Emerald Canadian Treasury Management –
Government of Canada Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
4,200,000
28,500,000
23,000,000
22,000,000
17,000,000
7,000,000
4,000,000
6,000,000
19,000,000
5,000,000
5,000,000
67,000,000
67,100,000
DESCRIPTION
COST
FAIR VALUE
(A) THE FUND (Note 1)
SHORT-TERM INVESTMENTS – 51.6%
(I) The Fund start date was June 23, 2006.
FEDERAL – 51.6%
(II) TDAM is the trustee, manager, portfolio adviser and promoter of the Fund.
Government of Canada
1.25% due February 01, 2016
(III) The presentation and functional currency of the Fund is the Canadian dollar.
$
Government of Canada Treasury Bill
0.44% due January 06, 2016
0.48% due January 14, 2016
0.44% due January 28, 2016
0.42% due February 11, 2016
0.63% due March 10, 2016
0.73% due May 05, 2016
0.39% due June 02, 2016
0.51% due June 16, 2016
0.48% due September 22, 2016
0.52% due October 20, 2016
Total Short-Term Investments
4,203 $
4,203
28,498
22,996
21,993
16,992
6,992
3,990
5,990
18,956
4,983
4,979
140,572
28,498
22,996
21,993
16,992
6,992
3,990
5,990
18,956
4,983
4,979
140,572
(IV) The investment objective is to earn a high rate of interest income and at the same
time preserve capital and maintain liquidity. The Fund invests primarily in Canadian dollar
denominated debt instruments issued or guaranteed by the Government of Canada.
(B) MANAGEMENT FEES (Note 6)
Not applicable for the Fund.
(C) BROKERAGE COMMISSIONS AND SOFT DOLLARS (in 000s)
for the periods ended December 31, 2015 and 2014 (Notes 3 and 6)
Not applicable for the Fund.
(D) TAX LOSS CARRY FORWARDS (in 000s)
as at December 31, 2015 (Note 7)
REVERSE REPURCHASE AGREEMENTS – 48.4%º
None for the Fund.
FEDERAL – 48.4%
(E) SECURITIES LENDING AND COLLATERAL HELD (in 000s)
as at December 31, 2015 and 2014 (Note 3)
Government of Canada,
Reverse Repurchase Agreement
dated December 31, 2015
0.48% due January 04, 2016
Government of Canada Treasury Bill,
Reverse Repurchase Agreement
dated December 31, 2015
0.47% due January 04, 2016
Not applicable for the Fund.
66,152
66,152
(F) FINANCIAL RISK MANAGEMENT (Notes 3, 4 and 8)
(I) Interest Rate Risk
65,737
65,737
Not significant to the Fund.
Total Reverse
Repurchase Agreements
131,889
131,889
(II) Currency Risk
Not applicable for the Fund.
TOTAL INVESTMENT
PORTFOLIO – 100.0%
272,461
272,461
OTHER NET ASSETS
(LIABILITIES) – 0.0%
107
$
TOTAL NET ASSETS – 100.0%
107
272,568 $
272,568
(III) Other Price Risk
Not significant to the Fund.
(IV) Credit Risk
The table below summarizes the debt instruments by credit ratings as at December 31,
2015 and 2014.
Percentage of
Total Debt Instruments (%)
º Reverse Repurchase Agreements
Percentage of
Total Net Assets (%)
At period end, reverse repurchase agreements with details were as follows:
Credit
Rating*
December 31,
2015
December 31,
2014
December 31,
2015
December 31,
2014
Type of Securities
Received
R-1 High
100.00
100.00
99.96
99.92
Total
100.00
100.00
99.96
99.92
Government of Canada
0.48% due January 04, 2016
Government of Canada Treasury Bill
0.47% due January 04, 2016
Amount Paid
by Fund
$
66,152
65,737
Market Value
of Collateral
$
67,649
* Credit ratings are obtained from Standard & Poor’s, Moody’s or DBRS rating agencies.
66,999
11
TD Emerald Canadian Treasury Management –
Government of Canada Fund
TD Emerald Funds
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(V) Financial Instruments by the Level in the Fair Value Hierarchy (in 000s)
The table below illustrates the classification of the Fund’s financial instruments within
the fair value hierarchy as at December 31, 2015 and 2014.
Level 1
December 31, 2015
Short-Term Investments
$
0
$
Level 3
$
140,572
0
$
272,461
$
$
0
$
173,035
$
$
0
$
337,523
Reverse Repurchase
Agreements
December 31, 2014
Short-Term Investments
Level 2
0
Reverse Repurchase
Agreements
$
0
131,889
0
Total
$
140,572
0
$
272,461
0
$
173,035
$
337,523
0
164,488
131,889
0
$
0
164,488
During the periods, transfers between Level 1 and Level 2 were nil.
(VI) Reconciliation of Level 3 Fair Value Measurements (in 000s)
Not applicable for the Fund.
(VII) Contractual Maturities Analysis for Financial Liabilities
As at December 31, 2015 and 2014, the Fund’s net assets are due on demand. All other
financial liabilities of the Fund are due in less than three months.
(G) INVESTMENT PORTFOLIO CONCENTRATION (%)
As at December 31, 2015 and 2014, the Fund’s investment portfolio concentration can
be summarized as follows:
Short-Term Investments
Federal & Guarantees
Other Net Assets (Liabilities)
December 31,
2015
December 31,
2014
100.0
0.0
99.9
0.1
100.0
100.0
(H) INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES (Note 3)
Not applicable for the Fund.
(I) OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (in 000s) (Note 3)
Not applicable for the Fund.
12
TD Emerald Canadian Short Term Investment Fund
TD Emerald Funds
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF COMPREHENSIVE INCOME
(in 000s except per unit amounts and number of units)
as at December 31, 2015 and 2014
(in 000s except per unit amounts and number of units)
for the periods ended December 31, 2015 and 2014
December 31,
2015
Assets
Current Assets
Investments (Note 3)
Reverse Repurchase Agreements (Note 3)
Cash
Interest Receivable
Subscriptions Receivable
$
1,450,741
29,423
120
3,304
321
December 31,
2014
$
1,754,219
1,483,909
$
Net Gain (Loss) on Investments
Liabilities
Current Liabilities
Accrued Liabilities
Redemptions Payable
Distributions Payable
Net Assets Attributable to
Holders of Redeemable
Units (Note 3)
Number of Redeemable Units
Outstanding
Net Assets Attributable to
Holders of Redeemable
Units – Per Unit (Note 3)
1,672,727
79,088
177
2,041
186
Total Income (Net)
$
61
2,374
61
7
1,726
92
2,496
1,825
1,481,413
$
150,487,856
$
9.84
1,752,394
177,291,922
$
9.88
2014
2015
Income
Securities Lending Income
Net Gain (Loss) on Investments
Interest for Distribution Purposes
Income from Reverse Repurchase
Agreements
Net Realized Gain (Loss)
Net Change in Unrealized
Appreciation (Depreciation)
13
$
48
24,071
24,049
102
(5,127)
121
(3,811)
(1,280)
(2,036)
17,766
18,323
17,779
18,371
Expenses (Note 6)
Securityholder Reporting Costs
Custodial Fees
Legal Fees
Filing Fees
Audit Fees
Independent Review Committee Fees
243
21
5
378
18
1
250
23
1
322
16
1
Total Expenses before Waivers
Less: Waived Expenses
666
0
613
0
Total Expenses (Net)
666
613
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units before Tax
17,113
17,758
Tax Reclaims (Withholding Taxes)
0
0
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Weighted Average Units
Outstanding for the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units – Per Unit (Note 3) $
17,113
$
171,092,050
0.10
17,758
152,319,823
$
The accompanying notes are an integral part of the financial statements.
0.12
13
TD Emerald Canadian Short Term Investment Fund
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE
TO HOLDERS OF REDEEMABLE UNITS
TD Emerald Funds
STATEMENTS OF CASH FLOWS
(in 000s)
for the periods ended December 31, 2015 and 2014
(in 000s except number of units)
for the periods ended December 31, 2015 and 2014
2014
2015
2015
Net Assets Attributable to Holders
of Redeemable Units at
Beginning of the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Distributions to Holders of
Redeemable Units
From Net Investment Income
From Net Realized Gains on Investments
Redeemable Unit Transactions
Proceeds from Redeemable Units Issued
Reinvestments of Distributions to
Holders of Redeemable Units
Redemption of Redeemable Units
Net Increase (Decrease) from
Redeemable Unit Transactions
Redeemable Unit Transactions
Redeemable Units Outstanding,
Beginning of the Period
Redeemable Units Issued
Redeemable Units Issued
on Reinvestments
Redeemable Units Redeemed
Redeemable Units Outstanding,
End of the Period
$
17,758
(23,861)
0
(23,265)
0
(23,861)
(23,265)
2,008,405
2,004,181
22,571
(2,295,209)
22,020
(1,463,455)
562,746
(270,981)
$
1,195,155
17,113
(264,233)
Net Increase (Decrease) in Net
Assets Attributable to Holders
of Redeemable Units
Net Assets Attributable to Holders
of Redeemable Units at
End of the Period
1,752,394
2014
1,481,413
557,239
$
1,752,394
177,291,922
203,433,919
120,488,098
202,364,059
2,287,352
(232,525,337)
2,225,075
(147,785,310)
150,487,856
177,291,922
Cash Flows from (used in) Operating Activities
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Adjustment For:
Net Realized (Gain) Loss on Sale
of Investments
Net Change in Unrealized
(Appreciation) Depreciation
of Investments
Purchase of Investments
Proceeds from Sale and/or
Maturity of Investments
(Increase) Decrease in Interest Receivable
Increase (Decrease) in Accrued Liabilities
Net Cash from (used in)
Operating Activities
Cash Flows from (used in) Financing Activities
Distributions Paid to Holders of
Redeemable Units, Net of
Reinvested Distributions
Proceeds from Issuance of
Redeemable Units
Amounts Paid on Redemption of
Redeemable Units, Net
of Redemption Fees
Net Cash from (used in)
Financing Activities
Net Increase (Decrease) in Cash
Cash (Bank Overdraft) at
Beginning of the Period
Cash (Bank Overdraft) at
End of the Period
Interest for Distribution Purposes Received*,
Net of Withholding Taxes
$
17,113
The accompanying notes are an integral part of the financial statements.
17,758
5,127
3,811
1,280
(8,656,010)
2,036
(7,893,738)
8,921,254
(1,263)
54
7,330,638
(1,029)
(35)
287,555
(540,559)
(1,321)
(1,199)
2,008,270
2,005,315
(2,294,561)
(1,463,508)
(287,612)
540,608
(57)
49
177
128
120
22,909
* Included as part of Cash Flows from (used in) Operating Activities.
14
$
$
177
23,020
TD Emerald Funds
TD Emerald Canadian Short Term Investment Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
SHORT-TERM INVESTMENTS – 97.9%
FEDERAL & GUARANTEES – 1.0%
15,000,000
PSP Capital Inc.
2.26% due February 16, 2017
$
15,238 $
15,240
PROVINCIAL & GUARANTEES – 2.4%
5,000,000
10,000,000
10,000,000
Ontario Teachers’ Finance Trust
0.73% due January 22, 2016
0.75% due March 01, 2016
0.78% due April 22, 2016
10,000,000
Province of Ontario Treasury Bill
0.70% due March 30, 2016
4,998
9,988
9,976
4,998
9,987
9,976
9,983
34,945
9,984
34,945
4,998
29,404
10,242
20,361
4,975
4,971
4,998
28,926
10,160
20,225
4,975
4,975
CORPORATE – 94.5%
5,000,000
28,814,000
10,051,000
20,000,000
5,000,000
5,000,000
Bank of Montreal
0.68% due January 20, 2016
3.103% due March 10, 2016
3.49% due June 10, 2016
2.96% due August 02, 2016
0.83% due August 09, 2016
0.77% due September 29, 2016
32,000,000
32,300,000
25,145,000
7,500,000
The Bank of Nova Scotia
3.61% due February 22, 2016
1.80% due May 09, 2016
2.10% due November 08, 2016
2.74% due December 01, 2016
32,746
32,546
25,419
7,622
32,108
32,396
25,360
7,612
10,000,000
2,500,000
22,000,000
4,000,000
9,000,000
6,000,000
5,000,000
6,000,000
6,000,000
6,000,000
5,000,000
Bay Street Funding Trust
0.76% due January 08, 2016
0.76% due January 18, 2016
0.77% due January 26, 2016
0.79% due February 10, 2016
0.77% due February 19, 2016
0.75% due March 09, 2016
0.77% due March 23, 2016
0.81% due April 04, 2016
0.80% due April 19, 2016
0.95% due June 28, 2016
0.92% due November 01, 2016
9,999
2,499
21,988
3,996
8,991
5,992
4,991
5,987
5,986
5,972
4,962
9,998
2,499
21,987
3,996
8,990
5,991
4,990
5,987
5,985
5,974
4,961
25,000,000
25,000,000
Caisse centrale Desjardins
0.71% due January 20, 2016
2.281% due October 17, 2016
24,991
25,297
24,990
25,231
15,300,000
17,100,000
18,000,000
5,000,000
5,000,000
7,000,000
20,000,000
5,000,000
10,000,000
Canadian Imperial Bank of Commerce
1.06% due January 06, 2016
3.40% due January 14, 2016
0.64% due January 29, 2016
0.71% due February 16, 2016
0.74% due April 07, 2016
0.76% due May 06, 2016
1.75% due June 01, 2016
0.90% due July 07, 2016
0.75% due August 16, 2016
15,298
17,438
17,991
4,995
4,990
6,982
20,125
4,977
9,953
15,296
17,107
17,989
4,995
4,990
6,981
20,065
4,979
9,949
5,000,000
4,000,000
6,000,000
7,150,000
6,000,000
9,500,000
3,100,000
6,000,000
4,000,000
11,000,000
Canadian Master Trust
0.73% due January 08, 2016
0.72% due January 15, 2016
0.74% due January 27, 2016
0.96% due January 29, 2016
0.75% due February 04, 2016
0.75% due February 18, 2016
0.75% due February 26, 2016
1.03% due March 22, 2016
0.78% due March 24, 2016
0.78% due March 29, 2016
4,999
3,999
5,997
7,145
5,996
9,491
3,096
5,986
3,993
10,979
4,999
3,999
5,996
7,145
5,995
9,489
3,096
5,989
3,992
10,977
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
10,000,000
6,000,000
4,000,000
0.77% due April 15, 2016
0.77% due April 18, 2016
0.83% due May 02, 2016
21,874,000
22,200,000
GE Capital Canada Funding Company
5.10% due June 01, 2016
3.35% due November 23, 2016
22,655
22,774
22,234
22,648
10,000,000
23,000,000
30,000,000
5,000,000
Imperial Oil Limited
0.76% due January 12, 2016
0.74% due January 14, 2016
0.74% due January 19, 2016
0.81% due February 11, 2016
9,998
22,994
29,989
4,995
9,998
22,993
29,988
4,996
29,200,000
4,900,000
13,500,000
20,000,000
National Bank of Canada
2.05% due January 11, 2016
0.72% due January 12, 2016
3.58% due April 26, 2016
2.702% due December 15, 2016
29,376
4,899
13,887
20,357
29,202
4,899
13,607
20,296
8,000,000
27,040,000
10,253,000
18,500,000
OMERS Finance Trust
0.68% due January 05, 2016
0.71% due January 21, 2016
0.71% due January 25, 2016
0.79% due March 22, 2016
7,999
27,029
10,248
18,468
7,999
27,028
10,248
18,468
4,500,000
8,000,000
9,000,000
7,800,000
6,000,000
4,600,000
5,000,000
11,000,000
5,000,000
12,300,000
Plaza Trust
0.90% due January 07, 2016
0.82% due January 08, 2016
0.75% due January 13, 2016
0.71% due January 20, 2016
0.76% due January 21, 2016
0.95% due January 22, 2016
0.80% due February 24, 2016
0.75% due March 08, 2016
0.82% due March 31, 2016
0.93% due September 20, 2016
4,499
7,999
8,998
7,797
5,997
4,597
4,994
10,985
4,990
12,218
4,499
7,999
8,997
7,796
5,997
4,598
4,994
10,983
4,989
12,219
22,000,000
5,000,000
7,000,000
11,300,000
9,000,000
5,000,000
12,000,000
4,000,000
6,400,000
Ridge Trust
0.73% due January 19, 2016
0.75% due January 22, 2016
1.05% due January 27, 2016
0.80% due February 02, 2016
0.77% due March 03, 2016
0.78% due March 21, 2016
0.78% due March 28, 2016
0.80% due April 05, 2016
0.86% due April 14, 2016
21,992
4,998
6,995
11,292
8,988
4,991
11,978
3,992
6,384
21,991
4,998
6,996
11,292
8,987
4,991
11,976
3,991
6,384
20,000,000
14,000,000
15,000,000
10,000,000
22,464,000
20,000,000
8,900,000
Royal Bank of Canada
0.84% due March 21, 2016
0.84% due March 31, 2016
1.04% due May 05, 2016
0.80% due May 10, 2016
2.07% due June 17, 2016
3.03% due July 26, 2016
3.66% due January 25, 2017
19,963
13,971
14,947
9,972
22,670
20,322
9,156
19,965
13,973
14,961
9,970
22,573
20,227
9,134
6,000,000
4,000,000
5,000,000
14,000,000
6,500,000
10,000,000
3,000,000
5,000,000
7,000,000
14,000,000
7,000,000
SAFE Trust
0.78% due February 02, 2016
0.75% due March 01, 2016
0.82% due March 11, 2016
0.86% due March 18, 2016
0.81% due April 13, 2016
0.85% due April 14, 2016
0.98% due May 03, 2016
0.83% due May 10, 2016
0.85% due June 07, 2016
0.93% due June 29, 2016
0.80% due August 31, 2016
5,996
3,995
4,992
13,975
6,485
9,976
2,990
4,985
6,974
13,936
6,963
5,995
3,994
4,992
13,975
6,484
9,976
2,991
4,985
6,973
13,939
6,958
$
9,978 $
5,986
3,989
FAIR VALUE
9,975
5,985
3,988
15
TD Emerald Canadian Short Term Investment Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
5,000,000
4,000,000
4,500,000
8,000,000
2,000,000
10,500,000
4,000,000
9,000,000
7,000,000
5,000,000
5,000,000
6,500,000
10,000,000
SOUND Trust
0.80% due January 14, 2016
0.76% due January 18, 2016
0.78% due February 03, 2016
0.80% due February 05, 2016
0.78% due February 08, 2016
0.78% due February 11, 2016
0.86% due March 18, 2016
0.98% due May 03, 2016
0.83% due May 18, 2016
0.78% due June 02, 2016
0.78% due June 20, 2016
0.79% due June 27, 2016
0.80% due August 31, 2016
10,000,000
14,000,000
900,000
7,000,000
7,500,000
17,900,000
5,500,000
8,000,000
10,000,000
FAIR VALUE
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
REVERSE REPURCHASE AGREEMENTS – 2.0%º
4,999 $
3,999
4,497
7,994
1,998
10,491
3,993
8,971
6,978
4,984
4,982
6,475
9,947
4,998
3,998
4,496
7,993
1,998
10,490
3,993
8,974
6,977
4,982
4,979
6,472
9,939
Storm King Funding
0.77% due January 06, 2016
0.78% due February 01, 2016
0.78% due February 18, 2016
0.78% due February 23, 2016
0.76% due February 29, 2016
0.75% due March 02, 2016
0.81% due March 03, 2016
0.81% due April 20, 2016
0.86% due July 29, 2016
9,999
13,991
899
6,992
7,491
17,878
5,492
7,981
9,951
9,999
13,990
899
6,991
7,490
17,875
5,492
7,979
9,948
30,892,000
The Toronto-Dominion Bank*
2.948% due August 02, 2016
31,500
31,239
5,000,000
4,000,000
20,949,000
10,000,000
10,800,000
12,400,000
Toyota Credit Canada Inc.
0.65% due January 05, 2016
0.65% due January 06, 2016
3.55% due February 22, 2016
0.73% due March 22, 2016
0.75% due April 01, 2016
0.75% due April 11, 2016
5,000
4,000
21,262
9,984
10,780
12,374
4,999
3,999
21,015
9,981
10,777
12,371
10,000,000
5,000,000
5,000,000
5,300,000
7,000,000
5,000,000
5,000,000
8,000,000
16,500,000
Wells Fargo Financial Canada Corporation
0.93% due February 09, 2016
0.67% due February 11, 2016
0.76% due March 09, 2016
0.77% due March 15, 2016
0.78% due May 04, 2016
0.78% due May 05, 2016
0.95% due May 12, 2016
0.80% due August 02, 2016
0.71% due August 05, 2016
9,990
4,996
4,993
5,292
6,981
4,987
4,983
7,963
16,431
1,404,436
9,991
4,995
4,992
5,291
6,979
4,985
4,984
7,958
16,412
1,400,556
1,454,619
1,450,741
Total Short-Term Investments
16
COST
$
FEDERAL – 2.0%
29,800,000
Government of Canada Reverse Repurchase
Agreement dated December 31, 2015
$
0.48% due January 04, 2016
29,423 $
29,423
TOTAL INVESTMENT
PORTFOLIO – 99.9%
1,484,042
1,480,164
OTHER NET ASSETS
(LIABILITIES) – 0.1%
1,249
1,249
$
TOTAL NET ASSETS – 100.0%
1,485,291 $
1,481,413
* Related party to the Fund as an affiliated entity of TD Asset Management Inc.
º Reverse Repurchase Agreements
At period end, reverse repurchase agreements with details were as follows:
Type of Securities
Received
Government of Canada
0.48% due January 04, 2016
Amount Paid
by Fund
$
29,423
Market Value
of Collateral
$
30,089
TD Emerald Funds
TD Emerald Canadian Short Term Investment Fund
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(A) THE FUND (Note 1)
(V) Financial Instruments by the Level in the Fair Value Hierarchy (in 000s)
The table below illustrates the classification of the Fund’s financial instruments within
the fair value hierarchy as at December 31, 2015 and 2014.
(I) The Fund start date was July 04, 1991.
(II) TDAM is the trustee, manager, portfolio adviser and promoter of the Fund.
(III) The presentation and functional currency of the Fund is the Canadian dollar.
(IV) The investment objective is to earn a high rate of interest income and at the same
time preserve capital and maintain liquidity. The Fund invests in money market instruments,
such as treasury bills of Canadian governments, bankers’ acceptances of Canadian
chartered banks and commercial paper of Canadian corporations.
(B) MANAGEMENT FEES (Note 6)
December 31, 2014
Short-Term Investments
Reverse Repurchase
Agreements
Not applicable for the Fund.
(C) BROKERAGE COMMISSIONS AND SOFT DOLLARS (in 000s)
for the periods ended December 31, 2015 and 2014 (Notes 3 and 6)
$
Non-Capital Losses (by year of expiry)
None
0
$ 1,450,741
Level 3
Total
0
$ 1,450,741
$
0
29,423
0
29,423
$
0
$ 1,480,164
$
0
$ 1,480,164
$
0
$ 1,672,727
$
0
$ 1,672,727
0
79,088
0
$ 1,751,815
$
0
79,088
0
$ 1,751,815
(VII) Contractual Maturities Analysis for Financial Liabilities
As at December 31, 2015 and 2014, the Fund’s net assets are due on demand. All other
financial liabilities of the Fund are due in less than three months.
(E) SECURITIES LENDING AND COLLATERAL HELD (in 000s)
as at December 31, 2015 and 2014 (Note 3)
December 31,
2015
0
Fair Value of Collateral Held
Level 2
(VI) Reconciliation of Level 3 Fair Value Measurements (in 000s)
Not applicable for the Fund.
20,966
$
Level 1
During the periods, transfers between Level 1 and Level 2 were nil.
(D) TAX LOSS CARRY FORWARDS (in 000s)
as at December 31, 2015 (Note 7)
Fair Value of Securities Lent
$
$
Not applicable for the Fund.
Capital Losses
December 31, 2015
Short-Term Investments
Reverse Repurchase
Agreements
(G) INVESTMENT PORTFOLIO CONCENTRATION (%)
December 31,
2014
$
0
As at December 31, 2015 and 2014, the Fund’s investment portfolio concentration can
be summarized as follows:
38,555
40,648
Collateral held is in the form of debt obligations of the Government of Canada
and other countries, Canadian provincial and municipal governments or corporations
and is not included in the Statements of Financial Position.
(F) FINANCIAL RISK MANAGEMENT (Notes 3, 4 and 8)
(I) Interest Rate Risk
Not significant to the Fund.
Short-Term Investments
Federal & Guarantees
Provincial & Guarantees
Corporate
Other Net Assets (Liabilities)
December 31,
2015
December 31,
2014
3.0
2.4
94.5
0.1
9.7
0.2
90.1
0.0
100.0
100.0
(II) Currency Risk
Not applicable for the Fund.
(H) INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES (Note 3)
(III) Other Price Risk
Not significant to the Fund.
(I) OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (in 000s) (Note 3)
Not applicable for the Fund.
Not applicable for the Fund.
(IV) Credit Risk
The table below summarizes the debt instruments by credit ratings as at December 31,
2015 and 2014.
Percentage of
Total Debt Instruments (%)
Percentage of
Total Net Assets (%)
Credit
Rating*
December 31,
2015
December 31,
2014
December 31,
2015
December 31,
2014
R-1 High
R-1 Mid
R-1 Low
65.35
31.62
3.03
66.39
15.23
18.38
65.29
31.60
3.03
66.37
15.22
18.38
100.00
100.00
99.92
99.97
Total
* Credit ratings are obtained from Standard & Poor’s, Moody’s or DBRS rating agencies.
17
TD Emerald Canadian Bond Index Fund
TD Emerald Funds
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF COMPREHENSIVE INCOME
(in 000s except per unit amounts and number of units)
as at December 31, 2015 and 2014
(in 000s except per unit amounts and number of units)
for the periods ended December 31, 2015 and 2014
December 31,
2015
Assets
Current Assets
Investments (Note 3)
Cash
Interest Receivable
Subscriptions Receivable
Receivable for Investments Sold
$
4,738,348
171
26,322
6,593
0
December 31,
2014
$
5,020,406
4,771,434
Liabilities
Current Liabilities
Accrued Liabilities
Redemptions Payable
Distributions Payable
Payable for Investments Purchased
Net Assets Attributable to
Holders of Redeemable
Units (Note 3)
Number of Redeemable Units
Outstanding
Net Assets Attributable to
Holders of Redeemable
Units – Per Unit (Note 3)
18
$
54
1,606
553
2,170
44
4,296
678
4,542
4,383
9,560
4,767,051
$
364,398,665
$
4,984,904
188
29,131
6,183
0
13.08
5,010,846
383,657,546
$
The accompanying notes are an integral part of the financial statements.
13.06
2014
2015
Income
Securities Lending Income
Net Gain (Loss) on Investments
Interest for Distribution Purposes
Net Realized Gain (Loss)
Net Change in Unrealized
Appreciation (Depreciation)
$
839
$
967
162,085
45,579
178,106
15,679
(35,286)
233,999
Net Gain (Loss) on Investments
Total Income (Net)
172,378
173,217
427,784
428,751
Expenses (Note 6)
Securityholder Reporting Costs
Custodial Fees
Filing Fees
Legal Fees
Audit Fees
Independent Review Committee Fees
577
56
49
5
18
1
594
70
96
1
16
1
Total Expenses before Waivers
Less: Waived Expenses
706
0
778
0
Total Expenses (Net)
706
778
172,511
0
427,973
0
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units before Tax
Tax Reclaims (Withholding Taxes)
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Weighted Average Units
Outstanding for the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units – Per Unit (Note 3) $
172,511
$
372,320,022
0.46
427,973
399,034,198
$
1.07
TD Emerald Funds
TD Emerald Canadian Bond Index Fund
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE
TO HOLDERS OF REDEEMABLE UNITS
STATEMENTS OF CASH FLOWS
(in 000s)
for the periods ended December 31, 2015 and 2014
(in 000s except number of units)
for the periods ended December 31, 2015 and 2014
2014
2015
2015
Net Assets Attributable to Holders
of Redeemable Units at Beginning
of the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Distributions to Holders of
Redeemable Units
From Net Investment Income
From Net Realized Gains on Investments
5,010,846
2014
$
5,188,589
172,511
427,973
(162,839)
0
(180,008)
0
(162,839)
(180,008)
441,221
510,552
Redeemable Unit Transactions
Proceeds from Redeemable Units Issued
Reinvestments of Distributions to
Holders of Redeemable Units
Early Redemption Fees on
Redeemable Units
Redemption of Redeemable Units
152,648
167,013
0
(847,336)
0
(1,103,273)
Net Increase (Decrease) from
Redeemable Unit Transactions
(253,467)
(425,708)
Net Increase (Decrease) in Net
Assets Attributable to Holders
of Redeemable Units
Net Assets Attributable to Holders
of Redeemable Units at End
of the Period
$
Redeemable Unit Transactions
Redeemable Units Outstanding,
Beginning of the Period
Redeemable Units Issued
Redeemable Units Issued on Reinvestments
Redeemable Units Redeemed
Redeemable Units Outstanding,
End of the Period
(243,795)
4,767,051
383,657,546
33,281,757
11,522,217
(64,062,855)
364,398,665
(177,743)
$
5,010,846
417,019,762
39,895,795
13,040,957
(86,298,968)
383,657,546
Cash Flows from (used in) Operating Activities
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Adjustment for:
Net Realized (Gain) Loss on Sale
of Investments and Derivatives
Net Change in Unrealized
(Appreciation) Depreciation
of Investments
Purchase of Investments
Proceeds from Sale and/or
Maturity of Investments
(Increase) Decrease in Interest Receivable
Increase (Decrease) in Accrued Liabilities
Net Cash from (used in)
Operating Activities
172,511
$
427,973
(45,579)
(15,679)
35,286
(3,408,966)
(233,999)
(3,525,635)
3,663,443
2,809
10
3,930,202
2,103
(40)
419,514
584,925
(10,316)
(13,026)
Cash Flows from (used in) Financing Activities
Distributions Paid to Holders of
Redeemable Units, Net of
Reinvested Distributions
Proceeds from Issuances of
Redeemable Units
Amounts Paid on Redemption of
Redeemable Units, Net of
Redemption Fees
440,811
531,430
(850,026)
(1,103,308)
Net Cash from (used in)
Financing Activities
(419,531)
(584,904)
(17)
21
188
167
Net Increase (Decrease) in Cash
Cash (Bank Overdraft) at
Beginning of the Period
Cash (Bank Overdraft) at
End of the Period
Interest for Distribution Purposes Received*,
Net of Withholding Taxes
$
171
164,894
$
188
180,209
* Included as part of Cash Flows from (used in) Operating Activities.
The accompanying notes are an integral part of the financial statements.
19
TD Emerald Canadian Bond Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
CANADIAN BONDS – 99.0%
FEDERAL BONDS & GUARANTEES – 35.8%
3,450,047
Broadcast Centre Trust
7.53% due May 01, 2027
3,640,000
2,640,000
Business Development Bank of Canada
4.75% due July 26, 2021
4.35% due February 28, 2022
4,065 $
4,596
3,761
2,640
4,294
3,094
44,862
44,753
21,892
22,556
38,113
35,870
36,035
39,427
17,775
17,719
17,185
16,378
16,982
21,445
29,724
29,823
30,655
9,070
17,663
24,164
19,871
6,784
6,570
45,441
45,658
22,411
23,272
39,532
36,588
37,215
40,548
19,571
17,775
17,404
16,398
16,991
23,822
32,220
31,520
32,249
9,513
19,419
25,804
20,329
6,754
6,708
3,096,000
Canada Mortgage and Housing Corporation
4.35% due February 01, 2017
3,090
3,219
2,194,000
2,707,000
Canada Post Corporation
4.08% due July 16, 2025
4.36% due July 16, 2040
2,214
2,711
2,601
3,507
419
494
62,488
44,559
25,471
39,884
8,339
29,676
9,955
18,039
27,108
29,894
19,077
28,233
56,495
30,581
30,879
61,110
30,072
42,028
690
11,723
40,095
11,280
36,452
27,059
62,537
44,609
25,475
37,794
8,299
29,904
9,958
17,982
27,692
29,484
19,458
28,855
56,625
30,782
31,130
61,170
30,211
42,494
675
11,984
42,951
11,598
37,474
27,312
44,525,000
44,795,000
21,902,000
22,584,000
37,916,000
33,465,000
36,031,000
39,160,000
17,670,000
17,747,000
17,194,000
16,412,000
17,006,000
21,668,000
28,580,000
29,492,000
30,679,000
9,110,000
17,625,000
23,841,000
19,357,000
6,814,000
6,590,000
418,692
61,856,000
44,089,000
25,550,000
36,019,000
8,200,000
29,410,000
10,000,000
17,700,000
27,240,000
27,056,000
19,078,000
27,800,000
51,126,000
29,554,000
30,067,000
54,474,000
30,181,000
37,734,000
459,000
10,831,000
41,973,000
7,804,000
34,164,000
25,404,000
20
$
Canada Housing Trust No. 1
2.05% due June 15, 2017
1.70% due December 15, 2017
1.75% due June 15, 2018
2.05% due June 15, 2018
2.35% due December 15, 2018
4.10% due December 15, 2018
1.95% due June 15, 2019
2.00% due December 15, 2019
3.75% due March 15, 2020
1.20% due June 15, 2020
1.45% due June 15, 2020
1.25% due December 15, 2020
1.25% due December 15, 2020
3.35% due December 15, 2020
3.80% due June 15, 2021
2.65% due March 15, 2022
2.40% due December 15, 2022
2.35% due September 15, 2023
3.15% due September 15, 2023
2.90% due June 15, 2024
2.55% due March 15, 2025
1.95% due December 15, 2025
2.25% due December 15, 2025
CBC Monetization Trust
4.688% due May 15, 2027
Government of Canada
1.50% due February 01, 2017
1.50% due March 01, 2017
0.25% due May 01, 2017
4.00% due June 01, 2017
1.25% due August 01, 2017
1.50% due September 01, 2017
0.25% due November 01, 2017
1.25% due February 01, 2018
1.25% due March 01, 2018
4.25% due June 01, 2018
1.25% due September 01, 2018
1.75% due March 01, 2019
3.75% due June 01, 2019
1.75% due September 01, 2019
1.50% due March 01, 2020
3.50% due June 01, 2020
0.75% due September 01, 2020
3.25% due June 01, 2021
9.75% due June 01, 2021
2.75% due June 01, 2022
1.50% due June 01, 2023
8.00% due June 01, 2023
2.50% due June 01, 2024
2.25% due June 01, 2025
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
14,158 $
12,824
18,832
41,786
50,267
45,767
58,681
70,554
9,077
11,053
FAIR VALUE
8,982,000
12,925,000
12,625,500
29,011,000
35,278,000
34,800,000
45,000,000
55,505,000
8,500,000
11,093,000
9.00% due June 01, 2025
1.50% due June 01, 2026
8.00% due June 01, 2027
5.75% due June 01, 2029
5.75% due June 01, 2033
5.00% due June 01, 2037
4.00% due June 01, 2041
3.50% due December 01, 2045
2.75% due December 01, 2048
2.75% due December 01, 2064
5,120,000
Maritime Link Financing Trust
3.50% due December 01, 2052
5,103
5,708
1,304,000
473,000
1,882,000
PSP Capital Inc.
2.26% due February 16, 2017
3.03% due October 22, 2020
3.29% due April 04, 2024
1,304
473
1,925
1,325
507
2,032
5,708,268
Royal Office Finance LP
5.209% due November 12, 2032
5,716
1,652,923
7,109
1,706,104
$
15,024
12,893
21,012
42,671
54,553
51,917
61,131
71,988
9,641
13,193
PROVINCIAL BONDS & GUARANTEES – 33.8%
901,000
1,679,000
Alberta Capital Finance Authority
4.65% due June 15, 2017
4.45% due December 15, 2025
922
1,670
952
1,967
9,764,000
7,253,000
8,904,000
9,055,000
Financement-Quebec
3.50% due December 01, 2017
2.40% due December 01, 2018
2.45% due December 01, 2019
5.25% due June 01, 2034
9,853
7,212
8,896
9,935
10,260
7,538
9,306
11,644
6,886,000
1,349,000
1,237,000
6,210,000
5,857,000
4,974,000
3,082,000
5,625,000
6,815,000
2,971,000
5,791,000
6,527,000
2,820,000
1,685,000
4,645,000
1,227,000
1,111,000
1,326,000
Hydro One Inc.
5.18% due October 18, 2017
2.78% due October 09, 2018
1.62% due April 30, 2020
4.40% due June 01, 2020
3.20% due January 13, 2022
7.35% due June 03, 2030
6.93% due June 01, 2032
6.35% due January 31, 2034
5.36% due May 20, 2036
4.89% due March 13, 2037
6.03% due March 03, 2039
5.49% due July 16, 2040
4.39% due September 26, 2041
Callable 4.59% due October 09, 2043
Callable 4.17% due June 06, 2044
5.00% due October 19, 2046
4.00% due December 22, 2051
3.79% due July 31, 2062
7,273
1,349
1,237
6,691
5,855
6,619
3,662
6,908
6,847
2,651
6,319
7,809
3,028
1,691
4,832
1,335
1,111
1,322
7,360
1,400
1,239
6,941
6,254
7,026
4,270
7,462
8,196
3,380
7,581
8,069
3,026
1,863
4,817
1,440
1,102
1,259
11,335
872
2,184
719
4,356
9,722
10,758
6,934
13,915
1,500
10,095
838
2,375
920
5,158
11,737
13,488
8,974
15,785
1,625
2,204
1,974
4,579
2,502
2,341
5,545
7,074,000
565,000
1,610,000
668,000
3,520,000
7,962,000
9,259,000
6,747,000
11,583,000
1,388,000
2,164,000
1,931,000
4,504,000
Hydro-Quebec
11.00% due August 15, 2020
10.50% due October 15, 2021
9.625% due July 15, 2022
6.00% due August 15, 2031
6.50% due January 16, 2035
6.50% due February 15, 2035
6.00% due February 15, 2040
5.00% due February 15, 2045
5.00% due February 15, 2050
4.00% due February 15, 2055
Labrador-Island Link Funding Trust
3.76% due June 01, 2033
3.86% due December 01, 2045
3.85% due December 01, 2053
TD Emerald Funds
TD Emerald Canadian Bond Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
1,770,000
2,333,000
4,601,000
Muskrat Falls / Labrador Transmission
Assets Funding Trust
$
3.63% due June 01, 2029
3.83% due June 01, 2037
3.86% due December 01, 2048
1,800 $
2,381
4,700
2,016
2,719
5,636
898,000
1,497,000
11,000
746,000
Newfoundland and Labrador Hydro
10.25% due July 14, 2017
8.40% due February 27, 2026
5.70% due July 14, 2033
3.60% due December 01, 2045
1,222
2,066
11
740
1,026
2,261
14
760
1,368,000
1,135,000
2,316,000
2,774,000
2,751,000
128,000
1,771,000
1,229,000
Ontario Electricity Financial Corporation
10.00% due February 06, 2020
11.00% due October 01, 2020
10.75% due August 06, 2021
10.125% due October 15, 2021
8.90% due August 18, 2022
8.50% due May 26, 2025
9.00% due May 26, 2025
8.25% due June 22, 2026
2,058
1,777
3,697
4,302
3,830
160
2,385
1,646
1,837
1,630
3,435
4,064
3,940
193
2,744
1,866
2,081,000
Ontario Infrastructure Projects Corporation
4.70% due June 01, 2037
2,082
2,452
3,853,000
1,291,091
2,305,453
1,188,158
2,544,795
2,331,109
1,385,631
1,096,547
2,151,156
Ontario School Boards Financing Corporation
5.70% due October 11, 2017
7.20% due June 09, 2025
6.55% due October 19, 2026
5.90% due October 11, 2027
5.80% due November 07, 2028
5.483% due November 26, 2029
4.789% due August 08, 2030
5.07% due April 18, 2031
5.376% due June 25, 2032
3,989
1,579
2,784
1,239
2,696
2,340
1,381
1,095
2,162
4,170
1,625
2,862
1,439
3,097
2,817
1,524
1,282
2,572
772
747
568
782
780
595
789,000
748,000
568,000
OPB Finance Trust
1.88% due February 24, 2022
2.90% due May 24, 2023
3.89% due July 04, 2042
4,051,000
2,588,000
2,180,000
2,064,000
3,524,000
10,199,000
7,525,000
1,882,000
1,782,000
8,703,000
5,706,000
4,738,000
2,927,000
2,170,000
10,366,000
1,258,000
Province of Alberta
1.75% due June 15, 2017
1.70% due December 15, 2017
1.60% due June 15, 2018
2.00% due June 01, 2019
4.00% due December 01, 2019
1.25% due June 01, 2020
2.55% due December 15, 2022
3.40% due December 01, 2023
3.10% due June 01, 2024
2.35% due June 01, 2025
2.90% due September 20, 2029
3.50% due June 01, 2031
3.90% due December 01, 2033
4.50% due December 01, 2040
3.45% due December 01, 2043
3.30% due December 01, 2046
4,049
2,572
2,132
2,063
3,682
10,121
7,460
1,876
1,779
8,756
5,353
4,758
2,897
2,151
10,199
1,258
4,112
2,633
2,218
2,125
3,896
10,157
7,830
2,057
1,904
8,685
5,727
5,019
3,232
2,623
10,693
1,267
2,255,000
1,936,000
7,668,000
1,079,000
2,223,000
1,522,000
1,487,000
3,368,000
3,150,000
2,334,000
Province of British Columbia
4.70% due December 01, 2017
5.60% due June 01, 2018
4.65% due December 18, 2018
2.25% due March 01, 2019
5.30% due June 17, 2019
4.10% due December 18, 2019
10.60% due September 05, 2020
3.70% due December 18, 2020
9.95% due May 15, 2021
4.80% due June 15, 2021
2,288
2,087
8,399
1,080
2,311
1,622
2,223
3,356
4,770
2,393
2,423
2,153
8,491
1,121
2,539
1,693
2,103
3,745
4,510
2,729
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
3,000,000
121,000
1,462,000
259,000
2,284,000
5,550,000
974,000
7,433,000
1,999,000
1,947,000
1,237,000
2,541,000
2,766,000
6,533,000
6,696,000
11,482,000
9,389,000
6,171,000
3.25% due December 18, 2021
9.50% due June 09, 2022
8.75% due August 19, 2022
2.70% due December 18, 2022
8.00% due September 08, 2023
3.30% due December 18, 2023
9.00% due August 23, 2024
2.85% due June 18, 2025
6.15% due November 19, 2027
5.62% due August 17, 2028
5.70% due June 18, 2029
6.35% due June 18, 2031
5.40% due June 18, 2035
4.70% due June 18, 2037
4.95% due June 18, 2040
4.30% due June 18, 2042
3.20% due June 18, 2044
2.80% due June 16, 2048
712,000
1,909,000
1,915,000
302,000
1,739,000
5,197,000
861,000
1,122,000
2,674,000
1,875,000
2,551,000
3,970,000
3,205,000
1,792,000
297,000
1,730,000
2,210,000
4,293,000
4,203,000
2,033,000
1,835,000
1,954,000
3,233,000
3,859,000
1,101,000
1,751,000
Province of Manitoba
1.85% due June 01, 2017
4.70% due September 22, 2017
6.50% due September 22, 2017
4.25% due March 05, 2018
5.50% due November 15, 2018
4.75% due February 11, 2020
4.15% due June 03, 2020
1.60% due September 05, 2020
3.85% due December 01, 2021
2.55% due June 02, 2023
3.30% due June 02, 2024
2.45% due June 02, 2025
4.40% due September 05, 2025
7.75% due December 22, 2025
3.25% due September 05, 2029
10.50% due March 05, 2031
5.70% due March 05, 2037
4.60% due March 05, 2038
4.65% due March 05, 2040
4.10% due March 05, 2041
4.40% due March 05, 2042
3.35% due March 05, 2043
4.05% due September 05, 2045
2.85% due September 05, 2046
4.70% due March 05, 2050
3.15% due September 05, 2052
711
1,984
2,114
301
1,970
5,563
883
1,119
2,811
1,774
2,584
3,950
3,210
2,332
280
2,719
2,586
4,142
4,049
1,992
1,830
1,781
3,393
3,689
1,104
1,498
724
2,036
2,101
324
1,959
5,910
963
1,131
2,991
1,936
2,753
3,974
3,723
2,601
308
3,275
3,007
5,136
5,092
2,283
2,160
1,944
3,645
3,481
1,392
1,669
2,031,000
2,004,000
2,806,000
2,575,000
3,515,000
3,186,000
2,770,000
2,565,000
2,925,000
1,188,000
2,818,000
2,639,000
4,882,000
2,741,000
3,000,000
4,176,000
1,233,000
Province of New Brunswick
6.75% due June 27, 2017
6.00% due December 27, 2017
4.45% due March 26, 2018
4.40% due June 03, 2019
4.50% due June 02, 2020
3.35% due December 03, 2021
2.85% due June 02, 2023
3.65% due June 03, 2024
5.65% due December 27, 2028
5.50% due January 27, 2034
4.65% due September 26, 2035
4.55% due March 26, 2037
4.80% due September 26, 2039
4.80% due June 03, 2041
3.55% due June 03, 2043
3.80% due August 14, 2045
3.55% due June 03, 2055
2,150
2,000
2,815
2,577
3,644
3,234
2,753
2,602
3,127
1,284
2,837
2,515
4,844
2,814
2,839
4,364
1,255
2,209
2,206
3,024
2,850
3,974
3,465
2,902
2,821
3,769
1,543
3,331
3,084
5,937
3,352
3,042
4,435
1,257
$
3,024 $
171
1,857
259
2,831
5,725
1,211
7,640
2,354
2,190
1,340
3,153
2,909
7,184
7,283
12,319
8,525
5,856
FAIR VALUE
3,284
177
2,090
274
3,251
6,087
1,492
7,842
2,736
2,548
1,657
3,657
3,732
8,202
8,798
13,947
9,578
5,803
21
TD Emerald Canadian Bond Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
22
DESCRIPTION
COST
FAIR VALUE
1,190,000
1,559,000
17,000
851,000
1,000,000
831,000
1,139,000
1,397,000
1,194,000
640,000
3,670,000
1,305,000
Province of Newfoundland and Labrador
10.95% due April 15, 2021
$
2.30% due June 02, 2025
9.15% due July 07, 2025
8.45% due February 05, 2026
6.15% due April 17, 2028
6.50% due October 17, 2029
6.55% due October 17, 2030
5.60% due October 17, 2033
5.70% due October 17, 2035
4.50% due April 17, 2037
4.65% due October 17, 2040
3.30% due October 17, 2046
1,938 $
1,552
25
1,091
967
909
1,116
1,405
1,402
636
3,805
1,297
1,745
1,525
26
1,287
1,332
1,151
1,593
1,819
1,586
741
4,369
1,257
2,994,000
2,420,000
1,960,000
1,714,000
891,000
992,000
2,570,000
674,000
1,480,000
1,350,000
3,489,000
2,167,000
1,221,000
6,088,000
Province of Nova Scotia
4.15% due November 25, 2019
4.10% due June 01, 2021
4.45% due October 24, 2021
9.60% due January 30, 2022
2.15% due June 01, 2025
6.60% due June 01, 2027
6.60% due December 01, 2031
5.80% due June 01, 2033
4.90% due June 01, 2035
4.50% due June 01, 2037
4.70% due June 01, 2041
4.40% due June 01, 2042
3.45% due June 01, 2045
3.50% due June 02, 2062
3,007
2,542
1,934
2,563
890
1,022
2,911
711
1,483
1,316
3,549
2,380
1,258
6,037
3,318
2,724
2,250
2,467
869
1,368
3,696
907
1,824
1,589
4,272
2,551
1,239
6,294
12,062,000
20,620,000
5,468,000
5,380,000
21,886,000
312,000
28,060,000
8,484,000
33,425,000
1,703,000
20,000,000
36,492,000
3,264,000
36,775,000
1,950,000
2,361,000
34,809,000
38,548,000
1,600,000
1,576,000
4,240,000
12,236,000
3,016,000
10,550,000
6,320,000
12,563,000
16,284,000
13,989,000
20,072,000
982,000
25,001,000
35,000,000
42,319,000
28,145,000
Province of Ontario
4.30% due March 08, 2017
1.90% due September 08, 2017
4.20% due March 08, 2018
5.50% due June 02, 2018
2.10% due September 08, 2018
1.75% due October 09, 2018
4.40% due June 02, 2019
2.10% due September 08, 2019
4.20% due June 02, 2020
4.85% due June 02, 2020
4.00% due June 02, 2021
3.15% due June 02, 2022
9.50% due July 13, 2022
2.85% due June 02, 2023
8.10% due September 08, 2023
7.50% due February 07, 2024
3.50% due June 02, 2024
2.60% due June 02, 2025
9.50% due June 02, 2025
8.50% due December 02, 2025
8.00% due June 02, 2026
7.60% due June 02, 2027
6.25% due August 25, 2028
6.50% due March 08, 2029
6.20% due June 02, 2031
5.85% due March 08, 2033
5.60% due June 02, 2035
4.70% due June 02, 2037
4.60% due June 02, 2039
5.65% due July 13, 2039
4.65% due June 02, 2041
3.50% due June 02, 2043
3.45% due June 02, 2045
2.90% due December 02, 2046
12,399
20,818
5,664
6,116
21,793
311
30,296
8,605
36,000
1,693
21,025
37,475
4,612
36,287
2,878
2,828
36,265
39,226
1,727
2,206
4,819
17,307
3,572
13,675
7,294
14,753
20,084
16,207
20,666
886
27,654
35,168
39,883
26,982
12,575
21,011
5,863
5,965
22,555
319
31,128
8,764
37,514
1,959
22,514
39,474
4,791
38,934
2,784
3,297
38,339
39,407
2,570
2,414
6,383
18,277
4,106
14,869
8,867
17,267
22,138
17,280
24,646
1,357
31,193
36,762
44,272
26,466
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
570,000
885,000
715,000
359,000
722,000
838,000
958,000
148,000
56,000
372,000
1,028,000
689,000
806,000
744,000
389,000
Province of Prince Edward Island
4.25% due September 24, 2019
3.70% due September 02, 2020
8.50% due December 15, 2023
2.35% due August 25, 2025
6.10% due July 29, 2027
6.80% due February 21, 2030
6.25% due January 29, 2032
5.60% due February 21, 2034
5.70% due June 15, 2035
5.30% due May 19, 2036
4.65% due November 19, 2037
4.60% due May 19, 2041
3.65% due June 27, 2042
3.60% due January 17, 2053
3.85% due July 17, 2054
13,790,000
13,428,000
10,769,000
18,378,000
24,161,000
24,792,000
3,173,000
21,140,000
22,534,000
2,193,000
17,672,000
4,731,000
2,700,000
8,294,000
13,130,000
11,639,000
22,208,000
16,000,000
17,054,000
4,566,000
Province of Quebec
4.50% due December 01, 2017
4.50% due December 01, 2018
4.50% due December 01, 2019
4.50% due December 01, 2020
4.25% due December 01, 2021
3.50% due December 01, 2022
9.375% due January 16, 2023
3.00% due September 01, 2023
3.75% due September 01, 2024
5.35% due June 01, 2025
2.75% due September 01, 2025
8.50% due April 01, 2026
6.00% due October 01, 2029
6.25% due June 01, 2032
5.75% due December 01, 2036
5.00% due December 01, 2038
5.00% due December 01, 2041
4.25% due December 01, 2043
3.50% due December 01, 2045
3.50% due December 1, 2048
14,490
14,256
11,475
19,919
25,717
25,888
3,880
20,891
23,905
2,319
18,036
6,138
3,097
10,565
17,068
12,659
24,235
17,636
17,168
4,640
14,760
14,777
12,107
21,027
27,645
27,359
4,708
22,577
25,257
2,730
18,257
7,280
3,666
11,760
18,204
14,935
28,955
18,906
17,898
4,804
662,000
1,601,000
1,738,000
1,458,000
2,399,000
422,000
2,081,000
1,625,000
1,406,000
1,328,000
2,121,000
3,515,000
3,081,000
3,981,000
3,253,000
Province of Saskatchewan
4.65% due September 05, 2017
1.95% due March 01, 2019
3.90% due July 28, 2020
9.60% due February 04, 2022
3.20% due June 03, 2024
8.75% due May 30, 2025
5.75% due March 05, 2029
6.40% due September 05, 2031
5.80% due September 05, 2033
5.60% due September 05, 2035
5.00% due March 05, 2037
4.75% due June 01, 2040
3.40% due February 03, 2042
3.90% due June 02, 2045
2.75% due December 02, 2046
667
1,603
1,733
2,185
2,467
537
2,392
2,339
1,629
1,456
2,205
3,659
3,103
4,152
3,037
705
1,646
1,934
2,113
2,584
646
2,748
2,311
1,918
1,795
2,691
4,383
3,145
4,451
2,927
547,000
Yukon Development Corporation
5.00% due June 29, 2040
543
1,490,150
680
1,611,846
The 55 School Board Trust
5.90% due June 02, 2033
7,154
8,853
City of Edmonton
8.50% due September 14, 2018
1,168
1,079
$
569 $
880
857
358
718
1,100
1,046
147
62
378
1,020
725
804
713
387
631
972
1,042
353
957
1,193
1,323
194
75
475
1,220
820
830
762
419
MUNICIPAL BONDS – 2.5%
6,661,000
905,000
TD Emerald Funds
TD Emerald Canadian Bond Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
728,000
1,176,000
1,074,000
2,117,000
2,332,000
2,379,000
1,514,000
1,020,000
683,000
1,766,000
3,193,000
City of Montreal
4.60% due June 01, 2017
5.00% due December 01, 2017
5.00% due December 01, 2018
5.45% due December 01, 2019
4.50% due December 01, 2021
3.50% due September 01, 2023
3.50% due September 01, 2024
3.00% due September 01, 2025
4.25% due December 01, 2032
4.10% due December 01, 2034
6.00% due June 01, 2043
189,000
468,000
1,121,000
349,000
641,000
1,113,000
1,152,000
583,000
741,000
739,000
2,104,000
1,147,000
1,055,000
784,947
1,363,000
2,037,000
1,998,000
1,498,000
1,283,000
COST
FAIR VALUE
727 $
1,212
1,074
2,241
2,387
2,329
1,592
1,026
678
1,843
3,499
764
1,263
1,185
2,423
2,642
2,550
1,614
1,036
752
1,897
4,494
City of Ottawa
5.05% due August 13, 2030
4.40% due October 22, 2033
4.60% due July 14, 2042
3.05% due April 23, 2046
4.20% due July 30, 2053
188
467
1,184
346
639
227
531
1,317
317
721
City of Toronto
5.05% due July 18, 2017
4.95% due June 27, 2018
5.60% due December 18, 2018
4.50% due December 02, 2019
6.80% due July 26, 2021
3.50% due December 06, 2021
3.40% due May 21, 2024
2.45% due February 06, 2025
5.342% due July 18, 2027
2.95% due April 28, 2035
5.20% due June 01, 2040
4.70% due June 10, 2041
3.80% due December 13, 2042
4.15% due March 10, 2044
1,119
1,151
541
739
757
2,122
1,143
1,048
790
1,300
2,097
2,031
1,493
1,275
1,184
1,261
658
827
934
2,294
1,228
1,042
926
1,261
2,574
2,375
1,555
1,414
$
NO. OF SHARES OR
UNITS/PAR VALUE
1,030,000
360,000
399,922
412,000
864,000
$
1,067 $
358
401
411
863
FAIR VALUE
1,072
444
460
414
1,047
Municipality of Metropolitan Toronto
6.10% due December 12, 2017
905
964
260,000
Niagara Regional Municipality
5.20% due June 30, 2040
258
327
458,000
534,000
Regional Municipality of Halton
4.05% due October 11, 2041
3.15% due April 06, 2045
456
532
496
498
Regional Municipality of Ottawa-Carleton
6.20% due September 10, 2019
75
78
667,000
1,068,000
2,498,000
745,000
Regional Municipality of Peel
3.50% due December 01, 2021
4.25% due December 02, 2033
5.10% due June 29, 2040
3.85% due October 30, 2042
664
1,064
2,510
741
727
1,196
3,128
782
1,169,000
752,000
1,119,000
2,038,000
1,003,000
1,505,000
1,218,000
1,765,000
417,000
214,000
Regional Municipality of York
4.60% due May 30, 2017
7.25% due June 19, 2017
4.50% due June 30, 2020
4.00% due June 30, 2021
2.60% due December 15, 2025
4.00% due May 31, 2032
3.65% due May 13, 2033
4.05% due May 01, 2034
4.15% due November 18, 2041
3.75% due May 13, 2043
1,153
858
1,116
2,072
996
1,528
1,116
1,794
417
213
1,229
821
1,261
2,271
996
1,640
1,266
1,921
459
221
2,721,000
Simcoe County District School Board
6.80% due June 19, 2026
2,758
3,622
South Coast British Columbia Transportation Authority
3.80% due November 02, 2020
1,097
3.05% due June 04, 2025
729
4.65% due June 20, 2041
877
4.45% due June 09, 2044
464
3.85% due February 09, 2052
549
1,207
752
1,034
536
583
TCHC Issuer Trust
4.877% due May 11, 2037
5.395% due February 22, 2040
953
760
1,153
979
2,041
1,787
342
109,152
2,592
1,854
397
121,516
6,526
10,616
329
4,215
3,647
655
675
5,918
5,149
709
1,199
383
6,727
11,197
353
4,958
4,415
748
739
6,051
4,644
700
1,206
434
67,000
City of Vancouver
4.70% due December 01, 2017
4.90% due December 02, 2019
4.50% due June 01, 2020
3.45% due December 02, 2021
3.75% due October 24, 2023
3.05% due October 16, 2024
Callable 3.857% due November 10, 2045
3.70% due October 18, 2052
918
746
661
599
468
469
329
245
988
843
748
652
516
491
343
254
1,097,000
727,000
878,000
465,000
550,000
336,000
764,000
534,000
City of Winnipeg
5.90% due February 02, 2029
5.20% due July 17, 2036
4.30% due November 15, 2051
352
746
587
437
949
617
2,035,000
1,536,325
342,403
986,000
Durham District School Board
6.75% due November 19, 2019
1,050
1,175
732,000
212,000
297,000
Hydro Ottawa Holding Inc.
Callable 2.614% due February 03, 2025
Callable 3.991% due May 14, 2043
Callable 3.639% due February 02, 2045
732
212
297
731
214
280
3,099
1,873
2,163
1,500
1,427
2,823
1,809
429
1,479
2,854
3,150
2,024
2,414
1,563
1,466
2,977
1,965
433
1,558
3,103
Municipal Finance Authority of British Columbia
4.80% due December 01, 2017
4.60% due April 23, 2018
5.10% due November 20, 2018
2.35% due December 03, 2018
2.05% due June 02, 2019
4.875% due June 03, 2019
4.45% due June 01, 2020
1.75% due October 15, 2020
3.35% due June 01, 2022
3.75% due September 26, 2023
2.95% due October 14, 2024
5.35% due December 02, 2024
4.978% due April 06, 2025
2.65% due October 02, 2025
4.95% due December 01, 2027
COST
878,000
923,000
744,000
664,000
600,000
469,000
469,000
329,000
247,000
2,934,000
1,870,000
2,171,000
1,503,000
1,429,000
2,657,000
1,745,000
430,000
1,439,000
2,806,000
DESCRIPTION
964,000
760,000
York Region District School Board
6.55% due April 12, 2023
6.45% due June 04, 2024
5.30% due June 03, 2025
CORPORATE BONDS – 26.9%
5,866,000
9,967,000
329,000
3,684,000
3,372,000
552,110
676,000
5,754,000
5,169,000
710,000
1,208,000
383,000
407 International Inc.
4.99% due June 16, 2020
Callable 4.30% due May 26, 2021
Callable 3.35% due May 16, 2024
6.47% due July 27, 2029
5.96% due December 03, 2035
6.75% due July 27, 2039
Callable 4.45% due November 15, 2041
Callable 4.19% due April 25, 2042
Callable 3.30% due March 27, 2045
Callable 3.83% due May 11, 2046
Callable 3.98% due September 11, 2052
Callable 4.68% due October 07, 2053
23
TD Emerald Canadian Bond Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
1,661,704
482,000
Acces Recherche Montreal LP
7.067% due December 31, 2042
COST
$
Access Prairies Partners
4.232% due March 01, 2048
1,722 $
FAIR VALUE
NO. OF SHARES OR
UNITS/PAR VALUE
2,303
1,235,594
482
482
2,402,145
1,514,000
1,465,296
883,000
800,000
129,000
863,000
357,000
Aeroports de Montreal
6.95% due April 16, 2032
6.55% due October 11, 2033
6.611% due October 11, 2033
5.17% due September 17, 2035
5.67% due October 16, 2037
5.472% due April 16, 2040
3.919% due September 26, 2042
Callable 3.918% due June 12, 2045
2,482
1,630
1,483
869
799
129
866
357
3,183
2,069
1,859
1,064
1,033
164
883
366
320,000
2,436,000
760,000
6,119,000
4,280,000
2,364,000
147,000
209,000
338,000
663,000
782,000
361,000
832,000
214,000
320,000
AltaLink LP
5.243% due May 29, 2018
3.621% due September 17, 2020
2.978% due November 28, 2022
3.668% due November 06, 2023
Callable 3.399% due June 06, 2024
5.249% due September 22, 2036
5.381% due March 26, 2040
4.872% due November 15, 2040
4.462% due November 08, 2041
3.99% due June 30, 2042
4.922% due September 17, 2043
Callable 4.054% due November 21, 2044
Callable 4.09% due June 30, 2045
4.446% due July 11, 2053
Callable 4.274% due June 06, 2064
329
2,504
760
6,078
4,410
2,495
147
209
338
663
782
361
832
214
320
349
2,641
794
6,629
4,523
2,798
178
238
363
661
900
364
838
227
329
1,016,000
American Express Canada Credit Corporation
2.31% due March 29, 2018
514,000
24
DESCRIPTION
Arrow Lakes Power Corporation
5.516% due April 05, 2041
1,016
1,034
515
597
2,132,000
1,445,000
927,000
5,392,000
6,103,000
5,923,000
1,752,000
5,161,000
3,697,000
9,797,000
5,998,000
5,049,000
2,799,000
Bank of Montreal
2.39% due July 12, 2017
5.45% due July 17, 2017
4.55% due August 01, 2017
2.24% due December 11, 2017
6.02% due May 02, 2018
3.21% due September 13, 2018
2.43% due March 04, 2019
2.84% due June 04, 2020
2.10% due October 06, 2020
3.40% due April 23, 2021
2.12% due March 16, 2022
Callable 6.17% due March 28, 2023
4.609% due September 10, 2025
2,164
1,492
915
5,384
6,847
5,923
1,752
5,121
3,696
9,825
6,040
5,275
2,929
2,169
1,537
975
5,486
6,740
6,189
1,796
5,370
3,720
10,433
5,939
5,531
3,241
6,200,000
5,762,000
6,142,000
6,914,000
6,140,000
1,975,000
3,436,000
5,583,000
4,512,000
4,866,000
4,739,000
8,143,000
7,662,000
6,618,000
9,030,000
1,116,000
The Bank of Nova Scotia
2.598% due February 27, 2017
4.10% due June 08, 2017
2.37% due January 11, 2018
2.242% due March 22, 2018
1.33% due May 01, 2018
2.75% due August 13, 2018
2.462% due March 14, 2019
2.40% due October 28, 2019
2.27% due January 13, 2020
2.13% due June 15, 2020
2.09% due September 09, 2020
3.27% due January 11, 2021
2.873% due June 04, 2021
Callable 2.898% due August 03, 2022
Callable 3.036% due October 18, 2024
8.90% due June 20, 2025
6,242
5,774
6,140
6,874
6,139
1,974
3,436
5,582
4,510
4,865
4,739
8,313
7,849
6,618
9,042
1,442
6,300
5,995
6,259
7,035
6,120
2,037
3,520
5,701
4,583
4,901
4,750
8,594
7,931
6,746
9,317
1,658
1,261,000
6,680,000
3,291,000
14,618,000
1,213,000
896,000
1,516,000
DESCRIPTION
Bankers Hall LP
4.377% due November 20, 2023
COST
$
bcIMC Realty Corporation
2.65% due June 29, 2017
5.65% due January 05, 2018
2.79% due August 02, 2018
2.96% due March 07, 2019
2.10% due June 03, 2021
3.51% due June 29, 2022
Callable 2.84% due June 03, 2025
1,236 $
FAIR VALUE
1,325
1,261
7,563
3,290
14,770
1,213
896
1,515
1,286
7,231
3,395
15,222
1,216
961
1,526
3,398,000
BMO Subordinated Notes Trust
Callable 5.75% due September 26, 2022
3,464
3,628
6,280,000
3,736,000
2,550,000
2,382,000
BMW Canada Inc.
2.39% due November 27, 2017
2.33% due May 23, 2018
2.33% due September 26, 2018
2.27% due November 26, 2018
6,276
3,683
2,581
2,409
6,382
3,796
2,593
2,419
Bow Centre Street LP
3.797% due June 13, 2023
971
1,011
1,326,912
BP LP
3.244% due January 09, 2020
1,327
1,377
1,327,000
1,268,000
1,192,000
132,000
198,000
British Columbia Ferry Services Inc.
6.25% due October 13, 2034
5.021% due March 20, 2037
5.581% due January 11, 2038
Callable 4.702% due October 23, 2043
Callable 4.289% due April 28, 2044
1,336
1,264
1,192
132
198
1,770
1,486
1,489
150
212
1,800
4,018
3,822
14,137
1,554
2,482
476
1,845
4,120
4,162
14,753
1,696
2,642
563
971,000
1,770,000
3,934,000
3,735,000
13,810,000
1,552,000
2,483,000
514,000
Brookfield Asset Management Inc.
5.29% due April 25, 2017
3.95% due April 09, 2019
5.30% due March 01, 2021
4.54% due March 31, 2023
Callable 5.04% due March 08, 2024
Callable 4.82% due January 28, 2026
5.95% due June 14, 2035
2,966,000
3,470,000
Cadillac Fairview Finance Trust
3.64% due May 09, 2018
4.31% due January 25, 2021
2,966
3,472
3,131
3,911
6,436,000
5,071,000
2,662,000
5,263,000
Caisse centrale Desjardins
3.502% due October 05, 2017
2.795% due November 19, 2018
2.443% due July 17, 2019
1.748% due March 02, 2020
6,524
5,071
2,662
5,263
6,673
5,232
2,725
5,229
982,000
The Canada Life Assurance Company
6.40% due December 11, 2028
1,058
1,249
802,000
Canada Life Capital Trust
Callable 7.529% due June 30, 2052
853
1,083
1,475,000
Canadian Credit Card Trust II
1.829% due March 24, 2020
1,475
1,473
3,426,000
7,314,000
6,896,000
3,343,000
8,731,000
5,204,000
3,409,000
Canadian Imperial Bank of Commerce
3.95% due July 14, 2017
2.35% due October 18, 2017
2.22% due March 07, 2018
1.70% due October 09, 2018
2.35% due June 24, 2019
1.85% due July 14, 2020
Callable 6.00% due June 06, 2023
3,454
7,320
6,855
3,346
8,718
5,190
3,399
3,566
7,448
7,018
3,360
8,938
5,198
3,742
230,000
2,939,000
353,000
Canadian National Railway Company
Callable 2.75% due February 18, 2021
Callable 2.80% due September 22, 2025
Callable 3.95% due September 22, 2045
228
2,920
352
240
2,973
360
TD Emerald Funds
TD Emerald Canadian Bond Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
2,271,000
1,872,000
1,580,000
606,000
1,741,000
Canadian Utilities Limited
6.145% due November 22, 2017
11.77% due November 30, 2020
9.92% due April 01, 2022
3.122% due November 09, 2022
9.40% due May 01, 2023
1,275,000
512,000
1,310,000
885,000
649,000
COST
FAIR VALUE
NO. OF SHARES OR
UNITS/PAR VALUE
2,204,000
2,378 $
2,841
2,274
606
2,382
2,474
2,734
2,255
639
2,539
Canadian Western Bank
3.049% due January 18, 2017
2.104% due June 26, 2017
2.531% due March 22, 2018
3.077% due January 14, 2019
2.751% due June 29, 2020
1,274
512
1,310
885
649
1,290
513
1,318
903
651
2,643,000
Capital City Link General Partnership
4.386% due March 31, 2046
2,678
2,708
474,000
274,000
471,000
9,063,000
6,607,000
2,159,000
Capital Desjardins Inc.
5.187% due May 05, 2020
Callable 4.954% due December 15, 2026
6,955
2,159
7,384
2,429
337,000
189,000
2,464,000
CARDS II Trust
2.155% due October 15, 2020
2,464
2,482
1,034,617
$
4,261,000
1,281,000
458,000
Caterpillar Financial Services Limited
2.63% due June 01, 2017
2.29% due June 01, 2018
1.75% due June 3, 2019
4,320
1,281
458
4,336
1,303
458
5,164,000
CDP Financial Inc.
4.60% due July 15, 2020
5,245
5,865
709,000
Central 1 Credit Union
Callable 2.89% due April 25, 2024
709
725
630,000
Centre Hospitalier de l’Universite de Montreal
4.448% due October 01, 2049
630
699
896
1,391
925
1,458
206
321
208
322
896,000
1,390,872
206,000
321,000
Centre Street Trust
3.69% due June 14, 2021
3.693% due June 14, 2022
CHIP Mortgage Trust
2.203% due March 30, 2017
2.33% due April 29, 2020
1,088,000
CI Financial Corp.
2.645% due December 07, 2020
1,088
1,100
2,251,000
Concordia University
6.55% due September 02, 2042
2,552
3,187
1,519,000
1,469,000
2,104,000
The Consumers’ Gas Company Ltd.
6.05% due July 05, 2023
7.60% due October 29, 2026
6.65% due November 03, 2027
1,442
1,593
2,469
1,851
2,030
2,658
1,599,000
CPPIB Capital Inc.
1.40% due June 04, 2020
1,596
1,603
525,324
CSS (FSCC) Partnership
6.915% due July 31, 2042
6,541,000
2,009,000
505,000
543,000
252,000
676,000
1,595,000
1,725,000
3,003,000
442,000
1,909,000
4,415,000
3,826,000
2,595,000
CU Inc.
6.80% due August 13, 2019
5.432% due January 23, 2019
4.801% due November 22, 2021
6.215% due March 06, 2024
5.563% due May 26, 2028
5.896% due November 20, 2034
5.183% due November 21, 2035
5.032% due November 20, 2036
5.556% due October 30, 2037
5.58% due May 26, 2038
6.50% due March 07, 2039
4.543% due October 24, 2041
3.805% due September 10, 2042
Callable 4.722% due September 09, 2043
525
700
7,458
2,015
505
543
252
714
1,574
1,737
3,065
442
2,210
4,778
3,786
2,595
7,717
2,246
583
683
304
854
1,861
1,982
3,688
544
2,614
4,785
3,706
2,893
378,000
699,000
874,000
315,000
345,000
451,000
884,000
640,000
DESCRIPTION
COST
FAIR VALUE
Callable 4.085%
due September 2, 2044
$
Callable 3.964% due July 27, 2045
4.947% due November 18, 2050
3.857% due November 14, 2052
Callable 4.558% due November 07, 2053
Callable 4.211% due October 29, 2055
4.593% due October 24, 2061
3.825% due September 11, 2062
2,204 $
378
699
874
315
345
451
884
2,240
374
806
832
340
352
493
832
Daimler Canada Finance Inc.
2.28% due February 17, 2017
2.27% due March 26, 2018
1.42% due October 2, 2018
1.78% due August 19, 2019
474
274
471
8,963
478
277
466
8,988
337
189
349
190
1,037
1,353
Eagle Credit Card Trust
2.849% due October 17, 2018
2.147% due September 17, 2020
Edmonton Regional Airport Authority
7.214% due November 01, 2030
The Empire Life Insurance Company
Callable 2.87% due May 31, 2023
640
654
1,849,000
21,000
Enbridge Gas Distribution Inc.
4.77% due December 17, 2021
6.10% due May 19, 2028
1,844
23
2,094
25
1,502,000
957,000
1,122,000
2,112,000
203,000
512,000
Enbridge Inc.
6.10% due July 14, 2028
7.22% due July 24, 2030
7.20% due June 18, 2032
5.75% due September 02, 2039
5.12% due September 28, 2040
Callable 4.56% due March 28, 2064
1,383
1,000
1,276
2,087
203
512
1,661
1,131
1,340
2,156
190
421
1,734,000
768,000
975,000
893,000
3,403,000
1,718,000
1,770,000
Enbridge Pipelines Inc.
6.35% due November 17, 2023
8.20% due February 15, 2024
6.55% due November 17, 2027
6.05% due February 12, 2029
5.21% due February 25, 2036
5.08% due December 19, 2036
5.35% due November 10, 2039
1,778
903
1,036
889
3,520
1,638
1,824
2,106
1,008
1,232
1,057
3,891
1,801
1,932
571
637
645
762
571,000
637,000
Enersource Corporation
4.521% due April 29, 2021
5.297% due April 29, 2041
6,800,000
1,825,000
EPCOR Utilities Inc.
5.80% due January 31, 2018
4.55% due February 28, 2042
7,598
1,941
7,422
2,002
1,066,697
Fifth Avenue LP
4.71% due August 05, 2021
1,067
1,179
521,000
First Nations Finance Authority
3.40% due June 26, 2024
529
550
246,000
512,000
327,000
123,000
593,000
437,000
FortisAlberta Inc.
Callable 3.30% due September 30, 2024
5.37% due October 30, 2039
4.54% due October 18, 2041
Callable 4.11% due September 29, 2044
4.80% due October 27, 2050
3.98% due October 23, 2052
246
512
327
123
597
437
259
616
352
124
654
424
3,676
302
145
438
526
4,395
382
195
457
469
3,422,000
303,000
142,000
442,000
526,000
FortisBC Energy Inc.
6.00% due October 02, 2037
5.80% due May 13, 2038
6.55% due February 24, 2039
4.25% due December 09, 2041
Callable 3.375% due April 13, 2045
25
TD Emerald Canadian Bond Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
649,000
1,410,000
893,000
742,000
1,527,000
2,029,000
90,000
4,268,000
2,771,000
3,361,000
597,000
5,559,000
2,969,000
10,438,000
Gaz Metro Inc.
$
4.93% due June 18, 2019
5.45% due July 12, 2021
9.00% due May 16, 2025
7.05% due October 30, 2030
6.30% due October 31, 2033
5.70% due July 10, 2036
Callable 3.30% due March 31, 2045
GE Capital Canada Funding Company
5.53% due August 17, 2017
4.40% due February 08, 2018
2.42% due May 31, 2018
3.55% due June 11, 2019
5.68% due September 10, 2019
4.60% due January 26, 2022
5.73% due October 22, 2037
COST
651 $
1,422
1,188
851
1,527
2,139
90
FAIR VALUE
723
1,670
1,314
1,035
2,008
2,550
81
4,268
2,816
3,361
596
5,881
3,166
12,050
4,559
2,943
3,439
635
6,348
3,362
13,264
3,542,000
1,548,000
4,250,000
2,571,000
Genesis Trust II*
2.295% due February 15, 2017
1.675% due September 17, 2018
2.433% due May 15, 2019
1.699% due April 15, 2020
3,542
1,548
4,250
2,571
3,585
1,553
4,355
2,558
473,000
1,919,000
507,000
507,000
1,504,000
Glacier Credit Card Trust
2.807% due May 20, 2017
2.394% due October 20, 2017
2.755% due November 20, 2018
2.568% due September 20, 2019
2.237% due September 20, 2020
473
1,919
507
507
1,504
482
1,951
522
520
1,514
5,557,000
1,528,000
4,083,000
3,603,000
3,186,000
3,822,870
1,360,000
1,429,000
1,528,000
9,971,000
2,189,000
5,955,000
3,600,000
Greater Toronto Airports Authority
4.85% due June 01, 2017
5.26% due April 17, 2018
5.96% due November 20, 2019
Callable 3.04% due September 21, 2022
6.45% due December 03, 2027
6.45% due July 30, 2029
7.05% due June 12, 2030
7.10% due June 04, 2031
6.98% due October 15, 2032
6.47% due February 02, 2034
5.63% due June 07, 2040
5.30% due February 25, 2041
4.53% due December 02, 2041
5,767
1,562
4,546
3,523
3,680
4,189
1,570
1,652
1,740
12,413
2,201
6,640
3,943
5,837
1,664
4,781
3,847
4,320
4,880
1,906
2,030
2,169
13,674
2,848
7,462
4,071
615,000
1,896,000
1,705,000
1,448,000
2,687,000
Great-West Lifeco Inc.
6.14% due March 21, 2018
4.65% due August 13, 2020
6.74% due November 24, 2031
6.67% due March 21, 2033
5.998% due November 16, 2039
639
1,909
1,978
1,667
3,102
677
2,127
2,254
1,909
3,410
839
1,031
839,000
Halifax International Airport Authority
4.888% due November 15, 2050
1,366,000
957,000
1,366
957
1,398
953
5,642,000
2,300,000
479,000
Honda Canada Finance Inc.
2.275% due December 11, 2017
2.35% due June 04, 2018
1.631% due August 12, 2019
5,625
2,276
479
5,728
2,342
477
597
625
1,107
1,388
Horizon Holdings Inc.
3.033% due July 25, 2022
NO. OF SHARES OR
UNITS/PAR VALUE
1,107,000
The Hospital For Sick Children
5.217% due December 16, 2049
1,382,000
Hospital Infrastructure Partners (NOH) Partnership
5.439% due January 31, 2045
1,416
1,621
DESCRIPTION
COST
3,659,000
4,230,000
2,748,000
2,466,000
7,969,000
5,985,000
2,923,000
7,133,000
1,527,000
HSBC Bank Canada
2.901% due January 13, 2017
3.558% due October 04, 2017
2.078% due November 26, 2018
2.491% due May 13, 2019
2.938% due January 14, 2020
1.816% due July 07, 2020
2.449% due January 29, 2021
2.908% due September 29, 2021
Callable 4.80% due April 10, 2022
1,819,000
727,000
IGM Financial Inc.
7.35% due April 08, 2019
Callable 6.00% due December 10, 2040
FAIR VALUE
3,659 $
4,284
2,748
2,466
7,957
5,926
2,923
7,297
1,521
3,718
4,377
2,765
2,510
8,231
5,883
2,937
7,289
1,585
1,818
725
2,128
917
211,000
445,000
Industrial Alliance Insurance and Financial Services Inc.
Callable 2.80% due May 16, 2024
211
Callable 2.64% due February 23, 2027
445
216
445
260,000
Integrated Team Solutions PCH Partnership
4.875% due May 31, 2046
260
286
264,288
Integrated Team Solutions SJHC Partnership
5.9464% due November 30, 2042
264
325
603,000
Inter Pipeline (Corridor) Inc.
4.897% due February 03, 2020
603
666
1,522,000
1,006,000
890,000
1,197,000
1,292,000
Investors Group Inc.
6.58% due March 07, 2018
6.65% due December 13, 2027
7.45% due May 09, 2031
7.00% due December 31, 2032
7.11% due March 07, 2033
1,564
1,136
1,080
1,351
1,348
1,678
1,284
1,226
1,594
1,735
376,000
John Deere Canada Funding Inc
2.35% due June 24, 2019
376
384
548,000
480,000
175,000
987,000
711,000
478,000
John Deere Canada Funding Inc.
1.95% due April 12, 2017
2.25% due October 18, 2017
2.30% due January 17, 2018
2.65% due July 16, 2018
2.05% due September 17, 2020
2.05% due May 13, 2022
548
480
175
987
711
478
552
487
178
1,014
713
471
656,000
Leisureworld Senior Care LP
3.474% due February 03, 2021
656
696
848
1,260
480
3,354
391
683
351
862
1,411
508
3,538
453
704
355
578
586
1,488
982
533
841
683
6,498
1,213
6,324
1,540
1,003
547
861
695
6,415
1,210
6,382
798
796
6,065
6,852
848,000
1,260,000
480,000
2,990,000
391,000
683,000
351,000
578,000
Hollis Receivables Term Trust II
2.434% due June 26, 2019
1.788% due February 26, 2020
597,000
26
DESCRIPTION
1,488,000
982,000
533,000
841,000
683,000
6,466,000
1,213,000
6,285,000
798,000
5,796,000
$
Lower Mattagami Energy Limited Partnership
2.228% due October 23, 2017
4.331% due May 18, 2021
3.416% due June 20, 2024
5.139% due May 18, 2041
4.944% due September 21, 2043
4.176% due February 23, 2046
4.175% due April 23, 2052
Magna International Inc.
Callable 3.10% due December 15, 2022
The Manufacturers Life Insurance Company
Callable 4.165% due June 01, 2022
Callable 2.819% due February 26, 2023
Callable 2.926% due November 29, 2023
Callable 2.811% due February 21, 2024
Callable 2.64% due January 15, 2025
Callable 2.10% due June 01, 2025
Callable 2.389% due January 05, 2026
Callable 3.181% due November 22, 2027
Manulife Bank of Canada
1.405% due February 27, 2018
Manulife Financial Capital Trust II
Callable 7.405% due December 31, 2019
TD Emerald Funds
TD Emerald Canadian Bond Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
2,973,000
3,936,000
432,890
DESCRIPTION
Manulife Financial Corporation
5.505% due June 26, 2018
7.768% due April 08, 2019
COST
$
Maritimes & Northeast Pipeline LP
4.34% due November 30, 2019
3,258 $
4,162
FAIR VALUE
3,242
4,651
433
446
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
Pearson International Fuel Facilities Corporation
5.09% due March 09, 2032
$
340 $
371
503,546
Plenary Health Bridgepoint LP
7.246% due August 31, 2042
513
708
624
564
693
644
6,571,000
Master Credit Card Trust
2.626% due January 21, 2017
6,625
6,672
620,586
564,000
3,195,000
Master Credit Card Trust II
2.723% due November 21, 2018
3,195
3,301
449,892
Plenary Health Hamilton LP
5.796% due May 31, 2043
1,013,000
McGill University
6.15% due September 22, 2042
1,395,000
McGill University Health Care Centre
5.36% due December 31, 2043
306,000
McMaster University
Callable 4.105% due November 26, 2065
429,972
MILIT-AIR Inc.
5.75% due June 30, 2019
1,429
1,394
1,754
306
316
502
467
1,261,000
2,313,000
1,645,000
1,329,000
6,095,000
8,512,000
National Bank of Canada
2.689% due August 21, 2017
1.951% due December 11, 2017
2.794% due August 09, 2018
2.404% due October 28, 2019
1.742% due March 03, 2020
2.105% due March 18, 2022
1,261
2,313
1,645
1,329
6,104
8,437
1,289
2,338
1,698
1,358
6,058
8,393
1,474,000
427,000
3,733,000
419,399
4,148,000
NAV Canada
1.949% due April 19, 2018
5.304% due April 17, 2019
4.397% due February 18, 2021
Callable 7.56% due March 01, 2027
7.40% due June 01, 2027
1,474
427
3,941
552
4,661
1,500
481
4,237
544
5,944
2,028,887
New Brunswick (F-M) Project Company Inc.
6.47% due November 30, 2027
2,415
2,561
1,870,624
North Battleford Power LP
4.958% due December 31, 2032
1,871
2,131
1,038,000
5,948,000
3,916,000
354,000
4,401,000
North West Redwater Partnership/NWR Financing Co., Ltd.
Callable 2.10% due February 23, 2022
1,036
Callable 3.20% due July 22, 2024
6,028
Callable 3.20% due April 24, 2026
3,900
Callable 3.70% due February 23, 2043
353
Callable 4.05% due July 22, 2044
4,350
1,506,000
102,000
682,000
124,000
12,000
NOVA Gas Transmission Ltd.
9.90% due December 16, 2024
8.90% due May 27, 2025
8.875% due May 27, 2026
8.46% due June 05, 2026
6.30% due May 27, 2030
3,213,000
1,920,000
399,000
3,623,000
646,000
4,821,000
466,000
OMERS Realty Corporation
4.74% due June 04, 2018
2.498% due June 05, 2018
2.473% due November 12, 2019
3.203% due July 24, 2020
2.971% due April 05, 2021
3.358% due June 05, 2023
3.328% due November 12, 2024
1,146,409
Ornge Issuer Trust
5.727% due June 11, 2034
1,805,000
404,247
Ottawa Macdonald-Cartier International Airport Authority
4.733% due May 02, 2017
1,823
6.973% due May 25, 2032
456
951,000
Ottawa MacDonald-Cartier International Airport Authority
Callable 3.933% due June 09, 2045
951
2,098
133
819
148
12
3,335
1,920
399
3,639
646
4,736
466
1,147
1,023
6,117
3,935
326
4,294
2,282
145
984
173
14
3,473
1,966
411
3,839
676
5,112
490
457
546
4,352,410
Plenary Properties LTAP LP
6.288% due January 31, 2044
4,746
5,639
1,871,000
253,000
Power Corporation of Canada
7.57% due April 22, 2019
8.57% due April 22, 2039
1,892
253
2,195
392
3,480,000
Power Financial Corporation
6.90% due March 11, 2033
3,878
4,558
310
331
325
329
1,089
1,351
3,863
6,807
8,235
8,462
8,942
8,554
6,634
4,986
3,304
2,275
3,205
6,564
9,867
11,248
4,700
3,942
6,927
8,383
8,585
9,072
8,837
6,758
5,200
3,375
2,276
3,204
6,815
9,727
11,578
5,058
Scotia Schools Trust
6.22% due July 13, 2020
103
103
SGTP Highway Bypass LP
4.105% due January 31, 2045
4.156% due July 31, 2049
727
480
730
474
2,310
2,834
445
441
SP Limited Partnership/SP1 Limited Partnership
3.21% due June 15, 2019
1,826
1,884
310,000
331,000
1,021,000
3,841,000
6,808,000
8,235,000
8,433,000
8,596,000
8,556,000
6,536,000
4,986,000
3,305,000
2,275,000
3,205,000
6,565,000
9,930,000
11,220,000
4,277,000
94,502
727,000
480,000
2,148,000
445,000
1,825,716
326,421
961
PowerStream Inc.
Callable 3.239% due November 21, 2024
3.958% due July 30, 2042
Queen’s University
6.10% due November 19, 2032
Royal Bank of Canada
3.66% due January 25, 2017
2.58% due April 13, 2017
2.364% due September 21, 2017
2.26% due March 12, 2018
3.77% due March 30, 2018
2.82% due July 12, 2018
2.77% due December 11, 2018
2.98% due May 07, 2019
2.35% due December 09, 2019
1.59% due March 23, 2020
1.92% due July 07, 2020
2.86% due March 04, 2021
1.968% due March 02, 2022
Callable 2.99% due December 06, 2024
4.93% due July 16, 2025
Simon Fraser University
5.613% due June 10, 2043
Societe en commandite CE Sebastopol
4.141% due July 31, 2047
Spy Hill Power L.P.
4.14% due March 31, 2036
326
344
1,605,000
381,000
SSL Finance/Financement
4.099% due October 31, 2045
4.176% due April 30, 2049
1,605
381
1,616
379
3,473,000
The Standard Life Assurance Company of Canada
Callable 3.938% due September 21, 2022
3,614
3,596
1,830,000
Sun Life Assurance Company of Canada
6.30% due May 15, 2028
1,724
2,315
2,684,000
Sun Life Capital Trust
Callable 7.093% due June 30, 2032
2,916
3,428
2,118,000
Sun Life Capital Trust II
Callable 5.863% due December 31, 2019
2,189
2,390
1,375
1,890
539
FAIR VALUE
341,171
Plenary Health Care Partnerships Humber LP
4.895% due May 31, 2039
4.822% due November 30, 2044
1,091
COST
27
TD Emerald Canadian Bond Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
COST
FAIR VALUE
3,198,000
5,284,000
2,290,000
4,117,000
528,000
1,548,000
2,517,000
Sun Life Financial Inc.
$
5.70% due July 02, 2019
4.57% due August 23, 2021
Callable 4.38% due March 02, 2022
Callable 5.59% due January 30, 2023
Callable 2.77% due May 13, 2024
Callable 2.60% due September 25, 2025
Callable 5.40% due May 29, 2042
3,428 $
5,616
2,289
4,131
528
1,547
2,494
3,616
5,907
2,358
4,419
537
1,549
2,814
9,000,000
5,931,000
2,300,000
Suncor Energy Inc.
5.80% due May 22, 2018
Callable 3.10% due November 26, 2021
5.39% due March 26, 2037
9,946
5,967
2,635
9,832
6,096
2,469
14,056,000
TD Capital Trust III*
Callable 7.243% due December 31, 2018
4,814,000
3,981,000
2,457,000
28
DESCRIPTION
TD Capital Trust IV*
Callable 9.523% due June 30, 2019
Callable 6.631% due June 30, 2021
Callable 10.00% due June 30, 2039
416,000
Terasen Gas Inc.
5.55% due September 25, 2036
128,000
THP Partnership
4.394% due October 31, 2046
624,000
957,000
TMX Group Limited
3.253% due October 03, 2018
Callable 4.461% due October 03, 2023
50,000
788,000
58
778
70
925
4,936,000
4,914,000
8,245,000
9,467,000
7,954,000
8,863,000
171,000
10,704,000
9,488,000
4,936
4,914
8,245
9,432
7,968
9,014
189
10,972
10,165
5,032
5,000
8,459
9,415
8,189
9,057
188
11,178
10,169
970
954
987
1,386
1,053
557
3,941
4,505
3,114
2,547
3,249
3,050
2,103
1,185
989
968
1,016
1,432
1,074
572
3,924
4,518
3,126
2,323
2,912
3,198
2,225
1,200
University of Guelph
6.24% due October 10, 2042
1,550
1,778
677,000
University of Ottawa
6.28% due April 15, 2043
676
962
708,000
University of Toronto
4.251% due December 07, 2051
717
773
66
78
56,000
The Toronto-Dominion Bank*
2.433% due August 15, 2017
2.171% due April 02, 2018
2.447% due April 02, 2019
1.693% due April 02, 2020
2.563% due June 24, 2020
2.621% due December 22, 2021
Callable 5.828% due July 09, 2023
3.226% due July 24, 2024
Callable 5.763% due December 18, 2106
3,015,000
1,999,000
2,042,000
3,000,000
2,103,000
1,187,000
2,619
1,271,000
455
3,595
3,243
3,059
362
126
246
799
TransCanada PipeLines Limited
5.10% due January 11, 2017
9.45% due March 20, 2018
11.80% due November 20, 2020
3.65% due November 15, 2021
Callable 3.69% due July 19, 2023
Callable 3.30% due July 17, 2025
2,369
505
425
3,463
3,010
2,989
290
123
265
819
3,920
78
1,677
97
1,170
2,995
235
153
736
5,862
3,870
University of British Columbia
6.65% due December 01, 2031
4.817% due July 26, 2035
444
651
1,058
UMH Energy Partnership
7.586% due May 08, 2041
3,739 $
69
1,514
79
1,014
2,608
208
141
706
5,862
3,931
2,287,021
5,902
4,674
3,360
624
957
$
FAIR VALUE
853
6,206
4,208
3,753
135
8.29% due February 05, 2026
7.31% due January 15, 2027
7.90% due April 15, 2027
6.28% due May 26, 2028
7.34% due July 18, 2028
6.89% due August 07, 2028
8.21% due April 25, 2030
6.50% due December 09, 2030
8.23% due January 16, 2031
8.05% due February 17, 2039
4.55% due November 15, 2041
COST
592
16,069
128
DESCRIPTION
University Health Network
5.64% due December 08, 2022
16,515
Toronto Hydro Corporation
5.15% due November 14, 2017
4.49% due November 12, 2019
3.54% due November 18, 2021
Callable 2.91% due April 10, 2023
5.54% due May 21, 2040
Callable 4.08% due September 16, 2044
Callable 3.55% due July 28, 2045
Callable 3.96% due April 09, 2063
Toyota Credit Canada Inc.
2.45% due February 27, 2017
2.20% due October 19, 2017
2.75% due July 18, 2018
2.80% due November 21, 2018
2.25% due May 23, 2019
2.48% due November 19, 2019
1.80% due February 19, 2020
2.05% due May 20, 2020
2,846,000
61,000
1,247,000
80,000
893,000
2,385,000
170,000
125,000
528,000
4,000,000
3,826,000
592,152
425,000
3,239,000
2,976,000
2,932,000
290,000
123,000
265,000
820,000
976,000
955,000
987,000
1,386,000
1,055,000
557,000
3,926,000
4,481,000
NO. OF SHARES OR
UNITS/PAR VALUE
1,455,000
University of Toronto Governing Council
6.78% due July 18, 2031
University of Western Ontario
4.798% due May 24, 2047
1,455
1,717
759,000
University of Windsor
5.37% due June 29, 2046
759
943
607,000
Vancouver Fraser Port Authority
4.63% due April 20, 2020
607
683
1,399,000
1,723,000
Vancouver International Airport Authority
4.424% due December 07, 2018
7.425% due December 07, 2026
1,371
2,206
1,526
2,439
1,005,000
1,142,000
1,217,000
405,000
863,000
649,000
VW Credit Canada Inc.
2.50% due October 01, 2019
2.90% due June 01, 2017
2.45% due November 14, 2017
1.60% due April 04, 2018
2.80% due August 20, 2018
2.15% due June 24, 2020
1,004
1,155
1,215
405
862
648
983
1,145
1,210
394
860
620
6,498,000
3,043,000
3,329,000
4,382,000
6,742,000
Wells Fargo Financial Canada Corporation
2.774% due February 09, 2017
2.78% due November 15, 2018
2.944% due July 25, 2019
3.04% due January 29, 2021
3.46% due January 24, 2023
6,498
3,042
3,329
4,380
6,697
6,611
3,147
3,473
4,592
7,165
1,099,627
656,000
West Edmonton Mall Property Inc.
4.056% due February 13, 2024
4.309% due February 13, 2024
1,100
656
1,164
701
457,000
Wilfrid Laurier University
5.429% due February 01, 2045
451
579
164,000
Windsor Canada Utilities Ltd.
4.134% due November 06, 2042
164
165
1,561,000
466,000
711,927
457,039
Winnipeg Airports Authority Inc.
4.569% due November 20, 2019
3.039% due April 14, 2023
5.205% due September 28, 2040
6.102% due November 20, 2040
1,607
466
711
457
1,737
487
816
571
TD Emerald Funds
TD Emerald Canadian Bond Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
(A) THE FUND (Note 1)
2,571,000
91,000
York University
6.48% due March 07, 2042
Callable 4.458% due
February 26, 2054
$
Total Canadian Bonds
2,790 $
3,696
91
1,219,289
102
1,280,224
4,471,514
4,719,690
GLOBAL BONDS – 0.3%
UNITED STATES – 0.2%
3,179,000
Great-West Life Capital Trust
Callable 7.127% due June 26, 2018
3,192
3,566
4,041,000
Great-West Lifeco Finance (Delaware),
Limited Partnership
Callable 5.691% due June 21, 2067
4,060
4,252
2,000,000
Manulife Finance (Delaware),
Limited Partnership
Callable 5.059% due December 15, 2041
1,925
9,177
2,095
9,913
SUPRANATIONALS – 0.1%
384,000
755,000
Asian Development Bank
4.75% due June 15, 2017
4.65% due February 16, 2027
547,000
Inter-American Development Bank
4.40% due January 26, 2026
(I) The Fund start date was August 07, 1991.
(II) TDAM is the trustee, manager, portfolio adviser and promoter of the Fund.
(III) The presentation and functional currency of the Fund is the Canadian dollar.
(IV) The investment objective is to track the performance of the FTSE TMX Canada
Universe Bond Index (the “Universe Index”). The Fund invests primarily in a group of
bonds included in the Universe Index that are selected and weighted mathematically to
approximate the overall return and risk characteristics of the Universe Index, subject to
the investment restrictions of the Fund. The Universe Index is a broad market index and
is the most widely used measure of bond market performance in Canada. The index
includes the majority of debt issues traded in Canada. The Fund invests in primarily high
quality fixed-income securities that are issued by governments and corporations and that
mature in more than one year.
(V) Any related party holdings as at December 31, 2015, are disclosed in the Schedule
of Investment Portfolio. The Fund held 2.13% of related party securities as at
December 31, 2014, excluding investments in underlying funds managed by TDAM, if any.
(B) MANAGEMENT FEES (Note 6)
Not applicable for the Fund.
(C) BROKERAGE COMMISSIONS AND SOFT DOLLARS (in 000s)
for the periods ended December 31, 2015 and 2014 (Notes 3 and 6)
405
723
406
901
518
1,646
638
1,945
10,823
11,858
Not applicable for the Fund.
(D) TAX LOSS CARRY FORWARDS (in 000s)
as at December 31, 2015 (Note 7)
Capital Losses
Total Global Bonds
SHORT-TERM INVESTMENTS – 0.1%
6,800,000
Bank of Montreal
0.45% due January 04, 2016
TOTAL INVESTMENT
PORTFOLIO – 99.4%
6,800
4,489,137
4,738,348
28,703
$
4,517,840 $
7,645
None
(E) SECURITIES LENDING AND COLLATERAL HELD (in 000s)
as at December 31, 2015 and 2014 (Note 3)
December 31,
2015
Fair Value of Securities Lent
$
Fair Value of Collateral Held
OTHER NET ASSETS
(LIABILITIES) – 0.6%
TOTAL NET ASSETS – 100.0%
6,800
$
Non-Capital Losses (by year of expiry)
December 31,
2014
893,398
$ 1,099,031
939,192
1,161,101
28,703
4,767,051
* Related party to the Fund as an affiliated entity of TD Asset Management Inc.
Collateral held is in the form of debt obligations of the Government of Canada
and other countries, Canadian provincial and municipal governments or corporations
and is not included in the Statements of Financial Position.
(F) FINANCIAL RISK MANAGEMENT (Notes 3, 4 and 8)
(I) Interest Rate Risk
The table below summarizes the Fund’s exposure to interest rate risk as at December 31,
2015 and 2014 by remaining term to maturity. The table also illustrates the potential
impact to the Fund’s net assets had the prevailing interest rates changed
by 1 percent, assuming a parallel shift in the yield curve, with all other variables held
constant. The Fund’s sensitivity to interest rate changes was estimated using the
weighted average duration of the bond portfolio. In practice, the actual trading results
may differ from these approximate sensitivity analysis amounts and the difference
could be material.
Total Exposure
(000s)
Term to Maturity
Bonds
December 31,
2015
December 31,
2014
1–5 years
5–10 years
> 10 years
$ 1,981,468
1,192,206
1,557,874
$ 2,043,134
1,279,395
1,654,875
Total
$ 4,731,548
$ 4,977,404
Impact on Net Assets (000s)
$
$
Impact on Net Assets (%)
351,081
7.37
366,323
7.31
(II) Currency Risk
Not applicable for the Fund.
29
TD Emerald Canadian Bond Index Fund
TD Emerald Funds
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(III) Other Price Risk
Not significant to the Fund.
(H) INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES (Note 3)
(IV) Credit Risk
The table below summarizes the debt instruments by credit ratings as at December 31,
2015 and 2014.
(I) OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (in 000s) (Note 3)
Not applicable for the Fund.
Percentage of
Total Debt Instruments (%)
Credit
Rating*
Percentage of
Total Net Assets (%)
December 31,
2015
December 31,
2014
December 31,
2015
December 31,
2014
43.19
26.23
29.98
0.60
0.00
43.86
24.77
31.22
0.00
0.15
42.86
26.04
29.76
0.60
0.00
43.64
24.64
31.05
0.00
0.15
100.00
100.00
99.26
99.48
AAA
AA
A
BBB
No Rating
Total
* Credit ratings are obtained from Standard & Poor’s, Moody’s or DBRS rating agencies.
(V) Financial Instruments by the Level in the Fair Value Hierarchy (in 000s)
The table below illustrates the classification of the Fund’s financial instruments within
the fair value hierarchy as at December 31, 2015 and 2014.
Level 1
December 31, 2015
Short-Term Investments
Bonds
December 31, 2014
Short-Term Investments
Bonds
Level 2
Level 3
Total
$
0
0
$
6,800
4,731,548
$
0
0
$
6,800
4,731,548
$
0
$ 4,738,348
$
0
$ 4,738,348
$
0
0
$
7,500
4,977,404
$
0
0
$
$
0
$ 4,984,904
$
0
$ 4,984,904
7,500
4,977,404
During the periods, transfers between Level 1 and Level 2 were nil.
(VI) Reconciliation of Level 3 Fair Value Measurements (in 000s)
Not applicable for the Fund.
(VII) Contractual Maturities Analysis for Financial Liabilities
As at December 31, 2015 and 2014, the Fund’s net assets are due on demand. All other
financial liabilities of the Fund are due in less than three months.
(G) INVESTMENT PORTFOLIO CONCENTRATION (%)
As at December 31, 2015 and 2014, the Fund’s investment portfolio concentration can
be summarized as follows:
Canadian Bonds
Federal Bonds & Guarantees
Provincial Bonds & Guarantees
Municipal Bonds
Corporate Bonds
Global Bonds/International Bonds
United States
Supranationals
Short-Term Investments
Other Net Assets (Liabilities)
30
December 31,
2015
December 31,
2014
35.8
33.8
2.5
26.9
36.5
32.1
2.3
28.1
0.2
0.1
0.1
0.6
0.3
0.0
0.2
0.5
100.0
100.0
Not applicable for the Fund.
TD Emerald Funds
TD Emerald Balanced Fund
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF COMPREHENSIVE INCOME
(in 000s except per unit amounts and number of units)
as at December 31, 2015 and 2014
(in 000s except per unit amounts and number of units)
for the periods ended December 31, 2015 and 2014
December 31,
2015
Assets
Current Assets
Investments (Note 3)
Cash
Subscriptions Receivable
Receivable for Investments Sold
$
798,349
607
2,748
249
December 31,
2014
$
801,953
Liabilities
Current Liabilities
Accrued Liabilities
Redemptions Payable
Distributions Payable
Payable for Investments Purchased
Net Assets Attributable to
Holders of Redeemable
Units (Note 3)
Number of Redeemable Units
Outstanding
Net Assets Attributable to
Holders of Redeemable
Units – Per Unit (Note 3)
787,950
517
1,655
463
790,585
Net Gain (Loss) on Investments
$
13
394
7
44
8
585
7
11
458
611
801,495
$
46,139,902
$
17.37
789,974
45,392,795
$
17.40
2014
2015
Income
Net Gain (Loss) on Investments
Interest for Distribution Purposes
$
Dividend Income
Income Distributions from Underlying Funds
Capital Gain Distributions from Underlying Funds
Net Realized Gain (Loss)
Net Change in Unrealized
Appreciation (Depreciation)
Total Income (Net)
4
0
23,835
3,077
22,155
$
4
0
23,305
2,515
18,087
(12,422)
33,491
36,649
77,402
36,649
77,402
Expenses (Note 6)
Securityholder Reporting Costs
Filing Fees
Legal Fees
Audit Fees
Independent Review Committee Fees
129
17
5
18
1
138
18
1
16
2
Total Expenses before Waivers
Less: Waived Expenses
170
0
175
0
Total Expenses (Net)
170
175
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units before Tax
36,479
77,227
Tax Reclaims (Withholding Taxes)
0
(1,198)
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Weighted Average Units
Outstanding for the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units – Per Unit (Note 3) $
36,479
$
44,836,781
0.81
76,029
43,371,294
$
The accompanying notes are an integral part of the financial statements.
1.75
31
TD Emerald Balanced Fund
TD Emerald Funds
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE
TO HOLDERS OF REDEEMABLE UNITS
STATEMENTS OF CASH FLOWS
(in 000s)
for the periods ended December 31, 2015 and 2014
(in 000s except number of units)
for the periods ended December 31, 2015 and 2014
2014
2015
2015
Net Assets Attributable to
Holders of Redeemable Units
at Beginning of the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Distributions to Holders of
Redeemable Units
From Net Investment Income
From Net Realized Gains on Investment
Redeemable Unit Transactions
Proceeds from Redeemable Units Issued
Reinvestments of Distributions to
Holders of Redeemable Units
Redemption of Redeemable Units
Net Increase (Decrease) from
Redeemable Unit Transactions
Redeemable Units Outstanding,
End of the Period
$
76,029
(23,674)
(13,260)
(21,995)
(10,445)
(36,934)
(32,440)
56,779
79,324
36,926
(81,729)
32,430
(69,225)
42,529
11,521
$
703,856
36,479
11,976
Net Increase (Decrease) in Net
Assets Attributable to Holders
of Redeemable Units
Net Assets Attributable to
Holders of Redeemable Units
at End of the Period
Redeemable Unit Transactions
Redeemable Units Outstanding,
Beginning of the Period
Redeemable Units Issued
Redeemable Units Issued
on Reinvestments
Redeemable Units Redeemed
789,974
2014
801,495
86,118
$
789,974
45,392,795
3,145,981
42,951,732
4,594,084
2,112,064
(4,510,938)
1,861,601
(4,014,622)
46,139,902
45,392,795
Cash Flows from (used in) Operating Activities
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Adjustment for:
Net Realized (Gain) Loss on Sale
of Investments and Derivatives
Net Change in Unrealized
(Appreciation) Depreciation
of Investments
Purchase of Investments
Proceeds from Sale and/or
Maturity of Investments
Increase (Decrease) in
Accrued Liabilities
Net Cash from (used in)
Operating Activities
36,479
The accompanying notes are an integral part of the financial statements.
76,029
(22,155)
(18,087)
12,422
(111,213)
(33,491)
(144,199)
110,794
107,355
5
(3)
26,332
(12,396)
(8)
(8)
Cash Flows from (used in) Financing Activities
Distributions Paid to Holders of
Redeemable Units, Net of
Reinvested Distributions
Proceeds from Issuances of
Redeemable Units
Amounts Paid on Redemption of
Redeemable Units, Net of
Redemption Fees
55,686
81,334
(81,920)
(68,766)
Net Cash from (used in)
Financing Activities
(26,242)
12,560
90
164
517
353
Net Increase (Decrease) in Cash
Cash (Bank Overdraft) at
Beginning of the Period
Cash (Bank Overdraft) at
End of the Period
$
607
Interest for Distribution Purposes Received*,
Net of Withholding Taxes
* Included as part of Cash Flows from (used in) Operating Activities.
32
$
4
$
517
4
TD Emerald Funds
TD Emerald Balanced Fund
SCHEDULE OF INVESTMENT PORTFOLIO
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
20,446,049
6,600,581
3,201,814
7,613,032
7,059,600
TD Emerald Canadian Bond
Index Fund*
TD Emerald Canadian Equity
Index Fund*
TD Emerald Canadian Short
Term Investment Fund*
TD Emerald International Equity
Index Fund*
TD Emerald U.S. Market Index Fund*
257,888 $
267,473
223,776
230,014
31,820
31,519
95,945
80,768
122,626
146,717
TOTAL INVESTMENT
PORTFOLIO – 99.6%
690,197
798,349
OTHER NET ASSETS
(LIABILITIES) – 0.4%
3,146
3,146
TOTAL NET ASSETS – 100.0%
(A) THE FUND (Note 1)
(I) The Fund start date was April 30, 1992.
POOLED FUNDS – 99.6%
$
$
693,343 $
801,495
*TD Asset Management Inc. is also the manager of the underlying funds.
(II) TDAM is the trustee, manager, portfolio adviser and promoter of the Fund.
(III) The presentation and functional currency of the Fund is the Canadian dollar.
(IV) The investment objective is to earn a reasonable rate of interest and dividend income
and moderate capital appreciation by investing principally in money market instruments
and securities included in the S&P/TSX Composite Index and the FTSE TMX Canada
Universe Bond Index (“Universe Index”). The Fund may also invest in foreign securities,
including securities included in the S&P 500 Total Return Index (“S&P 500 Index”) and
the MSCI Europe, Australasia and Far East Net Dividend Index (“MSCI EAFE ND
Index”). The S&P/TSX Composite Index is comprised of Canadian issuers traded on the
Toronto Stock Exchange. The Universe Index is a broad market index and is the most
widely used measure of bond market performance in Canada. The index includes the
majority of debt issues traded in Canada. The S&P 500 Index is comprised of 500
widely held U.S. issuers. The MSCI EAFE ND Index includes stocks of companies in all
the developed markets around the world excluding North America.
(B) MANAGEMENT FEES (Note 6)
Not applicable for the Fund.
(C) BROKERAGE COMMISSIONS AND SOFT DOLLARS (in 000s)
for the periods ended December 31, 2015 and 2014 (Notes 3 and 6)
Indirect proportionate exposure through the underlying funds can be ascertained by
reviewing the Financial Statements of the underlying funds held, along with the Fund’s
proportionate ownership of the underlying funds.
(D) TAX LOSS CARRY FORWARDS (in 000s)
as at December 31, 2015 (Note 7)
The Fund has no tax loss carry forwards. Indirect proportionate exposure through the
underlying funds can be ascertained by reviewing the Financial Statements of the
underlying funds held.
(E) SECURITIES LENDING AND COLLATERAL HELD (in 000s)
as at December 31, 2015 and 2014 (Note 3)
Indirect proportionate exposure through the underlying funds can be ascertained by
reviewing the Financial Statements of the underlying funds held, along with the Fund’s
proportionate ownership of the underlying funds.
(F) FINANCIAL RISK MANAGEMENT (Notes 3, 4 and 8)
(I) Interest Rate Risk
The Fund is not exposed to direct interest rate risk. Instead, the Fund is exposed
to indirect proportionate risk through its investment in underlying funds held as at
December 31, 2015 and 2014. See Financial Statements of the underlying funds held.
(II) Currency Risk
The Fund is not exposed to direct currency risk. Instead, the Fund is exposed to indirect
proportionate risk through its investment in underlying funds held as at December 31,
2015 and 2014. See Financial Statements of the underlying funds held.
33
TD Emerald Balanced Fund
TD Emerald Funds
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(III) Other Price Risk
The Fund is exposed to other price risk from investments in equities. Had the prices
on the respective stock exchanges for the equity securities held by the Fund at
December 31, 2015 and 2014 increased or decreased by 5 percent, with all the other
variables held constant, the net assets of the Fund would have increased or decreased
by approximately:
Impact on Net Assets (in 000s)
Benchmark
December 31,
2015
TD Emerald Balanced Target Mix*
$
24,968
December 31,
2014
$
25,056
(G) INVESTMENT PORTFOLIO CONCENTRATION (%)
As at December 31, 2015 and 2014, the Fund’s investment portfolio concentration can
be summarized as follows:
December 31,
2015
December 31,
2014
33.4
28.7
18.3
15.3
3.9
0.4
33.9
31.1
17.2
12.7
4.8
0.3
100.0
100.0
Canadian Equity Funds
Canadian Bond Funds
U.S. Equity Funds
International Equity Funds
Canadian Short Term Funds
Other Net Assets (Liabilities)
Impact on Net Assets (%)
Benchmark
December 31,
2015
December 31,
2014
3.12
3.17
TD Emerald Balanced Target Mix*
(H) INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES (Note 3)
* TD Emerald Balanced Target Mix consists of a weighted blend of the following indices:
• S&P/TSX Composite Total Return Index
• S&P 500 Total Return Index (Net Dividend, C$)
• MSCI EAFE Index (Net Dividend, C$)
• FTSE TMX Canada Universe Bond Index
• FTSE TMX Canada 91 Day T-Bill Index
Legend
S&P/TSX – Standard and Poor’s/Toronto Stock Exchange
S&P – Standard and Poor’s
MSCI EAFE – MSCI Europe, Australasia and Far East
In practice, the actual trading results may differ from the above estimated amounts and
the differences could be material.
(IV) Credit Risk
The Fund is not exposed to direct credit risk. Instead, the Fund is exposed to indirect
proportionate risk through its investment in underlying funds held as at December 31,
2015 and 2014. See Financial Statements for underlying funds held.
(V) Financial Instruments by the Level in the Fair Value Hierarchy (in 000s)
The table below illustrates the classification of the Fund’s financial instruments within
the fair value hierarchy as at December 31, 2015 and 2014.
Level 1
Level 2
Level 3
Total
December 31, 2015
Underlying Funds
$
798,349
$
0
$
0
$
798,349
December 31, 2014
Underlying Funds
$
787,950
$
0
$
0
$
787,950
During the periods, transfers between Level 1 and Level 2 were nil.
(VI) Reconciliation of Level 3 Fair Value Measurements (in 000s)
Not applicable for the Fund.
(VII) Contractual Maturities Analysis for Financial Liabilities
As at December 31, 2015 and 2014, the Fund’s net assets are due on demand. All other
financial liabilities of the Fund are due in less than three months.
34
The tables below illustrate the Fund’s investment details in the underlying funds as at
December 31, 2015 and 2014.
Underlying Funds
Fair Value of
Fund’s Investment
(in 000s)
Underlying Fund’s
Net Assets
(in 000s)
As at December 31, 2015
TD Emerald Canadian Bond Index Fund
TD Emerald Canadian Equity Index Fund
TD Emerald Canadian Short Term Investment Fund
TD Emerald International Equity Index Fund
TD Emerald U.S. Market Index Fund
$
267,473
230,014
31,519
122,626
146,717
$
798,349
$
245,605
268,201
37,827
100,301
136,016
$
787,950
$
4,767,051
4,379,552
1,481,413
3,753,812
2,004,534
$
5,010,846
5,979,858
1,752,394
2,916,432
1,735,539
As at December 31, 2014
TD Emerald Canadian Bond Index Fund
TD Emerald Canadian Equity Index Fund
TD Emerald Canadian Short Term Investment Fund
TD Emerald International Equity Index Fund
TD Emerald U.S. Market Index Fund
(I) OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (in 000s) (Note 3)
Not applicable for the Fund.
TD Emerald Funds
TD Emerald Canadian Equity Index Fund
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF COMPREHENSIVE INCOME
(in 000s except per unit amounts and number of units)
as at December 31, 2015 and 2014
(in 000s except per unit amounts and number of units)
for the periods ended December 31, 2015 and 2014
December 31,
2015
Assets
Current Assets
Investments (Note 3)
Cash
Dividends Receivable
Subscriptions Receivable
Receivable for Investments Sold
Derivative Assets (Note 3)
Unrealized Appreciation on Open Foreign
Exchange Forward Contracts
$
48
1,417
7,301
2,939
30
24,741
8,103
0
11,705
32,874
Total Income (Net)
4,362,061
11,119
12,270
5,807
0
$
$
4,379,552
16
6,012,732
$
125,677,124
$
34.85
5,926,513
50,420
13,923
4,801
17,059
5,979,858
149,501,018
$
40.00
2014
2015
Income
$
Foreign Exchange Gain (Loss) on Cash
Securities Lending Income
Net Gain (Loss) on Investments and Derivatives
Net Gain (Loss) on Investments
Interest for Distribution Purposes
Dividend Income
Net Realized Gain (Loss)
Net Change in Unrealized
Appreciation (Depreciation)
Net Gain (Loss) on Investments
Net Gain (Loss) on Derivatives
Net Realized Gain (Loss)
Net Change In Unrealized
Appreciation (Depreciation)
Net Gain (Loss) on Derivatives
Total Net Gain (Loss) on Investments
and Derivatives
0
4,391,257
Liabilities
Current Liabilities
Accrued Liabilities
Redemptions Payable
Distributions Payable
Payable for Investments Purchased
Net Assets Attributable to
Holders of Redeemable
Units (Note 3)
Number of Redeemable Units
Outstanding
Net Assets Attributable to
Holders of Redeemable
Units – Per Unit (Note 3)
December 31,
2014
300
1,207
$
90
1,232
3,186
156,259
148,251
3,430
159,968
183,403
(727,682)
(419,986)
237,729
584,530
(13)
(28)
(16)
(29)
16
(12)
(420,015)
584,518
(418,508)
585,840
633
68
5
61
17
1
407
1
668
96
1
85
16
2
461
2
Total Expenses before Waivers
Less: Waived Expenses
1,193
0
1,331
0
Total Expenses (Net)
Expenses (Note 6)
Securityholder Reporting Costs
Custodial Fees
Legal Fees
Filing Fees
Audit Fees
Independent Review Committee Fees
Transaction Costs (Note 3)
Bank Charges and Interest
1,193
1,331
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units before Tax
(419,701)
584,509
Tax Reclaims (Withholding Taxes)
(69)
(105)
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
Weighted Average Units
Outstanding for the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units –
Per Unit (Note 3)
$
(419,770)
$
137,594,712
$
(3.05)
584,404
142,662,891
$
The accompanying notes are an integral part of the financial statements.
4.10
35
TD Emerald Canadian Equity Index Fund
TD Emerald Funds
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE
TO HOLDERS OF REDEEMABLE UNITS
STATEMENTS OF CASH FLOWS
(in 000s)
for the periods ended December 31, 2015 and 2014
(in 000s except number of units)
for the periods ended December 31, 2015 and 2014
2014
2015
2015
Net Assets Attributable to Holders
of Redeemable Units at
Beginning of the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Distributions to Holders of
Redeemable Units
From Net Investment Income
From Net Realized Gains on Investments
From Return of Capital
Redeemable Unit Transactions
Proceeds from Redeemable
Units Issued
Reinvestments of Distributions to
Holders of Redeemable Units
Redemption of Redeemable Units
Net Increase (Decrease) from
Redeemable Unit Transactions
Net Increase (Decrease) in Net
Assets Attributable to Holders
of Redeemable Units
Net Assets Attributable to
Holders of Redeemable Units
at End of the Period
Redeemable Unit Transactions
Redeemable Units Outstanding,
Beginning of the Period
Redeemable Units Issued
Redeemable Units Issued
on Reinvestments
Redeemable Units Redeemed
Redeemable Units Outstanding,
End of the Period
5,979,858
2014
$
(419,770)
584,404
(161,740)
(58,663)
0
(163,710)
(56,142)
0
(220,403)
(219,852)
430,473
1,065,053
213,102
(1,603,708)
211,749
(1,024,099)
(960,133)
252,703
(1,600,306)
$
5,362,603
4,379,552
617,255
$
5,979,858
149,501,018
10,753,823
142,748,766
26,569,295
6,115,256
(40,692,973)
5,293,900
(25,110,943)
125,677,124
149,501,018
Cash Flows from (used in) Operating Activities
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Adjustment For:
Unrealized Foreign Exchange
(Gain) Loss on Cash
Net Realized (Gain) Loss on Sale
of Investments and Derivatives
Net Change in Unrealized
(Appreciation) Depreciation
of Investments and Derivatives
Purchase of Investments
Proceeds from Sale and/or
Maturity of Investments
(Increase) Decrease in
Dividends Receivable
Increase (Decrease) in
Accrued Liabilities
Net Cash from (used in)
Operating Activities
(419,770)
(26)
(90)
(148,238)
(183,375)
727,698
(518,394)
(237,745)
(1,240,403)
1,523,396
1,111,730
1,657
(1,027)
18
(40)
1,166,341
33,454
(8,103)
(32,956)
429,467
1,063,238
(1,627,032)
(1,016,850)
Net Cash from (used in)
Financing Activities
(1,205,668)
13,432
26
(39,327)
90
46,886
50,420
3,444
Unrealized Foreign Exchange Gain
(Loss) on Cash
Net Increase (Decrease) in Cash
Cash (Bank Overdraft) at
Beginning of the Period
$
11,119
Interest for Distribution Purposes Received*,
Net of Withholding Taxes
Dividends Received*, Net of Withholding Taxes
3,186
157,916
* Included as part of Cash Flows from (used in) Operating Activities.
The accompanying notes are an integral part of the financial statements.
584,404
Cash Flows from (used in) Financing Activities
Distributions Paid to Holders of
Redeemable Units, Net of
Reinvested Distributions
Proceeds from Issuances of
Redeemable Units
Amounts Paid on Redemption of
Redeemable Units,
Net of Redemption Fees
Cash (Bank Overdraft) at
End of the Period
36
$
$
50,420
3,430
158,908
TD Emerald Funds
TD Emerald Canadian Equity Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
CANADIAN EQUITIES – 98.8%
ENERGY – 18.3%
455,846
390,093
911,343
976,982
551,895
279,024
511,196
69,029
1,053,340
503,592
2,912,580
1,289,809
2,217,514
1,337,583
375,386
2,298,107
203,871
2,237,858
211,052
548,813
329,978
202,343
335,695
665,375
785,752
676,730
893,357
354,130
452,529
412,992
243,932
407,920
155,535
375,625
240,189
189,863
985,153
1,440,686
1,336,507
423,076
415,200
779,562
466,418
321,939
411,000
171,713
3,848,004
588,818
297,022
491,588
1,886,836
595,083
777,125
293,003
794,656
Advantage Oil & Gas Ltd.
$
3,613 $
AltaGas Ltd.
12,831
ARC Resources Ltd.
21,708
Athabasca Oil Corp.
11,111
Baytex Energy Corp.
20,034
Birchcliff Energy Ltd.
2,869
Bonavista Energy Corporation
10,274
Bonterra Energy Corp.
3,681
Cameco Corporation
23,715
Canadian Energy Services & Technology Corp. 3,226
Canadian Natural Resources Limited
90,022
Canadian Oil Sands Limited
30,927
Cenovus Energy Inc.
61,438
Crescent Point Energy Corp.
47,460
Crew Energy Inc.
3,910
Enbridge Inc.
77,005
Enbridge Income Fund Holdings Inc.
5,474
Encana Corporation
48,507
Enerflex Ltd.
2,390
Enerplus Corporation
15,450
Ensign Energy Services Inc.
4,808
Freehold Royalties Ltd.
3,620
Gibson Energy Inc.
7,728
Gran Tierra Energy Inc.
4,614
Husky Energy Inc.
20,998
Imperial Oil Limited
27,913
Inter Pipeline Ltd.
16,556
Kelt Exploration Ltd.
3,894
Keyera Corp.
9,878
MEG Energy Corp.
16,604
Mullen Group Ltd.
5,231
NuVista Energy Ltd.
2,939
Paramount Resources Ltd., Class “A”
5,735
Parex Resources Inc.
4,425
Parkland Fuel Corporation
3,885
Pason Systems Inc.
2,932
Pembina Pipeline Corporation
26,640
Pengrowth Energy Corporation
15,835
Penn West Petroleum Ltd.
26,713
Peyto Exploration & Development Corp.
9,945
PrairieSky Royalty Ltd.
13,175
Precision Drilling Corporation
8,598
Raging River Exploration Inc.
3,225
Secure Energy Services Inc.
3,964
Seven Generations Energy Ltd.
6,575
ShawCor Ltd., Class “A” SV
5,741
Suncor Energy Inc.
122,540
Surge Energy Inc.
4,020
TORC Oil & Gas Ltd.
3,453
Tourmaline Oil Corp.
16,930
TransCanada Corporation
77,012
Trinidad Drilling Ltd.
3,610
Veresen Inc.
11,223
Vermilion Energy Inc.
13,566
Whitecap Resources Inc.
9,230
1,019,400
3,205
12,054
15,219
1,505
2,473
1,127
930
1,187
17,981
1,954
88,018
10,667
38,807
21,562
1,520
105,713
5,715
15,732
2,805
2,607
2,435
2,197
4,639
2,003
11,244
30,507
19,841
1,502
18,219
3,312
3,417
1,660
952
3,816
5,594
3,681
29,702
1,470
1,564
10,522
9,101
4,264
3,904
2,691
5,540
4,820
137,451
1,242
1,530
10,987
85,266
1,262
6,885
11,020
7,208
802,229
MATERIALS – 9.0%
578,561
366,861
680,000
2,473,425
Agnico Eagle Mines Limited
Agrium Inc.
Alamos Gold Inc.
B2Gold Corp.
25,540
28,302
6,742
7,531
21,042
45,370
3,094
3,463
NO. OF SHARES OR
UNITS/PAR VALUE
3,099,743
200,088
71,745
421,900
454,429
226,912
1,907,257
413,844
1,833,807
417,475
2,209,615
626,078
1,045,150
165,866
141,925
3,050,893
170,266
1,666,010
240,269
533,463
1,355,005
107,142
619,588
251,064
403,639
2,222,248
266,425
432,444
785,309
215,580
1,075,892
112,100
1,237,274
2,097,174
2,624,367
181,704
1,054,900
2,519,355
DESCRIPTION
Barrick Gold Corporation
$
Canfor Corporation
CCL Industries Inc., Class “B” NV
Centerra Gold Inc.
Detour Gold Corporation
Dominion Diamond Corporation
Eldorado Gold Corporation
First Majestic Silver Corp.
First Quantum Minerals Ltd.
Franco-Nevada Corporation
Goldcorp Inc.
HudBay Minerals Inc.
IAMGOLD Corporation
Interfor Corporation
Intertape Polymer Group Inc.
Kinross Gold Corporation
Labrador Iron Ore Royalty Corporation
Lundin Mining Corporation
Methanex Corporation
Nevsun Resources Ltd.
New Gold Inc.
Norbord Inc.
NovaGold Resources Inc.
Osisko Gold Royalties Ltd.
Pan American Silver Corp.
Potash Corporation of Saskatchewan Inc.
Pretium Resources Inc.
Primero Mining Corp.
SEMAFO Inc.
Silver Standard Resources Inc.
Silver Wheaton Corp.
Stella-Jones Inc.
Teck Resources Limited, Class “B” SV
Torex Gold Resources Inc.
Turquoise Hill Resources Ltd.
West Fraser Timber Co., Ltd.
Western Forest Products Inc.
Yamana Gold Inc.
COST
FAIR VALUE
100,676 $
2,808
3,407
5,184
8,312
3,123
22,707
5,417
31,115
17,860
79,129
6,920
11,642
2,697
2,106
38,860
4,292
9,313
7,267
2,573
10,530
3,323
4,056
3,977
8,338
80,825
3,163
3,510
4,254
3,868
26,311
4,928
35,959
3,752
16,649
5,443
2,547
28,641
683,597
31,741
4,040
16,097
2,780
6,548
3,209
7,820
1,866
9,499
26,426
35,332
3,324
2,059
2,329
2,653
7,658
1,633
6,331
10,980
2,001
4,363
2,888
3,600
3,432
3,637
52,667
1,854
1,349
2,756
1,544
18,505
5,886
6,607
2,642
9,212
9,545
2,384
6,475
396,641
1,861
2,988
2,730
2,847
21,839
7,327
81,837
33,868
10,312
5,380
2,662
6,071
6,285
3,854
16,429
4,286
3,605
2,246
3,511
5,802
4,068
5,042
234,850
2,321
7,805
2,267
2,416
6,891
10,972
163,156
65,278
8,522
8,018
2,798
9,483
9,504
2,649
16,401
8,608
6,132
2,914
5,474
6,787
1,847
7,188
357,431
INDUSTRIALS – 8.2%
150,805
764,479
199,215
98,931
5,142,363
714,795
2,109,320
369,366
456,211
96,302
98,800
290,888
285,060
164,849
398,871
250,804
194,360
168,816
231,852
333,366
158,553
169,081
Aecon Group Inc.
Air Canada
ATS Automation Tooling Systems Inc.
Badger Daylighting Ltd.
Bombardier Inc., Class “B” SV
CAE Inc.
Canadian National Railway Company
Canadian Pacific Railway Limited
Finning International Inc.
MacDonald, Dettwiler and Associates Ltd.
New Flyer Industries Inc.
Progressive Waste Solutions Ltd.
Ritchie Bros. Auctioneers Incorporated
Russel Metals Inc.
SNC-Lavalin Group Inc.
Stantec Inc.
Toromont Industries Ltd.
Transcontinental Inc., Class “A” SV
TransForce Inc.
WestJet Airlines Ltd.
Westshore Terminals Investment Corporation
WSP Global Inc.
37
TD Emerald Canadian Equity Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
CONSUMER DISCRETIONARY – 6.8%
425,806
287,143
55,435
95,255
193,729
167,901
60,759
223,376
311,200
304,908
69,790
244,656
614,562
131,300
295,704
181,600
121,220
1,019,940
229,892
222,801
597,649
250,966
1,043,937
856,577
53,700
Aimia Inc.
$
Amaya Inc.
AutoCanada Inc.
BRP Inc.
Canadian Tire Corporation Limited,
Class “A” NV
Cineplex Inc.
Cogeco Cable Inc., SV
Corus Entertainment Inc.,
Class “B” NV
DHX Media Ltd.
Dollarama Inc.
Dorel Industries Inc., Class “B”
EnerCare Inc.
Gildan Activewear Inc., Class “A”
Great Canadian Gaming Corporation
Hudson’s Bay Company
The Intertain Group Ltd.
Linamar Corporation
Magna International Inc.
Martinrea International Inc.
Quebecor Inc., Class “B” SV
Restaurant Brands International Inc.
RONA Inc.
Shaw Communications Inc.,
Class “B” NV
Thomson Reuters Corporation
Uni-Select Inc.
5,993 $
9,340
4,270
2,807
4,007
5,005
1,339
1,894
13,409
4,478
2,565
22,891
7,984
3,753
4,503
3,035
8,093
2,151
3,491
10,162
2,654
5,449
3,304
3,160
26,708
2,071
3,843
25,344
3,173
2,412
2,636
24,374
2,187
3,905
24,177
2,031
5,352
1,809
9,059
57,239
2,416
7,548
30,928
3,099
22,265
29,794
2,962
205,024
24,846
44,893
3,679
299,463
17,425
2,649
67,973
4,441
9,652
9,128
11,397
13,474
3,062
17,894
3,355
10,588
2,633
13,229
89,615
3,984
38,039
5,894
24,746
3,714
22,496
196,158
3,473
8,120
1,795
3,309
5,900
5,666
2,250
4,240
CONSUMER STAPLES – 4.5%
1,115,963
291,411
442,763
125,995
222,426
582,178
248,066
638,767
129,552
679,624
Alimentation Couche-Tard Inc.,
Class “B” SV
Cott Corporation
Empire Company Limited,
Class “A” NV
George Weston Limited
The Jean Coutu Group (PJC) Inc.,
Class “A” SV
Loblaw Companies Limited
Maple Leaf Foods Inc.
METRO Inc.
The North West Company Inc.
Saputo Inc.
HEALTH CARE – 3.1%
464,581
100,215
233,193
1,262,000
853,610
Chartwell Retirement Residences
Concordia Healthcare Corp.
Extendicare Inc.
Prometic Life Sciences Inc.
Valeant Pharmaceuticals
International Inc.
65,082
81,779
119,984
138,040
3,167
99,459
163,829
2,252
133,476
179,154
51,055
2,992
79,473
5,428
100,357
1,272
96,417
5,006
FINANCIALS – 35.3%
95,830
1,709,476
3,200,893
2,299,135
248,874
1,057,322
214,118
38
Alaris Royalty Corp.
Bank of Montreal
The Bank of Nova Scotia
Brookfield Asset Management Inc.,
Class “A”
Canaccord Financial Inc.
Canadian Imperial Bank of Commerce
Canadian Western Bank
NO. OF SHARES OR
UNITS/PAR VALUE
638,870
87,828
1,021,847
58,577
298,646
82,401
103,005
769,696
172,097
236,777
270,059
350,008
77,056
5,246,395
896,453
214,616
970,002
645,356
3,951,561
1,625,055
62,165
4,933,902
271,929
DESCRIPTION
CI Financial Corp.
Colliers International Group Inc.
Element Financial Corporation
Fairfax Financial Holdings Limited
First Capital Realty Inc.
FirstService Corporation
Genworth MI Canada Inc.
Great-West Lifeco Inc.
Home Capital Group Inc.
IGM Financial Inc.
Industrial Alliance Insurance and
Financial Services Inc.
Intact Financial Corporation
Laurentian Bank of Canada
Manulife Financial Corporation
National Bank of Canada
Onex Corporation, SV
Power Corporation of Canada, SV
Power Financial Corporation
Royal Bank of Canada
Sun Life Financial Inc.
TMX Group Limited
The Toronto-Dominion Bank*
Tricon Capital Group Inc.
COST
$
17,829 $
1,979
14,453
23,065
5,108
1,074
2,684
19,557
4,336
9,797
FAIR VALUE
19,549
5,421
17,065
38,480
5,480
4,606
2,740
26,577
4,633
8,368
8,742
19,000
3,206
98,229
30,455
7,639
25,470
18,197
214,363
50,220
3,008
185,679
2,949
1,172,442
11,918
31,039
3,722
108,810
36,136
18,204
28,072
20,529
293,008
70,121
2,225
267,615
2,464
1,544,716
2,896
33,384
4,338
16,545
2,453
8,044
7,330
2,449
2,383
2,709
0
9,847
4,211
2,905
99,494
1,327
15,756
5,051
40,545
1,780
28,616
8,884
3,598
2,468
2,626
0
21,590
1,866
5,597
139,704
90,468
7,051
122,961
6,278
34,153
43,821
175,493
45,475
61,342
236,056
4,048
6,132
8,668
8,754
5,946
11,348
23,673
2,495
3,120
4,730
4,422
14,021
97,357
5,868
7,139
9,966
9,855
4,361
16,657
27,742
2,702
2,548
5,445
4,025
3,673
99,981
INFORMATION TECHNOLOGY – 3.2%
96,856
1,227,134
330,129
731,854
198,200
49,605
280,956
48,400
52,600
246,100
578
325,452
85,700
201,028
Avigilon Corp.
Blackberry Ltd.
Celestica Inc., SV
CGI Group Inc., Class “A” SV
Computer Modelling Group Ltd.
Constellation Software Inc.
DH Corporation
Enghouse Systems Limited
Kinaxis Inc.
Mitel Networks Corporation
Nortel Networks Corporation
Open Text Corporation
Sierra Wireless Inc.
The Descartes Systems Group Inc.
TELECOMMUNICATION SERVICES – 5.4%
2,300,054
210,895
952,946
1,603,293
BCE Inc.
Manitoba Telecom Services Inc.
Rogers Communications Inc.,
Class “B” NV
TELUS Corporation
UTILITIES – 2.3%
537,819
199,965
274,763
308,562
245,430
385,323
741,573
238,506
257,847
291,778
374,088
747,982
Algonquin Power & Utilities Corp.
ATCO Ltd., Class I NV
Brookfield Renewable Energy Partners L.P.
Canadian Utilities Limited, Class “A” NV
Capital Power Corporation
Emera Inc.
Fortis Inc.
Innergex Renewable Energy Inc.
Just Energy Group Inc.
Northland Power Inc.
Superior Plus Corp.
TransAlta Corporation
TD Emerald Funds
TD Emerald Canadian Equity Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
NO. OF SHARES OR
UNITS/PAR VALUE
ROYALTY/INCOME TRUSTS – 2.5%
194,103
183,792
427,293
207,038
284,227
286,966
125,147
738,150
118,226
503,300
848,444
304,163
Allied Properties Real Estate
Investment Trust
$
Artis Real Estate Investment Trust
Boardwalk Real Estate Investment Trust
Boyd Group Income Fund
Canadian Apartment Properties
Real Estate Investment Trust
Canadian Real Estate Investment Trust
Chemtrade Logistics Income Fund
Cominar Real Estate Investment Trust
Crombie Real Estate Investment Trust
Dream Global Real Estate Investment Trust
Dream Office Real Estate Investment Trust
Granite Real Estate Investment Trust
H&R Real Estate Investment Trust
Northview Real Estate Investment Trust
Pure Industrial Real Estate Trust
RioCan Real Estate Investment Trust
Smart Real Estate Investment Trust
478,000
iShares S&P/TSX 60 Index ETF
207,315
366,750
102,487
43,500
341,348
DESCRIPTION
COST
FAIR VALUE
INTERNATIONAL EQUITIES – 0.1%
5,360 $
4,231
4,664
2,526
6,272
6,714
3,900
7,391
2,635
2,660
7,819
4,351
14,998
3,165
2,454
18,569
6,813
104,522
6,545
4,694
4,863
2,875
9,162
8,164
3,283
6,285
2,650
2,461
4,985
4,751
14,800
2,076
2,199
20,100
9,183
109,076
AUSTRALIA – 0.1%
1,600,801
OceanaGold Corporation
$
Transaction Costs (Note 3)
4,602 $
4,226
(1,128)
0
TOTAL INVESTMENT
PORTFOLIO – 99.6%
4,006,279
4,362,061
OTHER NET ASSETS
(LIABILITIES) – 0.4%
17,417
17,491
TOTAL NET ASSETS – 100.0%
$
4,023,696 $
4,379,552
* Related party to the Fund as an affiliated entity of TD Asset Management Inc.
INDEX EQUIVALENTS – 0.2%
Total Canadian Equities
9,514
9,187
3,973,087
4,328,682
5,029
9,866
14,895
1,913
7,137
9,050
2,966
1,622
U.S. EQUITIES – 0.7%
MATERIALS – 0.2%
774,436
596,249
Alacer Gold Corp.
Tahoe Resources Inc.
121,600
Performance Sports Group Ltd.
573,600
Brookfield Property Partners L.P.
11,857
18,481
Total U.S. Equities
29,718
29,153
CONSUMER DISCRETIONARY – 0.1%
FINANCIALS – 0.4%
39
TD Emerald Canadian Equity Index Fund
TD Emerald Funds
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(A) THE FUND (Note 1)
(I) The Fund start date was July 04, 1991.
(II) TDAM is the trustee, manager, portfolio adviser and promoter of the Fund.
(III) The presentation and functional currency of the Fund is the Canadian dollar.
(IV) The investment objective is to track the performance of the S&P/TSX Composite
Index. The S&P/TSX Composite Index is comprised of Canadian issuers traded on the
Toronto Stock Exchange. The Fund invests primarily in the securities that make up the
S&P/TSX Composite Index in substantially the same proportion as the index.
(V) Any related party holdings as at December 31, 2015, are disclosed in the Schedule
of Investment Portfolio. The Fund held 5.52% of related party securities as at
December 31, 2014, excluding investments in underlying funds managed by TDAM, if any.
(III) Other Price Risk
The Fund is exposed to other price risk from investments in equities. Had the prices
on the respective stock exchanges for the equity securities held by the Fund at
December 31, 2015 and 2014 increased or decreased by 5 percent, with all the other
variables held constant, the net assets of the Fund would have increased or decreased
by approximately:
Impact on Net Assets (in 000s)
Benchmark
December 31,
2015
S&P/TSX Composite Total Return Index
$
295,430
December 31,
2015
December 31,
2014
4.98
4.94
S&P/TSX Composite Total Return Index
Not applicable for the Fund.
$
Impact on Net Assets (%)
Benchmark
(B) MANAGEMENT FEES (Note 6)
218,103
December 31,
2014
Legend
(C) BROKERAGE COMMISSIONS AND SOFT DOLLARS (in 000s)
for the periods ended December 31, 2015 and 2014 (Notes 3 and 6)
(I) Brokerage Commissions
December 31,
2015
Total Brokerage Commissions
$
407
Amounts Paid to Related Parties
December 31,
2014
$
461
158
79
December 31,
2015
December 31,
2014
(II) Soft Dollars
Soft Dollars
$
0
$
10
(D) TAX LOSS CARRY FORWARDS (in 000s)
as at December 31, 2015 (Note 7)
None for the Fund.
(E) SECURITIES LENDING AND COLLATERAL HELD (in 000s)
as at December 31, 2015 and 2014 (Note 3)
December 31,
2015
Fair Value of Securities Lent
Fair Value of Collateral Held
$
471,684
496,730
December 31,
2014
$
661,980
(F) FINANCIAL RISK MANAGEMENT (Notes 3, 4 and 8)
Not applicable for the Fund.
(II) Currency Risk
Not applicable for the Fund.
40
In practice, the actual trading results may differ from the above estimated amounts
and the differences could be material.
(IV) Credit Risk
Not applicable for the Fund.
(V) Financial Instruments by the Level in the Fair Value Hierarchy (in 000s)
The table below illustrates the classification of the Fund’s financial instruments within
the fair value hierarchy as at December 31, 2015 and 2014.
Level 1
Level 2
Level 3
Total
$
0
$ 4,362,061
0
16
$
0
0
$ 5,926,513
16
16
$
0
$ 5,926,529
December 31, 2015
Common Shares
$ 4,362,061
$
0
December 31, 2014
Common Shares
Forward Contracts
$ 5,926,513
0
$
$ 5,926,513
$
During the periods, transfers between Level 1 and Level 2 were nil.
(VI) Reconciliation of Level 3 Fair Value Measurements (in 000s)
Not applicable for the Fund.
698,864
Collateral held is in the form of debt obligations of the Government of Canada
and other countries, Canadian provincial and municipal governments or corporations
and is not included in the Statements of Financial Position.
(I) Interest Rate Risk
S&P/TSX – Standard and Poor’s/Toronto Stock Exchange
(VII) Contractual Maturities Analysis for Financial Liabilities
As at December 31, 2015 and 2014, the Fund’s net assets are due on demand. All other
financial liabilities of the Fund are due in less than three months.
(G) INVESTMENT PORTFOLIO CONCENTRATION (%)
As at December 31, 2015 and 2014, the Fund’s investment portfolio concentration can
be summarized as follows:
Financials
Energy
Materials
Industrials
Consumer Discretionary
Telecommunication Services
Consumer Staples
Health Care
Information Technology
Utilities
Index Equivalents
Cash
Other Net Assets (Liabilities)
December 31,
2015
December 31,
2014
38.0
18.3
9.4
8.3
6.9
5.4
4.5
3.1
3.2
2.3
0.2
0.3
0.1
35.2
21.6
10.4
8.6
6.3
4.8
3.6
3.5
2.3
2.1
0.7
0.0
0.9
100.0
100.0
TD Emerald Funds
TD Emerald Canadian Equity Index Fund
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(H) INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES (Note 3)
The tables below illustrate the Fund’s investment details in the underlying funds as at
December 31, 2015 and 2014.
Fair Value of
Fund’s Investment
(in 000s)
Underlying Funds
Underlying Fund’s
Net Assets
(in 000s)
As at December 31, 2015
iShares S&P/TSX 60 Index ETF
$
9,187
$
11,189,587
$
43,477
$
12,117,466
As at December 31, 2014
iShares S&P/TSX 60 Index ETF
(I) OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (in 000s) (Note 3)
The following table presents the recognized financial instruments that are offset, or
subject to enforceable master netting arrangements, if certain conditions arise, or other
similar agreements but that are not offset, and cash and financial instruments collateral
received or pledged, as at December 31, 2015 and 2014, and shows in the Net
Amount column what the impact would be on the Fund’s Statements of Financial
Position if all set-off rights were exercised.
RELATED AMOUNTS NOT SET-OFF ON
THE STATEMENTS OF FINANCIAL POSITION
GROSS AMOUNTS OF
RECOGNIZED FINANCIAL
ASSETS (LIABILITIES)
December 31, 2015
Derivative Assets
$
Derivative Liabilities
December 31, 2014
Derivative Assets
Derivative Liabilities
0
AMOUNTS SET-OFF ON
THE STATEMENTS OF
FINANCIAL POSITION
$
0
$
16
0
0
NET AMOUNTS PRESENTED
ON THE STATEMENTS OF
FINANCIAL POSITION
$
0
$
0
0
0
FINANCIAL INSTRUMENTS
$
0
$
16
0
0
CASH
$
0
$
0
0
0
NET AMOUNT
$
0
$
0
0
0
0
$
16
0
41
TD Emerald U.S. Market Index Fund
TD Emerald Funds
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF COMPREHENSIVE INCOME
(in 000s except per unit amounts and number of units)
as at December 31, 2015 and 2014
(in 000s except per unit amounts and number of units)
for the periods ended December 31, 2015 and 2014
December 31,
2015
Assets
Current Assets
Investments (Note 3)
Cash
Dividends Receivable
Subscriptions Receivable
Receivable for Investments Sold
Derivative Assets (Note 3)
Unrealized Appreciation on Open Foreign
Exchange Forward Contracts
$
$
0
2,010,172
Liabilities
Current Liabilities
Accrued Liabilities
Redemptions Payable
Distributions Payable
Payable for Investments Purchased
Derivative Liabilities (Note 3)
Unrealized Depreciation on Open Foreign
Exchange Forward Contracts
Net Assets Attributable to
Holders of Redeemable
Units (Note 3)
Number of Redeemable Units
Outstanding
Net Assets Attributable to
Holders of Redeemable
Units – Per Unit (Note 3)
1,998,489
4,574
2,410
2,840
1,859
December 31,
2014
11
1,743,749
22
3,981
1,635
0
43
5,953
531
1,683
0
5,638
$
2,004,534
0
8,210
$
96,452,492
$
20.78
1,730,147
1,478
1,895
6,163
4,055
1,735,539
99,179,346
$
17.50
Total Income (Net)
The accompanying notes are an integral part of the financial statements.
(190)
188
$
159
133
5
47,142
82,121
9
47,230
427,188
237,808
367,076
(40,340)
434,087
262
(7,425)
(11)
251
6
(7,419)
367,327
426,668
367,325
426,960
Expenses (Note 6)
Securityholder Reporting Costs
Custodial Fees
Legal Fees
Filing Fees
Audit Fees
Independent Review Committee Fees
Transaction Costs (Note 3)
Bank Charges and Interest
259
25
5
58
18
1
43
2
286
77
1
41
16
2
200
3
Total Expenses before Waivers
Less: Waived Expenses
411
0
626
0
Total Expenses (Net)
411
626
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units before Tax
366,914
426,334
Tax Reclaims (Withholding Taxes)
(5,943)
(6,136)
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Weighted Average Units
Outstanding for the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units – Per Unit (Note 3) $
42
2014
2015
Income
$
Foreign Exchange Gain (Loss) on Cash
Securities Lending Income
Net Gain (Loss) on Investments and Derivatives
Net Gain (Loss) on Investments
Interest for Distribution Purposes
Dividend Income
Net Realized Gain (Loss)
Net Change in Unrealized
Appreciation (Depreciation)
Net Gain (Loss) on Investments
Net Gain (Loss) on Derivatives
Net Realized Gain (Loss)
Net Change in Unrealized
Appreciation (Depreciation)
Net Gain (Loss) on Derivatives
Total Net Gain (Loss) on Investments
and Derivatives
360,971
$
96,940,162
3.72
420,198
133,236,089
$
3.15
TD Emerald Funds
TD Emerald U.S. Market Index Fund
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE
TO HOLDERS OF REDEEMABLE UNITS
STATEMENTS OF CASH FLOWS
(in 000s)
for the periods ended December 31, 2015 and 2014
(in 000s except number of units)
for the periods ended December 31, 2015 and 2014
2014
2015
Net Assets Attributable to Holders
of Redeemable Units at
Beginning of the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Redeemable Unit Transactions
Proceeds from Redeemable Units Issued
Reinvestments of Distributions to
Holders of Redeemable Units
Redemption of Redeemable Units
Net Increase (Decrease) from
Redeemable Unit Transactions
Net Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
Redeemable Units Outstanding,
End of the Period
$
360,971
Distributions to Holders of
Redeemable Units
From Net Investment Income
From Net Realized Gains on Investments
Net Assets Attributable to Holders
of Redeemable Units at
End of the Period
Redeemable Unit Transactions
Redeemable Units Outstanding,
Beginning of the Period
Redeemable Units Issued
Redeemable Units Issued
on Reinvestments
Redeemable Units Redeemed
1,735,539
420,198
(40,412)
0
(41,934)
0
(40,412)
(41,934)
282,803
412,228
38,779
(373,146)
40,755
(1,307,254)
(51,564)
(854,271)
268,995
$
2,211,546
2,004,534
99,179,346
14,539,511
1,865,959
(19,132,324)
96,452,492
(476,007)
$
1,735,539
153,032,509
25,336,408
2,460,064
(81,649,635)
99,179,346
2014
2015
Cash Flows from (used in) Operating Activities
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Adjustment For:
Unrealized Foreign Exchange
(Gain) Loss on Cash
Net Realized (Gain) Loss on Sale
of Investments and Derivatives
Net Change in Unrealized
(Appreciation) Depreciation
of Investments and Derivatives
Purchase of Investments
Proceeds from Sale and/or
Maturity of Investments
(Increase) Decrease in Dividends Receivable
Increase (Decrease) in Accrued Liabilities
Net Cash from (used in)
Operating Activities
Cash Flows from (used in) Financing Activities
Distributions Paid to Holders of
Redeemable Units, Net of
Reinvested Distributions
Proceeds from Issuance of
Redeemable Units
Amounts Paid on Redemption of
Redeemable Units, Net of
Redemption Fees
Net Cash from (used in)
Financing Activities
Unrealized Foreign Exchange Gain
(Loss) on Cash
Net Increase (Decrease) in Cash
Cash (Bank Overdraft) at
Beginning of the Period
Cash (Bank Overdraft) at
End of the Period
360,971
$
420,198
(3)
(159)
(82,383)
(419,763)
(237,797)
(226,403)
40,334
(390,699)
278,745
(495)
(21)
1,247,167
673
11
92,614
897,762
(529)
(1,888)
286,126
409,336
(375,118)
(1,305,431)
(89,521)
(897,983)
3
3,093
159
(221)
1,478
1,540
$
4,574
Interest for Distribution Purposes Received*,
Net of Withholding Taxes
Dividends Received*, Net of Withholding Taxes
5
40,741
$
1,478
9
41,789
* Included as part of Cash Flows from (used in) Operating Activities.
The accompanying notes are an integral part of the financial statements.
43
TD Emerald U.S. Market Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
U.S. EQUITIES – 97.4%
ENERGY – 6.4%
40,149
29,873
34,480
33,310
15,272
41,700
150,795
7,402
31,215
98,988
18,729
30,521
5,488
44,095
12,175
333,472
18,056
68,644
8,625
19,044
146,616
54,458
42,334
12,964
30,285
13,089
33,581
61,258
17,001
37,821
11,726
13,374
101,077
31,140
53,100
9,840
39,250
53,951
Anadarko Petroleum Corporation
Apache Corporation
Baker Hughes Incorporated
Cabot Oil & Gas Corporation
Cameron International Corporation
Chesapeake Energy Corporation
Chevron Corporation
Cimarex Energy Co.
Columbia Pipeline Group Inc.
ConocoPhillips
CONSOL Energy Inc.
Devon Energy Corporation
Diamond Offshore Drilling Inc.
EOG Resources Inc.
EQT Corporation
Exxon Mobil Corporation
FMC Technologies Inc.
Halliburton Company
Helmerich & Payne Inc.
Hess Corporation
Kinder Morgan Inc.
Marathon Oil Corporation
Marathon Petroleum Corporation
Murphy Oil Corporation
National Oilwell Varco Inc.
Newfield Exploration Company
Noble Energy Inc.
Occidental Petroleum Corporation
ONEOK Inc.
Phillips 66
Pioneer Natural Resources Company
Range Resources Corporation
Schlumberger Limited
Southwestern Energy Company
Spectra Energy Corp.
Tesoro Corporation
Valero Energy Corporation
The Williams Companies Inc.
$
2,629 $
2,627
1,974
617
720
1,265
14,041
1,115
1,049
5,436
883
2,081
410
2,458
647
26,839
616
2,420
461
1,230
6,172
1,453
853
704
1,627
779
1,486
4,465
507
1,481
1,232
797
7,429
1,290
1,473
317
1,380
1,807
104,770
2,709
1,845
2,210
819
1,341
261
18,844
919
867
6,420
206
1,357
161
4,336
882
36,108
728
3,246
642
1,282
3,039
952
3,049
404
1,409
592
1,536
5,753
582
4,298
2,042
457
9,793
308
1,766
1,440
3,855
1,926
128,384
MATERIALS – 2.7%
15,291
5,287
103,102
7,400
10,995
18,630
91,126
71,211
11,687
21,002
10,869
92,685
6,445
33,313
29,456
5,355
35,276
26,939
41,601
25,250
12,952
44
Air Products and Chemicals Inc.
Airgas Inc.
Alcoa Inc.
Avery Dennison Corporation
Ball Corporation
CF Industries Holdings Inc.
The Dow Chemical Company
E. I. du Pont de Nemours and Company
Eastman Chemical Company
Ecolab Inc.
FMC Corporation
Freeport-McMoRan Inc.
International Flavors & Fragrances Inc.
International Paper Company
LyondellBasell Industries NV
Martin Marietta Materials Inc.
Monsanto Company
The Mosaic Company
Newmont Mining Corporation
Nucor Corporation
Owens-Illinois Inc.
1,445
362
2,095
369
322
601
3,495
3,839
508
1,351
391
3,037
371
1,274
1,754
777
2,852
1,483
1,966
1,139
393
2,764
1,016
1,413
644
1,111
1,056
6,516
6,588
1,096
3,337
591
872
1,071
1,744
3,556
1,016
4,828
1,032
1,040
1,413
313
NO. OF SHARES OR
UNITS/PAR VALUE
21,256
22,572
16,456
6,220
10,397
20,623
DESCRIPTION
PPG Industries Inc.
Praxair Inc.
Sealed Air Corporation
The Sherwin-Williams Company
Vulcan Materials Company
WestRock Company
COST
$
FAIR VALUE
1,064 $
2,047
436
715
657
1,204
35,947
2,918
3,211
1,019
2,243
1,372
1,307
55,087
4,952
494
3,534
925
4,271
703
3,603
328
1,396
985
2,531
1,646
1,708
574
260
1,856
2,651
424
689
820
2,291
387
617
1,975
21,592
3,758
1,509
948
739
604
1,039
616
2,239
536
1,287
1,512
1,222
1,279
817
651
1,786
332
1,484
570
373
754
606
714
229
278
868
771
587
757
1,393
3,368
10,277
630
2,971
1,416
10,098
978
4,495
898
2,804
1,616
6,167
2,607
4,427
1,059
406
2,669
3,448
1,463
935
1,320
4,367
631
755
4,571
32,713
8,847
3,355
1,601
734
575
917
1,062
6,340
1,081
1,874
2,799
3,872
1,843
1,472
473
3,554
359
4,146
1,157
692
1,525
1,331
2,129
340
1,079
3,118
1,792
1,137
1,268
1,467
7,415
INDUSTRIALS – 9.9%
49,113
13,755
50,500
19,020
50,276
11,350
47,619
7,101
77,803
13,216
47,802
24,604
62,870
12,434
2,810
36,921
51,892
9,455
14,927
23,277
21,101
10,790
11,508
23,956
756,013
61,491
26,057
20,845
7,200
9,868
8,837
6,400
21,017
27,493
28,957
23,823
14,765
27,997
10,926
16,491
11,028
12,752
23,965
18,929
10,568
10,698
10,378
8,077
4,314
4,532
52,127
12,086
6,790
21,727
33,117
68,261
3M Company
The ADT Corporation
American Airlines Group Inc.
AMETEK Inc.
The Boeing Company
C.H. Robinson Worldwide Inc.
Caterpillar Inc.
Cintas Corporation
CSX Corporation
Cummins Inc.
Danaher Corporation
Deere & Company
Delta Air Lines Inc.
Dover Corporation
The Dun & Bradstreet Corporation
Eaton Corporation PLC
Emerson Electric Co.
Equifax Inc.
Expeditors International of Washington Inc.
Fastenal Company
FedEx Corporation
Flowserve Corporation
Fluor Corporation
General Dynamics Corporation
General Electric Company
Honeywell International Inc.
Illinois Tool Works Inc.
Ingersoll-Rand PLC
J. B. Hunt Transport Services Inc.
Jacobs Engineering Group Inc.
Kansas City Southern
L-3 Communications Holdings Inc.
Lockheed Martin Corporation
Masco Corporation
Nielsen Holdings PLC
Norfolk Southern Corporation
Northrop Grumman Corporation
PACCAR Inc.
Parker Hannifin Corporation
Pitney Bowes Inc.
Precision Castparts Corp.
Quanta Services Inc.
Raytheon Company
Republic Services Inc., Class “A”
Robert Half International Inc.
Rockwell Automation Inc.
Rockwell Collins Inc.
Roper Technologies Inc.
Ryder System Inc.
Snap-on Incorporated
Southwest Airlines Co.
Stanley Black & Decker
Stericycle Inc.
Textron Inc.
Tyco International PLC
Union Pacific Corporation
TD Emerald Funds
TD Emerald U.S. Market Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
29,798
55,848
7,454
66,147
12,200
4,857
33,197
14,241
DESCRIPTION
United Continental Holdings Inc.
United Parcel Service Inc., Class “B”
United Rentals Inc.
United Technologies Corporation
Verisk Analytics Inc., Class “A”
W.W. Grainger Inc.
Waste Management Inc.
Xylem Inc.
COST
$
2,288 $
4,729
943
5,302
1,285
756
1,290
395
111,826
FAIR VALUE
NO. OF SHARES OR
UNITS/PAR VALUE
2,372
7,465
751
8,827
1,303
1,367
2,461
722
198,343
10,887
19,217
7,799
25,237
6,576
4,766
32,724
13,763
7,467
CONSUMER DISCRETIONARY – 12.6%
5,700
30,888
6,046
2,454
13,339
23,463
17,819
17,953
16,566
36,390
35,073
2,510
21,700
196,393
25,616
9,141
12,154
20,278
23,252
18,521
9,473
312,304
3,569
8,350
19,085
113,687
11,966
21,217
18,863
31,700
15,026
5,533
8,983
101,575
32,401
51,705
15,894
20,428
10,760
13,827
73,307
24,720
15,700
26,714
74,125
4,957
34,309
21,143
39,302
108,126
Advance Auto Parts Inc.
Amazon.com Inc.
AutoNation Inc.
AutoZone Inc.
Bed Bath & Beyond Inc.
Best Buy Co., Inc.
BorgWarner Inc.
Cablevision Systems Corporation,
Class “A”
CarMax Inc.
Carnival Corporation
CBS Corporation, Class “B” NV
Chipotle Mexican Grill Inc., Class “A”
Coach Inc.
Comcast Corporation, Class “A”
D.R. Horton Inc.
Darden Restaurants Inc.
Discovery Communications Inc.,
Class “A”
Discovery Communications Inc.,
Class “C”
Dollar General Corporation
Dollar Tree Inc.
Expedia Inc.
Ford Motor Company
Fossil Group Inc.
GameStop Corp., Class “A”
The Gap Inc.
General Motors Company
Genuine Parts Company
The Goodyear Tire & Rubber Company
H&R Block Inc.
Hanesbrands Inc.
Harley-Davidson Inc.
Harman International Industries Incorporated
Hasbro Inc.
The Home Depot Inc.
The Interpublic Group of Companies Inc.
Johnson Controls Inc.
Kohl’s Corporation
L Brands Inc.
Leggett & Platt Inc.
Lennar Corporation
Lowe’s Companies Inc.
Macy’s Inc.
Marriott International Inc.
Mattel Inc.
McDonald’s Corporation
Mohawk Industries Inc.
Netflix Inc.
Newell Rubbermaid Inc.
News Corporation
NIKE Inc., Class “B”
1,176
6,114
225
835
642
921
654
1,192
29,000
501
2,529
894
992
1,070
566
475
1,492
1,072
1,013
900
7,234
607
374
796
1,242
2,754
2,296
1,673
987
15,395
1,140
808
480
450
900
1,239
971
756
3,845
467
337
484
4,323
689
465
469
1,365
785
422
326
5,292
501
1,738
914
775
277
523
2,509
859
623
724
5,320
758
1,289
540
429
2,572
710
2,321
1,987
1,636
6,113
181
325
655
5,371
1,428
963
873
1,296
947
724
841
18,660
1,048
2,836
1,052
2,719
628
939
7,743
1,201
1,462
1,008
12,165
1,304
5,451
1,295
737
9,387
6,300
51,332
118,992
13,401
49,672
18,220
3,970
9,029
22,712
64,430
53,317
10,695
8,943
96,581
34,100
14,161
7,489
26,892
27,342
122,294
6,090
9,435
6,468
34,092
DESCRIPTION
Nordstrom Inc.
$
Omnicom Group Inc.
O’Reilly Automotive Inc.
PulteGroup Inc.
PVH Corp.
Ralph Lauren Corporation
Ross Stores Inc.
Royal Caribbean Cruises Ltd.
Scripps Networks Interactive Inc.,
Class “A”
Signet Jewelers Limited
Staples Inc.
Starbucks Corporation
Starwood Hotels & Resorts Worldwide Inc.
Target Corporation
TEGNA Inc.
The Priceline Group Inc.
Tiffany & Co.
Time Warner Cable Inc.
Time Warner Inc.
The TJX Companies Inc.
Tractor Supply Company
TripAdvisor Inc.
Twenty-First Century Fox Inc.
Twenty-First Century Fox Inc., Class “B”
Under Armour Inc., Class “A”
Urban Outfitters Inc.
VF Corporation
Viacom Inc., Class “B”
The Walt Disney Company
Whirlpool Corporation
Wyndham Worldwide Corporation
Wynn Resorts Limited
YUM! Brands Inc.
COST
446 $
978
566
614
811
571
657
1,256
FAIR VALUE
753
2,020
2,745
625
673
738
2,446
1,935
367
991
1,081
2,580
753
2,911
731
2,310
547
1,954
3,242
1,502
860
370
1,902
1,180
876
251
831
1,352
5,677
596
275
662
1,601
109,567
573
1,082
675
9,922
1,290
5,010
646
7,031
957
5,855
5,788
5,252
1,270
1,059
3,644
1,290
1,586
237
2,325
1,563
17,851
1,242
952
622
3,459
252,841
4,391
1,650
441
558
946
779
10,832
427
3,535
1,021
665
3,028
4,150
519
12,702
2,452
1,149
1,038
943
1,827
18,713
1,130
6,657
2,010
2,764
7,868
12,054
1,945
762
1,871
710
264
810
1,130
1,196
2,394
4,281
1,287
440
2,165
3,842
1,442
1,162
1,643
2,019
1,163
5,142
4,817
4,533
1,102
1,000
1,751
CONSUMER STAPLES – 10.0%
157,085
48,126
8,331
14,226
8,000
10,370
313,578
16,523
71,932
34,325
13,968
35,072
88,751
15,027
17,699
47,972
11,630
10,576
9,588
20,113
9,303
29,081
47,662
78,012
9,268
15,968
Altria Group Inc.
Archer Daniels Midland Company
Brown-Forman Corporation, Class “B”
Campbell Soup Company
Church & Dwight Co., Inc.
The Clorox Company
The Coca-Cola Company
Coca-Cola Enterprises Inc.
Colgate-Palmolive Company
ConAgra Foods Inc.
Constellation Brands Inc.
Costco Wholesale Corporation
CVS Health Corporation
Dr Pepper Snapple Group Inc.
The Estee Lauder Companies Inc.,
Class “A”
General Mills Inc.
The Hershey Company
Hormel Foods Corporation
The J. M. Smucker Company
Kellogg Company
Keurig Green Mountain Inc.
Kimberly-Clark Corporation
The Kraft Heinz Company
The Kroger Co.
McCormick & Company, Incorporated
Mead Johnson Nutrition Company,
Class “A”
45
TD Emerald U.S. Market Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
12,601
126,833
11,830
116,744
124,151
217,993
66,412
41,302
23,492
69,861
125,769
28,287
DESCRIPTION
Molson Coors Brewing Company,
Class “B” NV
Mondelez International Inc.,
Class “A”
Monster Beverage Corporation
PepsiCo Inc.
Philip Morris International Inc.
The Procter & Gamble Company
Reynolds American Inc.
Sysco Corporation
Tyson Foods Inc., Class “A”
Walgreens Boots Alliance Inc.
Wal-Mart Stores Inc.
Whole Foods Market Inc.
COST
FAIR VALUE
7,227
$
655 $
1,644
3,047
901
8,628
7,519
15,822
1,673
1,437
504
3,389
8,361
1,048
102,071
7,900
2,448
16,204
15,161
24,047
4,258
2,352
1,740
8,264
10,709
1,316
200,076
3,464
4,906
1,390
1,065
2,341
7,658
618
5,241
1,625
1,716
2,637
1,643
2,684
1,581
5,311
576
1,435
2,895
771
1,039
562
415
795
4,660
2,828
4,240
2,328
1,175
905
2,806
1,181
17,284
7,455
10,780
4,200
1,538
4,807
13,735
2,324
13,638
4,058
2,321
2,327
3,618
7,635
2,722
12,778
1,538
3,280
10,484
2,027
4,199
1,316
923
1,901
9,160
6,580
16,240
2,367
1,450
2,954
3,146
2,314
31,629
727
765
1,733
10,582
1,019
269
253
13,779
644
1,826
1,028
1,711
150
2,461
4,225
1,372
970
5,024
16,422
2,438
440
687
22,174
1,116
4,703
1,905
3,266
334
6,308
12,480
HEALTH CARE – 14.3%
119,496
131,005
27,965
26,480
18,142
31,641
16,131
60,480
20,948
42,816
43,916
16,905
17,942
106,273
133,719
5,843
26,451
63,019
24,253
20,657
13,592
10,919
17,324
78,257
54,193
115,533
25,200
6,600
11,915
11,800
3,050
221,665
7,990
9,354
18,339
223,812
32,461
6,999
9,231
494,506
11,298
6,236
22,198
25,301
7,934
32,013
76,371
46
Abbott Laboratories
AbbVie Inc.
Aetna Inc.
Agilent Technologies Inc.
Alexion Pharmaceuticals Inc.
Allergan PLC
AmerisourceBergen Corporation
Amgen Inc.
Anthem Inc.
Baxalta Incorporated
Baxter International Inc.
Becton, Dickinson and Company
Biogen Idec Inc.
Boston Scientific Corporation
Bristol-Myers Squibb Company
C. R. Bard Inc.
Cardinal Health Inc.
Celgene Corporation
Cerner Corporation
Cigna Corporation
DaVita HealthCare Partners Inc.
DENTSPLY International Inc.
Edwards Lifesciences Corporation
Eli Lilly and Company
Express Scripts Holding Company
Gilead Sciences Inc.
HCA Holdings Inc.
Henry Schein Inc.
Humana Inc.
Illumina Inc.
Intuitive Surgical Inc.
Johnson & Johnson
Laboratory Corporation of
America Holdings
Mallinckrodt PLC
McKesson Corporation
Merck & Co., Inc.
Mylan NV
Patterson Companies Inc.
PerkinElmer Inc.
Pfizer Inc.
Quest Diagnostics Incorporated
Regeneron Pharmaceuticals Inc.
St. Jude Medical Inc.
Stryker Corporation
Tenet Healthcare Corporation
Thermo Fisher Scientific Inc.
UnitedHealth Group Incorporated
NO. OF SHARES OR
UNITS/PAR VALUE
7,696
19,775
6,465
13,761
36,295
DESCRIPTION
Universal Health Services Inc.,
Class “B”
Varian Medical Systems Inc.
Vertex Pharmaceuticals Incorporated
Waters Corporation
Zimmer Holdings Inc.
Zoetis Inc., Class “A”
COST
$
902 $
458
1,753
452
1,067
1,224
136,803
FAIR VALUE
1,200
864
3,456
1,209
1,961
2,416
286,189
FINANCIALS – 15.9%
4,320
34,038
31,642
66,978
101,899
33,988
13,956
12,701
5,312
10,967
834,086
87,490
61,635
150,096
10,128
12,064
42,864
22,411
95,974
18,211
11,868
238,665
27,149
13,992
26,828
34,348
23,278
5,022
28,778
5,166
63,474
30,515
46,225
31,765
32,755
36,550
60,145
63,482
8,755
33,899
15,186
294,890
66,517
32,674
7,928
25,731
19,810
22,951
12,896
10,712
41,907
21,529
89,136
13,639
Affiliated Managers Group Inc.
Aflac Incorporated
The Allstate Corporation
American Express Company
American International Group Inc.
American Tower Corporation
Ameriprise Financial Inc.
Apartment Investment and
Management Company
Assurant Inc.
AvalonBay Communities Inc.
Bank of America Corporation
The Bank of New York Mellon Corporation
BB&T Corporation
Berkshire Hathaway Inc., Class “B”
BlackRock Inc., Class “A”
Boston Properties Inc.
Capital One Financial Corporation
CBRE Group Inc., Class “A”
The Charles Schwab Corporation
The Chubb Corporation
Cincinnati Financial Corporation
Citigroup Inc.
CME Group Inc., Class “A”
Comerica Incorporated
Crown Castle International Corp.
Discover Financial Services
E*TRADE Financial Corporation
Equinix Inc.
Equity Residential
Essex Property Trust Inc.
Fifth Third Bancorp
Franklin Resources Inc.
General Growth Properties Inc.
The Goldman Sachs Group Inc.
The Hartford Financial Services Group Inc.
HCP Inc.
Host Hotels & Resorts Inc.
Huntington Bancshares Inc.
Intercontinental Exchange Inc.
Invesco Ltd.
Iron Mountain Incorporated
JPMorgan Chase & Co.
KeyCorp
Kimco Realty Corporation
Legg Mason Inc.
Leucadia National Corporation
Lincoln National Corporation
Loews Corporation
M&T Bank Corporation
The Macerich Company
Marsh & McLennan Companies Inc.
McGraw Hill Financial Inc.
MetLife Inc.
Moody’s Corporation
953
1,746
1,442
3,914
8,831
2,095
832
959
2,832
2,729
6,471
8,772
4,577
2,063
348
281
1,453
16,393
3,285
2,250
14,797
2,427
1,059
2,519
394
2,071
1,198
501
17,636
2,311
605
1,736
909
365
1,563
1,429
1,012
1,525
1,130
1,094
4,951
1,501
1,331
1,132
445
1,511
875
487
14,284
952
755
465
817
888
875
1,402
757
1,693
1,186
4,165
683
706
594
2,805
19,500
5,010
3,237
27,530
4,791
2,137
4,298
1,077
4,390
3,355
975
17,157
3,417
813
3,222
2,558
958
2,110
3,262
1,718
1,772
1,561
1,747
7,953
1,977
1,941
1,282
975
3,117
1,577
570
27,048
1,219
1,201
432
622
1,383
1,224
2,171
1,201
3,228
2,948
5,969
1,901
TD Emerald Funds
TD Emerald U.S. Market Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
120,468
9,282
29,583
17,269
25,192
13,942
40,602
21,549
46,301
41,437
35,617
11,837
20,000
105,888
24,852
7,900
32,348
40,891
66,800
20,101
9,327
24,612
131,774
19,417
26,300
14,108
372,383
28,372
40,605
16,249
Morgan Stanley
$
The NASDAQ OMX Group Inc.
Navient Corp
Northern Trust Corporation
People’s United Financial Inc.
Plum Creek Timber Company Inc.
The PNC Financial Services Group Inc.
Principal Financial Group Inc.
The Progressive Corporation
ProLogis Inc.
Prudential Financial Inc.
Public Storage
Realty Income Corporation
Regions Financial Corporation
Simon Property Group Inc.
SL Green Realty Corp.
State Street Corporation
SunTrust Banks Inc.
Synchrony Financial
T. Rowe Price Group Inc.
Torchmark Corporation
The Travelers Companies Inc.
U.S. Bancorp
Unum Group
Ventas Inc.
Vornado Realty Trust
Wells Fargo & Company
Welltower Inc.
Weyerhaeuser Company
Zions Bancorporation
39,701
40,027
14,329
4,843
47,213
24,412
24,949
449,157
94,895
17,808
36,839
45,001
24,787
406,612
12,851
48,196
Activision Blizzard Inc.
Adobe Systems Incorporated
Akamai Technologies Inc.
Alliance Data Systems Corporation
Alphabet Inc.
Amphenol Corporation
Analog Devices Inc.
Apple Inc.
Applied Materials Inc.
Autodesk Inc.
Automatic Data Processing Inc.
Broadcom Corporation
CA Technologies
Cisco Systems Inc.
Citrix Systems Inc.
Cognizant Technology Solutions
Corporation, Class “A”
Computer Sciences Government Services Inc.
Corning Incorporated
eBay Inc.
Electronic Arts Inc.
EMC Corporation
F5 Networks Inc.
Facebook Inc., Class “A”
Fidelity National Information Services Inc.
First Solar Inc.
Fiserv Inc.
FLIR Systems Inc.
Harris Corporation
Hewlett Packard Enterprise Company
HP Inc.
COST
4,423 $
328
539
1,063
480
495
3,391
832
1,100
1,815
2,362
1,448
1,189
1,425
2,950
1,330
1,900
1,689
2,730
1,153
277
1,555
4,361
494
1,431
1,243
13,512
1,586
1,260
663
200,283
FAIR VALUE
5,323
750
471
1,729
565
924
5,375
1,346
2,045
2,470
4,028
4,073
1,434
1,412
6,712
1,240
2,982
2,433
2,822
1,996
741
3,859
7,811
898
2,062
1,959
28,119
2,681
1,691
616
319,609
INFORMATION TECHNOLOGY – 19.9%
11,067
96,948
88,383
24,660
155,372
5,528
181,936
21,749
6,134
18,467
11,218
9,705
142,178
142,878
1,549
1,841
609
1,389
17,724
638
1,070
20,680
1,804
640
2,111
1,649
738
10,487
639
2,135
5,223
1,048
1,861
50,392
1,771
1,917
65,674
2,461
1,507
4,335
3,614
983
15,338
1,350
1,479
433
1,922
3,323
998
3,599
711
13,057
737
698
583
381
576
2,794
5,512
4,018
461
2,462
3,374
2,354
5,542
745
26,450
1,831
562
2,346
437
1,172
3,002
2,350
NO. OF SHARES OR
UNITS/PAR VALUE
378,040
71,518
21,938
28,220
12,600
12,436
18,943
79,376
16,957
85,092
639,883
12,645
24,059
40,304
256,083
25,240
89,083
11,100
123,706
14,492
50,026
16,062
24,188
15,000
54,108
10,475
80,781
13,252
7,950
155,976
18,570
40,835
74,914
20,607
69,691
DESCRIPTION
Intel Corporation
International Business
Machines Corporation
Intuit Inc.
Juniper Networks Inc.
KLA-Tencor Corporation
Lam Research Corporation
Linear Technology Corporation
MasterCard Incorporated, Class “A”
Microchip Technology Incorporated
Micron Technology Inc.
Microsoft Corporation
Motorola Solutions Inc.
NetApp Inc.
NVIDIA Corporation
Oracle Corporation
Paychex Inc.
PayPal Holdings Inc.
Qorvo Inc.
QUALCOMM Incorporated
Red Hat Inc.
salesforce.com inc.
SanDisk Corporation
Seagate Technology PLC
Skyworks Solutions Inc.
Symantec Corporation
Teradata Corporation
Texas Instruments Incorporated
Total System Services Inc.
VeriSign Inc.
Visa Inc., Class “A”
Western Digital Corporation
The Western Union Company
Xerox Corporation
Xilinx Inc.
Yahoo! Inc.
COST
$
10,589 $
FAIR VALUE
18,091
10,447
1,101
664
671
555
759
3,403
644
1,242
22,276
779
845
689
7,029
976
2,424
1,092
6,697
519
1,853
875
774
1,773
1,263
373
2,910
320
253
5,261
897
834
907
742
1,951
194,758
13,672
2,941
1,082
1,214
1,372
1,118
10,735
1,096
1,674
49,314
1,202
887
1,845
12,995
1,854
4,480
785
8,589
1,667
5,448
1,696
1,232
1,601
1,578
384
6,150
917
965
16,803
1,549
1,016
1,106
1,345
3,220
398,338
18,468
1,930
879
1,229
14,949
37,455
23,558
1,556
603
1,707
20,929
48,353
831
404
814
1,715
675
447
1,252
2,532
731
835
1,151
3,138
867
1,095
2,067
4,485
808
3,493
1,171
1,193
892
3,688
1,724
2,663
1,587
5,472
2,119
1,344
1,775
2,844
1,466
5,331
TELECOMMUNICATION SERVICES – 2.4%
492,860
44,515
92,956
22,606
325,984
AT&T Inc.
CenturyLink Inc.
Frontier Communications Corporation
Level 3 Communications Inc.
Verizon Communications Inc.
UTILITIES – 2.9%
54,989
9,423
19,163
38,773
34,005
21,856
23,150
47,738
14,251
55,175
25,759
14,158
25,025
73,716
33,254
36,939
The AES Corporation
AGL Resources Inc.
Ameren Corporation
American Electric Power Company Inc.
CenterPoint Energy Inc.
CMS Energy Corporation
Consolidated Edison Inc.
Dominion Resources Inc.
DTE Energy Company
Pipelines and Utilities
Duke Energy Corporation
Edison International
Entergy Corporation
Eversource Energy
Exelon Corporation
FirstEnergy Corp.
NextEra Energy Inc.
47
TD Emerald U.S. Market Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
25,515
26,851
20,050
39,380
8,687
52,976
39,963
11,420
18,581
72,881
18,533
24,970
40,104
NiSource Inc.
NRG Energy Inc.
Pepco Holdings Inc.
PG&E Corporation
Pinnacle West Capital Corporation
PPL Corporation
Public Service Enterprise Group Inc.
SCANA Corporation
Sempra Energy
The Southern Company
TECO Energy Inc.
WEC Energy Group Inc.
Xcel Energy Inc.
25,000
SPDR® S&P 500 ETF Trust
$
661 $
705
443
1,781
416
1,622
1,461
523
1,210
3,103
363
961
1,056
38,607
NO. OF SHARES OR
UNITS/PAR VALUE
FAIR VALUE
21,054
Total U.S. Equities
1,079,060
1,953,400
3,409
360
1,636
7,536
1,699
882
15,522
1,734 $
4,245
1,933
410
1,266
1,365
4,974
4,227
480
2,851
479
8,037
1,146
917
1,055
1,334
702
5,154
2,819
2,671
407
856
995
7,748
Total International Equities
27,384
45,089
Transaction Costs (Note 3)
(74)
0
1,106,370
1,998,489
0
0
6,016
6,045
$
ACE Limited
Garmin Ltd.
TE Connectivity Ltd.
Transocean Ltd.
Aon PLC
Delphi Automotive PLC
Ensco PLC
Michael Kors Holdings Limited
Pentair PLC
TOTAL INVESTMENT
PORTFOLIO – 99.7%
IRELAND – 1.3%
Accenture PLC, Class “A”
Allegion Public Limited Company
Endo International PLC
Medtronic PLC
Perrigo Company PLC
XL Group PLC
Avago Technologies Limited
UNITED KINGDOM – 0.4%
22,006
22,431
19,050
15,385
14,456
INTERNATIONAL EQUITIES – 2.3%
50,147
7,488
16,300
112,713
11,773
23,849
FAIR VALUE
SWITZERLAND – 0.4%
26,039
9,301
31,764
27,867
INDEX EQUIVALENTS – 0.4%
7,081
COST
SINGAPORE – 0.2%
691
439
724
2,910
778
2,512
2,148
960
2,426
4,737
686
1,780
2,001
59,099
6,973
DESCRIPTION
7,279
686
1,386
12,043
2,367
1,298
25,059
FORWARD CONTRACTS
(SCHEDULE 1) – 0.0%
OTHER NET ASSETS
(LIABILITIES) – 0.3%
TOTAL NET ASSETS – 100.0%
$
1,112,386 $
2,004,534
SCHEDULE 1
FOREIGN EXCHANGE FORWARD CONTRACTS (in 000s except contract price and total number of contract(s))
SETTLEMENT DATE
January 04, 2016
CURRENCY TO BE
DELIVERED
1,996 USD
TOTAL NUMBER OF CONTRACT(S):
48
CANADIAN VALUE AS AT
DECEMBER 31, 2015
1
$
2,772
CURRENCY TO BE
RECEIVED
2,772 CAD
CANADIAN VALUE AS AT
DECEMBER 31, 2015
$
2,772
CAD NET UNREALIZED DEPRECIATION
CONTRACT
PRICE
1.38898
CAD UNREALIZED
DEPRECIATION
$
0
$
0
TD Emerald Funds
TD Emerald U.S. Market Index Fund
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(A) THE FUND (Note 1)
(I) The Fund start date was August 29, 1997.
(II) TDAM is the manager, portfolio adviser and trustee of the Fund.
(III) The presentation and functional currency of the Fund is the Canadian dollar.
(IV) The investment objective is to track the performance of the S&P 500 Total Return
Index (the “S&P 500 Index”). The S&P 500 Index is comprised of 500 widely held
U.S. issuers.The Fund invests primarily in a) securities of companies that are included in
the S&P 500 Index and b) Standard & Poor’s depository receipts and other instruments
that approximate the return of the S&P 500 Index. The Fund may also invest in
a) Government of Canada treasury bills and other high quality, short-term Canadian
money market instruments, b) options, futures, and forward contracts – based on the
S&P 500 Index.
(B) MANAGEMENT FEES (Note 6)
Not applicable for the Fund.
(C) BROKERAGE COMMISSIONS AND SOFT DOLLARS (in 000s)
for the periods ended December 31, 2015 and 2014 (Notes 3 and 6)
(I) Brokerage Commissions
December 31,
2015
Total Brokerage Commissions
$
43
Amounts Paid to Related Parties
December 31,
2014
$
4
200
0
(II) Soft Dollars
Not applicable for the Fund.
(II) Currency Risk
The table below indicates the foreign currencies to which the Fund had exposure
as at December 31, 2015 and 2014 in Canadian dollar terms including the underlying
principal amount of forward currency contracts, if any. The table also illustrates the
potential impact to the Fund’s net assets if the Fund’s functional currency, the
Canadian Dollar, had strengthened or weakened by 5 percent in relation to the
currencies listed below, with all other variables held constant. In practice, the actual
trading results may differ from these approximate sensitivity analysis amounts and the
differences could be material.
Total Exposure*
(000s)
Currency
December 31,
2015
December 31,
2014
United States Dollar
$ 2,002,784
$ 1,731,974
As Percentage
of Net Assets (%)
99.91
99.79
Impact on
Net Assets (000s)
December 31,
2015
December 31,
2014
$
$
100,139
5.00
86,599
4.99
* Includes both monetary and non-monetary instruments, where applicable.
(III) Other Price Risk
The following Fund is exposed to other price risk from investments in equities. Had the
prices on the respective stock exchanges for the equity securities held by the Fund at
December 31, 2015 and 2014 increased or decreased by 5 percent, with all the other
variables held constant, the net assets of the Fund would have increased or decreased
by approximately:
Impact on Net Assets (in 000s)
(D) TAX LOSS CARRY FORWARDS (in 000s)
as at December 31, 2015 (Note 7)
Benchmark
December 31,
2015
S&P 500 Total Return Index
(Net Dividend, C$)
$
99,924
December 31,
2014
$
86,421
Impact on Net Assets (%)
Capital Losses
$
Non-Capital Losses (by year of expiry)
54,397
Benchmark
None
(E) SECURITIES LENDING AND COLLATERAL HELD (in 000s)
as at December 31, 2015 and 2014 (Note 3)
December 31,
2015
Fair Value of Securities Lent
Fair Value of Collateral Held
$
146,219
December 31,
2014
$
154,872
85,998
(I) Interest Rate Risk
December 31,
2014
4.99
4.98
S&P 500 Total Return Index
(Net Dividend, C$)
Legend
S&P – Standard and Poor’s
In practice, the actual trading results may differ from the above estimated amounts
and the differences could be material.
91,471
Collateral held is in the form of debt obligations of the Government of Canada
and other countries, Canadian provincial and municipal governments or corporations
and is not included in the Statements of Financial Position.
(F) FINANCIAL RISK MANAGEMENT (Notes 3, 4 and 8)
December 31,
2015
(IV) Credit Risk
Not applicable for the Fund.
(V) Financial Instruments by the Level in the Fair Value Hierarchy
(in 000s)
The table below illustrates the classification of the Fund’s financial instruments within
the fair value hierarchy as at December 31, 2015 and 2014.
Not applicable for the Fund.
Level 1
December 31, 2015
Common Shares
Forward Contracts
December 31, 2014
Common Shares
Forward Contracts
Level 2
Level 3
Total
$ 1,998,489
0
$
0
0
$
0
0
$ 1,998,489
0
$ 1,998,489
$
0
$
0
$ 1,998,489
$ 1,730,147
0
$
0
11
$
0
0
$ 1,730,147
11
$ 1,730,147
$
11
$
0
$ 1,730,158
During the periods, transfers between Level 1 and Level 2 were nil.
49
TD Emerald U.S. Market Index Fund
TD Emerald Funds
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(VI) Reconciliation of Level 3 Fair Value Measurements (in 000s)
Not applicable for the Fund.
(H) INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES (Note 3)
The tables below illustrate the Fund’s investment details in the underlying funds as at
December 31, 2015 and 2014.
(VII) Contractual Maturities Analysis for Financial Liabilities
As at December 31, 2015 and 2014, the Fund’s net assets are due on demand. All other
financial liabilities of the Fund are due in less than three months.
Fair Value of
Fund’s Investment
(in 000s)
Underlying Funds
Underlying Fund’s
Net Assets
(in 000s)
As at December 31, 2015
(G) INVESTMENT PORTFOLIO CONCENTRATION (%)
SPDR® S&P 500 ETF Trust
As at December 31, 2015 and 2014, the Fund’s investment portfolio concentration can
be summarized as follows:
December 31,
2015
December 31,
2014
6.4
2.7
9.9
12.6
10.0
14.3
15.9
19.9
2.4
2.9
0.4
8.4
3.1
10.4
12.1
9.7
14.1
16.6
19.6
2.3
3.2
0.0
1.3
0.2
0.4
0.4
0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.3
100.0
100.0
$
7,081
$
252,870,995
$
3,332
$
215,908,466
As at December 31, 2014
SPDR® S&P 500 ETF Trust
(I) OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (in 000s) (Note 3)
U.S. Equities
Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Telecommunication Services
Utilities
Index Equivalents
International Equities
Ireland
Singapore
Switzerland
United Kingdom
Forward Contracts
Other Net Assets (Liabilities)
The following table presents the recognized financial instruments that are offset, or
subject to enforceable master netting arrangements, if certain conditions arise, or other
similar agreements but that are not offset, and cash and financial instruments collateral
received or pledged, as at December 31, 2015 and 2014, and shows in the Net
Amount column what the impact would be on the Fund’s Statements of Financial
Position if all set-off rights were exercised.
RELATED AMOUNTS NOT SET-OFF ON
THE STATEMENTS OF FINANCIAL POSITION
GROSS AMOUNTS OF
RECOGNIZED FINANCIAL
ASSETS (LIABILITIES)
December 31, 2015
Derivative Assets
$
Derivative Liabilities
December 31, 2014
Derivative Assets
Derivative Liabilities
50
0
AMOUNTS SET-OFF ON
THE STATEMENTS OF
FINANCIAL POSITION
$
0
$
11
0
0
NET AMOUNTS PRESENTED
ON THE STATEMENTS OF
FINANCIAL POSITION
$
0
$
0
0
0
FINANCIAL INSTRUMENTS
$
0
$
11
0
0
CASH
$
0
$
0
0
0
NET AMOUNT
$
0
$
0
0
0
0
$
11
0
TD Emerald Funds
TD Emerald International Equity Index Fund
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF COMPREHENSIVE INCOME
(in 000s except per unit amounts and number of units)
as at December 31, 2015 and 2014
(in 000s except per unit amounts and number of units)
for the periods ended December 31, 2015 and 2014
December 31,
2015
Assets
Current Assets
Investments (Note 3)
Cash
Dividends Receivable
Subscriptions Receivable
Receivable for Investments Sold
Tax Reclaims Receivable
Derivative Assets (Note 3)
Warrants
Rights
Unrealized Appreciation on Open Foreign
Exchange Forward Contracts
$
Liabilities
Current Liabilities
Accrued Liabilities
Redemptions Payable
Distributions Payable
Payable for Investments Purchased
Derivative Liabilities (Note 3)
Unrealized Depreciation on Open Foreign
Exchange Forward Contracts
Net Assets Attributable to
Holders of Redeemable
Units (Note 3)
Number of Redeemable Units
Outstanding
Net Assets Attributable to
Holders of Redeemable
Units – Per Unit (Note 3)
$
3,748,763
11,464
3,596
3,959
0
2
December 31,
2014
$
0
158
78
302
3
3,767,945
0
2,925,274
59
8,296
5,778
0
114
1,742
6,986
0
0
14,133
0
8,842
3,753,812
$
233,048,589
$
2,895,693
24,320
2,508
2,373
0
0
16.11
2,916,432
209,723,108
$
13.91
2014
2015
Income
$
Foreign Exchange Gain (Loss) on Cash
Securities Lending Income
Net Gain (Loss) on Investments and Derivatives
Net Gain (Loss) on Investments
Interest for Distribution Purposes
Dividend Income
Net Realized Gain (Loss)
Net Change in Unrealized
Appreciation (Depreciation)
Net Gain (Loss) on Investments
Net Gain (Loss) on Derivatives
Net Realized Gain (Loss)
Net Change in Unrealized
Appreciation (Depreciation)
Net Gain (Loss) on Derivatives
Total Net Gain (Loss) on Investments
and Derivatives
728
2,226
$
17
1,856
18
115,495
49,612
7
120,630
136,638
408,465
573,590
(125,903)
131,372
3,676
(652)
(219)
3,457
35
(617)
577,047
130,755
580,001
132,628
412
311
5
32
18
1
389
26
388
518
1
85
16
1
409
23
Total Expenses before Waivers
Less: Waived Expenses
1,194
0
1,441
0
Total Expenses (Net)
Total Income (Net)
Expenses (Note 6)
Securityholder Reporting Costs
Custodial Fees
Legal Fees
Filing Fees
Audit Fees
Independent Review Committee Fees
Transaction Costs (Note 3)
Bank Charges and Interest
1,194
1,441
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units before Tax
578,807
131,187
Tax Reclaims (Withholding Taxes)
(15,975)
(13,545)
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Weighted Average Units
Outstanding for the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units – Per Unit (Note 3) $
562,832
$
211,000,116
2.67
117,642
206,067,930
$
The accompanying notes are an integral part of the financial statements.
0.57
51
TD Emerald International Equity Index Fund
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE
TO HOLDERS OF REDEEMABLE UNITS
STATEMENTS OF CASH FLOWS
(in 000s)
for the periods ended December 31, 2015 and 2014
(in 000s except number of units)
for the periods ended December 31, 2015 and 2014
2014
2015
Net Assets Attributable to Holders
of Redeemable Units at
Beginning of the Period
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Distributions to Holders of
Redeemable Units
From Net Investment Income
From Net Realized Gains on Investments
2,916,432
$
562,832
3,135,679
117,642
(102,122)
0
(107,397)
0
(102,122)
(107,397)
Redeemable Unit Transactions
Proceeds from Redeemable Units Issued
Reinvestments of Distributions to
Holders of Redeemable Units
Redemption of Redeemable Units
836,258
579,820
96,344
(555,932)
100,411
(909,723)
Net Increase (Decrease) from
Redeemable Unit Transactions
376,670
(229,492)
Net Increase (Decrease) in Net
Assets Attributable to Holders
of Redeemable Units
837,380
(219,247)
Net Assets Attributable to Holders
of Redeemable Units at
End of the Period
$
Redeemable Unit Transactions
Redeemable Units Outstanding,
Beginning of the Period
Redeemable Units Issued
Redeemable Units Issued on Reinvestments
Redeemable Units Redeemed
209,723,108
52,602,195
5,981,352
(35,258,066)
225,511,286
40,315,340
7,220,614
(63,324,132)
Redeemable Units Outstanding,
End of the Period
233,048,589
209,723,108
3,753,812
TD Emerald Funds
$
2,916,432
562,832
117,642
(120)
(17)
(53,288)
(135,986)
(408,246)
(894,637)
125,868
(793,749)
503,319
(1,087)
(55)
1,046,203
971
51
(2)
0
(291,284)
360,983
(6,986)
(16,609)
834,672
580,387
(549,378)
(916,163)
Net Cash from (used in)
Financing Activities
278,308
(352,385)
120
(12,976)
17
8,598
24,320
15,705
Unrealized Foreign Exchange Gain
(Loss) on Cash
Net Increase (Decrease) in Cash
Cash (Bank Overdraft) at
Beginning of the Period
$
11,464
Interest for Distribution Purposes Received*,
Net of Withholding Taxes
Dividends Received*, Net of Withholding Taxes
18
98,527
* Included as part of Cash Flows from (used in) Operating Activities.
The accompanying notes are an integral part of the financial statements.
$
Cash Flows from (used in) Financing Activities
Distributions Paid to Holders of
Redeemable Units, Net of
Reinvested Distributions
Proceeds from Issuance of
Redeemable Units
Amounts Paid on Redemption of
Redeemable Units, Net of
Redemption Fees
Cash (Bank Overdraft) at
End of the Period
52
2014
2015
Cash Flows from (used in) Operating Activities
Increase (Decrease) in Net Assets
Attributable to Holders of
Redeemable Units
$
Adjustment For:
Unrealized Foreign Exchange
(Gain) Loss on Cash
Net Realized (Gain) Loss on Sale
of Investments and Derivatives
Net Change in Unrealized
(Appreciation) Depreciation
of Investments and Derivatives
Purchase of Investments
Proceeds from Sale and/or
Maturity of Investments
(Increase) Decrease in Dividends Receivable
Increase (Decrease) in Accrued Liabilities
(Increase) Decrease in Tax
Reclaims Receivable
Net Cash from (used in)
Operating Activities
$
24,320
7
108,088
TD Emerald Funds
TD Emerald International Equity Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
U.S. EQUITIES – 0.1%
CONSUMER DISCRETIONARY – 0.1%
39,709
Carnival PLC
$
1,701 $
3,143
2,114
1,101
1,962
3,350
1,608
888
694
1,332
1,711
383
2,658
637
3,462
3,757
2,107
1,201
1,210
1,795
2,025
569
14,271
971
955
0
21,587
12,348
807
2,612
1,346
1,003
518
1,239
754
19,799
928
776
4,303
1,088
1,137
352
1,452
1,409
1,333
349
622
1,294
1,404
2,134
1,173
2,969
1,251
1,216
15,563
4,403
2,343
1,741
3,747
415
340
4,519
790
457
3,175
3,446
774
1,084
2,009
17,535
1,128
1,185
0
12,524
7,100
986
3,950
2,222
1,085
539
1,163
1,193
31,715
1,199
994
10,688
1,567
1,156
483
636
2,395
1,844
507
677
560
1,457
2,837
1,717
5,428
1,293
1,600
17,312
2,166
2,005
1,253
1,789
414
460
3,756
2,047
634
1,347
4,861
1,099
1,490
1,238
INTERNATIONAL EQUITIES – 99.8%
AUSTRALIA – 6.8%
145,463
545,617
254,854
637,666
240,238
116,389
136,966
41,824
457,489
379,002
621,194
80,099
98,090
894,646
693,835
456,280
165,103
337,828
58,330
123,100
21,939
123,722
12,351
366,904
102,136
78,679
100,423
206,761
501,500
11,982
336,344
377,941
381,701
120,046
251,756
90,454
364,160
504,839
119,131
64,887
594,959
799,584
567,227
165,255
296,100
79,958
376,707
50,698
111,385
295,190
29,813
11,382
362,321
1,147,871
70,690
82,502
1,150,115
AGL Energy Ltd.
Alumina Limited
Amcor Limited
AMP Limited
APA Group
Aristocrat Leisure Limited
Asciano Limited
ASX Limited
Aurizon Holdings Limited
AusNet Services Group
Australia and New Zealand
Banking Group Limited
Bank of Queensland Ltd.
Bendigo and Adelaide Bank Limited
BGP NPV
BHP Billiton Limited
BHP Billiton PLC
Boral Limited
Brambles Limited
Caltex Australia Limited
Challenger Financial Services Group Limited
CIMIC Group Ltd.
Coca-Cola Amatil Ltd.
Cochlear Limited
Commonwealth Bank of Australia
Computershare Limited
Crown Ltd.
CSL Limited
DEXUS Property Group
DUET Group
Flight Centre Travel Group Limited
Fortescue Metals Group Limited
Goodman Group
GPT Group
Harvey Norman Holdings Ltd.
Healthscope Ltd.
Iluka Resources Limited
Incitec Pivot Limited
Insurance Australia Group Limited
Lend Lease Group
Macquarie Group Limited
Medibank Private Limited
Mirvac Group
National Australia Bank Limited
Newcrest Mining Limited
Oil Search Limited
Orica Limited
Origin Energy Limited
Platinum Asset Management Ltd.
Qantas Airways Limited
QBE Insurance Group Ltd.
Ramsay Health Care Limited
REA Group Limited
Santos Limited
Scentre Group
Seek Limited
Sonic Healthcare Limited
South32 Ltd.
NO. OF SHARES OR
UNITS/PAR VALUE
515,619
277,383
236,005
176,886
315,585
922,532
62,100
415,211
152,429
726,923
242,769
425,620
717,739
159,867
273,633
DESCRIPTION
Stockland
Suncorp Group Limited
Sydney Airport
Tabcorp Holdings Limited
Tattersall’s Limited
Telstra Corporation Limited
TPG Telecom Ltd.
Transurban Group
Treasury Wine Estates Limited
Vicinity Centres
Wesfarmers Limited
Westfield Corporation Limited
Westpac Banking Corporation
Woodside Petroleum Limited
Woolworths Limited
COST
$
1,834 $
2,825
934
1,057
876
3,654
401
2,716
826
1,801
7,798
2,949
17,500
5,875
6,878
221,273
FAIR VALUE
2,137
3,403
1,515
842
1,400
5,230
621
4,393
1,279
2,057
10,209
4,091
24,344
4,640
6,775
253,591
AUSTRIA – 0.2%
16,730
60,230
60,500
31,816
25,318
24,567
Andritz AG
Erste Group Bank AG
IMMOEAST AG – Entitlement Shares
OMV AG
Raiffeisen International Bank-Holding AG
Voestalpine AG
967
2,304
0
1,303
1,194
959
6,727
1,137
2,628
0
1,254
520
1,051
6,590
3,856
12,935
1,244
742
1,786
1,594
2,927
1,654
494
1,815
838
29,885
2,810
29,989
1,488
1,090
3,024
2,069
4,703
1,898
854
3,423
1,200
52,548
1,335
819
413
446
1,554
3,094
2,098
1,788
946
3,869
860
1,158
11,837
1,602
2,125
1,478
371
2,912
454
36,146
1,480
2,713
2,856
1,868
2,698
5,712
2,073
1,614
34,229
3,370
4,184
1,220
673
4,726
708
70,124
BELGIUM – 1.4%
43,510
198,742
32,862
15,228
22,317
17,393
54,042
12,782
11,369
27,257
20,567
ageas SA/NV
Anheuser-Busch InBev NV
Belgacom SA
Colruyt SA
Delhaize Group SA
Groupe Bruxelles Lambert SA
KBC Group NV
Solvay SA, Class “A’’
Telenet Group Holding NV
UCB SA
Umicore
CHILE – 0.0%
85,192
Antofagasta PLC
CHINA – 0.0%
414,500
Yangzijiang Shipbuilding
(Holdings) Ltd.
DENMARK – 1.9%
825
1,495
23,062
21,400
23,952
152,528
37,728
32,089
423,305
50,408
23,729
175,420
24,228
48,308
5,334
A.P. Moller – Maersk AS, Class “A”
A.P. Moller – Maersk AS, Class “B”
Carlsberg AS, Class “B”
Chr Hansen Holding AS
Coloplast AS, Class “B”
Danske Bank AS
DSV AS
ISS AS
Novo Nordisk AS, Class “B”
Novozymes AS, Class “B”
Pandora AS
TDC AS
Tryg AS
Vestas Wind Systems AS
William Demant Holding AS
53
TD Emerald International Equity Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
FINLAND – 0.9%
30,728
95,959
72,781
24,361
27,696
794,645
24,734
22,000
96,576
118,996
115,070
31,893
Elisa Oyj, Class “A”
Fortum Oyj
KONE Oyj, Class “B”
Metso Corporation
Neste Oil Oyj
Nokia Oyj
Nokian Renkaat Oyj
Orion Oyj
Sampo PLC, Class “A”
Stora Enso Oyj
UPM-Kymmene Oyj
Wartsila Oyj, Class “B “
45,389
6,414
127,610
608,880
46,752
14,309
18,316
422,562
228,836
187,482
43,786
57,293
33,974
118,831
12,225
11,753
37,084
104,406
40,159
Accor SA
Aeroports de Paris
Airbus Group SE
Alcatel-Lucent
Alstom
Arkema
Atos Origin SA
AXA SA
BNP Paribas SA
Bollore SA
Bouygues SA
Bureau Veritas SA
Cap Gemini SA
Carrefour SA
Casino Guichard-Perrachon SA
Christian Dior SA
CNP Assurances SA
Compagnie de Saint-Gobain
Compagnie Generale des
Etablissements Michelin SCA
Credit Agricole SA
Danone SA
Dassault Systemes SA
Edenred SA
Electricite de France SA
Engie
Essilor International SA
Eurazeo SA
Eutelsat Communications
Fonciere des Regions
Gecina SA
Groupe Eurotunnel SA
Hermes International
ICADE
Iliad SA
Imerys
Ingenico
JCDecaux SA
Kering
Klepierre
Lagardere SCA
L’Air Liquide SA
Legrand SA
L’Oreal SA
LVMH Moet Hennessy-Louis Vuitton SA
Natixis
Numericable Group SA
Orange SA
$
728 $
2,352
2,156
904
601
10,424
843
542
3,354
1,274
2,011
1,114
26,303
1,613
2,016
4,302
761
1,155
7,908
1,235
1,061
6,849
1,507
2,992
2,028
33,427
2,380
636
6,168
2,703
2,486
1,362
1,307
11,022
16,250
1,251
2,080
1,240
2,281
5,216
1,159
1,700
785
5,627
2,740
1,038
11,939
3,354
1,987
1,395
2,141
16,088
18,035
1,216
2,415
1,590
4,388
4,779
782
2,780
696
6,278
3,496
3,504
8,823
1,281
1,132
2,539
10,798
3,849
527
1,336
624
1,032
1,103
2,361
765
934
535
1,953
500
2,704
1,962
1,144
8,768
2,472
7,508
9,565
994
877
9,970
5,327
3,648
11,903
3,063
1,182
1,070
7,776
7,701
827
1,532
814
1,269
1,743
2,676
670
1,887
755
2,085
834
3,893
2,594
1,058
11,624
4,516
12,751
13,198
1,596
1,075
10,029
FRANCE – 9.4%
222,179
126,659
27,513
44,878
52,238
315,663
44,358
8,629
36,776
6,541
7,504
100,790
5,689
7,174
5,683
7,771
11,859
15,659
16,334
41,944
25,497
74,322
57,339
54,413
60,362
202,735
21,262
429,188
54
NO. OF SHARES OR
UNITS/PAR VALUE
45,873
94,572
40,625
5,265
41,441
62,327
63,065
255,139
120,595
33,180
6,214
156,731
20,326
64,297
22,659
22,608
469,426
21,305
17,167
97,182
103,364
251,145
6,181
42,237
DESCRIPTION
Pernod Ricard SA
Peugeot SA
Publicis Groupe SA
Remy Cointreau SA
Renault SA
Rexel SA
Safran SA
Sanofi
Schneider Electric SA
SCOR SE
Societe BIC
Societe Generale
Sodexo
Suez Environnement SA
Technip
Thales
TOTAL SA
Unibail-Rodamco
Valeo
Veolia Environnement
Vinci SA
Vivendi SA
Wendel
Zodiac SA
COST
$
4,668 $
1,586
2,367
533
3,028
1,420
2,938
22,239
8,058
1,006
638
9,654
1,617
969
1,812
1,289
28,493
4,455
2,199
2,962
6,086
7,472
725
1,036
275,959
FAIR VALUE
7,282
2,313
3,763
524
5,792
1,155
6,030
30,261
9,565
1,728
1,422
10,068
2,765
1,675
1,564
2,357
29,230
7,536
3,693
3,206
9,224
7,526
1,022
1,401
353,839
GERMANY – 9.0%
45,146
98,728
9,311
198,423
178,649
71,529
11,774
21,738
33,329
229,970
23,765
208,010
100,673
297,971
41,643
49,988
209,326
694,534
72,882
432,285
30,202
8,684
47,076
82,409
15,015
39,461
13,027
30,410
22,406
38,433
14,449
243,659
41,349
4,781
19,773
40,125
adidas AG
Allianz SE
Axel Springer AG
BASF SE
Bayer AG
Bayerische Motoren Werke AG
Bayerische Motoren Werke AG, Pref.
Beiersdorf AG
Brenntag AG
Commerzbank AG
Continental AG
Daimler AG
Deutsche Annington Immobilien SE
Deutsche Bank AG
Deutsche Boerse AG
Deutsche Lufthansa AG
Deutsche Post AG
Deutsche Telekom AG
Deutsche Wohnen AG
E.ON SE
Evonik Industries AG
Fraport AG Frankfurt Airport
Services Worldwide
Fresenius Medical Care AG & Co.
Fresenius SE & Co. KGaA
Fuchs Petrolub SE, Pref.
GEA Group AG
Hannover Ruck SE
HeidelbergCement AG
Henkel AG & Co. KGaA
Henkel AG & Co. KGaA, Pref.
Hugo Boss AG
Infineon Technologies AG
K+S AG
Kabel Deutschland Holding AG
Lanxess AG
Linde AG
3,318
15,481
486
15,078
16,529
5,866
696
1,612
1,439
6,353
3,134
14,665
3,941
15,359
3,223
978
5,408
12,184
1,737
12,214
1,408
6,125
24,365
721
21,175
31,217
10,538
1,375
2,761
2,428
3,322
8,053
24,351
4,337
10,128
5,114
1,099
8,198
17,492
2,817
5,826
1,395
563
3,244
3,374
702
1,348
880
2,162
1,424
2,784
1,890
2,345
2,252
352
1,401
6,200
772
5,522
8,204
986
2,227
2,077
3,470
2,996
5,985
1,670
4,965
1,474
824
1,273
8,107
TD Emerald Funds
TD Emerald International Equity Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
7,614
27,892
38,511
36,044
19,225
33,045
47,207
105,724
212,320
171,294
26,601
128,522
79,471
107,718
26,573
7,650
40,093
18,700
DESCRIPTION
MAN SE
Merck KGaA
METRO AG
Munchener RuckversicherungsGesellschaft AG
OSRAM Licht AG
Porsche Automobil Holding SE
ProSiebenSat. 1 Media AG
RWE AG
SAP AG
Siemens AG
Symrise AG
Telefonica Deutschland Holding AG
ThyssenKrupp AG
TUI AG
United Internet AG
Volkswagen AG
Volkswagen AG, Pref.
Zalando SE
COST
$
771 $
1,812
1,831
6,606
700
2,501
2,041
6,079
14,193
18,783
1,903
851
2,467
2,281
752
1,472
6,669
844
244,586
FAIR VALUE
1,065
3,770
1,718
10,038
1,125
2,494
3,331
1,868
23,510
23,232
2,462
949
2,199
2,671
2,041
1,643
8,092
1,027
336,624
HONG KONG – 3.0%
2,602,797
52,242
254,460
797,869
255,676
136,102
583,908
583,908
407,879
508,714
506,402
485,266
164,843
249,227
572,700
572,834
1,494,740
244,847
254,200
138,884
140,645
1,273,101
487,611
41,200
325,734
1,209,730
1,017,929
337,048
897,952
298,642
254,463
677,610
428,583
373,458
127,415
252,779
296,100
AIA Group Ltd.
ASM Pacific Technology Limited
Bank of East Asia Ltd.
BOC Hong Kong (Holdings) Limited
Cathay Pacific Airways Limited
Cheung Kong Infrastructure Holdings Ltd.
Cheung Kong Property Holdings Ltd.
CK Hutchison Holdings Ltd.
CLP Holdings Limited
First Pacific Company Limited
Galaxy Entertainment Group Limited
Hang Lung Properties Ltd.
Hang Seng Bank Limited
Henderson Land Development
Company Limited
HK Electric Investments & HK
Electric Investments Limited
HKT Trust and HKT Ltd.
The Hong Kong and China
Gas Company Limited
Hong Kong Exchanges and
Clearing Limited
Hongkong Land Holdings Ltd.
Hysan Development Company Limited
Kerry Properties Limited
Li & Fung Limited
The Link Real Estate Investment Trust
Melco Crown Entertainment Limited
MTR Corporation Limited
New World Development
Company Limited
Noble Group Limited
NWS Holdings Limited
PCCW Limited
Power Assets Holdings Limited
Shangri-La Asia Limited
Sino Land Company Limited
SJM Holdings Limited
Sun Hung Kai Properties Limited
Swire Pacific Ltd., Class “A”
Swire Properties Ltd.
Techtronic Industries Company Ltd.
11,053
512
1,014
2,211
554
816
4,293
11,191
3,504
562
2,138
1,706
2,699
21,740
570
1,316
3,389
615
1,752
5,275
10,947
4,814
469
2,219
1,534
4,358
1,283
2,122
609
622
667
1,016
2,423
4,072
4,497
2,367
536
626
2,366
1,936
891
1,186
8,711
2,472
790
533
1,203
4,055
961
2,242
1,694
1,152
562
398
2,265
526
1,130
803
5,375
1,538
854
1,083
1,661
399
701
732
3,817
345
1,380
425
6,265
1,991
1,015
1,677
NO. OF SHARES OR
UNITS/PAR VALUE
1,266,200
293,232
197,764
160,483
DESCRIPTION
WH Group Limited
The Wharf (Holdings) Limited
Wheelock and Company Limited
Yue Yuen Industrial
(Holdings) Limited
COST
$
946 $
1,716
749
FAIR VALUE
983
2,260
1,157
552
82,938
758
113,408
1,963
4,941
3,125
3,025
7,156
5,169
0
768
1,667
5,065
17,529
0
1,712
3,930
12,302
33,294
873
425
998
1,199
3,417
237
1,167
305
2,044
499
636
1,273
407
1,646
1,438
3,323
283
578
499
2,067
992
708
10,905
22,705
17,346
30,560
6,241
2,067
5,166
1,787
852
9,229
13,499
706
1,240
834
10,024
1,629
1,412
47
0
839
2,025
2,487
4,581
1,749
1,412
10,612
2,172
6,441
3,291
1,044
1,513
1,074
8,948
11,444
1,351
1,698
856
13,631
3,316
1,633
0
0
1,286
647
3,300
4,395
1,868
2,332
7,991
1,815
0
80,610
0
79,874
IRELAND – 0.9%
5,931,240
177,625
210,201
243,771
96,974
34,125
127,898
Bank of Ireland
CRH PLC
Experian PLC
Irish Bank ResolutionCorporation
Limited (Restricted)
James Hardie Industries PLC
Kerry Group PLC
Shire PLC
ISRAEL – 0.8%
416,032
7,860
229,367
298,305
29,400
1,015
102,369
30,049
35,200
12,383
3,300
190,916
“Bezeq” the Israeli Telecommunication
Corporation Ltd.
Azrieli Group
Bank Hapoalim B.M.
Bank Leumi le-Israel B.M.
Check Point Software Technologies Ltd.
Delek Group Ltd.
Israel Chemicals Ltd.
Mizrahi Tefahot Bank Ltd.
Mobileye NV
Nice Systems Ltd.
Taro Pharmaceutical Industries Ltd.
Teva Pharmaceutical
Industries Limited
ITALY – 2.1%
252,254
89,017
561,717
78,244
378,060
1,523,585
549,576
21,278
87,251
240,274
2,941,756
36,379
121,799
11,873
238
42,051
57,202
452,833
2,478,976
1,301,848
325,004
1,031,292
193,963
173,546
Assicurazioni Generali SpA
Atlantia SpA
Banca Monte dei Paschi di Siena SpA
Banco Popolare Societa Cooperativa
Enel Green Power SpA
Enel SpA
Eni SpA
EXOR SpA
Finmeccanica SpA
Fondiaria-SAI SpA
Intesa Sanpaolo SpA
Luxottica Group SpA
Mediobanca SpA
Parmalat Finanziaria SpA
Prima Cinque Azione
Prysmian SpA
Saipem SpA
Snam Rete Gas SpA
Telecom Italia SpA
Telecom Italia SpA, di Risp Non Conv.
Terna SpA
UniCredit SpA
Unione di Banche Italiane SpA
Unione di Banche Italiane SpA,
Rights 30/01/2016
55
TD Emerald International Equity Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
NO. OF SHARES OR
UNITS/PAR VALUE
461
572
3,039
708
593
772
2,493
4,031
1,060
1,014
1,466
1,011
1,186
1,654
3,659
2,574
1,008
9,119
966
2,085
580
6,776
826
944
9,786
1,433
7,782
1,514
2,666
2,360
651
1,186
576
890
1,636
1,290
788
5,461
3,987
5,191
568
2,482
5,226
3,079
7,061
3,595
1,264
9,532
5,053
1,582
827
10,297
5,662
718
7,364
5,853
2,812
1,174
347
672
761
768
1,186
246,100
3,700
55,900
6,504
108,500
12,400
22,600
23,296
14,200
1,044,709
46,400
263,000
36,406
352,263
8,700
90,000
64,500
19,040
301,492
31,700
205,400
75,978
128,391
341,319
10,408
52,500
52,199
25,900
9,200
118,100
87,500
97,300
180
282
526
237,721
105,863
45,600
131,800
41,300
44,527
484,081
183,000
31,200
50,670
61,124
151,718
50,158
108,981
307,000
377,900
110,600
102,000
125,000
60,000
9,883
32,000
392,100
177,279
670,000
22,300
199,024
20,100
97,800
JAPAN – 23.1%
6,000
86,300
140,900
22,500
24,650
34,200
41,204
121,229
38,172
251,000
38,300
75,242
242,800
205,779
83,400
270,881
34,600
456,085
74,000
242,002
14,400
140,579
51,006
15,900
230,600
43,600
31,200
151,706
138,876
48,200
34,700
64,200
57,100
32,100
117,600
61,600
41,600
232,400
137,522
50,500
34,400
15,343
129,198
358,000
105,100
46,600
25,600
72,096
54,271
31,672
12,700
42,300
11,500
121,600
126,850
99,784
401,228
168,000
91,417
82,284
88,431
50,400
30,800
56
ABC-Mart Inc.
$
Acom Company Ltd.
AEON Co., Ltd.
Aeon Financial Service Co., Ltd.
AEON Mall Co., Ltd.
Air Water Inc.
Aisin Seiki Co., Ltd.
Ajinomoto Co., Inc.
Alfresa Holdings Corporation
All Nippon Airways Co., Ltd.
Alps Electric Co., Ltd.
Amada Co., Ltd.
Aozora Bank Ltd.
Asahi Glass Company Limited
Asahi Group Holdings Ltd.
Asahi Kasei Corporation
ASICS Corporation
Astellas Pharma Inc.
The Bank of Kyoto Ltd.
The Bank of Yokohama Ltd.
Benesse Corporation
Bridgestone Corporation
Brother Industries Ltd.
Calbee Inc.
Canon Inc.
Casio Computer Co., Ltd.
Central Japan Railway Company
Chiba Bank Ltd.
Chubu Electric Power Co., Inc.
Chugai Pharmaceutical Co., Ltd.
The Chugoku Bank Limited
The Chugoku Electric Power Co., Inc.
Citizen Holdings Co., Ltd.
Credit Saison Co., Ltd.
Dai Nippon Printing Co., Ltd.
Daicel Chemical Industries Ltd.
Daihatsu Motor Co., Ltd.
The Dai-ichi Life Insurance Company Limited
Daiichi Sankyo Company Limited
Daikin Industries Ltd.
Dainippon Sumitomo Pharma Co., Ltd.
Daito Trust Construction Co., Ltd.
Daiwa House Industry Co., Ltd.
Daiwa Securities Group Inc.
DENSO Corporation
Dentsu Inc.
Don Quijote Co., Ltd.
East Japan Railway Company
Eisai Co., Ltd.
Electric Power Development Co., Ltd.
FamilyMart Co., Ltd.
FANUC Corporation
Fast Retailing Company Limited
Fuji Electric Holdings Co., Ltd.
Fuji Heavy Industries Ltd.
FUJIFILM Holdings Corporation
Fujitsu Limited
Fukuoka Financial Group Inc.
GungHo Online Entertainment Inc.
The Gunma Bank Ltd.
The Hachijuni Bank Ltd.
Hakuhodo DY Holdings Inc.
Hamamatsu Photonics K.K.
227 $
272
2,033
493
647
493
1,442
1,813
559
773
1,602
603
702
1,929
1,956
1,841
513
4,808
770
1,478
648
3,846
680
407
9,910
552
3,529
1,074
3,054
1,103
528
1,239
439
715
1,523
509
592
3,778
3,139
2,206
378
1,202
2,238
2,551
4,066
1,741
639
5,649
2,525
1,105
498
6,285
2,744
375
1,931
3,462
2,876
821
976
536
588
366
606
DESCRIPTION
Hankyu Hanshin Holdings Inc.
$
Hikari Tsushin Inc.
Hino Motors Ltd.
Hirose Electric Co., Ltd.
The Hiroshima Bank Ltd.
Hisamitsu Pharmaceutical Co., Inc.
Hitachi Chemical Co., Ltd.
Hitachi Construction Machinery Co., Ltd.
Hitachi High-Technologies Corporation
Hitachi Ltd.
Hitachi Metals Ltd.
Hokugin Financial Group Inc.
Hokuriku Electric Power Company
Honda Motor Co., Ltd.
Hoshizaki Electric Co., Ltd.
HOYA Corporation
Hulic Company, Limited
Idemitsu Kosan Co., Ltd.
IHI Corporation
Iida Group Holdings Co., Ltd.
INPEX Corporation
Isetan Mitsukoshi Holdings Ltd.
Isuzu Motors Limited
ITOCHU Corporation
ITOCHU Techno-Solutions Corporation
The Iyo Bank Ltd.
J. Front Retailing Co., Ltd.
Japan Airlines Corp.
Japan Airport Terminal Co., Ltd.
Japan Exchange Group Inc.
Japan Post Bank Co., Ltd.
Japan Post Holdings Co., Ltd.
Japan Prime Realty Investment Corporation
Japan Real Estate Investment Corporation
Japan Retail Fund Investment Corporation
Japan Tobacco Inc.
JFE Holdings Inc.
JGC Corporation
The Joyo Bank Ltd.
JSR Corporation
JTEKT Corporation
JX Holdings Inc.
Kajima Corporation
Kakaku.com Inc.
Kamigumi Co., Ltd.
Kaneka Corporation
Kansai Electric Power Co., Inc.
Kansai Paint Co., Ltd.
Kao Corporation
Kawasaki Heavy Industries Ltd.
KDDI Corporation
Keihan Electric Railway Co., Ltd.
Keihin Electric Express Railway Co., Ltd.
Keio Corporation
Keisei Electric Railway Co., Ltd.
Keyence Corporation
Kikkoman Corporation
Kintetsu Corporation
Kirin Holdings Company Limited
Kobe Steel Ltd.
Koito Manufacturing Co., Ltd.
Komatsu Ltd.
Konami Corporation
Konica Minolta Holdings Inc.
COST
1,362 $
307
397
773
498
554
448
497
364
6,541
661
575
785
12,618
813
2,671
505
475
868
669
3,191
992
1,274
3,639
218
546
711
673
667
1,379
1,680
1,999
686
1,452
990
6,764
3,055
1,129
700
803
657
2,869
744
639
465
479
3,034
549
3,750
1,067
5,922
681
904
908
479
3,086
570
1,647
2,606
1,299
479
4,489
529
1,041
FAIR VALUE
2,242
353
910
1,109
868
730
505
511
539
8,342
806
753
755
15,905
760
5,177
796
426
1,173
827
2,812
1,391
1,948
5,683
291
718
1,065
1,303
576
2,605
1,768
2,095
858
1,912
1,410
12,273
2,347
981
875
906
1,031
2,842
1,530
863
613
893
2,557
1,069
7,872
1,602
13,763
1,038
1,181
1,516
1,074
7,655
1,561
2,232
3,373
1,029
1,290
4,578
670
1,380
TD Emerald Funds
TD Emerald International Equity Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
6,600
241,000
75,239
23,400
69,200
50,300
91,987
71,600
14,000
57,554
42,000
10,800
25,800
355,927
48,053
10,200
116,320
14,400
29,100
26,316
69,600
11,800
292,244
292,000
417,500
270,500
84,000
654,396
25,300
242,000
138,200
48,600
2,754,881
106,510
368,709
177,472
204,300
248,000
109,254
714,789
8,800
5,088,186
43,800
26,400
189,400
38,413
560,700
27,900
56,800
38,700
34,300
47,600
73,700
23,000
306
86,537
179,068
38,000
31,700
312
163,841
DESCRIPTION
COST
KOSE Corporation
878 $
$
KUBOTA Corporation
2,728
Kuraray Co., Ltd.
1,005
Kurita Water Industries Ltd.
615
Kyocera Corporation
3,427
Kyowa Hakko Kogyo Co., Ltd.
610
Kyushu Electric Power
Company Incorporated
1,739
Kyushu Financial Group Inc.
704
Lawson Inc.
873
LIXIL Group Corp.
1,280
M3, Inc.
586
Mabuchi Motor Co., Ltd.
417
Makita Corporation
1,112
Marubeni Corporation
2,291
Marui Group Co., Ltd.
549
Maruichi Steel Tube Ltd.
246
Mazda Motor Corporation
1,847
McDonald’s Holdings Company (Japan) Ltd.
364
Medipal Holdings Corp.
438
MEIJI Holdings Co., Ltd.
884
Minebea Co., Ltd.
986
Miraca Holdings Inc.
488
Mitsubishi Chemical Holdings Corporation
1,800
Mitsubishi Corporation
6,345
Mitsubishi Electric Corporation
4,186
Mitsubishi Estate Co., Ltd.
5,635
Mitsubishi Gas Chemical Company Inc.
557
Mitsubishi Heavy Industries Ltd.
3,335
Mitsubishi Logistics Corporation
377
Mitsubishi Materials Corporation
860
Mitsubishi Motors Corp.
1,829
Mitsubishi Tanabe Pharma Corporation
746
Mitsubishi UFJ Financial Group Inc.
18,590
Mitsubishi UFJ Lease & Finance
Company Limited
486
Mitsui & Co., Ltd.
5,692
Mitsui Chemicals Inc.
682
Mitsui Fudosan Co., Ltd.
4,966
Mitsui O.S.K. Lines Ltd.
1,464
Mitsui Sumitomo Insurance Group
Holdings Inc.
3,027
Mitsui Trust Holdings Inc.
3,357
Mixi Inc.
463
Mizuho Financial Group Inc.
12,030
Murata Manufacturing Co., Ltd.
3,785
Nabtesco Corporation
580
Nagoya Railroad Co., Ltd.
765
NAMCO BANDAI Holdings Inc.
660
NEC Corporation
2,190
NEXON Co., Ltd.
436
NGK Insulators Ltd.
1,087
NGK Spark Plug Co., Ltd.
696
NHK Spring Co., Ltd.
308
NIDEC Corporation
2,433
Nikon Corporation
1,640
Nintendo Co., Ltd.
4,983
Nippon Building Fund Inc.
1,735
Nippon Electric Glass Co., Ltd.
951
Nippon Express Co., Ltd.
914
Nippon Meat Packers Inc.
595
Nippon Paint Co., Ltd.
611
Nippon Prologis REIT Inc.
624
Nippon Steel & Sumitomo Metal Corporation 5,625
FAIR VALUE
859
5,254
1,279
687
4,518
1,112
1,410
700
1,592
1,794
1,223
828
2,094
2,569
1,098
423
3,390
436
697
3,054
843
729
2,613
6,838
6,183
7,882
603
4,030
469
1,073
1,644
1,176
24,085
772
6,154
1,111
7,210
879
4,504
3,805
462
14,307
8,887
755
1,104
1,137
2,493
638
1,806
1,437
484
4,857
1,383
4,450
2,039
613
1,183
1,043
1,083
787
4,571
NO. OF SHARES OR
UNITS/PAR VALUE
162,142
349,832
537,205
46,076
13,600
16,128
35,300
71,550
20,613
784,530
26,964
763
26,760
101,262
27,300
309,000
24,900
140,000
14,000
135,917
173,000
59,300
42,184
17,800
8,271
43,100
286,100
403,010
11,200
84,100
476,975
20,500
200,900
30,600
476,000
152,506
7,900
20,834
5,200
10,677
10,600
80,100
46,610
45,200
40,316
25,900
58,600
90,033
130,386
162,799
128,732
38,600
52,000
4,800
17,000
128,000
88,700
374,393
64,331
77,600
115,900
40,800
DESCRIPTION
Nippon Telegraph and
Telephone Corporation
$
Nippon Yusen Kabushiki Kaisha
Nissan Motor Co., Ltd.
Nisshin Seifun Group Inc.
Nissin Food Products Co., Ltd.
Nitori Holdings Co., Ltd.
Nitto Denko Corporation
NKSJ Holdings Inc.
NOK Corporation
Nomura Holdings Inc.
Nomura Real Estate Holdings Inc.
Nomura Real Estate Master Fund Inc.
Nomura Research Institute Ltd.
NSK Ltd.
NTT DATA Corporation
NTT DOCOMO Inc.
NTT Urban Development Co.
Obayashi Corporation
OBIC Co., Ltd.
Odakyu Electric Railway Co., Ltd.
Oji Holdings Corp.
Olympus Corporation
OMRON Corporation
Ono Pharmaceutical Co., Ltd.
Oracle Corporation Japan
Oriental Land Company Limited
ORIX Corporation
Osaka Gas Co., Ltd.
OTSUKA Corporation
Otsuka Holdings Co., Ltd.
Panasonic Corporation
Park24 Co., Ltd.
Rakuten Inc.
Recruit Holdings Co., Ltd.
Resona Holdings Inc.
Ricoh Company Ltd.
Rinnai Corporation
ROHM Co., Ltd.
Ryohin Keikaku Co., Ltd.
Sankyo Co., Ltd.
Sanrio Co., Ltd.
Santen Pharmaceutical Co., Ltd.
SBI Holdings Inc.
SECOM Co., Ltd.
Sega Sammy Holdings Inc.
Seibu Holdings Inc.
Seiko Epson Corporation
Sekisui Chemical Co., Ltd.
Sekisui House Ltd.
Seven & i Holdings Co., Ltd.
Seven Bank Ltd.
Shikoku Electric Power Co., Inc.
Shimadzu Corporation
Shimamura Co., Ltd.
Shimano Inc.
Shimizu Corporation
Shin-Etsu Chemical Company Limited
Shinsei Bank Limited
Shionogi & Co., Ltd.
Shiseido Co., Ltd.
Shizuoka Bank Ltd.
Showa Shell Sekiyu K.K.
COST
4,830 $
1,408
5,286
535
570
797
1,787
2,214
451
6,016
606
1,279
697
925
1,131
6,432
217
851
991
1,301
935
1,925
1,210
1,382
439
1,377
4,016
1,661
360
2,610
6,708
368
2,312
1,160
3,311
2,264
567
1,646
1,539
547
496
730
798
2,561
804
621
1,022
830
1,657
6,021
417
1,005
519
511
1,258
707
5,332
618
1,552
1,582
1,264
401
FAIR VALUE
9,055
1,192
7,937
1,057
1,010
1,905
3,633
3,314
680
6,152
702
1,316
1,443
1,551
1,854
8,863
336
1,809
1,041
2,054
977
3,287
1,980
4,458
540
3,652
5,668
2,040
771
4,192
6,832
693
3,255
1,258
3,250
2,203
983
1,487
1,480
558
349
1,855
711
4,301
528
742
1,265
1,654
3,081
10,434
792
847
1,228
790
3,663
1,463
6,778
968
4,088
2,266
1,582
466
57
TD Emerald International Equity Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
11,700
207,597
13,300
272,768
37,600
30,800
320,184
242,615
162,554
119,700
107,141
275,003
78,000
36,956
30,100
39,135
16,794
78,600
31,300
124,776
254,800
228,300
6,900
32,800
61,174
170,779
26,600
202,552
65,500
26,249
221,000
24,500
88,200
97,800
147,380
311,700
36,982
492,400
45,200
241,100
110,304
62,000
114,000
316,300
868,344
30,599
35,300
19,200
14,100
35,100
590,800
45,900
22,800
80,200
572
47,400
35,458
307,600
19,100
146,240
42,900
36,300
56,700
73,500
58
DESCRIPTION
SMC Corporation
$
SoftBank Corp.
Sohgo Security Services Co., Ltd.
Sony Corporation
Sony Financial Holdings Inc.
Stanley Electric Co., Ltd.
Sumitomo Chemical Co., Ltd.
Sumitomo Corporation
Sumitomo Electric Industries Ltd.
Sumitomo Heavy Industries Ltd.
Sumitomo Metal Mining Co., Ltd.
Sumitomo Mitsui Financial Group Inc.
Sumitomo Realty & Development Co., Ltd.
Sumitomo Rubber Industries Ltd.
Suntory Beverage & Food Limited
Suruga Bank Ltd.
Suzuken Co., Ltd.
Suzuki Motor Corporation
Sysmex Corporation
T&D Holdings Inc.
Taiheiyo Cement Corporation
Taisei Corporation
Taisho Pharmaceutical Holdings Co., Ltd.
Taiyo Nippon Sanso Corporation
Takashimaya Co., Ltd.
Takeda Pharmaceutical Company Limited
TDK Corporation
Teijin Ltd.
Terumo Corporation
THK Co., Ltd.
Tobu Railway Co., Ltd.
Toho Co., Ltd.
Toho Gas Co., Ltd.
Tohoku Electric Power Co., Inc.
Tokio Marine Holdings Inc.
Tokyo Electric Power Co., Inc.
Tokyo Electron Limited
Tokyo Gas Co., Ltd.
Tokyo Tatemono Co., Ltd.
Tokyu Corporation
Tokyu Fudosan Holdings Corporation
TonenGeneral Sekiyu K.K.
Toppan Printing Co., Ltd.
Toray Industries Inc.
Toshiba Corporation
TOTO Ltd.
Toyo Seikan Group Holdings Ltd.
Toyo Suisan Kaisha Ltd.
Toyoda Gosei Co., Ltd.
Toyota Industries Corporation
Toyota Motor Corporation
Toyota Tsusho Corporation
Trend Micro Inc.
Unicharm Corporation
United Urban Investment Corporation
USS Co., Ltd.
West Japan Railway Company
Yahoo Japan Corporation
Yakult Honsha Co., Ltd.
Yamada Denki Co., Ltd.
Yamaguchi Financial Group Inc.
YAMAHA Corporation
Yamaha Motor Co., Ltd.
Yamato Holdings Co., Ltd.
COST
2,360 $
8,584
850
8,849
673
599
1,693
3,214
2,265
724
1,576
12,283
2,182
473
1,161
567
541
2,110
827
2,074
636
877
547
304
572
9,046
1,705
829
1,699
576
1,160
504
523
1,732
4,879
4,877
2,405
2,457
753
1,478
747
673
1,093
2,319
4,309
643
639
546
346
1,364
30,333
967
832
1,280
818
470
1,757
1,360
664
935
514
582
995
1,354
FAIR VALUE
4,292
14,717
875
9,456
946
950
2,592
3,475
3,236
757
1,830
14,627
3,130
675
1,849
1,136
897
3,361
2,830
2,318
1,042
2,109
684
417
773
11,961
2,402
971
2,859
684
1,526
951
800
1,717
8,019
2,516
3,127
3,246
691
2,673
971
732
1,473
4,127
2,506
1,514
922
938
451
2,647
51,085
1,510
1,298
2,294
1,083
1,002
3,437
1,755
1,315
883
713
1,236
1,797
2,186
NO. OF SHARES OR
UNITS/PAR VALUE
24,160
51,192
49,400
22,800
DESCRIPTION
Yamazaki Baking Co., Ltd.
Yaskawa Electric Corporation
Yokogawa Electric Corporation
The Yokohama Rubber Co., Ltd.
COST
$
355 $
573
563
486
597,565
FAIR VALUE
763
983
836
493
867,718
JERSEY – 0.0%
19,944
Randgold Resources Limited
1,698
1,692
5,848
1,273
1,073
1,948
1,806
11,948
1,269
1,090
972
2,706
1,680
7,717
385
1,654
800
2,839
357
2,483
547
3,387
5
4
9
0
0
0
829
692
3,820
2,323
3,523
2,297
4,564
1,269
1,179
3,017
12,279
2,935
2,188
3,898
6,110
788
1,937
6,434
623
1,034
1,335
927
18,600
30,314
1,111
1,733
114,238
3,083
2,302
4,949
2,076
9,329
1,443
2,328
5,916
15,705
5,297
2,725
3,638
7,265
909
2,535
6,051
626
1,810
2,403
1,079
16,655
27,189
1,255
3,041
129,609
453
704
918
540
1,125
723
1,040
629
LUXEMBOURG – 0.2%
215,869
13,595
8,360
70,109
101,806
ArcelorMittal
Millicom International Cellular SA
RTL Group
SES SA
Tenaris SA
MACAU – 0.1%
205,351
521,667
336,940
MGM China Holdings Limited
Sands China Ltd.
Wynn Macau Limited
MALAYSIA – 0.0%
3,000
4,000
Kemayan Corporation Berhad
Promet Berhad
MEXICO – 0.0%
47,759
Fresnillo PLC
NETHERLANDS – 3.5%
390,599
38,400
53,169
103,551
74,892
17,306
21,733
49,775
835,948
180,254
39,024
690,483
204,351
15,190
51,602
51,700
18,209
47,769
27,677
18,998
527,212
870,220
106,723
65,087
AEGON NV
AerCap Holdings NV
Akzo Nobel NV
Altice NV
ASML Holding NV
Gemalto N.V.
Heineken Holding NV
Heineken NV
ING Groep NV
Koninklijke Ahold NV
Koninklijke DSM NV
Koninklijke KPN NV
Koninklijke Philips Electronics NV
Koninklijke Vopak NV
NN Group NV
NXP Semiconductors N.V.
OCI NV
Qiagen NV
Randstad Holding NV
Royal Boskalis Westminster NV
Royal Dutch Shell PLC, Class “B”
Royal Dutch Shell PLC, Class “A”
TNT NV
Wolters Kluwer NV
NEW ZEALAND – 0.2%
205,751
160,313
148,797
276,848
Auckland International Airport Limited
Contact Energy Limited
Fletcher Building Limited
Meridian Energy Ltd.
TD Emerald Funds
TD Emerald International Equity Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
151,226
81,013
395,314
DESCRIPTION
Mighty River Power Ltd.
Ryman Healthcare Limited
Telecom Corporation of New
Zealand Limited
COST
$
395 $
538
FAIR VALUE
400
655
1,033
4,581
1,240
5,812
2,775
3,631
605
2,121
1,589
793
897
6,055
2,808
1,640
19,283
964
1,511
1,933
752
854
4,680
3,767
2,326
20,418
1,488
981
2,084
1,366
789
6,708
590
91
2,502
1,348
984
5,515
725
987
0
1
NORWAY – 0.5%
210,695
43,207
290,534
175,741
16,400
19,300
241,100
161,852
38,709
DNB ASA
Gjensidige Forsikring Nordmore
og Romsdal
Norsk Hydro ASA
Orkla ASA
Schibsted ASA
Schibsted ASA, Class “B”
Statoil ASA
Telenor ASA
Yara International ASA
7,996,130
503,499
499,275
83,300
54,380
Banco Comercial Portugues SA
Banco Espirito Santo SA
EDP-Energias de Portugal SA
Galp Energia SGPS SA
Jeronimo Martins SGPS SA
PORTUGAL – 0.1%
SINGAPORE – 1.2%
442,200
16,582
446,200
554,100
523,996
88,457
463,648
380,136
1,305,800
680,313
1,525,408
1,223,309
24,336
314,271
654,661
212,412
180,625
116,684
173,700
345,820
337,372
1,722,206
130,800
515,500
279,128
103,230
415,100
Ascendas Real Estate Investment Trust
Ascendas Real Estate Investment Trust,
Rights 31/01/2016
CapitaLand Commercial Trust
Management Limited
CapitaLand Limited
CapitaLand Mall Trust
City Developments Limited
ComfortDelGro Corporation Limited
DBS Group Holdings Ltd.
Genting Singapore PLC
Global Logistic Properties Limited
Golden Agri-Resources Ltd.
Hutchison Port Holdings Trust
Jardine Cycle & Carriage Limited
Keppel Corporation Limited
Oversea-Chinese Banking
Corporation Limited
SembCorp Industries Ltd.
SembCorp Marine Ltd.
Singapore Airlines Ltd.
Singapore Exchange Limited
Singapore Press Holdings Limited
Singapore Technologies Engineering Ltd.
Singapore Telecommunications Limited
StarHub Ltd.
Suntec Real Estate Investment Trust
United Overseas Bank Limited
UOL Group Limited
Wilmar International Limited
589
1,404
781
713
654
4,539
1,380
1,301
672
1,024
683
2,108
590
1,818
990
663
1,385
6,212
984
1,432
508
901
830
2,003
4,660
701
540
1,156
914
1,106
806
4,490
292
844
4,083
351
1,621
38,137
5,641
634
309
1,280
1,310
1,334
994
6,189
474
782
5,360
631
1,195
45,437
957
2,262
3,219
1,178
2,167
3,345
SOUTH AFRICA – 0.1%
120,046
79,337
Investec PLC
Mondi PLC
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
SPAIN – 3.1%
112,073
40,787
14,583
94,801
1,376,953
1,079,336
368,302
3,122,909
993,221
145,640
566,669
133,621
45,974
68,618
98,453
75,509
32,154
1,163,634
235,656
232,851
23,330
226,895
226,895
971,577
39,344
Abertis Infraestructuras SA
ACS, Actividades de Construccion
y Servicios, SA
Aena SA
Amadeus IT Holding SA
Banco Bilbao Vizcaya Argentaria SA
Banco de Sabadell SA
Banco Popular Espanol SA
Banco Santander SA
Bankia SA
Bankinter SA
CaixaBank
Distribuidora Internacional de
Alimentacion SA
Enagas SA
Endesa SA
Ferrovial SA
Gas Natural SDG SA
Grifols SA
Iberdrola SA
Industria de Diseno Textil SA
MAPFRE SA
Red Electrica de Espana SA
Repsol SA
Repsol SA, Rights 31/01/2016
Telefonica SA
Zardoya Otis SA
$
2,251 $
2,437
1,605
1,782
2,936
16,422
3,546
2,454
30,356
2,190
1,433
2,974
1,663
2,319
5,820
14,002
2,663
1,691
21,479
1,610
1,438
2,748
800
1,218
1,752
1,586
1,586
947
9,603
4,797
910
1,493
5,816
0
19,884
860
119,201
1,098
1,804
1,918
3,098
2,144
2,068
11,501
11,269
812
2,715
3,465
157
15,006
640
115,565
1,238
1,058
2,418
3,111
1,603
919
1,016
6,923
1,385
716
747
607
1,247
2,584
1,126
7,316
3,059
882
3,003
1,479
1,716
2,444
3,690
3,834
1,199
1,156
8,582
4,059
4,256
73,373
1,754
1,620
6,338
4,971
2,707
1,391
1,585
10,210
2,887
830
847
836
2,191
5,058
950
10,088
2,805
1,449
4,824
2,225
1,938
5,153
6,018
6,031
2,095
963
8,915
3,894
4,320
104,893
SWEDEN – 2.8%
51,867
63,432
216,089
144,774
84,128
59,088
43,239
205,111
55,661
89,954
16,722
34,952
50,750
98,199
47,042
656,196
229,872
67,646
327,490
81,928
85,746
126,874
323,497
195,642
42,364
68,946
657,456
560,125
331,452
AB Electrolux, Class “B”
Alfa Laval AB
Assa Abloy AB, Class “B”
Atlas Copco AB, Class “A”
Atlas Copco AB, Class “B”
Boliden AB
Getinge AB, Class “B”
H&M Hennes & Mauritz AB, Class “B”
Hexagon AB
Husqvarna AB, Class “B”
ICA Gruppen AB
Industrivarden AB
Investment AB Kinnevik
Investor AB, Class “B”
Lundin Petroleum AB
Nordea Bank AB
Sandvik AB
Securitas AB, Class “B”
Skandinaviska Enskilda Banken AB, Class “A”
Skanska AB, Class “B”
SKF AB, Class “B”
Svenska Cellulosa AB SCA, Class “B”
Svenska Handelsbanken AB, Class “A”
Swedbank AB
Swedish Match AB
Tele2 AB, Class “B”
Telefonaktiebolaget LM Ericsson
TeliaSonera Aktiebolag
Volvo AB, Class “B”
59
TD Emerald International Equity Index Fund
TD Emerald Funds
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
DESCRIPTION
COST
FAIR VALUE
SWITZERLAND – 9.6%
475,061
22,145
35,808
18,843
10,754
475
210
43,193
112,770
387,983
8,729
1,769
843
8,149
1,995
2,643,292
91,684
48,252
11,642
22
11,409
688,804
491,574
6,673
3,461
151,778
13,969
1,180
463
11,584
137,699
5,182
6,648
10,720
6,916
14,295
76,082
5,596
20,080
78,541
789,869
56,116
32,491
ABB Ltd.
$
Actelion Ltd.
Adecco SA
Aryzta AG
Baloise Holding AG
Barry Callebaut AG
Chocoladefabriken Lindt & Sprungli AG
Coca-Cola HBC AG
Compagnie Financiere Richemont SA,
Class “A”
Credit Suisse Group AG
Dufry AG
EMS-Chemie Holding AG
Galenica AG
Geberit AG
Givaudan SA
Glencore PLC
Holcim Ltd., Class “B”
Julius Baer Group Ltd.
Kuehne & Nagel International AG, ADR
Lindt & Spruengli AG
Lonza Group AG
Nestle SA
Novartis AG
Pargesa Holding SA
Partners Group Holding AG
Roche Holding AG
Schindler Holding AG
SGS SA
Sika AG
Sonova Holding AG
STMicroelectronics NV
Sulzer AG
Swatch Group AG
Swatch Group AG, Class “B”
Swiss Life Holding
Swiss Prime Site AG
Swiss Re Ltd.
Swisscom AG
Syngenta AG
Transocean Ltd.
UBS Group AG
Wolseley PLC
Zurich Insurance Group AG
9,511 $
1,523
2,454
1,007
1,123
527
803
1,130
11,840
4,290
3,424
1,334
1,904
723
1,823
1,280
6,368
13,401
1,533
491
1,642
1,761
2,569
12,805
6,734
2,069
1,394
1,026
1,066
41,572
33,973
583
825
31,784
1,552
2,236
1,233
1,262
1,794
834
2,471
803
1,275
1,250
5,283
2,650
6,138
4,315
16,660
2,677
8,206
240,313
11,283
11,678
1,454
1,083
1,841
3,847
5,047
4,897
6,400
3,258
2,226
2,278
2,582
71,259
59,212
588
1,735
58,217
3,263
3,129
2,326
2,046
1,284
678
3,231
1,012
2,604
1,557
10,363
3,906
10,932
1,362
21,396
4,241
11,651
360,484
1,454
945
951
1,434
1,181
10,594
2,923
2,067
2,057
15,957
1,328
7,490
857
4,543
18,194
2,434
2,067
1,181
1,504
1,035
740
1,853
6,454
2,486
5,255
25,806
1,474
9,234
1,140
6,992
16,308
2,741
UNITED KINGDOM – 17.7%
209,670
199,301
44,283
55,333
84,248
302,227
303,403
108,518
76,805
273,022
162,200
874,032
54,821
683,536
3,638,863
213,884
60
3i Group PLC
Aberdeen Asset Management PLC
Admiral Group PLC
Aggreko PLC
AMEC PLC
Anglo American PLC
ARM Holdings PLC
Ashtead Group PLC
Associated British Foods PLC
AstraZeneca PLC
Auto Trader Group PLC
Aviva PLC
Babcock International Group PLC
BAE Systems PLC
Barclays PLC
Barratt Developments PLC
NO. OF SHARES OR
UNITS/PAR VALUE
737,906
4,012,492
402,731
209,046
222,599
1,808,277
72,233
95,890
16,595
143,264
211,012
1,088,171
204,542
245,972
355,967
29,334
543,428
296,442
34,325
193,915
335,198
367,496
1,051,360
169,109
54,782
4,226,012
119,524
58,745
206,765
96,461
50,905
175,651
34,860
202,522
825,789
280,514
44,179
498,197
170,436
1,284,549
12,335,330
67,735
355,445
167,369
153,303
808,719
214,999
31,311
1,062,050
176,850
66,089
56,047
31,800
555,440
138,232
241,319
214,920
152,326
91,453
270,811
33,796,186
707,189
174,879
219,703
DESCRIPTION
BG Group PLC
$
BP PLC
British American Tobacco PLC
British Land Company PLC
British Sky Broadcasting Group PLC
BT Group PLC
Bunzl PLC
Burberry Group PLC
Canary Wharf Group PLC
The Capita Group PLC
Carphone Warehouse Group PLC
Centrica PLC
CNH Industrial NV
Cobham PLC
Compass Group PLC
Croda International PLC
Diageo PLC
Direct Line Insurance Group PLC
easyJet PLC
Fiat Chrysler Automobiles NV
G4S PLC
GKN PLC
GlaxoSmithKline PLC
Hammerson PLC
Hargreaves Lansdown PLC
HSBC Holdings PLC
ICAP PLC
IMI PLC
Imperial Tobacco Group PLC
Inmarsat PLC
InterContinental Hotels Group PLC
International Consolidated Airlines Group SA
Intertek Group PLC
Intu Properties PLC
ITV PLC
J Sainsbury PLC
Johnson Matthey PLC
Kingfisher PLC
Land Securities Group PLC
Legal and General Group PLC
Lloyds Banking Group PLC
London Stock Exchange Group PLC
Marks & Spencer Group PLC
Meggitt PLC
Merlin Entertainments PLC
National Grid PLC
New Melrose Industries PLC
Next PLC
Old Mutual PLC
Pearson PLC
Persimmon PLC
Petrofac Limited
Provident Financial PLC
Prudential PLC
Reckitt Benckiser Group PLC
Reed Elsevier PLC
Relx NV
Rexam PLC
Rio Tinto Limited
Rio Tinto PLC
Rolls-Royce Holdings PLC
The Royal Bank of Scotland Group PLC
Royal Mail PLC
RSA Insurance Group PLC
COST
13,968 $
34,713
18,452
2,295
2,944
8,540
1,243
1,665
123
1,974
1,401
5,469
2,387
1,014
4,192
1,140
13,307
1,404
761
2,290
1,383
1,435
26,147
1,516
874
46,917
921
865
8,282
1,099
1,413
873
1,275
1,366
1,483
1,654
1,567
2,507
2,757
3,390
14,989
2,179
2,570
1,121
1,050
9,792
1,010
1,813
3,123
3,101
1,441
1,077
2,288
8,457
9,223
2,995
2,470
1,304
5,509
14,014
4,307
10,314
1,856
2,282
FAIR VALUE
14,881
29,082
31,094
3,364
5,068
17,464
2,788
2,346
0
3,543
2,160
4,859
1,957
1,426
8,563
1,827
20,656
2,473
1,223
3,781
1,548
2,320
29,555
2,077
1,689
46,394
1,247
1,036
15,183
2,246
2,770
2,193
1,982
1,316
4,677
1,486
2,403
3,361
4,107
7,043
18,454
3,805
3,292
1,284
1,430
15,523
1,281
4,673
3,890
2,665
2,743
913
2,192
17,411
17,776
5,914
5,040
1,885
4,132
10,976
4,745
4,373
1,590
1,919
TD Emerald Funds
TD Emerald International Equity Index Fund
SCHEDULE OF INVESTMENT PORTFOLIO
(in 000s except number of Shares or Units/Par Value)
as at December 31, 2015
NO. OF SHARES OR
UNITS/PAR VALUE
209,692
232,364
26,856
161,487
51,241
192,818
85,120
58,180
214,551
113,155
565,404
424,549
100,764
701,423
1,757,852
53,648
353,914
277,271
147,011
5,735,165
46,227
39,182
190,938
475,970
279,829
DESCRIPTION
COST
SABMiller PLC
The Sage Group PLC
Schroders PLC
SEGRO PLC
Severn Trent PLC
Smith & Nephew PLC
Smiths Group PLC
Sports Direct International PLC
SSE PLC
St James’s Place PLC
Standard Chartered PLC
Standard Life PLC
Tate & Lyle PLC
Taylor Wimpey PLC
Tesco PLC
Travis Perkins PLC
Unilever NV
Unilever PLC
United Utilities Group PLC
Vodafone Group PLC
The Weir Group PLC
Whitbread PLC
William Hill PLC
Wm Morrison Supermarkets PLC
WPP PLC
$
8,242 $
1,380
863
1,102
1,423
2,432
1,710
831
4,976
2,098
11,819
2,474
1,110
2,484
10,349
1,487
12,998
10,070
1,783
29,531
1,350
1,525
1,326
2,219
4,344
529,626
FAIR VALUE
17,471
2,871
1,636
1,420
2,284
4,769
1,637
687
6,712
2,335
6,525
3,387
1,236
2,917
5,381
2,167
21,418
16,613
2,816
25,950
946
3,531
1,548
1,444
8,955
664,020
INDEX EQUIVALENTS – 1.2%
543,200
iShares MSCI EAFE ETF
43,209
44,330
Total International Equities
2,853,185
3,745,778
Transaction Costs (Note 3)
(779)
0
2,854,107
3,748,921
0
3
4,771
4,888
TOTAL INVESTMENT
PORTFOLIO – 99.9%
FORWARD CONTRACTS
(SCHEDULE 1) – 0.0%
OTHER NET ASSETS
(LIABILITIES) – 0.1%
TOTAL NET ASSETS – 100.0%
$
2,858,878 $
3,753,812
SCHEDULE 1
FOREIGN EXCHANGE FORWARD CONTRACTS (in 000s except contract price and total number of contract(s))
SETTLEMENT DATE
CURRENCY TO BE
DELIVERED
January 04, 2016
TOTAL NUMBER OF CONTRACT(S):
518 EUR
1
CANADIAN VALUE AS AT
DECEMBER 31, 2015
$
781
CURRENCY TO BE
RECEIVED
784 CAD
CANADIAN VALUE AS AT
DECEMBER 31, 2015
$
784
CAD NET UNREALIZED APPRECIATION
CONTRACT
PRICE
1.51548
CAD
UNREALIZED APPRECIATION
$
3
$
3
61
TD Emerald International Equity Index Fund
TD Emerald Funds
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(A) THE FUND (Note 1)
(I) The Fund start date was July 31, 1995.
(II) TDAM is the trustee, manager, portfolio adviser and promoter of the Fund.
(III) The presentation and functional currency of the Fund is the Canadian dollar.
(IV) The investment objective is to provide long-term growth of capital primarily by
purchasing international equity securities to track the performance of the MSCI Europe,
Australasia and Far East Net Dividend Index (the “MSCI EAFE ND Index”). The Fund invests
primarily in securities of issuers included in the MSCI EAFE ND Index. The MSCI EAFE ND
Index includes securities of issuers in all the developed markets around the world excluding
North America. The Fund may also invest in a) futures and forward contracts based on the
exchange rate between the Canadian and/or U.S. dollar and the currencies of other
countries included in the MSCI EAFE ND Index, b) high-quality Canadian money market
instruments and c) options, futures, and forward contracts based on the markets and
securities included in the MSCI EAFE ND Index.
(B) MANAGEMENT FEES (Note 6)
Not applicable for the Fund.
(C) BROKERAGE COMMISSIONS AND SOFT DOLLARS (in 000s)
for the periods ended December 31, 2015 and 2014 (Notes 3 and 6)
(I) Brokerage Commissions
December 31,
2015
Total Brokerage Commissions
$
389
Amounts Paid to Related Parties
December 31,
2014
$
409
13
1
(II) Soft Dollars
Not applicable for the Fund.
(D) TAX LOSS CARRY FORWARDS (in 000s)
as at December 31, 2015 (Note 7)
Capital Losses
$
Non-Capital Losses (by year of expiry)
None
(E) SECURITIES LENDING AND COLLATERAL HELD (in 000s)
as at December 31, 2015 and 2014 (Note 3)
Fair Value of Securities Lent
Fair Value of Collateral Held
$
239,797
255,851
Total Exposure*
(000s)
Currency
December 31,
2015
$
Australian Dollar
British Pound
Danish Krone
Euro
Hong Kong Dollar
Israeli Shekel
Japanese Yen
New Zealand Dollar
Norwegian Krone
Singapore Dollar
Swedish Krona
Swiss Franc
United States Dollar
Total
253,434
719,524
70,158
1,115,584
113,621
24,757
869,281
6,109
20,567
45,603
106,469
349,036
62,894
$ 3,757,037
216,168
608,223
43,975
870,453
90,276
16,667
616,344
4,682
18,900
44,414
89,395
267,897
14,414
$ 2,901,808
As Percentage
of Net Assets (%)
100.09
99.50
December 31,
2014
$
$
$
12,672
35,976
3,508
55,779
5,681
1,238
43,464
305
1,028
2,280
5,324
17,452
3,145
187,852
5.00
$
10,808
30,411
2,199
43,523
4,514
833
30,817
234
945
2,221
4,470
13,395
721
145,091
4.97
Impact on Net Assets (in 000s)
$
230,808
Benchmark
December 31,
2015
246,339
MSCI EAFE Index (Net Dividend, C$)
$
Benchmark
December 31,
2015
December 31,
2014
4.99
4.92
187,446
December 31,
2014
$
143,514
Impact on Net Assets (%)
MSCI EAFE Index (Net Dividend, C$)
(F) FINANCIAL RISK MANAGEMENT (Notes 3, 4 and 8)
In practice, the actual trading results may differ from the above estimated amounts
and the differences could be material.
Not applicable for the Fund.
(IV) Credit Risk
Not applicable for the Fund.
62
$
December 31,
2015
(III) Other Price Risk
The Fund is exposed to other price risk from investments in equities. Had the prices
on the respective stock exchanges for the equity securities held by the Fund at
December 31, 2015 and 2014 increased or decreased by 5 percent, with all the other
variables held constant, the net assets of the Fund would have increased or decreased
by approximately:
December 31,
2014
Collateral held is in the form of debt obligations of the Government of Canada
and other countries, Canadian provincial and municipal governments or corporations
and is not included in the Statements of Financial Position.
(I) Interest Rate Risk
December 31,
2014
Impact on
Net Assets (000s)
* Includes both monetary and non-monetary instruments, where applicable.
87,736
December 31,
2015
(II) Currency Risk
The table below indicates the foreign currencies to which the Fund had exposure
as at December 31, 2015 and 2014 in Canadian dollar terms including the underlying
principal amount of forward currency contracts, if any. The table also illustrates the
potential impact to the Fund’s net assets if the Fund’s functional currency, the
Canadian Dollar, had strengthened or weakened by 5 percent in relation to the
currencies listed below, with all other variables held constant. In practice, the actual
trading results may differ from these approximate sensitivity analysis amounts and the
differences could be material.
TD Emerald Funds
TD Emerald International Equity Index Fund
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(V) Financial Instruments by the Level in the Fair Value Hierarchy (in 000s)
The table below illustrates the classification of the Fund’s financial instruments within
the fair value hierarchy as at December 31, 2015 and 2014.
Level 1
December 31, 2015
Common Shares
$ 3,730,726
Preferred Shares
Rights
Forward Contracts
Level 2
91
$ 3,730,817
0
0
17,946
158
0
0
3
0
0
158
3
91
$ 3,748,924
$
0
3
$
Total
17,946
$ 3,748,830
$
Level 3
$
Equity positions with a fair value of $448 were transferred from Level 2 to Level 1
during the period as a result of increased activity in the market for those securities.
Level 1
December 31, 2014
Common Shares
Preferred Shares
Warrants
Rights
Level 2
Level 3
Total
$ 2,878,755
16,792
78
302
$
0
0
0
0
$
85
61
0
0
$ 2,878,840
16,853
78
302
$ 2,895,927
$
0
$
146
$ 2,896,073
Equity positions with a fair value of $259,520 were transferred from Level 2 to Level 1
during the period as a result of increased activity in the market for those securities.
(VI) Reconciliation of Level 3 Fair Value Measurements (in 000s)
The table below reconciles the Fund’s Level 3 fair value measurements from
January 1, 2015 to December 31, 2015 and January 1, 2014 to December 31, 2014.
Common Shares
$
Balance at December 31, 2015
$
91
$
$
6
$
Total Change in Unrealized Appreciation
(Depreciation) for Assets Held
at December 31, 2015
85
0
Preferred
Balance at January 1, 2015
Sales
Gains (Losses)
Net Realized on Sale of Investments
Net Change in Unrealized Appreciation
(Depreciation) of Investments
$
0
61
6
(61)
Common Shares
Balance at January 1, 2014
Net Transfers In (Out)
Gains (Losses)
Net Change in Unrealized Appreciation
(Depreciation) of Investments
Balance at December 31, 2014
Total Change in Unrealized Appreciation
(Depreciation) for Assets Held
at December 31, 2014
$
238
85
61
(61)
0
0
Preferred
$
0
0
$
(238)
85
$
61
61
$
0
$
61
G) INVESTMENT PORTFOLIO CONCENTRATION (%)
As at December 31, 2015 and 2014, the Fund’s investment portfolio concentration can
be summarized as follows:
Equities
Countries
Australia
Austria
Belgium
Bermuda
Chile
China
Denmark
Finland
France
Germany
Guernsey
Hong Kong
Ireland
Israel
Italy
Japan
Jersey
Luxembourg
Macau
Malaysia
Mexico
Netherlands
New Zealand
Norway
Portugal
Singapore
South Africa
Spain
Sweden
Switzerland
United Arab Emirates
United Kingdom
United States
Index Equivalents
Forward Contracts
Other Net Assets (Liabilities)
December 31,
2014
6.8
0.2
1.4
0.0
0.0
0.0
1.9
0.9
9.4
9.0
0.0
3.0
0.9
0.8
2.1
23.1
0.0
0.2
0.1
0.0
0.0
3.5
0.2
0.5
0.1
1.2
0.1
3.1
2.8
9.6
0.0
17.7
0.1
1.2
0.0
0.1
7.5
0.2
1.3
0.1
0.0
0.0
1.5
0.9
9.3
9.0
0.1
2.9
0.8
0.6
2.1
21.0
0.1
0.4
0.2
0.0
0.0
3.8
0.2
0.6
0.2
1.5
0.0
3.4
3.0
9.7
0.0
18.4
0.1
0.4
0.0
0.7
100.0
100.0
(H) INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES (Note 3)
The table below illustrates the Fund’s investment details in the underlying funds as at
December 31, 2015 and 2014.
Underlying Funds
(VII) Contractual Maturities Analysis for Financial Liabilities
As at December 31, 2015 and 2014, the Fund’s net assets are due on demand. All other
financial liabilities of the Fund are due in less than three months.
December 31,
2015
Fair Value of
Fund’s Investment
(in 000s)
Underlying Fund’s
Net Assets
(in 000s)
as at December 31, 2015
iShares MSCI EAFE ETF
$
44,330
$
83,559,517
$
13,495
$
53,221,252
As at December 31, 2014
iShares MSCI EAFE ETF
63
TD Emerald International Equity Index Fund
TD Emerald Funds
FUND-SPECIFIC NOTES TO THE FINANCIAL STATEMENTS
as at December 31, 2015
(I) OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (in 000s) (Note 3)
The following table presents the recognized financial instruments that are offset, or
subject to enforceable master netting arrangements, if certain conditions arise, or other
similar agreements but that are not offset, and cash and financial instruments collateral
received or pledged, as at December 31, 2015 and 2014, and shows in the Net
Amount column what the impact would be on the Fund’s Statements of Financial
Position if all set-off rights were exercised.
RELATED AMOUNTS NOT SET-OFF ON
THE STATEMENTS OF FINANCIAL POSITION
GROSS AMOUNTS OF
RECOGNIZED FINANCIAL
ASSETS (LIABILITIES)
December 31, 2015
Derivative Assets
$
Derivative Liabilities
December 31, 2014
Derivative Assets
Derivative Liabilities
64
3
AMOUNTS SET-OFF ON
THE STATEMENTS OF
FINANCIAL POSITION
$
0
$
0
0
0
NET AMOUNTS PRESENTED
ON THE STATEMENTS OF
FINANCIAL POSITION
$
0
$
0
0
3
FINANCIAL INSTRUMENTS
$
0
$
0
0
0
CASH
$
0
$
0
0
0
NET AMOUNT
$
0
$
0
0
3
0
$
0
0
TD Emerald Funds
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
1. THE FUNDS
Emerald Treasury Funds (TD Emerald Canadian Treasury Management Fund and TD Emerald Canadian Treasury Management – Government
of Canada Fund) and Emerald Pooled Funds (TD Emerald Canadian Short Term Investment Fund, TD Emerald Canadian Bond Index Fund,
TD Emerald Balanced Fund, TD Emerald Canadian Equity Index Fund, TD Emerald U.S. Market Index Fund and TD Emerald International Equity
Index Fund) are collectively referred to as TD Emerald Funds. The TD Emerald Funds consist of eight open end mutual funds (each a “Fund”
and collectively the “Funds”). The Funds are established under the laws of Ontario and governed by the Amended and Restated Declaration
of Trust, as amended from time to time. TD Asset Management Inc. (“TDAM”) is a wholly-owned subsidiary of The Toronto-Dominion Bank
(“TD”). The registered address of the Funds is TD Canada Trust Tower, 161 Bay Street, 34th Floor, Toronto, Ontario M5J 2T2.
The Statements of Financial Position are presented as at December 31, 2015 and 2014. The Statements of Comprehensive Income, Statements
of Changes in Net Assets Attributable to Holders of Redeemable Units and Statements of Cash Flows are presented for the periods ended
December 31, 2015 and 2014. Where a Fund was established during either period, the information for the Fund is provided from the inception
date. A comparative statement has only been presented for any period for which the Fund was in existence as at the reporting date.
Each Fund’s start date as indicated in the Fund-Specific Notes to the Financial Statements is the date the Fund commenced operations.
These financial statements were authorized for issue by TDAM on March 17, 2016.
2. BASIS OF PRESENTATION
These financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as published by the
International Accounting Standards Board (“IASB”). These financial statements have been prepared under the historical cost convention, as
modified by the revaluation of financial assets and financial liabilities (including derivative financial instruments) at fair value through profit or
loss (“FVTPL”).
3. SUMMARY OF SIGNIFICANT POLICIES
Financial Instruments
The Funds recognize financial instruments at fair value upon initial recognition, plus transaction costs in the case of financial instruments not
measured at FVTPL. Regular way purchases and sales of financial instruments are recognized at their trade date. The Funds’ non-derivative
investments, which are designated at FVTPL and derivative assets and liabilities, which are held for trading (“HFT”), are measured at FVTPL.
All other financial assets and liabilities are measured at amortized cost. Under this method, financial assets and liabilities reflect the amount
required to be received or paid, discounted, when appropriate, at the contract’s effective interest rate.
The Funds have determined that they meet the definition of an ’investment entity’ and as a result, they measure subsidiaries, if any, at
FVTPL. An investment entity is an entity that: obtains funds from one or more investors for the purpose of providing them with investment
management services; commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation,
investment income, or both; and measures and evaluates the performance of substantially all of its investments on a fair value basis. The
significant judgment that the Funds have made in determining that they meet this definition is that fair value is the primary measurement
attribute used to measure and evaluate the performance of substantially all of their investments. The Funds’ investments may also include
associates and joint ventures which are designated at FVTPL.
The Funds’ outstanding redeemable units’ entitlements include a contractual obligation to distribute any net income and net realized capital
gains annually in cash (at the request of the unitholder) and therefore the ongoing redemption feature is not the Funds’ only contractual
obligation. Consequently, the Funds’ outstanding redeemable units are classified as financial liabilities in accordance with the requirements
of International Accounting Standards (“IAS”) 32, “Financial Instruments: Presentation” (“IAS 32”). The Funds’ obligations for Net Assets
Attributable to Holders of Redeemable Units are presented at their redemption amount.
The Funds’ accounting policies for measuring the fair value of their investments and derivatives are substantially similar to those used in
measuring their net asset value (“NAV”) for transactions with unitholders. The NAV is the value of the total assets of a Fund less the
value of its total liabilities determined, on each valuation day, in accordance with Part 14 of National Instrument 81-106, “Investment
Fund Continuous Disclosure”, for the purpose of processing unitholder transactions. Net Assets Attributable to Holders of Redeemable
Units, also referred to as net assets, refers to net assets calculated in accordance with IFRS.
65
TD Emerald Funds
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
Fair Value Measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and
marketable securities) are based on quoted market prices at the close of trading on the reporting date. The Funds use the last traded market
price for both financial assets and financial liabilities where the last traded price falls within the bid-ask spread. In circumstances where the last
traded price is not within the bid-ask spread, TDAM determines the point within the bid-ask spread that is most representative of fair value
based on the specific facts and circumstances. The Funds’ policy is to recognize transfers into and out of the fair value hierarchy levels as of
the date of the event or change in circumstances giving rise to the transfer.
The fair value of financial assets and liabilities that are not traded in an active market, including over-the-counter derivatives, is determined
using valuation techniques. The Funds use a variety of methods and make assumptions that are based on market conditions existing at
each reporting date. Valuation techniques include the use of comparable recent arm’s length transactions, reference to other instruments
that are substantially the same, discounted cash flow analysis, option pricing models and other techniques commonly used by market
participants and which make the maximum use of observable inputs.
The valuation methodology for specific types of investments held by the Funds is summarized below.
(a) Investments in underlying funds (mutual funds) are generally valued at the NAV per unit of the underlying funds as reported by the
underlying funds’ manager.
(b) Securities not listed on any recognized public securities exchange are valued based on available public market quotations from
recognized dealers in such securities, where readily available.
(c) Short-term debt instruments and reverse repurchase agreements are valued based on quotations received from recognized
investment dealers.
(d) The Funds may use foreign exchange forward contracts to hedge against or profit from fluctuations in foreign exchange rates. These
contracts are valued on each valuation day based on the difference between the contract rates and the current forward rates at the
measurement date applied to the contracts’ notional amount. The net change in unrealized appreciation or depreciation and the net
realized gain or loss from closing out contracts are reflected on the Statements of Comprehensive Income as part of Net Gain (Loss)
on Derivatives.
(e) The exchange-traded funds (ETFs) are valued based on quoted market prices at the close of trading on the reporting date.
Fair Value Hierarchy
The Funds classify fair value measurements within a hierarchy that prioritizes the inputs to fair value measurement. The fair value hierarchy
has the following three levels:
Level 1 Quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is,
derived from prices); and
Level 3 Inputs that are not based on observable market data (that is, unobservable inputs).
All fair value measurements above are recurring. The carrying values of Cash, Receivable for Investments Sold, Subscriptions Receivable, Interest
Receivable, Dividends Receivable, Payables for Investments Purchased, Redemptions Payable, Distributions Payable, Accrued Liabilities and the
Fund’s obligation for Net Assets Attributable to Holders of Redeemable Units approximate their fair values due to their short-term nature. Fair
values are classified as Level 1 when the related security or derivative is actively traded and a quoted price is available. If an instrument classified
as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified into Level 2,
unless the measurement of its fair value requires the use of significant unobservable inputs, in which case it is classified as Level 3.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest
priority to unobservable inputs (Level 3).
The classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement. For this purpose, the
significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that
require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a
particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.
The determination of what constitutes ’observable’ requires significant judgment. Observable data is considered to be that market data that is
readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by independent sources that are actively
involved in the relevant market.
66
TD Emerald Funds
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
TDAM has a Global Fair Value Committee which oversees the performance of the fair value measurements included in the financial
statements of the Funds, including any Level 3 measurements. The committee meets regularly to perform detailed reviews of the
valuations of investments held by the Funds.
TDAM utilizes a variety of methods in determining the fair value of securities classified as Level 3. These methods include the use of
comparable recent arm’s length transactions, discounted cash flow analysis, option pricing models and other techniques commonly used
by market participants and which make the use of observable inputs. These methods are based on key inputs such as broker quotations,
industry multipliers and discount rates. Changes in key assumptions used in determining the fair value of Level 3 securities would not be
expected to result in a change in fair value greater than 1% of the value of the investments held by the Funds.
The classification of the Funds’ financial instruments within the fair value hierarchy as at December 31, 2015 and 2014, and any transfers
between levels during the period as a result of changes in the lowest level input that is significant to the fair value measurement are disclosed
in the Fund-Specific Notes to the Financial Statements, where applicable.
Interest in Unconsolidated Structured Entities
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who
controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of
contractual arrangements. TDAM has determined that all of the underlying funds and ETFs in which the Funds invest are unconsolidated
structured entities. In making this determination, TDAM evaluated the fact that decision making about the underlying funds’ and ETFs’
activities is generally not governed by voting or similar rights held by the Fund and other investors in any underlying funds and ETFs.
The Funds may invest in underlying funds and ETFs whose investment objectives range from achieving short- to long-term income and capital
growth potential. The Funds’ interests in these securities as at December 31, 2015 and 2014 are included at their fair value in the
Statements of Financial Position, which represent the Funds’ maximum exposure in these underlying funds and ETFs. The Funds do not
provide and have not committed to provide any additional significant financial or other support to the underlying funds and ETFs. The
change in fair value of each of the underlying funds and ETFs during the periods is included in Net Change in Unrealized Appreciation
(Depreciation) on the Statements of Comprehensive Income in Net Gain (Loss) on Investments. Additional information on the Fund’s
interests in underlying funds and ETFs, where applicable, is provided in the Fund-Specific Notes to the Financial Statements.
Offsetting of Financial Assets and Liabilities
Financial assets and liabilities are offset and the net amount reported in the Statements of Financial Position where the Funds have a
legally enforceable right to set-off the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle
the liability simultaneously. In all other situations they are presented on a gross basis. In the normal course of business, the Funds may
enter into various master netting agreements or other similar arrangements that do not meet the criteria for offsetting in the Statements
of Financial Position but still allow for the related amounts to be set-off in certain circumstances, such as bankruptcy or the termination of
the contracts. Offsetting information, where applicable, is presented in the Fund-Specific Notes to the Financial Statements.
Translation of Foreign Currencies
The Funds’ functional currency, as disclosed in the Fund-Specific Notes to the Financial Statements, represents the currency that TDAM views
to most faithfully represent the economic effects of the Funds underlying transactions, events and conditions taking into consideration how
units are issued or redeemed and how returns are measured. Foreign currency transactions are translated into the functional currency using
the exchange rates prevailing at the dates that transactions occur. Assets and liabilities denominated in a foreign currency are translated into
the functional currency using the exchange rate prevailing at the measurement date. Foreign exchange gains and losses on the sale of
investments are included in Net Realized Gain (Loss). Unrealized foreign exchange gains and losses on investments held are included in Net
Change in Unrealized Appreciation (Depreciation). Realized foreign exchange gains and losses on cash are included in Foreign Exchange Gain
(Loss) on Cash on the Statements of Comprehensive Income.
Cash
Cash is comprised of deposits with financial institutions. Bank overdrafts are shown in Current Liabilities in the Statements of Financial Position.
Receivable for Investments Sold/Payable for Investments Purchased
Receivable for Investments Sold and Payable for Investments Purchased represent trades that have been contracted for but not yet settled
or delivered on the Statements of Financial Position dates.
67
TD Emerald Funds
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
Impairment of Financial Assets
At each reporting date, the Funds assess whether there is objective evidence that a financial asset at amortized cost is impaired. If such
evidence exists, the Funds recognize an impairment loss as the difference between the amortized cost of the financial asset and the
present value of the estimated future cash flows, discounted using the instrument’s original effective interest rate. Impairment losses on
financial assets at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be related
objectively to an event occurring after the impairment was recognized.
Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units – Per Unit
The Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units – Per Unit is calculated by dividing the Increase (Decrease)
in Net Assets Attributable to Holders of Redeemable Units by the Weighted Average Units Outstanding for the Period.
Reverse Repurchase Agreements
The Funds may enter into reverse repurchase transactions. In a reverse repurchase transaction, the Fund buys a security at one price from a
third party and agrees to sell the same security back to the same party at a specified price on an agreed future date and the difference is
included as Income from Reverse Repurchase Agreements on Investments in the Statements of Comprehensive Income.
The risk with these types of transactions is that the other party may default under the agreement or go bankrupt. These risks are reduced
by requiring the other party to provide collateral to the Funds. The value of the collateral has to be at least 102 percent of the market
value of the security and the collateral is marked to market on each business day. The type of securities received and related collateral
held by the Funds, where applicable, are listed in the Schedule of Investment Portfolio.
Investment Transactions and Transaction Costs
The cost of each investment security (excluding transaction costs), realized and unrealized gains and losses from investment transactions
are determined on an average cost basis.
Transaction costs, such as brokerage commissions, incurred by the Funds in the purchase and sale of investments at fair value are recognized
in the Statements of Comprehensive Income in the period incurred. Commissions paid, where applicable, are described in the Fund-Specific
Notes to the Financial Statements. No transaction costs are incurred when the Funds invests in underlying funds. However, the underlying
funds’ investments may be subject to transaction costs.
Valuation of Units
TDAM generally calculates the NAV for each of the Funds as at 4 p.m. Eastern Time on each day that the Toronto Stock Exchange is open for
trading; and for the TD Emerald International Equity Index Fund and TD Emerald U.S. Market Index Fund, all the securities exchanges in
which the Funds invest more than 10% of its assets are open as well. However, in some circumstances, it may be calculated at another time.
The NAV is calculated, for processing purchase, switch, conversion or redemption orders of units, for each of the Funds by subtracting the
Fund’s total liabilities from its total assets.
The Net Assets Attributable to Holders of Redeemable Units – Per Unit is determined by dividing the total Net Assets Attributable to Holders
of Redeemable Units of each of the Funds by the total number of units outstanding at the reporting date.
Income Recognition
The Funds may engage in securities lending pursuant to the terms of an agreement which includes restrictions as set out in Canadian
securities legislation. The income earned from securities lending, where applicable, is included in the Statements of Comprehensive Income
as it is earned. The fair value of the securities loaned and fair value of collateral held is determined daily. Aggregate securities on loan and
related collateral held by the Fund are provided in the Fund-Specific Notes to the Financial Statements.
Interest for Distribution Purposes as shown on the Statements of Comprehensive Income includes interest income from cash and the coupon
interest on debt instruments accounted for on an accrual basis. Interest Receivable is disclosed in the Statements of Financial Position based
on the debt instruments’ stated rates of interest. The Funds do not amortize premiums paid or discounts received on the purchase of debt
securities except for zero coupon bonds which are amortized on a straight line basis.
Dividend income and distributions from any underlying funds and ETFs are recognized on the ex-dividend and ex-distribution date respectively.
68
TD Emerald Funds
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
Accounting Standards Issued Not Yet Adopted
The final version of IFRS 9, “Financial Instruments” (“IFRS 9”) was issued by the IASB in July 2014 and will replace International Accounting
Standards (“IAS”) 39, “Financial Instruments: Recognition and Measurement” (“IAS 39”). IFRS 9 introduces a model for classification and
measurement, a single, forward-looking ’expected loss’ impairment model and a substantially reformed approach to hedge accounting.
The new single, principle based approach for determining the classification of financial assets is driven by cash flow characteristics and
the business model in which an asset is held. The new model also results in a single impairment model being applied to all financial
instruments, which will require more timely recognition of expected credit losses. It also includes changes in respect of own credit risk in
measuring liabilities elected to be measured at fair value, so that gains caused by the deterioration of an entity’s own credit risk on such
liabilities are no longer recognized in profit or loss. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, however
it is available for early adoption. In addition, the own credit changes can be early applied in isolation without otherwise changing the
accounting for financial instruments. The manager is in the process of assessing the impact of IFRS 9 and has not yet determined when
they will early adopt the new standard.
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of financial statements requires management to use judgment in applying its accounting policies and to make estimates
and assumptions about the future. The following discusses the most significant accounting judgments and estimates that the Funds have
made in preparing the financial statements:
Fair Value Measurement of Derivatives and Securities Not Quoted in an Active Market
The Funds hold financial instruments that are not quoted in active markets, including derivatives. As described in Note 3, fair values of such
instruments are determined using valuation techniques and may be determined using reputable pricing sources (such as pricing agencies) or
indicative prices from market makers. Broker quotes as obtained from the pricing sources may be indicative and not executable or binding.
Where no market data is available, the Funds may value positions using their own models, which are usually based on valuation methods
and techniques generally recognized as standard within the industry. The models used to determine fair values are validated and periodically
reviewed by experienced personnel of TDAM, independent of the party that created them. The models used for private equity securities are
based mainly on earnings multiples adjusted for a lack of marketability as appropriate.
Classification and Measurement of Investments and Application of the Fair Value Option
In classifying and measuring financial instruments held by the Funds, TDAM is required to make significant judgments about whether or
not the business of each Fund is to invest on a total return basis for the purpose of applying the fair value option for financial assets
under IAS 39. The most significant judgments made include the determination that certain investments are HFT and that the fair value
option can be applied to those which are not.
Investment Entity
In determining whether each Fund is an investment entity, TDAM may be required to make significant judgments about whether the Fund
has the typical characteristics of an investment entity. The Funds may hold only one investment, an underlying fund (or have only one investor
or have investors that are its related parties), however, consistent with the investment entity definition, the Funds primarily obtain funds from
one or more investors for the purpose of providing investment management services, commits to its investors that the business purpose is to
invest the funds solely for returns from capital appreciation, investment income or both, and measures and evaluates the performance of its
investments on a fair value basis.
5. REDEEMABLE UNITS
The Emerald Treasury Funds are authorized to issue an unlimited number of Institutional Class units while the Emerald Pooled Funds are
authorized to issue an unlimited number of Class A units and Class B units. Currently, only the Institutional Class units for Emerald Treasury
Funds and Class B units for Emerald Pooled Funds are outstanding.
Units of the Funds are redeemable at the option of the unitholder in accordance with the provisions of the Amended and Restated
Declaration of Trust. Units of each of the Funds are issued or redeemed on a daily basis at the NAV per unit of that Fund next determined
after the purchase order or redemption request, respectively, is received by TDAM.
69
TD Emerald Funds
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
6. RELATED PARTY TRANSACTIONS
Management Fees and Other Expenses
The Funds do not pay any management fees with respect to Institutional Class units and Class B units. However, unitholders may be
charged a negotiated management fee directly by TDAM.
Each of the Funds will be responsible for the payment of the applicable custodian fees, securityholder reporting costs, audit fees, legal fees,
filing fees, borrowing costs, Independent Review Committee (“IRC”) fees and all taxes including goods and services taxes and harmonized
sales taxes based on the province or territory of residence of the unitholder in each of the Funds. Filing fees include prospectus and
registration exemptions related filing fees which in aggregate for each Fund may vary substantially from year to year depending upon the
number of units purchased during the period and the province of residence of the purchasing unitholder. These expenses are accrued on a
daily basis (excluding interest charges and portfolio transaction costs).
TDAM, at its discretion, may waive or absorb a portion of the operating expenses otherwise payable by the Funds. These waivers or
absorptions may be terminated at any time. The amount of expenses waived for each Fund is provided on the Statements of
Comprehensive Income.
IRC
TDAM is responsible for management of each Fund’s investment portfolio, including the making of decisions related to the investment of
each of the Fund’s assets. TDAM has established an IRC in respect of each of the Funds. The IRC acts as an impartial and independent
committee to review and provide approvals regarding certain transactions in which TDAM, as manager of the Funds and/or the underlying
funds in which the Funds invest may have a conflict of interest. The IRC has approved standing instructions to permit the Funds to enter
into the following securities transactions:
(a) trades in securities of TD or any affiliate or associate thereof;
(b) investments in the securities of an issuer where TD Securities Inc., TD Waterhouse Canada Inc., or any other affiliate of TDAM
(“Related Dealer”) acted as an underwriter during the distribution of such securities and the 60-day period following the completion
of the distribution of the underwritten securities;
(c) engaging in in specie transactions with related mutual funds and discretionary managed accounts managed by TDAM;
(d) purchases or sales of securities of an issuer from or to another investment fund or discretionary managed account managed by
TDAM; and
(e) purchases of securities from or sales of securities to a Related Dealer, where it acted as principal.
Investments in securities of TD, interests in underlying funds managed by TDAM, or investments in any affiliates that were held by the
Fund at the end of the reporting period are disclosed in the Schedule of Investment Portfolio and/or the Fund-Specific Notes to the
Financial Statements.
The compensation and relevant expenses of IRC members were allocated among the investment funds managed by TDAM and disclosed
on the Statements of Comprehensive Income as Independent Review Committee Fees.
Brokerage Commissions and Soft Dollars
Brokerage commissions (including other transaction costs) paid on securities transactions and amounts paid to related parties of TD for
brokerage services provided to the Funds for the periods ended December 31, where applicable, are disclosed in the Fund-Specific Notes
to the Financial Statements.
Client brokerage commissions are used as payment for order execution services or research services. The portfolio advisers or TDAM may
select brokers including its affiliates, who charge a commission in excess of that charged by other brokers (“soft dollars”) if they
determine in good faith that the commission is reasonable in relation to the order execution and research services utilized. It is TDAM’s
objective that over time, all clients receive benefits from client brokerage commissions.
For debt instruments traded in the over the counter markets where client brokerage commissions are not charged, soft dollars or client
brokerage commissions are not generated. For equities or other securities where client brokerage commissions are charged, the soft dollar
portion of the amount paid or payable for goods and services other than order execution for the Funds is not ascertainable at present.
70
TD Emerald Funds
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
7. TAX STATUS
The Funds other than TD Emerald Canadian Treasury Management Fund, TD Emerald Canadian Short Term Investment Fund and TD Emerald
Canadian Treasury Management – Government of Canada Fund qualify as mutual fund trusts under the Income Tax Act (Canada). The
TD Emerald Canadian Treasury Management Fund, TD Emerald Canadian Short Term Investment Fund and the TD Emerald Canadian
Treasury Management – Government of Canada Fund are unit trusts. All or substantially all of the net investment income and sufficient
amounts of net capital gains realized in any period are distributed to unitholders such that no income tax is payable by the Funds. As a
result, the Funds have determined that they are in substance not taxable and therefore, do not record income taxes on the Statements
of Comprehensive Income nor does it recognize any deferred income tax assets or liabilities on the Statements of Financial Position.
The Funds’ capital and/or non-capital losses, where applicable, are provided in the Fund-Specific Notes to the Financial Statements. Capital
losses have no expiry while non-capital losses can be carried forward for up to twenty years.
The Funds may incur withholding taxes imposed by certain countries on investment income and capital gains. Such income and gains are
recorded on a gross basis and the related withholding taxes are reported as Tax Reclaims (Withholding Taxes) on the Statements of
Comprehensive Income.
8. FINANCIAL RISK MANAGEMENT
Financial Risk Factors
Each Fund’s investment activities expose it to a variety of financial risks: market risk (including interest rate risk, currency risk and other price
risk), credit risk, liquidity risk and concentration risk. TDAM seeks to reduce financial risks by employing experienced portfolio managers, who
invest within the limits as outlined in the Funds’ investment objectives and investment strategies and applicable TDAM policies and procedures
(collectively referred to as the “Investment Restrictions”). Investment Restrictions are designed to ensure each of the Funds are prudently
diversified across geography, sector and issuer, as applicable. TDAM Risk Management uses a compliance monitoring system to independently
monitor the Funds’ Investment Restrictions and implements an escalation process for exceptions, where warranted.
(a) Market Risk
(i) Interest Rate Risk
Interest rate risk arises from the possibility that changes in interest rates will affect the future cash flows or the fair values of interest
bearing investments. Each Fund’s exposure to interest rate risk is concentrated in its investments in debt instruments (such as bonds
and debentures) and interest rate derivative instruments, if any. Short-term investments, currencies and other assets and liabilities
are short-term in nature and/or non-interest bearing and not subject to significant amounts of risk due to fluctuations in the
prevailing levels of market interest rates.
Certain Funds that invest in underlying funds are exposed to indirect interest rate risk to the extent of the interest-bearing financial
instruments held by the underlying funds. A Fund’s exposure to interest rate risk, where significant, is disclosed in the Fund-Specific
Notes to the Financial Statements. Where applicable, the portfolio managers review each Fund’s overall interest rate sensitivity as
part of the investment management process.
(ii) Currency Risk
Certain Funds may hold assets denominated in currencies other than their functional currency, which is the Canadian dollar. The Funds
are therefore exposed to currency risk, as the value of the securities denominated in other currencies indicated in the Fund-Specific
Notes to the Financial Statements, where applicable, will fluctuate due to changes in the foreign exchange rates of those currencies
in relation to the Funds’ functional currency. Each Fund may enter into foreign exchange forward contracts to reduce its foreign
currency exposure or to establish exposure to foreign currencies.
Certain Funds that invest in underlying funds are exposed to indirect currency risk in the event that the underlying funds invest in
financial instruments that are denominated in a currency other than the Canadian dollar.
Each Fund’s exposure to currency risk, where significant, is disclosed in the Fund-Specific Notes to the Financial Statements. Where
applicable, the portfolio managers review each Fund’s currency positions as part of the investment management process.
71
TD Emerald Funds
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
(iii) Other Price Risk
Other price risk is the risk that securities will fluctuate in value because of changes in market prices (other than those arising from
interest rate risk or currency risk). TDAM seeks to reduce this risk through its Investment Restrictions. In determining the Funds’
impact from exposure to other price risk, a historical beta may be used when applicable. Historical beta, a measure of the sensitivity
of the Funds’ returns to market returns, is derived from comparing 36 months of returns between the benchmark and the Funds.
As such, beta inherently includes effects previously reflected in the interest rate and currency risks. Historical beta may not be
representative of future beta.
Where the Funds invest in underlying funds, it is exposed to indirect other price risk in the event that the underlying funds invest in
securities that trade on a market. The impact from indirect exposure to other price risk would be limited to the weighting of securities
that trade on a market (equity component) in the underlying funds and may not reflect the Funds’ entire indirect proportional
ownership of the underlying funds. The Funds’ impact from exposure to other price risk, where applicable, is disclosed in the
Fund-Specific Notes to the Financial Statements.
(b) Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an
obligation. Where applicable, each Fund’s main credit risk concentration is spread between debt instruments and trading derivative
instruments it holds. A Fund’s exposure to credit risk is the risk that an issuer of debt instruments or a counterparty to trading derivative
instruments will be unable to pay amounts in full when due. All transactions in listed securities are settled or paid for upon delivery using
approved brokers. The risk of default with a broker is considered minimal, as delivery of securities sold is only made once the broker has
received the payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either
party fails to meet its obligation.
Funds that invest in underlying funds are exposed to indirect credit risk in the event that the underlying funds invest in debt
instruments and derivatives.
The credit risk from the use of counterparties for foreign exchange forward contracts is minimized by: (1) using counterparties with
a minimum credit rating of A by Standard & Poor’s or an equivalent rating from another recognized credit rating agency; (2) limiting
the term of the foreign exchange forward contracts to a maximum of 365 days; and, (3) limiting the mark-to-market exposure to
any one counterparty to 10 percent of the portfolio value.
The Funds may engage in securities lending transactions with certain borrowers. The value of cash or securities held as collateral by
the Funds in connection with these transactions is at least 102 percent of the fair value of the securities loaned. The collateral and
loaned securities are marked-to-market on each business day.
The Funds only buy and hold short-term notes with a minimum R1-Low credit rating by DBRS or an equivalent rating from another
recognized credit rating agency.
The Funds’ investments in short-term notes and debt instruments, by ratings categories, are disclosed in the Fund-Specific Notes to
the Financial Statements, where applicable.
(c) Liquidity Risk
Liquidity risk is defined as the risk that a Fund may not be able to settle or meet its obligations on time or at a reasonable price.
The Funds’ exposure to this risk is concentrated in the daily cash redemptions of redeemable units. The Funds primarily invest in
securities that are traded in active markets and can be readily disposed of. In addition, each Fund retains sufficient cash and cash
equivalents to maintain liquidity, and has the ability to borrow up to 5 percent of its NAV for the purpose of funding redemptions.
Contractual maturities analysis for the Funds’ financial liabilities is disclosed in the Fund-Specific Notes to the Financial Statements.
Certain Funds may hold securities that are not traded in an active market and may be illiquid.
Within the limits of the Investment Restrictions, certain Funds may, from time to time, invest in derivative contracts which are
traded over the counter (i.e. not traded in an organized market) and may be illiquid. All such positions have been disclosed in the
respective Fund’s Schedule of Investment Portfolio, where applicable.
(d) Concentration Risk
Concentration risk arises as a result of the concentration of exposures within the same category, whether it is geographical location,
product type or industry sector. The Funds’ concentration risk is disclosed in the Fund-Specific Notes to the Financial Statements.
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
9. CAPITAL RISK MANAGEMENT
Units issued and outstanding represent the capital of the Funds. The Funds do not have any specific capital requirements on the
subscription and redemption of units, other than certain minimum subscription requirements. Changes in the Funds’ capital during the
periods are reflected on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units. TDAM is responsible for
managing the capital of the Funds in accordance with the Funds’ investment objectives and for managing liquidity in order to meet
redemption requests.
10. EVENTS AFTER THE REPORTING PERIOD
There were no material events after the reporting period.
OTHER REPORTS
If applicable the most recent financial statements of the underlying funds are available, without charge, by writing to:
TD Emerald Funds
c/o TD Asset Management Inc.
TD Canada Trust Tower
161 Bay St., 34th Floor
Toronto, Ontario M5J 2T2
Currency codes used throughout the report:
Currency Code
Description
CAD
Canadian Dollar
USD
United States Dollar
EUR
Euro
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TD Emerald Funds
Redemption of Units
Redemption requests may be made in the following ways:
In writing or in the case of self-directed clients electronically
Send a written request with the unitholder’s name, account number, the Fund name, the aggregate dollar value or number of units
to be redeemed, and the address or designated account to which the redemption proceeds are to be sent. Your written redemption
request must have your signature guaranteed by an officer of a Canadian chartered bank, trust company, or by any other person
acceptable to TDAM.
Send your request to:
TD Emerald Funds
c/o TD Asset Management Inc.
TD Canada Trust Tower
161 Bay St., 34 th Floor
Toronto, Ontario M5J 2T2
Or fax: 1-866-292-0223
Electronic orders must be submitted using the TDAM Infos Transactions Internet Service.
Processing orders
The valuation day for each Fund is the day on which the net asset value (“NAV”) per unit is calculated (“Valuation Date”).
The NAV per unit for each Fund is generally calculated as at 4 p.m. Eastern time (“ET”) on each day that the Toronto Stock Exchange
is open for trading, and for the TD Emerald International Equity Index Fund and TD Emerald U.S. Market Index Fund all the securities
exchanges in which the Fund invests more than 10 percent of its assets are open as well. However, for all Funds, in some circumstances,
TDAM may calculate it at another time. The NAV per unit can change daily. The NAV per unit is the price for all purchases (including
purchases made on the reinvestment of distributions), switches and unit redemptions.
There are no redemption fees payable in connection with a redemption of units of any of the Funds. When you redeem units of a Fund,
the price you receive for those units is based on that Fund’s NAV per unit next determined after we have received your order, as long as
we have received your order by the following cut-off times:
• For TD Emerald Canadian Treasury Management Fund and TD Emerald Canadian Treasury Management – Government of Canada
Fund (collectively “Emerald Treasury Funds”), if your order is received in writing or electronically in the case of self-directed participants,
before 1:30 p.m. ET on a Valuation Date. On Valuation Dates when the markets close before 4 p.m. ET, orders must be received
before 11 a.m. ET.
• For TD Emerald Canadian Short Term Investment Fund, if TDAM receives your written order before 3 p.m. ET on a Valuation Date.
On Valuation Dates when the markets close before 4 p.m. ET, orders must be received before 11 a.m. ET.
• For all other Funds, if TDAM receives your written order before 10 a.m. ET on a Valuation Date.
If your order is received at or after the applicable cut-off times or at any time on a day that is not a Valuation Date, you will generally
pay or receive the applicable NAV per unit on the next Valuation Date. In the event that TDAM determines that the NAV per unit will
be calculated at a time other than what is disclosed in this section, the NAV per unit paid or received will be determined relative to
that other time. TDAM has the right to require a request for redemption be for a minimum amount of $10,000 for Emerald Treasury
Funds and for $100 for all other funds. For redemptions over $1 million, the unitholder may be required to reimburse the Fund(s) for
any associated costs, including portfolio transaction costs, incurred in connection with the redemption.
Redemption proceeds for the Emerald Treasury Funds will be directed to the bank account TDAM has on file the same day of redemption.
With respect to TD Emerald Canadian Short Term Investment Fund, redemption proceeds will be mailed or deposited in the designated
account without charge as soon as possible, normally on the next business day, but in any event within three business days, after the
Valuation Date upon which the NAV per unit used for purposes of the redemption was determined. With respect to each of the other
Funds, other than TD Emerald Canadian Short Term Investment Fund, redemption proceeds will be mailed or deposited in the
designated account without charge within three business days or such shorter period as may be required by Canadian securities
regulatory authorities, after the Valuation Date upon which the NAV per unit used for purposes of the redemption was determined.
If you wish to have redemption proceeds wired to a designated account, there may be an administrative charge for such service.
TDAM may require further documentation relating to the authority of the person signing the redemption request from corporations,
fiduciaries and institutional investors.
Further information on the redemption of units may be found in the simplified prospectus and under the heading “REDEMPTION OF
UNITS” in the annual information form of the Funds.
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TD Emerald Funds
TD Emerald Funds (collectively, the “Funds” and individually, the “Fund”) are managed by TD Asset Management Inc. (“TDAM”), a
wholly-owned subsidiary of The Toronto-Dominion Bank (“TD”).
The S&P/TSX Composite Index is a product of S&P Dow Jones Indices LLC and/or its affiliates (“SPDJI”) and TSX Inc., and has been licensed
for use by TD. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is
a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and TSX is a trademark of TSX Inc. These trademarks have
been licensed to SPDJI and sublicensed for use for certain purposes by TD. The Fund is not sponsored, endorsed, sold or promoted by
SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”) or TSX Inc. Neither S&P Dow Jones Indices
nor TSX Inc. make any representation or warranty, express or implied, to the unitholders of the Fund or any member of the public regarding
the advisability of investing in securities generally or in the Fund particularly or the ability of the S&P/TSX Composite Index to track general
market performance. S&P Dow Jones Indices and TSX Inc.’s only relationship to TD with respect to the S&P/TSX Composite Index is the
licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P/TSX
Composite Index is determined, composed and calculated by S&P Dow Jones Indices without regard to TD or the Fund. S&P Dow Jones
Indices and TSX Inc. have no obligation to take the needs of TD or the unitholders of the Fund into consideration in determining,
composing or calculating the S&P/TSX Composite Index. Neither S&P Dow Jones Indices nor TSX Inc. are responsible for and have not
participated in the determination of the prices, and amount of the Fund’s units or the timing of the issuance or sale of the Fund’s units or in
the determination or calculation of the equation by which the Fund’s units are to be converted into cash, surrendered or redeemed, as the
case may be. S&P Dow Jones Indices and TSX Inc. have no obligation or liability in connection with the administration, marketing or
offering of the Fund. There is no assurance that investment products based on the S&P/TSX Composite Index will accurately track index
performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within
an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
NEITHER S&P DOW JONES INDICES NOR TSX INC. GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF
THE S&P/TSX COMPOSITE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL
OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES AND
TSX INC. SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES
INDICES AND TSX INC. MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY TD, UNITHOLDERS OF THE FUND, OR ANY
OTHER PERSON OR ENTITY FROM THE USE OF THE S&P/TSX COMPOSITE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO.
WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES OR TSX INC. BE LIABLE FOR
ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS,
TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN
CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR
ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND TD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by TD. Standard & Poor’s®, S&P® and
S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones
Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by TD.
The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or any of their respective affiliates (collectively, “S&P Dow
Jones Indices”). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the unitholders of the Fund or any member
of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the S&P 500 Index to track
general market performance. S&P Dow Jones Indices’ only relationship to TD with respect to the S&P 500 Index is the licensing of the Index
and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors. The S&P 500 Index is determined,
composed and calculated by S&P Dow Jones Indices without regard to TD or the Fund. S&P Dow Jones Indices has no obligation to take the
needs of TD or the unitholders of the Fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones
Indices is not responsible for and has not participated in the determination of the prices, and amount of the Fund’s units or the timing of the
issuance or sale of the Fund’s units or in the determination or calculation of the equation by which the Fund’s units are to be converted into
cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration,
marketing or offering of the Fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index
performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within
an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to
the Fund currently being issued by TDAM, a wholly owned subsidiary of TD, but which may be similar to and competitive with the Fund.
In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the S&P 500 Index.
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TD Emerald Funds
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE
S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN
COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE
SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO
EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY TD, UNITHOLDERS OF THE FUND, OR ANY OTHER PERSON OR
ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE
FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR
GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT
LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN
S&P DOW JONES INDICES AND TD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
THE FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY OF ITS
INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING
ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE
MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES
BY TD. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR
UNITHOLDERS OF THE FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY
OR IN THE FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE.
MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI
INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE FUND OR THE ISSUER OR
UNITHOLDERS OF THE FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE
NEEDS OF THE ISSUER OR UNITHOLDERS OF THE FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING,
COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE
DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE FUND’S UNITS TO BE ISSUED OR IN THE DETERMINATION OR
CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THE FUND’S UNITS ARE REDEEMABLE. FURTHER, NONE OF
THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR UNITHOLDERS OF THE FUND OR ANY OTHER PERSON OR
ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE FUND.
ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM
SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY
AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY
WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE FUND, UNITHOLDERS OF THE FUND, OR ANY
OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL
HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA
INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE
MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH
RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL
ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER
DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
No purchaser, seller or holder of any units of the Fund, or any other person or entity, should use or refer to any MSCI trade name, trademark
or service mark to sponsor, endorse, market or promote the Fund without first contacting MSCI to determine whether MSCI’s permission is
required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.
TD Emerald Canadian Bond Index Fund and TD Emerald Balanced Fund are not in any way sponsored, endorsed, sold or promoted by
FTSE TMX Global Debt Capital Markets Inc. (“FTDCM”), FTSE International Limited (“FTSE”), the London Stock Exchange Group
companies (the “Exchange”) or TSX INC. (“TSX” and together with FTDCM, FTSE and the Exchange, the “Licensor Parties”). The Licensor
Parties make no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the
FTSE TMX Canada Universe Bond Index (the “Universe Index”) and/or the figure at which the said Universe Index stands at any particular
time on any particular day or otherwise. The Universe Index is compiled and calculated by FTDCM and all copyright in the Universe Index
values and constituent lists vests in FTDCM. The Licensor Parties shall not be liable (whether in negligence or otherwise) to any person for
any error in the Universe Index and the Licensor Parties shall not be under any obligation to advise any person of any error therein.
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TD Emerald Funds
“TMX” is a trade mark of TSX Inc. and is used under licence. “FTSE®” is a trade mark of the London Stock Exchange Group companies
and is used by FTDCM under licence.
All trademarks are the property of their respective owners.
® The TD logo and other trade-marks are the property of The Toronto-Dominion Bank.
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