Epoch Global Shareholder Yield Fund

for the period ended December 31, 2017

TD Mutual Funds

Annual Financial Statements

(03/18)532104

December 31, 2017 Annual Financial Statements

nManagements Responsibility for Financial ReportingThe accompanying financial statements have been prepared by TD AssetManagement Inc. (TDAM) as manager of the TD Mutual Fund Trusts,TD Managed Assets Program Portfolios and TD Managed ETF Portfolios(collectively the Funds and individually the Fund) and approved byTDAMs board of directors. The manager is responsible for the integrity,objectivity and reliability of the data presented. This responsibility includesselecting appropriate accounting principles and making judgments andestimates consistent with International Financial Reporting Standards(IFRS). The manager is also responsible for the development of internalcontrols over the financial reporting process, which are designed toprovide reasonable assurance that relevant and reliable financial informa -tion is produced, and the safeguarding of all assets of the Funds.

The board of directors of TDAM is responsible for reviewing and approvingthe financial statements and overseeing managements performance of itsfinancial reporting responsibilities.

PricewaterhouseCoopers LLP is the external auditor of the Funds. Theauditor has audited the financial statements in accordance with Canadiangenerally accepted auditing standards to enable them to express theiropinion on the financial statements. The auditors report is included on the follow ing page of this annual report.

On behalf of TDAM, manager of the Funds.

Bruce Cooper David LambieDirector and Director andChief Executive Officer Chief Financial OfficerMarch 16, 2018 March 16, 2018

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To the Unitholders and Trustee of:

December 31, 2017 Annual Financial Statements

nIndependent Auditors Report

TD Canadian Money Market FundTD Premium Money Market FundTD U.S. Money Market FundTD Ultra Short Term Bond FundTD Short Term Bond FundTD Canadian Bond FundTD Income Advantage PortfolioTD Canadian Core Plus Bond FundTD Canadian Corporate Bond FundTD Corporate Bond Plus FundTD U.S. Corporate Bond FundTD Real Return Bond FundTD Global Income FundTD Global Core Plus Bond FundTD Global Unconstrained Bond FundTD High Yield Bond FundTD Global Conservative Opportunities FundTD Global Balanced Opportunities FundTD Monthly Income FundTD Tactical Monthly Income FundTD U.S. Monthly Income FundTD U.S. Monthly Income Fund C$TD Balanced Income FundTD Diversified Monthly Income FundTD Strategic Yield FundTD Balanced Growth FundTD Dividend Income FundTD Canadian Diversified Yield FundTD Canadian Low Volatility FundTD Dividend Growth FundTD Canadian Blue Chip Dividend FundTD Canadian Large-Cap Equity FundTD Canadian Equity FundTD Core Canadian Value FundTD Canadian Value FundTD Canadian Small-Cap Equity FundTD U.S. Risk Managed Equity FundTD U.S. Low Volatility FundTD U.S. Low Volatility Currency Neutral FundTD North American Dividend FundTD U.S. Dividend Growth FundTD U.S. Blue Chip Equity FundTD U.S. Quantitative Equity FundTD U.S. Equity PortfolioTD North American Small-Cap Equity FundTD U.S. Mid-Cap Growth FundTD U.S. Small-Cap Equity Fund

TD Global Risk Managed Equity FundTD Global Low Volatility FundTD International Growth FundTD International Stock FundTD Emerging Markets Low Volatility FundTD Asian Growth FundTD Emerging Markets FundEpoch U.S. Shareholder Yield FundEpoch U.S. Blue Chip Equity FundEpoch U.S. Blue Chip Equity Currency Neutral Fund

Epoch U.S. Large-Cap Value FundEpoch Global Shareholder Yield FundEpoch Global Shareholder Yield Currency Neutral Fund

Epoch Global Equity FundEpoch International Equity FundEpoch European Equity FundTD Resource FundTD Precious Metals FundTD Entertainment & Communications FundTD Science & Technology FundTD Health Sciences FundTD Canadian Bond Index FundTD Balanced Index FundTD Canadian Index FundTD Dow Jones Industrial Average Index FundTD U.S. Index FundTD U.S. Index Currency Neutral FundTD Nasdaq Index FundTD International Index FundTD International Index Currency Neutral Fund

TD European Index FundTD US$ Retirement PortfolioTD Retirement Conservative PortfolioTD Retirement Balanced PortfolioTD Advantage Balanced Income PortfolioTD Advantage Balanced PortfolioTD Advantage Balanced Growth PortfolioTD Advantage Growth PortfolioTD Advantage Aggressive Growth PortfolioTD Comfort Conservative Income PortfolioTD Comfort Balanced Income PortfolioTD Comfort Balanced PortfolioTD Comfort Balanced Growth PortfolioTD Comfort Growth PortfolioTD Comfort Aggressive Growth Portfolio

TD Fixed Income PoolTD Risk Management PoolTD Canadian Equity PoolTD Global Equity PoolTD Tactical PoolTD Managed Income PortfolioTD Managed Income & Moderate Growth Portfolio

TD Managed Balanced Growth PortfolioTD Managed Aggressive Growth PortfolioTD Managed Maximum Equity Growth Portfolio

TD FundSmart Managed Income & Moderate Growth Portfolio

TD FundSmart Managed Balanced Growth Portfolio

TD FundSmart Managed Aggressive Growth Portfolio

TD Managed Index Income PortfolioTD Managed Index Income & Moderate Growth Portfolio

TD Managed Index Balanced Growth Portfolio

TD Managed Index Aggressive Growth Portfolio

TD Managed Index Maximum Equity Growth Portfolio

TD Managed Income ETF PortfolioTD Managed Income & Moderate Growth ETF Portfolio

TD Managed Balanced Growth ETF PortfolioTD Managed Aggressive Growth ETF PortfolioTD Managed Maximum Equity Growth ETF Portfolio

(collectively, the Funds)

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December 31, 2017 Annual Financial Statements

nIndependent Auditors ReportWe have audited the accompanying financial statements of each of theFunds, which comprise the statements of financial position, comprehensiveincome, changes in net assets attributable to holders of redeemable unitsand cash flows as at and for the periods indicated in note 1, and therelated notes, which comprise a summary of significant accounting policiesand other explanatory information.

Managements responsibility for the financial statementsManagement is responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with Inter national Financial Reporting Standards, and for such internal control as manage ment determines is necessary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error.

Auditors responsibilityOur responsibility is to express an opinion on the financial statements of each of the Funds based on our audits. We conducted our audits inaccordance with Canadian generally accepted auditing standards. Thosestandards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the financial statements. The proceduresselected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whetherdue to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entitys preparation and fairpresentation of the financial statements in order to design audit pro -cedures that are appropriate in the circumstances, but not for the purposeof expressing an opinion on the effectiveness of the entitys internalcontrol. An audit also includes evaluating the appropriateness of account -ing policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained in each of our auditsis sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements of each of the Funds present fairly, in all material respects, the financial position, financial performanceand cash flows of each of the Funds as at and for the periods indicated in note 1 in accordance with Inter national Financial Reporting Standards.

Chartered Professional Accountants, Licensed Public AccountantsToronto, OntarioMarch 16, 2018

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December 31, 2017 Annual Financial Statements

nEpoch Global Shareholder Yield FundStatements of Financial Position (in 000s except per unit amounts)as at December 31, 2017 and 2016

2017 2016

AssetsCurrent AssetsInvestments $ 951,755 $ 902,099Cash 31,610 28,513Dividends Receivable 2,923 2,470Subscriptions Receivable 1,659 2,016

987,947 935,098

LiabilitiesCurrent LiabilitiesAccrued Liabilities 118 139Redemptions Payable 1,448 4,796

1,566 4,935