Company: TDBCP
Filing Date: 2025-06-23
Form Type: 11-K
Source: 0001104659-25-061742
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-23
Form: 11-K
Chunk 11
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       | - |     |         | - |     | $     |   699,245,515 |
| Investments measured at net asset value – Common Collective Trust |     |                                              |             |     |         |   |     |         |   |     |       | 4,088,267,607 |
| Investments at fair value                                         |     |                                              |             |     |         |   |     |         |   |     | $     | 4,787,513,122 |

7. Related-Party Transactions

The Plan owned 2,917,475 and 3,089,063 shares
of common stock of The Toronto-Dominion Bank, valued at $155,326,392 and $199,615,248 at December 31, 2024 and 2023, respectively,
from which the Plan received dividends of $9,076,320 and $8,721,950 for years ended December 31, 2024 and 2023, respectively. Certain
Plan investments were managed and held in trust by T. Rowe Price during 2024 and 2023. Consequently, T. Rowe Price is a party-in-interest.

13

<div align='center'>TD 401(k) Retirement Plan

Notes to Financial Statements (continued)

December 31, 2024 and 2023</div>

8. Risks and Uncertainties

The Plan and its participants invest in various
investment securities. Investment securities, in general, are exposed to various risks, such as interest rate, liquidity, credit, and
overall market volatility risk. Due to the level of risk associated with certain investment securities, it is probable that changes in
the value of investment securities will occur in the near term and such changes could materially affect participants’ account balances
and the amounts reported in the Statements of Net Assets Available for Benefits.

9. Plan Termination

Although it has not expressed any intent to do
so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions
of ERISA, as amended. Upon discontinuance or termination, forfeitures shall be allocated to the accounts of participants on such date.
In the event the Plan terminates, participants will become 100% vested in their accounts.

10. Subsequent Event

The Plan has evaluated the impact of events that
have occurred subsequent to December 31, 2024 through June 23, 2025, the date