Company: TDBCP
Filing Date: 2025-06-23
Form Type: 11-K
Source: 0001104659-25-061742
Chunk: 10

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-23
Form: 11-K
Chunk 10
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 or liabilities.                                                                                                     |

| Level 3 | Fair value is based on unobservable inputs that are supported                                            
 by little or no market activity and that are significant to the fair value of the assets or liabilities. |

11

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

Notes to Financial Statements (continued)

December 31, 2024 and 2023</div>

6. Fair Value Measurements (continued)

The following is a description of the valuation
methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024 as
compared to those used at December 31, 2023.

Common stock: Valued at the closing price reported on the active market on which the individual securities are traded.

Mutual funds: Valued at the net asset value ("NAV") of shares held by the Plan at year end as reported in the active market.

Common Collective Trusts: Reported by the issuer at fair value based on the value of the underlying investments divided by the
number of units outstanding, less liabilities, to arrive at NAV per unit. NAV is used as a fair value practical expedient. There are
no restrictions on redemptions from the collective trusts.

The methods described above may produce a fair
value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, while the Plan
believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions
to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Noninterest-bearing cash and contribution
receivables reported in the Statements of Net Assets Available for Benefits are presented at carrying amounts which approximate fair
values.

12

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

Notes to Financial Statements (continued)

December 31, 2024 and 2023</div>

6. Fair Value Measurements (continued)

The following tables set forth by level, within
the fair value hierarchy, the Plan’s investment assets at fair value as of December 31, 2024 and 2023. There were no changes
between levels for the years ended December 31, 2024 and 2023:

|                                                                   |     | Assets at Fair Value as of December 31, 2024 |             |     |         |   |     |         |   |     |       |               |
|: