TD Asset Management conducts in depth internal credit analysis of existing and potential issuers. A group comprised of credit analysts, fixed income traders and portfolio managers conduct a comprehensive study of an issuer's financial statements, financial ratios, and a review in industry trends and management interviews.

Based on these findings, the group will develop an "opinion" as to whether the risk associated with buying the issuer's security falls within our guidelines.

It should be noted that when an issuer qualifies for our "Buy List" it does not necessarily mean that we will buy that security. The security's pricing must also be consistent with our credit view on the particular security.