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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number   811-09519

TD WATERHOUSE TRUST
(Exact name of registrant as specified in charter)

100 Wall Street, New York, New York     10005
(Address of principal executive offices)    (Zip code)

George O. Martinez, President, TD Waterhouse Trust, 100 Summer Street, Boston, MA 02110
(Name and address of agent for service)

Registrant’s telephone number, including area code:  212-908-7537

Date of fiscal year end:  July 31, 2004

Date of reporting period:  January 31, 2005

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

Semiannual Report
July 31, 2004 (Unaudited)

TD Waterhouse Trust
Bond Index Fund
Dow 30 Fund
500 Index Fund
Extended Market Index Fund
Asian Index Fund
European Index Fund

TD WATERHOUSE TRUST
Board of Trustees and Executive Officers

TRUSTEES
George F. Staudter† Director of CRT Properties, Inc. Independent Financial Consultant	Lawrence J. Toal Retired Chairman, President and CEO of Dime Savings Bank and Former President and CEO of Dime Bancorp, Inc.
Richard W. Dalrymple Chief Executive Officer of American Red Cross (Nassau County Chapter)	Peter B. M. Eby Corporate Director of George Weston Ltd.
EXECUTIVE OFFICERS
George O. Martinez* President and Chief Executive Officer	Christopher Salfi Treasurer and Chief Financial Officer
† Interested Trustee * Affiliated person of the Distributor

TD WATERHOUSE ASSET MANAGEMENT, INC.
Board of Directors and Executive Officers

DIRECTORS
Frank J. Petrilli Chairman, President, Chief Operating Officer and Chief Executive Officer	Richard H. Neiman Executive Vice President, General Counsel and Secretary
SENIOR OFFICERS
David A. Hartman Senior Vice President and Chief Investment Officer	B. Kevin Sterns Executive Vice President, Chief Financial Officer and Treasurer
Michele R. Teichner Chief Compliance Officer and Senior Vice President Compliance, Administration and Operations

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TD WATERHOUSE ASSET MANAGEMENT, INC.
Service Providers

Investment Manager TD Waterhouse Asset Management, Inc. 100 Wall Street New York, NY 10005	Transfer Agent National Investor Services Corp. 55 Water Street New York, NY 10041
Independent Auditors Ernst & Young LLP 5 Times Square New York, NY 10036	Administrator & Shareholder Servicing TD Waterhouse Investor Services, Inc. 100 Wall Street New York, NY 10005 Customer Service Department 1-800-934-4448
Custodian The Bank of New York 100 Church Street New York, NY 10286	Legal Counsel Shearman & Sterling LLP 599 Lexington Avenue New York, NY 10022
Distributor Funds Distributor, Inc. 100 Summer Street Boston, MA 02110	Independent Trustees Counsel Willkie Farr & Gallagher 787 Seventh Avenue New York, NY 10019

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Uncertainty Returns to the Markets

September 22, 2004

Dear Shareholder,

A little more than a year ago, the Federal Reserve expressed concerns that inflation could fall substantially from an already low level and hinder the economic recovery. To counter that threat, it trimmed the target Federal funds rate to 1.00%, the lowest level since July 1958. It appears this move in monetary policy worked, as deflation fears have since dispersed as the economy continues to grow at a robust pace. As a result, the Federal Reserve has changed course and begun raising interest rates.

While investors generally seem to be adapting to the prospect of gradually rising interest rates, it appears that they’re uneasy about the current situation in Iraq and November’s presidential election. The election, in particular, weighs on the market, as early polls show President George Bush and his Democrat challenger John Kerry running neck and neck, leaving investors to wonder about the direction of future fiscal policy.

We think that the best way to ride out the inevitable ups and downs of financial markets and achieve your long-term goals is to establish an appropriate financial plan. TD Waterhouse Trust offers a wide array of funds that may help you fulfill your diversification objectives and, along with asset allocation tools from TD Waterhouse Investor Services, Inc., can help you follow your long-term strategy:

TD Waterhouse Bond Index Fund may be an appropriate investment if you are seeking an income producing investment and are willing to accept a lower capital appreciation potential.

TD Waterhouse Dow 30 Fund, TD Waterhouse 500 Index FundandTD Waterhouse Extended Market Index Fundoffer convenient ways to invest in funds that seek to track major equity indices: the Dow Jones Industrial Average^SM, the Standard & Poor’s 500^® Composite Stock Price Index and the Dow Jones Wilshire 4500 Composite Index, respectively.

TD Waterhouse Asian Index FundandTD Waterhouse European Index Fundoffer diversification in the two largest international equity markets, by seeking to track the MSCI^®Pacific Index and MSCI^®Europe Index, respectively.

TD Waterhouse strives to offer you the very best mix of choice, convenience and value. If you would like further information, please contact a Mutual Fund Representative at 1-800-934-4448 and press 3, then 3 again. Thank you for your continued business. We look forward to helping you manage your money successfully.

Frank J. Petrilli
President and Chief Executive Officer, TD Waterhouse USA

An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Funds can be found in the Funds’ prospectus. For a prospectus containing complete information about the Funds, please call 1-800-934-4448. Please read it carefully before investing or sending money. Index Funds are subject to fees and expenses and have reinvestment of dividends, which an index does not. There can be no assurance that the performance of the index funds will track the corresponding index.

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2004 Market Review

September 22, 2004

Buoyed by a bright economic picture, financial markets began the first half of the Funds’ fiscal year on a positive note as both equities and bonds posted early gains. Equities benefited from signs of strong economic and corporate earnings growth, while bonds found support in the prospect of continued low interest rates as inflation remained subdued. The markets soon turned nervous, however, as the outlook changed and concerns about the economy, terrorist attacks, rising oil prices and the outcome of the presidential election unsettled investors. On top of all that, investors had to grapple with the possibility that the Federal Reserve Open Market Committee (Federal Reserve) might need to start raising interest rates sooner than previously thought to keep inflation in check. As a result, by mid-year stocks and bonds had given back much, if not all, of the ground they had gained. On balance, data during the six-month period indicated that the economic expansion had staying power. There were, however, pockets of weakness – job growth in particular – that tempered investors’ optimism.

Early in the year, disappointing employment reports raised concerns that the economy may not be creating enough jobs to sustain the recovery. Then in March the labor market appeared to pull out of its slump, with several months of robust job growth, only to seemingly falter in July. Of some encouragement was a drop in July’s unemployment rate to 5.5%, the lowest since October 2001.

Economic growth in the first half of 2004 also failed to meet expectations. GDP (gross domestic product) grew at an annual rate of 3.9% in the first quarter, shy of the 5.0% forecast, and at 2.8% in the second quarter, again short of the 3.7% estimated.

The economy slowed in the second quarter due largely to more frugal consumers. Consumer spending, buoyed by historically low interest rates and tax cuts, has been a big driver of the economic expansion. But higher fuel costs and slower income growth prompted households to cut back on purchases in June.

Meanwhile, inflation has begun to stir. The core Consumer Price Index which excludes the volatile food and energy prices, rose 0.1% in July, the same increase as in June. Core inflation in July was up 1.8% from a year earlier and has increased at an annual rate of 2.4% so far in 2004, compared with 1.3% for the same period in 2003.

Just how quickly inflation rises will depend in part on whether increased production needs are met through additional job growth or greater productivity gains. Further slowing of consumer spending due to rising interest rates, high-energy prices and the end of the tax stimulus could also have an effect on the inflation rate.

Despite some data suggesting a lull in economic activity, the Federal Reserve has indicated that it believes that underlying economic fundamentals, including still low interest rates and solid productivity gains, remain strong enough to carry the economy through what it views as a temporary slow spell. Moreover, it expects the rise in oil prices to be short-lived and that once energy costs retreat, consumer spending and job growth should pick up again. So, after a year of holding interest rates at a 45-year low to ward off deflation, the Federal Reserve shifted its monetary policy in June, raising rates – for the first time in four years – by 0.25%. It followed that hike with a similar one in August and September.

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Nevertheless, the Federal Reserve has expressed no sense of urgency, signaling that rate increases are likely to be small and gradual. Much will depend on future data, particularly the monthly employment reports.

Geopolitical tensions in the Middle East, especially in Iraq, and the outcome of the November presidential election also overhang the markets. The turmoil in Iraq raises fears of disruption of oil supplies and the impact that would have on energy prices. As for the election, recent polls showing a tight race between President George Bush and his Democrat rival John Kerry leave investors unsure about the direction of future fiscal policy.

Performance Summary
The prospect of rising interest rates played havoc with the bond market over the six-month reporting period, as sharp swings in yields drove bond prices up and down from one week to the next. Bonds rebounded towards the end of the period, as reports showed the economy slowed in the second quarter, raising speculation that the Federal Reserve may not need to increase interest rates as quickly as investors had anticipated.

At the end of the fiscal period, government bond yields were generally higher, pushing prices lower. The return of theTD Waterhouse Bond Index Fund was up a fractional 0.04% after expenses, for the period behind the 0.34% return of its benchmark, the Lehman Brothers U.S. Aggregate Index. The Fund’s underperformance relative to the benchmark was partially due to the Fund’s overweight position in U.S. Government securities, which decreases the

TD Waterhouse Trust Funds Returns(1)*
vs. Benchmark Index
TD Waterhouse Bond Index Fund	+0.04	%
Lehman Brothers U.S. Aggregate Index	+0.34	%
TD Waterhouse Dow 30 Fund	-2.66	%
Dow Jones Industrial AverageSM	-2.35	%
TD Waterhouse 500 Index Fund	-1.86	%
Standard & Poor’s 500® Composite Stock Price Index	-1.78	%
TD Waterhouse Extended Market Index Fund	-2.93	%
Dow Jones Wilshire 4500 Composite Index	-3.53	%
TD Waterhouse Asian Index Fund	+1.00	%
MSCI® Pacific Index	+1.47	%
TD Waterhouse European Index Fund	-0.88	%
MSCI® Europe Index	-0.96	%

(1)

Six-month period ending July 31, 2004, after expenses.

*

Performance data quoted represents past performance and cannot guarantee future results. As with all investments, past performance is no guarantee of future results. The return is based on a constant investment throughout the period, includes reinvestment of dividends and reflects a net return to the shareholders after all expenses, inclusive of fee waivers. Without these fee waivers, the Fund’s total return would have been lower. The returns shown for the various indices reflect the reinvestment of dividends but do not include any expenses, since an index has none. It is not possible to invest in an index. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performanc e may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, call 1-800-934-4448.

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Fund’s ability to track the index with the same degree of accuracy as if it were invested broadly in bonds consistent with the index. When the Fund’s assets surpass $25 million, the Fund expects to decrease the overweight in U.S. Government securities.

Like bonds, equities took a roller-coaster ride over the six months, rising and falling in value as investors watched economic data in an effort to determine how soon the Federal Reserve would need to increase interest rates. Corporate earnings growth was better than expected and forecasts call for further profit growth this year. But investors question whether companies will be able to continue to deliver should rates move higher.

U.S. equities finished lower during the six-month period ended July 31, 2004, under-performing bonds. The U.S. stock market was particularly hard hit in July amid renewed concerns that record high oil prices may curb consumer spending and temper economic and corporate earnings growth. The negative sentiment placed a drag on the performance of TD Waterhouse Dow 30 Fund, TD Waterhouse 500 Index Fundand TD Waterhouse Extended Market Index Fundand the indices they seek to track. The return of theTD Waterhouse Dow 30 Fundfor the period decreased 2.66% after expenses, versus a 2.35% loss for its benchmark, the Dow Jones Industrial Average^SM. The difference in performance between the Fund and the index was primarily due to fund expenses. Sharp declines in certain technology shares – notably Intel Corp. (-20.3%) and Hewlett-Packard Co. (-15.3%) – were the main drag on the performance of the index and the Fund.

For the same period, the return of theTD Waterhouse 500 Index Fund fell 1.86% after expenses, compared with the 1.78% drop in the benchmark S&P 500^® Composite Stock Price Index. Fund expenses were generally the cause for the difference in performance. A deep slide in the information technology sector led the overall decline in both the index and the Fund.

Meanwhile, theTD Waterhouse Extended Market Index Fundposted a return of -2.93% after expenses, though it performed better than the -3.58% return of the benchmark Dow Jones Wilshire 4500 Composite Index. Similarly, weakness in technology stocks paced the overall poor performance of the index and the Fund.

The possibility that record high oil prices could curb consumer and business spending and in turn slow the economy and dampen profit growth also weighed on European equities. As a result, for the six-month period theTD Waterhouse European Index Fundregistered a return of -0.88% after expenses, while the benchmark MSCI^® Europe Index showed a loss of 0.60%. Fund expenses were the reason for the difference in performance between the Fund and the index. Declines in equity prices in Germany, Switzerland and France – three of the four countries that dominate the index – were the key contributors to the poor performance of the index and the Fund.

As a group, Asian stock markets posted positive results, as reflected in the 1.00% gain in theTD Waterhouse Asian Index Fundand 1.61% gain in the benchmark MSCI^®Pacific Index. Fund expenses were largely the reason for the difference in performance between the Fund and the benchmark. Japanese shares received a boost from evidence that Japan’s economic recovery looks durable. Overall performance of the index and the Fund was dampened, however, by weakness in the Chinese and Hong Kong markets relating to concerns about surging oil prices and a possible slowing of the Chinese economy.

Outlook
Despite recent weaker-than-expected data, the prospects appear good for solid economic growth through the end of the year and into 2005. Consumer spending may have slowed, but the business sector looks as if it has plenty of life left. We think the key will be whether business activity is robust enough to spur more hiring and bolster consumer confidence.

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To keep the employment picture in perspective, the economy has created close to 1.3 million jobs this year. If the economy meets expected annualized growth rates of 4.0% over the next three quarters, it’s likely that monthly job gains will get back to the 200,000 area before long. Continuing strength in the manufacturing sector will help. The ISM Manufacturing Index not only extended its growth streak – reading above 50 – to 15 months in July, but also held above 60 for nine straight months, the longest such stretch in 30 years. And the employment subcomponent of the index, which is considered a leading indicator of broader job growth, is clearly in expansion territory.

Given the positive outlook for economic growth, interest rates are likely to rise further before year-end. But as long as inflation remains under control, the Federal Reserve will probably keep to relatively modest rate increases so as not to derail the expansion.

As always, we thank you for your business. If you have any questions, please call us at 1-800-943-4448.

David A. Hartman
Senior Vice President and Chief Investment Officer
TD Waterhouse Asset Management, Inc.

An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Funds can be found in the Funds’ prospectus. For a prospectus containing complete information about the Funds, please call 1-800-934-4448. Please read it carefully before investing or sending money. Index Funds are subject to fees and expenses and have reinvestment of dividends, which an index does not. There can be no assurance that the performance of the index funds will track the corresponding index.

Distributor: Funds Distributor, Inc.

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Disclosure of Fund Expenses (Unaudited)

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of the Fund, you incur transaction costs (including redemption fees) and ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a Fund’s gross income, directly reduce the investment return of the Fund. A Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (February 1, 2004 through July 31, 2004).

The table on the following page illustrates your Fund’s costs in two ways.

•	Actual Expenses. Each row marked “Actual” in the table provides information about actual account values and actual expenses. This information helps you to estimate the actual expenses that you paid over the period after fee waivers and reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
	To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number given for your Fund in the “Actual” line under the heading “Expenses Paid During Period.”
•	Hypothetical Example for Comparison Purposes. This section is intended to help you compare your fund’s costs with those of other mutual funds. Each row in the table marked ”Hypothetical” provides information about hypothetical account values and hypothetical expenses based on the applicable Fund’s actual expense ratio. This information assumes that the Fund had a return of 5% before expenses during the year, (which is not the Fund’s actual return) and that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You may use this information to compare the ongoing costs of investing in the Funds and other Funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

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Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs such as redemption fees which are described in the Prospectus. Therefore, the “hypothetical” information will not help you determine the relative total costs if owning different funds. If these fees were applied to your account, your costs would be higher.

							Expenses
					Annualized			Paid
	Beginning		Ending		Expense		During
	Account		Account		Ratios		Period*
	Value		Value		2/1/2004 to		2/1/2004 to
	2/1/2004		7/31/2004		7/31/2004		7/31/2004
Bond Index Fund
Actual	$	1,000.00	$	998.66	0.35	%	$	1.74
Hypothetical (5% Return
before expenses)		1,000.00		1,023.10	0.35			1.76
Dow 30 Fund
Actual		1,000.00		971.19	0.45			2.21
Hypothetical (5% Return
before expenses)		1,000.00		1,022.60	0.45			2.27
500 Index Fund
Actual		1,000.00		979.68	0.35			1.72
Hypothetical (5% Return
before expenses)		1,000.00		1,023.10	0.35			1.76
Extended Market Index Fund
Actual		1,000.00		968.74	0.40			1.96
Hypothetical (5% Return
before expenses)		1,000.00		1,022.85	0.40			2.01
Asian Index Fund
Actual		1,000.00		1,007.10	0.58			2.90
Hypothetical (5% Return
before expenses)		1,000.00		1,021.94	0.58			2.92
European Index Fund
Actual		1,000.00		988.33	0.58			2.87
Hypothetical (5% Return
before expenses)		1,000.00		1,021.94	0.58			2.92

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

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Disclosure of Portfolio Holdings (Unaudited)
Portfolio holdings as a percentage of total investments

Bond Index Fund

Dow 30 Fund

500 Index Fund

12

Extended Market Index Fund

Asian Index Fund

European Index Fund

13

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, by calling 1-800-934-4448, or by visiting the SEC’s website at http://www.sec.gov.

The Funds’ proxy voting record is available, without charge, online at tdwaterhouse.com/products/mutual_funds/tdw_dow_fund.html. It is also available by visiting the SEC’s website at http://www.sec.gov.

The Funds file their complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q filings are available online at tdwaterhouse.com/products/mutual_funds/tdw_dow_fund.html; on the SEC’s website at http://www.sec.gov; and can be reviewed and copied at the Commission’s Public Room in Washington, DC or by electronic request at publicinfo@sec.gov. For more information about these services, please call the SEC at 1-202-942-8090.

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TABLE OFCONTENTS

Bond Index Fund Schedule of Investments	16
Dow 30 Fund Schedule of Investments	22
500 Index Fund Schedule of Investments	23
Extended Market Index Fund Schedule of Investments	32
Asian Index Fund Schedule of Investments	65
European Index Fund Schedule of Investments	72
Statements of Assets and Liabilities	80
Statements of Operations	84
Statements of Changes in Net Assets	88
Financial Highlights	94
Notes to Financial Statements	106
A Word About the S&P and MSCI® Indices	121
Trustees and Officers Information	122

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TD WATERHOUSE TRUST
Bond Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	PRINCIPAL		MARKET
	AMOUNT		VALUE
U.S. Government Obligations
U.S. Treasury Bonds–8.3%
9.88%, 11/15/15	$	80,000	$	116,300
9.25%, 02/15/16		20,000		28,033
7.25%, 05/15/16		80,000		97,762
7.50%, 11/15/16		75,000		93,492
8.75%, 05/15/17		25,000		34,251
8.50%, 02/15/20		12,000		16,428
6.25%, 08/15/23		59,000		66,177
6.00%, 02/15/26		94,000		102,625
6.13%, 11/15/27		53,000		58,876
5.50%, 08/15/28		61,000		62,644
5.25%, 02/15/29		74,000		73,575
6.25%, 05/15/30		308,000		349,604
5.38%, 02/15/31		204,000	208,941
			1,308,708
U.S. Treasury Notes–36.7%
5.75%, 11/15/05		142,000		148,212
5.88%, 11/15/05		162,000		169,347
5.63%, 02/15/06		55,000		57,677
4.63%, 05/15/06		193,000		199,861
6.88%, 05/15/06		146,000		156,892
7.00%, 07/15/06		82,000		88,703
6.50%, 10/15/06		56,000		60,399
2.63%, 11/15/06		170,000		169,263
6.25%, 02/15/07		109,000		117,770
4.38%, 05/15/07		85,000		88,041
6.63%, 05/15/07		74,000		81,053
3.25%, 08/15/07		95,000		95,390
6.13%, 08/15/07		90,000		97,737
3.00%, 11/15/07		185,000		183,923
3.00%, 02/15/08		185,000		183,266
5.50%, 02/15/08		173,000		185,678
2.63%, 05/15/08		75,000		73,028
5.63%, 05/15/08		102,000		110,104
3.13%, 09/15/08		140,000		138,141
4.75%, 11/15/08		145,000		152,046
2.63%, 03/15/09		95,000		91,003
3.13%, 04/15/09		35,000		34,217
5.50%, 05/15/09		233,000		252,077
4.00%, 06/15/09		150,000		152,121

	PRINCIPAL		MARKET
	AMOUNT		VALUE
6.00%, 08/15/09	$	159,000	$	175,552
6.50%, 02/15/10		216,000		244,493
5.75%, 08/15/10		196,000		214,934
5.00%, 02/15/11		167,000		176,138
5.00%, 08/15/11		186,000		195,808
4.88%, 02/15/12		197,000		205,249
4.38%, 08/15/12		80,000		80,438
4.00%, 11/15/12		149,000		145,787
3.88%, 02/15/13		185,000		178,778
3.63%, 05/15/13		200,000		189,359
4.25%, 08/15/13		250,000		246,660
4.25%, 11/15/13		230,000		226,415
4.00%, 02/15/14		170,000		163,804
4.75%, 05/15/14		235,000		240,040
		5,769,404
Total U.S. Government Obligations
(Cost $7,076,261)–45.0%				7,078,112
U.S. Government Agency Obligations
Fannie Mae–20.7%
6.50%, 08/15/04		102,000		102,179
3.88%, 03/15/05		60,000		60,673
7.00%, 07/15/05		90,000		93,976
5.50%, 02/15/06		135,000		140,800
4.38%, 10/15/06		60,000		61,750
5.00%, 01/15/07		97,000		101,271
4.25%, 07/15/07		60,000		61,458
6.00%, 05/15/08		60,000		64,758
5.25%, 01/15/09		60,000		63,106
6.63%, 09/15/09		100,000		111,379
7.25%, 01/15/10		90,000		102,993
6.00%, 05/15/11		155,000		167,854
6.25%, 05/15/29		67,000		71,523
6.00%, 02/01/33		499,802		513,232
6.00%, 03/01/33	1,009,181			1,036,298
5.50%, 10/01/33		500,000		501,803
		3,255,053

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TD WATERHOUSE TRUST
Bond Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	PRINCIPAL			MARKET
	AMOUNT			VALUE
Federal Home Loan Bank–1.2%
5.13%, 03/06/06	$	185,000	$	191,906
Freddie Mac–12.4%
2.88%, 09/15/05		40,000		40,213
5.25%, 01/15/06		100,000		103,758
5.50%, 07/15/06		110,000		115,466
4.88%, 03/15/07		40,000		41,634
5.75%, 03/15/09		100,000		107,375
6.88%, 09/15/10		150,000		169,735
6.50%, 02/01/31		215,057		224,893
6.50%, 04/01/33		182,029		190,355
5.00%, 08/01/33		482,505		471,514
5.50%, 01/01/34		237,865		238,871
5.50%, 02/01/34		233,102	234,088
			1,937,902
Total U.S. Government Agency Obligations
(Cost $5,378,935)–34.3%			5,384,861
Corporate Bonds
Ace Ina Holdings
8.30%, 08/15/06		3,000		3,287
Alabama Power Co.,
Series G
5.38%, 10/01/08		6,000		6,280
Albertson’s, Inc.,
MTN, Series C
6.63%, 06/01/28		3,000		2,953
Alcoa, Inc.
6.50%, 06/01/11		12,000		13,198
Allstate Corp.
7.88%, 05/01/05		5,000		5,201
7.20%, 12/01/09		10,000		11,476
7.50%, 06/15/13		2,000		2,325
6.75%, 05/15/18		3,000		3,313
Alltel Corp.
6.50%, 11/01/13		5,000		5,393
7.00%, 03/15/16		11,000		12,196
American General
Finance
5.88%, 12/15/05		30,000		31,306

	PRINCIPAL		MARKET
	AMOUNT		VALUE
American General Finance, MTN,
Series H
5.38%, 10/01/12	$	3,000	$	3,034
Anadarko Petroleum Corp.
5.38%, 03/01/07		3,000		3,139
Archer-Daniels-Midland
8.88%, 04/15/11		5,000		6,170
Asian Development Bank
2.38%, 03/15/06		3,000		2,990
6.75%, 06/11/07		4,000		4,355
Asian Development Bank, MTN
4.88%, 02/05/07		7,000		7,286
Associates Corp.
6.88%, 11/15/08		5,000		5,520
AT&T Wireless Services, Inc.
7.50%, 05/01/07		10,000		10,991
Bank of America Corp.
6.75%, 09/15/05		10,000		10,447
4.75%, 10/15/06		10,000		10,328
6.63%, 10/15/07		10,000		10,886
6.38%, 02/15/08		10,000		10,817
7.40%, 01/15/11		10,000		11,399
7.25%, 10/15/25		10,000		11,235
Bank One Corp.
7.25%, 08/15/04		4,000		4,007
6.88%, 08/01/06		5,000		5,354
7.60%, 05/01/07		8,000		8,842
7.13%, 05/15/07		8,000		8,748
7.63%, 10/15/26		4,000		4,628
8.00%, 04/29/27		4,000		4,799
Bear Stearns Co., Inc.
2.88%, 07/02/08		8,000		7,643
BellSouth Corp.
6.88%, 10/15/31		21,000		22,149
BellSouth Telecommunications
6.38%, 06/01/28		5,000		4,963
6.75%, 10/15/33		14,000		14,111

17

TD WATERHOUSE TRUST
Bond Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	PRINCIPAL		MARKET
	AMOUNT		VALUE
Best Foods, MTN,
Series F
6.63%, 04/15/28	$	5,000	$	5,379
BP Co. WA
6.50%, 08/01/07		4,000		4,350
Bristol-Myers Squibb
4.75%, 10/01/06		9,000		9,296
6.80%, 11/15/26		6,000		6,554
Chase Manhattan
Corp.
7.88%, 06/15/10		65,000		75,400
ChevronTexaco Corp.
5.70%, 12/01/08		5,000		5,131
5.50%, 01/15/09		5,000		5,291
8.63%, 04/01/32		5,000		6,783
Citicorp
6.38%, 01/15/06		4,000		4,209
7.25%, 09/01/08		4,000		4,473
Citicorp, MTN,
Series C
7.00%, 07/01/07		8,000		8,741
Citigroup, Inc.
6.75%, 12/01/05		12,000		12,633
5.50%, 08/09/06		12,000		12,553
7.25%, 10/01/10		12,000		13,639
6.00%, 02/21/12		13,000		13,916
Coca-Cola Enterprises
8.50%, 02/01/12		15,000		18,469
7.13%, 08/01/17		15,000		17,227
6.75%, 01/15/38		8,000		8,713
Compaq Computer
7.65%, 08/01/05		5,000		5,249
Con Edison Co. of
New York, Series B
7.50%, 09/01/10		5,000		5,750
ConocoPhillips
6.38%, 03/30/09		25,000		27,309
Consolidated Natural
Gas, Series C
6.25%, 11/01/11		15,000		16,055
Countrywide Home
Loan, MTN, Series H
6.25%, 04/15/09		15,000		16,119

	PRINCIPAL		MARKET
	AMOUNT		VALUE
DaimlerChrysler
Holdings NA
7.40%, 01/20/05	$	6,000	$	6,142
6.40%, 05/15/06		6,000		6,321
7.20%, 09/01/09		6,000		6,592
Deere & Co.
7.85%, 05/15/10		15,000		17,566
E.I. Du Pont de
Nemours & Co.
5.88%, 05/11/09		65,000		69,264
European Investment
Bank
5.63%, 01/24/06		5,000		5,215
2.38%, 03/15/06		7,000		6,968
4.88%, 09/06/06		16,000		16,577
3.38%, 03/16/09		7,000		6,863
First Union National
Bank
7.88%, 02/15/10		4,000		4,648
FleetBoston Financial
Corp.
6.50%, 03/15/08		15,000		16,263
Florida Power &
Light
4.85%, 02/01/13		5,000		4,977
Ford Motor Credit Co.
6.88%, 02/01/06		64,000		67,146
General Electric
Capital Corp., MTN,
Series A
6.80%, 11/01/05		9,000		9,459
5.00%, 02/15/07		80,000		83,340
7.38%, 01/19/10		9,000		10,252
General Motors
Acceptance Corp.
6.88%, 09/15/11		50,000		51,328
Goldman Sachs Group,
Inc.
6.88%, 01/15/11		7,000		7,746
6.60%, 01/15/12		7,000		7,611
GTE South, Inc.
6.13%, 06/15/07		15,000		16,031
Honeywell International
6.63%, 06/15/28		5,000		5,354

18

TD WATERHOUSE TRUST
Bond Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	PRINCIPAL		MARKET
	AMOUNT		VALUE
Household Finance
Corp.
8.00%, 05/09/05	$	14,000	$	14,605
6.50%, 01/24/06		12,000		12,642
5.75%, 01/30/07		24,000		25,328
5.88%, 02/01/09		9,000		9,570
6.38%, 10/15/11		11,000		11,856
7.00%, 05/15/12		9,000		10,030
4.75%, 07/15/13		9,000		8,607
IBM Corp.
6.50%, 01/15/28		11,000		11,745
7.00%, 10/30/45		10,000		11,251
Indiana Michigan
Power, Series C
6.13%, 12/15/06		3,000		3,176
Inter-American
Development Bank
5.38%, 01/18/06		5,000		5,203
7.38%, 01/15/10		6,000		6,960
4.38%, 09/20/12		5,000		4,951
Inter-American
Development Bank,
MTN
3.38%, 03/17/08		5,000		4,973
International Bank
for Reconstruction
& Development
7.00%, 01/27/05		19,000		19,439
5.00%, 03/28/06		19,000		19,716
Key Bank NA
7.00%, 02/01/11		2,000		2,213
KFW International
Finance
4.75%, 01/24/07		11,000		11,392
Lehman Brothers
Holdings
7.75%, 01/15/05		11,000		11,277
6.25%, 05/15/06		11,000		11,604
Mellon Bank NA
6.50%, 08/01/05		5,000		5,174
Merrill Lynch & Co.
6.88%, 11/15/18		65,000		71,662
Morgan Stanley
6.10%, 04/15/06		8,000		8,417
6.75%, 04/15/11		8,000		8,788

	PRINCIPAL		MARKET
	AMOUNT		VALUE
National Rural
Utilities
6.13%, 05/15/05	$	20,000	$	20,586
National Westminster
Bank
7.38%, 10/01/09		4,000		4,560
Pacific Bell
6.25%, 03/01/05		5,000		5,115
Praxair, Inc.
6.50%, 03/01/08		5,000		5,448
6.38%, 04/01/12		4,000		4,382
Procter & Gamble
Co.
6.60%, 12/15/04		17,000		17,305
Republic of Finland
5.88%, 02/27/06		3,000		3,149
Republic of Italy
2.75%, 12/15/06		12,000		11,876
6.00%, 02/22/11		6,000		6,583
5.63%, 06/15/12		8,000		8,518
Southwestern Bell
Telephone
6.63%, 07/15/07		15,000		16,211
SunTrust Bank
5.45%, 12/01/17		5,000		4,985
Target Corp.
5.40%, 10/01/08		10,000		10,517
5.88%, 11/01/08		1,000		1,073
Transocean, Inc.
6.95%, 04/15/08		4,000		4,420
Turner Broadcasting
System, Inc.
8.38%, 07/01/13		8,000		9,444
Unilever Capital
Corp.
6.88%, 11/01/05		8,000		8,421
United Technologies
Corp.
7.50%, 09/15/29		5,000		6,002
Vastar Resources,
Inc.
6.50%, 04/01/09		4,000		4,394
Verizon
Communications, Inc.
6.94%, 04/15/28		15,000		15,504

19

TD WATERHOUSE TRUST
Bond Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	PRINCIPAL		MARKET
	AMOUNT		VALUE
Verizon New England,
Inc.
6.50%, 09/15/11	$	20,000	$	21,558
Viacom, Inc.
7.88%, 07/30/30		15,000		17,720
Virginia Electric &
Power, Series D
7.63%, 07/01/07		6,000		6,653
Wachovia Corp.
6.63%, 07/15/05		8,000		8,306
7.05%, 08/01/05		8,000		8,350
4.95%, 11/01/06		12,000		12,448
6.40%, 04/01/08		5,000		5,411
6.25%, 08/04/08		4,000		4,313
6.38%, 01/15/09		2,000		2,170
Wal-Mart Stores,
Inc.
6.55%, 08/10/04		10,000		10,008
4.15%, 06/15/05		8,000		8,118
5.88%, 10/15/05		2,000		2,077
4.38%, 07/12/07		1,000		1,026
7.25%, 06/01/13		9,000	10,410
Total Corporate Bonds
(Cost $1,593,106)–10.3%			1,617,311
Foreign Bonds
Canada–0.9%
BP Canada Energy Co.
6.75%, 02/15/05		4,000		4,104
British Columbia
4.63%, 10/03/06		4,000		4,116
5.38%, 10/29/08		4,000		4,223
Canadian Government
5.25%, 11/05/08		12,000		12,715
Hydro-Quebec
8.00%, 02/01/13		11,000		13,383
Manitoba
2.75%, 01/17/06		4,000		4,018
5.50%, 10/01/08		4,000		4,245
7.50%, 02/22/10		4,000		4,639

	PRINCIPAL			MARKET
	AMOUNT			VALUE
New Brunswick
3.50%, 10/23/07	$	4,000	$	4,001
Newfoundland
8.65%, 10/22/22		4,000		5,362
7.32%, 10/13/23		4,000		4,763
Nova Scotia
5.75%, 02/27/12		4,000		4,253
Ontario
4.20%, 06/30/05		4,000		4,066
7.00%, 08/04/05		4,000		4,189
2.63%, 12/15/05		4,000		3,996
6.00%, 02/21/06		4,000		4,192
3.50%, 09/17/07		4,000		3,999
3.13%, 05/02/08		4,000		3,904
5.50%, 10/01/08		4,000		4,248
3.75%, 12/15/09		4,000		3,916
5.13%, 07/17/12		4,000		4,113
Province of
Saskatchewan
7.13%, 03/15/08		4,000		4,444
Quebec
5.50%, 04/11/06		4,000		4,172
7.00%, 01/30/07		4,000		4,350
5.75%, 02/15/09		4,000		4,263
5.00%, 07/17/09		4,000		4,132
6.13%, 01/22/11		4,000		4,345
7.50%, 07/15/23		4,000		4,867
7.13%, 02/09/24		4,000		4,674
7.50%, 09/15/29		4,000	4,910
			146,602
Italy–0.2%
Republic of Italy
4.38%, 10/25/06		24,000	24,657
Netherlands–0.1%
Deutsche Telekom
International
Finance
8.50%, 06/15/10		13,000	15,333

20

TD WATERHOUSE TRUST
Bond Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	PRINCIPAL		MARKET
	AMOUNT		VALUE
United Kingdom–0.2%
Amvescap, Inc.
5.90%, 01/15/07	$	3,000	$	3,176
Vodafone Group
6.65%, 05/01/08		10,000		10,897
7.88%, 02/15/30		10,000	12,008
			26,081
Total Foreign Bonds
(Cost $211,650)–1.4%			212,673

	NUMBER OF	MARKET
	SHARES	VALUE
Exchange Traded Funds
iShares Goldman Sachs
Corp. Bond Fund	6,140	$	668,892
iShares Lehman
Brothers Aggregate
Bond Fund	6,000	606,900
Total Exchange Traded Funds
(Cost $1,277,916)–8.1%		1,275,792
Total Investments
(Cost $15,537,868)–99.1%			15,568,749
Other Assets and Liabilities,
Net–0.9%		146,531
Net Assets–100.0%		$	15,715,280
Description of Abbreviations:
MTN    Medium Term Note

Please see accompanying notes to financial statements.

21

TD WATERHOUSE TRUST
Dow 30 Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Common Stock
3M Co.	121,870	$	10,037,213
Alcoa, Inc.	121,870		3,903,496
Altria Group, Inc.	121,870		5,801,012
American Express Co.	121,870		6,123,967
American International
Group, Inc.	121,870		8,610,115
Boeing Co.	121,870		6,184,902
Caterpillar, Inc.	121,870		8,956,226
Citigroup, Inc.	121,870		5,373,248
Coca-Cola Co.	121,870		5,345,218
E.I. Du Pont de
Nemours & Co.	121,870		5,224,567
ExxonMobil Corp.	121,870		5,642,581
General Electric Co.	121,870		4,052,178
General Motors Corp.	121,870		5,257,472
Hewlett-Packard Co.	121,870		2,455,681
Home Depot, Inc.	121,870		4,109,456
Honeywell
International, Inc.	121,870		4,583,531
Intel Corp.	121,870		2,971,191
International Business
Machines Corp.	121,870		10,611,221
Johnson & Johnson	121,870		6,735,755
JPMorganChase & Co.	121,870		4,549,407
McDonald’s Corp.	121,870		3,351,425
Merck & Co., Inc.	121,870		5,526,805
Microsoft Corp.	121,870		3,468,420
Pfizer, Inc.	121,870		3,894,965
Procter & Gamble Co.	121,870		6,355,521
SBC Communications,
Inc.	121,870		3,088,186
United Technologies
Corp.	121,870		11,394,845
Verizon
Communications,
Inc.	121,870		4,696,870
Wal-Mart Stores, Inc.	121,870		6,460,329
Walt Disney Co.	121,870	2,813,978

	NUMBER OF
	SHARES/
	PRINCIPAL			MARKET
	AMOUNT			VALUE
Total Common Stock
(Cost $167,181,315)–97.6%			$	167,579,781
Other Investment Company
(Cost $3,120,392)–1.8%
Diamonds Trust,
Series 1		30,225	3,075,393
U.S. Government Obligation
(Cost $169,726)–0.1%
U.S. Treasury Bills,
mature 09/16/04,
par value $170,000,
yield at time of
purchase 1.26%(A)	$	170,000		169,724
Total Investments
(Cost $170,471,433)–99.5%				170,824,898
Other Assets and Liabilities,
Net–0.5%			827,436
Net Assets–100.0%			$	171,652,334
(A) Security pledged as collateral on open futures     contracts.

Please see accompanying notes to financial statements.

22

TD WATERHOUSE TRUST
500 Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Common Stock
Aerospace & Defense–1.7%
Boeing Co.	9,574	$	485,880
General Dynamics Corp.	2,103		207,818
Goodrich Corp.	1,296		41,900
Lockheed Martin Corp.	5,235		277,403
Northrop Grumman
Corp.	3,774		198,512
Raytheon Co.	4,553		152,753
Rockwell Collins, Inc.	1,950		66,729
United Technologies
Corp.	5,837	545,760
		1,976,755
Agriculture–0.1%
Monsanto Co.	2,896	105,009
Air Transportation–0.8%
Delta Air Lines, Inc.(A)	150		778
FedEx Corp.	4,035		330,386
Honeywell International,
Inc.	9,819		369,293
Southwest Airlines Co.	9,611		139,071
Textron, Inc.	1,486	91,092
		930,620
Apparel/Textiles–0.2%
Cintas Corp.	1,615		67,765
Jones Apparel Group, Inc.	950		35,482
Liz Claiborne, Inc.	950		34,381
VF Corp.	1,280	64,013
		201,641
Automotive–0.9%
Cooper Tire & Rubber	150		3,517
Dana Corp.	1,203		23,206
Delphi Corp.	6,559		62,376
Ford Motor Co.	19,721		290,293
General Motors Corp.	6,696		288,865
Genuine Parts Co.	1,940		73,196
Goodyear Tire & Rubber
Co.(A)	2,930		32,084
ITT Industries, Inc.	860		68,757

	NUMBER OF	MARKET
	SHARES	VALUE
Navistar International
Corp.(A)	769	$	27,646
Paccar, Inc.	2,053		123,098
Rockwell International
Corp.	2,156		80,656
Visteon Corp.	150	1,542
		1,075,236
Banks–8.3%
Amsouth Bancorp	3,264		80,066
Bank of America Corp.	23,152		1,968,152
Bank of New York Co.,
Inc.	9,298		267,132
BB&T Corp.	6,769		262,163
Charter One Financial,
Inc.	2,456		109,071
Comerica, Inc.	2,229		130,330
Fifth Third Bancorp	6,739		332,637
First Horizon National
Corp.	1,021		44,260
Golden West Financial
Corp.	1,642		175,546
Huntington Bancshares,
Inc.	2,550		62,373
JPMorganChase & Co.	40,597		1,515,486
Keycorp	4,683		141,333
M&T Bank Corp.	1,525		142,176
Marshall & Ilsley Corp.	2,908		111,696
Mellon Financial Corp.	4,929		135,449
National City Corp.	8,139		297,073
North Fork
Bancorporation, Inc.	2,301		89,854
Northern Trust Corp.	2,539		101,890
PNC Financial Services
Group, Inc.	3,087		156,202
Regions Financial Corp.	4,991		148,183
SouthTrust Corp.	4,022		156,013
Sovereign Bancorp, Inc.	3,600		78,372
State Street Corp.	3,801		162,721
SunTrust Banks, Inc.	2,981		196,597
Synovus Financial Corp.	3,092		78,753
US Bancorp	21,610		611,563
Wachovia Corp.	14,913		660,795
Washington Mutual,
Inc.	10,027		389,048

23

TD WATERHOUSE TRUST

500 Index Fund · Schedule of Investments

July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Wells Fargo & Co.	19,418	$	1,114,787
Zions Bancorp	1,000	60,500
		9,780,221
Beauty Products–2.5%
Alberto-Culver Co., Cl. B	825		38,461
Avon Products, Inc.	5,244		225,544
Colgate-Palmolive Co.	6,286		334,415
Gillette Co.	11,300		440,474
International Flavors
& Fragrances, Inc.	851		31,096
Kimberly-Clark Corp.	5,822		373,016
Procter & Gamble Co.	29,190	1,522,259
		2,965,265
Broadcasting, Newspapers
& Advertising–1.1%
Clear Channel
Communications, Inc.	7,143		255,005
Comcast Corp., Cl. A(A)	25,464		697,714
Interpublic Group Cos.,
Inc.(A)	4,745		60,688
Omnicom Group	1,982		142,744
Univision
Communications,
Inc., Cl. A(A)	3,573	103,510
		1,259,661
Building &
Construction–0.4%
American Standard
Cos.(A)	2,886		109,351
Centex Corp.	1,456		61,763
Fluor Corp.	825		37,579
KB Home	458		29,335
Masco Corp.	5,497		166,229
Pulte Homes, Inc.	1,394		76,154
Vulcan Materials Co.	793	37,763
		518,174
Chemicals–1.4%
Air Products &
Chemicals, Inc.	2,776		143,658
Ashland, Inc.	562		29,376

	NUMBER OF		MARKET
	SHARES		VALUE
Cooper Industries
Ltd., Cl. A		818	$	46,520
Dow Chemical Co.		10,447		416,731
E.I. Du Pont de
Nemours & Co.		11,359		486,960
Eastman Chemical Co.		700		31,276
Engelhard Corp.		1,312		38,573
Great Lakes Chemical
Corp.		100		2,398
Hercules, Inc.(A)		200		2,362
PPG Industries, Inc.		2,149		126,683
Praxair, Inc.		4,105		161,942
Rohm & Haas Co.		2,220		87,024
Sigma-Aldrich Corp.		600	34,464
			1,607,967
Computers & Services–6.6%
3M Co.		9,249		761,748
Affiliated Computer
Services, Inc., Cl. A(A)		1,400		72,660
Apple Computer, Inc.(A)		4,823		155,976
Autodesk, Inc.		994		39,959
Cisco Systems, Inc.(A)		76,779		1,601,610
Computer Sciences
Corp.(A)		2,556		120,771
Dell, Inc.(A)		28,947		1,026,750
eBay, Inc.(A)		7,643		598,676
Electronic Data
Systems Corp.		5,156		95,283
EMC Corp.(A)		28,754		315,431
Gateway, Inc.(A)		4,088		18,396
Hewlett-Packard Co.		35,051		706,278
International Business
Machines Corp.		19,292		1,679,754
International Game
Technology		3,816		123,409
Lexmark International,
Inc.(A)		1,324		117,174
Monster Worldwide, Inc.		(A)875		19,329
NCR Corp.(A)		949		44,062
Sun Microsystems,
Inc.(A)		33,455		132,147
Sungard Data Systems,
Inc.(A)		3,789		88,322

24

TD WATERHOUSE TRUST
500 Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF	MARKET
	SHARES	VALUE
Symbol Technologies,
Inc.	1,780	$	23,300
Unisys Corp.(A)	2,700	27,648
		7,768,683
Containers & Packaging–0.2%
Ball Corp.	482		34,791
Bemis Co.	1,154		30,558
Newell Rubbermaid, Inc.	2,446		52,833
Pactiv Corp.(A)	1,271		29,970
Sealed Air Corp.(A)	754	35,770
		183,922
Data Processing–0.7%
Automatic Data
Processing	6,434		270,099
First Data Corp.	10,281		458,636
Fiserv, Inc.(A)	1,995		68,349
IMS Health, Inc.	2,176	52,746
		849,830
Diversified Manufacturing–1.1%
Crane Co.	1,033		28,738
Danaher Corp.	3,558		180,213
Illinois Tool Works, Inc.	4,148		375,477
Tyco International Ltd.	22,774	705,994
		1,290,422
Electrical Services–6.3%
AES Corp.(A)	8,060		77,779
Allegheny Energy, Inc.(A)	1,930		28,641
Ameren Corp.	2,355		105,245
American Electric
Power Co., Inc.	4,400		136,884
Calpine Corp.(A)	2,250		8,685
Centerpoint Energy, Inc.	3,483		40,438
Cinergy Corp.	2,001		76,538
Citizens Communications
Co.(A)	2,567		36,965
CMS Energy Corp.(A)	3,050		27,541
Consolidated Edison, Inc.	2,664		109,144
Constellation Energy
Group, Inc.	1,830		70,546
Dominion Resources,
Inc.	4,281		271,672

	NUMBER OF		MARKET
	SHARES		VALUE
DTE Energy Co.	1,827	$	73,391
Duke Energy Corp.	10,835		232,953
Edison International	4,283		114,784
Emerson Electric Co.	5,047		306,353
Entergy Corp.	2,488		143,060
Exelon Corp.	7,228		252,257
FirstEnergy Corp.	3,869		151,278
FPL Group, Inc.	2,038		137,219
General Electric Co.	119,848		3,984,946
NiSource, Inc.	2,512		51,998
PG&E Corp.(A)	5,194		148,237
Pinnacle West Capital
Corp.	796		32,238
PPL Corp.	1,892		87,694
Progress Energy, Inc.	2,612		110,070
Public Service
Enterprise Group, Inc.	2,740		106,860
Southern Co.	8,117		237,666
Teco Energy, Inc.	2,105		27,155
TXU Corp.	4,031		159,869
XCEL Energy, Inc.	4,693	80,250
		7,428,356
Electronic & Other Electrical
Equipment–0.4%
Adobe Systems, Inc.	2,704		114,055
American Power
Conversion	1,742		26,304
Eaton Corp.	1,742		112,603
Jabil Circuit, Inc.(A)	2,220		48,285
Molex, Inc.	2,844		82,362
Sanmina Corp.(A)	4,867		35,724
Solectron Corp.(A)	10,554		58,047
Tektronix, Inc.	1,057		32,133
Thomas & Betts Corp.(A)	100	2,630
		512,143
Entertainment–1.5%
Carnival Corp.	7,437		346,639
Time Warner, Inc.(A)	51,843		863,186
Walt Disney Co.	22,556	520,818
		1,730,643

25

TD WATERHOUSE TRUST
500 Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Environmental Services–0.3%
Allied Waste Industries,
Inc.(A)	2,391	$	22,093
Ecolab, Inc.	2,349		71,644
Waste Management, Inc.	7,186	202,214
		295,951
Financial Services–7.0%
American Express Co.	14,544		730,836
Bear Stearns Cos., Inc.	1,040		86,757
Capital One Financial
Corp.	2,870		198,948
Charles Schwab Corp.	13,586		119,285
Citigroup, Inc.	58,724		2,589,141
Countrywide Financial
Corp.	3,301		238,002
E*Trade Financial Corp.(A)	3,100		34,317
Equifax, Inc.	1,300		31,356
Fannie Mae	11,233		797,094
Federated Investors,
Inc., Cl. B	700		19,677
Franklin Resources, Inc.	2,865		138,236
Freddie Mac	8,128		522,712
Goldman Sachs Group,
Inc.	5,482		483,458
Janus Capital Group,
Inc.	2,198		29,146
Lehman Brothers
Holdings, Inc.	3,333		233,643
MBNA Corp.	14,166		349,759
Merrill Lynch & Co.,
Inc.	10,917		542,793
Moody’s Corp.	1,534		104,465
Morgan Stanley	12,548		618,993
Providian Financial
Corp.(A)	3,049		42,198
SLM Corp.	4,634		175,721
T. Rowe Price Group,
Inc.	1,406	64,985
		8,151,522
Food, Beverage & Tobacco–5.3%
Altria Group, Inc.	23,288		1,108,509
Anheuser-Busch Cos.,
Inc.	9,447		490,299

	NUMBER OF	MARKET
	SHARES	VALUE
Archer-Daniels-Midland
Co.	6,414	$	98,968
Brown-Forman Corp.,
Cl. B	1,350		62,788
Campbell Soup Co.	4,950		126,671
Coca-Cola Co.	27,658		1,213,080
Coca-Cola Enterprises,
Inc.	5,437		110,915
Conagra Foods, Inc.	6,173		160,498
Coors, Cl. B	319		21,934
Fortune Brands, Inc.	1,652		119,241
General Mills, Inc.	4,277		192,037
Hershey Foods Corp.	3,202		155,105
HJ Heinz Co.	3,817		140,809
Kellogg Co.	5,055		210,591
McCormick & Co., Inc.	1,163		41,601
Pepsi Bottling Group,
Inc.	2,742		76,365
PepsiCo, Inc.	19,704		985,200
RJ Reynolds Tobacco
Holdings, Inc.(A)	1,799		129,438
Sara Lee Corp.	8,211		180,314
Supervalu, Inc.	1,271		36,300
Sysco Corp.	7,567		260,683
UST, Inc.	2,279		86,488
Wm Wrigley, Jr. Co.	2,715	163,986
		6,171,820
Footwear–0.2%
Nike, Inc., Cl. B	3,220		234,126
Reebok International
Ltd.	501	17,064
		251,190
Gas/Natural Gas–0.3%
Dynegy, Inc., Cl. A(A)	1,350		5,670
El Paso Energy Corp.	5,242		41,359
KeySpan Corp.	1,846		66,438
Kinder Morgan, Inc.	1,104		66,251
Nicor, Inc.	100		3,311
Peoples Energy Corp.	100		3,900
Sempra Energy	2,554		91,305
Williams Cos., Inc.	5,737	69,705
		347,939

26

TD WATERHOUSE TRUST
500 Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF	MARKET
	SHARES	VALUE
Hotel & Motel–0.3%
Harrah’s Entertainment,
Inc.	1,254	$	58,299
Hilton Hotels Corp.	3,371		60,105
Marriott International,
Inc., Cl. A	2,618		127,758
Starwood Hotels &
Resorts Worldwide,
Inc.	2,233	100,485
		346,647
Household Products–0.3%
Clorox Co.	2,423		120,593
Leggett & Platt, Inc.	2,150		58,158
Maytag Corp.	1,010		20,705
Sherwin-Williams Co.	1,650		66,627
Whirlpool Corp.	667	41,647
		307,730
Insurance–5.6%
ACE Ltd.	3,665		148,762
Aetna, Inc.	1,910		163,878
Aflac, Inc.	5,379		213,224
Allstate Corp.	8,257		388,740
AMBAC Financial
Group, Inc.	1,457		103,607
American International
Group, Inc.	29,618		2,092,512
Anthem, Inc.(A)	1,575		129,890
AON Corp.	4,117		108,853
Chubb Corp.	1,948		133,983
Cigna Corp.	1,498		92,891
Cincinnati Financial
Corp.	1,984		79,122
Hartford Financial
Services Group, Inc.	3,919		255,127
Jefferson-Pilot Corp.	1,620		78,052
Lincoln National Corp.	1,850		80,845
Loews Corp.	2,228		126,172
Marsh & McLennan
Cos., Inc.	6,314		280,215
MBIA, Inc.	1,575		85,018
Metlife, Inc.	8,722		311,114
MGIC Investment Corp.	941		66,811

	NUMBER OF	MARKET
	SHARES	VALUE
Principal Financial
Group(A)	3,921	$	133,275
Progressive Corp.	2,273		174,157
Prudential Financial,
Inc.	6,239		290,488
Safeco Corp.	1,550		72,943
St. Paul Cos.	7,450		276,172
Torchmark Corp.	1,323		69,166
UnitedHealth Group,
Inc.	7,582		476,908
UnumProvident Group,
Inc.	2,768		44,150
XL Capital Ltd., Cl. A	1,333	94,216
		6,570,291
Leisure Products–0.1%
Brunswick Corp.	664		25,916
Hasbro, Inc.	1,218		22,131
Mattel, Inc.	5,660	99,163
		147,210
Machinery & Manufacturing
Operations–0.9%
Black & Decker Corp.	970		67,813
Caterpillar, Inc.	3,666		269,414
Cummins, Inc.	398		27,633
Deere & Co.	3,024		189,937
Dover Corp.	2,110		83,725
Ingersoll-Rand Co.,
Cl. A	2,625		180,311
Pall Corp.	1,188		27,526
Parker Hannifin Corp.	1,280		73,446
Snap-On, Inc.	850		27,294
Stanley Works	930		39,432
WW Grainger, Inc.	1,070	56,657
		1,043,188
Measuring Devices–0.3%
Agilent Technologies,
Inc.(A)	5,401		128,598
Applied Biosystems
Group-Applera Corp.	1,903		39,373
PerkinElmer, Inc.	1,624		28,550
Thermo Electron Corp.(A)	1,393		35,828

27

TD WATERHOUSE TRUST
500 Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF	MARKET
	SHARES	VALUE
Waters Corp.(A)	1,536	$	67,399
		299,748
Medical Products
& Services–5.1%
Amgen, Inc.(A)	14,440		821,347
Bausch & Lomb, Inc.	649		39,972
Baxter International, Inc.	7,364		221,435
Becton Dickinson & Co.	2,836		133,944
Biomet, Inc.	2,573		113,186
Boston Scientific Corp.(A)	9,612		367,755
Caremark Rx, Inc.(A)	5,400		164,700
CR Bard, Inc.	1,008		55,642
Express Scripts, Inc.(A)	870		57,072
Guidant Corp.	3,758		207,893
HCA, Inc.	5,949		229,929
Health Management
Associates, Inc., Cl. A	2,669		53,540
Hospira, Inc.(A)	1,650		42,751
Humana, Inc.(A)	1,748		31,656
Johnson & Johnson	33,710		1,863,152
Manor Care, Inc.	690		21,562
Medco Health Solutions,
Inc.(A)	2,662		80,659
Medtronic, Inc.	13,765		683,708
St. Jude Medical, Inc.(A)	2,227		151,726
Stryker Corp.	4,882		232,774
Tenet Healthcare Corp.(A)	5,505		61,546
WellPoint Health
Networks(A)	1,616		163,378
Zimmer Holdings, Inc.(A)	2,950	225,114
		6,024,441
Metal & Metal Industries–0.7%
Alcoa, Inc.	10,352		331,575
Allegheny Technologies,
Inc.	150		3,007
Freeport-McMoran
Copper & Gold, Inc.,
Cl. B	1,679		58,513
Newmont Mining Corp.	5,298		214,410
Nucor Corp.	890		74,449
Phelps Dodge Corp.	1,091		85,033
United States Steel Corp.	895		34,135

	NUMBER OF	MARKET
	SHARES	VALUE
Worthington Industries	200	$	4,096
		805,218
Misc. Business Services–0.5%
Cendant Corp.	11,228		256,897
Convergys Corp.(A)	1,152		15,252
Deluxe Corp.	600		26,430
H&R Block, Inc.	2,031		99,783
Paychex, Inc.	4,442		136,414
Robert Half
International, Inc.	1,550	43,121
		577,897
Motorcycles–0.2%
Harley-Davidson, Inc.	3,275	196,074
Office Supplies &
Equipment–0.3%
Avery Dennison Corp.	1,507		91,279
Pitney Bowes, Inc.	2,997		126,473
Xerox Corp.(A)	10,654	147,665
		365,417
Paper & Paper Products–0.6%
Boise Cascade Corp.	1,050		33,863
Georgia-Pacific Corp.	3,267		109,771
International Paper Co.	5,835		252,247
Louisiana-Pacific Corp.	1,250		29,600
MeadWestvaco Corp.	1,782		53,211
Temple-Inland, Inc.	597		40,745
Weyerhaeuser Co.	2,922	181,164
		700,601
Petroleum & Fuel
Products–6.9%
Amerada Hess Corp.	1,734		144,529
Anadarko Petroleum
Corp.	2,582		154,378
Apache Corp.	3,366		156,620
Baker Hughes, Inc.	3,580		144,274
BJ Services Co.(A)	1,794		89,090
Burlington Resources,
Inc.	4,910		187,415
ChevronTexaco Corp.	12,264		1,173,052

28

TD WATERHOUSE TRUST
500 Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF	MARKET
	SHARES	VALUE
ConocoPhillips	8,208	$	646,544
Devon Energy Corp.	2,957		205,482
EOG Resources, Inc.	1,296		82,361
Exxon Mobil Corp.	74,264		3,438,423
Halliburton Co.	5,190		164,782
Kerr-McGee Corp.	2,206		115,815
Marathon Oil Corp.	4,242		159,796
Nabors Industries Ltd.(A)	1,700		79,050
Noble Corp.(A)	1,580		61,178
Occidental Petroleum
Corp.	4,667		229,943
Rowan Cos., Inc.(A)	747		18,242
Schlumberger Ltd.	6,741		433,581
Sunoco, Inc.	694		47,310
Transocean, Inc.(A)	4,098		116,383
Unocal Corp.	2,528		97,985
Valero Energy Corp.	2,100	157,332
		8,103,565
Pharmaceuticals–7.0%
Abbott Laboratories	17,502		688,704
Allergan, Inc.	1,293		97,803
AmerisourceBergen
Corp.	1,296		70,062
Biogen Idec, Inc.(A)	4,026		241,560
Bristol-Myers Squibb
Co.	21,436		490,884
Cardinal Health, Inc.	4,587		204,121
Chiron Corp.(A)	2,072		94,960
Eli Lilly & Co.	12,831		817,591
Forest Laboratories,
Inc.(A)	3,886		195,427
Genzyme Corp.(A)	2,222		113,944
Gilead Sciences, Inc.(A)	2,400		155,136
King Pharmaceuticals,
Inc.(A)	2,172		24,522
McKesson Corp.	3,125		100,531
Medimmune, Inc.(A)	2,851		65,687
Merck & Co., Inc.	25,233		1,144,317
Mylan Laboratories	2,600		38,532
Pfizer, Inc.	86,647		2,769,238
Schering-Plough Corp.	17,333		337,300
Watson Pharmaceuticals,
Inc.(A)	870		21,933

	NUMBER OF	MARKET
	SHARES	VALUE
Wyeth	15,028	$	531,991
		8,204,243
Photographic Equipment
& Supplies–0.1%
Eastman Kodak Co.	3,232	85,616
Printing & Publishing–0.7%
Dow Jones & Co., Inc.	718		30,429
Gannett Co., Inc.	2,951		245,346
Knight-Ridder, Inc.	1,163		76,514
McGraw-Hill Cos., Inc.	2,256		169,335
Meredith Corp.	377		19,936
New York Times Co.,
Cl. A	1,723		71,677
RR Donnelley & Sons
Co.	2,146		68,114
Tribune Co.	4,110	174,469
		855,820
Professional Services–0.1%
Apollo Group, Inc.,
Cl. A(A)	1,855	154,985
Railroads–0.4%
Burlington Northern
Santa Fe Corp.	4,553		161,541
CSX Corp.	2,420		75,746
Norfolk Southern Corp.	5,054		134,891
Union Pacific Corp.	2,666	150,202
		522,380
Real Estate Investment Trusts–0.4%
Apartment Investment
& Management Co.,
Cl. A	811		25,928
Equity Office Properties
Trust	5,188		134,629
Equity Residential
Properties Trust	3,390		100,174
Plum Creek Timber
Co., Inc.	1,500		47,070
Prologis	2,507		85,338

29

TD WATERHOUSE TRUST
500 Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF	MARKET
	SHARES	VALUE
Simon Property
Group, Inc.	2,292	$	118,290
		511,429
Retail–7.0%
Albertson’s, Inc.	4,025		98,170
Autonation, Inc.(A)	2,304		37,140
Autozone, Inc.(A)	950		73,340
Bed Bath & Beyond,
Inc.(A)	3,253		115,124
Best Buy Co., Inc.	3,365		162,058
Big Lots, Inc.(A)	200		2,448
Circuit City Stores	2,860		40,326
CVS Corp.	4,518		189,169
Darden Restaurants,
Inc.	2,055		43,833
Dillard’s, Inc., Cl. A	1,688		38,470
Dollar General Corp.	3,989		76,988
Family Dollar Stores	1,537		42,821
Federated Department
Stores	1,978		94,786
Gap, Inc.	10,824		245,705
Home Depot, Inc.	25,241		851,127
JC Penney Co.	3,590		143,600
Kohls Corp.(A)	3,639		166,521
Kroger Co.(A)	8,529		134,758
Limited Brands	5,351		109,374
Lowe’s Cos., Inc.	8,999		438,431
May Department
Stores Co.	3,416		90,626
McDonald’s Corp.	14,573		400,757
Nordstrom, Inc.	1,453		63,787
Office Depot, Inc.(A)	3,632		59,565
RadioShack Corp.	1,286		35,944
Safeway, Inc.(A)	5,537		116,997
Sears, Roebuck & Co.	2,469		90,563
Staples, Inc.	5,415		156,385
Starbucks Corp.(A)	4,490		210,850
Target Corp.	10,385		452,786
Tiffany & Co.	1,414		50,550
TJX Cos., Inc.	5,667		133,004
Toys “R” Us, Inc.(A)	2,222		36,574
Wal-Mart Stores, Inc.	48,700		2,581,587
Walgreen Co.	11,476		417,726

	NUMBER OF	MARKET
	SHARES	VALUE
Wendy’s International,
Inc.	1,350	$	48,290
Winn-Dixie Stores, Inc.	200		1,264
Yum! Brands, Inc.	3,192	122,541
		8,173,985
Semi-Conductors/Instruments–3.5%
Advanced Micro Devices,
Inc.(A)	3,036		37,920
Altera Corp.(A)	4,130		85,987
Analog Devices, Inc.	4,649		184,565
Applied Materials, Inc.(A)	18,419		312,570
Applied Micro Circuits
Corp.(A)	2,929		10,544
Broadcom Corp., Cl. A(A)	3,653		129,170
Intel Corp.	73,446		1,790,614
JDS Uniphase Corp.(A)	16,350		56,408
Johnson Controls, Inc.	2,362		133,335
KLA-Tencor Corp.(A)	1,943		80,071
Linear Technology Corp.	3,456		135,130
LSI Logic Corp.(A)	3,548		18,059
Maxim Integrated
Products	4,082		196,344
Micron Technology,
Inc.(A)	6,199		83,872
Millipore Corp.(A)	404		21,287
National Semiconductor
Corp.(A)	4,220		72,373
Novellus Systems, Inc.(A)	2,484		67,068
Nvidia Corp.(A)	1,718		26,457
PMC-Sierra, Inc.(A)	1,922		22,833
Power-One, Inc.(A)	100		877
QLogic Corp.(A)	750		18,338
Teradyne, Inc.(A)	1,511		25,838
Texas Instruments, Inc.	20,577		438,907
Xilinx, Inc.(A)	3,971	116,867
		4,065,434
Software–4.7%
BMC Software, Inc.(A)	1,721		26,985
Citrix Systems, Inc.(A)	1,542		27,170
Computer Associates
International, Inc.	6,123		154,544

30

TD WATERHOUSE TRUST
500 Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF	MARKET
	SHARES	VALUE
Compuware Corp.(A)	4,626	$	22,852
Electronic Arts, Inc.(A)	3,197		160,266
Intuit, Inc.(A)	2,704		101,238
Mercury Interactive
Corp.(A)	805		29,431
Microsoft Corp.	122,577		3,488,541
Novell, Inc.(A)	5,420		37,073
Oracle Corp.(A)	58,991		619,995
Parametric Technology
Corp.(A)	5,240		23,790
Peoplesoft, Inc.(A)	3,989		71,882
Siebel Systems, Inc.(A)	5,894		47,506
Symantec Corp.(A)	3,713		173,620
Veritas Software Corp.	(A)5,082		96,863
Yahoo, Inc.(A)	15,018	462,554
		5,544,310
Telephones & Telecommunications–5.5%
ADC Telecommunications,
Inc.(A)	9,858		23,659
Alltel Corp.	3,267		169,884
Andrew Corp.(A)	2,006		21,765
AT&T Corp.	8,943		135,039
AT&T Wireless
Services, Inc.(A)	29,743		429,489
Avaya, Inc.(A)	6,346		92,969
BellSouth Corp.	20,830		564,285
CenturyTel, Inc.	1,170		36,258
CIENA Corp.(A)	4,413		12,445
Comverse Technology,
Inc.(A)	1,730		29,514
Corning, Inc.(A)	15,022		185,672
Lucent Technologies,
Inc.(A)	43,041		131,275
Motorola, Inc.	26,830		427,402
Network Appliance,
Inc.(A)	4,005		77,337
Nextel Communications,
Inc., Cl. A(A)	11,856		269,843
Qualcomm, Inc.	9,263		639,888
Qwest Communications
International(A)	18,656		72,572

	NUMBER OF	MARKET
	SHARES	VALUE
SBC Communications,
Inc.	37,608	$	952,987
Scientific-Atlanta, Inc.	1,506		46,309
Sprint Corp.
(FON Group)	15,333		286,420
Tellabs, Inc.(A)	3,300		29,403
Verizon Communications,
Inc.	31,458		1,212,391
Viacom, Inc., Cl. B	19,675	660,883
		6,507,689
Testing Laboratories–0.1%
Quest Diagnostics, Inc.	1,111	91,191
Travel Services–0.0%
Sabre Holdings Corp.	1,487	37,963
Trucking & Leasing–0.8%
Ryder System, Inc.	1,025		43,973
United Parcel Service,
Inc., Cl. B	12,894	927,852
		971,825
Wholesale–0.2%
Costco Wholesale Corp.	4,791	194,802
Total Common Stock
(Cost $112,358,422)–99.6%		116,812,669
Total Investments
(Cost $112,358,422)–99.6%		116,812,669
Other Assets and Liabilities,
Net–0.4%		453,417
Net Assets–100.0%		$	117,266,086
(A) Non-income producing security.

Please see accompanying notes to financial statements.

31

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF	MARKET
	SHARES	VALUE
Common Stock
Aerospace & Defense–0.7%
Alliant Techsystems, Inc.(A)	725	$	45,646
Armor Holdings, Inc.(A)	550		20,075
BE Aerospace, Inc.(A)	1,250		12,487
Curtiss-Wright Corp.	300		16,125
DRS Technologies, Inc.(A)	550		19,646
EDO Corp.	510		12,077
ESCO Technologies, Inc.(A)	220		11,583
Esterline Technologies
Corp.(A)	290		9,103
GenCorp, Inc.	1,110		13,109
Kaman Corp., Cl. A	1,461		18,175
Moog, Inc., Cl. A(A)	300		10,911
MTC Technologies, Inc.(A)	300		7,500
Orbital Sciences Corp.(A)	1,070		12,251
Sequa Corp., Cl. A(A)	200		10,440
Teledyne Technologies,
Inc.(A)	500		10,830
Titan Corp.(A)	680		8,140
Trimble Navigation Ltd.(A)	466		12,941
Triumph Group, Inc.(A)	250		8,245
United Defense
Industries, Inc.(A)	1,300	45,045
		304,329
Agriculture–0.2%
Bunge Ltd.	1,110		44,544
Delta & Pine Land Co.	800	17,960
		62,504
Air Transportation–0.4%
Airtran Holdings, Inc.(A)	630		7,024
Alaska Air Group, Inc.(A)	350		7,291
America West Holdings
Corp., Cl. B(A)	700		4,256
AMR Corp.-Delaware(A)	2,610		22,002
Continental Airlines, Inc.,
Cl. B(A)	840		7,552
EGL, Inc.(A)	1,330		33,795
ExpressJet Holdings,
Inc.(A)	960		10,464
Frontier Airlines, Inc.(A)	750		5,903

	NUMBER OF	MARKET
	SHARES	VALUE
JetBlue Airways Corp.(A)	1,000	$	23,810
Mesa Air Group, Inc.(A)	1,021		6,371
Northwest Airlines Corp.(A)	800		6,904
Offshore Logistics, Inc.(A)	280		8,106
Skywest, Inc.	830	11,728
		155,206
Apparel/Textiles–0.9%
Carter’s, Inc.(A)	500		13,645
Coach, Inc.(A)	2,500		106,975
Columbia Sportswear Co.(A)	731		40,022
Guess?, Inc.(A)	860		13,932
Gymboree Corp.(A)	620		9,815
Kellwood Co.	650		26,097
Mohawk Industries, Inc.(A)	900		66,186
Oshkosh B’Gosh, Inc.	300		6,729
Oxford Industries, Inc.	270		10,684
Phillips-Van Heusen	400		7,588
Polo Ralph Lauren Corp.	800		26,368
Quiksilver, Inc.(A)	1,200		25,872
Russell Corp.	600		10,614
Skechers U.S.A., Inc.,
Cl. A(A)	600		8,250
Warnaco Group, Inc.(A)	600	11,340
		384,117
Automotive–1.3%
Aftermarket Technology
Corp.(A)	500		7,495
American Axle &
Manufacturing
Holdings, Inc.	500		17,175
Arctic Cat, Inc.	380		10,309
ArvinMeritor, Inc.	930		18,479
BorgWarner, Inc.	1,070		50,493
Clarcor, Inc.	370		16,280
Collins & Aikman Corp.(A)	2,800		14,280
Dollar Thrifty
Automotive Group(A)	440		10,600
Federal Signal Corp.	800		13,608
Group 1 Automotive, Inc.(A)	300		8,922
Harsco Corp.	530		23,786
Hayes Lemmerz
International, Inc.(A)	870		11,353

32

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF	MARKET
	SHARES	VALUE
Keystone Automotive
Industries, Inc.(A)	250	$	7,060
Mcgrath Rentcorp	200		6,490
Midas, Inc.(A)	400		7,140
Monaco Coach Corp.	450		10,926
Monro Muffler, Inc.(A)	300		6,633
Oshkosh Truck Corp.	750		39,728
Polaris Industries, Inc.	870		41,586
Sports Resorts
International, Inc.(A)	3,847		14,465
SPX Corp.	834		34,152
Standard Motor Products,
Inc.	550		7,865
Stoneridge, Inc.(A)	500		7,340
Superior Industries
International	300		9,807
Teleflex, Inc.	1,030		45,784
Tenneco Automotive,
Inc.(A)	550		7,651
TRW Automotive
Holdings Corp.(A)	2,110		43,888
United Auto Group, Inc.	420		11,525
Winnebago Industries	420	15,477
		520,297
Banks–8.8%
1st Source Corp.	510		12,281
Alabama National Bancorp	200		11,446
Amcore Financial, Inc.	490		13,842
Anchor Bancorp
Wisconsin, Inc.	480		12,211
Arrow Financial Corp.	250		7,000
Associated Bancorp	765		23,034
Astoria Financial Corp.	700		23,912
Bancfirst Corp.	150		8,917
Bancorpsouth, Inc.	1,350		28,512
Bank Mutual Corp.	1,927		21,737
Bank of Granite Corp.	872		16,699
Bank of Hawaii Corp.	400		17,972
Bank of the Ozarks, Inc.	300		7,665
BankAtlantic Bancorp,
Inc., Cl. A	950		17,328
Banknorth Group, Inc.	2,270		72,436
Bankunited Financial
Corp.(A)	770		20,667

	NUMBER OF	MARKET
	SHARES	VALUE
Banner Corp.	754	$	20,554
BOK Financial Corp.(A)	401		16,453
Boston Private
Financial Holdings, Inc.	540		12,533
Brookline Bancorp, Inc.	680		9,676
Capital City Bank Group,
Inc.	290		11,197
Capitol Federal Financial	719		22,735
Cascade Bancorp	400		7,312
Cathay General Bancorp	341		22,850
CB Bancshares, Inc.	100		9,200
Charter Financial Corp.	360		11,733
Chemical Financial Corp.	900		31,086
Chittenden Corp.	410		13,928
Citizens Banking Corp.
-Michigan	610		19,154
Citizens First Bancorp,
Inc.	703		16,520
City Bank-Lynnwood WA	250		8,150
City Holding Co.	350		10,664
City National Corp.	550		35,475
Clifton Savings Bancorp,
Inc.(A)	600		7,032
Coastal Financial Corp.	66		989
CoBiz, Inc.	787		10,782
Colonial BancGroup, Inc.	1,100		21,219
Columbia Banking
Systems, Inc.	350		7,619
Commerce Bancorp, Inc.	650		32,721
Commerce Bancshares,
Inc.	580		27,034
Commercial Capital
Bancorp, Inc.(A)	1,180		25,925
Commercial Federal Corp.	450		11,848
Community Bank
System, Inc.	620		13,956
Community First
Bankshares, Inc.	600		19,320
Community Trust
Bancorp, Inc.	250		7,542
Compass Bancshares,
Inc.	1,600		70,544
Corus Bankshares, Inc.	500		20,075
Cullen/Frost Bankers, Inc.	850		36,567
CVB Financial Corp.	715		14,772

33

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF	MARKET
	SHARES	VALUE
Downey Financial Corp.	350	$	18,812
East-West Bancorp, Inc.	700		23,604
Euronet Worldwide, Inc.(A)	350		6,300
Fidelity Bankshares, Inc.	330		11,283
First Bancorp Puerto Rico	700		29,715
First Bancorp-North
Carolina	250		7,375
First Busey Corp.	250		7,240
First Charter Corp.	600		13,530
First Citizens BancShares,
Inc., Cl. A	100		11,900
First Commonwealth
Financial Corp.	1,000		12,790
First Community Bancorp,
Inc.	350		13,912
First Federal Capital Corp.	250		7,075
First Financial Bancorp	1,070		18,618
First Financial
Bankshares, Inc.	360		14,407
First Financial Corp.
-Indiana	250		7,970
First Financial Holdings,
Inc.	250		7,287
First Merchants Corp.	300		7,458
First Midwest Bancorp,
Inc.	1,337		45,150
First National
Bankshares of Florida,
Inc.	1,072		19,071
First Niagara Financial
Group, Inc.	1,130		13,775
First Oak Brook
Bancshares, Inc.	250		7,632
First of Long Island Corp.	300		13,176
First Republic Bank	320		13,856
FirstFed Financial Corp.(A)	320		14,499
FirstMerit Corp.	750		19,455
Flagstar Bancorp, Inc.	1,250		24,587
Flushing Financial Corp.	450		7,776
FNB Corp.	1,441		29,007
Franklin Bank Corp.(A)	450		7,092
Frontier Financial Corp.	400		13,440
Fulton Financial Corp.	2,029		41,615
Glacier Bancorp, Inc.	475		12,578
Gold Banc Corp., Inc.	750		11,662

	NUMBER OF	MARKET
	SHARES	VALUE
Great Southern
Bancorp, Inc.	250	$	7,055
Greater Bay Bancorp	730		19,235
Greenpoint Financial
Corp.	1,725		70,087
Hancock Holding Co.	400		12,012
Hanmi Financial Corp.	300		8,700
Harbor Florida
Bancshares, Inc.	600		17,274
Harleysville National Corp.	350		8,214
Hibernia Corp., Cl. A	1,370		34,661
Hudson City Bancorp,
Inc.	2,520		87,343
Hudson River Bancorp	610		10,541
Hudson United Bancorp	1,250		42,812
IBERIABANK Corp.	150		8,415
Independence
Community Bank	1,883		70,311
Independent Bank Corp.	250		7,082
Independent Bank
Corp.-Michigan	440		11,255
IndyMac Bancorp, Inc.	660		21,925
Integra Bank Corp.	350		6,821
Interchange Financial
Services	300		7,161
International Bancshares
Corp.	717		27,640
Investors Financial
Services Corp.	600		27,408
Irwin Financial Corp.	400		10,692
ITLA Capital Corp.(A)	384		15,433
KNBT Bancorp, Inc.(A)	700		11,375
Levitt Corp., Cl. A(A)	237		4,918
MAF Bancorp, Inc.	910		36,536
Main Street Banks, Inc.	460		12,590
MB Financial, Inc.	300		10,932
Mercantile Bankshares
Corp.	720		32,695
Mid-State Bancshares	350		8,529
Midwest Banc Holdings,
Inc.	350		6,650
Nara Bancorp, Inc.	700		12,516
NASB Financial, Inc.	556		21,956
National Commerce
Financial Corp.	2,720		88,400

34

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
National Penn
Bancshares, Inc.		350	$	10,196
NBT Bancorp, Inc.		500		10,875
Netbank, Inc.		750		8,055
New York Community
Bancorp, Inc.	3,523			67,783
NewAlliance Bancshares,
Inc.(A)	1,350			18,833
Northwest Bancorp, Inc.		580		12,145
OceanFirst Financial Corp.		350		8,103
Ocwen Financial Corp.(A)		1,430		12,670
Old National Bancorp
-Indiana	1,050			24,990
Old Second Bancorp, Inc.		300		7,758
Omega Financial Corp.		200		6,180
Oriental Financial Group		390		9,926
Pacific Capital Bancorp		1,000		27,720
Park National Corp.		290		34,139
Partners Trust Financial
Group, Inc.	2,888			28,707
Peapack Gladstone
Financial Corp.		500		15,600
Peoples Bancorp, Inc.
-Ohio		250		6,375
Peoples Bank Bridgeport		900		28,359
Peoples Holding Co.		535		17,441
PFF Bancorp, Inc.		330		12,118
Popular, Inc.	3,540			80,500
PrivateBancorp, Inc.		460		12,880
Prosperity Bancshares,
Inc.		260		6,300
Provident Bancorp, Inc.		700		7,735
Provident Bankshares
Corp.		450		13,451
Provident Financial
Services, Inc.		633		11,172
Quaker City Bancorp, Inc.		150		8,222
R&G Financial Corp., Cl. B		380		13,330
Republic Bancorp, Inc.	1,080			15,822
Republic Bancorp, Inc.
Cl. A		400		8,052
Riggs National Corp.		350		7,802
S&T Bancorp, Inc.		500		16,635
Sandy Spring Bancorp,
Inc.		330		10,283

	NUMBER OF	MARKET
	SHARES	VALUE
Santander BanCorp	440	$	10,120
Seacoast Banking
Corp. of Florida	350		6,650
Signature Bank(A)	300		7,494
Silicon Valley Bancshares(A)	650		23,797
Sky Financial Group,
Inc.	1,393		32,527
South Financial Group,
Inc.	610		16,525
Southwest Bancorp of
Texas	1,200		24,420
Sterling Bancorp-
New York	250		6,740
Sterling Bancshares, Inc.	700		9,128
Sterling Financial Corp.-
Pennsylvania	500		12,150
Sterling Financial Corp.-
Washington(A)	440		13,922
Suffolk Bancorp	250		7,493
Sun Bancorp, Inc.-
New Jersey(A)	350		7,648
Susquehanna Bancshares,
Inc.	610		14,195
SY Bancorp, Inc.	350		7,665
TCF Financial Corp.	550		33,220
Texas Regional
Bancshares, Inc., Cl. A	650		28,919
Tompkins Trustco, Inc.	150		6,996
Trico Bancshares	400		7,212
Trustco Bank Corp.	1,150		14,536
Trustmark Corp.	800		23,000
UCBH Holdings, Inc.	500		19,545
UMB Financial Corp.	250		12,530
Umpqua Holdings Corp.	620		14,018
UnionBanCal Corp.	1,930		112,037
United Bankshares, Inc.	700		22,064
United Community
Banks/GA	450		10,364
United Community
Financial Corp.-Ohio	600		6,978
Unizan Financial Corp.	490		13,426
USB Holding Co., Inc.	350		7,245
Valley National Bancorp	605		15,052
W Holding Co., Inc.	1,377		22,721

35

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF	MARKET
	SHARES	VALUE
Warwick Community
Bancorp, Inc.	100	$	3,200
Washington Federal, Inc.	1,955		48,973
Washington Trust
Bancorp, Inc.	300		7,536
Waypoint Financial Corp.	400		10,980
Webster Financial Corp.	621		29,137
WesBanco, Inc.	340		9,574
West Coast Bancorp-
Oregon	350		7,207
Westamerica
Bancorporation	600		30,438
Westcorp	900		37,422
Whitney Holding Corp.	375		15,323
Willow Grove Bancorp,
Inc.	892		14,718
Wilmington Trust Corp.	600		20,940
Wintrust Financial Corp.	250		13,258
WSFS Financial Corp.	150	7,463
		3,622,308
Beauty Products–0.3%
Chattem, Inc.(A)	500		14,405
DEL Laboratories, Inc.(A)	57		1,956
Elizabeth Arden, Inc.(A)	350		6,885
Estee Lauder Cos., Inc.,
Cl. A	1,600		70,240
Inter Parfums, Inc.	300		4,989
Playtex Products, Inc.(A)	1,520	10,746
		109,221
Broadcasting, Newspapers
& Advertising–3.5%
4Kids Entertainment,
Inc.(A)	350		7,623
Adelphia Communications,
Cl. A(A)	400		176
Beasley Broadcasting
Group, Cl. A(A)	500		7,285
Cablevision Systems
Corp., Cl. A(A)	2,410		42,103
Catalina Marketing
Corp.(A)	1,150		22,965
Charter Communications,
Inc., Cl. A(A)	2,810		8,683

	NUMBER OF		MARKET
	SHARES		VALUE
Citadel Broadcasting
Corp.(A)		2,750	$	38,747
COX Communications,
Inc., Cl. A(A)		7,859		216,751
COX Radio, Inc., Cl. A(A)		650		11,264
Crown Media Holdings,
Inc., Cl. A(A)		1,870		13,034
Cumulus Media, Inc.,
Cl. A(A)		600		8,808
DIRECTV Group, Inc.(A)	18,289			296,465
Emmis Communications
Corp., Cl. A(A)		760		14,987
Entercom
Communications Corp.(A)		450		17,302
Entravision
Communications Corp.,
Cl. A(A)		1,000		7,070
Fisher Communications,
Inc.(A)		250		12,525
Fox Entertainment
Group, Inc., Cl. A(A)		5,640		152,449
Gaylord Entertainment
Co.(A)		400		11,664
Getty Images, Inc.(A)		400		21,848
Grey Global Group, Inc.		60		53,400
Hearst-Argyle Television,
Inc.		1,500		33,945
Insight Communications(A)		450		3,960
Lamar Advertising Co.(A)		2,250		90,473
Liberty Corp.		250		10,975
Liberty Media
International, Inc.,
Cl A(A)		1,467		45,741
Lin TV Corp. Cl. A(A)		640		11,616
Mediacom
Communications
Corp.(A)		2,700		17,739
Price Communications
Corp.(A)		1,050		15,645
Radio One, Inc., Cl. A(A)		1,750		27,038
Regent Communications,
Inc.(A)		1,250		7,225
Saga Communications,
Inc.(A)		400		7,120

36

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Salem Communications
Corp.(A)	250	$	6,350
Sinclair Broadcast
Group, Inc., Cl. A(A)	1,510		14,964
Spanish Broadcasting
System, Cl. A(A)	750		6,443
Tivo, Inc.(A)	1,500		8,475
UnitedGlobalCom, Inc.,
Cl. A(A)	4,100		25,994
Valueclick, Inc.(A)	900		9,342
Westwood One, Inc.(A)	2,080		49,504
XM Satellite Radio
Holdings, Inc., Cl. A(A)	2,528	66,714
		1,424,412
Building & Construction–1.9%
ABM Industries, Inc.	1,550		27,885
Beazer Homes USA, Inc.	190		17,746
Brookfield Homes Corp.	800		21,648
Champion Enterprises,
Inc.(A)	1,709		16,629
DR Horton, Inc.	3,072		84,879
Drew Industries, Inc.(A)	200		7,634
Dycom Industries, Inc.(A)	500		13,470
Eagle Materials, Inc.	500		32,990
ElkCorp	280		6,112
Encompass Services
Corp.(A)	1,000		—
Fleetwood Enterprises,
Inc.(A)	1,003		13,480
Florida Rock Industries,
Inc.	450		19,319
Genlyte Group, Inc.(A)	200		12,460
Granite Construction, Inc.	575		10,229
Griffon Corp.(A)	700		14,679
Hovnanian Enterprises,
Inc., Cl. A(A)	1,390		43,132
Insituform Technologies,
Inc.(A)	450		8,087
JLG Industries, Inc.	550		7,700
Lafarge North America,
Inc.	500		20,945
Lennar Corp.	2,030		86,640
M/I Homes, Inc.	270		10,257

	NUMBER OF		MARKET
	SHARES		VALUE
Martin Marietta
Materials, Inc.	500	$	21,875
MDC Holdings, Inc.	720		48,348
Meritage Corp.(A)	200		12,380
NCI Building Systems,
Inc.(A)	250		7,703
NVR, Inc.(A)	50		23,300
Palm Harbor Homes, Inc.(A)	400		6,408
Ryland Group, Inc.	593		45,910
Simspon Manufacturing
Co., Inc.	400		22,404
Skyline Corp.	200		7,480
Standard-Pacific Corp.	350		16,244
Technical Olympic USA,
Inc.(A)	570		12,352
Toll Brothers, Inc.(A)	510		20,267
Universal Forest
Products, Inc.	290		8,807
USG Corp.(A)	550		9,482
Walter Industries, Inc.	800		11,160
WCI Communities, Inc.(A)	500		10,765
William Lyon Homes, Inc.(A)	90	6,882
		767,688
Chemicals–1.3%
Airgas, Inc.	1,350		29,362
Albemarle Corp.	700		21,560
American Vanguard Corp.	200		6,288
Arch Chemicals, Inc.	440		12,531
Cabot Corp.	650		24,752
Cabot Microelectronics
Corp.(A)	250		8,872
Church & Dwight, Inc.	450		19,881
Crompton Corp.	2,900		17,313
Cytec Industries, Inc.	360		16,776
Ferro Corp.	660		13,141
FMC Corp.(A)	400		17,580
Georgia Gulf Corp.	550		19,552
HB Fuller Co.	400		10,692
Hexcel Corp.(A)	700		8,225
Kronos Worldwide, Inc.(A)	1,390		43,160
Lubrizol Corp.	1,300		45,019
Lyondell Chemical Co.	1,920		34,906
MacDermid, Inc.	360		10,534
Millennium Chemicals	650		11,473

37

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Minerals Technologies,
Inc.	210	$	11,733
NL Industries	1,190		15,541
Olin Corp.	590		10,195
OM Group, Inc.(A)	950		30,419
PolyOne Corp.(A)	1,930		13,954
Scotts Co., Cl. A(A)	750		45,750
Spartech Corp.	740		17,686
SurModics, Inc.(A)	350		8,372
Terra Industries, Inc.(A)	2,060		13,184
	538,451
Coal Mining–0.4%
Alliance Resource
Partners LP	320		15,741
Arch Coal, Inc.	1,400		47,278
Consol Energy, Inc.	750		26,880
Massey Energy Co.	700		19,355
Natural Resource
Partners LP	200		7,650
Peabody Energy Corp.	444		24,944
Penn Virginia
Resource Partners LP	500		19,000
	160,848
Communications Equipment–1.6%
Applied Signal
Technology, Inc.	250		8,642
Arris Group, Inc.(A)	1,450		6,373
Belden CDT, Inc.(A)	400		7,780
C-COR.net Corp.(A)	900		7,308
Checkpoint Systems, Inc.(A)	660		11,359
CommScope, Inc.(A)	700		14,420
Comtech
Telecommunications(A)	382		7,609
CTS Corp.	650		7,455
Digital Theater
Systems, Inc.(A)	300		6,945
Dionex Corp.(A)	600		28,314
Ditech Communications
Corp.(A)	450		9,265
Echostar
Communications Corp.,
Cl. A(A)	3,120		86,486

	NUMBER OF			MARKET
	SHARES			VALUE
Gemstar-TV Guide
International, Inc.(A)		3,760	$	17,446
Harman International
Industries, Inc.		850		72,871
Harmonic, Inc.(A)		1,270		8,268
Harris Corp.		600		28,488
Inter-Tel, Inc.		470		10,194
Interdigital
Communications Corp.(A)		960		18,470
InterVoice-Brite, Inc.(A)		500		4,405
L-3 Communications
Holdings, Inc.		1,410		86,222
Mercury Computer
Systems, Inc.(A)		300		7,143
Openwave Systems,
Inc.(A)		1,780		20,239
Plantronics, Inc.(A)		750		29,010
Polycom, Inc.(A)		1,150		22,172
Powerwave
Technologies, Inc.(A)		250		1,385
Remec, Inc.(A)		1,050		4,914
Seachange
International, Inc.(A)		450		6,611
Sirius Satellite Radio,
Inc.(A)		22,710		57,456
Somera
Communications, Inc.(A)		1,150		1,702
Sonus Networks, Inc.(A)		1,740		8,857
Tekelec(A)		550		10,687
Utstarcom, Inc.(A)		1,400		25,564
Viasat, Inc.(A)		500	9,060
			653,120
Computers & Services–5.5%
3Com Corp.(A)		3,430		16,910
Adaptec, Inc.(A)		3,250		24,342
Advanced Digital
Information Corp.(A)		650		5,798
Aeroflex, Inc.(A)		650		7,208
Aether Systems, Inc.(A)		150		480
Agile Software Corp.(A)		900		6,696
Agilysys, Inc.		2,052		30,575
Amazon.com, Inc.(A)		5,350		208,222
Ansys, Inc.(A)		310		14,706

38

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Anteon International
Corp.(A)		600	$	18,684
aQuantive, Inc.(A)		800		6,832
Ascential Software Corp.(A)		520		6,386
Ask Jeeves, Inc.(A)		530		15,412
Atheros
Communications, Inc.(A)		550		3,993
Authentidate Holding
Corp.(A)		550		3,872
Autobytel, Inc.(A)		960		6,538
Avocent Corp.(A)	1,255			37,575
Black Box Corp.		600		22,800
Blue Coat Systems, Inc.(A)		20		370
Brady Corp.		350		15,820
CACI International, Inc.,
Cl. A(A)		300		12,333
Cadence Design
Systems, Inc.(A)	2,190			29,499
CDW Corp.	1,090			70,087
Ceridian Corp.(A)	1,650			29,700
Checkfree Corp.(A)	1,012			30,400
Ciber, Inc.(A)	1,140			8,550
Cirrus Logic, Inc.(A)	1,640			9,971
CMGI, Inc.(A)	12,250			16,905
CNET Networks, Inc.(A)	4,720			43,094
Cognex Corp.		850		25,568
Cognizant Technology
Solutions Corp.(A)	1,200			33,060
Compucom Systems,
Inc.(A)	3,312			15,103
Cray, Inc.(A)	1,910			6,093
Diebold, Inc.		640		29,504
Digital Insight Corp.(A)		400		5,932
Digital River, Inc.(A)		350		9,835
Digitas, Inc.(A)		850		5,686
DoubleClick, Inc.(A)	1,310			6,773
Drexler Technology
Corp.(A)		650		6,500
Drugstore.com(A)	1,750			4,882
Earthlink, Inc.(A)	4,020			39,677
Electronics for Imaging(A)		1,100		22,077
Enterasys Networks,
Inc.(A)	5,920			9,946
Extreme Networks,
Inc.(A)	3,800			20,596

	NUMBER OF		MARKET
	SHARES		VALUE
Factset Research
Systems, Inc.	1,100	$	47,465
FindWhat.com(A)	350		5,705
GSI Commerce, Inc.(A)	900		7,380
Harris Interactive, Inc.(A)	1,000		6,410
Homestore, Inc.(A)	1,650		5,816
Hutchinson Technology,
Inc.(A)	320		7,126
I-many, Inc.(A)	600		570
Imation Corp.	430		14,255
Infospace, Inc.(A)	865		32,403
InterActiveCorp(A)	9,263		252,880
Intergraph Corp.(A)	900		23,751
Interland, Inc.(A)	115		384
Internap Network
Services(A)	500		440
Jack Henry & Associates	1,050		20,213
Keynote Systems, Inc.(A)	1,473		19,399
Komag, Inc.(A)	450		5,103
Kronos, Inc.(A)	550		24,156
Lexar Media, Inc.(A)	590		3,180
Macromedia, Inc.(A)	2,030		41,006
Manhattan Associates,
Inc.(A)	960		24,922
Maxtor Corp.(A)	7,475		34,983
McAfee, Inc.(A)	1,070		19,239
McData Corp., Cl. A(A)	1,320		6,798
Mentor Graphics Corp.(A)	2,380		28,084
Micros Systems, Inc.(A)	310		15,072
NetFlix, Inc.(A)	500		10,250
Netratings, Inc.(A)	500		6,875
Nuance
Communications, Inc.(A)	150		659
NYFIX, Inc.(A)	850		4,097
Overland Storage, Inc.(A)	732		8,594
Overstock.com, Inc.(A)	200		7,014
PalmOne, Inc.(A)	670		26,947
Paxar Corp.(A)	860		16,581
Perot Systems Corp.,
Cl. A(A)	1,570		19,813
Pinnacle Systems, Inc.(A)	1,340		5,293
Priceline.com, Inc.(A)	421		9,969
ProQuest Co.(A)	350		8,750
Quantum Corp.(A)	4,540		11,078
Redback Networks(A)	3		16

39

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
RSA Security, Inc.(A)		1,850	$	34,447
Safenet, Inc.(A)	1,133			32,925
Sandisk Corp.(A)	1,220			29,670
Sapient Corp.(A)	1,450			10,136
Scansource, Inc.(A)		400		23,440
Seagate Technology(A)	5,690			65,264
Secure Computing
Corp.(A)		790		5,463
Silicon Graphics, Inc.(A)	13,514			20,676
SRA International, Inc.(A)		330		14,028
Stamps.com, Inc.(A)	1,494			15,657
Storage Technology
Corp.(A)		900		22,455
Synaptics, Inc.(A)		350		5,177
Synopsys, Inc.(A)	1,720			43,499
Syntel, Inc.		610		8,607
United Online, Inc.(A)	1,775			27,690
VeriSign, Inc.(A)	1,910			33,444
WebMD Corp.(A)	2,820			22,955
Websense, Inc.(A)		350		13,367
Western Digital Corp.(A)	5,800			40,658
Zebra Technologies
Corp., Cl. A(A)		450	37,184
			2,234,408
Consumer Products–0.3%
Blyth, Inc.		850		29,597
Central Garden and Pet
Co.(A)		350		9,933
CSS Industries, Inc.		200		6,352
Furniture Brands
International, Inc.		630		14,477
Jarden Corp.(A)		440		15,902
Russ Berrie & Co., Inc.		300		5,712
Sturm Ruger & Co., Inc.		600		6,246
Timberland Co., Cl. A(A)		350		20,314
Topps Co., Inc.		550		5,192
WD-40 Co.		350		9,233
Wolverine World Wide, Inc.		700	16,366
			139,324
Consumer Services–0.8%
AMN Healthcare Services,
Inc.(A)		400		5,160

	NUMBER OF			MARKET
	SHARES			VALUE
CoStar Group, Inc.(A)		340	$	14,433
Exult, Inc.(A)		1,250		6,550
G&K Services, Inc.,
Cl. A		1,570		60,476
Heidrick & Struggles
International, Inc.(A)		558		14,765
Hewitt Associates, Inc.,
Cl. A(A)		350		9,345
infoUSA, Inc.(A)		1,200		10,788
Kelly Services, Inc., Cl. A		320		8,682
Korn/Ferry International(A)		700		12,481
Magellan Health
Services, Inc.(A)		800		27,224
Manpower, Inc.		970		42,243
MPS Group, Inc.(A)		3,440		30,891
On Assignment, Inc.(A)		550		2,756
Regis Corp.		400		16,464
Service Corp.
International(A)		3,300		20,955
Sunrise Senior Living,
Inc.(A)		300		10,590
Weight Watchers
International, Inc.(A)		850	32,929
			326,732
Containers &
Packaging–0.3%
Chesapeake Corp.		460		10,677
Crown Holdings, Inc.(A)		2,650		26,871
Greif, Inc., Cl. A		350		13,006
Longview Fibre Co.		1,350		17,428
Owens-Illinois, Inc.(A)		1,400		20,580
Silgan Holdings, Inc.(A)		230		11,065
Sonoco Products Co.		900	23,319
			122,946
Data Processing–0.6%
Acxiom Corp.		800		17,600
Arbitron, Inc.(A)		420		14,461
Certegy, Inc.		400		15,164
Choicepoint, Inc.(A)		833		34,986
CSG Systems
International(A)		900		14,760
Dun & Bradstreet Corp.(A)		600		33,684

40

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
eFunds Corp.(A)	650	$	10,634
Fair Isaac & Co., Inc.	1,480		42,298
Filenet Corp.(A)	450		8,550
Total System Services,
Inc.	2,150	48,891
		241,028
Electrical Services–2.1%
Allete, Inc.	848		23,507
Alliant Energy Corp.	1,030		26,687
Aquila, Inc.(A)	3,275		10,742
Avista Corp.	790		13,785
AVX Corp.	1,552		19,353
Black Hills Corp.	840		23,201
CH Energy Group, Inc.	150		6,600
Cleco Corp.	500		8,625
DPL, Inc.	1,100		21,945
Duquesne Light
Holdings, Inc.	1,500		28,455
El Paso Electric Co.(A)	900		13,545
EMCOR Group, Inc.(A)	440		19,039
Empire District Electric
Co.	360		7,168
Energy East Corp.	1,150		28,014
GrafTech International
Ltd.(A)	750		8,272
Great Plains Energy, Inc.	650		18,648
Hawaiian Electric
Industries	1,200		30,636
Hubbell, Inc., Cl. B	650		29,380
Idacorp, Inc.	610		16,775
Kemet Corp.(A)	1,800		18,162
MDU Resources Group,
Inc.	1,050		25,672
MGE Energy, Inc.	400		12,612
Newpower Holdings,
Inc.(A)	1,050		735
Northeast Utilities	1,300		24,310
NRG Energy, Inc.(A)	1,300		34,567
NSTAR	500		23,400
OGE Energy Corp.	850		21,156
Otter Tail Corp.	450		11,178
Pepco Holdings, Inc.	1,579		28,422
Plug Power, Inc.(A)	1,000		6,235
PNM Resources, Inc.	2,075		43,243

	NUMBER OF		MARKET
	SHARES		VALUE
Puget Energy, Inc.	900	$	19,440
Quanta Services, Inc.(A)	3,750		23,550
Reliant Resources, Inc.(A)	2,750		27,170
Rogers Corp.(A)	250		12,363
Scana Corp.	880		32,226
Sierra Pacific Resources(A)	1,800		14,796
Texas Genco Holdings,
Inc.	350		16,237
Touch America Holdings,
Inc.(A)	450		2
UIL Holdings Corp.	300		13,794
Unisource Energy Corp.	550		13,580
Vicor Corp.(A)	400		5,360
Vishay Intertechnology,
Inc.(A)	1,366		21,173
Westar Energy, Inc.	1,150		23,196
Wisconsin Energy Corp.	920		29,578
WPS Resources Corp.	500	22,945
		879,479
Electrical Technology–0.4%
Ametek, Inc.	1,000		30,840
C&D Technologies, Inc.	300		4,710
Capstone Turbine Corp.(A)	200		400
Carlisle Cos., Inc.	310		19,682
Daktronics, Inc.(A)	300		7,770
Electro Scientific
Industries, Inc.(A)	600		15,450
Encore Wire Corp.(A)	250		4,512
Energizer Holdings, Inc.(A)	700		26,670
FuelCell Energy, Inc.(A)	650		6,461
Lincoln Electric Holdings,
Inc.	790		26,868
Taser International, Inc.(A)	380		11,913
Technitrol, Inc.(A)	450		8,325
Wilson Greatbatch
Technologies, Inc.(A)	350	7,665
		171,266
Entertainment–1.9%
Alliance Gaming Corp.(A)	650		9,250
AMC Entertainment,
Inc.(A)	1,000		19,090
Argosy Gaming Co.(A)	300		9,789
Avid Technology, Inc.(A)	310		14,489

41

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Blockbuster, Inc., Cl. A	800	$	10,616
Carmike Cinemas, Inc.(A)	200		6,840
Cedar Fair LP	1,450		43,239
Churchill Downs, Inc.	200		7,706
Department 56, Inc.(A)	1,045		16,114
Dover Downs Gaming
& Entertainment, Inc.	490		4,797
Dover Motorsports, Inc.	700		3,045
Hollywood Entertainment
Corp.(A)	970		12,523
International Speedway,
Inc., Cl. A	500		26,020
Isle of Capri Casinos,
Inc.(A)	480		7,762
Lakes Entertainment,
Inc.(A)	450		4,752
Liberty Media Corp.,
Cl. A(A)	38,600		327,328
Macrovision Corp.(A)	610		13,200
Metro-Goldwyn-Mayer,
Inc.	2,700		32,751
Multimedia Games,
Inc.(A)	500		9,465
Penn National Gaming,
Inc.(A)	650		23,400
Pinnacle Entertainment,
Inc.(A)	600		6,774
Regal Entertainment
Group, Cl. A	533		10,036
Royal Caribbean Cruises
Ltd.	2,580		110,295
Scientific Games Corp.,
Cl. A(A)	700		12,467
Shuffle Master, Inc.(A)	390		12,476
Six Flags, Inc.(A)	1,250		5,900
Speedway Motorsports,
Inc.	620	21,421
		781,545
Environmental Services–0.4%
Casella Waste Systems,
Inc., Cl. A(A)	75		915
Eden Bioscience Corp.(A)	50		24
IMC Global, Inc.	3,350		45,728
KFX, Inc.(A)	3,598		28,532

	NUMBER OF		MARKET
	SHARES		VALUE
Republic Services, Inc.	1,400	$	40,040
Stericycle, Inc.(A)	450		22,050
Waste Connections,
Inc.(A)	900	25,974
		163,263
Financial Services–2.8%
Accredited Home
Lenders Holding Co.(A)	430		13,470
ACE Cash Express, Inc.(A)	300		6,936
Actrade Financial
Technologies Ltd.(A)	350		–
Advanta Corp., Cl. A	450		9,675
Affiliated Managers
Group(A)	375		17,216
Affordable Residential
Communities(A)	500		7,650
AG Edwards, Inc.	880		28,600
Alliance Capital
Management Holding LP	710		23,778
Allied Capital Corp.	1,030		25,389
American Capital
Strategies Ltd.	630		18,415
American Real Estate
Partners LP(A)	770		14,245
AmeriCredit Corp.(A)	1,310		25,021
Ameritrade Holding
Corp., Cl. A(A)	4,590		50,903
Apollo Investment Corp.(A)	750		10,222
Blackrock, Inc.	210		13,009
CapitalSource, Inc.(A)	350		7,567
CharterMac	500		9,725
Chicago Mercantile
Exchange	300		37,650
CITGroup, Inc.	2,800		97,328
Coinstar, Inc.(A)	450		9,157
CompuCredit Corp.(A)	500		7,865
Credit Acceptance Corp.(A)	830		11,122
Doral Financial Corp.	920		36,110
Eaton Vance Corp.	600		22,764
Encore Capital Group,
Inc.(A)	500		7,660
eSpeed, Inc.(A)	600		6,462
Federal Agricultural
Mortgage Corp., Cl. A(A)	400		7,052

42

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Financial Federal
Corp.(A)		410	$	13,186
First Cash Financial
Services, Inc.(A)		350		7,017
First Marblehead Corp.(A)		750		31,470
Friedman Billing Ramsey
Group, Inc.	1,100			18,095
Gabelli Asset
Management, Inc.,
Cl. A		150		5,808
Instinet Group, Inc.(A)	6,350			28,384
Interactive Data Corp.(A)		2,200		38,522
Investment Technology
Group, Inc.(A)		750		9,855
Jefferies Group, Inc.	1,600			50,144
Knight Trading Group,
Inc.(A)	1,650			14,041
LaBranche & Co., Inc.		830		6,798
Legg Mason, Inc.		900		70,686
MCG Capital Corp.		690		11,213
Metris Cos., Inc.(A)		900		5,985
New Century Financial
Corp.		675		31,759
Nuveen Investments, Inc.		650		16,510
Piper Jaffray Cos.(A)		250		10,188
Portfolio Recovery
Associates, Inc.(A)		250		6,618
Raymond James
Financial, Inc.		900		21,033
Saxon Capital, Inc.(A)		520		12,230
SEI Investments Co.	2,950			90,477
Student Loan Corp.		200		28,050
SWS Group, Inc.		450		6,165
United PanAm
Financial Corp.(A)	1,080			19,310
Value Line, Inc.		100		3,514
Waddell & Reed
Financial, Inc., Cl. A	2,090			40,588
WFS Financial, Inc.(A)		450		20,588
World Acceptance Corp.(A)		400	8,556
			1,151,781
Food, Beverage & Tobacco–2.0%
American Italian
Pasta Co.		400		11,764

	NUMBER OF		MARKET
	SHARES		VALUE
Chiquita Brands
International, Inc.(A)	550	$	10,747
Coca-Cola Bottling
Co. Consolidated	150		8,504
Constellation Brands,
Inc., Cl. A(A)	990		37,501
Corn Products
International, Inc.	650		28,028
Dean Foods Co.(A)	2,060		76,179
Del Monte Foods Co.(A)	1,850		19,499
Farmer Bros. Co.	500		12,950
Flowers Foods, Inc.	1,150		30,015
Hain Celestial Group,
Inc.(A)	500		8,265
Hormel Foods Corp.	1,500		44,520
Interstate Bakeries	700		6,881
J&J Snack Foods Corp.(A)	270		9,917
JM Smucker Co.	601		25,128
Kraft Foods, Inc., Cl. A	3,720		113,646
Lancaster Colony Corp.	700		28,196
Lance, Inc.	710		10,678
National Beverage
Corp.(A)	1,340		11,189
Panera Bread Co., Cl. A(A)	600		22,134
PepsiAmericas, Inc.	1,200		22,524
Pilgrims Pride Corp.	600		16,824
Ralcorp Holdings, Inc.(A)	370		13,494
Robert Mondavi, Cl. A(A)	270		9,366
Sanderson Farms, Inc.	390		18,810
Sensient Technologies
Corp.	680		14,035
Smithfield Foods, Inc.(A)	1,233		34,943
Standard Commercial
Corp.	878		13,697
Tootsie Roll Industries	1,350		39,555
Triarc Cos.	640		6,246
Tyson Foods, Inc., Cl. A	4,652		88,667
Universal Corp.-Virginia	340		16,398
Vector Group Ltd.	650		10,264
Wild Oats Markets, Inc.(A)	490	6,174
		826,738
Gas/Natural Gas–1.5%
AGL Resources, Inc.	1,550		45,802
Atmos Energy Corp.	1,860		46,816

43

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Energen Corp.	410	$	19,413
Kinder Morgan
Management LLC(A)	1,017		38,442
Laclede Group, Inc.	410		11,033
Magellan Midstream
Partners	250		13,450
National Fuel Gas Co.	1,630		41,630
New Jersey Resources
Corp.	950		38,617
Northwest Natural Gas
Co.	290		8,520
Oneok, Inc.	1,050		22,050
Pacific Energy Partners
LP	300		8,400
Piedmont Natural Gas Co.	950		39,188
Plains All American
Pipeline LP	950		31,122
Questar Corp.	700		28,686
South Jersey Industries,
Inc.	310		14,077
Southern Union Co.(A)	2,078		41,373
Southwest Gas Corp.	680		16,096
TC Pipelines LP(A)	330		11,302
TEPPCO Partners LP	360		14,148
UGI Corp.	630		20,406
Valero LP	280		14,672
Vectren Corp.	850		21,038
Western Gas Resources,
Inc.	540		18,193
WGL Holdings, Inc.	1,630	44,727
		609,201
Glass Products–0.0%
Gentex Corp.	530	18,974
Hotels & Lodging–0.9%
Ameristar Casinos, Inc.	400		10,752
Aztar Corp.(A)	540		13,106
Bluegreen Corp.(A)	600		7,026
Boca Resorts, Inc., Cl A(A)	820		15,990
Boyd Gaming Corp.	850		22,346
Caesars Entertainment,
Inc.(A)	2,540		37,414
Choice Hotels
International, Inc.	500		26,300

	NUMBER OF		MARKET
	SHARES		VALUE
Empire Resorts, Inc.(A)	550	$	5,539
La Quinta Corp.(A)	4,320		33,091
Mandalay Resort Group	700		47,250
Marcus Corp.	450		7,916
MGM Mirage(A)	1,900		83,885
MTR Gaming Group,
Inc.(A)	800		7,768
Prime Hospitality Corp.(A)	1,030		9,455
Station Casinos, Inc.	420		18,144
Vail Resorts, Inc.(A)	500		9,755
Wynn Resorts Ltd.(A)	900	32,202
		387,939
Household Products–0.5%
Acuity Brands, Inc.	750		17,887
American Woodmark
Corp.	190		10,813
Ethan Allen Interiors, Inc.	700		26,005
Helen of Troy Ltd.(A)	650		20,365
Kimball International,
Inc.	1,290		17,750
La-Z-Boy, Inc.	650		11,232
Libbey, Inc.	300		6,744
National Presto
Industries, Inc.	200		8,044
RPM International, Inc.	2,300		34,615
Tempur-Pedic
International, Inc.(A)	2,750		34,568
Tupperware Corp.	720		12,362
Valspar Corp.	350	17,150
		217,535
Insurance–8.1%
21st Century Insurance
Group	1,150		14,662
Alfa Corp.	1,270		17,170
Alleghany Corp.(A)	61		16,500
Allmerica Financial
Corp.(A)	520		15,501
American Financial
Group, Inc.	1,340		39,785
American Medical
Security Group, Inc.(A)	300		7,623
American National
Insurance	190		17,385

44

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Amerigroup Corp.(A)		790	$	37,888
AmerUs Group Co.		750		28,875
Arch Capital Group Ltd.(A)		410		15,785
Argonaut Group, Inc.(A)		400		7,504
Arthur J. Gallagher & Co.		610		18,892
Assurant, Inc.(A)		3,400		82,960
Baldwin & Lyons, Inc.,
Cl B		300		7,671
Berkshire Hathaway,
Inc., Cl. A(A)		15		1,308,750
Bristol West Holdings,
Inc.(A)		350		6,107
Brown & Brown, Inc.		650		27,638
Centene Corp.(A)		400		15,600
Ceres Group, Inc.(A)		2,000		11,160
Clark, Inc.(A)		550		8,338
CNA Financial Corp.(A)		3,380		89,164
CNA Surety Corp.(A)		700		7,147
Commerce Group, Inc.		350		16,943
Conseco, Inc.(A)		1,600		28,768
Crawford & Co., Cl. B		750		3,780
Delphi Financial Group,
Cl. A		1,080		43,794
EMC INS Group, Inc.		803		17,172
Erie Indemnity Co., Cl. A		550		24,926
FBL Financial Group,
Inc., Cl. A		510		13,556
Fidelity National
Financial, Inc.		2,261		81,961
First American Corp.		1,810		48,617
First Health Group
Corp.(A)		2,190		30,704
Fremont General Corp.		1,600		30,048
Genworth Financial,
Inc., Cl. A(A)		6,450		146,673
Great American Financial
Resources, Inc.		840		12,734
Harleysville Group, Inc.		810		15,309
HCC Insurance Holdings,
Inc.		600		18,180
Health Net, Inc.(A)		950		22,924
Hilb Rogal & Hamilton Co.		960		32,246
Horace Mann Educators
Corp.		810		13,576
Infinity Property &
Casualty Corp.		400		11,512

	NUMBER OF			MARKET
	SHARES			VALUE
Kansas City Life
Insurance Co.		180	$	8,028
LabOne, Inc.(A)		715		21,100
Landamerica Financial
Group, Inc.		200		7,900
Leucadia National Corp.(A)		630		32,439
Markel Corp.(A)		102		28,815
Mercury General Corp.		500		23,565
Midland Co.		300		8,565
National Financial
Partners Corp.(A)		350		11,788
National Western
Life Insurance, Cl. A(A)		130		20,784
Nationwide Financial
Services, Cl. A		1,300		46,111
Navigators Group, Inc.(A)		250		7,500
Odyssey Re Holdings
Corp.		1,900		44,365
Ohio Casualty Corp.(A)		600		11,220
Old Republic International
Corp.		1,450		33,771
Pacificare Health
Systems, Inc.(A)		700		21,399
Philadelphia Consolidated
Holding Co.(A)		300		16,401
Phoenix Cos., Inc.		960		9,955
PMI Group, Inc.		770		31,747
Presidential Life Corp.		500		8,775
ProAssurance Corp.(A)		350		11,092
Protective Life Corp.		600		21,750
Radian Group, Inc.		800		36,816
Reinsurance Group
of America		370		14,745
RLI Corp.		300		11,040
Safety Insurance
Group, Inc.		1,015		20,706
Selective Insurance
Group		600		21,606
Sierra Health Services(A)		550		24,310
Stancorp Financial
Group, Inc.		300		21,090
State Auto Financial Corp.		870		26,909
Stewart Information
Services Corp.		380		13,471
Transatlantic Holdings, Inc.		718		40,660
Triad Guaranty, Inc.(A)		250		13,600

45

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
UICI(A)		840	$	20,093
United Fire & Casualty Co.		150		9,233
UnitedHealth Group, Inc.		572		35,987
Unitrin, Inc.		550		22,908
Universal American
Financial Corp.(A)	1,040			11,284
USI Holdings Corp.(A)		820		11,480
WellChoice, Inc.(A)		350		12,810
Wesco Financial Corp.		50		17,550
White Mountains
Insurance Group Ltd.		100		50,550
WR Berkley Corp.		912		37,337
Zenith National Insurance
Corp.		390	16,719
			3,333,502
Leasing & Renting–0.2%
Aaron Rents, Inc.		610		19,593
Rent-A-Center, Inc.(A)	1,650			48,411
Rent-Way, Inc.(A)		600		4,512
United Rentals, Inc.(A)	1,150		22,816
			95,332
Leisure Products–0.3%
Callaway Golf Co.	1,550			17,050
Fossil, Inc.(A)	1,050			25,399
Jakks Pacific, Inc.(A)		400		8,028
K2, Inc.(A)		770		10,973
Leapfrog Enterprises,
Inc.(A)		790		15,642
Marine Products Corp.		400		6,580
Nautilus Group, Inc.		500		9,260
RC2 Corp.(A)		200		6,280
Steinway Musical
Instruments(A)		200		5,956
WMS Industries, Inc.(A)		530	14,437
			119,605
Machinery–2.4%
A.O. Smith Corp.		960		27,571
AGCO Corp.(A)	1,450			30,334
Albany International
Corp., Cl. A		340		10,173
Applied Industrial
Technologies, Inc.		250		7,992

	NUMBER OF		MARKET
	SHARES		VALUE
Aptargroup, Inc.	680	$	28,771
Astec Industries, Inc.(A)	600		10,218
ASV, Inc.(A)	250		8,245
Baldor Electric Co.	740		16,931
BEI Technologies, Inc.	250		6,002
Blount International,
Inc.(A)	2,277		27,256
Briggs & Stratton	400		33,400
CARBO Ceramics, Inc.	250		17,707
Cascade Corp.	250		7,318
Cooper Cameron Corp.(A)	370		18,903
Deep Well Oil & Gas(A)	762		831
Donaldson Co., Inc.	800		21,304
Engineered Support
Systems, Inc.	255		14,298
EnPro Industries, Inc.(A)	350		8,666
Entegris, Inc.(A)	1,290		11,481
Flowserve Corp.(A)	960		22,992
FMC Technologies, Inc.(A)	950		28,500
Franklin Electric Co., Inc.	400		15,152
Gardner Denver, Inc.(A)	300		8,034
Graco, Inc.	1,388		43,694
Grant Prideco, Inc.(A)	1,000		18,890
Hydril Co.(A)	480		17,112
IDEX Corp.	570		18,291
Intermagnetics General
Corp.(A)	250		9,615
Joy Global, Inc.	550		16,330
Kennametal, Inc.	900		39,600
Kulicke & Soffa
Industries, Inc.(A)	1,060		8,279
Lam Research Corp.(A)	1,020		24,327
Manitowoc Co.	430		14,581
Medis Technologies Ltd.(A)	500		6,035
Middleby Corp.	100		5,420
NACCO Industries, Inc.	100		9,139
National-Oilwell, Inc.(A)	950		31,778
Nordson Corp.	410		17,167
Pentair, Inc.	1,000		31,320
Presstek, Inc.(A)	2,522		21,538
Rayovac Corp.(A)	500		13,365
Regal Beloit Corp.	400		8,400
Sauer-Danfoss, Inc.	550		9,328
Smith International,
Inc.(A)	1,400		81,592

46

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Stewart & Stevenson
Services	400	$	6,300
Tennant Co.	200		7,390
Terex Corp.(A)	530		20,622
Thomas Industries, Inc.	200		6,200
Timken Co.	1,000		24,840
Toro Co.	240		15,720
Tower Automotive, Inc.(A)	800		2,520
Trinity Industries, Inc.	400		12,028
UNOVA, Inc.(A)	1,310		22,152
Watts Water
Technologies, Inc.,
Cl. A	550		13,915
Westinghouse Air Brake
Technologies Corp.	430		7,826
Woodward Governor Co.	200	12,274
		979,667
Manufacturing–0.1%
Actuant Corp., Cl. A(A)	300		10,938
Applied Films Corp.(A)	440		8,206
Jacuzzi Brands, Inc.(A)	900		6,948
Matthews International
Corp.	400		13,712
Samsonite Corp.(A)	5,900	7,375
		47,179
Marine Transportation–0.2%
Alexander & Baldwin, Inc.	450		14,796
General Maritime Corp.(A)	590		17,500
OMI Corp.	690		10,040
Overseas Shipholding
Group	440		19,760
Seabulk International,
Inc.(A)	1,727	15,629
		77,725
Measuring Devices–0.9%
Analogic Corp.	280		11,631
Coherent, Inc.(A)	700		18,420
Cohu, Inc.	400		7,574
Credence Systems
Corp.(A)	2,200		19,712
CUNO, Inc.(A)	290		15,271

	NUMBER OF			MARKET
	SHARES			VALUE
FEI Co.(A)		850	$	17,093
Fisher Scientific
International(A)		550		32,010
Flir Systems, Inc.(A)		650		41,360
Formfactor, Inc.(A)		400		8,032
Input/Output, Inc.(A)		900		8,667
Inverness Medical
Innovations, Inc.(A)		460		7,797
Itron, Inc.(A)		500		9,545
Ixia(A)		1,200		9,360
LTX Corp.(A)		1,350		10,976
Mine Safety Appliances
Co.		900		33,435
MKS Instruments, Inc.(A)		900		13,248
MTS Systems Corp.		350		7,515
Newport Corp.(A)		600		8,604
Roper Industries, Inc.		360		20,160
Rudolph Technologies,
Inc.(A)		300		4,800
TriPath Imaging, Inc.(A)		750		6,300
Varian, Inc.(A)		1,000		37,900
Veeco Instruments, Inc.(A)		400	9,100
			358,510
Medical Products &
Services–5.9%
Abaxis, Inc.(A)		400		6,004
Advanced Medical
Optics, Inc.(A)		620		23,591
Advanced Neuromodulation
Systems, Inc.(A)		300		9,615
Affymetrix, Inc.(A)		780		21,068
Albany Molecular
Research, Inc.(A)		810		9,623
Align Technology, Inc.(A)		730		12,541
Allscripts Healthcare
Solutions, Inc.(A)		900		6,327
American Medical
Systems Holdings, Inc.(A)		500		15,910
Amsurg Corp.(A)		450		10,687
Apogent Technologies,
Inc.(A)		650		21,125
Apria Healthcare Group,
Inc.(A)		1,040		30,524
Arrow International, Inc.		410		11,365

47

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Arthrocare Corp.(A)		520	$	13,848
Aspect Medical Systems,
Inc.(A)		450		7,204
Beckman Coulter, Inc.		650		35,860
Beverly Enterprises,
Inc.(A)		1,850		14,578
Bio-Rad Laboratories,
Inc., Cl. A(A)		800		41,920
Biolase Technology, Inc.(A)		500		4,615
Biosite, Inc.(A)		400		17,676
BioVeris Corp.(A)		780		5,850
Bruker BioSciences
Corp.(A)		1,450		5,901
Cambrex Corp.		510		11,245
Celera Genomics
Group-Applera Corp.(A)		1,140		13,384
Cell Therapeutics, Inc.(A)		1,000		5,450
Cepheid, Inc.(A)		800		7,112
Closure Medical Corp.(A)		300		5,628
Community Health
Systems, Inc.(A)		922		22,690
Conmed Corp.(A)		400		8,864
Connetics Corp.(A)		550		15,141
Cooper, Inc.		500		29,725
Corvel Corp.(A)		350		8,967
Covance, Inc.(A)		500		18,345
Coventry HealthCare,
Inc.(A)		970		49,577
Cross Country
Healthcare, Inc.(A)		380		5,670
Cryolife, Inc.(A)		50		240
CTI Molecular Imaging,
Inc.(A)		650		6,805
Cyberonics(A)		400		11,192
Cytyc Corp.(A)		1,587		38,358
Dade Behring Holdings,
Inc.(A)		400		19,876
Datascope Corp.		380		13,190
DaVita, Inc.(A)		675		20,500
Dendrite International,
Inc.(A)		790		11,779
Dentsply International,
Inc.		700		34,041
Discovery Laboratories,
Inc.(A)		1,020		7,844
DJ Orthopedics, Inc.(A)		490		8,722

	NUMBER OF			MARKET
	SHARES			VALUE
Dynacq Healthcare,
Inc.(A)		973	$	6,908
Eclipsys Corp.(A)		600		9,006
Edwards Lifesciences
Corp.(A)	1,350			47,479
Enzo Biochem, Inc.(A)		730		9,957
Enzon, Inc.(A)	1,290			16,009
Epix Medical, Inc.(A)		300		5,415
Gen-Probe, Inc.(A)		420		15,716
Genesis HealthCare
Corp.(A)		720		19,332
Genta, Inc.(A)		770		1,324
Gentiva Health Services,
Inc.(A)		400		6,084
Haemonetics Corp.(A)		700		21,000
Hanger Orthopedic
Group, Inc.(A)		450		4,545
HealthExtras, Inc.(A)		500		7,420
Henry Schein, Inc.(A)		350		23,485
Hillenbrand Industries,
Inc.		500		28,395
Hologic, Inc.(A)		350		6,972
Hooper Holmes, Inc.	1,350			6,250
Human Genome
Sciences, Inc.(A)	2,900			29,072
ICOS Corp.(A)	1,909			45,931
ICU Medical, Inc.(A)		200		5,560
Idexx Laboratories, Inc.(A)		500		25,195
IDX Systems Corp.(A)		750		22,522
II-VI, Inc.(A)		300		8,889
Immucor, Inc.(A)		375		7,597
Inamed Corp.(A)		450		24,381
Integra LifeSciences
Holdings Corp.(A)		500		15,797
InterMune, Inc.(A)		770		9,232
Intuitive Surgical, Inc.(A)		810		18,533
Invacare Corp.		300		12,165
Invision Technologies,
Inc.(A)		240		11,918
Kensey Nash Corp.(A)		200		5,658
Kindred Healthcare, Inc.(A)		500		12,125
Kinetic Concepts, Inc.(A)		200		8,984
Kyphon, Inc.(A)		400		10,812
Laboratory Corp. of
America Holdings(A)	1,940			75,970
Laserscope(A)		250		4,767

48

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
LCA-Vision, Inc.(A)	300	$	7,827
Learning Tree
International(A)	250		3,153
LifePoint Hospitals, Inc.(A)	350		11,694
Lincare Holdings, Inc.(A)	940		30,024
Maxim Pharmaceuticals,
Inc.(A)	300		2,358
Maxygen(A)	600		5,946
Medcath Corp.(A)	350		5,562
Mentor Corp.	460		14,485
Merit Medical Systems,
Inc.(A)	560		9,453
MGI Pharma, Inc.(A)	1,840		51,538
Millennium
Pharmaceuticals(A)	3,273		36,396
Nabi
Biopharmaceuticals(A)	750		8,663
National Healthcare
Corp.(A)	777		20,971
NBTY, Inc.(A)	660		14,362
NDCHealth Corp.	460		9,665
NeighborCare, Inc.(A)	1,390		35,640
Nektar Therapeutic(A)	2,500		43,850
Neurocrine Biosciences,
Inc.(A)	590		27,476
Noven Pharmacuticals,
Inc.(A)	1,453		29,365
NU Skin Enterprises,
Inc., Cl. A	1,000		27,310
Nuvelo, Inc.(A)	700		5,628
Oakley, Inc.	1,500		16,200
Ocular Sciences(A)	350		15,446
Odyssey HealthCare,
Inc.(A)	387		6,649
Omnicare, Inc.	900		25,443
Option Care, Inc.(A)	1,319		22,489
Orthodontic Centers of
America, Inc.(A)	900		6,084
Pediatrix Medical Group,
Inc.(A)	300		18,972
PolyMedica Corp.	350		10,661
Possis Medical, Inc.(A)	250		7,150
Province Healthcare Co.(A)	1,750		25,428
PSS World Medical, Inc.(A)	2,650		25,944
Psychiatric Solutions,
Inc.(A)	300		7,653

	NUMBER OF			MARKET
	SHARES			VALUE
Regeneration
Technologies, Inc.(A)		200	$	1,944
Regeneron
Pharmaceutical(A)		1,450		12,412
RehabCare Group, Inc.(A)		300		7,185
Renal Care Group, Inc.(A)		600		19,116
Res-Care, Inc.(A)		600		6,732
Resmed, Inc.(A)		950		46,550
Respironics, Inc.(A)		350		19,502
Santarus, Inc.(A)		500		5,050
Seattle Genetics, Inc.(A)		1,420		8,492
Select Medical Corp.		1,700		21,828
Sola International, Inc.(A)		610		9,919
SonoSite, Inc.(A)		350		7,973
Steris Corp.(A)		1,691		34,767
Sybron Dental
Specialties, Inc.(A)		650		17,485
Techne Corp.(A)		1,100		43,780
Telik, Inc.(A)		700		13,832
Thoratec Corp.(A)		950		9,690
Transkaryotic
Therapies, Inc.(A)		500		7,455
Triad Hospitals, Inc.(A)		637		21,696
Tularik, Inc.(A)		850		21,199
United Surgical Partners
International, Inc.(A)		500		17,620
Universal Health
Services, Cl. B		400		18,204
Varian Medical Systems,
Inc.(A)		750		51,758
VCA Antech, Inc.(A)		500		21,015
Ventana Medical Systems		(A)250		12,483
Viasys Healthcare, Inc.(A)		450		6,818
Vicuron Pharmaceuticals,
Inc.(A)		650		6,539
VistaCare, Inc.(A)		350		6,461
Visx, Inc.(A)		780		16,700
Vital Signs, Inc.		250		7,465
West Pharmaceutical
Services, Inc.		340		12,951
Wright Medical Group,
Inc.(A)		400		11,052
Zoll Medical Corp.(A)		200		6,768
Zygo Corp.(A)		420	4,074
			2,416,582

49

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Metals & Mining–0.6%
Amcol International Corp.	450	$	9,045
Century Aluminum Co.(A)	430		10,126
Cleveland-Cliffs, Inc.(A)	200		13,108
Coeur D’alene Mines
Corp.(A)	2,800		9,688
Commercial Metals Co.	400		13,852
Glamis Gold Ltd.(A)	1,100		17,270
Hecla Mining Co.(A)	1,250		6,750
Kaydon Corp.	470		13,691
Lawson Products	200		7,424
Liquidmetal Technologies,
Inc.(A)	2,655		3,372
Meridian Gold, Inc.(A)	1,400		18,564
Mueller Industries, Inc.	500		19,060
Precision Castparts Corp.	550		30,981
Royal Gold, Inc.	350		4,918
Southern Peru Copper
Corp.(A)	250		9,783
Stillwater Mining Co.(A)	1,399		20,355
Tredegar Corp.	500		8,240
USEC, Inc.	1,750	14,858
		231,085
Misc. Business
Services–1.2%
Administaff, Inc.(A)	450		5,985
Advisory Board Co.(A)	340		10,853
Advo, Inc.	450		13,945
Alliance Data Systems
Corp.(A)	1,800		71,478
Ariba, Inc.(A)	568		4,936
BearingPoint, Inc.(A)	3,792		31,322
Brink’s Co.	500		16,175
Central Parking Corp.	660		10,514
Century Business
Services, Inc.(A)	1,650		6,963
Charles River Associates,
Inc.(A)	150		4,806
Chemed Corp.	300		14,040
Forrester Research, Inc.(A)	400		7,140
Gartner, Inc., Cl. A(A)	2,650		33,258
Gevity HR, Inc.	660		13,715
Gtech Holdings Corp.	660		27,964
Hypercom Corp.(A)	920		6,256

	NUMBER OF			MARKET
	SHARES			VALUE
iPayment, Inc.(A)		390	$	15,116
Iron Mountain, Inc.(A)	1,387			44,758
MedQuist, Inc.(A)		600		6,846
National Processing, Inc.(A)		750		19,710
NCO Group, Inc.(A)	1,118			27,916
PDI, Inc.(A)		250		7,128
Rollins, Inc.		500		11,575
Sotheby’s Holdings, Cl. A(A)		700		11,186
Startek, Inc.		200		6,146
TeleTech Holdings, Inc.(A)		950		8,313
Valuevision Media, Inc.(A)		820		9,479
Ventiv Health, Inc.(A)		400		6,096
Viad Corp.		402		9,612
Volt Information Sciences,
Inc.(A)		300		8,985
Wireless Facilities, Inc.(A)		750	5,610
			477,826
Misc. Transportation–0.1%
Amerco, Inc.(A)		300		6,804
Thor Industries, Inc.	1,000		31,310
			38,114
Office Furniture & Fixtures–0.5%
Ennis Business Forms,
Inc.	1,057			19,237
Global Imaging Systems,
Inc.(A)		350		10,616
Herman Miller, Inc.	1,450			38,860
HNI Corp.		580		23,461
IKON Office Solutions,
Inc.	1,970			23,384
Imagistics International,
Inc.(A)		170		5,525
Interface, Inc., Cl. A(A)	2,300			19,136
John H. Harland Co.		630		17,835
Lear Corp.		550		30,322
Steelcase, Inc.		600	7,830
			196,206
Paper & Paper Products–0.5%
Bowater, Inc.		550		20,515
Buckeye Technologies,
Inc.(A)		700		7,518
Caraustar Industries, Inc.(A)		550		7,672

50

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Deltic Timber Corp.	200	$	6,882
Glatfelter	800		10,664
Graphic Packaging
Corp.(A)	2,050		14,125
Packaging Corp. of
America	950		22,192
Potlatch Corp.	380		15,234
Rayonier, Inc.	552		24,277
Rock-Tenn Co.	890		12,611
Schweitzer-Mauduit
International, Inc.	230		6,498
Smurfit-Stone Container
Corp.(A)	2,740		50,991
Wausau-Mosinee Paper
Corp.	900	13,986
		213,165
Petroleum & Fuel
Products–4.7%
Apco Argentina, Inc.	616		20,451
ATP Oil & Gas Corp.(A)	2,000		18,380
Atwood Oceanics, Inc.(A)	250		9,665
Berry Petroleum Co.	490		14,827
BP Prudhoe Bay Royalty
Trust(A)	420		15,406
Buckeye Partners LP	300		12,735
Cabot Oil & Gas Corp.,
Cl. A	500		21,985
Cal Dive International,
Inc.(A)	550		17,050
Callon Petroleum Co.(A)	1,050		14,154
Chesapeake Energy
Corp.	4,748		72,882
Cimarex Energy Co.(A)	1,446		47,038
Comstock Resources,
Inc.(A)	640		13,466
Cross Timbers Royalty
Trust(A)	5		154
Denbury Resources,
Inc.(A)	1,000		21,850
Diamond Offshore
Drilling	1,100		26,884
Dorchester Minerals LP(A)	400		7,696
Enbridge Energy
Management LLC(A)	153		6,661

	NUMBER OF		MARKET
	SHARES		VALUE
Encore Acquisition Co.(A)	850	$	25,049
Energy Partners Ltd.(A)	550		8,602
Ensco International,
Inc.	1,190		35,831
Enterprise Products
Partners LP	2,350		48,762
Equitable Resources, Inc.	430		22,050
Evergreen Resources,
Inc.(A)	400		16,368
Forest Oil Corp.(A)	1,600		45,264
Frontier Oil Corp.(A)	400		8,580
Global Industries Ltd.(A)	2,470		12,473
GlobalSantaFe Corp.	3,102		84,995
Grey Wolf, Inc.(A)	5,000		22,450
Hanover Compressor
Co.(A)	1,100		12,914
Harvest Natural
Resources(A)	2,416		33,292
Headwaters, Inc.(A)	900		24,966
Helmerich & Payne, Inc.	610		15,445
Holly Corp.	200		7,882
Houston Exploration Co.(A)	410		22,140
Hugoton Royalty Trust(A)	500		12,805
KCS Energy, Inc.(A)	650		9,607
Key Energy Services,
Inc.(A)	3,290		33,163
Lone Star Technologies(A)	350		11,662
Magnum Hunter
Resources, Inc.(A)	1,270		13,614
Meridian Resource
Corp.(A)	1,050		8,768
Murphy Oil Corp.	1,230		95,128
Newfield Exploration
Co.(A)	400		23,628
Newpark Resources,
Inc.(A)	1,300		7,930
Noble Energy, Inc.	500		27,655
Oceaneering
International, Inc.(A)	400		13,228
Oil States International,
Inc.(A)	1,030		16,954
Patina Oil & Gas Corp.	700		20,643
Patterson-UTI Energy,
Inc.	1,800		32,814
Penn Virginia Corp.	420		15,830

51

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Pioneer Natural
Resources Co.(A)	970	$	34,969
Plains Exploration &
Production Co.(A)	1,596		33,277
Pogo Producing Co.	700		31,066
Premcor, Inc.(A)	440		15,796
Pride International,
Inc.(A)	1,150		20,700
Quicksilver Resource,
Inc.(A)	700		22,169
Range Resources Corp.	1,030		17,253
Remington Oil & Gas
Corp.(A)	610		14,427
Seacor Smit, Inc.(A)	250		10,575
Shelbourne Liquidating
Trust(A)	200		3,408
Southwestern Energy
Co.(A)	550		17,705
Spinnaker Exploration
Co.(A)	800		28,616
St. Mary Land &
Exploration Co.	400		13,724
Stone Energy Corp.(A)	410		18,548
Superior Energy
Services(A)	1,550		17,329
Swift Energy Co.(A)	350		7,942
Tesoro Petroleum Corp.(A)	800		23,200
Tetra Technologies, Inc.(A)	675		17,786
Tidewater, Inc.	1,464		44,432
Transmontaigne, Inc.(A)	2,965		18,709
Ultra Petroleum Corp.(A)	930		41,729
Unit Corp.(A)	900		29,025
Universal Compression
Holdings, Inc.(A)	600		19,686
Varco International,
Inc.(A)	1,950		47,132
Veritas DGC, Inc.(A)	660		16,256
Vintage Petroleum, Inc.	2,400		41,040
Weatherford International
Ltd.(A)	1,740		81,397
Whiting Petroleum Corp.(A)	300		7,104
XTO Energy, Inc.	3,403	101,750
		1,928,526

	NUMBER OF		MARKET
	SHARES		VALUE
Pharmaceuticals–3.5%
aaiPharma, Inc.(A)	525	$	2,215
Abgenix, Inc.(A)	1,070		10,459
Able Laboratories, Inc.(A)	400		8,240
Accredo Health, Inc.(A)	535		17,334
Adolor Corp.(A)	800		8,520
Alexion Pharmaceuticals,
Inc.(A)	550		8,756
Alkermes, Inc.(A)	1,210		13,056
Alpharma, Inc., Cl. A	700		11,508
American Pharmaceutical
Partners, Inc.(A)	1,550		46,035
Andrx Group(A)	690		17,899
Atherogenics, Inc.(A)	1,000		14,380
Avant
Immunotherapeutics,
Inc.(A)	1,900		3,800
Barr Laboratories, Inc.(A)	1,102		37,854
Bentley Pharmaceuticals,
Inc.(A)	1,172		13,771
BioMarin Pharmaceuticals,
Inc.(A)	1,590		9,095
Bone Care International,
Inc.(A)	350		8,781
Celgene Corp.(A)	670		35,731
Cell Genesys, Inc.(A)	700		5,047
Cephalon, Inc.(A)	610		30,817
Charles River Laboratories
International, Inc.(A)	410		18,479
Cima Labs, Inc.(A)	390		13,201
Cubist Pharmaceuticals,
Inc.(A)	700		7,266
CuraGen Corp.(A)	100		532
Cytogen Corp.(A)	175		2,124
Dendreon Corp.(A)	1,060		9,763
Diagnostic Products Corp.	250		10,037
Digene Corp.(A)	300		10,242
Endo Pharmaceutical
Holdings, Inc.(A)	1,254		24,077
Eon Labs, Inc.(A)	800		23,296
First Horizon
Pharmaceutical Corp.(A)	810		14,151
Genentech, Inc.(A)	7,040		342,707
Geron Corp.(A)	850		5,482
Ilex Oncology, Inc.(A)	550		13,854

52

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
ImClone Systems(A)		833	$	49,080
Immunogen, Inc.(A)		700		3,759
Impax Laboratories, Inc.(A)		600		8,490
Inspire Pharmaceuticals,
Inc.(A)		450		5,891
Invitrogen Corp.(A)		544		28,549
IVAX Corp.(A)	1,685			40,187
Kos Pharmaceuticals,
Inc.(A)		850		25,135
KV Pharmaceutical Co.,
Cl. A(A)		480		8,357
Ligand Pharmaceuticals,
Inc., Cl. B(A)	1,150			15,882
Martek Biosciences
Corp.(A)		500		23,660
Medarex, Inc.(A)	1,400			8,596
Medicines Co.(A)	1,190			31,487
Medicis Pharmaceutical,
Cl. A	1,200			42,924
NPS Pharmaceuticals,
Inc.(A)		950		17,718
Onyx Pharmaceuticals,
Inc.(A)		550		18,772
Orasure Technologies,
Inc.(A)	1,175			9,106
OSI Pharmaceuticals,
Inc.(A)		330		19,833
Par Pharmaceutical Cos.,
Inc.(A)		350		13,174
Parexel International
Corp.(A)		690		13,255
Perrigo Co.		650		10,829
Pharmion Corp.(A)		300		13,464
Pharmos Corp.(A)	1,950			6,864
Praecis Pharmaceuticals,
Inc.(A)	1,675			4,070
Priority Healthcare Corp.,
Cl. B(A)		450		10,080
Protein Design Labs,
Inc.(A)	2,760			44,712
Salix Pharmaceuticals
Ltd.(A)		825		17,589
Sepracor, Inc.(A)		950		43,672
Serologicals Corp.(A)		610		11,956
Sirna Therapeutics, Inc.(A)		1,806		4,894

	NUMBER OF			MARKET
	SHARES			VALUE
Tanox, Inc.(A)		550	$	8,619
United Therapeutics
Corp.(A)		300		7,428
USANA Health
Sciences, Inc.(A)		250		7,438
Valeant Pharmaceuticals
International		910		15,934
Vertex Pharmaceuticals,
Inc.(A)		1,145		10,568
XOMA Ltd.(A)		1,800		6,552
Zymogenetics, Inc.(A)		1,700	27,574
			1,434,607
Photographic Equipment
& Supplies–0.0%
Sonic Solutions, Inc.(A)		300	5,280
Printing & Publishing–1.7%
American Greetings,
Cl. A(A)		750		17,490
Banta Corp.		300		11,913
Belo Corp., Cl. A		1,280		29,926
Bowne & Co., Inc.		750		11,167
Cenveo, Inc.(A)		2,200		5,698
Consolidated Graphics,
Inc.(A)		200		8,702
Courier Corp.		200		8,200
E.W. Scripps Co., Cl. A		1,080		110,614
Harte-Hanks, Inc.		900		21,744
Hollinger International,
Inc.		1,000		16,550
Information Holdings,
Inc.(A)		300		8,190
John Wiley & Sons,
Cl. A		1,170		37,861
Journal
Communications, Inc.,
Cl. A		2,100		37,464
Journal Register Co.(A)		1,000		19,400
Lee Enterprises, Inc.		450		20,947
McClatchy Co., Cl. A		390		26,890
Media General, Inc.		350		20,916
Playboy Enterprises,
Inc., Cl. B(A)		600		6,696
Primedia, Inc.(A)		3,700		8,880

53

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Pulitzer, Inc.	180	$	8,325
Readers Digest
Association, Cl. A	1,100		15,708
Reynolds & Reynolds
Co., Cl. A	2,100		46,410
RH Donnelley Corp.(A)	370		16,791
Scholastic Corp.(A)	250		6,878
Thomas Nelson, Inc.	350		7,543
Valassis Communications,
Inc.(A)	1,600		46,784
Washington Post, Cl. B	145	125,846
		703,533
Professional Services–1.6%
Alderwoods Group, Inc.(A)	600		5,331
American Healthways,
Inc.(A)	400		10,892
Bright Horizons Family
Solutions, Inc.(A)	260		13,195
Career Education Corp.(A)	1,070		36,177
CDI Corp.	400		11,408
Corinthian Colleges, Inc.(A)	800		14,976
Corporate Executive
Board Corp.	600		34,020
Corrections Corp.
of America(A)	400		15,080
DeVry, Inc.(A)	1,700		39,525
Education Management
Corp.(A)	600		16,656
FTI Consulting, Inc.(A)	1,045		18,037
ITT Educational Services,
Inc.(A)	1,240		39,494
Jacobs Engineering
Group, Inc.(A)	500		19,990
Labor Ready, Inc.(A)	500		7,010
Laureate Education,
Inc.(A) 1,250			44,125
LECG Corp.(A)	450		7,965
Maximus, Inc.(A)	300		9,591
McDermott International,
Inc.(A)	850		9,069
MoneyGram International,
Inc.(A)	1,609		30,088
Navigant Consulting,
Inc.(A)	600		12,570

	NUMBER OF			MARKET
	SHARES			VALUE
Orbitz, Inc.(A)		350	$	6,058
Per-Se Technologies,
Inc.(A)		550		7,728
Pre-Paid Legal Services,
Inc.(A)		400		9,260
Resources Connection,
Inc.(A)		450		17,451
ServiceMaster Co.		8,000		93,440
Shaw Group, Inc.(A)		750		7,440
Spherion Corp.(A)		1,280		11,072
Stewart Enterprises,
Inc.(A)		1,660		11,554
Strayer Education, Inc.		200		19,484
Tetra Tech, Inc.(A)		950		15,333
URS Corp.(A)		500		12,075
US Oncology, Inc.(A)		1,000		14,870
Watson Wyatt & Co.
Holdings(A)		650	16,991
			637,955
Railroads–0.1%
Florida East Coast
Industries, Cl. A		350		13,009
Kansas City Southern(A)		1,300	19,006
			32,015
Real Estate–0.4%
Avatar Holdings, Inc.(A)		200		8,306
CB Richard Ellis Group,
Inc.(A)		1,650		31,251
Forest City Enterprises,
Inc., Cl. A		535		28,034
Jones Lang LaSalle,
Inc.(A)		610		17,690
LNR Property Corp.		500		27,005
Orleans Homebuilders,
Inc.(A)		400		6,640
St. Joe Co.		520		22,370
Trammell Crow Co.(A)		550		7,376
WP Carey & Co. LLC		440	13,596
			162,268
Real Estate Investment
Trusts–7.0%
Acadia Realty Trust		1,658		23,494

54

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Alexander’s, Inc.(A)		90	$	15,358
Alexandria Real Estate
Equities, Inc.		220		13,220
AMB Property Corp.		750		26,355
American Financial
Realty Trust		2,850		37,762
American Home Mortgage
Investment Corp.(A)		560		14,476
AMLI Residential
Properties Trust		430		12,414
Annaly Mortgage
Management, Inc.		2,150		35,475
Anthracite Capital, Inc.		950		10,421
Anworth Mortgage
Asset Corp.		600		6,360
Arbor Realty Trust, Inc.(A)		400		7,600
Archstone-Smith Trust		2,580		75,929
Arden Realty, Inc.		650		19,760
AvalonBay Communities,
Inc.		600		34,920
Bedford Property
Investors		250		6,997
Boston Properties, Inc.		1,410		74,589
Brandywine Realty Trust		580		15,834
BRE Properties, Cl. A		650		22,522
Burnham Pacific
Properties, Inc.		2,050		246
Camden Property Trust		700		31,500
Capital Automotive		350		10,146
CarrAmerica Realty Corp.		700		21,343
Catellus Development
Corp.		697		17,425
CBL & Associates
Properties, Inc.		330		18,183
Centerpoint Properties
Corp.		1,120		42,986
Chelsea Property
Group, Inc.		440		28,653
Colonial Properties Trust		290		11,020
Commercial Net Lease
Realty		930		15,810
Cornerstone Realty
Income Trust, Inc.		850		7,454
Corporate Office
Properties Trust SBI MD		500		12,665

	NUMBER OF		MARKET
	SHARES		VALUE
Correctional Properties
Trust	561	$	14,530
Cousins Properties, Inc.	610		19,599
Crescent Real Estate
Equities Co.	1,400		21,994
CRT Properties, Inc.	530		11,448
Developers Diversified
Realty Corp.	1,144		41,047
Duke Realty Corp.	1,510		46,448
Eastgroup Properties	350		11,350
Entertainment Properties
Trust	380		13,437
Equity Inns, Inc.	850		7,709
Equity One, Inc.	2,440		44,042
Essex Property Trust, Inc.	650		42,835
Federal Realty
Investment Trust	500		21,100
FelCor Lodging Trust,
Inc.(A)	1,100		12,540
First Industrial Realty
Trust	1,200		43,968
Gables Residential Trust	750		24,787
General Growth
Properties, Inc.	2,900		87,232
Getty Realty Corp.	460		10,746
Glenborough Realty
Trust, Inc.	540		9,871
Glimcher Realty Trust	760		16,462
Health Care Property
Investors, Inc.	1,000		24,960
Health Care, Inc.	650		20,975
Healthcare Realty Trust,
Inc.	1,200		43,344
Heritage Property
Investment Trust	1,540		42,288
Highland Hospitality
Corp.(A)	700		7,273
Highwoods Properties,
Inc.	1,940		45,008
Home Properties of
New York, Inc.	390		14,664
Hospitality Properties
Trust	450		17,946
Host Marriott Corp.(A)	3,600		46,620
HRPT Properties Trust	4,200		42,294

55

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
IMPAC Mortgage
Holdings, Inc.	2,000	$	45,900
Innkeepers USA Trust	750		7,867
Investors Real Estate
Trust	750		7,410
iStar Financial, Inc.	1,180		44,840
Keystone Property Trust	510		12,118
Kilroy Realty Corp.	620		21,948
Kimco Realty Corp.	1,455		69,986
Kramont Realty Trust	450		7,155
LaSalle Hotel Properties	300		7,722
Lexington Corporate
Properties Trust	650		12,714
Liberty Property Trust	900		34,560
LTC Properties, Inc.	450		7,713
Macerich Co.	500		23,950
Mack-Cali Realty Corp.	1,034		42,291
Maguire Properties, Inc.	1,180		29,205
Manufactured Home
Communities, Inc.	370		11,725
Meristar Hospitality
Corp.(A)	2,913		16,895
MFA Mortgage
Investments, Inc.	1,180		9,570
Mid-America Apartment
Communities, Inc.	330		11,831
Mills Corp.	450		20,520
Mission West Properties	1,340		13,668
National Health
Investors, Inc.	520		14,264
Nationwide Health
Properties, Inc.	860		16,426
New Plan Excel Realty
Trust	1,758		41,753
Newcastle Investment
Corp.	1,200		33,948
Novastar Financial, Inc.	250		10,028
Omega Healthcare
Investors, Inc.	750		7,313
Pan Pacific Retail
Properties, Inc.	400		20,240
Parkway Properties, Inc.	200		8,780
Pennsylvania Real Estate
Investment Trust	450		15,692
Post Properties, Inc.	600		16,794

	NUMBER OF		MARKET
	SHARES		VALUE
Prentiss Properties Trust	700	$	23,982
PS Business Parks, Inc.	500		20,100
Public Storage, Inc.	1,710		80,592
RAIT Investment Trust	420		10,181
Ramco-Gershenson
Properties	300		7,713
Realty Income Corp.	700		28,364
Reckson Associates
Realty	1,600		44,336
Redwood Trust, Inc.	200		11,354
Regency Centers Corp.	550		23,375
Rouse Co.	1,370		66,856
Saul Centers, Inc.	250		7,500
Senior Housing
Properties Trust	700		11,690
Shurgard Storage
Centers, Inc.	1,200		44,400
SL Green Realty Corp.	390		19,149
Sovran Self Storage, Inc.	200		7,758
Summit Properties, Inc.	520		13,416
Sun Communities, Inc.	450		16,925
Tanger Factory Outlet
Centers	270		10,706
Taubman Centers, Inc.	1,200		27,720
Thornburg Mortgage,
Inc.	700		19,411
Town & Country Trust	300		7,329
Trizec Properties, Inc.	1,200		19,260
United Dominion Realty
Trust, Inc.	888		17,218
Universal Health Realty
Income Trust	250		7,110
US Restaurant
Properties, Inc.	500		7,595
Ventas, Inc.	1,900		48,488
Vornado Realty Trust	1,650		95,849
Washington, Real Estate
Investment Trust	700		19,558
Weingarten Realty
Investors	540	16,632
		2,856,827
Retail–5.8%
1-800-Flowers.com,
Inc.(A)	1,868		14,085

56

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
7-Eleven, Inc.(A)		1,150	$	19,722
99 Cents Only Stores(A)		500		7,165
Abercrombie & Fitch Co.,
Cl. A		900		33,192
AC Moore Arts & Crafts,
Inc.(A)		460		11,569
Advance Auto Parts(A)		650		24,128
Aeropostale, Inc.(A)		555		16,916
American Eagle
Outfitters(A)		960		31,459
AnnTaylor Stores Corp.(A)		675		18,117
Applebees International,
Inc.		1,500		39,960
Asbury Automotive
Group, Inc.(A)		740		10,086
Barnes & Noble, Inc.(A)		650		22,347
Bebe Stores, Inc.(A)		600		11,658
Big 5 Sporting Goods
Corp.(A)		300		6,411
BJ’s Wholesale Club,
Inc.(A)		1,900		44,289
Bob Evans Farms		300		7,986
Borders Group, Inc.		1,000		22,870
Brinker International,
Inc.(A)		910		32,587
Brookstone, Inc.(A)		400		7,012
Brown Shoe Co., Inc		280		9,024
Buckle, Inc.		250		6,875
Burlington Coat Factory
Warehouse		760		13,786
California Pizza Kitchen,
Inc.(A)		400		7,956
Carmax, Inc.(A)		890		18,512
Casey’s General Stores,
Inc.		1,200		19,416
Cash America
International, Inc.		560		12,572
CBRL Group, Inc.		500		16,610
CEC Entertainment, Inc.(A)		375		13,631
Charlotte Russe Holding,
Inc.(A)		400		8,216
Charming Shoppes(A)		2,320		17,029
Cheesecake Factory(A)		1,130		47,200
Chicago Pizza &
Brewery, Inc.(A)		1,533		23,041

	NUMBER OF		MARKET
	SHARES		VALUE
Chico’s Fas, Inc.(A)	700	$	29,309
Children’s Place(A)	350		7,175
Christopher & Banks
Corp.	380		6,221
CKE Restaurants, Inc.(A)	700		10,094
Claire’s Stores, Inc.	1,050		24,202
Coldwater Creek, Inc.(A)	450		8,469
Cole National Corp.(A)	300		8,163
Copart, Inc.(A)	1,550		34,487
Cost Plus, Inc.(A)	400		13,384
CSK Auto Corp.(A)	900		12,465
DEB Shops, Inc.	350		8,022
Deckers Outdoor Corp.(A)	300		8,775
Dick’s Sporting Goods,
Inc.(A)	400		13,000
Dollar Tree Stores, Inc.(A)	1,250		33,637
Dress Barn, Inc.(A)	400		6,700
Duane Reade, Inc.(A)	450		7,411
Electronics Boutique
Holdings Corp.(A)	460		11,551
Finish Line(A)	420		11,957
Foot Locker, Inc.	1,560		35,100
Fred’s, Inc., Cl. A	490		8,844
Galyan’s Trading Co.,
Inc.(A)	1,079		18,073
GameStop Corp.(A)	450		6,930
Gander Mountain Co.(A)	300		6,435
Genesco, Inc.(A)	300		6,438
Goody’s Family Clothing,
Inc.	600		5,232
Guitar Center, Inc.(A)	410		18,429
Haverty Furniture	450		8,365
Hibbett Sporting Goods,
Inc.(A)	300		5,718
HOT Topic, Inc.(A)	750		11,940
Ihop Corp.	300		11,097
Insight Enterprises,
Inc.(A)	1,450		23,258
J Jill Group, Inc.(A)	350		6,499
Jack in the Box, Inc.(A)	400		12,760
Jo-Ann Stores, Inc.(A)	460		12,199
JOS A Bank Clothiers,
Inc.(A)	200		6,146
K-Swiss, Inc., Cl. A	400		7,200

57

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF					MARKET
	SHARES					VALUE
Kenneth Cole
Productions, Inc.			250	`	$	8,023
Kmart Holding Corp.(A)		1,170				90,593
Krispy Kreme Doughnuts,
Inc.(A)			610			9,601
Landry’s Seafood
Restaurants			400			12,092
Linens ’N Things, Inc.(A)			400			10,648
Lithia Motors, Inc.			300			7,008
Lone Star Steakhouse &
Saloon			430			10,423
Longs Drug Stores Corp.		1,200				25,200
MarineMax, Inc.(A)			460			11,311
Marvel Enterprises,
Inc.(A)		2,615				34,126
Men’s Wearhouse, Inc.(A)			500			13,245
Michaels Stores, Inc.			629			33,985
Mothers Work, Inc.(A)			250			4,593
Movado Group, Inc.			500			7,505
Movie Gallery, Inc.			350			6,087
MSC Industrial Direct Co.,
Cl. A			400			12,520
Neiman-Marcus Group,
Inc., Cl. A			400			21,820
O’Charleys, Inc.(A)			400			7,032
O’Reilly Automotive, Inc.(A)			950			38,466
Outback Steakhouse, Inc.			840			34,112
Pacific Sunwear of
California(A)		2,200				44,880
Papa John’s
International, Inc.(A)			360			10,933
Payless Shoesource,
Inc.(A)		1,800				23,292
PEP Boys-Manny Moe &
Jack		1,970				40,779
Petco Animal Supplies,
Inc.(A)		1,250				37,338
Petsmart, Inc.		1,170				36,282
PF Chang’s China Bistro,
Inc.(A)			340			15,106
Pier 1 Imports, Inc.		2,650				47,515
Rare Hospitality
International, Inc.(A)			550			15,516
Red Robin Gourmet
Burgers, Inc.(A)			250			8,525

	NUMBER OF		MARKET
	SHARES		VALUE
Retail Ventures, Inc.(A)	900	$	7,236
Rite Aid Corp.(A)	4,750		23,323
Ross Stores, Inc.	1,650		38,198
Ruby Tuesday, Inc.	600		17,334
Ruddick Corp.	1,100		21,516
Ryan’s Restaurant
Group, Inc.(A)	850		12,317
Saks, Inc.	1,500		19,575
School Specialty, Inc.(A)	350		12,044
Select Comfort Corp.(A)	900		18,387
Sharper Image Corp.(A)	370		9,879
ShopKo Stores, Inc.(A)	550		8,553
Smart & Final, Inc.(A)	500		7,505
Sonic Automotive, Inc.	620		13,857
Sonic Corp.(A)	505		11,615
Sports Authority, Inc.(A)	250		6,375
Stage Stores, Inc.(A)	320		11,347
Steak N Shake Co.(A)	400		6,848
Stein Mart, Inc.(A)	930		16,870
Stride Rite Corp.	1,250		13,000
Talbots, Inc.	950		29,260
TBC Corp.(A)	230		5,504
Too, Inc.(A)	620		9,288
Tractor Supply Co.(A)	1,110		40,249
Trans World
Entertainment(A)	850		8,441
Tuesday Morning Corp.(A)	700		22,512
Ultimate Electronics,
Inc.(A)	400		1,368
Urban Outfitters, Inc.(A)	1,780		52,937
Weis Markets, Inc.	550		17,540
West Marine, Inc.(A)	400		8,264
Whole Foods Market, Inc.	830		68,326
Williams-Sonoma, Inc.(A)	900		29,241
World Fuel Services Corp.	150		5,700
Yankee Candle Co.,
Inc.(A)	1,600		46,432
Zale Corp.(A)	700	18,998
		2,379,507
Rubber & Plastic–0.1%
Bandag, Inc.	350		15,627
Myers Industries, Inc.	550		7,205
Schulman A, Inc.	350		7,287

58

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Trex Co., Inc.(A)		200	$	8,920
			39,039
Semi-Conductors/Instruments–2.6%
Actel Corp.(A)		350		5,257
Advanced Energy
Industries, Inc.(A)		350		3,451
Agere Systems, Inc.,
Cl. A(A)		15,370		19,059
AMIS Holdings, Inc.(A)		400		5,892
Amkor Technology,
Inc.(A)		1,620		6,561
Amphenol Corp., Cl. A(A)		950		29,858
Artesyn Technologies,
Inc.(A)		750		5,595
Artisan Components,
Inc.(A)		300		7,299
Asyst Technologies, Inc.(A)		550		3,184
Atmel Corp.(A)		4,340		18,575
ATMI, Inc.(A)		1,150		23,414
Avanex Corp.(A)		1,600		4,720
Axcelis Technologies,
Inc.(A)		1,130		10,543
Benchmark Electronics,
Inc.(A)		600		17,148
Brillian Corp.(A)		25		198
Brooks Automation,
Inc.(A)		1,410		20,318
Caliper Life Sciences,
Inc.(A)		250		1,477
Ceradyne, Inc.(A)		200		7,674
ChipPac, Inc., Cl. A(A)		1,100		5,478
Conexant Systems,
Inc.(A)		4,266		6,783
Cree, Inc.(A)		930		20,813
Cubic Corp.		400		8,100
Cymer, Inc.(A)		700		20,048
Cypress Semiconductor
Corp.(A)		3,850		43,659
DSP Group, Inc.(A)		490		9,658
Dupont Photomasks,
Inc.(A)		450		7,353
Emulex Corp.(A)		2,220		23,954
ESS Technology(A)		650		4,452
Exar Corp.(A)		1,550		20,878

	NUMBER OF		MARKET
	SHARES		VALUE
Fairchild Semiconductor
International, Inc.,
Cl. A(A)	3,400	$	49,946
Finisar Corp.(A)	7,280		11,029
Genesis Microchip, Inc.(A)	500		5,745
Helix Technology Corp.	400		5,776
Integrated Circuit
Systems, Inc.(A)	700		16,744
Integrated Device
Technology, Inc.(A)	733		8,378
Integrated Silicon
Solutions, Inc.(A)	500		4,210
International Rectifier
Corp.(A)	720		28,224
Intersil Corp., Cl. A	1,428		26,223
Lattice Semiconductor
Corp.(A)	1,600		7,840
Mattson Technology,
Inc.(A)	1,030		9,157
MEMC Electronic
Materials, Inc.(A)	4,525		41,132
Methode Electronics, Inc.	650		8,469
Micrel, Inc.(A)	1,120		11,502
Microchip Technology,
Inc.	2,722		78,856
Microsemi Corp.(A)	1,500		18,375
Mindspeed Technologies,
Inc.(A)	3,250		10,497
Mykrolis Corp.(A)	900		9,000
Omnivision Technologies,
Inc.(A)	1,530		18,023
ON Semiconductor
Corp.(A)	2,250		9,000
Oplink Communications,
Inc.(A)	950		1,701
OSI Systems, Inc.(A)	938		17,475
Park Electrochemical
Corp.	300		6,894
Pericom Semiconductor
Corp.(A)	700		6,993
Photon Dynamics, Inc.(A)	250		6,873
Photronics, Inc.(A)	550		7,959
Pixelworks, Inc.(A)	830		8,126
Plexus Corp.(A)	1,500		16,815
Power Integration(A)	600		12,108

59

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Rambus, Inc.(A)		3,050	$	51,149
RF Micro Devices, Inc.(A)		4,730		28,002
Semtech Corp.(A)		1,000		19,850
Silicon Image, Inc.(A)		1,220		14,628
Silicon Laboratories,
Inc.(A)		450		15,881
Silicon Storage
Technology(A)		990		6,574
Siliconix, Inc.(A)		450		19,179
Sirenza Microdevices,
Inc.(A)		950		4,617
Sirf Technology Holdings,
Inc.(A)		550		6,155
Skyworks Solutions,
Inc.(A)		1,510		12,654
Standard Microsystems
Corp.(A)		300		5,163
Stratos Lightwave, Inc.(A)		210		872
Tessera Technologies,
Inc.(A)		660		11,484
Three-Five Systems,
Inc.(A)		100		352
Transmeta Corp.(A)		500		565
Transwitch Corp.(A)		300		426
Triquint Semiconductor,
Inc.(A)		1,900		7,695
TTM Technologies, Inc.(A)		650		7,462
Varian Semiconductor
Equipment Associates,
Inc.(A)		300		8,961
Vitesse Semiconductor
Corp.(A)		1,570		4,396
Zoran Corp.(A)		639	11,304
			1,061,838
Software–2.2%
Activision, Inc.(A)		2,175		31,864
Actuate Corp.(A)		500		1,800
Advent Software, Inc.(A)		700		11,102
Akamai Technologies,
Inc.(A)		1,800		26,874
Altiris, Inc.(A)		350		8,788
Art Technology Group,
Inc.(A)		800		760

	NUMBER OF		MARKET
	SHARES		VALUE
Aspect Communications
Corp.(A)	650	$	5,505
At Road, Inc.(A)	650		2,567
BEA Systems, Inc.(A)	4,430		28,751
Borland Software
Corp.(A)	1,810		14,969
Brocade Communications
System, Inc.(A)	8,772		42,281
Cerner Corp.(A)	430		19,350
Commerce One, Inc.(A)	75		55
DST Systems, Inc.(A)	900		41,004
E.piphany, Inc.(A)	1,100		4,400
Echelon Corp.(A)	400		2,980
Epicor Software Corp.(A)	600		7,428
F5 Networks, Inc.(A)	350		9,166
Hyperion Solutions
Corp.(A)	950		38,969
i2 Technologies, Inc.(A)	900		675
Informatica Corp.(A)	1,250		7,587
Interactive Intelligence,
Inc.(A)	350		1,456
Internet Security
Systems(A)	1,850		28,342
Interwoven, Inc.(A)	100		752
Keane, Inc.(A)	1,570		23,189
Lawson Software, Inc.(A)	1,500		10,650
Magma Design
Automation, Inc.(A)	450		7,987
Mantech International
Corp., Cl. A(A)	400		5,720
Matrixone, Inc.(A)	400		2,544
Micromuse, Inc.(A)	1,690		7,605
Microstrategy, Inc.,
Cl. A(A)	200		8,052
Midway Games, Inc.(A)	800		9,144
National Instruments
Corp.	750		21,787
NETIQ Corp.(A)	950		9,053
Omnicell, Inc.(A)	620		9,052
Opsware, Inc.(A)	1,150		7,084
Packeteer, Inc.(A)	350		3,283
PDF Solutions, Inc.(A)	201		1,650
Peregrine Systems,
Inc.(A)	10		180
Pixar, Inc.(A)	1,390		94,854

60

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Portal Software, Inc.(A)	390	$	1,010
Progress Software Corp.(A)	650		13,410
Quest Software, Inc.(A)	1,070		12,904
RealNetworks, Inc.(A)	5,900		33,276
Red Hat, Inc.(A)	1,950		33,384
Renaissance Learning,
Inc.	450		9,585
S1 Corp.(A)	1,100		9,097
Saba Software, Inc.(A)	187		688
ScanSoft, Inc.(A)	1,400		5,712
Seebeyond Technology
Corp.(A)	800		2,416
Serena Software, Inc.(A)	600		9,240
SonicWall, Inc.(A)	1,800		11,934
SS&C Technologies, Inc.	350		7,053
Sybase, Inc.(A)	2,650		38,611
Take-Two Interactive
Software(A)	1,030		32,260
THQ, Inc.(A)	550		10,478
Tibco Software, Inc.(A)	2,930		20,715
TradeStation Group,
Inc.(A)	1,100		6,545
Transaction Systems
Architects, Inc., Cl. A(A)	500		8,550
Trizetto Group(A)	1,100		7,436
Ulticom, Inc.(A)	700		7,511
Vastera, Inc.(A)	2,650		5,698
Verint Systems, Inc.(A)	560		17,758
Verity, Inc.(A)	600		6,678
Vignette Corp.(A)	4,150		5,935
Vitria Technology, Inc.(A)	87		220
WebEx Communications,
Inc.(A)	500		10,260
webMethods, Inc.(A)	1,100		5,247
Wind River Systems(A)	2,170	21,266
		914,136
Specialty Machinery–0.4%
Aaon, Inc.(A)	832		14,976
Lennox International, Inc.	990		17,444
Littelfuse, Inc.(A)	340		13,192
Modine Manufacturing Co.	600		17,796
Tecumseh Products Co.	1,470		60,020
Valence Technology,
Inc.(A)	4,688		14,673

	NUMBER OF				MARKET
	SHARES				VALUE
Watsco, Inc.			400	$	11,696
York International Corp.			800	28,464
				178,261
Steel & Steel Works–0.4%
AK Steel Holding Corp.(A)		2,240			14,851
Carpenter Technology			400		17,200
Gibraltar Steel Corp.			250		8,062
International Steel
Group, Inc.(A)			220		7,201
Maverick Tube Corp.(A)			540		15,574
Quanex Corp.			340		15,470
Reliance Steel &
Aluminum Co.			350		13,937
Ryerson Tull, Inc.			500		7,670
Schnitzer Steel
Industries, Inc., Cl. A			375		11,599
Steel Dynamics, Inc.			532		17,423
Texas Industries, Inc.			380	16,275
				145,262
Telephones &
Telecommunications–2.4%
Adelphia Business
Solutions, Inc.(A)			199		4
Adtran, Inc.			710		18,964
Advanced Fibre
Communication(A)			900		15,084
Alamosa Holdings, Inc.(A)		2,300			17,664
Alaska Communications
Systems Group, Inc.(A)		1,100			6,589
American Tower Corp.,
Cl. A(A)		2,440			35,282
Anixter International,
Inc.(A)			600		20,088
Audiovox Corp., Cl. A(A)		1,464			25,356
Centennial
Communications
Corp.(A)		1,790			10,060
Cincinnati Bell, Inc.(A)		8,900			35,956
Commonwealth
Telephone(A)			500		22,400
Corvis Corp.(A)		5,650			6,328
Covad Communications
Group(A)		1,900			3,610

61

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Crown Castle
International Corp.(A)		2,000	$	28,240
Dobson Communications
Corp.(A)		3,000		8,010
Equinix, Inc.(A)		360		11,700
Exodus Communications,
Inc.(A)		550		-
Foundry Networks, Inc.(A)		3,860		39,604
General Cable Corp.(A)		600		5,712
General Communication,
Cl. A(A)		2,270		18,183
Global Crossing Ltd.(A)		500		9,400
Global Payments, Inc.		350		15,977
IDT Corp.(A)		400		6,200
Infonet Services Corp.,
Cl. B(A)		7,740		12,152
j2 Global
Communications, Inc.(A)		250		6,377
Juniper Networks, Inc.(A)		7,020		161,179
Leap Wireless
International, Inc.(A)		300		3
Level 3 Communications,
Inc.(A)		6,230		18,877
MCI, Inc.(A)		4,150		63,412
Metromedia Fiber
Network, Inc., Cl. A(A)		600		–
Nextel Partners, Inc.,
Cl. A(A)		2,000		32,140
North Pittsburgh
Systems, Inc.		982		18,805
Novatel Wireless, Inc.(A)		350		8,040
NTL, Inc.(A)		970		50,556
Optical Cable Corp.(A)		84		356
PanAmSat Corp.(A)		1,350		31,361
Primus
Telecommunications
Group(A)		2,500		4,050
PTEK Holdings, Inc.(A)		1,340		15,397
RCN Corp.(A)		1,600		170
Shenandoah Telecomm
Co.(A)		400		9,200
Spectrasite, Inc.(A)		400		17,200
SR Telecom, Inc.(A)		21		63
SureWest
Communications		250		6,705

	NUMBER OF		MARKET
	SHARES		VALUE
Sycamore Networks,
Inc.(A)	2,550	$	9,537
Telephone & Data
Systems, Inc.	490		37,191
Time Warner Telecom,
Inc., Cl. A(A)	150		651
Triton PCS Holdings,
Inc., Cl. A(A)	1,050		3,161
Ubiquitel, Inc.(A)	1,700		6,800
US Cellular Corp.(A)	743		29,163
US Unwired, Inc.(A)	2,350		5,758
Warwick Valley
Telephone Co.	600		12,912
West Corp.(A)	967		24,243
Western Wireless Corp.,
Cl. A(A)	670	17,681
		963,551
Testing Laboratories–0.7%
Accelrys, Inc.(A)	610		4,636
Amylin Pharmaceticals,
Inc.(A)	2,163		44,558
Antigenics, Inc.(A)	900		6,822
Ariad Pharmaceuticals,
Inc.(A)	900		4,968
Atrix Labs, Inc.(A)	550		17,715
CV Therapeutics, Inc.(A)	500		6,695
Diversa Corp.(A)	750		6,727
Dyax Corp.(A)	550		4,230
eResearch Technology,
Inc.(A)	630		15,693
Exelixis, Inc.(A)	1,490		11,801
Genencor International,
Inc.(A)	710		11,672
Incyte Corp.(A)	1,760		10,824
Inveresk Research
Group, Inc.(A)	500		18,150
Isis Pharmaceuticals,
Inc.(A)	1,980		9,999
Lexicon Genetics, Inc.(A)	1,000		6,060
Luminex Corp.(A)	700		5,334
Myriad Genetics, Inc.(A)	390		5,343
Oscient Pharmaceuticals
Corp.(A)	1,500		6,630

62

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Pharmaceutical Product
Development, Inc.(A)	1,500	$	52,590
Pharmacopeia Drug
Discovery, Inc.(A)	305		1,687
Rigel Pharmaceuticals,
Inc.(A)	300		4,095
SFBC International,
Inc.(A)	300		10,212
Symyx Technologies,
Inc.(A)	400		7,716
Tejon Ranch Co.(A)	370		12,321
Trimeris, Inc.(A)	250	2,868
		289,346
Trucking–1.3%
Arkansas Best Corp.	510		17,835
CH Robinson, Inc.	750		32,797
CNF, Inc.	800		33,008
Expeditors International
Washington, Inc.	1,400		64,974
Forward Air Corp.(A)	390		15,487
GATX Corp.	1,700		43,316
Heartland Express	650		17,557
Hunt JB Transportation
Services, Inc.	800		30,728
Kirby Corp.(A)	450		17,370
Knight Transportation,
Inc.(A)	945		18,720
Laidlaw International,
Inc.(A)	1,040		14,612
Landstar Systems, Inc.(A)	600		29,886
Old Dominion Freight
Line(A)	300		8,706
Overnite Corp.(A)	350		10,462
Pacer International,
Inc.(A)	580		9,155
SCS Transportation,
Inc.(A)	300		7,725
Sirva, Inc.(A)	1,600		37,408
Swift Transportation
Co., Inc.(A)	1,527		30,502
USF Corp.	600		21,300
Wabash National Corp.(A)	490		14,151
Werner Enterprises, Inc.	2,287		45,580

	NUMBER OF		MARKET
	SHARES		VALUE
Yellow Roadway Corp.(A)	490	$	21,320
		542,599
Water Utilities–0.1%
Aqua America, Inc.	2,375		46,194
Ionics, Inc.(A)	300	8,112
		54,306
Wholesale–1.3%
Aramark Corp.	820		21,992
Arrow Electronics, Inc.(A)	950		22,477
Aviall, Inc.(A)	400		8,020
Avnet, Inc.(A)	1,000		19,420
Barnes Group, Inc.	300		7,785
Central European
Distribution Corp.(A)	300		7,233
Fastenal Co.	650		40,547
Fresh Del Monte Produce	1,800		47,790
Handleman Co.	400		8,588
Hughes Supply, Inc.	800		48,736
Ingram Micro, Inc.,
Cl. A(A)	1,350		19,238
LKQ Corp.(A)	400		7,108
Navarre Corp.(A)	550		8,844
Owens & Minor
Inc. Holding Co.	900		23,103
Patterson Cos., Inc.(A)	920		67,546
Performance Food
Group Co.(A)	350		8,673
SCP Pool Corp.	510		21,027
Tech Data Corp.(A)	1,180		44,203
United Natural Foods,
Inc.(A)	1,500		32,505
United Stationers, Inc.(A)	300		11,826
Valhi, Inc.	1,050		12,107
Wesco International,
Inc.(A)	1,431	29,407
		518,175
Total Common Stock
(Cost $40,796,871)–98.6%		40,406,189

63

TD WATERHOUSE TRUST
Extended Market Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Rights
Entertainment–0.0%
Liberty Media
International, Inc.,
Cl. A, expires
08/23/04(A)	293	$	1,761
Total Rights
(Cost $0)–0.0%	1,761
Warrants
Computers & Services–0.0%
Redback Networks, Inc.,
expires 01/05/11(A)	6		30
Telephones &
Telecommunications–0.0%
NTL, Inc. Series A,
expires 01/13/11(A)	3		17
Total Warrants
(Cost $30,221)–0.0%	47

		MARKET
		VALUE
Total Investments
(Cost $40,827,092)–98.6%	$	40,407,997
Other Assets and Liabilities,
Net–1.4%	561,572
Net Assets–100.0%	$	40,969,569
(A) Non-income producing security.
Amounts designated as ”–” are either $0 or round to $0.

Please see accompanying notes to financial statements.

64

TD WATERHOUSE TRUST
Asian Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Foreign Common Stock
Australia–13.2%
Amcor Ltd.	3,578	$	17,189
AMP Ltd.	6,508		28,576
Ansell Ltd.	903		4,970
Australia and New
Zealand Banking
Group Ltd.	6,906		87,343
Australia Gas Light Co.
Ltd.	1,517		13,386
Australian Stock
Exchange Ltd.	384		4,235
AXA Asia Pacific
Holdings Ltd.	6,600		14,652
BHP Billiton Ltd.	14,851		137,074
BHP Steel Ltd.	3,200		16,583
Boral Ltd.	2,466		12,520
Brambles Industries Ltd.	3,259		13,602
Centro Properties Group	2,000		6,233
Coca-Cola Amatil Ltd.	1,800		8,849
Cochlear Ltd.	277		4,305
Coles Myer Ltd.	3,734		23,247
Commonwealth Bank
of Australia	5,034		110,060
CSL Ltd.	716		12,781
Deutsche Office Trust	5,773		5,134
Foster’s Group Ltd.	6,523		21,150
General Property Trust	9,176		22,427
Harvey Norman
Holdings Ltd.	7,800		16,606
Iluka Resources Ltd.	1,570		4,948
Insurance Australia
Group Ltd.	6,017		20,984
James Hardie Industries	2,015		8,043
John Fairfax Holdings
Ltd.	6,339		16,736
Leighton Holdings Ltd.	588		3,858
Lend Lease Corp. Ltd.	1,336		9,730
Lion Nathan Ltd.	2,000		9,762
Macquarie Bank Ltd.	726		16,788
Macquarie Goodman
Industrial Trust	5,000		6,163
Macquarie
Infrastructure Group(A)	9,443		22,881

	NUMBER OF		MARKET
	SHARES		VALUE
Mayne Group Ltd.	2,827	$	7,048
Mirvac Group	2,904		9,253
National Australia
Bank Ltd.	5,969		111,483
Newcrest Mining Ltd.	1,246		12,408
News Corp. Ltd.(A)	4,949		42,352
OneSteel Ltd.	3,079		5,736
Orica Ltd.	1,120		12,236
Origin Energy Ltd.	2,430		10,347
PaperlinX Ltd.	1,671		5,886
Patrick Corp. Ltd.	2,000		7,703
Publishing &
Broadcasting Ltd.	1,000		9,454
Qbe Insurance
Group Ltd.	2,500		21,849
Rinker Group Ltd.	3,900		22,505
Rio Tinto Ltd.	1,000		26,534
Santos Ltd.	1,992		10,114
Sonic Healthcare Ltd.	902		5,736
Southcorp Ltd.	85		186
Stockland	4,300		16,622
Suncorp-Metway Ltd.	2,183		21,250
TAB Ltd.	2,776		9,312
Tabcorp Holdings Ltd.	1,400		13,696
Telstra Corp. Ltd.	9,218		31,825
Toll Holdings Ltd.	1,000		7,360
Transurban Group	1,768		6,290
Wesfarmers Ltd.	1,657		34,209
Westfield Group(A)	4,730		50,183
Westpac Banking
Corp. Ltd.	6,888		81,279
WMC Ltd.	3,806		13,833
WMC Resources Ltd.	4,076		14,843
Woodside Petroleum Ltd.	1,700		21,417
Woolworths Ltd.	3,802	31,178
		1,374,942
Hong Kong–4.6%
Bank of East Asia	3,600		10,200
BOC Hong Kong
Holdings Ltd.	14,000		23,962
Cheung Kong
Holdings Ltd.	6,000		44,424

65

TD WATERHOUSE TRUST
Asian Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Cheung Kong
Infrastructure
Holdings Ltd.	2,000	$	4,756
CLP Holdings Ltd.	7,200		40,431
Esprit Holdings Ltd.	3,500		15,571
Giordano International
Ltd.	10,000		6,058
Hang Lung Properties
Ltd.	7,000		9,648
Hang Seng Bank Ltd.	3,200		40,924
Henderson Land
Development	3,000		13,192
Hong Kong & China
Gas	16,900		29,467
Hong Kong Electric
Holdings	6,500		27,750
Hong Kong Exchanges
& Clearing Ltd.	4,000		8,257
Hopewell Holdings	3,000		5,942
Hutchison Whampoa
Ltd.	8,000		54,104
Hysan Development
Co. Ltd.	3,000		5,404
Johnson Electric
Holdings	4,000		4,051
Li & Fung Ltd.	4,000		5,539
New World
Development Ltd.	9,000		7,269
PCCW Ltd.(A)	14,000		9,603
Sino Land Co.	8,000		5,026
Sun Hung Kai
Properties Ltd.	6,000		50,770
Swire Pacific Ltd.	4,500		30,001
Techtronic Industries
Co.	4,000		5,949
Television Broadcasts
Ltd.	2,000		8,231
Wharf Holdings Ltd.	6,000	18,462
		484,991
Japan–64.1%
7-Eleven Japan	1,000		30,685
77 Bank Ltd.	1,000		6,298
Acom Co. Ltd.	220		14,153
Advantest Corp.	300		17,550

	NUMBER OF		MARKET
	SHARES		VALUE
Aeon Co. Ltd.	900	$	30,847
Aeon Credit Service
Co. Ltd.	100		6,128
Aiful Corp.	200		18,806
Aisin Seiki Co. Ltd.	600		13,108
Ajinomoto Co., Inc.	2,000		23,238
All Nippon Airways
Co. Ltd.	2,000		6,101
Alps Electric Co. Ltd.	1,000		13,449
Amada Co. Ltd.	2,000		11,341
Aoyama Trading Co.
Ltd.	300		6,756
Asahi Breweries Ltd.	1,000		10,623
Asahi Glass Co. Ltd.	3,000		26,971
Asahi Kasei Corp.	5,000		21,937
Asatsu-DK, Inc.	200		5,285
Bank of Fukuoka Ltd.	2,000		10,336
Bank of Yokohama Ltd.	4,000		21,713
Benesse Corp.	200		5,922
Bridgestone Corp.	2,000		36,068
Canon, Inc.	3,300		161,069
Casio Computer Co.
Ltd.	1,000		13,539
Central Glass Co. Ltd.	1,000		7,546
Central Japan Railway
Co.	3		24,090
Chiba Bank Ltd.	2,000		10,695
Chubu Electric Power
Co., Inc.	2,600		54,470
Chugai Pharmaceutical
Co. Ltd.	800		12,554
Citizen Watch Co. Ltd.	1,000		9,941
Coca-Cola West Japan
Co. Ltd.	300		7,833
Credit Saison Co. Ltd.	700		21,165
CSK Corp.	300		12,624
Dai Nippon Printing
Co. Ltd.	2,000		28,298
Daiichi Pharmaceutical
Co. Ltd.	1,000		18,348
Daikin Industries Ltd.	1,000		24,629
Daimaru, Inc.	1,000		7,707
Dainippon Ink and
Chemicals, Inc.	3,000		6,891

66

TD WATERHOUSE TRUST
Asian Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Dainippon Screen
Manufacturing Co.
Ltd.(A)	1,000	$	5,024
Daito Trust Construction
Co. Ltd.	400		14,894
Daiwa House Industry
Co. Ltd.	2,000		20,780
Daiwa Securities Group,
Inc.	4,000		26,235
Denki Kagaku Kogyo	2,000		6,514
Denso Corp.	1,800		44,090
Dentsu, Inc.	6		15,289
Dowa Mining Co. Ltd.	1,000		6,038
East Japan Railway Co.	12		65,354
Eisai Co. Ltd.	1,000		29,339
FamilyMart Co. Ltd.	200		5,832
Fanuc Ltd.	600		34,561
Fast Retailing Co. Ltd.	200		14,086
Fuji Electric Co. Ltd.	1,000		2,449
Fuji Photo Film Co. Ltd.	2,000		59,934
Fujikura Ltd.	2,000		9,690
Fujisawa
Pharmaceutical Co.
Ltd.	1,000		24,225
Fujitsu Ltd.	7,000		43,336
Furukawa Electric Co.
Ltd.(A)	3,000		12,220
Gunma Bank Ltd.	2,000		9,780
Hino Motors Ltd.	1,000		7,178
Hirose Electric Co. Ltd.	100		9,690
Hitachi Ltd.	12,000		73,213
Hokkaido Electric
Power Co., Inc.	700		12,536
Hokugin Financial
Group, Inc.(A)	4,000		9,439
Honda Motor Co. Ltd.	3,100		150,751
Hoya Corp.	400		41,093
Isetan Co. Ltd.	900		10,296
Ishikawajima-Harima
Heavy Industries Co.
Ltd.(A)	7,000		10,363
Ito En Ltd.	200		9,331
Ito-Yokado Co. Ltd.	1,000		38,850
Itochu Corp.(A)	6,000		23,148

	NUMBER OF		MARKET
	SHARES		VALUE
Itochu Techno-
Science Corp.	200	$	7,357
Japan Airlines
Systems Corp.(A)	2,000		5,796
Japan Tobacco, Inc.	3		22,906
JFE Holdings, Inc.	1,975		47,224
JGC Corp.	1,000		9,331
Joyo Bank Ltd.	2,000		8,129
JSR Corp.	500		8,277
Kajima Corp.	3,000		10,121
Kamigumi Co. Ltd.	1,000		6,855
Kaneka Corp.	1,000		8,757
Kansai Electric
Power Co.	2,500		45,534
Kao Corp.	2,000		49,527
Katokichi Co. Ltd.	300		5,827
Kawasaki Heavy
Industries Ltd.	8,000		11,700
Kawasaki Kisen
Kaisha Ltd.	3,000		15,019
Keihin Electric Express
Railway Co. Ltd.	2,000		11,772
Keio Electric Railway
Co. Ltd.	2,000		10,641
Keyence Corp.	100		21,139
Kikkoman Corp.	1,000		8,613
Kintetsu Corp.	7,000		24,055
Kirin Brewery Co. Ltd.	2,000		19,559
Kobe Steel Ltd.	9,000		12,435
Kokuyo Co. Ltd.	500		5,931
Komatsu Ltd.	4,000		23,579
Konami Corp.	300		6,500
Konica Minolta
Holdings, Inc.	2,000		26,145
Kubota Corp.	5,000		22,655
Kuraray Co. Ltd.	2,000		15,127
Kurita Water Industries
Ltd.	500		7,079
Kyocera Corp.	700		54,013
Kyowa Hakko Kogyo
Co. Ltd.	2,000		13,925
Kyushu Electric Power	1,700		31,802
Lawson, Inc.	300		11,628
Mabuchi Motor Co. Ltd.	200		14,122
Marubeni Corp.	6,000		13,566

67

TD WATERHOUSE TRUST
Asian Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Marui Co. Ltd.(A)	900	$	10,861
Matsushita Electric
Industrial Co. Ltd.	8,865		118,036
Matsushita Electric
Works	1,000		8,533
Meiji Dairies Corp.	1,000		5,356
Meiji Seika Kaisha Ltd.	2,000		8,613
Meitec Corp.	200		6,998
Millea Holdings, Inc.	6		88,287
Minebea Co. Ltd.	2,000		8,542
Mitsubishi Chemical
Corp.	5,000		11,843
Mitsubishi Corp.	5,000		48,091
Mitsubishi Electric Corp.	6,000		27,347
Mitsubishi Estate Co.
Ltd.	4,000		45,471
Mitsubishi Gas
Chemical Co., Inc.	2,000		7,716
Mitsubishi Heavy
Industries Ltd.	12,000		31,331
Mitsubishi Materials
Corp.	5,000		10,273
Mitsubishi Rayon Co.
Ltd.	3,000		10,444
Mitsubishi Tokyo
Financial Group, Inc.	17		152,070
Mitsui & Co. Ltd.	4,000		29,967
Mitsui Chemicals, Inc.	1,000		4,441
Mitsui Engineering &
Shipbuilding Co., Ltd.	4,000		5,958
Mitsui Fudosan Co. Ltd.	3,000		33,323
Mitsui Mining & Smelting
Co. Ltd.	3,000		12,220
Mitsui O.S.K. Lines Ltd.	2,000		10,390
Mitsui Sumitomo
Insurance Co. Ltd.	4,000		36,966
Mitsui Trust Holdings,
Inc.	2,000		13,997
Mitsukoshi Ltd.(A)	2,000		9,152
Mizuho Financial Group,
Inc.	29		109,802
Murata Manufacturing
Co. Ltd.	800		39,693
NEC Corp.	6,000		37,414

	NUMBER OF		MARKET
	SHARES		VALUE
NET One Systems Co.
Ltd.	2	$	6,478
NGK Insulators Ltd.	1,000		7,878
NGK Spark Plug Co.
Ltd.	1,000		9,753
Nidec Corp.	200		18,573
Nikko Cordial Corp.	6,000		27,186
Nikon Corp.	1,000		9,618
Nintendo Co. Ltd.	300		33,377
Nippon Express Co.
Ltd.	3,000		15,854
Nippon Kayaku Co. Ltd.	1,000		5,419
Nippon Meat Packers,
Inc.	1,000		12,193
Nippon Mining Holdings,
Inc.	2,000		8,398
Nippon Mitsubishi Oil
Corp.	4,000		24,584
Nippon Sheet Glass Co.
Ltd.	1,000		3,750
Nippon Shokubai Co.
Ltd.	1,000		7,591
Nippon Steel Corp.	23,000		46,638
Nippon Telegraph &
Telephone Corp.	21		104,571
Nippon Unipac Holding	4		19,631
Nippon Yusen
Kabushiki Kaisha	4,000		18,339
Nishimatsu Construction
Co. Ltd.	1,000		3,068
Nissan Chemical
Industries Ltd.	1,000		7,429
Nissan Motor Co. Ltd.	9,500		102,454
Nisshin Seifun Group,
Inc.	1,000		9,914
Nissin Food Products
Co. Ltd.	500		12,651
Nitto Denko Corp.	700		29,267
NOK Corp.	400		12,059
Nomura Holdings, Inc.	7,000		95,967
NSK Ltd.	2,000		8,918
NTN Corp.	2,000		10,390
NTT Data Corp.	5		14,311
NTT Docomo, Inc.	77		134,027
Obayashi Corp.	3,000		14,266

68

TD WATERHOUSE TRUST
Asian Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Odakyu Electric
Railway Co. Ltd.		3,000	$	15,666
OJI Paper Co. Ltd.		3,000		19,219
Oki Electric Industry
Co. Ltd.(A)		3,000		10,767
Olympus Corp.		1,000		19,335
Omron Corp.		1,000		21,399
Oracle Corp.		200		9,941
Oriental Land Co. Ltd.		200		12,471
ORIX Corp.		300		32,408
Osaka Gas Co. Ltd.		9,000		23,983
Pioneer Corp.		500		10,812
Promise Co. Ltd.		250		16,195
QP Corp.		700		5,929
Rakuten, Inc.		2		11,987
Resona Holdings, Inc.(A)		18,000		27,778
Ricoh Co. Ltd.		3,000		58,409
Rohm Co. Ltd.		400		42,780
Sampo Japan
Insurance, Inc.		3,000		29,581
Sankyo Co. Ltd.		1,600		34,525
Sanyo Electric Co. Ltd.		6,000		22,879
Sapporo Holdings Ltd.		2,000		7,483
Secom Co. Ltd.		1,000		40,375
Sega Corp.(A)		500		6,527
Seiko Epson Corp.		400		15,648
Sekisui Chemical Co. Ltd.		2,000		14,391
Sekisui House Ltd.		2,000		20,116
Sharp Corp.		4,000		57,745
Shimachu Co. Ltd.		200		4,827
Shimamura Co. Ltd.		100		7,268
Shimano, Inc.		500		12,113
Shimizu Corp.		3,000		12,462
Shin-Etsu Chemical
Co. Ltd.		1,300		44,090
Shinsei Bank Ltd.		2,000		10,910
Shionogi & Co. Ltd.		1,000		17,846
Shiseido Co. Ltd.		1,000		12,427
Shizuoka Bank Ltd.		2,000		16,258
Showa Denko		5,000		11,170
Showa Shell Sekiyu KK		500		4,522
Skylark Co. Ltd.		300		5,572
SMC Corp.		200		19,559
Softbank Corp.		800		28,137
Sony Corp.		3,500		122,785

	NUMBER OF		MARKET
	SHARES		VALUE
Stanley Electric
Co. Ltd.	300	$	4,570
Sumitomo Bakelite
Co. Ltd.	1,000		6,020
Sumitomo Chemical
Co. Ltd.	6,000		24,656
Sumitomo Corp.	4,000		27,922
Sumitomo Electric
Industries Ltd.	2,000		19,021
Sumitomo Heavy
Industries Ltd.(A)	3,000		8,237
Sumitomo Metal
Industries Ltd.	11,000		11,843
Sumitomo Metal
Mining Co. Ltd.	2,000		11,933
Sumitomo Mitsui
Financial Group, Inc.	16		96,326
Sumitomo Realty &
Development Co. Ltd.	1,000		11,386
Sumitomo Trust &
Banking Co. Ltd.	5,000		29,249
Suruga Bank Ltd.	1,000		6,909
Suzuken Co. Ltd.	200		5,832
T&D Holdings, Inc.(A)	600		27,832
Taiheiyo Cement Corp.	4,000		9,582
Taisei Corp.	4,000		12,669
Taisho Pharmaceutical
Co. Ltd.	1,000		20,950
Takara Holdings, Inc.	1,000		7,294
Takashimaya Co. Ltd.	1,000		9,295
Takeda Chemical
Industries Ltd.	3,400		158,934
Takefuji Corp.	330		23,687
TDK Corp.	500		34,543
Teijin Ltd.	2,000		6,945
Terumo Corp.	500		12,113
THK Co. Ltd.	500		8,039
TIS, Inc.	200		7,644
Tobu Railway Co. Ltd.	3,000		11,843
Toho Co. Ltd.	800		11,592
Tohoku Electric Power	1,500		24,629
Tokyo Electric Power Co.	4,400		99,681
Tokyo Electron Ltd.	700		34,229
Tokyo Gas Co. Ltd.	11,000		39,280
Tokyu Corp.	3,000		13,754

69

TD WATERHOUSE TRUST
Asian Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
TonenGeneral Sekiyu	1,000	$	8,012
Toppan Printing Co. Ltd.	2,000		19,990
Toray Industries, Inc.	5,000		23,687
Toshiba Corp.	12,000		44,036
Tosho Corp.	3,000		9,663
Tostem Inax Holding
Corp.	1,000		20,322
Toto Ltd.	1,000		9,717
Toyo Seikan Kaisha Ltd.	1,000		15,791
Toyobo Co. Ltd.	3,000		7,564
Toyoda Gosei Co. Ltd.	100		2,198
Toyota Industries Corp.	600		14,077
Toyota Motor Corp.	11,000		442,152
Trend Micro, Inc.	500		20,457
Ube Industries Ltd.(A)	4,000		5,383
UFJ Holdings, Inc.(A)	15		60,159
Uni-Charm Corp.	200		10,480
UNY Co.	1,000		11,484
West Japan Railway Co.	7		28,011
World Co. Ltd.	200		5,617
Yahoo Japan Corp.(A)	4		31,726
Yamada Denki Co. Ltd.	300		10,363
Yamaha Corp.	600		9,098
Yamaha Motor Co. Ltd.	1,000		15,298
Yamanouchi
Pharmaceutical Co.
Ltd.	1,200		41,129
Yamato Transport Co.
Ltd.	2,000		31,816
Yokogawa Electric Corp.	1,000	11,664
		6,665,233
New Zealand–0.6%
Carter Holt Harvey Ltd.	10,407		14,576
Contact Energy Ltd.	3,649		13,921
Sky City Entertainment
Group Ltd.	1,706		5,244
Telecom Corp. of New
Zealand Ltd.	6,954	26,971
		60,712

	NUMBER OF			MARKET
	SHARES			VALUE
Singapore–2.3%
CapitaLand Ltd.		3,000	$	2,737
Chartered
Semiconductor
Manufacturing Ltd.(A)		22,000		13,041
City Developments Ltd.		4,000		14,180
DBS Group Holdings
Ltd.		4,000		36,031
Haw Par Corp. Ltd.		204		567
Keppel Corp. Ltd.		4,000		16,969
Oversea-Chinese
Banking Corp.		4,000		29,754
SembCorp Industries
Ltd.		6,000		4,498
SembCorp Logistics
Ltd.		1,000		1,284
Singapore Airlines
Ltd.		2,000		12,901
Singapore Exchange
Ltd.		5,000		5,056
Singapore Press
Holdings Ltd.		4,250		10,620
Singapore Technologies
Engineering Ltd.		5,000		6,131
Singapore
Telecommunications
Ltd.		23,000		30,609
ST Assembly
Test Services Ltd.(A)		15,000		10,025
United Overseas
Bank Ltd.		4,000		31,847
Venture Corp. Ltd.		1,000	9,415
			235,665
Total Foreign Common Stock
(Cost $8,364,065)–84.8%			8,821,543

70

TD WATERHOUSE TRUST
Asian Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Foreign Preferred Stock
Australia–0.8%
News Corp. Ltd.(A)	9,845	$	79,079
Total Foreign Preferred Stock
(Cost $77,254)–0.8%	79,079
Warrants
Real Estate-0.0%
City Developments Ltd.,
expires 05/10/06(A)	400		828
Total Warrants
(Cost $0)–0.0%	828

		MARKET
		VALUE
Total Investments
(Cost $8,441,319)–85.6%	$	8,901,450
Other Assets and Liabilities,
Net–14.4%	1,502,445
Net Assets–100.0%	$	10,403,895
(A) Non-income producing security.

Please see accompanying notes to financial statements.

71

TD WATERHOUSE TRUST
European Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Foreign Common Stock
Austria–0.9%
Bank Austria
Creditanstalt AG	7	$	413
Erste Bank der
Oesterreichischen
Sparkassen AG	416		16,152
Flughafen Wien AG	241		13,855
IMMOFINANZ Immobilien
Anlagen AG(A)	631		5,075
Mayr-Melnhof Karton AG	100		13,063
OMV AG	87		19,063
RHI AG(A)	224		4,935
Telekom Austria AG	988		15,333
VA Technologie(A)	120		6,707
Verbund-Oesterreichischen
Elektrizaetswirtschafts
AG, Cl. A	5		909
Voestalpine AG	22		1,041
Wienerberger AG	41	1,471
		98,017
Belgium–1.8%
AGFA-Gevaert NV	111		2,659
Barco NV	127		10,925
Bekaert SA	18		1,082
Belgacom SA	550		16,892
Colruyt SA	44		5,700
Compagnie Maritime
Belge SA	46		6,208
Confinimmo SA	85		11,380
D’ieteren NV	50		10,432
Delhaize Group	260		12,443
Dexia	810		13,536
Electrabel	31		9,801
Fortis	2,390		51,564
Groupe Bruxelles
Lambert SA	62		3,844
Interbrew	173		5,238
KBC Bancassurance
Holding	61		3,445
Mobistar SA(A)	74		4,905
Omega Pharma SA	26		1,285
Solvay SA	72		6,025

	NUMBER OF		MARKET
	SHARES		VALUE
UCB SA	109	$	5,020
Umicore	156	9,738
		192,122
Denmark–1.0%
AP Moller-Maersk A/S	2		13,926
Danisco A/S	100		5,084
Danske Bank A/S	632		14,558
Falck A/S(A)	181		1,219
FLS Industries A/S(A)	465		6,325
GN Store Nord	684		5,704
Group 4 A/S(A)	181		2,975
H. Lundbeck A/S	536		10,719
ISS A/S	92		4,529
Kobenhavns Lufthavne	90		12,693
NKT Holding A/S	227		4,962
Novo-Nordisk A/S, Cl. B	319		16,220
Novozymes A/S, Cl. B	74		3,355
TDC A/S	162		5,273
Vestas Wind Systems A/S(A)	263		3,364
William Demant Holdings(A)	37	1,330
		112,236
Finland–2.1%
Elisa Corp.(A)	292		3,762
Fortum Oyj	422		5,817
KCI Konecranes Oyj	141		4,991
Kesko Oyj, Cl. B	74		1,424
Kone Oyj	85		4,994
Nokia Oyj(A)	9,720		111,524
Pohjola Group PLC,
Cl. D	1,233		12,366
Rautaruukki Oyj(A)	1,397		11,706
Sampo Oyj, Cl. A	1,915		18,053
Stora Enso Oyj, Cl. R	808		11,226
Tietoenator Oyj	151		4,199
UPM-Kymmene Oyj(A)	1,424		27,671
Uponor Oyj	38		1,271
Wartsila Oyj, Cl. B	544	12,116
		231,120
France–13.0%
Accor SA	236		10,024
Air France	610		9,525
Air Liquide	248		40,159

72

TD WATERHOUSE TRUST
European Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Alcatel SA	1,989	$	25,766
Alstom(A)	304		165
Arcelor	431		7,156
Atos Origin(A)	73		4,307
Autoroutes du Sud
de la France	360		14,264
Aventis SA	1,414		109,804
AXA	2,291		47,083
BNP Paribas	1,575		91,739
Bouygues	257		8,642
Business Objects SA(A)	163		3,503
Cap Gemini SA(A)	98		3,265
Carrefour SA	1,252		59,736
Casino Guichard
Perrachon SA	128		10,418
Cie de Saint-Gobain	733		35,829
Cie Generale D’Optique
Essilor International SA	122		7,498
CNP Assurances	252		14,199
Credit Agricole SA	1,185		27,963
European Aeronautic
Defense and Space Co.	354		9,760
France Telecom(A)	2,297		56,913
Gecina SA	66		5,193
Groupe Danone	440		36,287
Hermes International	65		12,552
Imerys SA	92		5,599
Klepierre	72		4,794
L’Oreal SA	556		39,863
Lafarge SA	405		34,717
Lagardere S.C.A.	320		19,475
LVMH Moet Hennessy
Louis Vuitton SA	399		27,237
Michelin (C.G.D.E.), Cl. B	168		9,345
Pernod-Ricard	127		15,214
Peugeot SA	226		13,047
Pinault-Printemps-Redoute	84		8,197
Publicis Groupe	494		13,394
Renault SA	435		34,330
Sagem SA	44		4,312
Sanofi-Synthelabo SA	606		40,201
Schneider Electric SA	505		32,132
Societe Generale, Cl. A	733		60,186
Sodexho Alliance SA	119		3,236
STMicroelectronics NV	1,437		26,712

	NUMBER OF			MARKET
	SHARES			VALUE
Suez SA		1,801	$	35,604
Technip-Coflexip SA		35		4,875
Thales SA		101		3,518
Thomson Multimedia SA		227		4,231
Total SA		1,149		223,133
Unibail		121		12,689
Valeo SA		79		3,209
Veolia Environnement		303		8,084
Vinci SA		83		8,449
Vivendi Universal SA(A)		2,237	55,938
			1,403,471
Germany–8.6%
Adidas-Salomon AG		57		6,779
Allianz AG		585		56,556
Altana AG		88		4,768
BASF AG		895		47,713
Bayer AG		1,072		28,626
Bayerische Hypo-und
Vereinsbank AG(A)		1,373		22,151
Celesio AG		254		16,208
Commerzbank AG(A)		541		9,275
Continental AG		376		17,741
DaimlerChrysler AG		1,693		75,641
Deutsche Bank AG		1,006		69,945
Deutsche Boerse AG		118		5,751
Deutsche Lufthansa AG(A)		238		2,811
Deutsche Post AG		485		9,734
Deutsche Telekom AG(A)		5,057		84,750
Douglas Holding AG		391		11,199
E.ON AG		1,113		79,234
Epcos AG(A)		61		1,039
Fresenius Medical
Care AG		198		14,401
HeidelbergerCement AG		277		12,559
Hypo Real Estate
Holdings(A)		105		3,259
Infineon Technologies
AG(A)		967		10,583
KarstadtQuelle AG		357		7,311
Linde AG		104		5,647
Merck KGaA		115		6,457
Metro AG		182		8,355
Muenchener
Rueckversicherungs AG		380		36,499

73

TD WATERHOUSE TRUST
European Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Puma AG Rudolf
Dassler Sport		29	$	6,843
RWE AG		683		33,468
SAP AG		422		67,675
Schering AG		210		11,802
Siemens AG(A)		1,557		109,305
Suedzucker AG		629		11,662
ThyssenKrupp AG(A)		332		5,924
TUI AG		549		9,412
Volkswagen AG		279	11,330
			922,413
Greece–1.0%
Alpha Bank		607		14,397
Coca-Cola Hellenic
Bottling Co. SA		533		12,565
Cosmote Mobile
Telecommunications SA		100		1,613
EFG Eurobank Ergasias
SA		732		15,810
Emporiki Bank of Greece
SA		192		4,383
Hellenic Petroleum SA		114		939
Hellenic Technodomiki
Tev SA		1,111		4,414
Hellenic
Telecommunications
Organization SA		314		3,826
Intracom SA		904		3,766
National Bank of
Greece SA		309		6,592
OPAP SA		148		2,844
Piraeus Bank SA		406		4,428
Public Power Corp.		534		12,138
Technical Olympic SA		1,340		5,517
Viohalco		1,894	12,861
			106,093
Ireland–1.4%
Allied Irish Banks PLC-
Dublin		1,382		21,281
Allied Irish Banks PLC-
UK		872		13,427
Bank of Ireland-Dublin		1,593		20,675
Bank of Ireland-UK		975		12,772

	NUMBER OF			MARKET
	SHARES			VALUE
CRH PLC-Dublin		858	$	19,214
Depfa Bank PLC		1,100		14,965
Elan Corp. PLC(A)		695		14,099
Grafton Group PLC(A)		643		5,206
Greencore Group PLC		200		686
Independent News
& Media PLC		1,951		4,463
Irish Life & Permanent
PLC		704		10,654
Kerry Group PLC, Cl. A		142		2,937
Ryanair Holdings PLC(A)		1,409	7,634
			148,013
Italy–4.9%
Alleanza Assicurazioni
SpA		580		6,215
Assicurazioni Generali
SpA		1,595		42,189
Autogrill SpA		1,008		14,988
Banca Antonveneta SpA		400		8,081
Banca Fideuram SpA		1,668		8,555
Banca Intesa SpA		6,483		22,515
Banca Monte dei Paschi
di Siena SpA		3,703		11,079
Banca Nazionale del
Lavoro SpA(A)		1,908		4,468
Banca Popolare di
Milano Scrl(A)		790		4,860
Banche Popolari Unite
Scrl		350		5,714
Banco Popolare di
Verona e Novara Scrl		461		7,693
Benetton Group SpA(A)		803		8,662
Capitalia SpA		5,544		16,820
Edison SpA(A)		8,700		14,601
Enel SpA		3,954		31,181
ENI-Ente Nazionale
Idrocarburi SpA		4,649		95,712
Fiat SpA(A)		452		3,559
FinecoGroup SpA(A)		177		1,024
Finmeccanica SpA(A)		7,355		5,180
Gruppo Editoriale
L’Espresso SpA(A)		215		1,165

74

TD WATERHOUSE TRUST
European Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Luxottica Group SpA		663	$	11,247
Mediaset SpA		736		7,851
Mediobanca SpA		582		6,811
Mediolanum SpA		1,530		9,376
Pirelli & Co. SpA		1,592		1,570
Riunione Adriatica di
Sicurta SpA		376		6,781
Sanpaolo IMI SpA		1,264		14,457
Seat Pagine Gialle SpA(A)		17,602		6,930
Snam Rete Gas SpA		436		1,874
Sorin SpA(A)		1		2
Telecom Italia Media
SpA(A)		1,725		654
Telecom Italia SpA		14,001		41,551
Telecom Italia SpA
RNC		13,836		29,734
TIM SpA		6,188		32,929
Tiscali SpA(A)		226		808
Unicredito Italiano SpA		9,405	45,066
			531,902
Netherlands–6.4%
ABN-Amro Holding NV		3,100		64,941
Aegon NV		2,203		25,064
Akzo Nobel NV		339		11,191
ASML Holding NV(A)		571		8,160
Corio NV		121		5,166
DSM NV		101		5,071
Euronext NV(A)		186		4,958
Heineken NV		377		11,815
IHC Caland NV		103		4,377
ING Groep NV		3,557		82,566
Koninklijke Ahold NV(A)		3,821		28,430
Koninklijke Philips
Electronics NV		2,608		63,238
Koninklijke Vendex
KBB NV(A)		292		5,347
OCE NV		98		1,477
Qiagen NV(A)		353		3,387
Reed Elsevier NV		1,745		22,311
Rodamco Europe NV		204		12,600
Royal Dutch Petroleum
Co.		4,023		201,828
Royal KPN NV		3,452		25,518

	NUMBER OF			MARKET
	SHARES			VALUE
Royal Numico NV(A)		186	$	5,802
TPG NV		419		9,186
Unilever NV		1,131		69,649
Vedior NV		111		1,630
VNU NV		278		7,347
Wereldhave NV		61		5,009
Wolters Kluwer NV		338	5,689
			691,757
Norway–0.9%
DNB NOR ASA		2,172		14,890
Frontline Ltd.		479		18,369
Norsk Hydro ASA		183		11,579
Norske Skogindustrier
ASA		244		4,356
Orkla ASA		256		6,161
Schibsted ASA		584		10,260
Statoil ASA		546		6,843
Storebrand		190		1,237
Tandberg ASA		153		1,377
Telenor ASA		2,290		15,601
Yara International ASA(A)		183	1,621
			92,294
Portugal–0.6%
Banco BPI SA(A)		1,252		4,613
Banco Comercial
Portugues SA(A)		2,393		4,955
Banco Espirito Santo SA(A)		842		13,736
Brisa-Auto Estradas
de Portugal SA		337		2,390
Cimpor Cimentos de
Portugal SA		2,790		14,007
Electricidade de
Portugal SA		2,244		5,998
Jeronimo Martins(A)		36		390
Portugal Telecom
SGPS SA(A)		1,173		12,032
Sonae SGPS SA		1,246	1,290
			59,411
Spain–4.8%
Abertis Infraestructuras
SA(A)		198		169
Acciona SA		193		11,535

75

TD WATERHOUSE TRUST
European Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Acerinox SA		944	$	13,081
ACESA Infraestructuras
SA		198		3,359
ACS Actividades
Construccion y Servicios		708		11,823
Altadis SA		362		11,314
Amadeus Global Travel
Distribution, Cl. A		1,387		8,800
Antena 3 Television SA(A)		20		1,057
Banco Bilbao Vizcaya
Argentaria SA		5,756		76,645
Banco Popular Espanol
SA		300		16,159
Banco Santander Central
Hispano SA		7,668		72,932
Endesa SA		1,467		26,705
Fomento de
Construcciones y
Contratas SA		337		11,953
Gas Natural SDG SA		169		3,905
Iberdrola SA		1,755		35,920
Iberia Lineas Aereas
de Espana		1,446		3,691
Inditex SA		246		5,633
Indra Sistemas SA		360		4,594
Promotora de
Informaciones SA		95		1,533
Repsol YPF SA		1,493		31,708
Sacyr Vallehermoso SA		291		3,941
Sociedad General de
Aguas de Barcelona
SA, Cl. A		970		16,525
Telefonica Publicidad
e Informacion SA		207		1,333
Telefonica SA		9,077		132,341
Union Fenosa SA		247	5,228
			511,884
Sweden–2.8%
Ainax AB(A)		45		1,481
Alfa Laval AB		84		1,341
Assa Abloy AB, Cl. B(A)		367		4,352
Atlas Copco AB		151		4,978
Atlas Copco AB, Cl. A		140		5,017
Axfood AB		30		747

	NUMBER OF		MARKET
	SHARES		VALUE
Castellum AB	51	$	1,233
Electrolux AB, Cl. B	369		6,443
Eniro AB	568		4,386
Fabege AB(A)	269		3,751
Gambro AB	585		6,118
Getinge AB	445		5,132
Hennes & Mauritz
AB, Cl. B	592		15,236
Holmen AB	144		4,128
Nordea AB	5,227		35,590
OMHEX AB(A)	972		10,481
Sandvik AB	274		9,408
SAS AB(A)	92		620
Securitas AB, Cl. B(A)	369		4,159
Skandia Forsakrings AB	824		3,211
Skandinaviska Enskilda
Banken SEB, Cl. A	501		6,757
Skanska AB, Cl. B	477		4,102
SKF AB	166		6,306
Ssab Svenskt Stal AB	282		4,832
Svenska Cellulosa AB,
Cl. B	237		8,771
Svenska Handelsbanken,
Cl. A	689		12,839
Swedish Match AB(A)	601		5,874
Tele2 AB, Cl. B	117		4,650
Telefonaktiebolaget
LM Ericsson, Cl. B(A)	29,820		79,661
TeliaSonera AB	2,040		9,092
Trelleborg AB	266		4,090
Volvo AB, Cl. A	416		14,393
Volvo AB, Cl. B	283	10,142
		299,321
Switzerland–9.6%
ABB Ltd.(A)	2,827		15,269
Adecco SA	163		7,568
Ciba Specialty
Chemicals AG(A)	82		5,656
Clariant AG	1,322		17,825
Compagnie Financiere
Richemont AG, Cl. A(A)	1,251		32,318
Credit Suisse Group(A)	2,249		72,163
Geberit AG	10		6,722
Givaudan	25		14,324

76

TD WATERHOUSE TRUST
European Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF			MARKET
	SHARES			VALUE
Holcim Ltd.		188	$	9,838
Kudelski SA(A)		41		1,162
Logitech International SA(A)		54		2,336
Lonza Group AG		99		4,376
Nestle SA		821		209,846
Novartis AG	4,605			206,070
Roche Holding AG-
Bearer(A)		134		16,732
Roche Holding AG-
Genusschein	1,146			113,315
Schindler Holding AG		18		5,107
SGS SA		21		11,310
Sulzer AG		42		10,932
Swatch Group AG		496		12,872
Swatch Group AG, Cl. B		38		4,842
Swiss Reinsurance		561		32,778
Swisscom AG		56		18,209
Syngenta AG(A)		133		10,994
Synthes, Inc.		120		11,819
UBS AG	2,109			141,111
Unaxis Holding AG		12		1,240
Zurich Financial Services
AG(A)		256	36,218
			1,032,952
United Kingdom–33.1%
3i Group PLC		741		7,694
Aegis Group PLC	2,466			3,756
Alliance Unichem PLC	1,206			14,474
Amec PLC		938		4,644
Amvescap PLC		842		4,333
ARM Holdings PLC	1,271			2,433
Associated British Ports
Holdings PLC		591		4,336
AstraZeneca PLC	3,389			151,665
Aviva PLC	3,680			37,475
BAA PLC	1,328			13,511
BAE Systems PLC		7,864		30,567
Balfour Beatty PLC	1,042			5,021
Barclays PLC	12,583			105,255
Barratt Developments
PLC		476		4,886
BBA Group PLC		973		4,636
Berkeley Group PLC		284		6,016
BG Group PLC	5,755			35,869

	NUMBER OF			MARKET
	SHARES			VALUE
BHP Billiton PLC		4,024	$	36,660
BOC Group PLC		620		10,632
Boots Co. PLC		1,030		12,793
BP PLC		42,543		399,189
BPB PLC		887		6,343
Brambles Industries PLC		908		3,513
British American
Tobacco PLC		2,578		39,191
British Land Co. PLC		617		7,888
British Sky Broadcasting
PLC		2,919		32,087
BT Group PLC		18,674		64,095
Bunzl PLC		582		4,657
Cable & Wireless PLC(A)		2,734		5,394
Cadbury Schweppes
PLC		4,414		36,140
Capita Group PLC		592		3,294
Carnival PLC		208		10,175
Cattles PLC		767		4,181
Celltech Group PLC(A)		653		6,543
Centrica PLC		9,200		39,566
Close Brothers Group
PLC		302		3,663
Cobham PLC		217		5,426
Compass Group PLC		5,227		30,392
Corus Group PLC(A)		6,800		5,626
Daily Mail & General
Trust		380		4,640
Davis Service Group
PLC		673		4,589
De La Rue PLC		2,236		13,255
Diageo PLC		5,930		73,489
Dixons Group PLC		2,426		7,081
Electrocomponents PLC		783		4,667
Emap PLC		319		4,217
EMI Group PLC		1,419		5,793
Enterprise Inns PLC		611		5,922
Exel PLC		371		4,884
Firstgroup PLC		1,032		5,353
Friends Provident PLC		2,039		4,867
GKN PLC		908		3,798
GlaxoSmithKline PLC		11,435		232,269
Great Portland Estates
PLC		162		833
GUS PLC		2,305		36,089

77

TD WATERHOUSE TRUST
European Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Hammerson PLC	497	$	6,254
Hanson PLC	919		6,388
Hays PLC	2,078		4,610
HBOS PLC	7,459		96,642
Hilton Group PLC	1,541		7,307
HSBC Holdings PLC	21,523		316,043
IMI PLC	758		4,986
Imperial Chemical
Industries PLC	1,485		6,130
Imperial Tobacco
Group PLC	1,609		34,994
Intercontinental Hotels
Group PLC	915		9,725
International Power
PLC(A)	4,356		11,624
Invensys PLC(A)	4,362		1,269
ITV PLC	7,766		14,758
J Sainsbury PLC	1,584		7,770
J Sainsbury PLC, Cl. B(A)	1,811		1,153
Johnson Matthey PLC	273		4,498
Kelda Group PLC	1,551		14,553
Kesa Electricals PLC	651		3,326
Kidde PLC(A)	2,744		5,938
Kingfisher PLC	5,849		30,207
Land Securities Group
PLC	580		11,950
Legal & General Group
PLC	8,105		14,296
Liberty International PLC	450		6,514
Lloyds TSB Group PLC	9,988		74,876
LogicaCMG PLC	934		2,794
Man Group PLC	345		8,206
Marks & Spencer Group
PLC	5,693		35,923
MFI Furniture PLC	1,817		4,361
Misys PLC	1,193		3,981
Mitchells & Butlers PLC	645		3,164
Morrison WM
Supermarkets	1		3
National Grid Group PLC	5,362		42,439
Next PLC	351		9,555
Pearson PLC	999		11,200
Peninsular and Oriental
Steam Navigation Co.	1,326		5,383
Persimmon PLC	1,095		11,639

	NUMBER OF		MARKET
	SHARES		VALUE
Pilkington PLC	2,730	$	4,766
Provident Financial PLC	458		4,706
Prudential PLC	3,272		26,983
Rank Group PLC	2,251		12,106
Reckitt Benckiser PLC	1,347		36,840
Reed Elsevier PLC	3,172		28,091
Rentokil Initial PLC	2,320		5,991
Reuters Group PLC	1,786		10,571
Rexam PLC	1,506		11,680
Rio Tinto PLC	1,757		45,785
RMC Group PLC	477		5,191
Rolls-Royce Group PLC	92,514		8,144
Royal & Sun Alliance
Insurance Group	1,424		2,000
Royal Bank of Scotland
Group PLC	5,512		154,960
SABmiller PLC	996		12,696
Sage Group PLC	1,510		4,743
Schroders PLC	388		4,018
Scottish & Newcastle
PLC	1,000		7,256
Scottish & Southern
Energy PLC	1,071		13,993
Scottish Power PLC	4,461		31,962
Serco Group PLC	1,299		4,748
Severn Trent PLC	429		6,218
Shell Transport &
Trading Co. PLC	18,663		135,242
Signet Group PLC(A)	5,727		11,299
Slough Estates PLC	754		6,129
Smith & Nephew PLC	1,158		11,687
Smiths Group PLC	696		9,239
Stagecoach Group PLC	3,176		5,082
Tate & Lyle PLC	1,765		10,527
Taylor Woodrow PLC	1,069		4,840
Tesco PLC	14,816		68,568
Tomkins PLC	2,334		10,706
Unilever PLC	4,613		40,726
United Business Media
PLC	604		5,426
United Utilities PLC	1,416		10,431
Vodafone Group PLC	130,671		283,360
Whitbread PLC	369		5,496
William Hill PLC	759		7,122
Wimpey George PLC	689		4,639

78

TD WATERHOUSE TRUST
European Index Fund · Schedule of Investments
July 31, 2004 (Unaudited)

	NUMBER OF		MARKET
	SHARES		VALUE
Wolseley PLC	720	$	11,194
WPP Group PLC	1,468		13,574
Yell Group PLC	1,967	12,000
		3,560,959
Total Foreign Common Stock
(Cost $9,091,865)–92.9%		9,993,965
Foreign Preferred Stock
Germany–0.3%
Henkel KGaA	74		5,431
Porsche AG(A)	20		12,946
ProSieben SAT.1 Media AG	237		4,089
RWE AG	133		5,531
Volkswagen AG	293	8,159
		36,156
Total Foreign Preferred Stock
(Cost $34,343)–0.3%		36,156

			MARKET
			VALUE
Total Investments
(Cost $9,126,208)–93.2%		$	10,030,121
Other Assets and Liabilities,
Net–6.8%		733,823
Net Assets–100.0%		$	10,763,944
(A)	Non-income producing security.

Please see accompanying notes to financial statements.

79

Statements of Assets and Liabilities
July 31, 2004 (Unaudited)

	Bond Index Fund			Dow 30 Fund			500 Index Fund
ASSETS
Investments in securities, at cost	$	15,537,868		$	170,471,433		$	112,358,422
Investments in securities, at market value	$	15,568,749		$	170,824,898		$	116,812,669
Cash		–			159,548			4,405,729
Dividends and interest receivable		182,127			229,090			130,952
Receivable for capital shares sold		25,982			125,354			295,287
Receivable from Investment Manager and its affiliates (Note 3)		7,782			–			–
Receivable from broker		–			347,420			497,154
Receivable for investment securities sold		–			281,552			–
Variation margin receivable	–			7,600			9,262
TOTAL ASSETS	15,784,640			171,975,462			122,151,053
LIABILITIES
Payable to custodian bank		50,414			–			–
Payable for capital shares redeemed		7,432			128,598			31,326
Dividends payable to shareholders		3,883			–			–
Payable for investment securities purchased		–			–			4,827,938
Payable to Investment Manager and its affiliates (Note 3)		–			40,539			17,866
Other accrued expenses	7,631			153,991			7,837
TOTAL LIABILITIES	69,360			323,128			4,884,967
NET ASSETS	$	15,715,280		$	171,652,334		$	117,266,086
Net assets consist of:
Paid-in-capital		15,703,793			179,457,021			113,924,031
Undistributed net investment income (Distributions in excess of
net investment income)		(28,274	)		1,471,461			765,900
Accumulated net realized gains (losses) from security transactions
and futures		8,880			(9,525,613	)		(1,881,920	)
Net unrealized appreciation on investments and futures contracts	30,881			249,465			4,458,075
Net assets, at value	$	15,715,280		$	171,652,334		$	117,266,086
Shares of beneficial interest outstanding	1,492,844			16,756,064			15,896,623
Net asset value, redemption price and offering price per share
(Note 2)	$	10.53		$	10.24		$	7.38
	Please see accompanying notes to financial statements.

80 81

Statements of Assets and Liabilities
July 31, 2004 (Unaudited)

	Extended Market Index Fund			Asian Index Fund			European Index Fund
ASSETS
Investments in securities, at cost	$	40,827,092		$	8,441,319		$	9,126,208
Foreign currency, at cost	–			1,324,047			563,858
Investments in securities, at market value	$	40,407,997		$	8,901,450		$	10,030,121
Cash		1,821,468			148,463			55,687
Foreign currency, at market value		–			1,304,617			556,599
Receivable for capital shares sold		296,577			32,211			70,377
Receivable from broker		133,358			974			953
Receivable for investment securities sold		64,964			–			15,432
Dividends, foreign tax reclaims and interest receivable		21,210			4,103			24,010
Variation margin receivable		2,560			21,072			628
Receivable from Investment Manager and its affiliates (Note 3)	–			7,716			12,866
TOTAL ASSETS	42,748,134			10,420,606			10,766,673
LIABILITIES
Payable for investment securities purchased		1,749,869			–			–
Payable for capital shares redeemed		13,845			1,561			–
Payable to Investment Manager and its affiliates (Note 3)		1,791			–			–
Other accrued expenses	13,060			15,150			2,729
TOTAL LIABILITIES	1,778,565			16,711			2,729
NET ASSETS	$	40,969,569		$	10,403,895		$	10,763,944
Net assets consist of:
Paid-in-capital		41,221,647			12,334,056			11,820,792
Undistributed net investment income (Accumulated net
investment loss)		152,797			(3,586	)		168,898
Accumulated net realized gains (losses) from security transactions
and futures		11,660			(2,362,141	)		(2,112,036	)
Net unrealized appreciation (depreciation) on investments
and futures contracts		(416,535	)		455,066			893,242
Net unrealized depreciation on foreign currency and translation
of other assets and liabilities in foreign currency	–			(19,500		)	(6,952		)
Net assets, at value	$	40,969,569		$	10,403,895		$	10,763,944
Shares of beneficial interest outstanding	5,618,689			1,475,661			1,363,169
Net asset value, redemption price and offering price per share (Note 2)	$	7.29		$	7.05		$	7.90
	Please see accompanying notes to financial statements.

82 83

Statements of Operations
For the Six Months Ended July 31, 2004 (Unaudited)

	Bond Index Fund			Dow 30 Fund			500 Index Fund
INVESTMENT INCOME
Interest Income	$	282,324		$	2,512		$	–
Dividend Income		26,152			1,712,136			889,203
Less: Foreign Taxes Withheld	–			–			(32		)
TOTAL INVESTMENT INCOME	308,476			1,714,648			889,171
EXPENSES
Investment management fees (Note 3)		23,920			172,548			163,978
Shareholder servicing fees (Note 3)		19,933			215,689			136,649
Administration fees (Note 3)		7,973			–			54,659
Transfer agent fees (Note 3)		3,987			43,137			27,329
Professional fees		21,939			37,046			38,560
Shareholder reports and mailing		7,715			69,887			26,601
Registration fees		7,571			12,085			13,916
Custody fees		6,982			19,753			13,044
Trustees’ fees		4,989			3,729			4,926
Other expenses	16,671			5,157			6,066
TOTAL EXPENSES		121,680			579,031			485,728
Fees waived/expenses reimbursed by the Investment Manager
and its affiliates (Note 3)		(93,665	)		(188,889	)		(282,741	)
Expense offset arrangements (Note 2)	(108		)	(1,904		)	(11,681		)
NET EXPENSES	27,907			388,238			191,306
NET INVESTMENT INCOME	280,569			1,326,410			697,865
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gain (loss) from security transactions		16,880			(1,957,143	)		(38,585	)
Net realized gain (loss) on futures contracts		–			174,400			(59,043	)
Net change in unrealized appreciation (depreciation) on investments		(309,667	)		(3,779,647	)		(2,960,061	)
Net change in unrealized appreciation (depreciation)
on futures contracts	–			(291,200		)	31,925
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS	(292,787		)	(5,853,590		)	(3,025,764		)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(12,218	)	$	(4,527,180	)	$	(2,327,899	)
	Please see accompanying notes to financial statements.

84 85

Statements of Operations
For the Six Months Ended July 31, 2004 (Unaudited)

	Extended Market Index Fund			Asian Index Fund			European Index Fund
INVESTMENT INCOME
Interest Income	$	13		$	–		$	–
Dividend Income		210,256			79,550			228,621
Less: Foreign Taxes Withheld	(159		)	(4,324		)	(27,395		)
TOTAL INVESTMENT INCOME	210,110			75,226			201,226
EXPENSES
Investment management fees (Note 3)		50,803			18,372			20,330
Shareholder servicing fees (Note 3)		42,336			11,482			12,706
Administration fees (Note 3)		16,934			4,593			5,082
Transfer agent fees (Note 3)		8,467			2,296			2,541
Professional fees		31,785			19,442			20,066
Registration fees		8,192			10,013			10,678
Shareholder reports and mailing		7,517			3,727			4,698
Trustees’ fees		5,382			5,099			4,583
Custody fees		4,517			16,088			39,035
Other expenses	6,416			9,754			13,552
TOTAL EXPENSES		182,349			100,866			133,271
Fees waived/expenses reimbursed by the Investment Manager
and its affiliates (Note 3)		(110,484	)		(74,228	)		(103,793	)
Expense offset arrangements (Note 2)	(4,129		)	–			–
NET EXPENSES	67,736			26,638			29,478
NET INVESTMENT INCOME	142,374			48,588			171,748
REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS
Net realized gain from security transactions		78,565			12,236			55,949
Net realized gain (loss) on futures contracts		(109,811	)		58,070			29,383
Net realized loss on foreign currency transactions		–			(76,377	)		(36,095	)
Net change in unrealized appreciation (depreciation) on investments		(1,419,823	)		(13,021	)		(333,280	)
Net change in unrealized appreciation (depreciation)
on futures contracts		24,780			(3,773	)		(8,386	)
Net change in unrealized depreciation on forward foreign currency
contracts, foreign currency, and translation of other assets and
liabilities denominated in foreign currency	–			(21,007		)	(5,966		)
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS	(1,426,289		)	(43,872		)	(298,395		)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(1,283,915	)	$	4,716		$	(126,647	)
	Please see accompanying notes to financial statements.

86 87

Statements of Changes in Net Assets

	Bond Index Fund						Dow 30 Fund
	Six Months Ended July 31, 2004 (Unaudited)			Year Ended January 31, 2004			Six Months Ended July 31, 2004 (Unaudited)			Year Ended January 31, 2004
OPERATIONS:
Net investment income	$	280,569		$	527,803		$	1,326,410		$	2,688,748
Net realized gain (loss) from security transactions and futures contracts		16,880			265,698			(1,782,743	)		2,226,691
Net change in unrealized appreciation (depreciation) on investments and
futures contacts	(309,667		)	(235,914		)	(4,070,847		)	37,296,943
Net increase (decrease) in net assets from operations	(12,218		)	557,587			(4,527,180		)	42,212,382
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(308,537	)		(565,020	)		–			(2,627,421	)
From net realized gains on security transactions	–			(296,212		)	–			–
Total dividends and distributions to shareholders	(308,537		)	(861,232		)	–			(2,627,421		)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,808,841			11,619,473			22,255,127			37,434,632
Shares issued in reinvestment of dividends		307,839			824,137			–			2,403,561
Payments for shares redeemed	(4,066,081		)	(11,780,398		)	(19,497,273		)	(32,334,079		)
Net increase in net assets from capital share transactions	50,599			663,212			2,757,854			7,504,114
TOTAL INCREASE (DECREASE) IN NET ASSETS		(270,156	)		359,567			(1,769,326	)		47,089,075
NET ASSETS:
Beginning of period	15,985,436			15,625,869			173,421,660			126,332,585
End of period	$	15,715,280		$	15,985,436		$	171,652,334		$	173,421,660
Undistributed net investment income (Distributions in excess of net
investment income)	$	(28,274	)	$	(306	)	$	1,471,461		$	145,051
CAPITAL STOCK TRANSACTIONS:
Shares sold		357,738			1,062,425			2,142,511			3,996,559
Shares issued for dividends reinvested		29,085			76,028			–			234,265
Shares redeemed	(383,823		)	(1,077,821		)	(1,872,619		)	(3,495,531		)
Net increase in shares outstanding	3,000			60,632			269,892			735,293
	Please see accompanying notes to financial statements.

88 89

Statements of Changes in Net Assets

	Bond Index Fund						Dow 30 Fund
	Six Months Ended July 31, 2004 (Unaudited)			Year Ended January 31, 2004			Six Months Ended July 31, 2004 (Unaudited)			Year Ended January 31, 2004
OPERATIONS:
Net investment income	$	697,865		$	842,513		$	142,374		$	100,434
Net realized gain (loss) from security transactions and futures contracts		(97,628	)		24,924			(31,246	)		288,860
Net change in unrealized appreciation (depreciation) on investments
and futures contacts	(2,928,136		)	17,469,247			(1,395,043		)	4,525,943
Net increase (decrease) in net assets from operations	(2,327,899		)	18,336,684			(1,283,915		)	4,915,237
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		–			(813,379	)		–			(101,871	)
From net realized gains on security transactions	–			–			–			(154,495		)
Total dividends and distributions to shareholders	–			(813,379		)	–			(256,366		)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		40,238,499			64,102,967			19,649,999			17,869,872
Shares issued in reinvestment of dividends		–			752,004			–			224,838
Redemption fees		–			–			8,315			–
Payments for shares redeemed	(18,672,961		)	(25,176,612		)	(3,827,565		)	(5,071,457		)
Net increase in net assets from capital share transactions	21,565,538			39,678,359			15,830,749			13,023,253
TOTAL INCREASE IN NET ASSETS		19,237,639			57,201,664			14,546,834			17,682,124
NET ASSETS:
Beginning of period	98,028,447			40,826,783			26,422,735			8,740,611
End of period	$	117,266,086		$	98,028,447		$	40,969,569		$	26,422,735
Undistributed net investment income	$	765,900		$	68,035		$	152,797		$	10,423
CAPITAL STOCK TRANSACTIONS:
Shares sold		5,364,222			9,630,394			2,615,543			2,662,247
Shares issued for dividends reinvested		–			103,868			–			31,445
Shares redeemed	(2,496,338		)	(3,890,442		)	(514,415		)	(860,064		)
Net increase in shares outstanding	2,867,884			5,843,820			2,101,128			1,833,628
	Please see accompanying notes to financial statements.

90 91

Statements of Changes in Net Assets

	Asian Index Fund						European Index Fund
	Six Months Ended July 31, 2004 (Unaudited)			Year Ended January 31, 2004			Six Months Ended July 31, 2004 (Unaudited)			Year Ended January 31, 2004
OPERATIONS:
Net investment income	$	48,588		$	59,854		$	171,748		$	156,373
Net realized gain (loss) from security transactions and futures contracts		70,306			(1,600,693	)		85,332			(1,633,564	)
Net realized gain (loss) on foreign currency transactions		(76,377	)		89,548			(36,095	)		34,500
Net change in unrealized appreciation (depreciation) on investments and
futures contacts		(16,794	)		2,926,833			(341,666	)		4,012,933
Net change in unrealized appreciation (depreciation) on forward foreign
currency contracts, foreign currency, and translation of other assets
and liabilities denominated in foreign currency	(21,007		)	1,390			(5,966		)	(5,107		)
Net increase (decrease) in net assets from operations	4,716			1,476,932			(126,647		)	2,565,135
DIVIDENDS TO SHAREHOLDERS:
From net investment income	–			(140,847		)	–			(187,508		)
Total dividends to shareholders	–			(140,847		)	–			(187,508		)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		4,888,275			7,917,076			3,165,515			5,625,181
Shares issued in reinvestment of dividends		–			128,374			–			178,287
Redemption fees		3,642			–			4,250			–
Payments for shares redeemed	(1,791,383		)	(8,320,331		)	(1,336,246		)	(6,817,967		)
Net increase (decrease) in net assets from capital share transactions	3,100,534			(274,881		)	1,833,519			(1,014,499		)
TOTAL INCREASE IN NET ASSETS		3,105,250			1,061,204			1,706,872			1,363,128
NET ASSETS:
Beginning of period	7,298,645			6,237,441			9,057,072			7,693,944
End of period	$	10,403,895		$	7,298,645		$	10,763,944		$	9,057,072
Undistributed net investment income (Accumulated net investment loss)	$	(3,586	)	$	24,203		$	168,898		$	33,245
CAPITAL STOCK TRANSACTIONS:
Shares sold		679,394			1,307,541			394,162			836,505
Shares issued for dividends reinvested		–			19,720			–			23,337
Shares redeemed	(249,366		)	(1,503,609		)	(167,112		)	(1,080,740		)
Net increase (decrease) in shares outstanding	430,028			(176,348		)	227,050			(220,898		)
	Please see accompanying notes to financial statements.

92 93

Financial Highlights Contained below is per share operating performance data for a share of beneficial interest outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from the Fund’s financial statements.

	Bond Index Fund
		Six Months			Year			Year			Year			Period
		Ended			Ended			Ended			Ended			Ended
		July 31, 2004			January 31,			January 31,			January 31,			January 31,
		(Unaudited)			2004			2003			2002			2001(A)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	10.73		$	10.93		$	10.42		$	10.37		$	10.00
INVESTMENT OPERATIONS
Net investment income(B)		0.19			0.38			0.40			0.52			0.24
Net realized and unrealized gains (losses) on investments	(0.19		)		0.03			0.56		0.20			0.37
TOTAL FROM INVESTMENT OPERATIONS	—				0.41			0.96		0.72			0.61
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS
Dividends from net investment income		(0.20	)		(0.40)			(0.41	)		(0.52	)		(0.24	)
Distributions from realized gains on investments	—				(0.21)			(0.04)		(0.15		)	—
TOTAL DIVIDENDS AND DISTRIBUTIONS	(0.20		)		(0.61)			(0.45)		(0.67		)	(0.24		)
Net asset value, end of period	$	10.53		$	10.73		$	10.93		$	10.42		$	10.37
RATIOS
Ratio of total expenses to average net assets		1.53%	(D)		1.19	%		0.97	%		3.12	%		2.39	%
Ratio of net expenses to average net assets		0.35%	(D)		0.35	%		0.35	%		0.35	%		0.15	%
Ratio of net investment income to average net assets		3.52%	(D)		3.44	%		3.77	%		4.89	%		2.39	%
SUPPLEMENTAL DATA
Portfolio turnover rate		41	%		89	%		40	%		46	%		4	%
Total investment return(C)		0.04	%		3.84	%		9.44	%		7.11	%		6.19	%
Net assets, end of period	$	15,715,280		$	15,985,436		$	15,625,869		$	6,048,143		$	2,573,740
Average net assets	$	16,034,039		$	15,336,737		$	11,244,099		$	4,095,404		$	2,161,257

(A)	The Fund commenced operations on August 31, 2000. All ratios for the period have not been annualized.
(B)	Based on average shares outstanding.
(C)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of the period reported and includes reinvestment of dividends. Total investment return for periods less than one year have not been annualized.
(D)	All ratios for the period have been annualized.
		Please see accompanying notes to financial statements.

94 95

Financial Highlights Contained below is per share operating performance data for a share of beneficial interest outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from the Fund’s financial statements.

	Dow 30 Fund
	Six Months
	Ended			Year			Year			Year			Period			Year			Period
	July 31,			Ended			Ended			Ended			Ended			Ended			Ended
	2004			January 31,			January 31,			January 31,			January 31,			October 31,			October 31,
	(Unaudited)			2004			2003			2002			2001†(A)			2000†			1999†
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	10.52		$	8.02		$	9.91		$	10.89		$	12.37		$	12.30		$	9.86
INVESTMENT OPERATIONS
Net investment income		0.08	(B)		0.17	(B)		0.16	(B)		0.16	(B)		0.04	(B)		0.15			0.16
Net realized and unrealized gains (losses)
on investments	(0.36		)	2.49			(1.89		)	(0.98		)	(0.28		)	0.28			2.44
TOTAL FROM INVESTMENT OPERATIONS	(0.28		)	2.66			(1.73		)	(0.82		)	(0.24		)	0.43			2.60
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income		—			(0.16	)		(0.15	)		(0.16	)		(0.04	)		(0.15	)		(0.16	)
Distributions from realized gains on investments	—			—			(0.01		)	—			(1.20		)	(0.21		)	—
TOTAL DIVIDENDS AND DISTRIBUTIONS	—			(0.16		)	(0.16		)	(0.16		)	(1.24		)	(0.36		)	(0.16		)
Net asset value, end of period	$	10.24		$	10.52		$	8.02		$	9.91		$	10.89		$	12.37		$	12.30
RATIOS
Ratio of total expenses to average net assets		0.67%	(D)		0.77	%		0.74	%		0.70	%		0.20	%		0.68	%		0.68	%
Ratio of net expenses to average net assets		0.45%	(D)		0.45	%		0.37	%		0.25	%		0.06	%		0.25	%		0.25	%
Ratio of net investment income to
average net assets		1.54%	(D)		1.84	%		1.72	%		1.55	%		0.36	%		1.28	%		1.37	%
SUPPLEMENTAL DATA
Portfolio turnover rate		16	%		16	%		15	%		15	%		8	%		38	%		47	%
Total investment return(C)		(2.66	)%		33.27	%		(17.49	)%		(7.57	)%		(0.38	)%		3.56	%		26.72	%
Net assets, end of period	$	171,652,334		$	173,421,660		$	126,332,585		$	147,299,253		$	153,846,747		$	160,704,186		$	175,311,445
Average net assets	$	173,500,215		$	146,345,850		$	140,235,473		$	143,540,962		$	153,115,858		$	175,715,409		$	118,399,466

†	Per share information has been adjusted for a .983262 to 1 reverse stock split paid to shareholders of record on December 2, 1999 and a .88674 to 1 reverse stock split paid to shareholders of record on December 7, 2000.	Please see accompanying notes to financial statements.
(A)	For the three month period ended January 31, 2001. The Dow 30 Fund changed its fiscal year end from October 31 to January 31. All ratios for the period have not been annualized.
(B)	Based on average shares outstanding.
(C)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of the period reported and includes reinvestment of dividends. Total investment return for periods less than one year have not been annualized.
(D)	All ratios for the period have been annualized.

96 97

Financial Highlights Contained below is per share operating performance data for a share of beneficial interest outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from the Fund’s financial statements.

	500 Index Fund
		Six Months			Year			Year			Year			Period
		Ended			Ended			Ended			Ended			Ended
		July 31, 2004			January 31,			January 31,			January 31,			January 31,
		(Unaudited)			2004			2003			2002			2001(A)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	7.52		$	5.68		$	7.48		$	9.02		$	10.00
INVESTMENT OPERATIONS
Net investment income(B)		0.05			0.09			0.08			0.07			0.02
Net realized and unrealized gains (losses) on investments	(0.19		)	1.82			(1.82		)	(1.56		)	(0.97		)
TOTAL FROM INVESTMENT OPERATIONS	(0.14		)	1.91			(1.74		)	(1.49		)	(0.95		)
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS
Dividends from net investment income		—			(0.07	)		(0.06	)		(0.05	)		(0.02	)
Distributions from realized gains on investments	—			—			—			—			(0.01		)
TOTAL DIVIDENDS AND DISTRIBUTIONS	—			(0.07		)	(0.06		)	(0.05		)	(0.03		)
Net asset value, end of period	$	7.38		$	7.52		$	5.68		$	7.48		$	9.02
RATIOS
Ratio of total expenses to average net assets		0.89	%(D)		0.92	%		0.95	%		1.35	%		0.84	%
Ratio of net expenses to average net assets		0.35	%(D)		0.35	%		0.35	%		0.35	%		0.15	%
Ratio of net investment income to average net assets		1.28	%(D)		1.34	%		1.29	%		0.95	%		0.26	%
SUPPLEMENTAL DATA
Portfolio turnover rate		0	%		4	%		29	%		13	%		1	%
Total investment return(C)		(1.86	)%		33.68	%		(23.30	)%		(16.53	)%		(9.47	)%
Net assets, end of period	$	117,266,086		$	98,028,447		$	40,826,783		$	24,846,549		$	9,964,493
Average net assets	$	109,920,167		$	62,874,761		$	34,175,464		$	14,693,674		$	6,824,026

(A)	The Fund commenced operations on August 31, 2000. All ratios for the period have not been annualized.	Please see accompanying notes to financial statements.
(B)	Based on average shares outstanding.
(C)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of the period reported and includes reinvestment of dividends. Total investment return for periods less than one year have not been annualized.
(D)	All ratios for the period have been annualized.

98 99

Financial Highlights Contained below is per share operating performance data for a share of beneficial interest outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from the Fund’s financial statements.

	Extended Market Index Fund
		Six Months			Year			Year			Year			Period
		Ended			Ended			Ended			Ended			Ended
		July 31, 2004			January 31,			January 31,			January 31,			January 31,
		(Unaudited)			2004			2003			2002			2001(A)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	7.51		$	5.19		$	6.30		$	7.83		$	10.00
INVESTMENT OPERATIONS
Net investment income(B)		0.03			0.05			0.05			0.04			0.01
Net realized and unrealized gains (losses) on investments	(0.25)		(E)	2.36			(1.12		)	(1.52		)	(2.17		)
TOTAL FROM INVESTMENT OPERATIONS	(0.22		)	2.41			(1.07		)	(1.48		)	(2.16		)
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS
Dividends from net investment income		—			(0.04	)		(0.04	)		(0.04	)		(0.01	)
Distributions from realized gains on investments	—			(0.05		)	—			(0.01		)	—
TOTAL DIVIDENDS AND DISTRIBUTIONS	—			(0.09		)	(0.04		)	(0.05		)	(0.01		)
Net asset value, end of period	$	7.29		$	7.51		$	5.19		$	6.30		$	7.83
RATIOS
Ratio of total expenses to average net assets		1.08	%(D)		1.00	%		1.20	%		2.59	%		1.25	%
Ratio of net expenses to average net assets		0.40	%(D)		0.40	%		0.40	%		0.40	%		0.17	%
Ratio of net investment income to average net assets		0.84	%(D)		0.75	%		0.84	%		0.68	%		0.14	%
SUPPLEMENTAL DATA
Portfolio turnover rate		5	%		34	%		27	%		59	%		21	%
Total investment return(C)		(2.93	)%		46.55	%		(17.02	)%		(18.90	)%		(21.55	)%
Net assets, end of period	$	40,969,569		$	26,422,735		$	8,740,611		$	6,358,472		$	5,008,678
Average net assets	$	34,055,228		$	13,383,525		$	7,686,740		$	4,885,732		$	4,536,667

(A)	The Fund commenced operations on August 31, 2000. All ratios for the period have not been annualized.
(B)	Based on average shares outstanding.
(C)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of the period reported and includes reinvestment of dividends. Total investment return for periods less than one year have not been annualized.
(D)	All ratios for the period have been annualized.
(E)	Includes redemption fees of $0.002.	Please see accompanying notes to financial statements.

100 101 

Financial Highlights Contained below is per share operating performance data for a share of beneficial interest outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from the Fund’s financial statements.

	Asian Index Fund
		Six Months			Year			Year			Year			Period
		Ended			Ended			Ended			Ended			Ended
		July 31, 2004			January 31,			January 31,			January 31,			January 31,
		(Unaudited)			2004			2003			2002			2001(A)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	6.98		$	5.10		$	5.61		$	8.13		$	10.00
INVESTMENT OPERATIONS
Net investment income(B)		0.04			0.06			0.04			0.04			0.01
Net realized and unrealized gains (losses) on investments		0.03	(C)(F)		1.98			(0.51	)	(2.56		)	(1.87		)
TOTAL FROM INVESTMENT OPERATIONS		0.07			2.04			(0.47	)	(2.52		)	(1.86		)
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS
Dividends from net investment income		—			(0.16	)		(0.04	)	—			(0.01		)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(0.16	)		(0.04	)	—			(0.01		)
Net asset value, end of period	$	7.05		$	6.98		$	5.10		$	5.61		$	8.13
RATIOS
Ratio of total expenses to average net assets		2.20	%(E)		1.40	%		1.61	%		3.26	%		1.52	%
Ratio of net expenses to average net assets		0.58	%(E)		0.58	%		0.58	%		0.58	%		0.24	%
Ratio of net investment income to average net assets		1.06	%(E)		1.11	%		0.71	%		0.60	%		0.14	%
SUPPLEMENTAL DATA
Portfolio turnover rate		3	%		84	%		19	%		32	%		0	%
Total investment return(D)		1.00	%		40.22	%		(8.33	)%		(31.00	)%		(18.62	)%
Net assets, end of period	$	10,403,895		$	7,298,645		$	6,237,441		$	3,720,881		$	4,510,278
Average net assets	$	9,236,342		$	5,387,467		$	5,849,722		$	4,022,613		$	4,569,565

(A)	The Fund commenced operations on August 31, 2000. All ratios for the period have not been annualized.
(B)	Based on average shares outstanding.
(C)	In addition to the net realized and unrealized losses on investments as set forth in the Statement of Operations, this amount includes an increase in net asset value per share resulting from the timing of sales and redemptions of shares in relation to fluctuating market values for the Fund’s investments.
(D)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of the period reported and includes reinvestment of dividends. Total investment return for periods less than one year have not been annualized.
(E)	All ratios for the period have been annualized.
(F)	Includes redemption fees of $0.003.	Please see accompanying notes to financial statements.

102 103

Financial Highlights Contained below is per share operating performance data for a share of beneficial interest outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from the Fund’s financial statements.

	European Index Fund
		Six Months			Year			Year			Year			Period
		Ended			Ended			Ended			Ended			Ended
		July 31, 2004			January 31,			January 31,			January 31,			January 31,
		(Unaudited)			2004			2003			2002			2001(A)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	7.97		$	5.67		$	7.13		$	9.62		$	10.00
INVESTMENT OPERATIONS
Net investment income(B)		0.13			0.15			0.11			0.10			0.01
Net realized and unrealized gains (losses) on investments	(0.20		)(F)		2.33			(1.47	)	(2.51		)	(0.39		)
TOTAL FROM INVESTMENT OPERATIONS	(0.07		)		2.48			(1.36	)	(2.41		)	(0.38		)
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS
Dividends from net investment income		—			(0.18	)		(0.10	)		(0.08	)		—
Distributions from realized gains on investments	—				—			—		—			(0.00)		(C)
TOTAL DIVIDENDS AND DISTRIBUTIONS	—				(0.18	)		(0.10	)	(0.08		)	—
Net asset value, end of period	$	7.90		$	7.97		$	5.67		$	7.13		$	9.62
RATIOS
Ratio of total expenses to average net assets		2.62	%(E)		2.05	%		1.23	%		3.61	%		1.74	%
Ratio of net expenses to average net assets		0.58	%(E)		0.58	%		0.58	%		0.58	%		0.24	%
Ratio of net investment income to average net assets		3.38	%(E)		2.22	%		1.66	%		1.31	%		0.05	%
SUPPLEMENTAL DATA
Portfolio turnover rate		4	%		67	%		7	%		29	%		13	%
Total investment return(D)		(0.88	)%		43.91	%		(19.17	)%		(25.03	)%		(3.78	)%
Net assets, end of period	$	10,763,944		$	9,057,072		$	7,693,944		$	4,800,742		$	5,305,934
Average net assets	$	10,220,896		$	7,045,370		$	6,676,218		$	4,685,041		$	4,858,174

(A)	The Fund commenced operations on August 31, 2000. All ratios for the period have not been annualized.
(B)	Based on average shares outstanding.
(C)	Amount represents less than $0.01 per share.
(D)	Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of the period reported and includes reinvestment of dividends. Total investment return for periods less than one year have not been annualized.
(E)	All ratios for the period have been annualized.
(F)	Includes redemption fees of $0.003.	Please see accompanying notes to financial statements.

104 105

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

Note 1 — Organization

TD Waterhouse Trust (the “Trust”) was organized as a Delaware business trust on August 6, 1999. The Trust is registered as an open-end, management investment company with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”) and currently consists of six portfolios (the “Funds”), which include the TD Waterhouse Bond Index Fund (the “Bond Index Fund”), TD Waterhouse Dow 30 Fund (the “Dow 30 Fund”), TD Waterhouse 500 Index Fund (the “500 Index Fund”), TD Waterhouse Extended Market Index Fund (the “Extended Market Index Fund”), TD Waterhouse Asian Index Fund (the “Asian Index Fund”) and TD Waterhouse European Index Fund (the “European Index Fund”). Shares of the Trust are registered under the Securities Act of 1933, as amended. Each of the Funds is “non-diversified” for purposes of the 1940 Act.

The Bond Index Fund seeks to track closely the total return of a broad, market-weighted bond index, before Fund expenses. The Fund’s principal strategy is to invest in a mix of investment-grade bonds consistent with those included in the Lehman Brothers U.S. Aggregate Index. The Dow 30 Fund seeks to track the total return of the Dow Jones Industrial Average^SMbefore Fund expenses. The 500 Index Fund seeks to track closely the total return of a benchmark index that measures the investment return of large-capitalization stocks before Fund expenses. The Fund invests primarily in the stocks included in the Standard & Poor’s 500^® Composite Stock Price Index in attempting to match the performance of that index. The Extended Market Index Fund seeks to track closely the total return of a benchmark index that measures the investment return of mid- and small-capitalization stocks before Fund expenses. The Fund invests primarily in stocks included in the Dow Jones Wilshire 4500 Composite Index in attempting to match the performance of that index. The Asian Index Fund seeks to track closely the total return of a benchmark index that measures the investment return of stocks of Pacific Basin companies before Fund expenses. The Fund invests primarily in stocks that comprise the MSCI^® Pacific Index in attempting to match the performance of that index. The European Index Fund seeks to track closely the total return of a benchmark index that measures the investment return of stocks of European companies before Fund expenses. The Fund invests primarily in the stocks that comprise the MSCI^® Europe Index in attempting to match the performance of that index.

The Dow 30 Fund commenced operations on March 31, 1998 and became part of the Trust on November 5, 1999. The remaining Funds commenced operations on August 31, 2000.

106

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

Note 2 — Significant Accounting Policies

The following is a summary of the Trust’s significant accounting policies:

Use of Estimates— The Trust’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which requires the use of management estimates and assumptions. Actual results could differ from these estimates.

Security Valuation— Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, Inc. (“NASDAQ”) are valued at the last quoted sale price on the primary exchange, market or system (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the mean of the last bid and asked prices. For securities listed on NASDAQ, the NASDAQ Official Closing Price (the “NOCP”) will be used for valuation. If no NOCP is available, the security will be valued at the last sale price on the NASDAQ prior to the calculation of the Fund’s net asset value. If no sale price is shown on NASDAQ, the security will be valued at the mean of the last bid and asked prices. All other securities for which over-the-counter market quotations are readily available generally are valued at the mean of the current bid and asked prices. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. Debt securities may be valued on the basis of valuations furnished by pricing services that utilize electronic data processing techniques to determine valuations for normal institutional-size trading units of debt securities, without regard to sale or bid prices, when such valuations are believed to more accurately reflect the fair market value of such securities. On the first day a new debt security purchase is recorded, if a price isn’t available on the automated pricing feeds from the Funds primary and secondary pricing vendors nor available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trust’s Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less generally are valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker who makes a market in the security. Financial futures are

107

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one hundred eighty-day forward rates provided by an independent source.

Securities for which market prices are not “readily available” or which cannot be accurately valued within the Trust’s established pricing procedures are valued in accordance with Fair Value Procedures established by the Funds’ Board of Trustees. The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) established pursuant to the authority of the Funds’ Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include, but are not limited to: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security’s primary pricing source is not able or willing to provide a price or because the closing price of a security may no longer reflect its market value at the time the Fund calculates net asset value if an event that could materially affect the value of such security (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. No Funds held fair valued securities as of July 31, 2004.

A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it will follow the Trust’s Fair Value Procedures. In addition, the Funds’ accountant monitors price movements among certain selected indices, securities and/or baskets of securities and exchange rates that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index, security or exchange rate exceed levels mutually agreed upon by the adviser/sub-adviser and the Fund accountant, the Fund accountant will notify the

108

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

adviser or sub-adviser for any Fund holding the relevant securities that such limits have been exceeded. In such event, the adviser or sub-adviser makes the determination whether an event has occurred requiring compliance with the Trust’s Fair Value Procedures.

The Asian Index and European Index Funds use an independent third party fair valuation vendor. The vendor provides a fair value for foreign securities held by the Asian Index and European Index Funds based on a methodology (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair valuation vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Board. The Board has also established a “confidence interval” which is used to determine the level of correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Board is exceeded on a specific day, the Asian Index and European Index Funds shall value the non-U.S. securities in its portfolio that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

Foreign Securities— Foreign securities are valued based upon quotations from the primary market in which they are traded. These securities may trade on weekends or other days when the Funds do not calculate the net asset value per share. As a result, the market value of the Funds’ investments may change on days when you cannot buy or sell shares of a Fund.

Foreign Currency Translation — The books and records of each Fund are maintained in U.S. dollars as follows: (1) the foreign currency market values of investment securities and other assets and liabilities stated in foreign currencies are translated at the exchange rates prevailing at the end of the period; and (2) purchases, sales and income are translated at the rates of exchange prevailing on the respective dates of such transactions. The resulting foreign exchange rate gains and losses are included in the Statements of Operations. The Funds do not isolate the portion of gains and losses on investments which is due to fluctuations in foreign exchange rates from that which is due to fluctuations in the market prices of investments.

Forward Foreign Currency Contracts— The Asian Index Fund and European Index Fund may enter into forward foreign currency contracts in connection with either specific transactions or portfolio positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate and any resulting

109

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

unrealized gains or losses are recorded currently. A Fund realizes gains or losses at the time the forward contracts are extinguished. At July 31, 2004, there were no outstanding forward foreign currency contracts in the Asian Index Fund or European Index Fund.

Repurchase Agreements— Each of the Funds may enter into repurchase agreements with financial institutions deemed to be creditworthy by TD Waterhouse Asset Management, Inc. (the “Investment Manager”) or TD Investment Management Inc. (the “Investment Sub-Adviser”), as applicable, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed upon price. Securities purchased subject to repurchase agreements are deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and may claim any resulting loss against the seller. At July 31, 2004, there were no open repurchase agreements.

Futures Contracts— Each of the Funds may invest in financial futures contracts. The Funds are required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin”. The “variation margin” represents the daily fluctuation in the value of the contract. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. Each of the Funds may purchase futures contracts for several reasons: to simulate full investment in the underlying index while retaining a cash balance for fund management purposes, to facilitate trading, or to reduce transaction costs.

110

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

As of July 31, 2004, the following Funds had open futures contracts – long positions:

					Unrealized
		# of			Appreciation			Expiration
	Description	Contracts		Value	(Depreciation)			Date
Dow 30 Fund	DJIASM Index	40	$	4,056,000	$	(104,000	)	Sept. 2004
500 Index Fund	S&P 500® E-Mini	8		440,440		3,828		Sept. 2004
Extended Market
Index Fund	S&P Mid-Cap E-Mini	4		231,640		2,560		Sept. 2004
Asian Index Fund	Nikkei 300 Index	57		1,120,515		(5,353	)	Sept. 2004
	SPI 200 Index	4		247,066	288			Sept. 2004
				1,367,581		(5,065	)
European Index	MSCI® Pan European
Fund	Index	29		569,456		(10,671	)	Sept. 2004

Investment Income— Interest income is accrued as earned. Dividend income is recorded on the ex-dividend date. Discounts and premiums on fixed income securities purchased are amortized and classified as interest income over the lives of the respective securities.

Expense Offset Arrangement — The Funds have an arrangement with their custodian bank whereby the Funds receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. Conversely, the Funds are charged a fee (i.e. “earnings debits”) by their custodian when negative cash balances are maintained. For financial reporting purposes, the funds include net earnings debits in custody fees and net earnings credits as an expense offset in the Statement of Operations.

Dividends and Distributions to Shareholders— Dividends arising from net investment income, if any, are declared daily and paid monthly by the Bond Index Fund. Dividends arising from net investment income for the other Funds, if any, will be declared and paid annually. Net realized short-term capital gain, if any, may be distributed during the year and net realized long-term capital gain, if any, is distributed at least once each year. Income dividends and capital gain distributions are determined in accordance with income tax regulations.

111

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

Securities Transactions — Securities transactions are accounted for on the trade date. Realized gain and loss from securities transactions are recorded on a specific identification basis.

Expenses— Expenses directly attributable to each Fund are charged to that Fund’s operations. Expenses which are applicable to all Funds in the Trust are allocated on a pro rata basis.

Redemption Fees— Effective August 20, 2004, the Funds may charge a redemption fee of 1%, with respect to the Bond Index Fund, or 2%, with respect to all other Funds (expressed as a percentage of the amount you are redeeming) if you redeem shares of a Fund (purchased on or after that date) within 5 days after investing in the Fund. Before August 20, 2004, the Fund may charge a redemption fee of 0.75% if you redeem shares of the Extended Market Index Fund, Asian Index Fund or European Index Fund within 180 days of investing in these Funds.

Federal Income Taxes— It is each Fund’s policy to continue to comply with the special provisions of the Internal Revenue Code available to regulated investment companies. As provided therein, in any fiscal year in which a Fund so qualifies, and distributes at least 90% of its taxable net income, the Fund (not the shareholders) will be relieved of Federal income tax on the income distributed. Accordingly, no provision for income taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98% of its net realized capital gains (earned during the period ended October 31) plus undistributed amounts from prior years.

The Funds may be subject to taxes imposed by countries in which they invest with respect to investments in issuers existing or operating in such countries. Such taxes are generally based on either income earned or repatriated. The Funds accrue such taxes when the related income is earned.

112

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

Note 3 — Investment Management Fees and Other Transactions with Affiliates of the Investment Manager

Under the terms of an Investment Management Agreement with the Investment Manager, a majority-owned subsidiary of The Toronto-Dominion Bank, for the investment management services furnished to each Fund, each Fund pays monthly an annual investment management fee, equal to a percentage of its average daily net assets. Additionally, the Investment Manager voluntarily limits each Fund’s overall expense ratio to a specified percentage of average daily net assets on an annual basis. The following represents the Investment Manager’s annual rate of the investment management fee for each Fund and the overall expense ratio limitation currently in effect:

	Annual
	Investment
	Management	Expense
	Fee	Ratio
Bond Index Fund	0.30%	0.35%
Dow 30 Fund	0.20%	0.45%
500 Index Fund	0.30%	0.35%
Extended Market Index Fund	0.30%	0.40%
Asian Index Fund	0.40%	0.58%
European Index Fund	0.40%	0.58%

TD Investment Management Inc., an affiliate of the Investment Manager, serves as Investment Sub-Adviser to the Bond Index Fund, 500 Index Fund, Extended Market Index Fund, Asian Index Fund, and European Index Fund. The Investment Manager, not the Funds, is responsible for compensating the Investment Sub-Adviser. The Dow 30 Fund does not have an Investment Sub-Adviser and is managed by the Investment Manager.

TD Waterhouse Investor Services, Inc. (“TD Waterhouse”), an affiliate of the Investment Manager, has been retained under an Administration Agreement to perform certain administrative services for each Fund. For the administrative services rendered to the Trust, each Fund (except for the Dow 30 Fund) pays TD Waterhouse a monthly fee at an annual rate of 0.10% of its average daily net assets. The Investment Manager pays TD Waterhouse for administration services for the Dow 30 Fund.

113

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

TD Waterhouse has been retained under a Shareholder Services Agreement to perform certain shareholder services necessary for the operation of each Fund. The shareholder servicing plan adopted for each Fund provides that each Fund pays TD Waterhouse a monthly fee at an annual rate of 0.25% of its average daily net assets.

The Trust has entered into a Transfer Agency and Dividend Disbursing Agency Agreement with National Investor Services Corp. (“NISC”) (the “Transfer Agent”), an affiliate of the Investment Manager, to perform transfer and dividend disbursing agency-related services. For such services, each Fund pays the Transfer Agent a monthly fee at an annual rate of 0.05% of its average daily net assets.

For the six-month period ended July 31, 2004, the Investment Manager and its affiliates waived fees for each Fund as follows:

	Investment				Shareholder		Transfer
	Management		Administration		Service		Agent		Total
	Fee Waiver		Fee Waiver		Fee Waiver		Fee Waiver		Waiver
Bond Index Fund	$	23,920	$	7,973	$	19,933	$	3,987	$	55,813
Dow 30 Fund		75,555		—		94,445		18,889		188,889
500 Index Fund		121,174		40,391		100,979		20,197		282,741
Extended Market
Index Fund		47,287		15,762		39,405		7,881		110,335
Asian Index Fund		18,372		4,593		11,482		2,296		36,743
European Index Fund		20,330		5,082		12,706		2,541		40,659

Additionally, the Investment Manager and its affiliates reimbursed the Funds for expenses in excess of the voluntary expense limitation as follows: the Bond Index Fund $37,852, the Extended Market Index Fund $149, the Asian Index Fund $37,485, and the European Index Fund $63,134.

The Dow 30 Fund executed all of its portfolio transactions through NISC acting as a broker-dealer affiliate. There were no commissions paid to NISC for the six-month period ended July 31, 2004.

114

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

Note 4 — Trustees’ Fees

Each Trustee who is not an “interested person” as defined in the 1940 Act, who serves on the Board of Trustees/Directors of one or more investment companies in the “Fund Complex” (which includes the Trust, TD Waterhouse Family of Funds, Inc. and TD Waterhouse Plus Funds, Inc.) receives, in the aggregate:

1.	a base annual retainer of $15,000, payable quarterly, and
2.	a supplemental annual retainer of $6,000, if serving on the Board of Trustees/Directors of two companies in the Fund Complex, and
3.	an additional supplemental annual retainer of $2,500, if serving on the Board of Trustees/Directors of three companies in the Fund Complex, and
4.	a meeting fee of $3,000 for each meeting attended.

Compensation is allocated among the investment companies and among the respective funds.

Note 5 — Market Risk

Some countries in which the Funds may invest require government approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is a deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities exchanges in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant proportion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets are held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.

115

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

Note 6 — Investment Transactions

The cost of securities purchased and the proceeds from the sale of securities, other than short-term investments and U.S. government securities, for the six-month period ended July 31, 2004 were as follows:

	Purchases		Sales
Bond Index Fund	$	223,258	$	26,238
Dow 30 Fund		32,573,855		28,009,131
500 Index Fund		25,380,366		179,678
Extended Market Index Fund		19,035,842		1,793,669
Asian Index Fund		2,012,959		206,435
European Index Fund		2,100,073		413,730

The Bond Index Fund purchased $6,435,246 and sold $6,457,058 in U.S. government securities, during the six-month period ended July 31, 2004.

Note 7 — Federal Income Taxes

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. generally accepted accounting principles. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in-capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise.

116

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

The tax character of dividends and distributions paid during the fiscal years ended January 31, 2004 and January 31, 2003 were as follows:

		Ordinary		Long-Term
	Income		Capital Gain		Total
Bond Index Fund
2004	$	669,224	$	192,008	$	861,232
2003		451,005		28,542		479,547
Dow 30 Fund
2004		2,627,421		—	2,627,421
2003		2,327,940		200,944	2,528,884
500 Index Fund
2004		813,379		—		813,379
2003		415,419		—		415,419
Extended Market Index Fund
2004		256,366		—		256,366
2003		61,719		—		61,719
Asian Index Fund
2004		140,847		—		140,847
2003		50,735		—		50,735
European Index Fund
2004		187,508		—		187,508
2003		118,946		—		118,946

The tax character of dividends and distributions for the fiscal year ending January 31, 2005 will be determined at the end of the current fiscal year.

117

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

As of January 31, 2004, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

											Extended
		Bond						500			Market		Asian			European
		Index			Dow 30			Index			Index		Index			Index
		Fund			Fund			Fund			Fund		Fund			Fund
Undistributed
Ordinary
Income	$	2,884		$	145,052		$	67,693		$	88,983	$	31,998		$	33,884
Undistributed
Long-Term
Capital Gains		5,373			—			—			8,799		—			—
Capital Loss
Carryforwards		—			(1,892,729	)		(207,284	)		—		(2,338,169	)		(1,805,567	)
Post-October
Losses		—			—			—			—		(7,594	)		(8,203	)
Unrealized
Appreciation
(Depreciation)		327,176			(1,529,830	)		5,809,545			934,055		378,888			849,685
Other
Temporary
Differences		(3,191	)		—			—			—		—			—
Total
Distributable
Earnings
(Accumulated
Losses)	$	332,242		$	(3,277,507	)	$	5,669,954		$	1,031,837	$	(1,934,877	)	$	(930,201	)

Post-October losses represent losses realized on investment transactions from November 1, 2003 through January 31, 2004 that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year. For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.

118

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

As of January 31, 2004, the following Funds had capital loss carryforwards that can be used to offset future capital gains through the indicated expiration dates:

		2009		2010		2011		2012		Total
Dow 30 Fund	$	—	$	—	$	1,030,304	$	862,425	$	1,892,729
500 Index
Fund		—		—		207,284		—		207,284
Asian Index
Fund		23,343		303,683		77,929		1,933,214		2,338,169
European
Index Fund		—		213,091		125,530		1,466,946		1,805,567

During the year ended January 31, 2004, the 500 Index Fund and the Extended Market Index Fund utilized capital loss carryforwards in the amount of $548,510 and $82,689, respectively, to offset capital gains realized.

The Federal tax cost and the aggregate gross unrealized appreciation (depreciation) on investments for each Fund as of July 31, 2004 was as follows:

		Federal		Gross		Gross		Net Unrealized
		Tax		Unrealized		Unrealized		Appreciation
		Cost	Appreciation			Depreciation		(Depreciation)
Bond Index Fund	$	15,537,868	$	209,424	$	(178,543	)	$	30,881
Dow 30 Fund	171,368,451			20,876,167		(21,419,720	)		(543,553	)
500 Index Fund	114,020,510			12,174,320		(9,382,161	)		2,792,159
Extended Market
Index Fund		41,044,178		4,595,245		(5,231,426	)		(636,181	)
Asian Index Fund		8,441,319		940,746		(480,615	)		460,131
European Index Fund		9,126,208		1,344,015		(440,102	)		903,913

119

TD WATERHOUSE TRUST
Notes to Financial Statements – July 31, 2004
(Unaudited)

Note 8 — Subsequent Event

On September 14, 2004, the Board of Trustees approved a new name for the Asian Index Fund. The new name is Asian Pacific Index Fund and will be effective on November 28, 2004. The name change was required in order to provide the Fund with more investment flexibility, with regards to holdings in Australian and New Zealand securities, while remaining in compliance with Rule 35d-1 of the 1940 Act.

120

A Word about the S&P and MSCI^®Indices

The 500 Index Fund (the “Product”) is not sponsored, endorsed, sold or promoted by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”). S&P makes no representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the S&P 500 Index to track general stock market performance. S&P’s only relationship to TD Waterhouse Asset Management, Inc. (the “Licensee”) is the licensing of certain trademarks and trade names of S&P and of the S&P 500 Index which is determined, composed and calculated by S&P without regard to the Licensee or the Product. S&P has no obligation to take the needs of the Licensee, or the owners of the Product into consideration in determining, composing or calculating the S&P 500 Index. S&P is not responsible for and has not participated in the determination of the prices and amount of the Product or the timing of the issuance or sale of the Product or in the determination or calculation of the equation by which the Product is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Product.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Each of the Asian Index Fund and the European Index Fund (the “Funds”) is not sponsored, endorsed, sold or promoted by MSCI^® or any affiliate of MSCI^®. Neither MSCI^® nor any other party makes any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in funds generally or in the Funds particularly or the ability of either the MSCI^® Pacific Index or the MSCI^® Europe Index to track the general stock market performance. MSCI^® is the licensor of certain trademarks, service marks and trade names of MSCI^® and each of the MSCI^® Pacific Index or the MSCI^® Europe Index, which are determined, composed and calculated by MSCI^® without regard to the issuer of the Funds or the Funds. MSCI^® has no obligation to take the needs of the issuer of the Funds or the owners of the Funds into consideration when determining, composing or calculating the MSCI^® Pacific Index or the MSCI^® Europe Index. MSCI^® is not responsible for and has not participated in the determination of the timing of prices at, or quantities of the Funds to be issued or in the determination or calculation of the equation by which the Funds are redeemable for cash. Neither MSCI^® nor any other party has any obligation or liability to owners of the Funds in connection with the administration, marketing or trading of the Funds.

ALTHOUGH MSCI^® SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDICES FROM SOURCES WHICH MSCI^® CONSIDERS RELIABLE, NEITHER MSCI^® NOR ANY OTHER PARTY GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA INCLUDED THEREIN. NEITHER MSCI^® NOR ANY OTHER PARTY MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS AND COUNTERPARTIES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MSCI^® NOR ANY OTHER PARTY MAKES ANY EXPRESS OR IMPLIED WARRANTY, AND MSCI^® HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FORGOING, IN NO EVENT SHALL MSCI^® OR ANY OTHER PARTY 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.

This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

121

Trustees and Officers Information
(Unaudited) The following table contains information regarding the Trust’s Trustees and Officers. Trustees who are not deemed to be “interested persons” of the Trust, as defined in the Investment Company Act of 1940 as amended (the “1940 Act”), are referred to as “Independent Trustees.” A trustee who is deemed to be an “interested person” of the Trust is referred to as an “Interested Trustee.” “Fund Complex” includes the Trust, TD Waterhouse Family of Funds, Inc. and TD Waterhouse Plus Funds, Inc., investment companies advised by TD Waterhouse Asset Management, Inc. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by writing TD Waterhouse Investor Services, Inc., Customer Service, One Harborside Financial Center, Plaza 4A, Jersey City, NJ 07311, or by calling 1-800-934-4448.

				Number of
		Term of		Portfolios
		Office with the	Principal	in Fund	Other
	Position(s)	Trust and	Occupation(s)	Complex	Directorships
Name, Address	Held with	Length of	During Past	Overseen	Held by
And Age	the Trust	Time Served†	5 Years	by Trustee	Trustee
Independent Trustees
RICHARD W. DALRYMPLE	Trustee	Since	Chief Executive Officer of American Red Cross	12	None
		9/8/99	(Nassau County Chapter) since June 2003;
American Red Cross			Chief Operating Officer of National Center for
195 Willis Avenue			Disability Services from 2001 through June 2003;
Mineola, NY 11501-2623			President of Teamwork Management, Inc. from 1996
			through 2001; Trustee of The Shannon McCormack
Age 60			Foundation since 1988, the Kevin Scott Dalrymple
			Foundation since 1993; Director of Dime Bancorp,
			Inc. from 1990 through January 2002.
LAWRENCE J. TOAL	Trustee	Since	President and Chief Executive Officer of Dime	11	Director of SBLI
		9/8/99	Bancorp, Inc. from January 1997 through February		(USA), Inc.
876 Park Avenue			2002 and Chairman, President, and Chief Executive
New York, NY 10021			Officer of The Dime Savings Bank of New York, FSB
			from January 1997 to February 2002, and President
Age 66			and Chief Executive Officer from February 1991 to
			December 1996.
PETER B.M. EBY	Trustee	Since	Vice Chairman and Director of Nesbitt Burns, Inc. until	12	Director of Leons
		6/6/02	October 1998.		Furniture Limited
6 Corrigan Close					since May 1977;
Toronto, Ontario					Director of
Canada, M4N 3U6					Sixty Split Corp.
					since March 2001;
Age 65					Director of George
					Weston Limited
					since May 2000;
					and RSplit II
					Corp. since May
					2004.
Interested Trustee
GEORGE F. STAUDTER†††	Chairman	Since	Managerial and Financial Consultant, rendering	11	Director of CRT
	and Trustee	9/8/99	investment management, tax and estate planning		Properties, Inc.
8005 Beech Tree Court			services to individual clients, and strategic planning
Suffolk, VA 23433			advice to corporate clients since 1989; Director of
			Waterhouse Investor Services, Inc. from 1987 to 1996.
Age 72

122 123

		Term of
		Office with the	Principal
	Position(s)	Trust and	Occupation(s)
Name, Address	Held with	Length of	During Past
And Age	the Trust	Time Served†	5 Years
Officers Who Are Not Trustees
GEORGE O. MARTINEZ	President	Since	Since August 2002, Senior Vice President – Client Services of BISYS Fund Services; since
	and	6/5/02	June 2001, Chief Executive Officer and President of FundWatchDog Service LLC; from
c/o BISYS Fund Services	Chief		June 2000 to June 2001, Senior Vice President and Senior Managing Counsel of State
100 Summer Street, Suite 1500	Executive		Street Corporation of Boston; and from March 1998 to May 2000, National Director of
Boston, MA 02110	Officer		Investment Management and Regulatory Consulting of Arthur Anderson.
Age 44
CHRISTOPHER SALFI	Treasurer	Since	Since June 2003, Senior Director of Administration of SEI Investments; from January 1998 to
	and	3/6/03	June 2003, Fund Accounting Director – SEI Investments; from March 1994 to January 1998,
c/o SEI Investments	Chief		Fund Accounting Manager for SEI Investments.
One Freedom Valley Drive	Financial
Oaks, PA 19456	Officer
Age 40
THOMAS REYES	Vice President	Since	Since August 2003, Counsel to BISYS Fund Services, Inc.; from December 2000 to August 2003,
	and	12/1/03	Associate at Sutherland, Asbill & Brennan LLP; from November 1998 to November 2000, Legal
c/o BISYS Fund Services	Secretary		Product Manager at Fidelity Investments.
100 Summer Street, Suite 1500
Boston, MA 02110
Age 41
RICHARD H. NEIMAN	Chief Legal	Since	Since August 1995, Executive Vice President, General Counsel, Director and Secretary of the
	Officer	6/10/03	Investment Manager; since July 1994, Executive Vice President, General Counsel, Director and
c/o TD Waterhouse			Secretary of TD Waterhouse Group, Inc.; and since July 1994, Executive Vice President and
100 Wall Street			General Counsel, and since November 1995, Director and Secretary of TD Waterhouse
New York, NY 10005			Investor Services, Inc.
Age 53
MICHELE R. TEICHNER	Chief Compliance	Since	Since August 1996, Senior Vice President - Compliance, Administration and Operations of
	Officer, Vice	11/2/99	TD Waterhouse Asset Management, Inc. and TD Waterhouse since June 1997; and since
c/o TD Waterhouse	President and		June 2004, Chief Compliance Officer for TD Waterhouse Asset Management, Inc.
100 Wall Street	Assistant
New York, NY 10005	Secretary
Age 44
THOMAS J. TEXTOR	Vice President	Since	Since November 1999, Chief Compliance Officer of TD Waterhouse; from 1997 to 1999, Chief
	and	1/4/99	Compliance Officer of National Investor Services Corp.; from 1995 to 1997, Vice President and
c/o TD Waterhouse	Assistant		Administrative Manager of Prudential Securities, Inc.
100 Wall Street	Treasurer
New York, NY 10005
Age 46

†	There is no set term of office for Trustees and Officers. The table shows the time period for which each individual has served as Trustee and/or Officer.	†††	Mr. Staudter is considered an “interested person” of the Trust under the 1940 Act because he owns shares of The Toronto-Dominion stock.
††	In companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in other investment companies registered under the 1940 Act, as of July 31, 2004. This does not include directorships held by a Trustee in the Fund Complex.

124 125

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127

Item 2. Code of Ethics.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
Not applicable – only for annual reports.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 11(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

During the period covered by the report, with respect to the registrant's code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

(a)	(1) Disclose that the registrant’s board of directors has determined that the registrant either:
		(i) Has at least one audit committee financial expert serving on its audit committee; or
		(ii) Does not have an audit committee financial expert serving on its audit committee.
	(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
		(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
		(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
	(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

(a)	Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b)	Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(c)	Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d)	Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(e)	(1)	Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
	(2)	Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)	If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g)	Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
(h)	Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

(a)

If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b)

If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

Item 6. Schedule of Investments.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities. Not applicable.

Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any "affiliated purchaser," as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

Item 9. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Not applicable.

Item 10. Controls and Procedures.

     (a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is (i) accumulated and communicated to the investment company’s management, including its certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 11. Exhibits.

     (a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

     (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable - Only effective for annual reports.

     (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2). Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

     (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

     (b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) TD Waterhouse Trust

By (Signature and Title)*                /s/ George O. Martinez               
                                                     George O. Martinez, President

Date September 14, 2004

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*                /s/ George O. Martinez               
                                                     George O. Martinez, President

Date September 14, 2004

By (Signature and Title)*                /s/ Christopher Salfi                 
                                                       Christopher Salfi, Treasurer

Date September 14, 2004

* Print the name and title of each signing officer under his or her signature.