BMO Reports 4.94% Stake in TD (85.24M Shares) — Schedule 13G/A

Filing: Amendment No. 2 to Schedule 13G filed for Toronto-Dominion Bank (CUSIP 891160509) reporting a date of event 06/30/2025.

Rhea-AI Filing Summary

Filing: Amendment No. 2 to Schedule 13G filed for Toronto-Dominion Bank (CUSIP 891160509) reporting a date of event 06/30/2025. The Bank of Montreal group reports an aggregate beneficial ownership of 85,240,803 common shares, representing 4.94% of the class.

Reporting persons: Bank of Montreal and affiliated entities including Bank of Montreal Holding Inc., BMO Nesbitt Burns Inc. Wealth Management, BMO Asset Management Inc., BMO Private Investment Counsel Inc., BMO Nesbitt Burns Inc., BMO Financial Corp., BMO Bank N.A., BMO Family Office, LLC. Principal address: 1 First Canadian Place, Toronto, Ontario.

Key holdings (selected): Bank of Montreal: sole voting power 83,478,114, sole dispositive power 84,024,096. Bank of Montreal Holding Inc.: sole voting 61,071,868, sole dispositive 61,271,613. BMO Asset Management Inc.: sole dispositive 31,121,859. Item 5 notes ownership of 5 percent or less; Item 6 marked Not Applicable. Item 10 certifies holdings were acquired and are held in the ordinary course of business and not to influence control. The filing is signed by Kathryn Cenac as Managing Director, dated 08/06/2025.

Positive

• Aggregate ownership disclosed: 85,240,803 shares (4.94%), providing transparency to investors
• Detailed voting/dispositive breakdowns: specific sole/shared voting and dispositive figures reported for major BMO entities
• Certification of ordinary-course holdings: Item 10 states securities held in the ordinary course and not to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: BMO group reports a 4.94% stake in TD (85.24M shares); disclosure is material for ownership tracking but below 5% control threshold.

The Schedule 13G/A discloses an aggregate holding of 85,240,803 shares (4.94%) as of the 06/30/2025 event date. The largest reported sole voting and dispositive positions are held by Bank of Montreal and certain BMO affiliates, with Bank of Montreal reporting 83,478,114 sole votes and 84,024,096 sole dispositive power. The filing also states holdings are in the ordinary course of business per Item 10. From an analyst perspective, this is a transparent ownership update but does not indicate an intent to influence control.

Corporate Governance Expert

TL;DR: Consolidated BMO ownership disclosed; structure and Item 10 certification suggest routine institutional holdings rather than control actions.

The schedule identifies multiple BMO entities and reports precise voting and dispositive allocations across subsidiaries, including Bank of Montreal Holding Inc. and BMO Asset Management Inc. The filing explicitly notes ownership of 5 percent or less and Item 10 certifies the securities are held in the ordinary course of business. The signature block shows a single authorized signer, Kathryn Cenac, for all reporting persons, dated 08/06/2025. Governance implications are limited given the 4.94% aggregate stake.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does BMO report in Toronto-Dominion Bank (TD)?

The filing reports an aggregate beneficial ownership of 85,240,803 common shares, representing 4.94% of the class.

What is the event date for the Schedule 13G/A filing for TD?

The date of the event requiring filing is 06/30/2025 and the amendment is signed on 08/06/2025.

Who are the primary reporting persons in this filing?

Reporting persons include Bank of Montreal and affiliates: Bank of Montreal Holding Inc., BMO Nesbitt Burns entities, BMO Asset Management Inc., BMO Private Investment Counsel Inc., BMO Financial Corp., BMO Bank N.A., and BMO Family Office, LLC.

Does the filing indicate an intent to influence control of TD?

Per Item 10, the reporting persons certify the securities were acquired and are held in the ordinary course of business and were not acquired to influence control.

Are any holdings reported above 5% of TD's class?

No. Item 5 indicates ownership of 5 percent or less of a class; aggregate reported ownership is 4.94%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/06/2025 - 01:18 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Toronto-Dominion Bank

(Name of Issuer)

Common Shares

(Title of Class of Securities)

891160509

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 891160509

1

Names of Reporting Persons

Bank of Montreal

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 83,478,114.00
6	Shared Voting Power 1,216,707.00
7	Sole Dispositive Power 84,024,096.00
8	Shared Dispositive Power 1,216,707.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

85,240,803.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.94 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 891160509

1

Names of Reporting Persons

BANK OF MONTREAL HOLDING INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 61,071,868.00
6	Shared Voting Power 1,216,707.00
7	Sole Dispositive Power 61,271,613.00
8	Shared Dispositive Power 1,216,707.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

62,488,320.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.67 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. 891160509

1

Names of Reporting Persons

BMO NESBITT BURNS INC. WEALTH MANAGEMENT

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 53,875,952.00
6	Shared Voting Power 680,070.00
7	Sole Dispositive Power 54,075,697.00
8	Shared Dispositive Power 680,070.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

54,755,767.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.17 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 891160509

1

Names of Reporting Persons

BMO NESBITT BURNS SECURITIES LTD.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 199,745.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

199,745.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.01 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 891160509

1

Names of Reporting Persons

BMO PRIVATE INVESTMENT COUNSEL INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,812,705.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,812,705.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,812,705.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.27 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 891160509

1

Names of Reporting Persons

BMO ASSET MANAGEMENT INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 31,121,859.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 31,121,859.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,121,859.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 891160509

1

Names of Reporting Persons

BMO NESBITT BURNS INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,195,916.00
6	Shared Voting Power 536,637.00
7	Sole Dispositive Power 7,195,916.00
8	Shared Dispositive Power 536,637.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,732,553.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.44 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 891160509

1

Names of Reporting Persons

BMO FINANCIAL CORP.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,210.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,293.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,293.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 891160509

1

Names of Reporting Persons

BMO BANK N.A.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,210.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,467.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,467.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. 891160509

1

Names of Reporting Persons

BMO FAMILY OFFICE, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,826.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,826.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Toronto-Dominion Bank
(b)	Address of issuer's principal executive offices: 66 WELLINGTON STREET WEST, 12TH FLOOR, TD TOWER, TORONTO, ONTARIO, CANADA M5K 1A2
Item 2.
(a)	Name of person filing: Bank of Montreal BANK OF MONTREAL HOLDING INC. BMO NESBITT BURNS INC. WEALTH MANAGEMENT BMO NESBITT BURNS SECURITIES LTD. BMO PRIVATE INVESTMENT COUNSEL INC. BMO ASSET MANAGEMENT INC. BMO NESBITT BURNS INC. BMO FINANCIAL CORP. BMO BANK N.A. BMO FAMILY OFFICE, LLC
(b)	Address or principal business office or, if none, residence: 1 First Canadian Place Toronto, Ontario, Canada M5X1A1
(c)	Citizenship: Bank of Montreal - CANADA (FEDERAL LEVEL) BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL) BMO NESBITT BURNS INC. WEALTH MANAGEMENT - CANADA (FEDERAL LEVEL) BMO NESBITT BURNS SECURITIES LTD. - CANADA (FEDERAL LEVEL) BMO PRIVATE INVESTMENT COUNSEL INC. - CANADA (FEDERAL LEVEL) BMO ASSET MANAGEMENT INC. - ONTARIO, CANADA BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL) BMO FINANCIAL CORP. - DELAWARE BMO BANK N.A. - ILLINOIS BMO FAMILY OFFICE, LLC - DELAWARE
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 891160509
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 85,240,803
(b)	Percent of class: 4.94 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Bank of Montreal - 83,478,114 BANK OF MONTREAL HOLDING INC. - 61,071,868 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 53,875,952 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO PRIVATE INVESTMENT COUNSEL INC. - 4,812,705 BMO ASSET MANAGEMENT INC. - 31,121,859 BMO NESBITT BURNS INC. - 7,195,916 BMO FINANCIAL CORP. - 1,210 BMO BANK N.A. - 1,210 BMO FAMILY OFFICE, LLC - 0
	(ii) Shared power to vote or to direct the vote: Bank of Montreal - 1,216,707 BANK OF MONTREAL HOLDING INC. - 1,216,707 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 680,070 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO PRIVATE INVESTMENT COUNSEL INC. - 0 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS INC. - 536,637 BMO FINANCIAL CORP. - 0 BMO BANK N.A. - 0 BMO FAMILY OFFICE, LLC - 0
	(iii) Sole power to dispose or to direct the disposition of: Bank of Montreal - 84,024,096 BANK OF MONTREAL HOLDING INC. - 61,271,613 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 54,075,697 BMO NESBITT BURNS SECURITIES LTD. - 199,745 BMO PRIVATE INVESTMENT COUNSEL INC. - 4,812,705 BMO ASSET MANAGEMENT INC. - 31,121,859 BMO NESBITT BURNS INC. - 7,195,916 BMO FINANCIAL CORP. - 4,293 BMO BANK N.A. - 1,467 BMO FAMILY OFFICE, LLC - 2,826
	(iv) Shared power to dispose or to direct the disposition of: Bank of Montreal - 1,216,707 BANK OF MONTREAL HOLDING INC. - 1,216,707 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 680,070 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO PRIVATE INVESTMENT COUNSEL INC. - 0 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS INC. - 536,637 BMO FINANCIAL CORP. - 0 BMO BANK N.A. - 0 BMO FAMILY OFFICE, LLC - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Documents.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Bank of Montreal

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BANK OF MONTREAL HOLDING INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO NESBITT BURNS INC. WEALTH MANAGEMENT

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO NESBITT BURNS SECURITIES LTD.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO PRIVATE INVESTMENT COUNSEL INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO ASSET MANAGEMENT INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO NESBITT BURNS INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO FINANCIAL CORP.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO BANK N.A.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO FAMILY OFFICE, LLC

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025