Core Canadian Dividend Trust [cdd.un] Financial Statements Annual Report 2010 The notes are an integral part of the Financial Statements. 11 Statements of Financial Operations Years ended December 31 2010 2009 REVENUE Dividends $ 601,363 $ 654,789 Interest 4,347 35,586 TOTAL REVENUE 605,710 690,375 EXPENSES (Note 6) Management fees 190,281 220,371 Service fees 69,189 80,182 Administrative and other expenses 61,177 51,160 Transaction fees (Note 9) 60,622 70,778 Custodian fees 36,723 29,483 Audit fees 22,928 23,075 Advisory board fees 19,631 19,631 Independent review committee fees 6,601 6,514 Legal fees 5,342 4,339 Unitholder reporting costs 18,472 28,861 Federal and provincial sales taxes 22,515 17,765 Subtotal Expenses 513,481 552,159 Warrant offering costs (Note 5) – 156,065 TOTAL EXPENSES 513,481 708,224 Net Investment Income (Loss) 92,229 (17,849) Net gain (loss) on sale of investments 653,998 (3,663,612) Net gain (loss) on sale of derivatives (180,648) 287,940 Net Gain (Loss) on Sale of Investments 473,350 (3,375,672) Net change in unrealized appreciation/depreciation of investments 1,106,794 7,659,289 Net Gain on Investments 1,580,144 4,283,617 NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,672,373 $ 4,265,768 NET INCREASE IN NET ASSETS FROM OPERATIONS PER UNIT - BASIC (based on the weighted average number of units outstanding during the year of 2,346,455; 2009 - 2,947,465) $ 0.7127 $ 1.4473 NET INCREASE IN NET ASSETS FROM OPERATIONS PER UNIT - DILUTED n/a $ 1.3804