Core Canadian Dividend Trust [cdd.un] Financial Statements Statements of Net Assets As at December 31 2010 2009 ASSETS Investments at fair value (cost - $15,516,914; 2009 - $19,789,655) $ 16,248,885 $ 19,414,832 Short-term investments at fair value (cost - $1,647,574; 2009 - $1,909,045) 1,647,574 1,909,045 Cash 36,340 8,864 Interest receivable 419 338 Dividends receivable 53,115 61,792 Due from brokers - investments – 581,903 TOTAL ASSETS 17,986,333 21,976,774 LIABILITIES Redemptions payable 3,975,398 4,543,061 Accrued liabilities 68,165 182,242 TOTAL LIABILITIES 4,043,563 4,725,303 NET ASSETS, REPRESENTED BY UNITHOLDERS’ EQUITY $ 13,942,770 $ 17,251,471 Number of Units Outstanding (Note 5) 1,831,294 2,335,451 Net Assets per Unit - Basic (Note 4) $ 7.6136 $ 7.3868 Net Assets per Unit - Diluted (Note 5) n/a $ 7.1654 On Behalf of the Manager, Mulvihill Capital Management Inc. John D. Germain, Director John P. Mulvihill, Director Annual Report 2010 10 The notes are an integral part of the Financial Statements.