% OF NET ASSET VALUE Cash and Short-Term Investments 12% Enbridge Inc. 10% TransCanada Corp. 9% Russel Metals Inc. 8% Manulife Financial Corporation 8% Canadian Utilities Ltd. 8% BCE Inc. 8% Bank of Montreal 7% AGF Management Limited - Class B 6% Teck Resources Limited - Class B 6% National Bank of Canada 6% The Toronto-Dominion Bank 6% Thompson Reuters Corp. 6% The Bank of Nova Scotia 5% Royal Bank of Canada 5% Barrick Gold Corporation 4% Canadian Imperial Bank of Commerce 4% Cameco Corporation 3% Canadian Natural Resources Ltd. 3% Talisman Energy Inc. 3% Agnico-Eagle Mines Limited 2% For the year ended December 31, 2010, cash distributions of $0.48 per unit were paid to unitholders compared to $0.43 per unit in 2009. Since the inception of the Fund in November 2006, the Fund has paid total cash distributions of $2.11 per unit. The Fund’s total revenue per unit increased to $0.26 per unit for the year ended December 31, 2010 from $0.23 per unit for 2009, largely reflecting higher dividend income earned on a per average-unit basis. Overall expenses (excluding warrant offering costs) decreased slightly from $0.6 million in 2009 to $0.5 million in 2010, mainly attributable to a decrease in average net asset value and unitholder activity in the current year partially offset by the unfavourable impact of the Ontario harmonized sales tax and the administra- tive costs associated with the normal course issuer bid. However, total expenses per unit increased by $0.02 per unit to $0.22 per unit in 2010 due to a decreased number of units outstanding during the year. The Fund had a net realized and unrealized gain of $0.67 per unit in 2010 as compared to a net realized and unrealized gain of $1.45 per unit in 2009. The net asset value per unit of the Fund increased by $0.23 per unit, or 3.1 percent, from $7.40 per unit at December 31, 2009 to $7.63 per unit at December 31, 2010. The total net asset value of the Fund decreased $3.3 million, from $17.3 million at December 31, 2009 to $14.0 million at December 31, 2010, primarily as a result of annual redemptions in December totalling $4.0 million. Net Asset Value Revenues and Expenses Distributions Results of Operations 3 Annual Report 2010 Portfolio Holdings December 31, 2010 Management Report of Fund Performance Core Canadian Dividend Trust [cdd.un]