Core Canadian Dividend Trust [cdd.un] Financial Statements Statement of Investments As at December 31, 2010 Par Value/ Number of Shares/ Average Cost/ Fair % of Number of Contracts Proceeds Value Portfolio SHORT-TERM INVESTMENTS Treasury Bills Government of Canada, 0.95% - February 17, 2011 1,650,000 $ 1,647,574 $ 1,647,574 100.0% Accrued Interest 419 0.0% TOTAL SHORT-TERM INVESTMENTS $ 1,647,574 $ 1,647,993 100.0% INVESTMENTS Canadian Common Shares Consumer Discretionary Thompson Reuters Corp. 21,300 $ 780,772 $ 791,508 4.9% Energy Cameco Corporation 12,000 451,467 483,000 Canadian Natural Resources Ltd. 9,300 341,767 411,897 Enbridge Inc. 24,200 1,216,172 1,360,766 Talisman Energy Inc. 18,100 348,701 400,372 TransCanada Corp. 32,000 1,156,917 1,214,080 Total Energy 3,515,024 3,870,115 23.8% Financials AGF Management Limited - Class B 46,000 1,020,952 896,080 Bank of Montreal 16,700 989,624 959,248 Canadian Imperial Bank of Commerce 6,900 502,069 539,787 Manulife Financial Corporation 67,200 1,484,818 1,149,120 National Bank of Canada 12,300 789,719 841,566 Royal Bank of Canada 13,000 695,109 678,860 The Bank of Nova Scotia 12,630 637,143 720,541 The Toronto-Dominion Bank 10,800 703,527 800,280 Total Financials 6,822,961 6,585,482 40.5% Industrials Russel Metals Inc. 50,600 1,090,956 1,158,740 7.1% Materials Agnico-Eagle Mines Limited 4,000 289,693 305,800 Barrick Gold Corporation 11,200 545,434 594,160 Teck Resources Limited - Class B 14,000 697,331 863,100 Total Materials 1,532,458 1,763,060 10.8% Telecommunication Services BCE Inc. 29,600 911,690 1,046,064 6.4% Utilities Canadian Utilities Ltd. 19,400 885,788 1,052,838 6.5% Total Canadian Common Shares $ 15,539,649 $ 16,267,807 100.0% Options Written Covered Call Options (100 shares per contract) Canadian Natural Resources Ltd. - January 2011 @ $42 (46) $ (5,014) $ (9,387) The Bank of Nova Scotia - January 2011 @ $57 (42) (2,625) (3,696) TransCanada Corp. - January 2011 @ $38 (160) (6,240) (5,839) Total Written Covered Call Options (13,879) (18,922) 0.0% Total Options $ (13,879) $ (18,922) 0.0% Adjustment for transaction fees (8,856) TOTAL INVESTMENTS $ 15,516,914 $ 16,248,885 100.0% Annual Report 2010 The notes are an integral part of the Financial Statements. 13