Investment Manager

Connor, Clark & Lunn Capital Markets Inc. (the "Manager") will act as Manager of the Fund and of Portfolio Trust. The Manager is a leading provider of investment products that has raised since 2004. The Manager is part of the Connor, Clark & Lunn Financial Group, which has of assets under management through its affiliated investment managers on behalf of institutional, private and retail clients.

Sub-Advisor

Nuveen Asset Management ("Nuveen") will act as Sub-Advisor to the Fund and the Trust. Nuveen is a wholly-owned subsidiary of Nuveen Investments, Inc. and is one of the largest managers of municipal bonds in the world. As at September 30, 2009, Nuveen had approximately US $68.8 billion in municipal securities under management.

Nuveen employs over 17 analysts dedicated exclusively to evaluating opportunities in municipal bonds, including Build America Bonds, across all sectors and risk profiles. These analysts produce in-house, proprietary research to assist portfolio managers in making investment decisions. Their investment process extends beyond examining the issuer’s financial profile and includes an extensive review of the security and collateral provisions, market position and market health. Analysis is supplemented by meetings with management. Securities chosen for investment are reviewed on a regular basis. They also has a dedicated trading desk, which maintains close relations with the brokerdealer community.

Nuveen has the analytical resources and capacity to look for compelling investment opportunities in bond issues across the entire range of sizes. The bonds to which the Fund is exposed may or may not be included in Barclays Capital Aggregate Bond Index. Build America Bonds included in the Barclays Capital Aggregate Bond Index have generally offered lower yields than similar non-index issues. Nuveen may utilize its analytical resources to identify and invest in non-index Build America Bonds that offer the same or similar credit quality as issues included in the index but at more attractive yields.