CC&L Real Return Income Fund

Connor, Clark & Lunn Real Return Income Fund ("the Fund") is an investment trust that has been created to invest on a levered basis in real return bonds issued by governments with AAA credit ratings, primarily US Treasury Inflation Protection Securities (''TIPS''). In order to provide diversification, improve net asset value stability and increase expected returns, up to 20% of the portfolio may be invested in a mix of other assets. Western Asset Management Company ("Western Asset") is the Fund's investment advisor and is responsible for actively managing and making investment decisions with respect to the portfolio.

Performance Update

CC&L Real Return Income Fund Performance Update—Third Quarter 2008

Mise à jour sur le rendement du Fonds de revenu à rendement réel de CC&L — 1er Trimestre 2008