Investment Manager

Western Asset Management Company is acting as the investment advisor (the ‘‘Investment Advisor’’ or ‘‘Western Asset’’) for the Connor, Clark & Lunn Real Return Income Fund (the ‘‘Fund”) and will actively manage and make investment decisions with respect to the portfolio. Western Asset was named 2004 Fixed Income Manager of the Year by Morningstar, Inc. The Investment Advisor was established in 1971, is a wholly owned subsidiary of Legg Mason, Inc., and acts as investment advisor to institutional accounts, such as corporate pension plans, mutual funds and endowment funds. Western Asset is located at 385 East Colorado Boulevard, Pasadena, California 91101. Total assets under management by Western Asset; its London-based affiliate, Western Asset Management Company Limited; and its Singapore-based affiliate, Legg Mason Asset Management (Asia) Pte Ltd., were approximately (US) $211.4 billion as of March 31, 2005. As of March 31, 2005, Western Asset managed over (US) $25 billion in inflation-linked securities and over (US) $8 billion in assets using investment strategies similar to the Fund.