CC&L Global Financials Fund II

Connor, Clark & Lunn Global Financials Fund II (the "Fund") is an investment trust that has been designed to take advantage of the proven expertise of New Star Asset Management Limited ("New Star") at investing in the global financial services sector. New Star has a strong track record in this sector and believes that the global financial services industry will continue to outperform other sectors in the market. The Fund will be managed using the same investment approach as New Star applies to its New Star Global Financials Fund, which was launched in December 2001 and Connor, Clark & Lunn Global Financials Fund launched in May 2006.

Performance Update

CC&L Global Financials Fund II Performance Update — Third Quarter 2008
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