CC&L Core Income and Growth Fund (Formerly CC&L Conservative Income & Growth Fund) Completes Conversion to an Open-Ended Mutual Fund and Announces Distributions

TORONTO, June 21, 2012 /CNW/ - Connor, Clark & Lunn Capital Markets Inc. (the "Manager") is pleased to announce that the conversion of Series C Units of CC&L Core Income and Growth Fund (formerly Connor, Clark & Lunn Conservative Income & Growth Fund) (the "Fund") to an open-ended mutual fund has been successfully completed (the "Conversion"). In connection with the Conversion, the Fund was renamed CC&L Core Income and Growth Fund. Immediately after each dealer's back office completes the remaining operational steps, unitholders will be able to subscribe for additional units of the Fund or redeem units on a daily basis at their net asset value via FundSERV. Unitholders will also be able to switch their units into other series of the Fund.  No redemption fees are applicable to unitholders who redeem their Series C Units received as a result of the Conversion. Investors who redeem or switch within 90 days of purchase may be charged a short-term trading fee of 2.0%.

The Manager is also pleased to announce the initial targeted distribution rate for CC&L Core Income and Growth Fund.  The targeted monthly distribution rate will be $0.10903 per Unit ($1.30836 per Unit per annum).  Distributions are expected to be paid to unitholders of record on the last business of each month starting in June 2012. The Fund offers three series of Units via FundSERV:

Series

FundSERV

Series A

CCL 550

Series F

CCL 551

Series C

CCL 552

For holders of Series C Units, the target monthly distribution rate of $0.10903 differs from the previous monthly distribution rate of $0.1161.  The target monthly distribution rate reflects the Manager's assessment of what is a sustainable distribution rate for the Fund as an open-end mutual fund and based on the Fund's investment strategy.

Connor, Clark & Lunn Capital Markets Inc. is a leading Canadian structured financial products investment firm that is focused on creating and managing high quality investment vehicles that will stand the test of time and ultimately allow our clients to achieve their personal financial goals. Formed in 2001, the Manager has designed, launched and currently manages eighteen investment vehicles, raising more than $2 billion in assets.

The Manager is part of the Connor, Clark & Lunn Financial Group.  Connor, Clark & Lunn Financial Group provides investment management services to individuals, advisors, pension plans, institutional investors and foundations.  The investment platform offers a broad range of traditional and alternative investment management services, including domestic and international equities and fixed income, hedge funds, private equity and infrastructure. 

please visit www.cclcapitalmarkets.com or contact:

Darren Cabral
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
416-214-6182 or Toll Free: 1-888-276-2258
[email protected]