The conversion of series C units of CC&L Core Income and Growth Fund (formerly Connor, Clark & Lunn Conservative Income & Growth Fund) to an open-ended mutual fund has been successfully completed, Connor, Clark & Lunn Capital Markets Inc. said Thursday.
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. Unitholders will also be able to switch their units into other series of the fund.
CC&L also 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 year). Distributions are expected to be paid to unitholders of record on the last business of each month starting in June 2012.