Shareholders of Connor, Clark & Lunn Capital Class Inc., Balanced Portfolio Class Shares, Series 1 (BP) have approved a proposal that will result in the merger of BP with CC&L Core Income and Growth Fund (CIGF) at a special meeting held Thursday.
The merger is expected to be implemented on Jan. 8, 2013. A quorum of shareholders for Connor, Clark & Lunn Capital Class Inc., Natural Resources Class Shares (NR) was not obtained and an adjourned meeting will be held on Friday.
CIGF will be the continuing fund and, as a result, shareholders of NR and BP would become holders of CIGF Series A Units.
The objectives of the proposed merger are to lower the administrative costs by establishing a larger fund; lower the management fees borne by NR and BP shareholders; and benefit from gaining access to a broader asset pool and more balanced income producing investment portfolio.
The investment strategy of CIGF is to invest in an actively managed diversified portfolio of high income investments across a broad range of income-oriented securities, which may include equities, income trusts, limited partnerships, real estate investment trusts, corporate bonds, convertible bonds, preferred shares, other income funds and other investments.