Connor, Clark & Lunn Real Return Income Fund

March 22, 2006 19:00 ET

Connor, Clark & Lunn Real Return Income Fund 'TSX:RRB.UN' Declares Monthly Distribution

TORONTO, ONTARIO--(CCNMatthews - March 22, 2006) - Connor, Clark & Lunn Real Return Income Fund (the "Fund") (TSX:RRB.UN) today announced a monthly cash distribution of $0.0479 per unit. The distribution represents approximately a 5.75% per annum yield on the issue price of $10.00 per unit. Payment will be made to unit holders of record at the close of business on March 31st, 2006 and will be distributed on April 17th, 2006.

The Fund has also announced that its anticipated monthly distribution for the second quarter of 2006 is 5.50% on an annualized basis, a decrease from the 5.75% for the previous quarter. The decrease in the distribution reflects relatively benign inflation accrual to US TIPS to date in 2006, due in large part to seasonal factors and declining energy prices. As a reminder, this monthly coupon is floating and will be set each quarter.

Connor, Clark & Lunn Real Return Income Fund ("the Fund") is an investment trust that has been created to invest on a levered basis in real return bonds issued by governments with AAA credit ratings, primarily US Treasury Inflation Protection Securities ("TIPS"). In order to provide diversification, improve net asset value stability and increase expected returns, up to 20% of the portfolio may be invested in a mix of other assets. Western Asset Management Company ("Western Asset") is the Fund's investment advisor and is responsible for actively managing and making investment decisions with respect to the portfolio.

Connor, Clark & Lunn Capital Markets Inc. is the Manager of the Fund and is part of the Connor, Clark & Lunn Financial Group of companies which manages over $30 billion in financial assets.

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