Press Release from Caldwell Investment Management Ltd.

TORONTO, May 6, 2015 /CNW/ - Caldwell Investment Management Ltd. ("Caldwell"), the manager and trustee of the Caldwell High Income Equity Fund (the "Fund") announces today its intention to terminate the Fund effective on or about July 7, 2015.

The Fund will continue to be managed in accordance with its current investment objectives and strategies until its termination date. Fund unitholders will continue to have the right to redeem or switch their holdings in the Fund up to 4:00 p.m. Eastern Time on Monday, July 6. Effective immediately, the Fund will be closed to new purchases of units, including those made by way of the Monthly Investment Plan. Beginning today, Caldwell will not charge any redemption fees, where applicable, for redemptions of Fund units or switches of Fund units to another Caldwell fund. The Fund will cease monthly distributions of income effective immediately. Prior to the termination of the Fund, a final distribution of income and gains may be made to unitholders in order to ensure the tax efficiency of the Fund.

On or before July 7, 2015, Caldwell will liquidate the holdings of the Fund at fair market value, determine distributions and distribute the net assets to unitholders' accounts in accordance with the Fund's declaration of trust. Fund unitholders are encouraged to speak with their financial advisor to discuss investment options, including how to invest Fund assets redeemed in another Caldwell fund that best meets their individual investment needs and circumstances.

Caldwell offers a broad range of investment management products and services and can be found on the web at www.caldwellsecurities.com.

SOURCE Caldwell Investment Management Ltd.

Brendan T. N. Caldwell, [phone]