1. finance
2. investing
3. stocks

Initial Public Offering
May 2015
$10 per unit (initial NAV $10)
Target Yield 6.0%
This note should be read in conjunction with the prospectus dated May 28, 2015. Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the
prospectus. The information contained herein, while obtained from sources that we believe to be reliable, is not guaranteed as to its accuracy or completeness. This note is for information only
and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. Some components of this document may express the Manager’s opinions and beliefs.
OVERVIEW
 Income:
Attractive 6% target distribution
 Low Volatility: Diversified portfolio of U.S. dividend-paying, low current volatility stocks
 Growth:
Capital appreciation potential through participation in U.S. economic recovery
INVESTMENT HIGHLIGHTS
Investor-Friendly Structure
Why Invest in the U.S.?
 $10.00 initial NAV: Caldwell Investment Management will pay all
upfront commissions and expenses of the offering
 No deferred sales charges; annual redemptions at NAV beginning in
2018
 Manager believes the U.S. economy is benefiting from
a virtuous cycle with heightened consumer demand
stimulating U.S. corporate sales and accelerating
overall economic growth
Quantitative + Qualitative Investment Process
 Qualitative fundamental analysis augmented with quantitative model to
form robust investment decision-making process
Rising wages
and disposable
income
 Quantitative model designed to assess the health of equity markets
and identify top dividend-paying, least volatile securities with strong
financial variables
Companies
deploy record
cash on fixed
investment to
meet demand
 Fundamental approach to security selection applies qualitative analysis
and further assesses merits of individual securities identified by
quantitative model
Cycle high U.S.
Consumer
Confidence
Active Risk Management Overlay
 Quantitative model designed to steer portfolio away from most volatile
and uncertain sectors of the economy and reduce equity exposure
ahead of market downturns
Surge in
consumers
demand
U.S. corporate
sales accelerate
 Risk committee seeks to insulate portfolio against anticipated market
declines and takes steps with Manager to preserve capital
Why Low Current Volatility, Dividend-Paying Stocks?
S&P Low Volatility High Dividend Index vs S&P500
200
203.6%
S&P 500 Low Volatility High Dividend Index
S&P500
86.2%
% Total Return
150
100
117.5%
50
0
Source: Bloomberg (as of April 8, 2015)
-50
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Apr-11
Apr-12
Apr-13
Apr-14
Apr-15
 Securities that exhibit low volatility tend to experience smaller price movements in declining markets which considerably enhances
compounded returns over time
 Commitment to regularly pay and grow dividends imposes a discipline on management teams who must manage cash flow and be more
selective in pursuing opportunities
 Well-managed dividend-paying issuers that exhibit low current volatility, strong balance sheets and growth prospects will continue to
benefit from increasing investor demand for yield
INDICATIVE PORTFOLIO
Indicative Top 10 Holdings
Dividend
Yield
Market Cap
(millions US$)
Verizon Communications Inc.
4.45%
202,490
Telecommunications
The Coca-Cola Corp.
3.24%
179,850
Consumer Discretionary
McDonald's Corp.
3.55%
92,536
Consumer Discretionary
Blackstone Group LP
6.12%
47,424
Asset Management
Paychex Inc.
3.09%
17,874
Macquarie Infrastructure Company
4.98%
6,316
AGL Resources
4.08%
5,983
Utility
Ares Capital Corp.
9.16%
5,434
Mid Market Lender
Security Name
Sector
Technology
Infrastructure
Tupperware Inc
3.91%
3,464
Consumer Discretionary
Apollo Commercial Real Estate
10.19%
1,013
Mortgage REITs
Asset
Management
4%
Telecom
6%
Consumer
Discretionary
Consumer
16%
Staples
4%
Diversified
REITs
11%
Technology
4%
Mortgage
REITs
4%
Health Care
5%
Industrials
2%
Utilities
11%
Media
Advertising
4%
Infrastructure
4%
Industrial
REITs
7%
Mid Market
Lender
18%
(1) As at April 8, 2015
(2) Annualized dividend yield calculated based on most recently announced dividend (before estimated 15% withholding tax) and the share price as at April 8, 2015. Dividend
yield is the ratio that shows the amount paid out by an issuer in dividends each year relative to its share price as at a particular date.
CALDWELL INVESTMENT MANAGEMENT
 Established in 1980, Caldwell has over 30 years of experience providing full service investment management and advisory services to
individual and institutional investors and has assets under management and administration of approximately $1 billion
Management Team
From left to right: John Paul Jeffrey, Capital Markets Risk Strategist and Associate Portfolio Manager, Jennifer Radman, VP, Head of North American
Equities and Senior Portfolio Manager, Richard Faiella, Senior Vice President and Portfolio Manager, James Thorne, Chief Capital Market Strategist and
Senior Portfolio Manager, Robert Callander, VP and Portfolio Manager, Thomas Caldwell, Founder, Chairman and Director, John Kinsey, VP and Portfolio
Manager, Mario Mainelli, Associate Portfolio Manager, Brendan Caldwell, Chief Executive Officer, President, Chief Investment Officer and Director
Lead Portfolio Manager
James E. Thorne, Ph. D., Chief Capital Market Strategist and Senior Portfolio Manager




Over 20 years of investment management experience
Former Chief Investment Officer, Equities of M&T Bank, responsible for approx. $23 billion in assets
Managed top-quartile performing investment strategies using quantitative and qualitative analysis
Developed proprietary risk management processes as CIO, Equities of M&T Bank
Founding Partner
Thomas Caldwell, Founder, Chairman and Director
 50 years of investment industry experience
 Inducted into the IIAC Investment Industry Hall of Fame in 2014
 Past Governor of the Toronto Stock Exchange