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AMENDMENT NO. 1 DATED JULY 21, 2016 TO THE SIMPLIFIED PROSPECTUS DATED JUNE 10, 2016 (the “SP”) RELATING TO UNITS OR SHARES OF: NEI Ethical American Multi-Strategy Fund (Series A, Series F and Series I units) NEI Ethical Global Dividend Fund (Series A, Series F, Series I, Series P and Series PF units) NEI Ethical Global Equity Fund (Series A, Series F and Series I units) NEI Northwest Global Equity Fund (Series A, Series F and Series I units) NEI Northwest Global Equity Corporate Class (Series A and Series F shares) (each a “Fund” and, collectively, the “Funds”) The SP relating to the offering of units or shares of the Funds is hereby amended as set out below. Northwest & Ethical Investments L.P. (“NEI Investments”), the manager of the Funds, has announced the following changes to the Funds: A. SUMMARY OF AMENDMENTS 1. CHANGES RELATING TO PORTFOLIO MANAGEMENT Effective on or about August 30, 2016: (a) The portfolio manager of the NEI Ethical American Multi-Strategy Fund will change from Manning & Napier Advisors, LLC to NEI Investments and AllianceBernstein Canada, Inc. will be appointed as subadvisor; (b) The portfolio manager of the NEI Ethical Global Dividend Fund will change from Beutel, Goodman & Company Ltd. to NEI Investments and Amundi Canada Inc. and Amundi Asset Management will be appointed as sub-advisors; (c) The portfolio manager of the NEI Ethical Global Equity Fund will change from Manning & Napier Advisors, LLC to Hermes Investment Management Ltd.; (d) The portfolio sub-advisor of the NEI Northwest Global Equity Fund (the underlying fund of the NEI Northwest Global Equity Corporate Class) will change from Beutel, Goodman & Company Ltd. to Principal Global Investors, LLC. -22. INVESTMENT STRATEGIES CHANGES In connection with the changes to the portfolio sub-advisor or portfolio manager of the Funds, as applicable, there will be corresponding changes to the investment strategies of the Funds as described below. B. SPECIFIC AMENDMENTS The SP is hereby amended to reflect the following changes which will be effective on or about August 30, 2016: 1. 2. In the “Fund Details” table for the NEI Ethical American Multi-Strategy Fund on page 61 of the SP, the row for “Portfolio Manager” and the related footnote are deleted and replaced by the following two rows: Portfolio Manager: Northwest & Ethical Investments L.P., Toronto ON Portfolio Sub-Advisor: AllianceBernstein Canada, Inc., Toronto, ON In the “Fund Details” table for the NEI Ethical Global Dividend Fund on page 63 of the SP, the row for “Portfolio Manager” is deleted and replaced by the following two rows and related footnote: Portfolio Manager: Northwest & Ethical Investments L.P., Toronto ON Portfolio Sub-Advisor: Amundi Canada Inc., Montréal, QC *Amundi Asset Management, Paris, France * As Portfolio Sub-Advisor, Amundi Canada Inc. has responsibility for the investment advice given and portfolio management services provided to the Fund by Amundi Asset Management (“Amundi”). In certain circumstances, it may be difficult to enforce legal rights against Amundi because it is resident outside Canada and all or substantially all of its assets are located outstide Canada. 3. In the “Fund Details” table for the NEI Ethical Global Equity Fund on page 66 of the SP, the row for “Portfolio Manager” and the related footnote are deleted and replaced by the following row and related footnote: Portfolio Manager: *Hermes Investment Management Limited, London, United Kingdom * Hermes Investment Management Limited (Hermes) is not registered in Ontario to provide portfolio advisory services. Hermes’ head office is located in the United Kingdom and all or substantially all of its assets may be situated outside of Canada. As a result it may be difficult to enforce legal rights against Hermes. The name and address of the agent for service of process of Hermes is Gowling WLG (Canada) LLP, 50 Queen Street North, Suite 1020, PO Box 2248, Waterloo Region, Ontario, N2H 6M2. 4. In the “Fund Details” table for the NEI Northwest Global Equity Fund on page 90 of the SP, the row for “Portfolio Sub-Advisor” is deleted and replaced by the following row and related footnote: Portfolio Sub-Advisor: *Principal Global Investors, LLC, Des Moines, IA, U.S.A. -3* As a Portfolio Manager, we have responsibility for the investment advice given and portfolio management services provided to the Fund by Principal Global Investors, LLC (“Principal”). In certain circumstances, it may be difficult to enforce legal rights against Principal because it is resident outside Canada and all or substantially all of its assets are located outside Canada. 5. In the “Fund Details” table for the NEI Northwest Global Equity Corporate Class on page 150 of the SP, the row for “Portfolio Sub-Advisor of Underlying Fund” is deleted and replaced by the following row and related footnote: Portfolio Sub-Advisor of Underlying Fund: *Principal Global Investors, LLC, Des Moines, IA, U.S.A. * As a Portfolio Manager, we have responsibility for the investment advice given and portfolio management services provided to the Underlying Fund by Principal Global Investors, LLC (“Principal”). In certain circumstances, it may be difficult to enforce legal rights against Principal because it is resident outside Canada and all or substantially all of its assets are located outside Canada. 6. Under the heading “What does the Fund invest in?”, the section entitled “Investment Strategies” is deleted in its entirety for each of the Funds below and replaced as follows : Fund Name NEI Ethical American MultiStrategy Fund (page 61 of the SP) Old Investment Strategies New Investment Strategies The Portfolio Manager uses a combination of qualitative company selection strategies and a strict pricing discipline. Implementation of this approach involves an interaction between top-down, macroeconomic analysis, bottom-up industry analysis, and security selection. The Portfolio Sub-Advisor aims to create an actively managed, high-conviction equity portfolio designed to outperform the market over a full cycle, while emphasizing downside protection and capturing most of the upside in rising markets. More specifically, the Portfolio Sub-Advisor seeks to identify equity securities that the Portfolio Sub-Advisor believes to have fundamentally lower volatility and less downside risks in the future while achieving a balanced exposure to quality, stability, and reasonable price factors. The Portfolio Manager’s in-house team of equity analysts relies upon three broad equity strategies: Strategic Profile, Hurdle Rate and Bankable Deal. In general terms, the Strategic Profile strategy focuses on companies positioned for robust future growth but whose valuations do not reflect that growth potential. The Hurdle Rate strategy looks at companies that are in depressed sectors, but are strong enough to survive the hard times and are likely to lead the rebound of their industries when supply/demand conditions improve. The Bankable Deal strategy takes an in-depth look at the current assets and cash flow of a company to reveal value that is not reflected in the stock’s price. The Fund may invest, directly or indirectly through the use of derivatives, a portion or even all of its net assets in units of other mutual funds, including funds managed by us. The Portfolio Sub-Advisor will only invest in units of other funds where such investment is compatible with -4Fund Name Old Investment Strategies New Investment Strategies The Fund may invest, directly or indirectly through the use of derivatives, a portion or even all of its net assets in units of other mutual funds, including funds managed by us. The Portfolio Manager will only invest in units of other funds where such investment is compatible with the investment objectives and strategies of the Fund. These investments will be selected on the same basis as other investments of the Fund. the investment objectives and strategies of the Fund. These investments will be selected on the same basis as other investments of the Fund. The Fund may temporarily hold a portion of its assets in cash or fixedincome securities while seeking investment opportunities or for defensive purposes during times of anticipated market volatility. The Fund may invest up to 100% of its property in foreign securities. The Fund may temporarily hold a portion of its assets in cash or fixed-income securities while seeking investment opportunities or for defensive purposes during times of anticipated market volatility. The Fund may invest up to 100% of its property in foreign securities. The Fund may use derivatives for hedging purposes only. You will find more information about derivatives on page 7. The Fund may use derivatives for hedging purposes only. You will find more information about derivatives on page 7. NEI Ethical Global Dividend Fund (page 63 of the SP) The Fund is managed through a fundamental value process that seeks to invest in quality, liquid companies whose management has successfully built shareholder value over time. A common characteristic of these companies is their ability to generate free cash flow, which supports growth and profitability, allows management to make strategic acquisitions, buy back stock and pay generous and growing dividends. Through investments in North American and non-North American markets, the companies selected by the Portfolio Manager are expected to have attractive total return potential relative to downside risk through investment in blue chip common and preferred shares, high quality selective income and royalty trusts and interest bearing securities. The Portfolio Sub-Advisor seeks to invest primarily in liquid high quality stocks that pay a high and sustainable dividend. The Portfolio Sub-Advisor seeks to build a portfolio with a high level of diversification to manage volatility. The Fund may invest, directly or indirectly through the use of derivatives, a portion or even all of its assets in units of other mutual funds, including funds managed by us. The Portfolio Manager will only invest in units of other funds where such investment is compatible with the investment objectives and strategies of the Fund. These investments will be selected on the same basis as other -5Fund Name Old Investment Strategies A consistent research framework is employed, which allows for direct comparison of diverse opportunities across global markets and economic sectors. The cornerstone of the research process is the determination of a company's business value, defined as the present value of sustainable free cash flow. Given the importance of sustainable and growing dividends, balance sheet analysis to determine financial strength is essential to research and investment success. The Fund may invest, directly or indirectly through the use of derivatives, a portion or even all of its assets in units of other mutual funds, including funds managed by us. The Portfolio Manager will only invest in units of other funds where such investment is compatible with the investment objectives and strategies of the Fund. These investments will be selected on the same basis as other investments of the Fund. The Fund may temporarily hold a portion of its assets in cash or fixedincome securities while seeking investment opportunities or for defensive purposes during times of anticipated market volatility. New Investment Strategies investments of the Fund. The Fund may invest in ETFs (Exchange Traded Funds), American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) in accordance with the Fund’s investment objectives, when a direct investment in the local equity market is not accessible or deemed inefficient. These instruments will be classified according to their risk country. The Fund may temporarily hold a portion of its assets in cash or fixed-income securities while seeking investment opportunities or for defensive purposes during times of anticipated market volatility. The Fund may invest up to 100% of its property in foreign securities. The Fund may use derivatives for hedging purposes only. You will find more information about derivatives on page 7. The Fund may invest up to 100% of its property in foreign securities. The Fund may use derivatives for hedging purposes only. You will find more information about derivatives on page 7. NEI Ethical Global Equity Fund (page 66 of the SP) The Portfolio Manager uses an equity investment approach, based on a combination of qualitative company selection strategies and a strict pricing discipline. Implementation of this approach involves an interaction between top-down, macroeconomic analysis, bottom-up industry analysis, and security selection. The Portfolio Manager uses an equity investment approach, based on a combination of qualitative company selection strategies and a strict pricing discipline. Implementation of this approach involves an interaction between top-down, macroeconomic analysis, -6Fund Name Old Investment Strategies New Investment Strategies The Portfolio Manager’s in-house team of equity analysts relies upon three broad equity strategies: Strategic Profile, Hurdle Rate, and Bankable Deal. In general terms, the Strategic Profile strategy focuses on companies positioned for robust future growth, but whose valuations do not reflect that growth potential. The Hurdle Rate strategy looks at companies that are in depressed sectors, but are strong enough to survive the hard times, and are likely to lead the rebound of their industries when supply/demand conditions improve. The Bankable Deal strategy take an in-depth look at the current assets and cash flow of a company to reveal value that is not reflected in the stock’s price. bottom-up industry analysis, and security selection. The Fund may invest, directly or indirectly through the use of derivatives, a portion or even all of its assets in units of other mutual funds, including funds managed by us. The Portfolio Manager will only invest in units of other funds where such investment is compatible with the investment objectives and strategies of the Fund. These investments will be selected on the same basis as other investments of the Fund. The Fund may temporarily hold a portion of its assets in cash or fixedincome securities while seeking investment opportunities or for defensive purposes during times of anticipated market volatility. The Fund may invest up to 100% of its property in foreign securities. The Fund may use derivatives for hedging purposes only. You will find more information about derivatives on page 7. NEI Northwest Global Equity Fund (page 90 of the SP) The Portfolio Sub-Advisor uses a value approach designed to identify high quality, liquid companies trading at a significant discount to their “business value,” defined as the The Portfolio Manager will select shares in companies based on an analysis of a number of fundamental factors and Environmental, Social and Governance (“ESG”) risk characteristics in order to generate returns. Companies that score well on a range of factors as well as on the change and current state of ESG risks will be favoured. The Fund may invest, directly or indirectly through the use of derivatives, a portion or even all of its assets in units of other mutual funds, including funds managed by us. The Portfolio Manager will only invest in units of other funds where such investment is compatible with the investment objectives and strategies of the Fund. These investments will be selected on the same basis as other investments of the Fund. The Fund may temporarily hold a portion of its assets in cash or fixed-income securities while seeking investment opportunities or for defensive purposes during times of anticipated market volatility. The Fund may invest up to 100% of its property in foreign securities. The Fund may use derivatives for hedging purposes only. You will find more information about derivatives on page 7. The Fund invests primarily in foreign equity securities, including emerging market securities, usually of large and medium sized well-capitalized -7Fund Name Old Investment Strategies New Investment Strategies present value of sustainable free cash flow. A consistent and rigorous analytical framework is employed that allows for direct comparison of diverse opportunities across markets and sectors. Risk is controlled primarily at the security level through a buy/sell discipline that involves the establishment of formal targets and downside limits based on fundamental research. companies, which are listed on principal global stock exchanges. The Portfolio Sub-Advisor has a flexible investment strategy and may invest in equity securities regardless of market capitalization and style. The Portfolio Sub-Advisor believes that superior stocks are characterized by companies with improving and sustainable business fundamentals, rising investor expectations and attractive relative valuations. The Fund may hold cash or invest in short-term securities which are determined by the Portfolio Sub-Advisor to be advisable as a defensive measure if determined to be appropriate for the purposes of enhancing liquidity or preserving capital in light of prevailing market or economic conditions. The Fund may also temporarily hold a portion of its assets in cash or fixed-income securities while seeking investment opportunities or for defensive purposes during times of anticipated market volatility. The Fund may invest up to 10% of the Fund’s property at the time of investment in Canadian listed securities. The Fund may use derivative instruments, such as options, futures, forward contracts and/or swaps, for both hedging and non-hedging strategies, in a manner which is consistent with the investment objectives of the Fund and as permitted by the Canadian Securities Administrators, including to: hedge against losses from changes in the prices of the Fund’s investments and from exposure to foreign currencies; and gain exposure to individual securities and markets instead of buying the securities directly. You will find more information about The Fund may invest in ETFs (Exchange Traded Funds), American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) in accordance with the Fund’s investment objectives, when a direct investment in the local equity market is not accessible or deemed inefficient. These instruments will be classified according to their risk country. The Fund may hold cash or invest in short-term securities which are determined by the Portfolio Sub-Advisor to be advisable as a defensive measure if determined to be appropriate for the purposes of enhancing liquidity or preserving capital in light of prevailing market or economic conditions. The Fund may also temporarily hold a portion of its assets in cash or fixed-income securities while seeking investment opportunities or for defensive purposes during times of anticipated market volatility. The Fund may invest up to 15% of the Fund’s property at the time of investment in Canadian listed securities. The Fund may use derivative instruments, such as options, futures, forward contracts -8Fund Name Old Investment Strategies derivatives on page 7. At the discretion of the Manager, the Fund may apply certain components of the Responsible Investing Program as described on page 33 of this simplified prospectus. New Investment Strategies and/or swaps, for both hedging and non-hedging strategies, in a manner which is consistent with the investment objectives of the Fund and as permitted by the Canadian Securities Administrators, including to: hedge against losses from changes in the prices of the Fund’s investments and from exposure to foreign currencies; and gain exposure to individual securities and markets instead of buying the securities directly. You will find more information about derivatives on page 7. At the discretion of the Manager, the Fund may apply certain components of the Responsible Investing Program as described on page 33 of this simplified prospectus. The Fund achieves its objective by investing substantially all of its assets in units of NEI Northwest Global Equity Fund (the “Underlying Fund”). NEI Northwest Global Equity Corporate Class (page 150 of the SP) The Underlying Fund’s Portfolio SubAdvisor uses a value approach designed to identify high quality, liquid companies trading at a significant discount to their “business value,” defined as the present value of sustainable free cash flow. A consistent and rigorous analytical framework is employed that allows for direct comparison of diverse opportunities across markets and sectors. Risk is controlled primarily at the security level through a buy/sell discipline that involves the establishment of formal targets and downside limits based on fundamental research. The Underlying Fund may hold cash or invest in short-term securities The Fund achieves its objective by investing substantially all of its assets in units of NEI Northwest Global Equity Fund (the “Underlying Fund”). The Underlying Fund invests primarily in foreign equity securities, including emerging market securities, usually of large and medium sized wellcapitalized companies, which are listed on principal global stock exchanges. The Underlying Fund’s Portfolio Sub-Advisor has a flexible investment strategy and may invest in equity securities regardless of market capitalization and style. The Underlying Fund’s Portfolio SubAdvisor believes that superior stocks are characterized by companies with improving and sustainable business -9Fund Name Old Investment Strategies New Investment Strategies which are determined by its Portfolio Sub-Advisor to be advisable as a defensive measure if determined to be appropriate for purposes of enhancing liquidity or preserving capital in light of prevailing market or economic conditions. The Underlying Fund may also temporarily hold a portion of its assets in cash or fixedincome securities while seeking investment opportunities or for defensive purposes during times of anticipated market volatility. fundamentals, rising investor expectations and attractive relative valuations. The Underlying Fund may invest up to 10% of its property at the time of investment in Canadian listed securities. The Underlying Fund may use derivative instruments, such as options, futures, forward contracts and/or swaps, for both hedging and non-hedging strategies, in a manner which is consistent with the investment objectives of the Underlying Fund and as permitted by the Canadian Securities Administrators, including to: hedge against losses from changes in the prices of the Underlying Fund’s investments and from exposure to foreign currencies; and gain exposure to individual securities and markets instead of buying the securities directly. You will find more information about derivatives on page 7. At the discretion of the Manager, the Underlying Fund may apply certain components of the Responsible Investing Program as described on page 33 of this simplified prospectus. The Underlying Fund may invest in ETFs (Exchange Traded Funds), American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) in accordance with the Underlying Fund’s investment objectives, when a direct investment in the local equity market is not accessible or deemed inefficient. These instruments will be classified according to their risk country. The Underlying Fund may hold cash or invest in short-term securities which are determined by the Underlying Fund’s Portfolio Sub-Advisor to be advisable as a defensive measure if determined to be appropriate for the purposes of enhancing liquidity or preserving capital in light of prevailing market or economic conditions. The Underlying Fund may also temporarily hold a portion of its assets in cash or fixed-income securities while seeking investment opportunities or for defensive purposes during times of anticipated market volatility. The Underlying Fund may invest up to 15% of the Underlying Fund’s property at the time of investment in Canadian listed securities. The Underlying Fund may use derivative instruments, such as options, futures, forward contracts and/or swaps, for both hedging and non-hedging strategies, in a manner which is consistent with the investment objectives of the Underlying Fund and as permitted by the Canadian Securities - 10 Fund Name Old Investment Strategies New Investment Strategies Administrators, including to: hedge against losses from changes in the prices of the Underlying Fund’s investments and from exposure to foreign currencies; and gain exposure to individual securities and markets instead of buying the securities directly. You will find more information about derivatives on page 7. At the discretion of the Manager, the Underlying Fund may apply certain components of the Responsible Investing Program as described on page 33 of this simplified prospectus. WHAT ARE YOUR LEGAL RIGHTS? Securities legislation in some provinces and territories gives you the right to withdraw from an agreement to buy mutual funds within two business days of receiving the simplified prospectus or fund facts document, or to cancel your purchase within 48 hours of receiving confirmation of your order. Securities legislation in some provinces and territories also allows you to cancel an agreement to buy mutual fund units and get your money back, or make a claim for damages, if the simplified prospectus, fund facts, annual information form, or financial statements misrepresent any facts about the mutual fund. These rights must usually be exercised within certain time limits. For more information, refer to the securities legislation of your province or territory or consult your lawyer.