AMENDMENT NO. 4
DATED DECEMBER 14, 2016
TO THE ANNUAL INFORMATION FORM DATED JUNE 10, 2016
AS AMENDED BY AMENDMENT NO. 1 DATED JULY 21, 2016,
AS AMENDED BY AMENDMENT NO. 2 DATED SEPTEMBER 23, 2016,
AS AMENDED BY AMENDMENT NO. 3 DATED NOVEMBER 28, 2016
NEI Ethical Canadian Equity Fund (Series A and Series F units)
NEI Ethical Special Equity Fund (Series A and Series F units)
NEI Northwest Canadian Dividend Fund (Series A, Series T, Series F and Series I units)
NEI Northwest Canadian Equity Fund (Series A and Series F units)
NEI Northwest Specialty Equity Fund (Series A and Series F units)
NEI Northwest Canadian Dividend Corporate Class (Series A and Series F shares)
NEI Northwest Canadian Equity Corporate Class (Series A and Series F shares)
NEI Northwest Specialty Equity Corporate Class (Series A and Series F shares)
(each a “Fund” and, collectively, the “Funds”)
This Amendment No. 4 dated December 14, 2016 to the annual information form dated June 10, 2016, as
amended by Amendment No. 1 dated July 21, 2016, Amendment No. 2 dated September 23, 2016 and
Amendment No. 3 dated November 28, 2016 (collectively, the “AIF”), relating to the offering of the Funds,
provides certain additional information relating to the Funds and the AIF should be read subject to this
information. All capitalized terms used herein have the same meaning as set forth in the AIF unless otherwise
specifically defined in this Amendment No. 4. All references to page numbers in the AIF are to the version of the
annual information form filed with the Canadian securities regulatory authorities on SEDAR on June 10, 2016.
This Amendment No. 4 is being filed in connection with Amendment No. 4 dated December 14, 2016 to the
simplified prospectus dated June 10, 2016, as amended by Amendment No. 1 dated July 21, 2016, Amendment No.
2 dated September 23, 2016 and Amendment No. 3 dated November 28, 2016, which amendment relates to:
(i) the portfolio sub-advisor change of NEI Northwest Canadian Dividend Fund (the underlying fund of the NEI
Northwest Canadian Dividend Corporate Class) effective on or about December 23, 2016;
(ii) the changes to the investment strategies of NEI Northwest Canadian Dividend Fund (the underlying fund of the
NEI Northwest Canadian Dividend Corporate Class) effective on or about December 23, 2016; and
(iii) the lowering of management fees for certain series of the Funds effective January 1, 2017.
SPECIFIC AMENDMENTS
The following technical amendments are made to the AIF:
1.
The row for each of the applicable Funds in the table starting on page 5 of the AIF is deleted and replaced
by the following:
Fund and Date of Formation
Major Events in Last 10 Years
Name Change
-2-
NEI Northwest
Dividend Fund
Canadian
October 18, 2002
December 28, 2007, Northwest & Ethical
Investments L.P. (“NEILP”) was created by
combining the assets and fund management
activities of Ethical Funds Inc., Northwest Mutual
Funds Inc., and Northwest Asset Management Inc.
November 1, 2009, the Fund implemented a fixed
administration fee to improve the predictability of
the management expense ratios of the Fund.
As a result of a branding change for
the family of NEI, Northwest & Ethical
Funds, Northwest Canadian Dividend
Fund changed its name to include
“NEI” in its name, effective October
31, 2012.
December 23, 2016, the Portfolio Sub-Advisor of
the Fund changed from Beutel, Goodman &
Company
Ltd. to
Lincluden
Investment
Management Limited.
NEI Northwest Canadian
Dividend Corporate Class
October 26, 2007
November 1, 2009, the Fund implemented a fixed
administration fee to improve the predictability of
the management expense ratios of the Fund.
December 23, 2016, the Portfolio Sub-Advisor of
the Underlying Fund changed from Beutel,
Goodman & Company Ltd. to Lincluden
Investment Management Limited.
As a result of a branding change for
the family of NEI, Northwest & Ethical
Funds, Northwest Canadian Dividend
Corporate Class changed its name to
include “NEI” in its name, effective
October 31, 2012.
2.
Under the heading “Portfolio Managers and Portfolio Sub-Advisors” on page 40 of the AIF, the section
entitled Beutel, Goodman & Company Ltd. beginning on page 44 is deleted in its entirety.
3.
Under the heading “Portfolio Managers and Portfolio Sub-Advisors” beginning on page 40 of the AIF, the
following is added in the correct alphabetical order.
Lincluden Investment Management Limited
Lincluden Investment Management Limited (“Lincluden”) of Mississauga, Ontario has been retained as Portfolio
Sub-Advisor of the NEI Northwest Canadian Dividend Fund pursuant to a Sub-Advisory Agreement dated December
13, 2016.
Lincluden was founded in 1982. The company is 60% owned by strategic partner Morguard Investment Limited
and 40% employee owned. Lincluden has a 34-year history of providing high conviction, disciplined value investing
to both institutional and retail clients across balanced, equity, fixed income and real estate mandates. Lincluden is
incorporated under the laws of Canada with its head office at 201 City Centre Drive, Mississauga, Ontario, L5B
2T4.
Lincluden’s equity portfolio management team of Peter Chin, Robert Gill, James Lampard, Albert Tzurkov and
Derek Warren are responsible for the Fund’s investments.
Peter Chin joined Lincluden in 2004 and has almost 30 years of investment experience. He began his career at
Confederation Life as an analyst progressing to portfolio management. He has Corporate Finance and Investment
Banking experience with two major securities firms. Prior to joining Lincluden he was the Director of Research and
-3Lead Portfolio Manager, Canadian Equities at Connor Clark & Company. Mr. Chin is a graduate of York University
and the University of Western Ontario and is a CFA charterholder.
Robert Gill joined Lincluden in 2014 and has almost 20 years of investment experience. Beginning his career at
BMO Nesbitt Burns, he then joined Deutsche Bank’s Global Investment Banking division in the U.K. He came back
to Canada joining Foyston, Gordon & Payne as Director of Research and an Associate Portfolio Manager. He spent
four years at Aston Hill Institutional Partners as a Portfolio Manager before joining the Lincluden team. Gill is a
graduate of Queen’s University and the University of St. Andrews, Scotland and is a CFA charterholder.
James Lampard joined Lincluden in 2003 and has over 35 years of investment experience. His career began at
OMERS where thereafter he assumed a portfolio management role at the Ontario Teachers’ Pension Plan Board.
He was a partner and Portfolio Manager at Beutel Goodman before joining Lincluden. Mr. Lampard is a graduate
of York University and is both a CA and CFA charterholder.
Albert Tzurkov joined Lincluden in 2015 and has over 15 years of investment experience. Most recently he was
with Morguard Financial as an Associate Portfolio Manager. Previous experience included roles at OMERS Capital
Markets and Thornmark Asset Management. Mr. Tzurkov is a graduate of Wilfred Laurier University and York
University and is a CFA charterholder.
Derek Warren joined Lincluden in 2015 and has over 15 years of investment experience. He began his investment
career at Morguard Financial where for 14 years he had been responsible for the analysis of REITs and real estate
companies and for the management of several real estate portfolios. Mr. Warren holds the Chartered Investment
Manager Designation.
CERTIFICATE OF THE FUNDS, MANAGER AND PROMOTER
NEI Ethical Canadian Equity Fund
NEI Ethical Special Equity Fund
NEI Northwest Canadian Dividend Fund
NEI Northwest Canadian Equity Fund
NEI Northwest Specialty Equity Fund
( the “Funds”)
This Amendment No. 4 dated December 14, 2016, together with the annual information form dated June 10, 2016,
as amended by Amendment No. 1 dated July 21, 2016, Amendment No. 2 dated September 23, 2016 and
Amendment No. 3 dated November 28, 2016 and the simplified prospectus dated June 10, 2016, as amended by
Amendment No. 1 dated July 21, 2016, Amendment No. 2 dated September 23, 2016, Amendment No. 3 dated
November 28, 2016 and Amendment No. 4 dated December 14, 2016 and the documents incorporated by
reference into the simplified prospectus, as amended, constitute full, true and plain disclosure of all material facts
relating to the securities offered by the simplified prospectus, as amended, as required by the securities legislation
of each of the provinces and territories of Canada and do not contain any misrepresentations.
Dated: December 14, 2016
Northwest & Ethical Investments L.P., acting through its general partner Northwest & Ethical Investments Inc.,
as trustee, manager and promoter of the Funds
(signed) “John Kearns”
John Kearns
Chief Executive Officer
(signed) “Mark Riden”
Mark Riden
Chief Financial Officer
On behalf of the Board of Directors of
Northwest & Ethical Investments L.P., acting through its general partner Northwest & Ethical Investments Inc.,
as trustee, manager and promoter of the Funds
(signed) “Gregory Chrispin”
Gregory Chrispin
Director
(signed) “Bernie O’Neil”
Bernie O’Neil
Director
CERTIFICATE OF NORTHWEST CORPORATE CLASS INC., THE MANAGER AND THE PROMOTER OF THE
CORPORATE CLASS FUNDS
NEI Northwest Canadian Dividend Corporate Class
NEI Northwest Canadian Equity Corporate Class
NEI Northwest Specialty Equity Corporate Class
(the “Corporate Class Funds”)
This Amendment No. 4 dated December 14, 2016, together with the annual information form dated June 10, 2016,
as amended by Amendment No. 1 dated July 21, 2016, Amendment No. 2 dated September 23, 2016 and
Amendment No. 3 dated November 28, 2016 and the simplified prospectus dated June 10, 2016, as amended by
Amendment No. 1 dated July 21, 2016, Amendment No. 2 dated September 23, 2016, Amendment No. 3 dated
November 28, 2016 and Amendment No. 4 dated December 14, 2016 and the documents incorporated by
reference into the simplified prospectus, as amended, constitute full, true and plain disclosure of all material facts
relating to the securities offered by the simplified prospectus, as amended, as required by the securities legislation
of each of the provinces and territories of Canada and do not contain any misrepresentations.
Dated: December 14, 2016
(signed) “John Kearns”
John Kearns
Chief Executive Officer
Northwest Corporate Class Inc.
(signed) “Mark Riden”
Mark Riden
Chief Financial Officer
Northwest Corporate Class Inc.
On behalf of the Board of Directors of
Northwest Corporate Class Inc.
(signed) “Gregory Chrispin”
Gregory Chrispin
Director
(signed) “Bernie O’Neil”
Bernie O’Neil
Director
Northwest & Ethical Investments L.P., acting through its general partner Northwest & Ethical Investments Inc.,
as manager and promoter of the Corporate Class Funds
(signed) “John Kearns”
John Kearns
Chief Executive Officer
(signed) “Mark Riden”
Mark Riden
Chief Financial Officer
On behalf of the Board of Directors of Northwest & Ethical Investments L.P., acting through its general partner
Northwest & Ethical Investments Inc.
(signed) “Gregory Chrispin”
Gregory Chrispin
Director
(signed) “Bernie O’Neil”
Bernie O’Neil
Director
CERTIFICATE OF THE PRINCIPAL DISTRIBUTOR
NEI Ethical Canadian Equity Fund
NEI Ethical Special Equity Fund
NEI Northwest Canadian Dividend Fund
NEI Northwest Canadian Equity Fund
NEI Northwest Specialty Equity Fund
NEI Northwest Canadian Dividend Corporate Class
NEI Northwest Canadian Equity Corporate Class
NEI Northwest Specialty Equity Corporate Class
(collectively, the “Funds”)
Dated: December 14, 2016
To the best of our knowledge, information and belief, this Amendment No. 4 dated December 14, 2016, together
with the annual information form dated June 10, 2016 as amended by Amendment No. 1 dated July 21, 2016,
Amendment No. 2 dated September 23, 2016 and Amendment No. 3 dated November 28, 2016 and the simplified
prospectus dated June 10, 2016, as amended by Amendment No. 1 dated July 21, 2016, Amendment No. 2 dated
September 23, 2016, Amendment No. 3 dated November 28, 2016 and Amendment No. 4 dated December 14,
2016 and the documents incorporated by reference into the simplified prospectus, as amended, constitute full,
true and plain disclosure of all material facts relating to the securities offered by the simplified prospectus, as
amended, as required by the securities legislation of each of the provinces and territories of Canada and do not
contain any misrepresentations.
ON BEHALF OF
Credential Asset Management Inc.
as Principal Distributor of the Funds
(signed) “Doce Tomic”
Doce Tomic
Chief Executive Officer
(signed) “Rod Ancrum”
Rod Ancrum
Chief Financial Officer