Northwest & Ethical Investments L.P. announces changes to its mutual fund line-up



    TORONTO and VANCOUVER, Sept. 4 /CNW/ - Northwest & Ethical Investments
L.P. ("NEILP") today announced the following proposed changes to the mutual
funds it manages:

    PROPOSED FIXED ADMINISTRATION FEE

    NEILP, the Manager of the Northwest, Ethical, Credential, Credential
EnRich and Northwest Corporate Class families of funds (the "Manager") has
announced a proposal to implement fixed administration fees for the mutual
funds it manages.
    Currently, each Fund pays all of its operating expenses, together with
all applicable taxes, including GST. The main expenses incurred by the Funds
include brokerage fees, legal, audit, transfer agent, custodial services, the
costs of financial reporting, the costs of prospectus printing and regulatory
filing fees, as well as the costs associated with the independent review
committee. As is the case with other mutual fund groups which have implemented
similar pricing arrangements, the fixed administration fee will cover
operating expenses other than brokerage commissions, applicable taxes,
including GST, borrowing costs, the costs of the independent review committee
and costs associated with any future regulatory changes.
    The change is intended to improve the predictability of the management
expense ratios of the Funds.
    Securityholders of the Funds will be asked to approve this change at
meetings to be held on October 14 and 15 2009. If approved, the fixed
administration fees will be effective on or about November 1, 2009.

    PROPOSED FUND MERGERS

    The Manager has announced the following proposed mergers of Funds. If
approved, following the mergers, the Manager intends to cause some of the Fund
names to change.

    
    -------------------------------------------------------------------------
    Terminating Fund         Continuing Fund          Fund Name Changes
    -------------------------------------------------------------------------
    Northwest Canadian Bond  Ethical Income Fund      NEI Canadian Bond Fund
    Fund
    -------------------------------------------------------------------------
    Northwest Quadrant       Credential Select        Northwest Select
    Conservative Portfolio   Conservative Portfolio   Conservative Portfolio
    -------------------------------------------------------------------------
    Northwest Quadrant       Credential Select        Northwest Select
    Income Portfolio         Conservative Portfolio   Conservative Portfolio
    -------------------------------------------------------------------------
    Northwest Quadrant       Northwest Quadrant       Northwest Select
    Growth Portfolio         Balanced Growth          Global Growth
                             Portfolio                Portfolio
    -------------------------------------------------------------------------
    Northwest Quadrant       Northwest Quadrant       Northwest Select Global
    Global Growth Portfolio  Balanced Growth          Growth Portfolio
                             Portfolio
    -------------------------------------------------------------------------
    Northwest Quadrant       Credential Select High   Northwest Select Global
    Global Equity Portfolio  Growth Portfolio         Maximum Growth
                                                      Portfolio
    -------------------------------------------------------------------------
    Northwest Quadrant All   Credential Select High   Northwest Select Global
    Equity Portfolio         Growth Portfolio         Maximum Growth
                                                      Portfolio
    -------------------------------------------------------------------------
    Ethical Monthly Income   Ethical Balanced Fund
    Fund
    -------------------------------------------------------------------------
    Ethical Canadian Index   Ethical Growth Fund
    Fund
    -------------------------------------------------------------------------
    Ethical Canadian Stock   Ethical Growth Fund
    Fund
    -------------------------------------------------------------------------
    Ethical Advantage 2015   Ethical Advantage 2010   Ethical Select
    Fund                     Fund                     Conservative Portfolio
    -------------------------------------------------------------------------
    Ethical Advantage 2020   Ethical Advantage 2010   Ethical Select
    Fund                     Fund                     Conservative Portfolio
    -------------------------------------------------------------------------
    Ethical Advantage 2030   Ethical Advantage 2010   Ethical Select
    Fund                     Fund                     Conservative Portfolio
    -------------------------------------------------------------------------
    Ethical Advantage 2040   Ethical Advantage 2010   Ethical Select
    Fund                     Fund                     Conservative Portfolio
    -------------------------------------------------------------------------
    Credential(R) Money      Northwest Money Market   NEI Money Market Fund
    Market Fund              Fund
    -------------------------------------------------------------------------
    Northwest Quadrant       Northwest Quadrant       Northwest Select Global
    Growth Corporate Class   Balanced Growth          Growth Corporate Class
    Portfolio                Corporate Class
                             Portfolio
    -------------------------------------------------------------------------
    Northwest Quadrant       Northwest Quadrant       Northwest Select Global
    Global Growth Corporate  Balanced Growth          Growth Corporate Class
    Class Portfolio          Corporate Class
                             Portfolio
    -------------------------------------------------------------------------
    Northwest Quadrant All   Northwest Quadrant       Northwest Select Global
    Equity Corporate Class   Global Equity            Maximum Growth
    Portfolio                Corporate Class          Corporate Class
                             Portfolio
    -------------------------------------------------------------------------
    

    Securityholders of the affected Funds will be asked to approve the
mergers at meetings to be held on October 14 and 15 2009. The mergers are also
subject to regulatory approval. If the necessary approvals are obtained, it is
anticipated that the mergers will be completed on or about October 23, 2009.

    PROPOSED AMENDED AND RESTATED DECLARATION OF TRUST

    The Manager has announced a proposal to amend and restate the
declarations of trust applicable to the Ethical, Credential and Credential
EnRich families of funds to a declaration of trust in the form of a single
master declaration of trust that will govern all of the mutual funds in
respect of which Northwest & Ethical Investments L.P. acts as trustee and
manager, to simplify the administration of the affected Funds and increase
administrative efficiency.
    Securityholders of the affected Funds will be asked to approve this
change at meetings to be held on October 14 and 15 2009. If approved, the
master declaration of trust will be effective on or about October 23, 2009.

    CAPPING OF NORTHWEST SPECIALTY HIGH YIELD BOND FUND

    Effective September 30, 2009, the Northwest Specialty High Yield Bond
Fund will be closed to new purchases. This closure will not apply to any
pre-existing pre-authorized contribution plans, or to reinvested
distributions. It will also not apply to any fund of fund purchase
arrangements currently in place or to purchases within the Planimaîtres asset
allocation model.
    For more information please visit www.northwestethical.com

    About Northwest & Ethical Investments L.P.

    NEILP is a national investment firm with close to $4 billion in assets
under management. In simple terms, NEILP's mission is to provide high quality,
unique investment solutions. The Northwest Funds and Ethical Funds product
suites provide investors with a full range of fund management styles as well
as conventional and sustainable investment choices.
    NEILP is owned 50% by the Provincial Credit Union Centrals and 50% by
Desjardins Group, united in their focus to strengthen and serve the
cooperative financial movement across Canada. This backing of experience and
vast resources provides economies of scale and allows NEILP to actively
support business growth in these networks as well as independent advisor
channels.
    NEILP has offices in Toronto, Vancouver and Montreal.





For further information:

For further information: John Mountain, Senior Vice President Legal, CCO
& Corporate Secretary, Phone: (416) 594-6633; Media Contact: Erika Callowhill,
AVP, Marketing and Corporate Communications, E-mail:
mediarelations@northwestethical.com, Phone: (604) 742-8311

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