Amendment No. 1 dated November 12, 2018 to the Simplified Prospectus dated June 18, 2018

- 2 - The amendments reflected in this Amendment No. 1 relate to: (i) the creation and qualification for distribution commencing on or about December 3, 2018 of Series P and Series PF units for each of NEI Select Income RS Portfolio, NEI Select Income & Growth RS Portfolio, NEI Select Income & Growth Portfolio, NEI Select Balanced RS Portfolio, NEI Select Balanced Portfolio, NEI Select Growth RS Portfolio, NEI Select Growth Portfolio and NEI Select Maximum Growth Portfolio (collectively, the “ Managed Portfolios ”); (ii) the closure of Series B units of NEI Select Income RS Portfolio, NEI Select Income & Growth Portfolio, NEI Select Balanced Portfolio, NEI Select Growth Portfolio and NEI Select Maximum Growth Portfolio to new purchases, other than purchases made pursuant to pre-authorized payment plans which existed on November 12, 2018, and reclassification of Series B units into Series P units or Series A units on or about December 18, 2018 or January 18, 2019, as applicable; (iii) a change of sub-advisor for NEI Canadian Small Cap Equity Fund; (iv) updates to the Responsible Investment Policy; (v) updates to the related dealers section; and (vi) a reduction in the trailing commission rate payable on Series A units purchased under the front-end sales charge option of NEI Select Growth RS Portfolio, NEI Select Growth Portfolio and NEI Select Maximum Growth Portfolio effective November 1, 2018. CREATION OF SERIES P AND SERIES PF UNITS FOR THE MANAGED PORTFOLIOS Effective immediately, the following technical amendments are made to the SP to create and qualify for distribution commencing on or about December 3, 2018 Series P and Series PF units of the Managed Portfolios: 1. Each of the front and back covers of the SP is amended by adding reference to Series P and Series PF units to the list of series being offered by the Managed Portfolios, in the appropriate order and format for the list of series. 2. The first table under the heading “Purchases, Switches, Conversions and Redemptions” starting on page 9 of the SP is updated by deleting the rows relating to the Managed Portfolios in their entirety and replacing them with the following: Series A Series B Series F Series I Series O Series P Series PF NEI Select Income RS Portfolio x x x x x x x NEI Select Income & Growth RS Portfolio x x x x x x NEI Select Income & Growth Portfolio x x x x x x x NEI Select Balanced RS Portfolio x x x x x x NEI Select Balanced Portfolio x x x x x x x NEI Select Growth RS Portfolio x x x x x x NEI Select Growth Portfolio x x x x x x x NEI Select Maximum Growth Portfolio x x x x x x x 3. The rows “ Series F units ” and “ Series PF units ” in the second table under the heading “ Purchases, Switches, Conversions and Redemptions ” are amended by deleting the second paragraph of each row in its entirety and replacing it with the following: “Potential investors of this type include clients of online “execution only” platforms; clients of “fee-for- service” financial advisors, clients invested in dealer-sponsored “wrap accounts”; and any other clients who pay an annual fee to their dealer or investment professional instead of transactional sales charges, and whose advisor firm does not receive trailing commissions from the manufacturer.”

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