NEI Investments, which is co-owned by Desjardins Group, Canada'slargest credit union, has received approval for a number of changesto its mutual fund lineup.

Security holders approved the merger of the NEI Ethical GrowthFund into the NEI Ethical Canadian Dividend Fund.

Following security holder approval on or around May 24, the NEINorthwest Specialty Growth Fund Inc. will be merged into a newlycreated NEI Corporate Class fund, which will have as its investmentobjectives to target a sustainable above market level of yieldusing a covered call options strategy, the Toronto-based NEI Investments said.

Security holders also approved changes to the fundamentalinvestment objectives of the three continuing Canadian funds torelax the current Canadian content restrictions, according to NEIInvestments.

In July 2013, the continuing funds will be renamed the NEIEthical Select Balanced Portfolio, NEI Ethical Select GrowthPortfolio, NEI Select Balanced Corporate Class and NEI SelectGrowth Corporate Class to more accurately reflect the portfolioobjectives.

“All of these investment changes are great news stories forNEI's investors,” said Daniel Solomon, chief investment officer atNEI Investments. “In the case of the NEI Ethical Growth Fundmerger, it allows NEI to streamline its Canadian equity solutionwithin the Ethical lineup.”

Solomon said this particular merger creates the largest sociallyresponsible investment fund in Canada and moves security holdersinto a Morningstar five-star fund that is performing near the topof the entire Canadian equity category as well as the SRIcategory.

Because of the various changes, the NEI Ethical Growth Fund andthe NEI Northwest Specialty Growth Fund will be closed to newpurchases on or around May 17, according to NEI Investments.

With approximately $5 billion in assets under management, NEIInvestments is co-owned by the Provincial Credit Union Centrals and the Desjardins Group witheach having a 50% ownership stake in the firm.

Based in Levis, Quebec, Desjardins Group serves 5.2 million members throughout Canadaand has $200 billion in assets.