Toronto-based NEI Investments is merging and altering the investment objectives of several of its mutual funds, the investment firm announced on Wednesday.

At a meeting on Tuesday, security holders voted to merge the NEI Ethical Growth Fund into the NEI Ethical Canadian Dividend Fund. The change will take place around May 24, 2013. The Ethical Growth Fund will be closed to new purchases by May 17, 2013. Calgary-based sub-advisor QV Investors will manage the fund.

NEI Northwest Specialty Growth Fund Inc. will also merge into the new NEI Corporate Class Fund by May 24, 2013. The NEI Specialty Growth Fund will be closed to new purchases around May 17. The new fund’s investment objective will be to have a sustainable above market level of yield using a covered call options strategy and aim for an annualized yield between four and five percent net of fees. Montreal-based Montrusco Bolton will manage the fund.

As well, security holders voted to change the investment objectives of four continuing Canadian funds to lessen their content restrictions. The four continuing funds will be renamed in July 2013 to the following: NEI Ethical Select Balanced Portfolio, NEI Ethical Select Growth Portfolio, NEI Select Balanced Corporate Class and NEI Select Growth Corporate Class.