SEI Investments Canada Co., the manager of the SEI Investments Group of Funds, announced on Tuesday that unitholders approved changes to the investment objectives of the U.S. Large Company Equity Fund and U.S. Small Company Equity Fund.

Unitholders of the U.S. Large Company Equity Fund approved a change in the fund’s investment objective, to “provide long-term growth of capital and income, primarily through investment in a diversified portfolio of equity securities of large U.S. companies listed on recognized stock exchanges.” Formerly, it was “to provide capital appreciation through investment in a broadly diversified portfolio of U.S. equity securities included in the Russell 1000 value index or the Russell 1000 growth index.”

Meanwhile, unitholders of the U.S. Small Company Equity Fund also approved a change in the investment objective of their fund. It is now to “provide capital appreciation, primarily through investment in a diversified portfolio of equity securities of small U.S. companies listed on recognized stock exchanges,” whereas previously it was “to provide capital appreciation through investment in a broadly diversified portfolio of U.S. equity securities which are included in the Russell 2000 value index or Russell 2000 growth index.”

These changes give the funds and their unitholders the benefit of giving the managers the flexibility to choose other large or small company securities that the managers consider appropriate for the funds rather than be restricted to a single brand of securities’ indices when in selecting securities for the funds. The new securities that can be chosen include those contained in several other recognized securities’ indices for large or small U.S. companies that have come into existence since the funds were created approximately seven years ago, and those that may arise in the future. The change will take effect in the near future, upon the amendment of the funds’ trust agreements.