Ethical Funds Inc. say is has received unitholder approval for the mergers of several of its mutual funds.

The mergers were approved at a unitholder meeting held on December 2. Ethical Funds says the mergers for all funds will be completed on December 15.

Ethical Global Bond Fund will merge into Ethical Income Fund.

Ethical Canadian Equity Fund will merge into Ethical Canadian Dividend Fund.

Ethical Pacific Rim Fund will merge into Ethical International Equity Fund.

Credential Balanced Portfolio will merge into Credential Select Balanced Portfolio.

Credential Growth Portfolio will merge into Credential Select Growth Portfolio.

Credential Equity Portfolio will merge into Credential Select High Growth Portfolio.

Ethical Funds has also announced the appointment of Central Financial Corp. (1989) Ltd. (CFC) as the new portfolio manager for the Ethical Money Market Fund, effective April 1, 2004.

CFC is a wholly owned subsidiary of Credit Union Central of British Columbia. Ethical Funds says the investment managers at CFC have significant experience and expertise in managing money market and fixed income securities.