North Dakota-based Integrity Mutual Funds
launched two new bond funds -- the High Income Fund and the Municipal Fund last Friday.
Integrity has hired SMH Capital Advisors
as a subadvisor for its new High Income Fund. Jeffrey Cummer, president and senior portfolio manager, and Dwayne Moyers, chief investment officer and senior portfolio manager, will co-manage the fund. Integrity has no prior relationship with SMH, said Jerry Szilagyi, Integrity spokesman. SMH approached Integrity about its subadvisory services, Szilagyi added.
The Municipal fund will invest in fixed income securities offered by states, counties and municipalities. Monte Avery
, who manages all of Integrity's nine other state and municipal bond funds, will manage the fund.
"The launching of these two funds signifies our continued efforts to expand the national scope of Integrity Funds and to provide a broader, diversified family of funds to our shareholders," said Robert Walstad, Integrity's chairman and chief executive officer.
IMF managed $394.3 million in assets as of December 31, 2003.
Stay ahead of the news ... Sign up for our email alerts now