Integrity Mutual Funds will merge two recently acquired funds into a newly created fund. The Minot, North Dakota-based fund advisor will fold $56 million in assets from the IPS Millennium and New Frontier Funds into its new Integrity Growth & Income Fund for which it will serve as the subadvisor.

Integrity purchased the IPS funds on April 25, 2005. The new fund will also look for undervalued stocks based on a discounted free cash flow model. Robert Loest will manage the new Growth & Income Fund.

Robert Walstad, Integrity's CEO and chairman, said that the adoptions are part of the firm's efforts to expand the scope of its distribution and to provide a broader, more diversified family of funds to shareholders.

"IPS is a respected adviser in the free cash flow investment discipline, and we are excited to be able to offer this new product to our shareholders," Walstad continued.

Integrity Mutual Funds claims $400 million in assets under management with 18 mutual funds and is listed on the OTC Bulletin Board.  

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