Integrity Mutual Funds, a Minot, Tenn.-based mutual fund and financial services company, has launched a new free cash flow fund, the Integrity Growth & Income Fund.

The fund was launched in partnership with IPS Advisory of Knoxville, which will manage the fund on a sub-advisory basis.

In November, Integrity signed an agreement with IPS to acquire management rights to the IPS Millennium and New Frontier Funds. The two funds, with combined assets of $56 million, were merged into the new Growth & Income Fund on April 25.

The new fund will continue to invest in growing, well-run companies that are undervalued, as measured by free cash flow. "This strategy allows shareholders to benefit wherever value occurs in the market, from small- to large-cap stocks, and from growth to value stocks," said IPS Advisory's Senior Portfolio Manager Robert Loest, who will continue to manage the new Growth & Income Fund.

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