Minot, North Dakota-based Integrity Mutual Funds is acquiring two funds with $70 million in assets from IPS Millennium of Knoxville, Tennessee.

The two funds, IPS Millennium fund and the New Frontier Fund, will be combined into a new fund called the Integrity Millennium Fund and will be advised by IPS Advisory. Robert Loest at IPS Advisory will manage the fund.

If shareholders approve the change, the funds will be merged in February, said officials in a release.

"This transaction continues our expansion into a national firm with the ability to offer our shareholders and other investors a much broader, more diversified family of funds," stated Robert Walstad, chairman and chief executive of Integrity Mutual Funds.
Integrity managed approximately $358 million in assets at the end of the third quarter.  

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