MINOT, N.D., May 15 /PRNewswire-FirstCall/ -- Integrity Mutual Funds, Inc. (OTC:IMFD) (BULLETIN BOARD: IMFD) , a mutual fund and financial services company, announced today that its Integrity High Income Fund has earned a four-star rating overall by Morningstar. The rating is based on the Fund's performance from its inception to April 30, 2007. Since its inception on April 30, 2004, the Fund has delivered an average annualized return of 10.73% through April 30, 2007. The total return does not reflect deduction of the Fund's 4.25% maximum sales load. If the maximum sales load were deducted, the since inception return would be 9.16%. The investment adviser has contractually agreed to waive its management fee and to reimburse expenses, so that the net annual operating expenses of the Fund do not exceed 1.75% for the Class A shares and 2.50% for the Class C shares. The High Income Fund is managed by a team led by Jeffrey Cummer and Dwayne Moyers, institutional managers responsible for over $2 billion in bond portfolios. "Our approach to bond selection has not changed. We strive to add a significant amount of alpha by keeping our default rate low," said Mr. Cummer. "As we look to the rest of 2007, we believe it will continue to be a 'bond picker's market'. High Yield, as a sector, will not be robust, but there will be good trading opportunities and a current yield higher than last year." About Integrity Mutual Funds Integrity Mutual Funds, Inc. is publicly traded over the OTC Bulletin Board under the symbol IMFD.OB. With its subsidiaries, Integrity Money Management, Inc., Integrity Fund Services, Inc., and Integrity Funds Distributor, Inc., the firm sponsors, manages, and advises mutual funds. IMFD also owns Capital Financial Services, Inc., a full-service brokerage firm that specializes in providing investment products and services to independent investment representatives, financial planners, and investment advisors in parts of the Midwest and Pacific Northwest. More information is available at http://www.integrityfunds.com/ or by calling 800/276-1262. Please consider carefully the fund's investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting http://www.integrityfunds.com/ or by calling (800) 276-1262. Read it carefully before investing. Distributed by Integrity Funds Distributor, Inc. Performance data does not reflect the deduction of the maximum 4.25% sales load. If reflected, the load would reduce the performance quoted. Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You may obtain performance data current to the most recent month end by calling 1-800-276-1262. All returns assume reinvestment of dividends and capital gains prior to the close of the fiscal year. Bond Funds generally decline in value as interest rates rise. High yield securities are lower quality debt securities and are subject to greater risk of default or price changes due to changes in the credit quality of the issuer. DATASOURCE: Integrity Mutual Funds, Inc. CONTACT: Mark R. Anderson of Integrity Mutual Funds, Inc., +1-701-852-5292, Web site: http://www.integrityfunds.com/

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