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Integrity Mutual Funds, Inc. Announces Fourth Quarter and Year End 2003 Earnings

Contact: Mark R. Anderson 701-852-5292

Minot, North Dakota (March 31, 2004) - Integrity Mutual Funds, Inc. (IMFD.OB), a mutual fund and financial services company, today reported net income of $44,671 ($.00 per share) for the fourth quarter of 2003, compared to net income of $326,450 ($.02 per share) during the same period in 2002. The company recorded net income of $181,545 ($.01 per share) for the year ended December 31, 2003, compared to net income of $398,311 ($.03 per share) for the year ended December 31, 2002. In September of 2002, the Company's president, who also served as chief operating officer and director, died in an automobile accident. The decrease in net income from 2002 to 2003 was primarily the result of $250,000 in key man insurance proceeds recorded as other income in 2002.

Revenues from continuing operations for the fourth quarter of 2003 were $3,909,564, compared to revenues from continuing operations of $3,467,914 during the same period in 2002. Revenues from continuing operations for the year ended December 31, 2003 were $13,956,173, compared to revenues from continuing operations of $14,443,661 for the year ended December 31, 2002.

Integrity Mutual Funds, Inc. recorded net income from continuing operations of $44,671 ($.00 per share) for the fourth quarter of 2003, compared to net income from continuing operations of $343,261 ($.02 per share) for the same period in 2002. Net income from continuing operations for the year ended December 31, 2003 was $189,526 ($.01 per share), compared to net income from continuing operations of $438,390 ($.03 per share) for the year ended December 31, 2002.

Integrity Mutual Funds, Inc. has assets under management of $400 million and is publicly traded over the OTC Bulletin Board under the symbol IMFD.OB. With its subsidiaries, ND Capital, Inc., Integrity Money Management, Inc., Integrity Fund Services, Inc., and Integrity Funds Distributor, Inc., the firm currently sponsors, manages, and advises 16 mutual funds. These include six equity funds, an income fund, and state-specific tax-exempt municipal bond funds in Kansas, Maine, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, and South Dakota. 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 California. The Integrity Funds are distributed by Integrity Funds Distributor, Inc., and ND Capital, Inc. More information is available at www.integritymf.com or by calling 800-276-1262.

The Integrity Funds are sold only to persons residing in the United States and are offered by prospectus only. For more complete information about any of the Integrity Mutual Funds, investors should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. The prospectus includes this and other information about each fund. Investors may obtain the applicable prospectus from their financial advisor or from our website at www.integritymf.com. Please read the prospectus carefully before you invest or send money.




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