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| Form 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[ ] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b) Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Olson Richard D.
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(Last) (First) (Middle)
1300 32nd Ave. SW Apt. #206
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(Street)
Minot ND 58701
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol Integrity Mutual Funds, Inc.
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(IMFD)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year 07/02
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[X] Director [X] Officer [ ] 10% Owner [ ] Other
(give title below) (specify below)
Director and President of IMFD (formerly known as ND Holdings, Inc.)
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TABLE I-NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
of action action of Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at Direct Bene-
Day/ ---------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
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Common Stock 07/01/02 J-1 5,380.752 A N/A D
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Common Stock 07/01/02 J-1 25,333.229 A N/A I by Trust(ESOP)
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10,761.504 D
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50,666.458 I by Trust(ESOP)
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J-1: Reporting person acquired 5,380.752 shares of common stock held directly
and 25,333.229 held indirectly on 7/1/02 following a two-for-one stock split.
The reporting person paid no monetary amount for the shares acquired on 7/1/02.
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Print or Type Responses)
TABLE II-DERIVATIVE SECURITIES BENEFICALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3,4, and 5)
ative Year)
Security
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Code V (A) (D)
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Common Stock Warrants .825 7/01/02 J-2 17,698
(Right to Buy)
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Common Stock Options .425 7/01/02 J-2 200,000
(Option to Buy)
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J-2: Reporting person acquired 17,698 common stock warrants and 200,000 common
stock options on 7/1/02 following a two-for-one stock split. No monetary amount
was paid by the reporting person for the warrants and options acquired
on 7/1/02.
TABLE II-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)-CONTINUED
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1. Title of Derivative 6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
Security (Instr. 3) cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative Form of In-
Date ative Secur- of De- direct
(Month/Day/ Secur- ities rivative Bene-
Year) ity Bene- Secu- ficial
(Instr. Ficially rity: Owner-
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Date Expir- Amount or at End (D) (Instr.
Exer- tion Title Number of of Indi- 4)
cisable Date Shares Month rect (1)
(Instr.4) (Instr. 4)
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Common Stock Warrants Common Stock 17,698 N/A
(Right to Buy)
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Common Stock Options Common Stock 200,000 N/A
(Option to Buy)
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35,396 D
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400,000 D
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Explanation of Responses:
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations
See 18 U.S.C. 1001 and U.S.C. 78ff(a)
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
/s/ Richard D. Olson 08/08/02
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**Signature of Reporting Person Date