+--------+
| 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
-------------------------------------------------------------------------------
1. Name and Address of Reporting Person
Walstad Robert E.
----------------------------------------------------------------------------
(Last) (First) (Middle)
2600 Bel Air Drive
----------------------------------------------------------------------------
(Street)
Minot ND 58703
----------------------------------------------------------------------------
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol Integrity Mutual Funds, Inc.(IMFD)
---------------------------------
3. IRS or Social Security Number of Reporting Person (Voluntary)
-------------
4. Statement for Month/Year 07/02
--------------------------------------------------
5. If Amendment, Date of Original (Month/Year)
-------------------------------
6. Relationship of Reporting Person to Issuer (Check all applicable)
[X] Director [X] Officer [ ] 10% Owner [ ] Other
(give title below) (specify below)
Chief Executive Officer
-------------------------------------------------------------------------------
TABLE I-NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
-----------------------------------------------------------------------------------------------------------
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)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Common Stock 07/01/02 J-1 123,447.00 A N/A D
------------------------------------------------------------------------------------------------------------
Common Stock 07/01/02 J-1 33,335.043 A N/A I By Trust(ESOP)
------------------------------------------------------------------------------------------------------------
246,894.00 D
------------------------------------------------------------------------------------------------------------
66,670.086 I By Trust(ESOP)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
J-1: Reporting person acquired 156,782.043 shares of common stock following a
two-for-one stock split on 7/1/02. Of the 156,782.043 shares acquired,
33,335.043 shares were distributed and are held indirectly in an ESOP account.
The reporting person paid no monetary amount for the aforementioned shares.
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)
--------------------------------------------------------------------------------------------
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
------------------------------------------
Code V (A) (D)
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Common Stock Warrants .825 7/01/02 J-2 675,200
(Right to Buy)
--------------------------------------------------------------------------------------------
Common Stock Options .425 7/01/02 J-2 200,000
(Option to Buy)
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
TABLE II-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)-CONTINUED
-----------------------------------------------------------------------------------------------------------------
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-
---------------------------------------- 5) Owned Direct ship
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)
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Common Stock Warrants Common Stock 675,200 N/A D
(Right to Buy)
-----------------------------------------------------------------------------------------------------------------
Common Stock Options Common Stock 200,000 N/A D
(Option to Buy)
-----------------------------------------------------------------------------------------------------------------
1,350,400 D
-----------------------------------------------------------------------------------------------------------------
400,000 D
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Explanation of Responses:
J-2: Reporting person acquired 675,200 warrants and 200,000 options following
a two-for-one stock split on 7/01/02. No monetary amount was paid by the
reporting person for the warrants and options.
**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/ Robert E. Walstad 08/08/02
------------------------------- -------------
**Signature of Reporting Person Date