+--------+ | Form 5 | U.S. SECURITIES AND EXCHANGE COMMISSION +--------+ WASHINGTON, D.C. 20549 [ ] Check this box if no longer subject ANNUAL 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 [ ] Form 3 Holdings Reported [X] Form 4 Transactions Reported ------------------------------------------------------------------------------- 1. Name and Address of Reporting Person Quist Peter A. ---------------------------------------------------------------------------- (Last) (First) (Middle) 389 East Brandon Drive ---------------------------------------------------------------------------- (Street) Bismarck ND 58501 ---------------------------------------------------------------------------- (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 12/02 -------------------------------------------------- 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) Vice President ------------------------------------------------------------------------------- TABLE I-NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED --------------------------------------------------------------------------------------------------------------------- 1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature (Instr. 3) action action or Disposed of (D) Securities ship of In- Date Code (instr. 3, 4 and 5) Beneficially Form: direct (Month/ (Instr. 8) Owned at Direct Bene- Day/ End of (D) or ficial Year) Issuer's Indirect Owner- (A) or Fiscal Year (I) ship Amount (D) Price (Instr. 3 and 4) (Instr. 4) (Instr. 4) ---------------------------------------------------------------------------------------------------------------------- Common Stock 161,251.398 D ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- 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 ----------------------------- (A) (D) -------------------------------------------------------------------------------------------- Common Stock Warrants 0.825 (Right 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 112,000 112,000 D (Right to Buy) ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- 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/ Peter A. Quist 02/10/03 ------------------------------- ------------ **Signature of Reporting Person Date