**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549**

**Form 10-K**

[X] ANNUAL REPORTUNDER SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934

For the fiscal yearended December 31, 2008

Commission filenumber: 000-25958

| **INTEGRITY MUTUAL FUNDS, INC.**                          |
|-----------------------------------------------------------|
| *(Exact name of registrant as specified in its  charter)* |

 

| **North Dakota**                                                  | **45-0404061**                      |
|-------------------------------------------------------------------|-------------------------------------|
| *(State or other jurisdiction of incorporation or  organization)* | *(IRS Employer Identification No.)* |

 

| **1 Main Street North**                    |
|--------------------------------------------|
| **Minot, North Dakota 58703**              |
| *(Address of principal executive offices)* |

 

| Registrant's telephone number, including area code:          | (701) 852-5292                 |
|--------------------------------------------------------------|--------------------------------|
|                                                         |                           |
| Securities registered pursuant to Section 12(b) of  the Act: | None                           |
|                                                         |                           |
| Securities registered pursuant to Section 12(g) of  the Act: | Common Stock; $.0001 par value |

 

| Indicate by check mark if  the registrant is a well-known seasoned issuer, as defined in Rule 405 of the  Securities Act.                                                                                                                                                                                                                         | [ ] Yes          | [X] No                    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|---------------------------|
| Indicate by check mark if the registrant is not required to file reports  pursuant to Section 13 or Section 15(d) of the Act.                                                                                                                                                                                                                     | [ ] Yes          | [X] No                    |
| Indicate by check mark whether the registrant (1) has filed all reports  required to be filed by Section 13 or 15(d) of the Exchange Act of 1934  during the preceding 12 months (or for such shorter period that the registrant  was required to file such reports), and (2) has been subject to such filing  requirements for the past 90 days. | [X] Yes               | [ ] No               |
| Indicate by check mark if disclosure of delinquent filers pursuant to Item  405 of Regulation S-K is not contained herein, and will not be contained, to  the best of registrant's knowledge, in definitive proxy or information  statements incorporated by reference in Part III of this Form 10-K or any  amendment to this Form 10-K.         | [X]                   |
| Indicate by check mark whether the registrant is a large accelerated filer,  an accelerated filer, a non-accelerated filer, or a smaller reporting  company. See definition of "large accelerated filer," "accelerated filer,"  and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):                                   |
| Large accelerated filer [ ]                                                                                                                                                                                                                                                                                                                       | Accelerated filer [ ] | Non-accelerated filer [ ] | Smaller Reporting Company [X] |
| Indicate by check mark whether the registrant is a shell company (as defined  in Rule 12b-2 of the Act).                                                                                                                                                                                                                                          | [ ] Yes               | [X] No                    |
| Aggregate market value of voting and non-voting common equity held by  non-affiliates of the registrant as of February 27, 2009: $2,352,819.                                                                                                                                                                                                      |
| On February 27, 2009, there were 14,455,943 shares of the issuer's common  equity outstanding.                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                   |                       |                           |  |  |  |  |

**DOCUMENTS INCORPORATED BY REFERENCE:**

Portions of the Company'sdefinitive Proxy Statement for the Annual Meeting of Shareholders to be held onMay 28, 2009, are incorporated by reference in certain sections of Part III.

**10-K**

**INTEGRITY MUTUAL FUNDS, INC.**

**INDEX**

| **PART I**   |                                                                                                           |   |
|--------------|----------------------------------------------------------------------------------------------------------------|--------|
| Item 1.      | Business                                                                                                       | 4      |
| Item 1A.     | Risk Factors                                                                                                   | 10     |
| Item 1B.     | Unresolved Staff Comments                                                                                      | 10     |
| Item 2.      | Properties                                                                                                     | 11     |
| Item 3.      | Legal Proceedings                                                                                              | 11     |
| Item 4.      | Submission of Matters to a  Vote of Security Holders                                                           | 11     |
| **PART II**  |                                                                                                           |   |
| Item 5.      | Market for Registrant's  Common Equity, Related Stockholder Matters and Issuer Purchases of Equity  Securities | 11     |
| Item 6.      | Selected Financial Data                                                                                        | 12     |
| Item 7.      | Management's Discussion and  Analysis of Financial Condition and Results of Operations                         | 12     |
| Item 7A.     | Quantitative and  Qualitative Disclosures About Market Risk                                                    | 18     |
| Item 8.      | Financial Statements and  Supplementary Data                                                                   | 18     |
| Item 9.      | Changes In and  Disagreements with Accountants on Accounting and Financial Disclosure                          | 18     |
| Item 9A.     | Controls and Procedures                                                                                        | 18     |
| Item 9B.     | Other Information                                                                                              | 21     |
| **PART III** |                                                                                                           |   |
| Item 10.     | Directors, Executive  Officers and Corporate Governance                                                        | 21     |
| Item 11.     | Executive Compensation                                                                                         | 21     |
| Item 12.     | Security Ownership of  Certain Beneficial Owners and Management and Related Stockholder Matters                | 21     |
| Item 13.     | Certain Relationships and  Related Transactions, and Director Independence                                     | 21     |
| Item 14.     | Principal Accounting Fees  and Services                                                                        | 21     |
| **PART IV**  |                                                                                                           |   |
| Item 15.     | Exhibits, Financial Statement Schedules                                                                        | 21     |
|         | SIGNATURES                                                                                                     | 26     |

**Special Note RegardingForward Looking Statements**

Certain information includedor incorporated by reference in this Annual Report on Form 10-K and othermaterials filed or to be filed by Integrity Mutual Funds, Inc. ("Integrity" orthe "Company") with the Securities and Exchange Commission ("SEC") contain statementsthat are not based on historical fact and may be considered forward-lookingwithin the meaning of the Private Securities Litigation Reform Act of 1995. Insome cases, you can identify these statements by forward-looking words such as"may," "might," "will," "should," "expect," "plan," "anticipate," "believe,""estimate," "predict," "potential," or "continue," and the negative of theseterms and other comparable terminology. These forward-looking statements, whichare subject to known and unknown risks, uncertainties, and assumptions aboutthe Company, may include projections of the Company's future financialperformance based on the Company's growth strategies and anticipated trends inthe Company's business. These statements are only predictions based on theCompany's current expectations and projections about future events. There areimportant factors that could cause the Company's actual results, level ofactivity, performance, or achievements to differ materially from the results,level of activity, performance, or achievements expressed or implied by theforward-looking statements.

Sections of this AnnualReport on Form 10-K may include additional factors that could adversely impactthe Company's business and financial performance. Moreover, the Companyoperates in a very competitive and rapidly changing environment. New risks anduncertainties emerge from time to time, and it is not possible for theCompany's management to predict all risks and uncertainties, nor can theCompany assess the impact of all factors on the Company's business or theextent to which any factor, or combination of factors, may cause actual resultsto differ materially from those contained in any forward-looking statements.

Although the Company believesthe expectations reflected in the forward-looking statements are reasonable,the Company cannot guarantee future results, level of activity, performance, orachievements. Moreover, neither the Company nor any other person assumesresponsibility for the accuracy or completeness of any of these forward-lookingstatements. You should not unduly rely upon forward-looking statements aspredictions of future events. Except to the extent required by federalsecurities laws, the Company is under no duty to update any of these forward-lookingstatements after the date of this Annual Report on Form 10-K, nor to conformthe Company's prior statements to actual results or revised expectations, andthe Company does not intend to do so.

Forward-looking statementsinclude, but are not limited to, statements about the Company's:

|   | • | Business strategies and investment policies,                                                                                                                                         |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | Possible or assumed future results of operations and operating cash flows,                                                                                                           |
|   | • | Financing plans and the availability of short-term borrowing,                                                                                                                        |
|   | • | Competitive position,                                                                                                                                                                |
|   | • | Potential growth opportunities,                                                                                                                                                      |
|   | • | Recruitment and retention of the Company's key employees,                                                                                                                            |
|   | • | Potential operating performance, achievements, productivity improvements,  efficiency and cost reduction efforts,                                                                    |
|   | • | Likelihood of success and impact of litigation,                                                                                                                                      |
|   | • | Expected tax rates,                                                                                                                                                                  |
|   | • | Expectations with respect to the economy, securities markets, the market for  merger and acquisition activity, the market for asset management activity,  and other industry trends, |
|   | • | Competition, and                                                                                                                                                                     |
|   | • | Effect from the impact of future legislation and regulation on the Company.                                                                                                          |

The following factors, amongothers, could cause actual results to differ materially from forward-lookingstatements, and future results could differ materially from historicalperformance:

|   | • | General political and economic conditions which may be less favorable than  expected;                      |
|--------|--------|------------------------------------------------------------------------------------------------------------|
|   | • | The effect of changes in interest rates, inflation rates, the stock markets,  or other financial markets;  |
|   | • | Unfavorable legislative, regulatory, or judicial developments;                                             |
|   | • | Incidence and severity of catastrophes, both natural and man-made;                                         |
|   | • | Changes in accounting rules, policies, practices, and procedures which may  adversely affect the business; |
|   | • | Terrorist activities or other hostilities which may adversely affect the  general economy.                 |

**PART I**

**Item 1. Business**

**OVERVIEW**

Integrity Mutual Funds, Inc.("the Company"), is a holding company engaged, through varioussubsidiaries, in providing investment management, distribution, shareholderservices, fund accounting, and other related administrative services to theopen-end investment companies known as "Integrity Mutual Funds,""Integrity Managed Portfolios," and "The Integrity Funds," hereinaftercollectively referred to as "the Funds." Integrity Mutual Fundscurrently consists of three open-end investment companies including ND Tax-FreeFund, Inc. ("ND Tax-Free Fund"), Montana Tax-Free Fund, Inc. ("Montana Tax-FreeFund"), and Integrity Fund of Funds, Inc. ("Integrity Fund of Funds"). IntegrityManaged Portfolios consists of one open-end investment company containing sixseparate portfolios including the Kansas Municipal Fund, Kansas InsuredIntermediate Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, MaineMunicipal Fund, and New Hampshire Municipal Fund. The Integrity Funds currentlyconsists of one open-end investment company containing three separateportfolios including the Williston Basin/Mid-North America Stock Fund,Integrity High Income Fund, and Integrity Growth & Income Fund. The Companyalso sells mutual funds, insurance products, and various other securitiesthrough another wholly owned subsidiary, Capital Financial Services, Inc.("CFS").

As of December 31, 2008,total assets under management in the Funds were $239,800,815, compared to$395,664,082 as of December 31, 2007 and $442,008,564 as of December 31, 2006.

The Company has been engagedin the financial services business since 1987. The Company was incorporatedSeptember 22, 1987, as a North Dakota corporation by Robert E. Walstad, founderand Chairman Emeritus of the Company. The Company's principal offices arelocated at 1 Main Street North, Minot, North Dakota 58703. As of December 31,2008, the Company had 52 full-time employees and 2 part-time employees,consisting of officers, investment management, securities distribution,shareholder services, data processing, compliance, accounting, and clericalsupport staff.

**BUSINESS DEVELOPMENT**

On April 22, 2005, theCompany acquired the management rights to the IPS Millennium Fund and the IPSNew Frontier Fund from IPS Advisory, Inc. ("IPS Advisory"), and merged theminto a new Integrity Fund called the Integrity Growth & Income Fund. Thetwo funds had combined assets of approximately $57 million at the time ofacquisition. The purchase agreement called for total consideration ofapproximately 656,000 common shares of the Company. The Company provided IPSAdvisory with 250,000 common shares upon closing. The remaining considerationof approximately 406,000 common shares, which was subject to adjustment basedon retention of assets in the fund, was to be issued as follows: 203,000 commonshares at the one-year anniversary of the closing date, and 203,000 commonshares at the two-year anniversary of the closing date. The shares are subjectto a put option, which will allow the holders of the shares to put them back tothe Company at a price equal to the market price of the Company's shares as ofthe closing date, which was $.36 per share. The put option is exercisable withrespect to one-third of the shares per year starting on the third anniversaryof the closing date. The Company will also provide IPS Advisory with a stockoption incentive bonus based on growth in assets in the Fund based on thefollowing schedule: 150,000 options on the Company's common shares when assetsof the Fund reach $100 million and 150,000 options on the Company's commonshares when the assets of the Fund reach $200 million. The options will have astrike price of $.65 per share and mature 10 years from the closing date. Thesecurities issued in connection with this transaction will be issued on aprivate placement basis. In April of 2006, the one-year anniversary payment of158,603 common shares was made, which reflected the assets of the acquiredfunds at the one-year anniversary. In April of 2007, the two-year anniversarypayment of 138,797 common shares was made, which reflected the assets of theacquired funds at the two-year anniversary. As of December of 2008, theliability relating to this acquisition was valued at $107,064.

On March 7, 2007, the Companyacquired certain assets of United Heritage Financial Services, Inc. (UHFS), awholly-owned subsidiary of United Heritage Financial Group, Inc., of Meridian,Idaho. UHFS had approximately 120 independent registered representatives whobecame part of Capital Financial Services, Inc. (CFS), the retail brokeragedivision of the Company. Pursuant to the agreement, in exchange for receipt ofthe assets of UHFS set forth above, the Company agreed to issue 500,000restricted IMFD shares and pay a deferred earn out cash payment totaling amaximum of $900,000, to be paid in 21 quarterly installments. On March 7, 2007,the Company issued 500,000 restricted common shares to United HeritageFinancial Group, Inc. As a result of this issuance of shares, $175,000 wasrecorded by the Company as goodwill relating to the purchase of the assets. Asof December 31, 2008, the Company had made seven quarterly installment paymentstotaling $190,421. The liability relating to this acquisition is valued at$597,780 as of December 31, 2008, and has also been recorded by the Company asgoodwill. As of December 31, 2008, the total goodwill recorded relating to thisacquisition was $1,062,029.

**THE COMPANY'S SUBSIDIARIES**

The Company derives most ofits income from two lines of business. The first line of business providesinvestment management, distribution, shareholder services, fund accounting, andother related administrative services to the Funds. The other provides orderprocessing, regulatory oversight, concession processing, and other relatedservices to registered securities representatives transacting securitiesbusiness for their clients. As a result, the Company is economically dependenton the Funds, the representatives, and others, for substantially all of itsrevenue and income. These businesses are conducted through the wholly ownedsubsidiary companies described below. Revenues generated by the subsidiaries'fund services are derived primarily from fees based on the level of assetsunder management. Revenues generated by the broker-dealer's support ofsecurities sales are derived primarily through a sharing of sales concessionspaid by the products being sold to clients.

***Integrity Money Management,Inc.***

Integrity Money Management,Inc. ("Integrity Money Management") is registered as an investment advisorwith the SEC under the Investment Advisers Act of 1940 (the "AdvisersAct"). Integrity Money Management provides investment advisory servicesunder investment advisory agreements with the Funds. As of December 31, 2008,Integrity Money Management managed $239,800,815 of assets under management.

***Integrity FundsDistributor, Inc.***

Integrity Funds Distributor,Inc. ("Integrity Funds Distributor") is registered with the SEC as abroker-dealer and is also a member of the Financial Industry RegulatoryAuthority ("FINRA"). Integrity Funds Distributor serves as principalunderwriter and distributor for the Funds. Integrity Funds Distributor earns theunderwriter's portion of front-end sales loads ("FESLs") in connection withsales of shares of Funds subject to FESLs, Rule 12b-1 fees pursuant to Rule12b-1 plans adopted by certain of the Funds, and contingent deferred salescharges ("CDSCs") in connection with redemptions of shares of Funds subject toCDSCs.

***Integrity FundServices, Inc.***

Integrity Fund Services, Inc.("Integrity Fund Services") is registered with the SEC as a transferagent under the Securities Exchange Act of 1934 (the "Exchange Act"). IntegrityFund Services provides shareholder record-keeping services and acts as transferagent and dividend-paying agent for the Funds. Integrity Fund Services alsoprovides business management services, including fund accounting, compliance,and other related administrative activities for the Funds. Integrity FundServices is compensated for providing these services under agreements with eachFund, and is reimbursed for certain out-of-pocket expenses.

***Capital FinancialServices, Inc.***

Capital Financial Services,Inc. ("CFS") is a full-service brokerage firm. CFS is registered with the SECas an investment advisor and broker-dealer and also with FINRA as abroker-dealer. CFS specializes in providing investment products and services toindependent investment representatives, financial planners, and investmentadvisors and currently supports over 350 investment representatives andinvestment advisors.

**DESCRIPTION OF BUSINESS**

***Investment AdvisoryServices***

Integrity Money Managementacts as investment advisor to the Funds pursuant to investment advisoryagreements with such Funds. Integrity Money Management supervises andimplements the Funds' investment activities, including determining whichsecurities to buy and sell, and which broker-dealers to effect Fund securitiestransactions through.

Generally, each Fund paysIntegrity Money Management an investment advisory fee, payable monthly andbased on the Funds' net assets. Investment advisory fees are generally eithervoluntarily or contractually waived or reduced, and the investment advisor mayabsorb other Fund expenses for a period of time to ensure that the Funds havecompetitive fee structures.

The investment advisoryagreements pursuant to which Integrity Money Management provides investment advisoryservices continue in effect for successive annual periods as long as suchcontinuance is approved annually by (a) either (i) the relevant Fund's Board ofDirectors or Trustees, or (ii) a vote of the holders of a majority of therelevant Fund's outstanding voting securities, and (b) a majority of therelevant Funds' directors or trustees who are not parties to the investmentadvisory agreement or interested persons of a party to such agreement withinthe meaning of the Investment Company Act of 1940.

Either party may terminatethe investment advisory agreement without penalty after specified writtennotice. Each investment advisory agreement also automatically terminates in theevent of its "assignment," as defined in the Investment Company Act of 1940. Todate, no such investment advisory agreements have been terminated.

***Transfer Agency, FundAccounting, and Administrative Services***

Transfer agency, fundaccounting, and other shareholder administrative services are provided to theFunds by Integrity Fund Services. Integrity Fund Services receives fees fromthe Funds for providing such services pursuant to contracts with the Funds. Thecontracts generally provide for Integrity Fund Services to be paid itsservicing fees based on the net assets of each Fund, subject to certain minimumfees per Fund. The Funds' board of directors or trustees approves the contractsbetween the Funds and Integrity Fund Services annually.

***Distribution of FundShares***

Pursuant to distributionagreements, Integrity Funds Distributor acts as the principal underwriter anddistributor of shares of the Funds. The distribution agreements generallyprovide that Integrity Funds Distributor shall distribute Fund shares and paythe expenses thereof. Fund shares are sold primarily by broker-dealers withwhom Integrity Funds Distributor has entered into dealer sales agreements. 

Integrity Funds Distributorearns the underwriter's portion of FESLs received in connection with sales ofFund shares subject to FESLs effected by other broker-dealers, and also earnsCDSCs in connection with redemptions of Fund shares subject to CDSCs.

Each of the Funds (other thanKansas Insured Intermediate Fund and Integrity Fund of Funds) has adopted aRule 12b-1 plan pursuant to which Integrity Funds Distributor earns Rule 12b-1fees in connection with its distribution of Fund shares. Integrity FundsDistributor pays other broker-dealers a portion of these fees and retains thebalance.

The 12b-1 Plans areestablished for an initial term of one year. Thereafter, the Board of Directorsor Trustees, including a majority of the disinterested directors or trustees ofeach Fund, must approve them annually. Each Plan is subject to termination atany time by a majority of the Funds' disinterested directors or trustees or bythe Funds' shareholders.

***Brokerage Commissions***

CFS's primary source ofrevenue is commission revenue in connection with sales of shares of mutualfunds, insurance products, and various other securities. CFS receivescommission and Rule 12b-1 servicing revenue generated from the sale ofinvestment products originated by its registered representatives. CFS alsoreceives investment advisory revenue in connection with its registeredinvestment advisor. CFS pays a portion of the revenue generated to itsregistered representatives and retains the balance.

**REGULATION**

Virtually all aspects of theCompany's businesses are subject to various complex and extensive federal andstate laws and regulations. Regulated areas include, but are not limited to,the effecting of securities transactions, the financial condition of theCompany's subsidiaries, record-keeping and reporting procedures, relationshipswith clients, and experience and training requirements for certain employees. Certainof the Company's subsidiaries are registered with various federal and stategovernment agencies, including the SEC, as well as FINRA, a self-regulatoryindustry organization, as described below.

Integrity Funds Distributorand CFS are registered broker-dealers, subject to extensive regulation andperiodic examinations by the SEC, FINRA, and state agencies in those states inwhich Integrity Funds Distributor and CFS conduct business. As broker-dealers,Integrity Funds Distributor and CFS are subject to the Net Capital Rule promulgatedby the SEC under the Exchange Act. This rule requires that a broker-dealer mustmaintain certain minimum net capital and that its aggregate indebtedness maynot exceed specified limitations. Integrity Money Management is registered withthe SEC as an investment advisor under the Advisers Act and is subject toregulation thereunder, and is also subject to regulation under certain statelaws. The Funds are subject to extensive regulation under the InvestmentCompany Act of 1940 (the "Investment Company Act") and, along with IntegrityMoney Management, are subject to periodic examinations by the SEC.

Federal and state laws andregulations, and the rules of FINRA, grant broad powers to such regulatoryagencies and organizations. These include the power to limit, restrict, orprevent the Company from carrying on its business if it fails to comply withsuch laws, regulations and rules. Other possible sanctions that may be imposedinclude the suspension of individual employees, restrictions on the Company expandingits business or paying cash dividends, the revocation of the investmentadvisor, broker dealer, or transfer agent registrations, expulsions, censures,and/or fines.

To the extent that existingor future regulations affecting the sale of Fund shares or their investmentstrategies cause or contribute to reduced sales of Fund shares, or impair theinvestment performance of the Funds, the Company's aggregate assets undermanagement and its revenues might be adversely affected.

Since 1993, FINRA rules havelimited the amount of aggregate sales charges which may be paid in connectionwith the purchase and holding of investment company shares sold throughbroker-dealers. Congress and the SEC presently are considering amendments toRule 12b-1 and other statutory provisions and rules that regulate thedistribution of mutual fund shares. The effect of the rule amendments and otherlegislative or regulatory actions might be to limit the amount of fees thatcould be paid pursuant to a fund's 12b-1 Plan in a situation where a fund hasno, or limited, new sales for a prolonged period of time, as well as theimposition of other limits on the use of fund assets to pay for distribution.

The officers, directors, andemployees of the Company may, from time to time, own securities that are alsoowned by one or more of the Funds. The Company's internal policies with respectto individual investments by employees, including officers and directors whoare employed by the Company, require prior clearance and reporting of sometransactions and restrict certain transactions so as to reduce the possibilityof conflicts of interest.

**COMPETITION**

The Company derivessubstantially all of its revenues from two sources; fees relating to themanagement of, and provision of services to, the Funds, and commission revenueearned in connection with sales of shares of mutual funds, insurance products,and various other securities. The fees earned by the Company are generallycalculated as a percentage of assets under management. If the Company's assetsunder management decline, or do not grow in accordance with the Company'splans, fee revenues and earnings may be materially adversely affected. Assetsunder management may decline because redemptions of Fund shares exceed sales ofFund shares, or because of a decline in the market value of securities held bythe Funds, or a combination of both.

In seeking to sell Fundshares and market its other services, the Company operates in a highlycompetitive financial services industry. Industry sources indicate that thereare approximately 8,700 open-end investment companies of varying sizes,investment objectives and policies, which offer their shares to the investingpublic in the United States. Since its inception, the Company has competed withnumerous larger, more established mutual fund management organizations. TheCompany sells Fund shares principally through third party broker-dealers. TheCompany competes for the services of such third party broker-dealers with othersponsors of mutual funds who generally have substantially greater resourcesthan the Company. Banks in particular have increased, and continue to increase,their sponsorship of proprietary mutual funds distributed through third partydistributors. Many broker-dealer firms also sponsor their own proprietarymutual funds, which may limit the Company's ability to secure the distributionservices of such broker-dealer firms. In seeking to sell Fund shares, theCompany also competes with increasing numbers of mutual funds that sell theirshares without the imposition of sales loads. No-load mutual funds areattractive to investors because they do not have to pay sales charges on thepurchase or redemption of such mutual funds' shares. This competition may placepressure on the Company to reduce the FESLs and CDSCs charged upon the sale orredemption of Fund shares. However, reduced sales loads would make the sale ofFund shares less attractive to the broker-dealers upon whom the Company dependsfor the distribution of Fund shares. In the alternative, the Company mightitself be required to pay additional fees, expenses, commissions, or charges inconnection with the distribution of Fund shares which could have a materiallyadverse effect on the Company's earnings.

The fact that the investmentsof some Funds are geographically concentrated within a single state makes themarket value of such investments particularly vulnerable to economic conditionswithin that state. In addition, the states in which the investments of suchFunds, as a group, are concentrated are themselves concentrated in certainregions of the United States. The Company's fee revenues may, therefore, beadversely affected by economic conditions within such regions.

The Company also participatesin two other highly competitive related sectors of the financial servicesindustry; retail brokerage and investment advisory services. The Companycompetes directly with full-service stock brokerage firms, insurance companies,banks, regional broker-dealers, other independent broker-dealers, and otherfinancial institutions, as well as investment advisory firms. Each of thesecompetitors offers to the public many of the same investment products andservices offered by the Company. Further, other broker-dealers providing thesame services heavily recruit the representatives and advisors transactingbusiness through the Company. This competition forces the Company to maintainhigh levels of support services and commission payouts for theserepresentatives and advisors. These high levels of services and payouts couldhave a materially adverse effect on the Company's earnings.

**RECENT DEVELOPMENTS**

The Company tests goodwillfor impairment annually during the second quarter of each fiscal year. If anevent occurs or circumstances change that would more likely than not reducefair value of a reporting unit below its carrying value, goodwill is evaluatedfor impairment between annual tests. As a result of ongoing volatility in thefinancial industry and a significant reduction in assets under management inthe Company's sponsored mutual funds, the Company performed an interim goodwillimpairment test for the quarter ended December 31, 2008. On February 24, 2009,the Company determined that it will incur a goodwill impairment charge for the fourthquarter of the fiscal year ended December 31, 2008 of $5,312,606 in the MutualFund Services segment. This charge results from an interim test for impairmentunder Statement of Financial Accounting Standards No. 142, "Goodwill and OtherIntangible Assets," prompted by a significant reduction in assets undermanagement and ongoing volatility in the financial service industry during thefourth quarter of 2008. The Company will not be required to make any current orfuture cash expenditures as a result of the impairment. The impairment chargewill be reflected in the Company's financial statements as of and for thefourth quarter and fiscal year ended December 31, 2008.

On March 6, 2009, IntegrityMutual Funds, Inc. (the Company) and its wholly owned subsidiaries IntegrityFund Services, Inc., Integrity Funds Distributor, Inc., Integrity Mutual Funds,Inc. of Nevada, and Integrity Money Management, Inc., together (Seller),entered into a Share Purchase Agreement and Change Of Advisor (the"Agreement") with Corridor Investors, LLC, a North Dakota LimitedLiability Company ("Corridor") together with Viking Fund Management, LLC, aNorth Dakota LLC ("Viking"), together ("Buyer"), pursuant to which Buyer agrees to purchase from Seller, and Seller agrees to sell to Buyer: (i)all of the issued and outstanding shares of each of three subsidiaries of theCompany, Integrity Fund Services, Inc., a share transfer agency,Integrity Funds Distributor, Inc., a FINRA member broker dealerand Integrity Mutual Funds, Inc. of Nevada, a non-operating entity (the"Companies'); (ii) all of Seller's right, title and interest inand to certain tangible assets and (iii) the sale of certain assets of Integrity Money Management, Inc. related to its mutual fundadvisory business. The purpose of the Agreement is to facilitate a change inadvisor as well as to transfer together with the operating subsidiaries, thecombined mutual fund service business of the Seller currently provided to TheIntegrity Funds, Integrity Managed Portfolios, ND Tax-Free Fund, Inc., MontanaTax-Free Fund, Inc. and Integrity Fund of Funds, Inc. ("the Funds"), which areinvestment companies registered with the Securities and Exchange Commission("SEC") under the Investment Company Act of 1940. Integrity Money Management,Inc. ("Advisor") will not be transferred to Buyer but willassist in good faith in facilitating the approval of the Funds'Boards and shareholders of the Funds of new advisory agreement(s)between Viking and the Funds and new sub-advisory agreement(s) between Vikingand any sub-adviser of the Funds, will enter into a non-compete agreement withthe Buyer and will resign effective on the Closing Date or on such other dateas agreed between the parties if the necessary Board and Fund shareholder approvalsare obtained. Advisor will conduct no further business as an investment ormutual fund advisor. The agreements, contracts, benefits and dayto day responsibilities for services by Integrity Fund Services, Inc.and Integrity Funds Distributor, Inc. to the Funds are to remainwith Integrity Fund Services, Inc. and Integrity Funds Distributor, Inc.and therefore such contracts will transfer with Integrity Fund Services, Inc.and Integrity Funds Distributor, Inc. to the benefit of Buyer as a part of the Agreement.As the purchase price for the Companies and the business to betransferred to Buyer, Buyer shall pay in cash: (1) 60 basis points (BPS)of the aggregate net asset value of the outstanding shares of the Funds on thebusiness day immediately preceding the Closing Date ("Closing DateShares") (the "Initial Purchase Payment") at the time of the Closinganticipated to be approximately June 30, 2009 and (2) 10 BPS of the thenaggregate net asset value of the Closing Date Shares which then remain outstanding12 months post Closing Date, 24 months post Closing Date and 36 months postClosing Date. The closing of the Agreement is conditioned uponthe applicable Funds' shareholders and each of the applicableFunds' Boards granting approval of the new advisory agreementswith Viking, upon the acquisition of Viking by Corridorand upon the Boards and shareholders of ND Tax-Free Fund Inc. ("NDTAX") andMontana Tax-Free Fund, Inc. ("MTTAX") approving a reorganization whereby NDTAXand MTTAX will be combined into similar funds currently advised by Viking (the"Reorganization"). The Buyer will lease office space from the Company andservices of certain employees of Buyer and Seller will be exchanged in acooperative agreement. The Agreement further contains the requirement thatstandard representations and warranties be satisfied prior to closing.

The Closing is conditionedupon the shareholders and Boards of The Integrity Funds, Integrity ManagedPortfolios and Integrity Fund of Funds, Inc. approving Viking as the newadvisor to such Funds and the shareholders and Boards of NDTAX and MTTAXapproving a Reorganization. Shareholders of the individual Funds will besolicited to approve the change of investment advisor from Advisor to Vikingfor The Integrity Funds, Integrity Managed Portfolios and Integrity Fund ofFunds, Inc. by means of a proxy statement (the "Proxy Statement"), theReorganization of the NDTAX and MTTAX, respectively, as by means of a FormN-14. Buyer and Seller shall jointly initiate the generation of thedocumentation for the Proxy Statements, Form N-14 and proxy solicitations tothe shareholders of the Funds and cooperate with the Boards of Trustees orDirectors of the Funds in order to accomplish the Funds' and SEC approval ofthe transactions described in the Agreement. Buyer and Seller will shareequally the legal and proxy costs of the SEC filing together with any proxysolicitation costs necessary to obtaining the approval of the shareholders ofthe Funds to the change of investment advisor from Advisor to Viking. TheBoards of the Funds shall set a record date for the Fund shareholder vote. Shareholdersof The Integrity Funds, Integrity Managed Portfolios and Integrity Fund ofFunds, Inc. must approve the change of investment advisor from Advisor toViking with respect to their Funds in accordance with the respective Fund'sCharter Documents and applicable law. The shareholders of NDTAX and MTTAX,respectively, must approve the Reorganization of NDTAX and MTTAX, respectively,including the transactions to be described in the Form N-14 for each merger inaccordance with the respective Fund's Charter Documents and applicable law.

The Agreementwas approved by the Company's Board of Directors on March 5, 2009, subject tothe additional Fund approvals and other conditions of the Agreement. Theconsent of the shareholders of the Company is not required for the consummationof the Agreement. The extent of the assets and revenues to be transferred isnot sufficient to trigger a requirement for shareholder consent under the lawsof North Dakota, the Company's state of incorporation.

The Company'sBroker Dealer business through its wholly owned subsidiary, Capital FinancialServices, Inc. is not being sold or transferred. The Company will continue tooperate through Capital Financial Services, Inc. in its present locationsfollowing the closing.

The amount ofproceeds the Company will receive from the transaction is contingent uponfuture variables with respect to net assets of the Funds and is not determinableat the time of the Agreement. The transaction is subject to receipt of variousregulatory approvals and customary closing conditions and is anticipated toclose at the end of the second quarter.

As a result of the Agreement,post closing of the transaction, Integrity Fund Services, Inc., Integrity FundsDistributor, Inc. and Integrity Money Management, Inc. which constitute themutual fund division of the Company will be reflected in the Company's futureconsolidated financial statements as a discontinued operation.

On January 24, 2007, theCompany announced the retirement of Robert E. Walstad, the Company's founder,chief executive officer, and chairman of the board of directors, effectiveFebruary 1, 2007. In connection with Mr. Walstad's retirement, the Companyentered into a separation agreement with Mr. Walstad. Under the terms of theseparation agreement, subject to Mr. Walstad meeting his obligations thereunderin all respects, Mr. Walstad is entitled to receive a cash payment in the amountof $274,500, options to purchase 60,000 common shares, and certain commissionpayments. The $274,500 separation payment was expensed in February of 2007. Mr.Walstad has not been involved with management or as a member of the board of directorsof the Company since February 1, 2007. With respect to the Definitive Agreementbetween the Company and Corridor Investors, LLC, described above, Mr. Walstadis the Limited Liability Manager of Corridor Investors, LLC and executed thedescribed agreement on behalf of Corridor Investors, LLC.

On March 5, 2009, the Boardof Directors approved pursuant to the Bylaws of the Company, a reduction in thenumber of directors from six to five. In accordance with the Bylaws of theCompany, when the number of directors is reduced, the current directorscontinue to serve until the expiration of their terms and therefore, the numberof directors will remain at six until the Annual Meeting of Shareholders of theCompany.

Mr. Peter Quist was elected adirector of Integrity Mutual Funds, Inc. on May 4, 1988. On March 5, 2009, Mr.Quist announced his retirement from the Board of Directors effective upon theAnnual Meeting of Shareholders of the Company.

**AVAILABILITY OF SECREPORTS**

All SEC reports may be viewedand copied at the SEC's Public Reference Room at 100 F Street NE, Washington,DC 20549, on official business days during the hours of 10 a.m. to 3 p.m. localtime. Information on the operation of the Public Reference Room may be obtainedby calling the Commission at 1-800-SEC-0330. The Commission maintains anInternet site (http://www.sec.gov)that contains reports, proxy and information statements, and other informationregarding issuers that file electronically with the Commission.

All SEC reports are also madeavailable on the Company's website at http://corp.integrityfunds.com. Thesereports, including annual reports on Form 10-K and 10-KSB, quarterly reports ofForm 10-Q and 10-QSB, and current reports on Form 8-K, are available on the sameday they are filed with the SEC. 

**Item 1A. Risk Factors**

Not Applicable as a SmallerReporting Company.

**Item 1B. Unresolved StaffComments**

None

**Item 2. Properties**

The Company operates themajority of its business out of its location at 1 Main Street North, Minot,North Dakota, which the Company owns. As of December 31, 2008, the building hasa $334,196 mortgage.

**Item 3. Legal Proceedings**

The Company has no pendinglegal proceedings that are material to the financial affairs of the Company.

**Item 4. Submission ofMatters to a Vote of Security Holders**

No matters were submitted toa vote of security holders during the fourth quarter ended December 31, 2008.

**PART II**

**Item 5. Market forRegistrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities**

***Information about theCompany's Common Stock***

The Company's Common Sharesare traded on the OTC Bulletin Board under the symbol IMFD. The Company'scommon shares began trading on the OTC Bulletin Board on November 7, 1997. OnMay 31, 2002, the shareholders of the Company approved a two for one (2:1)share split of the issued and outstanding common shares of the Company, whichtook effect on July 1, 2002. On December 31, 2008, the closing price of theCompany's Common Shares on the OTC Bulletin Board was $.20 per share. AtFebruary 27, 2009, there were approximately 775 shareholders of record.

The following table setsforth the high and low closing prices for the Company's common stock. Thequotations reflect inter-dealer prices, without retail mark-up, mark-down, orcommission, and may not represent actual transactions.

| ** **     | **2008**        | **2007**        |
|----------------|-----------------|-----------------|
| ** **     | **Fiscal Year** | **Fiscal Year** |
| ** **     | ** **      | ** **      | ** ** | ** ** |
| **Quarter**    | **High**        | **Low**         | **High** | **Low** |
|           |            |            |   |   |
| First Quarter  | .690            | .400            | .850 | .600 |
| Second Quarter | .480            | .270            | 1.400 | .820 |
| Third Quarter  | .350            | .270            | 1.000 | .570 |
| Fourth Quarter | .500            | .150            | .870 | .590 |

The Company has not paid adividend with respect to its common stock, nor does the Company anticipatepaying dividends in the foreseeable future.

***The Company has issuedthe following securities in the past quarter without registering the securitiesunder the Securities Act:***

None

***Smaller ReportingCompany Repurchases of Equity Securities:***

| **Period**    | **Total Number of Shares Purchased** | **Average Price Per Share** | **Total Number of Shares Purchased as Part of Publicly  Announced Plans or Programs** | **Approximate Dollar Value of Shares that May Yet Be  Purchased Under the Plans or Programs** |
|---------------|--------------------------------------|-----------------------------|---------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
| October 2008  | -                                    | -                           | -                                                                                     | $597,754                                                                                      |
| November 2008 | -                                    | -                           | -                                                                                     | $597,754                                                                                      |
| December 2008 | -                                    | -                           | -                                                                                     | $597,754                                                                                      |
| Total         | -                                    | -                           | -                                                                                     | $597,754                                                                                      |

**Item 6. Selected FinancialData**

Not Applicable as a SmallerReporting Company.

**Item 7. Management'sDiscussion and Analysis of Financial Condition and Results of Operations**

The following information isprovided in connection with, and should be read in conjunction with, theconsolidated financial statements and notes included in this Annual Report onForm 10-K.

**GENERAL**

Integrity Mutual Funds, Inc.,is a holding company which operates its current business units in tworeportable segments, 1) as an investment advisor, distributor, and provider ofadministrative services to sponsored mutual funds, and 2) as a broker-dealer. 

Integrity Mutual Funds, Inc.,derives the majority of its revenues and net income from sales of mutual funds,insurance products, and various other securities in Capital Financial Services,Inc. ("CFS"), the Company's broker-dealer subsidiary. Integrity Mutual Funds,Inc., also derives revenues and net income from providing investmentmanagement, distribution, shareholder services, fund accounting, and related administrativeservices to the Funds. The majority of the Funds' assets under managementconsist of single-state municipal bond funds for the states of North Dakota,Montana, Kansas, Nebraska, Oklahoma, Maine, and New Hampshire. 

**ASSETS UNDER MANAGEMENT**

By Investment Objective

| **As of December 31,**                | **2008** | **2007**    | **2006** |
|---------------------------------------|----------|-------------|----------|
|                                  |     |        |     |   |   |   |
|                                  |     |        |     |   |   |   |
| FIXED-INCOME                          |     |        |     |   |   |   |
| Tax-Free Funds                        | $        | 168,524,933 | $        | 196,493,687 | $ | 207,235,701 |
| Taxable Funds  (Corporate/Government) |     | 36,663,914  |     | 138,559,709 |   | 143,385,144 |
| TOTAL FIXED-INCOME FUNDS              | $        | 205,188,847 | $        | 335,053,396 | $ | 350,620,845 |
|                                  |     |        |     |   |   |   |
|                                  |     |        |     |   |   |   |
| EQUITY                                |     |        |     |   |   |   |
| Fund of Funds                         | $        | 6,071,103   | $        | 13,483,262 | $ | 9,889,657 |
| Equity Funds                          |     | 28,540,865  |     | 47,127,424 |   | 81,498,062 |
| TOTAL EQUITY FUNDS                    | $        | 34,611,968  | $        | 60,610,686 | $ | 91,387,719 |
|                                  |     |        |     |   |   |   |
| TOTAL ASSETS UNDER  MANAGEMENT        | $        | 239,800,815 | $        | 395,664,082 | $ | 442,008,564 |

A substantial portion of theCompany's revenues depends upon the amount of assets under its management. Assetsunder management can be affected by the addition of new funds to the group, theacquisition of another investment management company, purchases and redemptionsof mutual fund shares, and investment performance, which may depend on generalmarket conditions. Assets under the Company's management decreased by$155,863,267 (39.4%) in 2008 compared to 2007, and decreased by $46,344,482 (10.5%)in 2007 compared to 2006. Fixed income assets decreased by 38.8% in 2008compared to 2007, and decreased by 4.4% in 2007 compared to 2006. Fixed incomeassets accounted for 85.6% of the total assets under management in 2008 and84.7% in 2007. Equity assets decreased by 42.9% in 2008 compared to 2007, anddecreased 33.7% in 2007 compared to 2006. Equity assets accounted for 14.4% oftotal assets under management in 2008 and 15.3% in 2007.

**RESULTS OF OPERATIONS**

The following table setsforth, for the periods indicated, amounts included in the Company'sConsolidated Statements of Operations and the percentage change in thoseamounts from period to period.

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |       |       |       |       |       |       |                      |                      |
|  
Fee income

$

5,262,855

$

8,171,653

$

6,732,222

(35.6)%

21.4%

 
Commission income

 

26,231,966

 

30,026,693

 

19,975,011

(12.6)%

50.3%

 
Other income

 

1,054,405

 

643,885

 

313,341

63.8%

105.5%

 
Total revenue

$

32,549,226

$

38,842,231

$

27,020,574

(16.2)%

43.8%

 

 

 

 

 

 

 

 

 

**OPERATING EXPENSES**

 

 

 

 

 

 

 

 

 
Compensation and benefits

$

3,148,986

$

4,233,481

$

3,729,425

(25.6)%

13.5%

 
Commission expense

 

24,702,523

 

29,027,276

 

19,370,607

(14.9)%

49.9%

 
Goodwill impairment expense

 

5,312,606

 

-

 

-

-

-

 
General and administrative expenses

 

2,261,837

 

2,602,750

 

2,242,721

(13.1)%

16.1%

 
Sub-advisory expenses

 

440,192

 

961,837

 

887,896

(54.2)%

8.3%

 
Sales commissions amortized

 

151,693

 

443,661

 

334,254

(65.8)%

32.7%

 
Depreciation and amortization

 

115,487

 

223,624

 

157,361

(48.4)%

42.1%

 
Total operating expenses

$

36,133,324

$

37,492,629

$

26,722,264

(3.6)%

40.3%

 

 

 

 

 

 

 

 

 

**OPERATING INCOME (LOSS)**

$

(3,584,098)

$

1,349,602

$

298,310

(365.6)%

352.4%

 

 

 

 

 

 

 

 

 

**OTHER INCOME (EXPENSES)**

 

 

 

 

 

 

 

 

 
Interest expense

 

(302,369)

 

(331,687)

 

(346,606)

(8.8)%

(4.3)%

 
Net other income expenses

$

(302,369)

$

(331,687)

$

(346,606)

(8.8)%

(4.3)%

 

 

 

 

 

 

 

 

 

**INCOME (LOSS) BEFORE INCOME TAX BENEFIT (EXPENSE)**

$

(3,886,467)

$

1,017,915

$

(48,296)

(481.8)%

2,207.7%

** **

 

 

 

 

 

 

 

 

**INCOME TAX BENEFIT (EXPENSE)**

 

376,770

 

(434,702)

 

(11,091)

(186.7)%

3,819.4%

** **

 

 

 

 

 

 

 

 

**NET INCOME (LOSS)**

$

(3,509,697)

$

583,213

$

(59,387)

(701.8)%

1,082.1%

** **

 

 

 

 

 

 

 

 

**INCOME (LOSS) PER COMMON SHARE:**

 

(.25)

 

.03

 

(.01)

 

 

**Year Ended December 31,2008, compared with Year Ended December 31, 2007****:**

**Operating Revenues**—Totaloperating revenues for 2008 were $32,549,226, a decrease of 16.2% from$38,842,231 in 2007. The decrease resulted from decreased commission and feeincome relating to CFS, the Company's broker-dealer division, as well as areduction in fee income received by the mutual fund division.

***Fee Income***—Fee income for 2008 was $5,262,855, a 35.6% decreasefrom $8,171,653 in 2007. The decrease was due to a reduction in fees received bythe mutual fund division due to lower net asset levels in the Funds. If netasset levels in the Funds continue to decline, fee income will also decline. Thedecrease was also due to a reduction in fees received by CFS due to a reductionin assets under management in CFS' registered investment advisor. 

The Company receives fees forproviding investment advisory services to the Funds. In some cases, a portionof the investment advisory fees received by the Company are paid to outsideinvestment advisors for advisory services provided to the Funds. These feesconstituted 3% of the Company's consolidated revenues in 2008. 

The Company also earnsinvestment advisory fees in connection with CFS' registered investment advisor.The Company pays the registered representatives a portion of this fee income ascommission expense and retains the balance. These fees constituted 5% of theCompany's consolidated revenues in 2008.

The Company receives feesfrom the Funds for providing transfer agency, fund accounting, and otheradministrative services. These fees constituted 5% of the Company'sconsolidated revenues in 2008.

The Company earns Rule 12b-1fees in connection with the distribution of Fund shares. A portion of thesefees are paid out to other broker-dealers, with the remaining amount retainedby the Company to pay for expenses related to the distribution of the Funds. Thesefees constituted 3% of the Company's consolidated revenues in 2008.

***Commission Income***—Commission income includes CFS commissions and 12b-1fees associated with the sale of mutual funds, insurance products, and variousother securities. The Company pays the registered representatives a percentageof this income as commission expense and retains the balance. Commission incomealso includes underwriting fees associated with sales of Fund shares subject tofront-end sales loads ("FESLs"), and the dealer commission associated withsales of Fund shares subject to FESLs, which is paid out to otherbroker-dealers as commission expense. Commission income for 2008 was$26,231,966, a 12.6% decrease from $30,026,693 in 2007. The decrease was dueprimarily to a decrease in commissions received by CFS due to marketconditions. Future market conditions will continue to impact commission levels.Commission revenues constituted 81% of the Company's consolidated revenues in2008.

***Other Income***—Other income for 2008 was $1,054,405, a 63.8% increasefrom $643,885 in 2007. Other income is comprised primarily of due diligence andmarketing allowances received by CFS. Other income constituted 3% of theCompany's consolidated revenues in 2008.

**Operating Expenses**—Totaloperating expenses for 2008 were $36,133,324, a 3.6% decrease from $37,492,629in 2007. The decrease resulted from the net decreases in the expense categoriesdescribed in the paragraphs below.

***Compensation andBenefits***—Compensation andbenefits expense for 2008 was $3,148,986, a 25.6% decrease from $4,233,481 in2007. The decrease results primarily from a separation agreement entered intoby the Company in 2007, as well as a reduction in compensation paid to employee-statuswholesalers due to decreased sales activity in the Funds and a reduction in thenumber of employee-status wholesalers.

On January 24, 2007, theCompany announced the retirement of Robert E. Walstad, the Company's founder,chief executive officer and chairman of the board of directors, effectiveFebruary 1, 2007. In connection with Mr. Walstad's retirement, the Company enteredinto a separation agreement with Mr. Walstad. Under the terms of the separationagreement, subject to Mr. Walstad meeting his obligations thereunder in allrespects, Mr. Walstad is entitled to receive a cash payment in the amount of$274,500, options to purchase 60,000 common shares, and certain commissionpayments. The $274,500 separation payment was expensed in February of 2007.

***Commission Expense***—Commission expense for 2008 was $24,702,523, a 14.9%decrease from $29,027,276 in 2007. The decrease corresponds with the decreasesin fee and commission income.

***Goodwill ImpairmentExpense***—Goodwill impairmentexpense for 2008 was $5,312,606, a 100% increase from $0 in 2007. The Companytests goodwill for impairment annually during the second quarter of each fiscalyear. If an event occurs or circumstances change that would more likely thannot reduce fair value of a reporting unit below its carrying value, goodwill isevaluated for impairment between annual tests. As a result of ongoingvolatility in the financial industry and a significant reduction in assetsunder management in the Company's sponsored mutual funds, the Company performedan interim goodwill impairment test for the quarter ended December 31, 2008. OnFebruary 24, 2009, the Company determined that it will incur a goodwillimpairment charge for the fourth quarter of the fiscal year ended December 31,2008 of $5,312,606 in the Mutual Fund Services segment. This charge resultsfrom an interim test for impairment under Statement of Financial AccountingStandards No. 142, "Goodwill and Other Intangible Assets," prompted by asignificant reduction in assets under management and ongoing volatility in thefinancial service industry during the fourth quarter of 2008. The Company willnot be required to make any current or future cash expenditures as a result ofthe impairment. The impairment charge will be reflected in the Company'sfinancial statements as of and for the fourth quarter and fiscal year endedDecember 31, 2008.

***General and AdministrativeExpenses***—Total general and administrativeexpenses for 2008 were $2,261,837, a decrease of 13.1% from $2,602,750 in 2007.The decrease was due primarily to lower Fund distribution costs, which was dueto a reduction in sales activity in the Funds and a reduction in the number of
***Sub-advisory Expenses***—Sub-advisoryexpenses for 2008 were $440,192, a 54.2% decrease from $961,837 in 2007. The decreasewas due to lower levels of sub-advisory fees paid due to lower asset levels incertain of the Funds. Sub-advisory fees are paid to outside investment advisorsfor advisory services provided to some of the Funds.

***Sales CommissionsAmortized***—Sales commissionspaid to broker-dealers in connection with the sale of shares of the sponsoredmutual funds sold without a front-end sales charge (B and C shares) arecapitalized and amortized on a straight-line basis over a period not exceedingeight years, which approximates the period of time during which deferred salescommissions are expected to be recovered from distribution plan paymentsreceived from various sponsored mutual funds and potential contingent deferredsales charges received from shareholders of the various sponsored mutual funds.Contingent deferred sales charges received by the Company are recorded as areduction of unamortized deferred sales commissions. In accordance withStatement of Position 98-5, the commissions paid for the sale of Integrity Fundof Funds, Inc.'s shares have been expensed as incurred. The contingent deferredsales charges received from early redemptions from Integrity Fund of Funds,Inc. have been recorded as revenue. Amortization of deferred sales commissionsfor 2008 was $151,693, a 65.8% decrease from $443,661 in 2007. The decrease wasdue to decreased sales activity in the Funds.

***Depreciation andAmortization***—Depreciation andamortization for 2008 was $115,487, a 48.4% decrease from $223,624 in 2007. Thedecrease was due to accelerated amortization of computer software costs duringthe first half of 2007.

***Interest Expense***—Interest expense was $302,369 for 2008, an 8.8%decrease from $331,687 in 2007. The decrease was due primarily to a reductionin outstanding debt due to the maturity of $561,000 of subordinate commercialnotes on June 30, 2008.

**Year Ended December 31,2007, compared with Year Ended December 31, 2006****:**

**Operating Revenues**—Totaloperating revenues for 2007 were $38,842,231, an increase of 43.8% from$27,020,574 in 2006. The increase results from increased fee income receivedfrom the Funds, as well as increased commission and fee income relating to CFS.

***Fee Income***—Fee income for 2007 was $8,171,653, a 21.4% increasefrom $6,732,222 in 2006. The increase was due to fees derived from asset growthresulting from new sales in certain of the Funds. The increase was also due tofees derived from additional assets under management in CFS' registeredinvestment advisor, resulting from ongoing recruiting efforts.

The Company receives fees forproviding investment advisory services to the Funds. In some cases, all or aportion of the investment advisory fees received by the Company are paid tooutside investment advisors for advisory services provided to the Funds. Thesefees constituted 6% of the Company's consolidated revenues in 2007.

The Company also earnsinvestment advisory fees in connection with CFS' registered investment advisor.The Company pays the registered representatives a portion of this fee income ascommission expense and retains the balance. These fees constituted 5% of the Company'sconsolidated revenues in 2007.

The Company receives feesfrom the Funds for providing transfer agency, fund accounting, and otheradministrative services. These fees constituted 6% of the Company'sconsolidated revenues in 2007.

The Company earns Rule 12b-1fees in connection with the distribution of Fund shares. A portion of thesefees are paid out to other broker-dealers, with the remaining amount retainedby the Company to pay for expenses related to the distribution of the Funds. Thesefees constituted 4% of the Company's consolidated revenues in 2007.

***Commission Income***—Commission income includes CFS commissions and 12b-1fees associated with the sale of mutual funds, insurance products, and variousother securities. The Company pays the registered representatives a percentageof this income as commission expense and retains the balance. Commission incomealso includes underwriting fees associated with sales of Fund shares subject tofront-end sales loads ("FESLs"), and the dealer commission associated withsales of Fund shares subject to FESLs, which is paid out to otherbroker-dealers as commission expense. Commission income for 2007 was$30,026,693, a 50.3% increase over $19,975,011 in 2006. The increase was dueprimarily to ongoing recruiting efforts for new registered representatives inCFS. Commission revenues constituted 77% of the Company's consolidated revenuesin 2007.

***Other Income***—Other income for 2007 was $643,885, a 105.5% increasefrom $313,341 in 2006. Other income is comprised primarily of due diligence andmarketing allowances received by CFS. Other income constituted 2% of theCompany's consolidated revenues in 2007.

**Operating Expenses**—Totaloperating expenses for 2007 were $37,492,629, a 40.3% increase from $26,722,264in 2006. The increase resulted primarily from increased commission expense,which corresponds to increases in fee and commission income.

***Compensation andBenefits***—Compensation andbenefits expense for 2007 was $4,233,481, a 13.5% increase from $3,729,425 in2006. The increase results primarily from increased incentive overrides paid tocertain employees for the recruitment of new registered representatives in CFS,and a separation agreement entered into by the Company.

On January 24, 2007, theCompany announced the retirement of Robert E. Walstad, the Company's founder,chief executive officer and chairman of the board of directors, effectiveFebruary 1, 2007. In connection with Mr. Walstad's retirement, the Companyentered into a separation agreement with Mr. Walstad. Under the terms of theseparation agreement, subject to Mr. Walstad meeting his obligations thereunderin all respects, Mr. Walstad is entitled to receive a cash payment in theamount of $274,500, options to purchase 60,000 common shares, and certaincommission payments. The $274,500 separation payment was expensed in Februaryof 2007.

***Commission Expense***—Commission expense for 2007 was $29,027,276, a 49.9%increase from $19,370,607 in 2006. The increase corresponds with the increasesin fee and commission income.

***General andAdministrative Expenses***—Totalgeneral and administrative expenses for 2007 were $2,602,750, an increase of16.1% from $2,242,721 in 2006. The increase was due primarily to increasedreimbursements made to certain Funds due to low assets levels, increased 12b-1fees paid to other broker-dealers for selling the Funds, and increased legalcosts.

***Sub-advisory Expenses***—Sub-advisoryexpenses for 2007 were $961,837, an 8.3% increase from $887,896 in 2006. Theincrease was due to higher levels of sub-advisory fees paid due to asset growthresulting from new sales in certain of the Funds. Sub-advisory fees are paid tooutside investment advisors for advisory services provided to some of theFunds. The amount of sub-advisory fees paid out will continue to increase ifthe net asset levels in certain of the Funds continue to increase.

***Sales CommissionsAmortized***—Sales commissionspaid to broker-dealers in connection with the sale of shares of the sponsoredmutual funds sold without a front-end sales charge (B and C shares) arecapitalized and amortized on a straight-line basis over a period not exceedingeight years, which approximates the period of time during which deferred salescommissions are expected to be recovered from distribution plan paymentsreceived from various sponsored mutual funds and potential contingent deferredsales charges received from shareholders of the various sponsored mutual funds.Contingent deferred sales charges received by the Company are recorded as areduction of unamortized deferred sales commissions. In accordance withStatement of Position 98-5, the commissions paid for the sale of Integrity Fundof Funds, Inc.'s shares have been expensed as incurred. The contingent deferredsales charges received from early redemptions from Integrity Fund of Funds,Inc. have been recorded as revenue. Amortization of deferred sales commissionsfor 2007 was $443,661, a 32.7% increase from $334,254 in 2006. These expensescan be expected to increase if sales of shares of Funds sold without a FESLincrease.

***Depreciation andAmortization***—Depreciation andamortization for 2007 was $223,624, a 42.1% increase from $157,361 in 2006. Theprimary reason for the change was an increase in amortization of computer softwarecosts.

***Interest Expense***—Interest expense was $331,687 for 2007, a 4.3%decrease from $346,606 in 2006.

**FINANCIAL CONDITION**

On December 31, 2008, theCompany's assets aggregated $12,532,431, a decrease of 30.8% from $18,114,830in 2007, due to increases in income taxes receivable, prepaids, net propertyand equipment, and deferred tax assets, offset by decreases in cash and cashequivalents, accounts receivable, deferred sales commissions, goodwill, andother assets. Stockholders equity was $6,708,250 on December 31, 2008, comparedto $10,213,625 on December 31, 2007.

On December 31, 2007, theCompany's assets aggregated $18,114,830, an increase of 17.1% from $15,466,130in 2006, due to increases in cash and cash equivalents, accounts receivable,net property and equipment, and goodwill offset by decreases in securitiesavailable-for-sale, income taxes receivable, deferred tax assets, prepaids,deferred sales commissions, and other assets. Stockholders equity was$10,213,625 on December 31, 2007, compared to $9,398,208 on December 31, 2006.

Cash provided by operatingactivities was $739,023 for the year ended December 31, 2008, as compared tonet cash provided by operating activities of $1,568,087 for the year endedDecember 31, 2007 and net cash provided by operating activities of $570,573 forthe year ended December 31, 2006.

Net cash used by investingactivities was $131,326 for the year ended December 31, 2008, as compared tonet cash used by investing activities of $265,356 for the year ended December31, 2007 and net cash used by investing activities of $47,990 for the yearended December 31, 2006. The primary use of cash for investing activities in2008 was the purchase of additional computer equipment. 

Net cash used by financing activitieswas $910,839 for the year ended December 31, 2008, as compared to net cash usedby financing activities of $10,730 for the year ended December 31, 2007, andnet cash used by financing activities of $208,725 for the year ended December31, 2006. During the year ended December 31, 2008, the Company paid out $91,500in preferred stock dividends, repaid $134,289 of bank debt, paid $129,872relating to the acquisition of certain assets of United Heritage FinancialServices in 2007, and paid out $561,000 relating to subordinate commercial notesthat matured on June 30, 2008.

**LIQUIDITY AND CAPITALRESOURCES**

On December 31, 2008, theCompany held $2,840,108 in cash and cash equivalents, as compared to $3,143,250on December 31, 2007, and $1,851,249 on December 31, 2006. Liquid assets, whichconsist of cash and cash equivalents and securities available-for-sale, totaled$2,840,108 at December 31, 2008, as compared to $3,143,250 on December 31,2007, and $1,851,462 on December 31, 2006. The Company is required to maintaincertain levels of cash and liquid securities in its broker-dealer subsidiariesto meet regulatory net capital requirements.

In March of 2007, the Companyborrowed $120,085 from First Western Bank & Trust. As of December 31, 2008,the Company had repaid the loan in full. The Company currently has no lines ofcredit available.

The Company has historicallyrelied upon sales of its equity securities and debt instruments, as well asbank loans, for liquidity and growth. Management believes that the Company'sexisting liquid assets, along with cash flow from operations, will provide theCompany with sufficient resources to meet its ordinary operating expensesduring the next twelve months. Significant, unforeseen or extraordinaryexpenses may require the Company to seek alternative financing sources,including common or preferred share issuance or additional debt financing.

In addition to theliabilities coming due in the next twelve months, management expects that theprincipal needs for cash may be to advance sales commissions on Funds subjectto CDSCs, acquire additional investment management or financial services firms,acquire the management rights to additional outside mutual funds, repurchaseshares of the Company's common stock, and service debt. Management also expectsto realize increases in expenses associated with regulatory compliance withSection 404 of the Sarbanes-Oxley Act of 2002, including increased legal,audit, staff, and consultant expenses.

Sales of fund shares withFESLs provide current distribution revenue to the Company in the form of theCompany's share of the FESLs, and distribution revenue, over time, in the formof 12b-1 payments. Sales of fund shares subject to CDSCs provide distributionrevenue, over time, in the form of 12b-1 fees and, if shares are redeemedwithin five years, CDSCs. However, the Company pays commissions on sales ofFund shares subject to CDSCs, reflects such commissions as deferred salescommissions on its balance sheet and amortizes such commissions over a periodof up to eight years, thereby recognizing distribution expenses. Therefore, tothe extent that sales of Fund shares subject to CDSCs increases over timerelative to sales of shares subject to FESLs, current distribution expenses mayincrease relative to current distribution revenues in certain periods, whichwould negatively impact the Company's cash flow in such periods. In addition,the Company may need to find additional sources of funding if existing cashflow and debt facilities are insufficient to fund commissions payable toselling broker-dealers on shares subject to CDSCs if sales of Fund sharessubject to CDSCs increase significantly.

**Item 7A. Quantitative andQualitative Disclosures About Market Risk**

Not Applicable as a SmallerReporting Company.

**Item 8. FinancialStatements and Supplementary Data**

The financial statementsrequired by this item, the accompanying notes thereto, and the reports ofindependent registered public accounting firm are included as part of this Form10-K immediately following the signatures page, beginning on page F-1.

**Item 9. Changes In andDisagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls andProcedures**

The Company's management,including the Company's Chief Executive Officer and Chief Financial Officer,evaluated the effectiveness of the design and operation of the Company'sdisclosure controls and procedures (as defined in Rule 13a-14(c) and Rule15c-14(c) under the Exchange Act) as of the end of the period covered by thisreport, pursuant to Rule 13a-15(b) of the Exchange Act. Based upon thatevaluation, the Chief Executive Officer and Chief Financial Officer haveconcluded that the Company's disclosure controls and procedures are effectiveas of December 31, 2008, and that information required to be disclosed by theCompany in reports that it files or submits under the Exchange Act is recorded,processed and summarized, and reported within the time periods specified by theSEC's rules and forms.

Disclosure controls andprocedures are the controls and other procedures that are designed to ensurethat information required to be disclosed in the reports that the Company filesor submits under the Exchange Act is recorded, processed, summarized andreported within the time periods specified in the SEC's rules and forms. Disclosurecontrols and procedures include, without limitation, controls and proceduresdesigned to ensure that information required to be disclosed in the reportsthat the Company files or submits under the Exchange Act is accumulated andcommunicated to management, including the Chief Executive Officer and ChiefFinancial Officer, as appropriate, to allow timely decisions regarding requireddisclosure.

There were no significantchanges in the Company's internal controls or in other factors that couldsignificantly affect these controls subsequent to the date of their evaluation,including any corrective actions with regard to significant deficiencies ormaterial weaknesses.

**MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIALREPORTING**

Management of IntegrityMutual Funds, Inc. (together with its consolidated subsidiaries, the"Company"), is responsible for establishing and maintaining adequate internalcontrol over financial reporting. The Company's internal control over financialreporting is a process designed under the supervision of the Company'sprincipal executive and principal financial officers to provide reasonableassurance regarding the reliability of financial reporting and the preparationof the Company's financial statements for external reporting purposes inaccordance with United States generally accepted accounting principles.

As of December 31, 2008,management conducted an assessment of the effectiveness of the Company'sinternal control over financial reporting, based on the framework establishedin*Internal Control—Integrated Framework*issued by the Committee ofSponsoring Organizations of the Treadway Commission (COSO). Based on thisassessment, management has determined that the Company's internal control overfinancial reporting as of December 31, 2008, is effective.

The Company's internalcontrol over financial reporting includes policies and procedures that pertainto the maintenance of records that, in reasonable detail, accurately and fairlyreflect transactions and acquisitions and dispositions of assets; providereasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with United States generallyaccepted accounting principles, and that receipts and expenditures are beingmade only in accordance with authorizations of management and the directors ofthe Company; and provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition, use or disposition of Company assetsthat could have a material effect on the Company's financial statements.

This annual report does notinclude an attestation report of the Company's registered public accountingfirm regarding internal control over financial reporting. Management's reportwas not subject to attestation by the Company's registered public accountingfirm pursuant to temporary rules of the Securities and Exchange Commission thatpermit the Company to provide only management's report in this annual report.

**Item 9B. Other Information**

None.

**PART III**

**Item 10. Directors,Executive Officers and Corporate Governance**

The information required bythis Item will be contained in our definitive Proxy Statement for our 2009Annual Meeting of Shareholders and such information is incorporated herein byreference.

**Item 11. ExecutiveCompensation**

The information required bythis Item will be contained in our definitive Proxy Statement for our 2009Annual Meeting of Shareholders and such information is incorporated herein byreference.

**Item 12. SecurityOwnership of Certain Beneficial Owners and Management and Related StockholderMatters**

The information required bythis Item will be contained in our definitive Proxy Statement for our 2009 AnnualMeeting of Shareholders and such information is incorporated herein byreference.

**Item 13. CertainRelationships and Related Transactions, and Director Independence**

The information required bythis Item will be contained in our definitive Proxy Statement for our 2009Annual Meeting of Shareholders and such information is incorporated herein byreference.

**Item 14. PrincipalAccounting Fees and Services**

The information required bythis Item will be contained in our definitive Proxy Statement for our 2009Annual Meeting of Shareholders and such information is incorporated herein byreference.

**PART IV**

**Item 15. Exhibits**

The following exhibits arefiled herewith or incorporated herein by reference as set forth below:

 

  3.1

  Restated Articles of Incorporation of the Company (incorporated by reference  to Exhibit 3.1 contained in the Company's Quarterly Report on Form 10-QSB,  (File No. 0-25958), filed with the Commission on November 10, 2004).

 

  3.2

  Amended Bylaws of the Company (incorporated by reference to Exhibit 3.2  contained in the Company's Quarterly Report on Form 10-QSB, as amended (File  No. 0-25958), filed with the Commission on August 11, 2006).

 

  4.1

  Specimen form of Common Stock Certificate (incorporated by reference to  Exhibit 4.1 contained in the Company's Registration Statement on Form S-1, as  amended (File No.33-96824), filed with the Commission on September 12, 1995).

 

  4.2

  Certificate of designation of Series A Convertible Preferred Shares  (incorporated by reference to Exhibit 4.1 contained in the Company's  Quarterly Report on Form 10-QSB, (File No. 0-25958), filed with the  Commission on November 10, 2004).

 

  4.3

  Instruments defining rights of holders of securities: (See Exhibit 3.1 &  3.2)

 

  4.4

  Subordinated Corporate Note Subscription Agreement (incorporated by reference  to Exhibit 4.4 contained in the Company's Quarterly Report on Form 10-QSB,  (File No. 0-25958), filed with the Commission on August 12, 2005).

 

  4.5

  Form of Subordinated Corporate Note (incorporated by reference to Exhibit 4.5  contained in the Company's Quarterly Report on Form 10-QSB, (File No.  0-25958), filed with the Commission on August 12, 2005).

 

  4.6

  Form of Convertible Promissory Note (incorporated by reference to Exhibit 4.1  contained in the Company's Current Report on Form 8-K, (File No. 0-25958),  filed with the Commission on October 13, 2006.)

 

  10.1a

  Investment Advisory Contract—ND Tax-Free Fund, Inc. (incorporated by  reference to Exhibit 99.d contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 16 (File No. 33-25138), filed  with the Commission on April 27, 2004).

 

  10.1b

  Investment Advisory Contract—Montana Tax-Free Fund, Inc. (incorporated by  reference to Exhibit 99.d contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 16 (File No. 33-63306), filed  with the Commission on April 27, 2004).

 

  10.1c

  Investment Advisory Contract—Integrity Fund of Funds, Inc. (incorporated by  reference to Exhibit 99.d contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 13 (File No. 33-85332), filed  with the Commission on April 27, 2004).

 

  10.1d

  Management and Investment Advisory Contract—Integrity Managed Portfolios on  behalf of the Kansas Municipal Fund (incorporated by reference to Exhibit  99.d1a contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 51 (File No. 33-36324), filed with the Commission on  November 24, 2004).

 

  10.1e

  Management and Investment Advisory Contract—Integrity Managed Portfolios on  behalf of the Kansas Insured Intermediate Fund (incorporated by reference to  Exhibit 99.d1b contained in the Registration Statement on Form N-1A, as  amended on Post-Effective Amendment 51 (File No. 33-36324), filed with the  Commission on November 24, 2004).

 

  10.1f

  Management and Investment Advisory Contract—Integrity Managed Portfolios on  behalf of the Maine Municipal Fund (incorporated by reference to Exhibit  99.d1e contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 49 (File No. 33-36324), filed with the Commission on  September 29, 2003).

 

  10.1g

  Management and Investment Advisory Contract—Integrity Managed Portfolios on  behalf of the Nebraska Municipal Fund (incorporated by reference to Exhibit  99.d1c contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 51 (File No. 33-36324), filed with the Commission  November 24, 2004).

 

  10.1h

  Management and Investment Advisory Contract—Integrity Managed Portfolios on  behalf of the New Hampshire Municipal Fund (incorporated by reference to  Exhibit 99.d1f contained in the Registration Statement on Form N-1A, as  amended on Post-Effective Amendment 49 (File No. 33-36324), filed with the  Commission on September 29, 2003).

 

  10.1i

  Management and Investment Advisory Contract—Integrity Managed Portfolios on  behalf of the Oklahoma Municipal Fund (incorporated by reference to Exhibit  99.d1d contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 51 (File No. 33-36324), filed with the Commission  November 24, 2004).

 

  10.1j

  Investment Advisory Contract—The Integrity Funds on behalf of the Williston  Basin/Mid-North America Stock Fund (incorporated by reference to Exhibit  99.d1i contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 50 (File No. 33-53698), filed with the Commission on  November 10, 2008).

 

  10.1k

  Investment Advisory Contract—The Integrity Funds on behalf of the Integrity  High Income Fund (incorporated by reference to Exhibit 99.d1g contained in  the Registration Statement on Form N-1A, as amended on Post-Effective  Amendment 40 (File No. 33-53698), filed with the Commission on May 1, 2008).

 

  10.1l

  Investment Advisory Contract—The Integrity Funds on behalf of the Integrity  Growth & Income Fund (incorporated by reference to Exhibit 99.d1i  contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 26 (File No. 33-53698), filed with the Commission on  April 25, 2005).

 

  10.2a

  Sub-Investment Advisory Contract—The Integrity Funds on behalf of the  Integrity High Income Fund (incorporated by reference to Exhibit 99.d2  contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 50 (File No. 33-53698), filed with the Commission on  November 10, 2008).

 

  10.3a

  Distribution Contract—ND Tax-Free Fund, Inc. (incorporated by reference to  Exhibit 99.e1 contained in the Registration Statement on Form N-1A, as  amended on Post-Effective Amendment 16 (File No. 33-25138), filed with the  Commission on April 27, 2004).

 

  10.3b

  Distribution Contract—Montana Tax-Free Fund, Inc. (incorporated by  reference to Exhibit 99.e1 contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 16 (File No. 33-63306), filed  with the Commission on April 27, 2004).

 

  10.3c

  Distribution Contract—Integrity Fund of Funds, Inc. (incorporated by  reference to Exhibit 99.e1 contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 13 (File No. 33-85332), filed  with the Commission on April 27, 2004).

 

  10.3d

  Distribution and Service Contract—Integrity Managed Portfolios on behalf of  the Kansas Municipal Fund (incorporated by reference to Exhibit 99.e1a  contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 50 (File No. 33-36324), filed with the Commission on  December 22, 2003).

 

  10.3e

  Distribution and Service Contract—Integrity Managed Portfolios on behalf of  the Kansas Insured Intermediate Fund (incorporated by reference to Exhibit  99.e1b contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 50 (File No. 33-36324), filed with the Commission on  December 22, 2003).

 

  10.3f

  Distribution and Service Contract—Integrity Managed Portfolios on behalf of  the Maine Municipal Fund (incorporated by reference to Exhibit 99.e1e  contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 49 (File No. 33-36324), filed with the Commission on  September 29, 2003).

 

  10.3g

  Distribution and Service Contract—Integrity Managed Portfolios on behalf of  the Nebraska Municipal Fund (incorporated by reference to Exhibit 99.e1c  contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 50 (File No. 33-36324), filed with the Commission on  December 22, 2003).

 

  10.3h

  Distribution and Service Contract—Integrity Managed Portfolios on behalf of  the New Hampshire Municipal Fund (incorporated by reference to Exhibit 99.e1f  contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 49 (File No. 33-36324), filed with the Commission on  September 29, 2003).

 

  10.3i

  Distribution and Service Contract—Integrity Managed Portfolios on behalf of  the Oklahoma Municipal Fund (incorporated by reference to Exhibit 99.e1d  contained in the Registration Statement on Form N-1A, as amended on Post-Effective  Amendment 50 (File No. 33-36324), filed with the Commission on December 22,  2003).

 

  10.3j

  Distribution and Service Contract—The Integrity Funds on behalf of the  Williston Basin/Mid-North America Stock Fund (incorporated by reference to  Exhibit 99.e1 contained in the Registration Statement on Form N-1A, as  amended on Post-Effective Amendment 50 (File No. 33-53698), filed with the  Commission on November 10, 2008).

 

  10.3k

  Distribution and Service Contract—The Integrity Funds on behalf of the Integrity  High Income Fund (incorporated by reference to Exhibit 99.e1g contained in  the Registration Statement on Form N-1A, as amended on Post-Effective  Amendment 23 (File No. 33-53698), filed with the Commission on April 27,  2004).

 

  10.3l

  Distribution and Service Contract—The Integrity Funds on behalf of the  Integrity Growth & Income Fund (incorporated by reference to Exhibit  99.e1i contained in the Registration Statement on Form N-1A, as amended on  Post-Effective Amendment 26 (File No. 33-53698), filed with the Commission on  April 25, 2005).

 

  10.4a

  Transfer Agency Contract—ND Tax-Free Fund, Inc. (incorporated by reference  to Exhibit 99.h1 contained in the Registration Statement on Form N-1A, as  amended on Post-Effective Amendment 20 (File No. 33-25138), filed with the  Commission on April 27, 2007).

 

  10.4b

  Transfer Agency Contract—Montana Tax-Free Fund, Inc. (incorporated by  reference to Exhibit 99.h1 contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 20 (File No. 33-63306), filed  with the Commission on April 27, 2007).

 

  10.4c

  Transfer Agency Contract—Integrity Fund of Funds, Inc. (incorporated by  reference to Exhibit 99.h1 contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 17 (File No. 33-85332), filed  with the Commission on April 27, 2007).

 

  10.4d

  Transfer Agency Contract—Integrity Managed Portfolios (incorporated by  reference to Exhibit 99.h1 contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 54 (File No. 33-36324), filed  with the Commission on November 30, 2006).

 

  10.4e

  Transfer Agency Contract—The Integrity Funds (incorporated by reference to  Exhibit 99.h1 contained in the Registration Statement on Form N-1A, as  amended on Post-Effective Amendment 50 (File No. 33-53698), filed with the  Commission on November 10, 2008).

 

  10.5a

  Accounting Service Contract—ND Tax-Free Fund, Inc. (incorporated by  reference to Exhibit 99.h2 contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 20 (File No. 33-25138), filed  with the Commission on April 27, 2007).

 

  10.5b

  Accounting Service Contract—Montana Tax-Free Fund, Inc. (incorporated by  reference to Exhibit 99.h2 contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 20 (File No. 33-63306), filed  with the Commission on April 27, 2007).

 

  10.5c

  Accounting Service Contract—Integrity Fund of Funds, Inc. (incorporated by  reference to Exhibit 99.h2 contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 17 (File No. 33-85332), filed  with the Commission on April 27, 2007).

 

  10.5d

  Accounting Service Contract—Integrity Managed Portfolios (incorporated by  reference to Exhibit 99.h2 contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 49 (File No. 33-36324), filed  with the Commission on September 29, 2003).

 

  10.6a

  Administration and Accounting Service Contract—The Integrity Funds  (incorporated by reference to Exhibit 99.h2 contained in the Registration  Statement on Form N-1A, as amended on Post-Effective Amendment 50 (File No.  33-53698), filed with the Commission on November 10, 2008).

 

  10.6b

  Administration Service Contract—Integrity Managed Portfolios (incorporated  by reference to Exhibit 99.h3 contained in the Registration Statement on Form  N-1A, as amended on Post-Effective Amendment 54 (File No. 33-36324), filed  with the Commission on November 30, 2006).

 

  10.7a

  Stock Purchase Agreement—ND Holdings, Inc. and Shareholders of Ranson  Company, Inc. (incorporated by reference to Exhibit 10.13 contained in the  Company's Registration Statement on Form S-1, as amended (File No. 33-96824),  filed with the Commission on September 12, 1995).

 

  10.7b

  Stock Purchase Agreement—CFS Stock Purchase Agreement (incorporated by  reference to Exhibit 10.53 contained in the Company's Quarterly Report on  Form 10-QSB, (File No. 0-25958), filed with the Commission on November 10,  2004).

 

  10.7c

  Share Purchase Agreement and Change of Advisor—Corridor Investors, LLC and  Integrity Mutual Funds, Inc.

 

  10.8a

  Employment Agreement—Bradley Wells (incorporated by reference to Exhibit  10.1 contained in the Company's Quarterly Report on Form 10-QSB, (File No.  0-25958), filed with the Commission on August 13, 2007).*

 

  10.8b

  Separation Agreement—Jerry J. Szilagyi (incorporated by reference to  Exhibit 10.1 contained in the Company's Quarterly Report on Form 10-QSB,  (File No. 0-25958), filed with the Commission August 11, 2006).*

 

  10.8c

  Separation Agreement—Robert E. Walstad (incorporated by reference to  Exhibit 10.8 contained in the Company's Annual Report on Form 10-KSB, (File  No. 0-25958), filed with the Commission on March 16, 2007).*

 

  10.8d

  Separation Agreement—Mark R. Anderson (incorporated by reference to Exhibit  10.1 contained in the Company's Current Report on Form 8-K, (File No.  0-25958), filed with the Commission on March 4, 2008).*

 

  14.1

  Code of Ethics (incorporated by reference to Exhibit 14.1 contained in the  Company's Annual Report on Form 10-KSB, filed with the Commission on March  28, 2006).

 

  21.1

  Subsidiaries of the Company (incorporated by reference to Exhibit 21.1  contained in the Company's Annual Report on Form 10-KSB, filed with the  Commission on March 28, 2005).

 

  31.1

  CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act and Rules  13a-14(a) and 15d-14(a) of the Exchange Act.

 

  31.2

  CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act and Rules  13a-14(a) and 15d-14(a) of the Exchange Act.

 

  32.1

  CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act and 18  U.S.C. Section 1350.

 

  32.2

  CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act and 18  U.S.C. Section 1350.

*Indicates ManagementContract or Compensatory Plan.

**SIGNATURES**

In accordance with Section 13or 15(d) of the Exchange Act, the Registrant has caused this report to besigned on its behalf by the undersigned, thereunto duly authorized.

INTEGRITY MUTUAL FUNDS, INC.

Date: March 17, 2009

By /s/ Bradley P. Wells

 

Bradley P. Wells

 

Interim Chief Executive  Officer

 

and President 

 

(Principal Executive  Officer)

In accordance with theExchange Act, this report has been signed below by the following persons onbehalf of the registrant and in the capacities and on the dates indicated.

Date: March 17, 2009

By /s/ Bradley P. Wells

 

Bradley P. Wells

 

Interim Chief Executive  Officer

 

and President 

 

(Principal Executive Officer)

 

Date: March 17, 2009

By /s/ Heather Ackerman

 

Heather Ackerman

 

Chief Financial Officer

 

(Principal Financial  Officer)

 

Date: March 17, 2009

By /s/ Jeffrey A. Cummer

 

Jeffrey A. Cummer

 

Chairman

 

 

Date: March 17, 2009

By /s/ Vance A. Castleman

 

Vance A. Castleman

 

Director

 

 

Date: March 17, 2009

By /s/ Myron D. Thompson

 

Myron D. Thompson

 

Director

 

 

Date: March 17, 2009

By /s/ Gregory G. Philipps

 

Gregory G. Philipps

 

Director

 

 

Date: March 17, 2009

By /s/ Vaune M. Cripe

 

Vaune M. Cripe

 

Director

 

 

Date: March 17, 2009

By /s/ Peter A. Quist

 

Peter A. Quist

 

Vice President and Director

**INTEGRITY MUTUALFUNDS, INC., AND SUBSIDIARIES**

MINOT, NORTH DAKOTA

CONSOLIDATEDFINANCIAL STATEMENTS

AS OF

DECEMBER 31, 2008,2007 AND 2006

AND

REPORT OF INDEPENDENTREGISTERED PUBLIC ACCOUNTING FIRM

**INTEGRITY MUTUALFUNDS, INC., AND SUBSIDIARIES**

TABLE OF CONTENTS

 

Pages

  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

  F-1

  CONSOLIDATED FINANCIAL STATEMENTS

 

  Consolidated Balance Sheets 

  F-2 - F-3

  Consolidated Statements of Operations 

  F-4

  Consolidated Statements of Stockholders' Equity

  F-5

  Consolidated Statements of Cash Flows

  F-6—F-7

  Notes to Consolidated Financial Statements

  F-8—F-25

  ADDITIONAL INFORMATION

 

  Report of Independent Registered Public Accounting Firm

  F-26

  Selected Financial Data

  F-27

  Quarterly Results of Consolidated Operations (Unaudited)

  F-28

 ****

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRM**

To the Stockholders and Directors ofIntegrity Mutual Funds, Inc. and SubsidiariesMinot, North Dakota

We have audited theaccompanying consolidated balance sheets of Integrity Mutual Funds, Inc. andSubsidiaries as of December 31, 2008 and 2007 and the related consolidatedstatements of operations, stockholders' equity and cash flows for the yearsended December 31, 2008, 2007 and 2006. These consolidated financial statementsare the responsibility of the Company's management. Our responsibility is toexpress an opinion on these consolidated financial statements based on ouraudits.

Weconducted our audits in accordance with standards of the Public CompanyAccounting Oversight Board (United States). Those standards require that weplan and perform the audit to obtain reasonable assurance about whether theconsolidated financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the consolidated financial statements. An audit also includesassessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall consolidated financial statementpresentation. We believe that our audits provide a reasonable basis for ouropinion.

In our opinion, theconsolidated financial statements referred to above present fairly, in allmaterial respects, the consolidated financial position of Integrity MutualFunds, Inc. and Subsidiaries as of December 31, 2008 and 2007, and the resultsof their consolidated operations and their consolidated cash flows for theyears ended December 31, 2008, 2007 and 2006 in conformity with accountingprinciples generally accepted in the United States of America.

BRADY, MARTZ &ASSOCIATES, P.C.	Minot, North Dakota USA

March 9, 2009

**INTEGRITY MUTUAL FUNDS, INC., AND SUBSIDIARIES**CONSOLIDATED BALANCE SHEETSDECEMBER 31, 2008 AND 2007

**ASSETS**

 

  2008

  2007

 

 

 

 

 

**CURRENT  ASSETS**

 

 

 

 

 
Cash and cash equivalents

$

2,840,108

$

3,143,250

 
Accounts receivable (net of  allowance for doubtful 				accounts of $24,000 for  2008 and $24,000 for 2007)

 

1,559,173

 

2,191,626

 
Income taxes receivable

 

28,181

 

-

 
Prepaids

 

74,824

 

69,767

 
 

 

 

 

 

 
Total current assets

$

4,502,286

$

5,404,643

 
 

 

 

 

 

**PROPERTY AND EQUIPMENT**

$

2,302,375

$

2,171,049

 
Less accumulated  depreciation

 

(998,871)

 

(900,204)

 
 

 

 

 

 

 
Net property and equipment 

$

1,303,504

$

1,270,845

 
 

 

 

 

 

**OTHER ASSETS**

 

 

 

 

 
Deferred sales commissions

$

-

$

165,126

 
Goodwill

 

5,540,781

 

10,912,548

 
Deferred tax asset

 

985,145

 

144,719

 
Other assets (net of  accumulated amortization

 

200,715

 

216,949

 
of  $194,355 for 2008 and $177,534 for 2007)

 
 

 

 

 

 

 
Total other assets 

$

6,726,641

$

11,439,342

 

 

 

 

 

**TOTAL ASSETS**

$

12,532,431

$

18,114,830

** **

 

 

 

 

** **

 

 

 

 

SEE NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (CONTINUED)

**LIABILITIES AND STOCKHOLDERS' EQUITY**

 

  2008

  2007

**CURRENT  LIABILITIES**

** **

** **

** **

** **

 
Service fees payable

$

55,154

$

123,724

 
Accounts payable 

 

315,344

 

587,521

 
Income taxes payable

 

-

 

20,512

 
Other current liabilities

 

1,464,643

 

2,316,171

 
Current portion of  long-term debt

 

286,797

 

888,668

 
 

 

 

 

 

 
Total current liabilities 

$

2,121,938

$

3,936,596

 

 

 

 

 

**LONG-TERM LIABILITIES**

** **

** **

** **

** **

 
Note payable

$

334,196

$

358,400

 
Subordinate commercial  notes

 

-

 

561,000

 
Subordinate corporate notes

 

2,000,000

 

2,000,000

 
Convertible promissory note

 

950,000

 

950,000

 
Other long-term liabilities

 

704,844

 

983,877

 
Less current portion of  long-term debt

 

(286,797)

 

(888,668)

 
 

 

 

 

 

 
Total long-term liabilities

$

3,702,243

$

3,964,609

 

 

 

 

 

**TOTAL  LIABILITIES**

$

5,824,181

$

7,901,205

 

 

 

 

 

**STOCKHOLDERS' EQUITY**

** **

** **

** **

** **

 
Series A Preferred stock—5,000,000 shares authorized, $.0001 par value;

$

305

$

305

 
3,050,000  and 3,050,000 shares issued and outstanding, respectively

 
Additional paid in capital—series A preferred stock

 

1,524,695

 

1,524,695

 
Common stock—1,000,000,000 shares authorized, $.0001 par value;

 

1,446

 

1,446

 
14,455,943  and 14,455,943 shares issued and outstanding, respectively

 
Additional paid in capital—common stock

 

10,374,028

 

10,284,900

 
Receivable—unearned ESOP  shares

 

(48,685)

 

(55,379)

 
Accumulated deficit 

 

(5,143,539)

 

(1,542,342)

 

 

 

 

 

**TOTAL  STOCKHOLDERS' EQUITY**

$

6,708,250

$

10,213,625

 

 

 

 

 

**TOTAL LIABILITIES AND  STOCKHOLDERS' EQUITY**

$

12,532,431

$

18,114,830

SEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

**INTEGRITY MUTUAL FUNDS, INC., AND SUBSIDIARIES**CONSOLIDATED STATEMENTS OF OPERATIONSFOR THE YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006

 

  2008

  2007

   2006

**OPERATING  REVENUES**

** **

** **

** **

** **

** **

** **

 
Fee income

$

5,262,855

$

8,171,653

$

6,732,222

 
Commission income

 

26,231,966

 

30,026,693

 

19,975,011

 
Other income

 

1,054,405

 

643,885

 

313,341

 
Total revenue

$

32,549,226

$

38,842,231

$

27,020,574

** **

** **

** **

** **

** **

** **

** **

**OPERATING EXPENSES**

** **

** **

** **

** **

** **

** **

 
Compensation and benefits

$

3,148,986

$

4,233,481

$ 

3,729,425

 
Commission expense

 

24,702,523

 

29,027,276

 

19,370,607

 
Goodwill impairment expense

 

5,312,606

 

-

 

-

 
General and administrative  expenses

 

2,261,837

 

2,602,750

 

2,242,721

 
Sub-advisory expenses

 

440,192

 

961,837

 

887,896

 
Sales commissions amortized

 

151,693

 

443,661

 

334,254

 
Depreciation and  amortization

 

115,487

 

223,624

 

157,361

 
Total operating expenses

$

36,133,324

$

37,492,629

$

26,722,264

 

 

 

 

 

 

 

**OPERATING INCOME (LOSS)**

$

(3,584,098)

$

1,349,602

$

298,310

 

 

 

 

 

 

 

**OTHER INCOME (EXPENSES)**

** **

** **

** **

** **

** **

** **

 
Interest expense

$

(302,369)

$

(331,687)

$

(346,606)

 
Net other expenses

$

(302,369)

$

(331,687)

$

(346,606)

 

 

 

 

 

 

 

**INCOME (LOSS) BEFORE  INCOME TAX****BENEFIT (EXPENSE)**

$

(3,886,467)

$

1,017,915

$

(48,296)

 

 

 

 

 

 

 

**INCOME TAX BENEFIT  (EXPENSE)**

 

376,770

 

(434,702)

 

(11,091)

 

 

 

 

 

 

 

**NET INCOME (LOSS)**

$

(3,509,697)

$

583,213

$

(59,387)

 

 

 

 

 

 

 

**INCOME (LOSS) PER COMMON  SHARE:**

** **

** **

** **

** **

** **

** **

 
 

 

 

 

 

 

 

 
Basic

$

(.25)

$

.03

$

(.01)

 
Diluted

$

(.25)

$

.03

$

(.01)

 
 

 

 

 

 

 

 

**SHARES USED IN COMPUTING****INCOME (LOSS) PER COMMON SHARE:**

** **

 

 

 

 

 

 
 

 

 

 

 

 

 

 
Basic

 

14,519,372

 

14,359,162

 

13,696,486

 
Diluted

 

14,519,372

 

18,384,834

 

13,696,486

SEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

**INTEGRITY MUTUAL FUNDS, INC., AND SUBSIDIARIES**CONSOLIDATED STATEMENTS OFSTOCKHOLDERS' EQUITYFOR THE YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006

 

Amounts

 

Shares

 		
 

 

2008

 

2007

 

2006

 

2008

2007

2006

 		
Preferred stock and  additional paid-in capital

 

 

 

 

 

 

 

 

 

 

 		
Balance, beginning of year

$

1,525,000

$

1,525,000

$

1,525,000

 

3,050,000

3,050,000

3,050,000

 		
Preferred stock issued

 

-

 

-

 

-

 

-

-

-

 		
Balance, end of year

$

1,525,000

$

1,525,000

$

1,525,000

 

3,050,000

3,050,000

3,050,000

 		
 

 

 

 

 

 

 

 

 

 

 

 		
**Common stock and  additional paid-in capital**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

 		
 

 

 

 

 

 

 

 

 

 

 		
Balance, beginning of year

$

10,286,346

$

9,969,345

$

9,830,663

 

14,455,943

13,717,146

13,518,543

 		
Common stock issued

 

90,000

 

239,301

 

7,000

 

-

738,797

198,603

 		
Stock option valuation

 

-

 

77,700

 

132,600

 

-

-

-

 		
Purchase of common stock

 

(872)

 

-

 

(918)

 

-

-

-

 		
Balance, end of year

$

10,375,474

$

10,286,346

$

9,969,345

 

14,455,943

14,455,943

13,717,146

 		
 

 

 

 

 

 

 

 

 

 

 

 		
**Accumulated deficit**

 

 

 

 

 

 

 

 

 

 

 		
Balance, beginning of year

$

(1,542,342)

$

(2,034,055)

$

(1,883,168)

 

 

 

 

 		
Net income (loss)

 

(3,509,697)

 

583,213

 

(59,387)

 

 

 

 

 		
Preferred dividends

 

(91,500)

 

(91,500)

 

(91,500)

 

 

 

 

 		
Balance, end of year

$

(5,143,539)

$

(1,542,342)

$

(2,034,055)

 

 

 

 

 		
 

 

 

 

 

 

 

 

 

 

 

 		
ESOP activity

** **

** **

** **

** **

** **

** **

** **

 

 

** **

 		
Balance, beginning of year

$

(55,379)

$

(62,072)

$

(68,765)

 

** **

** **

 

 		
Repayments from ESOP

 

6,694

 

6,693

 

6,693

 

 

 

 

 		
Balance, end of year

$

(48,685)

$

(55,379)

$

(62,072)

 

 

 

 

 		
 

 

 

 

 

 

 

 

 

 

 

 		
**Accumulated other  comprehensive income**

** **

** **

** **

** **

** **

** **

** **

 

 

** **

 		
 

 

 

 

 

 

 

** **

** **

 

 		
Balance, beginning of year

$

-

$

(10)

$

(9)

 

 

 

 

 		
Change in unrealized gain (loss) on available-for-sale securities

 

-

 

10

 

(1)

 

 		
Balance, end of year

$

-

$

-

$

(10)

** **

 

 

** **

** **

** **

** **

** **

** **

** **

** **

 

** **

** **

 

**Total stockholders' equity**

$

6,708,250

$

10,213,625

$

9,398,208

 

** **

** **

 

SEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

**INTEGRITY MUTUAL FUNDS, INC., AND SUBSIDIARIES**CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006

 

2008

2007

2006

**CASH  FLOWS FROM OPERATING ACTIVITIES**

** **

** **

** **

** **

** **

** **

 

 

 

 

 

 

 

Net income (loss)

$

(3,509,697)

$

583,213

$

(59,387)

Adjustments to reconcile net income (loss) to net  cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 
Depreciation and  amortization 

 

115,488

 

223,624

 

157,361

 
Goodwill impairment expense

 

5,312,606

 

-

 

-

 
Sales commissions amortized

 

151,693

 

443,301

 

334,254

 
Compensation expense—  options

 

-

 

77,700

 

132,600

 
Recruiting expense—stock

 

-

 

-

 

7,000

 
Loss on disposal of assets

 

-

 

813

 

-

 
Gain on sale of  available-for-sale securities 

 

-

 

11

 

-

Effects on operating cash  flows due to changes in:

 

 

 

 

 

 

 
Accounts receivable 

 

632,453

 

(397,981)

 

(333,245)

 
Income taxes receivable

 

(28,181)

 

780

 

154,186

 
Prepaids

 

(5,057)

 

19,127

 

6,222

 
Deferred sales commissions  capitalized, net of CDSC collected

 

13,433

 

(439,741)

 

(316,930)

 
Deferred tax asset

 

(840,426)

 

197,109

 

37,654

 
Other assets

 

(587)

 

(99,948)

 

11,540

 
Service fees payable

 

(68,570)

 

8,499

 

41,809

 
Accounts payable

 

(272,177)

 

325,754

 

8,604

 
Income taxes payable

 

(20,512)

 

20,512

 

-

 
Other liabilities 

 

(741,443)

 

605,314

 

388,905

 
 

 

 

 

 

 

 

Net cash provided by operating  activities 

$

739,023

$

1,568,087

$

570,573

 

 

 

 

 

 

 

**CASH FLOWS FROM  INVESTING ACTIVITIES**

** **

** **

** **

** **

** **

** **

 

 

 

 

 

 

 

Purchase of property and  equipment 

$

(131,326)

$

(184,255)

 

(47,990)

Proceeds from sale of  property and equipment

 

-

 

5

 

-

Purchase of available-for-sale  securities

 

-

 

(2)

 

-

Proceeds from sale of  available-for-sale securities

 

-

 

215

 

-

Purchase of goodwill

 

-

 

(81,319)

 

-

 

 

 

 

 

 

 

Net cash used by investing  activities 

$

(131,326)

$

(265,356)

$

(47,990)

 

 

 

 

 

 

 

SEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

 

2008

2007

2006

**CASH  FLOWS FROM FINANCING ACTIVITIES**

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock

$

-

$

64,301

$

-

Issuance of convertible  promissory note

 

-

 

-

 

950,000

Addition to notes payable

 

-

 

-

 

301,866

Short-term borrowing

 

-

 

120,085

 

-

Repayments from ESOP

 

6,694

 

6,693

 

6,693

Redemption of common stock 

 

(872)

 

-

 

(918)

Reduction of long-term  liability

 

(129,872)

 

(78,058)

 

-

Reduction of short-term  borrowing

 

(110,085)

 

(10,000)

 

(100,000)

Dividends paid

 

(91,500)

 

(91,500)

 

(91,500)

Reduction of notes payable

 

(24,204)

 

(22,251)

 

(1,024,866)

Redemption of commercial  notes

 

(561,000)

 

-

 

-

Redemption of convertible  debentures

 

-

 

-

 

(250,000)

 

 

 

 

 

 

 

Net cash used by financing  activities 

$

(910,839)

$

(10,730)

$

(208,725)

 

 

 

 

 

 

 

**NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS**

$

(303,142)

$

1,292,001

$

313,858

**CASH AND CASH  EQUIVALENTS  AT BEGINNING OF YEAR**

 

3,143,250

 

1,851,249

 

1,537,391

**CASH AND CASH EQUIVALENTS  AT END OF YEAR**

$

2,840,108

$

3,143,250

$

1,851,249

 

 

 

 

 

 

 

**SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION**

** **

** **

** **

** **

** **

** **

Cash paid during the year  for:

 

 

 

 

 

 

 
Interest

$

327,951

$

332,035

$

260,844

 
Income taxes

$

510,349

$

219,335

$

1,739

**SUPPLEMENTAL SCHEDULE  OF NONCASH INVESTING AND FINANCING ACTIVITIES**

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 
Change in unrealized gain (loss) on available-for-sale securities

$

-

$

10

$

(1)

 
Increase (decrease) in  goodwill

$

(59,161)

$

1,038,427

$

(25,587)

 
Increase (decrease) in  other long-term liabilities

$

(149,161)

$

863,427

$

(25,587)

 
Increase in common stock

$

90,000

$

175,000

$

-

 
Recruiting expense—stock

$

-

$

-

$

7,000

 
Compensation expense—options

$

-

$

77,700

$

132,600

 
Preferred stock dividends  declared

$

22,875

$

22,875

$

22,875

 
Goodwill impairment expense

$

5,312,606

$

-

$

-

SEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

**INTEGRITY MUTUAL FUNDS, INC., AND SUBSIDIARIES**NOTES TO CONSOLIDATED FINANCIALSTATEMENTSDECEMBER 31, 2008, 2007 AND 2006

NOTE 1—**NATURE OF OPERATIONS AND SIGNIFICANTACCOUNTING POLICIES**

Thenature of operations and significant accounting policies of Integrity MutualFunds, Inc., and Subsidiaries are presented to assist in understanding theCompany's consolidated financial statements.

**Natureof operations**—Integrity MutualFunds, Inc., and Subsidiaries (the "Company") was established in September 1987as a North Dakota corporation. The Company derives its revenue from providinginvestment management, distribution, shareholder services, fund accounting, andrelated services to sponsored mutual funds, as well as commissions earned fromsales of mutual funds, insurance products, and various other securities. Headquarteredin Minot, North Dakota, the Company is marketing its services throughout theUnited States.

**Principlesof consolidation**—The consolidatedfinancial statements include the accounts of Integrity Mutual Funds, Inc., andit's wholly owned subsidiaries, Integrity Money Management, Inc., IntegrityFund Services, Inc., Integrity Funds Distributor, Inc., and Capital FinancialServices, Inc. All significant inter-company transactions and balances havebeen eliminated in the accompanying consolidated financial statements.

**Concentrations**—The Company derives its revenue from investmentadvisory and administrative services provided to its sponsored mutual funds, aswell as revenues derived from retail brokerage activities. Company revenues arelargely dependent on the total value and composition of assets undermanagement, as well as the sales activity of registered representativesoperating as independent contractors. Accordingly, fluctuations in financialmarkets and the composition of assets under management impact revenues andresults of operations.

**Useof estimates**—The preparation ofconsolidated financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe consolidated financial statements and the reported amounts of revenues andexpenses during the reporting period. Actual results could differ from thoseestimates.

**Revenuerecognition**—Investment advisoryfees, transfer agent fees, accounting service fees, and administrative servicefees are recorded as revenues as the related services are provided by theCompany to sponsored mutual funds. Commission income and the related clearingexpenses are recorded on a trade-date basis as securities transactions occur.

**Stock-basedcompensation—**In December of 2005,the Company adopted FASB Statement No. 123R, "Share-Based Payment," ("SFAS123R") which requires the measurement and recognition of compensation expensefor all share-based payment awards made to employees and directors, includingemployee stock options, based on estimated fair values. SFAS 123R supersedesthe Company's previous accounting under Accounting Principles Board Opinion No.25, "Accounting for Stock Issued to Employees," ("APB 25").

**Cashand cash equivalents**—The Company'spolicy is to record all liquid investments with original maturities of threemonths or less as cash equivalents. Liquid investments with maturities greaterthan three months are recorded as investments.

**Accountsreceivable—**The Company'sreceivables consist primarily of fees charged to the affiliated funds forservices rendered and concessions related to registered representativeactivity. Management evaluates the need for an allowance for doubtful accountsby identifying troubled accounts and using historical experience. Accountsreceivable are written off when management deems them uncollectible. Recoveriesof accounts receivable previously written off are recorded when received. TheCompany does not charge interest on its receivables.

**Investments**—Investments in equity securities that have readilydeterminable fair values are classified and accounted for asavailable-for-sale. Available-for-sale securities consist of investments in theCompany's sponsored mutual funds and are recorded at fair value, with thechange in fair value recorded as a component of other comprehensive income inthe equity section of the balance sheet. Cost of securities sold is recognizedusing the specific identification method.

**Goodwill**—The Company accounts for goodwillunder FASB Statement of Financial Accounting Standards No. 142, "Goodwill andOther Intangible Assets" ("FAS 142"), which requires that goodwill andindefinite-lived other intangible assets deemed to have an indefinite usefullife be assessed annually for impairment using fair value measurementtechniques.

**Propertyand equipment**—Property andequipment is stated at cost less accumulated depreciation computed onstraight-line and accelerated methods over estimated useful lives as follows:

Equipment

5-7 years

Building

40 years

**Deferredsales commissions**—Sales commissionspaid to broker-dealers in connection with the sale of shares of the sponsoredmutual funds sold without a front-end sales charge (B and C shares), arecapitalized and amortized on a straight-line basis over a period of one toeight years, which approximates the period of time during which deferred salescommissions are expected to be recovered from distribution plan paymentsreceived from various sponsored mutual funds and potential contingent deferredsales charges received from shareholders of the various sponsored mutual funds.Contingent deferred sales charges received by the Company are recorded as areduction of unamortized deferred sales commissions. In accordance withStatement of Position 98-5, the commissions paid for the sale of Integrity Fundof Funds, Inc.'s shares have been expensed as incurred. The contingent deferredsales charges received from early redemptions from Integrity Fund of Funds,Inc. have been recorded as revenue. The Company is amortizing most of its salescommissions over one to five years for tax purposes.

**Otherassets**—Other assets include debtissue costs and other miscellaneous assets. Debt issue costs are amortized overthe life of the corresponding debt.

**Advertising**—Costs of advertising and promotion are expensed asincurred. Advertising and promotion costs aggregated $116,303 in 2008, $79,043in 2007 and $46,232 in 2006.

**Earningsper common share**—Basic earnings percommon share was computed using the weighted average number of sharesoutstanding of 14,519,372 in 2008, 14,359,162 in 2007 and 13,696,486 in 2006. Dilutedearnings per common share is computed using the weighted average number ofshares outstanding adjusted for share equivalents arising from unexercisedstock warrants, stock options, and written put options. The weighted averageshares outstanding used in computing diluted earnings per common share were14,519,372 in 2008, 18,384,834 in 2007 and 13,696,486 in 2006.

**Incometaxes**—The Company files aconsolidated income tax return with its wholly owned subsidiaries. The amountof deferred tax benefit or expense is recognized as of the date of theconsolidated financial statements, utilizing currently enacted tax laws andrates. Deferred tax benefits or expenses are recognized in the financialstatements for the changes in deferred tax assets between years. The Companyhas adopted the Financial Accounting Standards Board ("FASB") InterpretationNo. 48 ("FIN48"), "*Accounting for Uncertainty in Income Taxes*." TheCompany's policy is to evaluate the likelihood that its uncertain tax positionswill prevail upon examination based on the extent to which those positions havesubstantial support within the Internal Revenue Code and Regulations, RevenueRulings, court decisions and other evidence. It is the opinion of managementthat the Company has no significant uncertain tax provisions that would besubject to change upon examination.

**Reclassification**—Certain amounts from 2006 and 2007 have beenreclassified to conform to the 2008 presentation. These reclassifications hadno effect on the Company's net income.

**Impactof Newly Issued and Proposed Accounting Standards**—In December of 2007, the Financial AccountingStandards Board ("FASB") issued Statement of Financial Accounting Standards("SFAS") No. 141R, "Business Combinations." SFAS No. 141R will significantlychange the accounting for business combinations. Under SFAS No. 141R, anacquiring entity will be required to recognize all the assets acquired andliabilities assumed in a transaction at the acquisition-date fair value withlimited exceptions. Statement No. 141R will change the accounting treatment forcertain specific items, including:

•

Acquisition costs will be  generally expensed as incurred;

  •

  Non-controlling interests (formerly known as "minority interests") will be  valued at fair value at the acquisition date;

  •

  Acquired contingent liabilities will be recorded at fair value at the  acquisition date and subsequently measured at either the higher of such  amount or the amount determined under existing guidance for non-acquired  contingencies;

  •

  In-process research and development will be recorded at fair value as an  indefinite-lived intangible assets at the acquisition date;

  •

  Restructuring costs associated with a business combination will be generally  expensed subsequent to the acquisition date; and

  •

  Changed in deferred tax asset valuation allowances and income tax  uncertainties after the acquisition date generally will affect income tax  expense.

SFASNo. 141R also includes a substantial number of new disclosure requirements. SFASNo. 141R applies prospectively to business combinations for which theacquisition date is on or after the beginning of the first annual reportingperiod beginning on or after December 15, 2008. Earlier adoption is prohibited.Accordingly, a calendar year-end company is required to record and disclosebusiness combinations following existing GAAP until January 1, 2009. TheCompany cannot predict what, if any, impact SFAS No. 141R will have on itsconsolidated financial statements when it becomes effective in 2009.

InDecember of 2007, the FASB issued SFAS No. 160, "Non-controlling Interests inConsolidated Financial Statements—An Amendment of ARB No. 51." SFAS No. 160establishes new accounting and reporting standards for the non-controllinginterest in a subsidiary and for the deconsolidation of a subsidiary. Specifically,SFAF No. 160 requires the recognition of a non-controlling interest (minorityinterest) as equity in the consolidated financial statements and separate fromthe parent's equity. The amount of net income attributable to thenon-controlling interest will be included in consolidated net income on theface of the income statement. SFAS No. 160 is effective for fiscal years, andinterim periods within those fiscal years, beginning on or after December 15,2008. The Company does not believe the adoption of SFAS No. 160 will have asignificant effect on the Company's consolidated financial statements.

NOTE 2**—CASH AND CASHEQUIVALENTS**

Cash and cash equivalents at December 31, 2008 and 2007consist of the following:

 

Current Maturity

Current Interest Rate

 

 

 

 

 

**Amount**

 

 

2008

2007

Cash in checking

Demand

-

$

2,830,231

$

2,932,403

Cash in savings

Demand

0.05%

 

9,877

 

210,847

 

 

 

$

2,840,108

$

3,143,250

NOTE 3**—TRANSACTIONS WITHSPONSORED MUTUAL FUNDS**

TheCompany provides services to the Funds, which had aggregate net assets undermanagement at December 31, 2008 of $239,800,815. All services rendered by theCompany are provided under contracts that definitively set forth the servicesto be provided and the fees to be charged. The majority of these contracts aresubject to periodic review and approval by each of the Fund's Board ofDirectors, Trustees and Shareholders. Revenues derived from services renderedto the sponsored mutual funds were $3,711,610 in 2008, $6,044,265 in 2007 and$5,461,110 in 2006.

Accountsreceivable from the sponsored mutual funds aggregated approximately $209,000and $452,000 at December 31, 2008 and 2007, respectively.

NOTE 4**—PROPERTY AND EQUIPMENT**

Propertyand equipment at December 31, 2008 and 2007, consists of the following:

 

2008

2007

 

Office furniture and  equipment

$

892,919

$

807,460

 

Building and land

 

1,409,456

 

1,363,589

 

 

$

2,302,375

$

2,171,049

 

Accumulated depreciation  and amortization

 

(998,871)

 

(900,204)

 

 

$

1,303,504

$

1,270,845

Depreciationexpense totaled $98,667, $90,050 and $81,120 in 2008, 2007 and 2006,respectively.

NOTE 5**—BUSINESSACQUISITIONS**

**PurchaseCombinations**—

On April 22, 2005, the Company acquired themanagement rights to the IPS Millennium Fund and the IPS New Frontier Fund fromIPS Advisory, Inc. ("IPS Advisory"), and merged them into a new Integrity Fundcalled the Integrity Growth & Income Fund. The two funds had combinedassets of approximately $57 million at the time of acquisition. The purchaseagreement called for total consideration of approximately 656,000 common sharesof the Company. The Company provided IPS Advisory with 250,000 common sharesupon closing. The remaining consideration of approximately 406,000 commonshares, which is subject to adjustment based on retention of assets in thefund, is to be issued as follows: 203,000 common shares at the one-yearanniversary of the closing date, and 203,000 common shares at the two-yearanniversary of the closing date. The shares will be subject to a put option,which will allow the holders of the shares to put them back to the Company at aprice equal to the market price of the Company's shares as of the closing date,which was $.36 per share. The put option will be exercisable with respect toone-third of the shares per year starting on the third anniversary of theclosing date. The Company will also provide IPS Advisory with a stock optionincentive bonus based on growth in assets in the Fund based on the followingschedule: 150,000 options on the Company's common shares when assets of theFund reach $100 million and 150,000 options on the Company's common shares whenthe assets of the Fund reach $200 million. The options will have a strike priceof $.65 per share and mature 10 years from the closing date. The securitiesissued in connection with this transaction will be issued on a privateplacement basis. In April of 2006, the one-year anniversary payment of 158,603common shares was made, which reflected the assets of the acquired funds at theone-year anniversary. In April of 2007, the two-year anniversary payment of138,797 common shares was made, which reflected the assets of the acquiredfunds at the two-year anniversary. At December of 2008, the liability relatingto this acquisition was valued at $107,064.

On March 7, 2007, the Company acquired certainassets of United Heritage Financial Services, Inc. (UHFS), a wholly-ownedsubsidiary of United Heritage Financial Group, Inc., of Meridian, Idaho. UHFShad approximately 120 independent registered representatives who became part ofCapital Financial Services, Inc. (CFS), the retail brokerage division of theCompany. Pursuant to the agreement, in exchange for receipt of the assets ofUHFS set forth above, the Company agreed to issue 500,000 restricted IMFDshares and pay a deferred earn out cash payment totaling a maximum of $900,000,to be paid in 21 quarterly installments. On March 7, 2007, the Company issued500,000 restricted common shares to United Heritage Financial Group, Inc. As aresult of this issuance of shares, $175,000 was recorded by the Company asgoodwill relating to the purchase of the assets. As of December 31, 2008, theCompany had made seven quarterly installment payments totaling $190,421. Theliability relating to this acquisition is valued at $597,780 as of December 31,2008, and has also been recorded by the Company as goodwill. As of December 31,2008, the total goodwill recorded relating to this acquisition was $1,062,029.

NOTE 6**—LONG-TERM DEBT**

Long-termdebt at December 31, 2008 and 2007 was as follows:

 

 

Rate

 

Current						Portion

 

2008

 

2007

 

Long-term debt:

 

 

 

 

 

 

 

 

First Western Bank

7.25%

 

26,000

 

334,196

 

358,400

 

Subordinate commercial  notes

9.00%

 

-

 

-

 

561,000

 

Subordinate corporate notes

9.25%

 

-

 

2,000,000

 

2,000,000

 

Convertible promissory note

6.50%

 

-

 

950,000

 

950,000

 

Future payments on  acquisitions

 

 

260,797

 

704,844

 

983,877

 

 

 

 

 

 

 

 

 

 

Totals

 

 

 

 

 

 

 

 

 

 

$

286,797

$

3,989,040

$

4,853,277

Summariesof the terms of the current long-term debt agreements follow:

**FirstWestern Bank**—In June of 1999, theCompany converted its outstanding balance of $500,000 borrowed on its bankline-of-credit to long-term debt. The debt was refinanced in October of 2005and currently carries an interest rate of 7.25%, with monthly payments of$4,105. On October 1, 2010, the remaining balance will be due in full.

**SubordinateCommercial Notes**—The Companyapproved a $1 million intra-state subordinate commercial note offering limitingthe sale in North Dakota, to North Dakota residents only. The subordinatecommercial notes did not represent ownership in the Company. The subordinatecommercial notes carried an interest rate of 9% per annum, payablesemi-annually. On June 30, 2008, the subordinate commercial notes matured andthe liability was paid in full.

**SubordinateCorporate Notes**—The Companyapproved a $2 million intra-state subordinate corporate note offering limitingthe sale in North Dakota, to North Dakota residents only. The subordinatecorporate notes do not represent ownership in the Company. As of December 31,2008, $2,000,000 in subordinate corporate notes were outstanding. Thesubordinate corporate notes carry an interest rate of 9.25% per annum, payableannually, and mature January 1, 2011. The Company can call the subordinatecorporate notes at par anytime after December 1, 2007.

**ConvertiblePromissory Note**—In October of 2006,the Company issued a $950,000 convertible promissory note to PawnMart, Inc., ina private placement. The unsecured note carries an interest rate of 6.5% per annum,payable semi-annually, and matures on October 15, 2016. The holder of the notehas the right, at any time after October 15, 2009, to convert the note in wholeor in part, into $0.0001 par value common shares of the Company. The conversionprice shall be equal to $0.50 per share. The entire principal amount of thisnote shall be automatically converted into common shares at the conversionprice on October 15, 2016.

**FuturePayments on Acquisitions**—see Note 5—Business Acquisitions

Theaggregate amount of required future payments on the above long-term debt atDecember 31, 2008, is as follows:

Year ending December 31,

 

2009

$

286,797

2010

 

538,163

2011

 

2,180,000

2012

 

34,080

2013

 

-

Thereafter

 

950,000

 

 

 

Total  due

$

3,989,040

NOTE 7—**INCOME TAXES**

The provision for income taxes is based on earnings beforeincome taxes reported for financial statement purposes and consisted of thefollowing:

 

2008

2007

2006

Current income tax benefit  (expense):

 

 

 

 

 

 

 			
Federal

$

(329,803)

$

(207,400)

$

-

 			
State

 

(86,812)

 

(26,352)

 

-

 			
Total current tax benefit  (expense)

$

(416,615)

$

(233,752)

$ 

-

Deferred tax benefit  (expense):

 

 

 

 

 

 

 			
Federal

$

702,800

$

(178,000)

$

(9,700)

 			
State

 

90,585

 

(22,950)

 

(1,391)

 			
Total deferred tax benefit  (expense)

$

793,385

$

(200,950)

$

(11,091)

 

 

 

 

 

 

 

Total provision for income  tax

 

 

 

 

 

 

 			
benefit (expense)

$

376,770

$

(434,702)

$

(11,091)

Deferred taxes arise because of different taxtreatment between financial statement accounting and tax accounting, known as"temporary differences." The Company records the tax effect of these temporarydifferences as "deferred tax assets" (generally items that can be used as a taxdeduction or credit in future periods) and "deferred tax liabilities"(generally items for which the Company has received a tax deduction and has notyet been recorded in the consolidated statement of operations).

Deferred tax assets (liabilities) were comprised ofthe following:

 

2008

2007

2006

Deferred tax assets:

 

 

 

 

 

 

 			
Net operating and capital  loss carry forwards

$

20,767

$

37,892

$

105,628

 			
Goodwill impairment  adjustment

 

995,920

 

-

 

-

 			
Stock option compensation

 

583,374

 

583,374

 

552,916

 			
Total deferred tax assets

$

1,600,061

$

621,266

$

658,544

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 			
Accumulated depreciation

$

74,545

$

62,624

$

38,896

 			
Accumulated amortization

 

540,371

 

413,923

 

277,820

 			
Total deferred tax  liabilities

$

614,916

$

476,547

$

316,716

 

 

 

 

 

 

 

Net deferred tax asset

$

985,145

$

144,719

$

341,828

 

Net deferred tax asset—current

$

-

$

-

$

5,833

Net deferred tax asset—non-current

$

985,145

$

144,719

$

335,995

Net deferred tax asset

$

985,145

$

144,719

$

341,828

As of December 31, 2008, the Company had federal and statenet operating loss carry forwards of approximately $0 and $308,000,respectively, which will expire over the next six to twenty years if unused.

A reconciliation of the difference between the expectedincome tax benefit (expense) computed at the U.S. statutory income tax rate of35% and the Company's income tax expense is shown in the following table:

 

2008

2007

2006

Federal tax benefit (expense) at statutory rates

$

1,360,000

35%

$

(356,000)

(35%)

$

17,000

35%

State tax benefit (expense), net of federal tax effect

 

194,000

5%

 

(51,000)

(5%)

 

2,000

5%

Tax impact of goodwill impairment expense

 

(1,086,621)

(28%)

 

-

-

 

-

-

Other

 

(90,609)

(2%)

 

(27,702)

(3%)

 

(30,091)

(63%)

 

 

 

 

 

 

 

 

 

 

Actual tax benefit (expense)

$

376,770

10%

$

(434,702)

(43%)

$

(11,091)

(23%)

Included in "other" are amounts separately allocated tostockholders' equity to recognize the related tax effect of the change in netunrealized gain or loss on securities available for sale, ESOP plan activity,and effects of stock-based employee compensation and goodwill impairmentadjustments for the years ended December 31, 2008, 2007 and 2006.

NOTE 8**—STOCK WARRANTS,STOCK SPLITS, AND STOCK OPTIONS**

The Company has authorized 2,100,000 perpetualwarrants to certain organizers, directors, officers, employees and shareholdersof the Company. All of these warrants were issued between 1987 and 1990 andwere accounted for in accordance with the provisions of Accounting PrinciplesBoard ("APB") Opinion No. 25, Accounting for Stock Issued toEmployees. No compensation expense was recorded for these warrants as theexercise price exceeded the market price of the stock at the date of issue. TheCompany plans to continue to apply APB Opinion No. 25 in accounting for thesewarrants. These warrants, at the date of issue, allowed for the purchase ofshares of stock at $2.00 per share. The exercise prices of these warrants wereadjusted to reflect stock splits of 2 for 1 in 2002, and 11 for 10 in 1990 and1989. 2,000 warrants (adjusted for the 2 for 1 stock split in 2002) wereexercised in 1997, leaving an outstanding balance of 2,098,000 warrants as ofDecember 31, 2008.

Inaddition to the warrants discussed above, the Company has also issued warrantsto purchase 600,000 common shares in March of 2004 at an exercise price of $.60per share. These options are considered to be fully vested and have acontractual expiration date of September 1, 2010. 100,000 warrants wereexercised in 2007, leaving an outstanding balance of 500,000 warrants as ofDecember 31, 2008.

TheCompany has entered into employment agreements with two key employees of theCompany. Upon execution of these employment agreements, a one-time granting ofstock options took effect. These options are fully vested and have a perpetuallife. Each employment contract stated the strike price for which options weregranted. In addition, the contracts granted options when the employees reachspecified performance goals. The employment contracts contain severancepackages, buyout clauses, or other forms of commitments. None of thesecommitments require payment of more than one year's salary.

TheCompany has also issued options to directors as well as various otheremployees. The options granted to employees were granted in connection withreaching certain performance goals. These options are considered to be fullyvested and have a contractual life of ten years.

Aspart of the acquisition of Capital Financial Services, Inc., 500,000 optionswere granted in January of 2002 at a strike price of $.50. These options arefully vested and expire ten years from the acquisition date.

TheCompany plans to issue additional common shares if any of its outstandingoptions are exercised. There have been no options exercised to date.

InDecember of 2005, the Company adopted the fair value recognition provisions ofSFAS No. 123R for stock-based employee compensation. Total compensation costsand deferred tax benefits recognized for stock-based compensation awards wereas follows:

 

 

2008

 

2007

 

2006

Compensation costs

$

-

$

77,700

$

132,600

Less: deferred tax benefit

 

-

 

30,440

 

51,979

Compensation costs, net of  taxes

$

-

$

47,260

$

80,621

Thefair value of each option was estimated on the date of the grant using theBlack-Scholes option-pricing model. The expected life of options granted rangefrom 5 years to 10 years. The following are the weighted average assumptionsfor each year:

 

2008

2007

2006

Risk-free interest rate

-

4.59%

4.85%

Expected dividend yield

-

0%

0%

Expected stock price  volatility

-

80%

82%

Expected life of options

-

6 years

5 years

Optionactivity for the last three years was as follows:

 

 

Number of Options

Weighted Average Exercise Price per Share

Weighted Average Grant Date Fair Value

Aggregate Intrinsic Value

 

 

Outstanding on January 1,  2006

5,248,113

$

.53

$

.27

$

-

 			
Granted

510,000

 

.49

 

.26

 

 

 			
Exercised

-

 

-

 

-

 

 

 			
Canceled

-

 

-

 

-

 

 

Outstanding on December 31,  2006

5,758,113

$

.53

$

.27

$

608,000

 			
Granted

130,000

 

.86

 

.60

 

 

 			
Exercised

-

 

-

 

-

 

 

 			
Canceled

-

 

-

 

-

 

 

Outstanding on December 31,  2007

5,888,113

$

.54

$

.28

$

1,081,950

 			
Granted

-

 

-

 

-

 

 

 			
Exercised

-

 

-

 

-

 

 

 			
Canceled

-

 

-

 

-

 

 

Outstanding on December 31,  2008

5,888,113

$

.54

$

.28

$

-

Exercisableoptions at the end of 2008, 2007, and 2006 were 5,888,113, 5,888,113, and5,758,113, respectively. The following table summarizes information concerningoptions outstanding and exercisable as of December 31, 2008:

Range of Exercise Prices

Number Outstanding

Weighted Average Remaining Contractual Life (Years)

Weighted Average Exercise Price

Number Exercisable

Weighted Average Exercise Price

$ .00 to $ .49

1,380,000

Perpetual

$

.42

1,380,000

$

.42

$ .50 to $ .99

3,935,000

6*

$

.52

3,935,000

$

.52

$1.00 to $1.50

573,113

6*

$

1.01

573,113

$

1.01

$ .00 to $ 1.50

5,888,113

6*

$

.54

5,888,113

$

.54

*Excludes options with a perpetual life

NOTE 9**—EMPLOYEE BENEFITPLANS**

TheCompany sponsors a 401(K) plan for all its employees. Effective January 1,2005, the Company implemented a match of up to 4% of employee deferrals. Planexpenses paid for by the Company were $11,807, $10,070, and $7,796 for theyears ended December 31, 2008, 2007, and 2006, respectively. The matchingcontributions paid by the Company were $105,669 $110,194 and $92,825 for theyears ended December 31, 2008, 2007 and 2006, respectively.

TheCompany established an employee stock ownership plan ("ESOP")effective January 1, 1999. Pursuant to the ESOP, each year the Company willdetermine the amount to contribute to the plan. Contributions are made at thediscretion of the Board of Directors. To be eligible to participate in theplan, an employee must have completed one year of service and have attained age21.

During2001, the ESOP purchased 208,000 shares of the Company's common stock, at aweighted average price of $.48 per share. The purchase was funded with a loanof $100,000 from the Company, which is collateralized by the unallocatedCompany shares owned by the ESOP. The loan will be repaid primarily fromCompany contributions. The outstanding principal balance of the loan as ofDecember 31, 2008, was $49,000 and the interest rate is 7% over a 15 year life.All previous loans to the ESOP have been paid in full and shares purchased bythose loans have been allocated to employees.

Theshares owned by the ESOP are held by a third party trustee and released forallocation to participants as repayments of the loan are made. The number ofshares released for allocation in any year is based upon the ratio of currentyear principal and interest payments to the total current year and projectedfuture year's principal and interest payments. Shares of common stock areallocated to each employee based on the relationship of their totalcompensation to the total compensation of all participants.

AtDecember 31, 2008 and 2007, cumulative allocated shares remaining in the trustwere 608,960 and 595,016 respectively, and unallocated shares were 115,040 and128,984 respectively, of which 13,944 and 13,944 respectively, werecommitted-to-be allocated. Total ESOP contribution expense recognized was$8,813, $11,800 and $10,131 for the years ended December 31, 2008, 2007, and2006, respectively. The fair value of unallocated shares was $23,008 atDecember 31, 2008.

NOTE 10**—NET CAPITAL REQUIREMENTS**

TheCompany's broker-dealer subsidiaries (Integrity Funds Distributor, Inc. andCapital Financial Services, Inc.) are member firms of the Financial IndustryRegulatory Authority (FINRA) and are registered with the Securities andExchange Commission (SEC) as broker-dealers. Under the Uniform Net Capital Rule(Rule 15c3-1 under the Securities Exchange Act of 1934), the subsidiaries arerequired to maintain a minimum net capital and a ratio of aggregateindebtedness to net capital, as defined, of not more than 15 to 1. At December31, 2008, these subsidiaries had net capital of $381,514 and $2,024,673;minimum net capital requirements of $25,000 and $96,377; excess net capital of$356,514 and $1,928,296 and ratios of aggregate indebtedness to net capital of..22 to 1, and .71 to 1, respectively. The subsidiaries are exempt from thereserve requirements of Rule 15c3-3.

NOTE 11**—OPERATING SEGMENTS**

IntegrityMutual Funds, Inc., derives a portion of its revenues and net income fromproviding investment advisory, distribution, transfer agency, fund accounting,and other administrative services to the Funds. Capital Financial Services,Inc. ("CFS") provides a substantial portion of revenues through sales of mutualfunds, insurance products, and various other securities. CFS also earnsinvestment advisory fees in connection with its registered investment advisor.

TheCompany organizes its current business units into two reportable segments:mutual fund services and broker-dealer services. The mutual fund servicessegment provides investment advisory, distribution, transfer agency, fundaccounting, and other administrative services to the Funds. The broker-dealersegment distributes securities and insurance products to retail investorsthrough a network of registered representatives.

TheCompany's reportable segments are strategic business units that offer differentproducts and services. They are managed separately because each businessrequires different technology and marketing strategies. Most of the businesseswere acquired as a unit, and the management at the time of the acquisition wasretained. The accounting policies are the same as those described in thesummary of significant accounting policies.

Asof, and for the year ended, December 31, 2008:

 

Mutual Fund Services

Broker-Dealer					 Services

Total

 

 

Revenue from external customers

$

4,168,069

$

28,381,157

$

32,549,226

 

Inter-segment revenues

 

(2,659)

 

32,247

 

29,588

 

Interest expense

 

302,369

 

-

 

302,369

 

Sales commissions amortized

 

151,693

 

-

 

151,693

 

Depreciation and  amortization

 

95,730

 

19,757

 

115,487

 

Goodwill impairment expense

 

5,312,606

 

-

 

5,312,606

 

Income (loss) before income  tax benefit (expense)

 

(5,563,240)

 

1,676,773

 

(3,886,467)

 

Income tax benefit  (expense)

 

1,034,070

 

(657,300)

 

376,770

 

Net income (loss)

 

(4,529,170)

 

1,019,473

 

(3,509,697)

 

Segment assets

 

8,697,612

 

3,913,211

 

12,610,823

 

Expenditure for segment  assets

 

80,956

 

50,370

 

131,326

Asof, and for the year ended, December 31, 2007:

 

Mutual Fund Services

Broker-Dealer					 Services

Total

 

 

Revenue from external  customers

$

6,985,518

$

31,856,713

$

38,842,231

 

Inter-segment revenues

 

15,193

 

142,797

 

157,990

 

Interest expense

 

331,687

 

-

 

331,687

 

Stock-based employee  compensation

 

77,700

 

-

 

77,700

 

Sales commissions amortized

 

443,661

 

-

 

443,661

 

Depreciation and amortization

 

212,929

 

10,695

 

223,624

 

Income (loss) before income  tax benefit (expense)

 

(627,144)

 

1,645,059

 

1,017,915

 

Income tax benefit  (expense)

 

210,198

 

(644,900)

 

(434,702)

 

Net income (loss)

 

(416,946)

 

1,000,159

 

583,213

 

Segment assets

 

14,001,290

 

4,191,932

 

18,193,222

 

Expenditure for segment  assets

 

133,644

 

50,611

 

184,255

Asof, and for the year ended, December 31, 2006:

 

Mutual Fund Services

Broker-Dealer					 Services

Total

 

 

Revenue from external  customers

$

6,576,518

$

20,444,056

$

27,020,574

 

Inter-segment revenues

 

-

 

98,895

 

98,895

 

Interest expense

 

346,606

 

-

 

346,606

 

Stock-based employee  compensation

 

132,600

 

-

 

132,600

 

Sales commissions amortized

 

334,254

 

-

 

334,254

 

Depreciation and  amortization

 

153,858

 

3,503

 

157,361

 

Income (loss) before income  tax benefit (expense)

 

(1,034,533)

 

986,237

 

(48,296)

 

Income tax benefit  (expense)

 

375,509

 

(386,600)

 

(11,091)

 

Net income (loss) 

 

(659,024)

 

599,637

 

(59,387)

 

Segment assets

 

12,724,714

 

2,819,808

 

15,544,522

 

Expenditure for segment  assets

 

33,791

 

14,199

 

47,990

**Reconciliationof Segment Information**

** **

2008

2007

2006

 

Revenues

 

 

 

 

 

 

 

Total revenues for  reportable segments

 

32,578,814

 

39,000,221

 

27,119,469

 

Elimination of  inter-company revenues

 

(29,588)

 

(157,990)

 

(98,895)

 

Consolidated total revenue

$

32,549,226

$

38,842,231

$

27,020,574

 

 

 

 

 

 

 

 

 

Profit

 

 

 

 

 

 

 

Total reportable segment  profit (loss)

$ 

(3,509,697)

$

583,213

$

(59,387)

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Total assets for reportable  segments

$

12,610,823

$

18,193,222

$

15,544,522

 

Elimination of  inter-company receivables

 

(78,392)

 

(78,392)

 

(78,392)

 

Consolidated assets

$

12,532,431

$

18,114,830

$

15,466,130

NOTE 12**—COMMITMENTS ANDCONTINGENCIES**

The Company entered into a three-yearlease for office space in Huntington, New York on June 1, 2004. The monthlylease payments were $1,500 for the first two years, and $1,545 for the thirdyear. The lease expired on May 31, 2007, and the Company no longer leasesoffice space in Huntington, New York. Total rent expense was $0, $6,180, and$18,315 for the years ended December 31, 2008, 2007, and 2006, respectively.

TheCompany has various leases for office equipment that expire over the nextseveral years through 2012. The total rent expense for these leases was$44,000, $34,000, and $33,000 for December 31, 2008, 2007 and 2006respectively.

Thefollowing is a schedule by years of future minimum rental payments on operatingleases as of December 31, 2008.

 

Years ending December 31,

 

 

 

2009

$

52,722

 

2010

 

50,375

 

2011

 

18,076

 

2012

 

-

 

Total minimum future rental  payments

$

121,173

NOTE 13**—GOODWILL**

Thechanges in the carrying amount of goodwill for the years ended December 31,2008, 2007, and 2006, are as follows:

 

Mutual Fund Services

Broker-Dealer Services

Total

 

 

Balance as of January 1,  2006

$

7,351,637

$

2,478,752

$

9,830,389

 

Goodwill acquired during  the period

 

-

 

-

 

-

 

Goodwill acquisition price  adjustment during the period (see Note 5)

 

(37,588)

 

-

 

(37,588)

 

Impairment losses

 

-

 

-

 

-

 

Balance as of December 31,  2006

$

7,314,049

$

2,478,752

$

9,792,801

 

Goodwill acquired during  the period

 

 

 

1,156,320

 

1,156,320

 

Goodwill acquisition price  adjustment during the period (see Note 5)

 

(1,443)

 

(35,130)

 

(36,573)

 

Impairment losses

 

-

 

-

 

-

 

Balance as of December 31,  2007

$

7,312,606

$

3,599,942

$

10,912,548

 

Goodwill acquired during  the period

 

-

 

-

 

-

 

Goodwill acquisition price  adjustment during the period (see Note 5)

 

-

 

(59,161)

 

(59,161)

 

Impairment losses

 

(5,312,606)

 

-

 

(5,312,606)

 

Balance as of December 31,  2008

$

2,000,000

$

3,540,781

$

5,540,781

TheCompany tests goodwill for impairment annually during the second quarter ofeach fiscal year. If an event occurs or circumstances change that would morelikely than not reduce the fair value of a reporting unit below its carryingvalue, goodwill will be evaluated for impairment between annual tests.

Asa result of ongoing volatility in the financial industry and a significantreduction in assets under management in the Company's sponsored mutual funds,the Company determined it was necessary to perform an interim goodwillimpairment test. In December of 2008, the Company recorded a non-cash goodwillimpairment loss of $5,312,606 in the Mutual Fund Services segment. The fairvalue of that reporting unit was estimated by using an independent third-partyappraisal.

NOTE 14**—FAIR VALUEDISCLOSURES**

EffectiveJanuary 1, 2008, the Company adopted Financial Accounting Standards Board("FASB") Statement of Financial Accounting Standards ("SFAS") No. 157, "FairValue Measurements," which provides a framework for measuring fair value undergenerally accepted accounting principles. SFAS No. 157 applies to all financialinstruments that are being measured and reported on a fair value basis.

Asdefined in SFAS No. 157, fair value is the price that would be received to sellan asset or paid to transfer a liability in an orderly transaction betweenmarket participants at the measurement date. Financial assets and liabilitiescarried at fair value will be classified and disclosed in one of the followingthree categories:

 

  •

  Level 1—Valuations for assets and liabilities traded in active exchange  markets, such as the New York Stock Exchange. Level 1 also includes U.S.  Treasury and federal agency securities and federal agency mortgage-backed  securities, which are traded by dealers or brokers in active markets.  Valuations are obtained from readily available pricing sources for market  transactions involving identical assets or liabilities.

 

  •

  Level 2—Valuations for assets and liabilities traded in less active dealer or  broker markets. Valuations are obtained from third party pricing services for  identical or similar assets or liabilities.

 

  •

  Level 3—Valuations for assets and liabilities that are derived from other  valuation methodologies, including option pricing models, discounted cash  flow models and similar techniques, and not based on market exchange, dealer,  or broker traded transactions. Level 3 valuations incorporate certain  assumptions and projections in determining the fair value assigned to such  assets or liabilities.

Certainassets and liabilities are measured at fair value on a nonrecurring basis; thatis, the instruments are not measured at fair value on an ongoing basis but aresubject to fair value adjustments in certain circumstances (for example, whenthere is evidence of impairment). The following table presents the assets andliabilities carried on the balance sheet by caption and by level within theSFAS No. 157 hierarchy (as described above) as of December 31, 2008, for whicha nonrecurring change in fair value has been recorded during the year endedDecember 31, 2008.

 

Carrying Value at December 31, 2008

Year ended December 31, 2008

 

Total

Level 1

Level 2

Level 3

Total Losses

 

 

 

 

 

 

 

 

 

 

 

Goodwill

$

2,000,000

$

-

$

-

$

2,000,000

$

5,312,606

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

$

5,312,606

Lossesof $5,312,606 represent an impairment charge related to the goodwill of theMutual Fund Services segment. The fair value of the goodwill was estimated byutilizing an independent third-party appraisal (See Note 13—Goodwill).

NOTE 15**—EARNINGS PERSHARE**

Basicearnings per share are computed by dividing earnings available to commonstockholders by the weighted average number of common shares outstanding duringthe period. Diluted earnings per share reflect per share amounts that wouldhave resulted if dilutive potential common stock had been converted to commonstock. The following reconciles amounts reported in the financial statements:

 			
For the Year Ended December 31, 2008

 

 

Income (Numerator)

Shares (Denominator)

 

Per Share Amount

Loss from continuing  operations

$

(3,509,697)

 

 

 

Less: preferred stock  dividends

 

(91,500)

 

 

 

Loss available to common stockholders—Basic earnings per share

 

(3,601,197)

14,519,372

$

(.25)

Effect of dilutive  securities:

 

 

 

 

 

Options and warrants

 

-

-

 

 

Loss available to common stockholders—Diluted earnings per share

$

(3,601,197)

14,519,372

$

(.25)

 

 			
For the Year Ended December 31, 2007

 

 

Income (Numerator)

Shares (Denominator)

 

Per Share Amount

Income from continuing operations

$

583,213

 

 

 

Less: preferred stock dividends

 

(91,500)

 

 

 

Income available to common stockholders—				Basic earnings per share

 

491,713

14,359,162

$

.03

Effect of dilutive securities:

 

 

 

 

 

Options and warrants

 

-

2,125,672

 

 

Convertible promissory note

 

37,050

1,900,000

 

 

Income available to common stockholders—Diluted earnings per share

$

528,763

18,384,834

$

.03

 

 			
For the Year Ended December 31, 2006

 

 

Income (Numerator)

Shares (Denominator)

 

Per Share Amount

Loss from continuing  operations

$

(59,387)

 

 

 

Less: preferred stock  dividends

 

(91,500)

 

 

 

Loss available to common stockholders—				Basic earnings per share

 

(150,887)

13,696,486

$

(.01)

Effect of dilutive  securities:

 

 

 

 

 

Options and warrants

 

-

-

 

 

Loss available to common stockholders—				Diluted earnings per share

$

(150,887)

13,696,486

$

(.01)

Optionsand warrants to purchase 8,426,113 common shares at exercise prices between$0.39 and $1.43 were outstanding at December 31, 2008, but were not included inthe computation of earnings per share for the year ended December 31, 2008. Theoptions and warrants were not included in the calculation because theirexercise prices were greater than the average market price of the common sharesduring the period.

InDecember of 2003, the Company issued 3,050,000 Series A preferred shares fortotal proceeds of $1,525,000. The holders of the Series A preferred shares areentitled to receive cumulative dividends at a rate of 6% per year, payablequarterly. These dividends are in preference and priority to any payment of anydividend on the Company's common shares. The holders of the Series A preferredshares are also entitled to a liquidation preference of $.50 per share. TheSeries A preferred shares are convertible to the Company's common shares at therate of one share of common shares for one share of Series A preferred sharesat any time after issuance. At any time after five years from issuance, theCompany has the right to redeem any or all of the Series A preferred sharesafter a sixty day notice upon payment of the liquidation preference of $.50 pershare to the holders, for a total of $1,525,000.

TheSeries A preferred shares were not included in the computation of dilutedearnings per share for the year ended December 31, 2008, because their effectwas anti-dilutive.

NOTE 16**—COMPREHENSIVEINCOME (LOSS)**

Comprehensiveincome (loss) is reported on the accompanying consolidated statement ofshareholders' equity as a component of retained earnings (accumulated deficit)and consists of net income (loss) and other gains and losses affectingshareholders' equity that, under accounting principles generally accepted inthe United States of America, are excluded from net income (loss). For theCompany, such items consist primarily of unrealized gains and losses onavailable-for-sale equity investments.

Thefollowing summary sets forth the components of other comprehensive income(loss), net of tax, accumulated in shareholders' equity:

 			
For the Year Ended December 31, 2008

Net Loss

$

(3,509,697)

Other Comprehensive Income  (Loss), net of tax:

 

 

Unrealized  gain (loss) on securities

 

-

Total Comprehensive Loss

$

(3,509,697)

 

 			
For the Year Ended December 31, 2007

Net Income

$

583,213

Other Comprehensive Income  (Loss), net of tax:

 

 

Unrealized  gain on securities

 

10

Total Comprehensive Income

$

583,223

 

 			
For the Year Ended December 31, 2006

Net Loss

$

(59,387)

Other Comprehensive Income  (Loss), net of tax:

 

 

Unrealized  loss on securities

 

(1)

Total Comprehensive Loss

$

(59,388)

NOTE 17**—RISKS AND UNCERTAINTIES**

TheCompany has a concentration of credit risk for cash deposits at variousfinancial institutions. These deposits may at times exceed amounts covered byinsurance provided by the U.S. Federal Deposit Insurance Corporation (FDIC). Themaximum loss that could have resulted from the risk was insignificant as ofDecember 31, 2008.

NOTE 18**—RELATED PARTY TRANSACTIONS**

Mr.Jeffrey A. Cummer was elected a director of Integrity Mutual Funds, Inc. onJune 1, 2006. Mr. Cummer is president and senior portfolio manager of SMHCapital Advisors, Inc. During 2006, 2007, and 2008, Integrity Mutual Funds,Inc. paid monthly sub-advisory fees to SMH Capital Advisors, Inc. for advisoryservices provided to some of the Funds. On March 4, 2008, SMH Capital Advisorswas notified that the Board of Trustees of The Integrity Funds had approved thetermination of the sub-advisory agreements between Integrity Money Management,Inc., and SMH Capital Advisors. Sub-advisory payments made to SMH CapitalAdvisors, Inc. totaled $246,248 in 2008, $699,230 in 2007 and $386,826 in 2006.

InMay of 2006, Xponential, Inc. issued a tender offer to purchase up to 3,000,000shares of Integrity Mutual Funds, Inc. common shares at a purchase price of$0.40 per share. At the close of the tender offer, Xponential, Inc. hadobtained 1,323,642 shares, representing approximately 9.76% of the outstandingIntegrity Mutual Funds, Inc. common shares. Mr. Cummer is Chief ExecutiveOfficer and Chairman of the Board of Xponential, Inc. 

InOctober of 2006, Integrity Mutual Funds, Inc. issued a $950,000 convertiblepromissory note to PawnMart, Inc., in a private placement. The unsecured note carriesan interest rate of 6.5% per annum, payable semi-annually, and matures onOctober 15, 2016. The holder of the note has the right, at any time afterOctober 15, 2009, to convert the note in whole or in part, into $0.0001 parvalue common shares of the Company. The conversion price shall be equal to$0.50 per share. The entire principal amount of this note shall beautomatically converted into common shares at the conversion price on October15, 2016. PawnMart, Inc. is a wholly owned subsidiary of Xponential, Inc. Mr.Cummer is Chairman of the Board and Executive Vice President of PawnMart, Inc. Interestpayments made to PawnMart, Inc. relating to this note totaled $61,750 in 2008.

Mr.Steven D. Lysne was elected a director of Integrity Mutual Funds, Inc. on May27, 2005. On February 11, 2008, Steven D. Lysne announced his resignation fromthe Board of Directors effective upon the Annual Meeting of Shareholders of theCompany. Mr. Lysne is CEO and general manager of SRT Communications, Inc. IntegrityMutual Funds, Inc. pays SRT Communications, Inc. for telephone and internetservices. Payments made to SRT Communications, Inc. totaled $79,563 in 2008,$65,817 in 2007, and $60,333 in 2006.

OnJanuary 24, 2007, the Company announced the retirement of Robert E. Walstad,the Company's founder, chief executive officer, and chairman of the board ofdirectors, effective February 1, 2007. In connection with Mr. Walstad'sretirement, the Company entered into a separation agreement with Mr. Walstad. Underthe terms of the separation agreement, subject to Mr. Walstad meeting hisobligations thereunder in all respects, Mr. Walstad is entitled to receive acash payment in the amount of $274,500, options to purchase 60,000 commonshares, and certain commission payments. The $274,500 separation payment wasexpensed in February of 2007. Mr. Walstad has not been involved with managementor as a member of the board of directors of the Company since February 1, 2007.With respect to the Definitive Agreement between the Company and CorridorInvestors, LLC, described in Note 19—Subsequent Events, below, Mr. Walstad isthe Limited Liability Manager of Corridor Investors, LLC and executed thedescribed agreement on behalf of Corridor Investors, LLC.

NOTE 19**—SUBSEQUENT EVENTS**

OnMarch 6, 2009, Integrity Mutual Funds, Inc. (the Company) and its wholly ownedsubsidiaries Integrity Fund Services, Inc., Integrity Funds Distributor, Inc.,Integrity Mutual Funds, Inc. of Nevada, and Integrity Money Management, Inc.,together (Seller), entered into a Share Purchase Agreement and Change OfAdvisor (the "Agreement") with Corridor Investors, LLC, a NorthDakota Limited Liability Company ("Corridor") together with Viking FundManagement, LLC, a North Dakota LLC ("Viking"), together ("Buyer"), pursuant towhich Buyer agrees to purchase from Seller, and Seller agrees tosell to Buyer: (i) all of the issued and outstanding shares of each of threesubsidiaries of the Company, Integrity Fund Services, Inc., a sharetransfer agency, Integrity Funds Distributor, Inc., a FINRAmember broker dealer and Integrity Mutual Funds, Inc. of Nevada, anon-operating entity (the "Companies"); (ii) all of Seller'sright, title and interest in and to certain tangible assets and (iii) the saleof certain assets of Integrity Money Management, Inc.related to its mutual fund advisory business. The purpose of the Agreement isto facilitate a change in advisor as well as to transfer together with theoperating subsidiaries, the combined mutual fund service business of the Sellercurrently provided to The Integrity Funds, Integrity Managed Portfolios, NDTax-Free Fund, Inc., Montana Tax-Free Fund, Inc. and Integrity Fund of Funds,Inc. ("the Funds"), which are investment companies registered with theSecurities and Exchange Commission ("SEC") under the Investment Company Act of1940. Integrity Money Management, Inc. ("Advisor") will not be transferred toBuyer but will assist in good faith in facilitating the approval of the Funds' Boards and shareholders of the Funds of newadvisory agreement(s) between Viking and the Funds and new sub-advisoryagreement(s) between Viking and any sub-adviser of the Funds, will enter into anon-compete agreement with the Buyer and will resign effective on the ClosingDate or on such other date as agreed between the parties if the necessary Boardand Fund shareholder approvals are obtained. Advisor will conduct no furtherbusiness as an investment or mutual fund advisor. The agreements,contracts, benefits and day to day responsibilities for services by IntegrityFund Services, Inc. and Integrity Funds Distributor, Inc. to the Fundsare to remain with Integrity Fund Services, Inc. and Integrity FundsDistributor, Inc. and therefore such contracts will transfer with IntegrityFund Services, Inc. and Integrity Funds Distributor, Inc. to the benefit ofBuyer as a part of the Agreement. As the purchase price for theCompanies and the business to be transferred to Buyer, Buyer shall pay in cash:(1) 60 basis points (BPS) of the aggregate net asset value of theoutstanding shares of the Funds on the business day immediately preceding theClosing Date ("Closing Date Shares") (the "Initial Purchase Payment")at the time of the Closing anticipated to be approximately June 30, 2009 and(2) 10 BPS of the then aggregate net asset value of the Closing Date Shareswhich then remain outstanding 12 months post Closing Date, 24 months postClosing Date and 36 months post Closing Date. The closing of theAgreement is conditioned upon the applicable Funds' shareholdersand each of the applicable Funds' Boards granting approvalof the new advisory agreements with Viking, upon theacquisition of Viking by Corridor and upon the Boards and shareholdersof ND Tax-Free Fund Inc. ("NDTAX") and Montana Tax-Free Fund, Inc. ("MTTAX")approving a reorganization whereby NDTAX and MTTAX will be combined intosimilar funds currently advised by Viking (the "Reorganization"). The Buyerwill lease office space from the Company and services of certain employees ofBuyer and Seller will be exchanged in a cooperative agreement. The Agreementfurther contains the requirement that standard representations and warrantiesbe satisfied prior to closing.

TheClosing is conditioned upon the shareholders and Boards of The Integrity Funds,Integrity Managed Portfolios and Integrity Fund of Funds, Inc. approving Vikingas the new advisor to such Funds and the shareholders and Boards of NDTAX andMTTAX approving a Reorganization. Shareholders of the individual Funds will besolicited to approve the change of investment advisor from Advisor to Vikingfor The Integrity Funds, Integrity Managed Portfolios and Integrity Fund ofFunds, Inc.****by means of a proxy statement (the "Proxy Statement"), theReorganization of the NDTAX and MTTAX, respectively, as by means of a FormN-14. Buyer and Seller shall jointly initiate the generation of thedocumentation for the Proxy Statements, Form N-14 and proxy solicitations tothe shareholders of the Funds and cooperate with the Boards of Trustees orDirectors of the Funds in order to accomplish the Funds' and SEC approval ofthe transactions described in the Agreement. Buyer and Seller will shareequally the legal and proxy costs of the SEC filing together with any proxysolicitation costs necessary to obtaining the approval of the shareholders ofthe Funds to the change of investment advisor from Advisor to Viking. TheBoards of the Funds shall set a record date for the Fund shareholder vote. Shareholdersof The Integrity Funds, Integrity Managed Portfolios and Integrity Fund ofFunds, Inc. must approve the change of investment advisor from Advisor toViking with respect to their Funds in accordance with the respective Fund'sCharter Documents and applicable law. The shareholders of NDTAX and MTTAX,respectively, must approve the Reorganization of NDTAX and MTTAX, respectively,including the transactions to be described in the Form N-14 for each merger inaccordance with the respective Fund's Charter Documents and applicable law.

The Agreement was approved by the Company's Board ofDirectors on March 5, 2009, subject to the additional Fund approvals and otherconditions of the Agreement. The consent of the shareholders of the Company isnot required for the consummation of the Agreement. The extent of the assets andrevenues to be transferred is not sufficient to trigger a requirement forshareholder consent under the laws of North Dakota, the Company's state ofincorporation.

The Company's Broker Dealer business through itswholly owned subsidiary, Capital Financial Services, Inc. is not being sold ortransferred. The Company will continue to operate through Capital FinancialServices, Inc. in its present locations following the closing.

The amount of proceeds the Company will receive fromthe transaction is contingent upon future variables with respect to net assetsof the Funds and is not determinable at the time of the Agreement. Thetransaction is subject to receipt of various regulatory approvals and customaryclosing conditions and is anticipated to close at the end of the secondquarter.

Asa result of the Agreement, post closing of the transaction, Integrity FundServices, Inc., Integrity Funds Distributor, Inc. and Integrity MoneyManagement, Inc. which constitute the mutual fund division of the Company willbe reflected in the Company's future consolidated financial statements as adiscontinued operation.

ADDITIONAL INFORMATION

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRMON ADDITIONAL INFORMATION**

To the Stockholders and DirectorsIntegrity Mutual Funds, Inc. and SubsidiariesMinot, North Dakota

Our report on our audit ofthe basic consolidated financial statements of Integrity Mutual Funds, Inc. andSubsidiaries for the years ended December 31, 2008, 2007 and 2006, appears onpage F-1. Those audits were made for the purpose of forming an opinion on suchconsolidated financial statements taken as a whole. The information on pageF-27, related to the 2008, 2007 and 2006 consolidated financial statements, ispresented for purposes of additional analysis and is not a required part of thebasic consolidated financial statements. Such information has been subjected tothe auditing procedures applied in the audits of the basic consolidatedfinancial statements, and, in our opinion, the information is fairly stated inall material respects in relation to the basic consolidated financialstatements for the years ended December 31, 2008, 2007 and 2006, taken as awhole.

Wealso have previously audited, in accordance with standards of the Public CompanyAccounting Oversight Board (United States), the consolidated balance sheets ofIntegrity Mutual Funds, Inc. and Subsidiaries as of December 31, 2006, 2005 and2004, and the related consolidated statements of operations, stockholders'equity, and cash flows for each of the two years in the periods ended December31, 2005 and 2004, none of which is presented herein, and we expressedunqualified opinions on those consolidated financial statements. In our opinion,the information on page F-27 relating to the 2006, 2005, and 2004 consolidatedfinancial statements is fairly stated in all material respects in relation tothe basic consolidated financial statements from which it has been derived.

BRADY,MARTZ & ASSOCIATES, P.C.	Minot, North Dakota USA

March9, 2009

**INTEGRITY MUTUAL FUNDS, INC., AND SUBSIDIARIES**

SELECTED FINANCIAL DATA

FOR THE YEARS ENDED DECEMBER 31, AS INDICATED

 

 

 

 

 

 

 

2008

2007

2006

2005

2004

Operating revenue

$

32,549,226

$

38,842,231

$

27,020,574

$

19,495,652

$

17,056,726

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

$

(3,584,098)

$

1,349,602

$

298,310

$

(149,229)

$

(98,863)

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense) 

$

376,770

$

(434,702)

$

(11,091)

$

118,750

$

124,110

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

$

(.25)

$

.03

$

(.01)

$

(.03)

$

(.03)

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share 

$

(.25)

$

.03

$

(.01)

$

(.03)

$

(.03)

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

12,532,431

$

18,114,830

$

15,466,130

$

15,192,914

$

13,907,987

 

 

 

 

 

 

 

 

 

 

 

Long-term obligations

$

3,989,040

$

4,853,277

$

4,090,158

$

4,138,745

$

2,749,649

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

$

6,708,250

$

10,213,625

$

9,398,208

$

9,403,721

$

9,505,829

 

 

 

 

 

 

 

 

 

 

 

Dividends paid

$

0

$

0

$

0

$

0

$

0

**INTEGRITY MUTUAL FUNDS, INC., AND SUBSIDIARIES**QUARTERLY RESULTS OF CONSOLIDATEDOPERATIONS (UNAUDITED)

 
**Quarter Ended**
 

**3-31-08**

**6-30-08**

**9-30-08**

**12-31-08**

Revenues

$

9,487,056

$

9,260,788

$

7,660,078

$

6,141,304

Operating income (loss)

 

568,758

 

678,591

 

305,406

 

(5,136,853)

Other income (expense)

 

(82,824)

 

(82,074)

 

(69,255)

 

(68,216)

Income tax benefit  (expense)

 

(201,647)

 

(259,997)

 

(107,001)

 

945,415

Net income (loss)

 

284,287

 

336,521

 

129,149

 

(4,259,654)

 

 

 

 

 

 

 

 

 

Per Share(1)

 

 

 

 

 

 

 

 

 
Operating income (loss)

 

.04

 

.04

 

.02

 

(.35)

 
Other income (expense)

 

(.01)

 

(.01)

 

(.00)

 

(.00)

 
Income tax benefit (expense)

 

(.01)

 

(.02)

 

(.01)

 

.07

 

 

**Quarter Ended**

 

**3-31-07**

**6-30-07**

**9-30-07**

**12-31-07**

Revenues

$

8,306,379

$

10,548,146

$

10,356,600

$

9,631,106

Operating income (loss)

 

(272,960)

 

588,728

 

561,116

 

472,718

Other income (expense)

 

(81,085)

 

(83,843)

 

(83,670)

 

(83,089)

Income tax benefit (expense)

 

122,474

 

(203,824)

 

(193,095)

 

(160,257)

Net income (loss)

 

(231,571)

 

301,061

 

284,351

 

229,372

 

 

 

 

 

 

 

 

 

Per Share, Basic

 

 

 

 

 

 

 

 

 
Operating income (loss)

 

(.02)

 

.04

 

.04

 

.03

 
Other income (expense)

 

(.00)

 

(.01)

 

(.01)

 

(.00)

 
Income tax benefit (expense)

 

.01

 

(.02)

 

(.01)

 

(.01)

Per Share, Diluted

 

 

 

 

 

 

 

 

 
Operating income (loss)

 

(.01)

 

.03

 

.03

 

.02

 
Other income (expense)

 

(.00)

 

(.01)

 

(.01)

 

(.00)

 
Income tax benefit (expense)

 

.01

 

(.01)

 

(.01)

 

(.01)

 

 
**Quarter Ended**
 

**3-31-06**

**6-30-06**

**9-30-06**

**12-31-06**

Revenues

$

6,362,066

$

6,454,436

$

7,102,562

$

7,101,510

Operating income (loss)

 

(64,362)

 

191,708

 

(80,831)

 

251,795

Other income (expense)

 

(83,799)

 

(81,702)

 

(94,377)

 

(86,728)

Income tax benefit (expense)

 

30,097

 

(23,140)

 

56,406

 

(74,454)

Net loss (loss)

 

(118,065)

 

86,867

 

(118,801)

 

90,612

 

 

 

 

 

 

 

 

 

Per Share(1)

 

 

 

 

 

 

 

 

 
Operating income (loss)

 

(.00)

 

.01

 

(.01)

 

.02

 
Other income (expense)

 

(.01)

 

(.00)

 

(.01)

 

(.01)

 
Income tax benefit (expense)

 

.00

 

(.00)

 

.00

 

(.00)

(1)For calculating per share amounts, basic and dilutedcommon share are not materially different.

Theabove financial information is unaudited. In the opinion of management, all adjustments(which are of a normal recurring nature) have been included for a fairpresentation. |