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| Form 5 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[ ] Check this box if
no longer subject ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b) Section 30(f) of the Investment Company Act of 1940
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported
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1. Name and Address of Reporting Person
McLain Lyle E.
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(Last) (First) (Middle)
RR1, Box 36
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(Street)
Mohall ND 58761
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol ND Holdings, Inc. - NDHI
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year 12/97
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5. If Amendment, Date of Original (Month/Year) 02/17/98
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[X] Director [ ] Officer [ ] 10% Owner [ ] Other
(give title below) (specify below)
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TABLE I-NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day/ End of (D) or ficial
Year) Issuer's Indirect Owner-
(A) or Fiscal Year (I) ship
Amount (D) Price (Instr. 3 and 4) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 3-1 6,233 D
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Common Stock 3-2 4,080 I By Spouse
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Common Stock 3-3 160 I By Spouse
As Custodian for
Grandchild
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Print or Type Responses)
TABLE II-DERIVATIVE SECURITIES BENEFICALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Tansac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Secuities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3,4, and 5)
ative Year)
Security
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(A) (D)
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<S> <C> <C> <C> <C> <C>
Common Stock Warrants 1.62 3-4 10,100
(Right to Buy)
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</TABLE>
TABLE II-DEIRIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)-CONTINUED
<TABLE>
<CAPTION>
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1. Title of Derivative 6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
Security (Instr. 3) cissable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deri- ative Form of In-
Date ative Secur- of De- direct
(Month/Day/ Secur- ities rivative Bene-
Year) ity Bene- Secu- ficial
(Instr. Ficially rity: Owner-
---------------------------------------- 5) Owned Direct ship
Date Expir- Amount or at End (D) (Instr.
Exer- tion Title Number of of Indi- 4)
cisable Date Shares Month rect (1)
(Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock Warrants Common Stock 10,100 10,100 D
(Right to Buy)
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</TABLE>
Explanation of Responses:
1. The reporting person owned 6,233 shares of common stock on 08/04/97, the
date on which the Issuer became a Section 12 registrant.
2. The reporting person's spouse owned 4,080 shares of common stock on
08/04/97, the date on which the Issuer became a Section 12 registrant.
3. The reporting person's spouse as custodian for grandchild owned 160 shares
of common stock on 08/04/97, the date on which the Issuer became a Section 12
registrant.
4. The reporting person owned warrants to purchase 10,100 shares of common
Stock on 08/04/97, the date on which the Issuer became a Section 12 registrant.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations
See 18 U.S.C. 1001 and U.S.C. 78ff(a)
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
/s/ Lyle E. McLain 08/07/98
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**Signature of Reporting Person Date
