Three ND Holdings Funds Plan to Add New Share Classes
September 27, 1999
ND Money Management of Minot, N.D. is asking shareholders in three funds to allow the funds to add new classes of shares in an effort to increase sales. The Montana Tax-Free Fund, the ND Tax-Free Fund and the South Dakota Tax-Free Fund want to add class A, C and R shares. The proposal comes in response to requests from intermediaries who sell the funds, said Robert E. Walstad, president of ND Holdings. Some brokers want A shares as an alternative to the fund's existing back-end load shares, which will be designated as B shares, Walstad said.
Plans for the funds were outlined in a preliminary proxy statement filed with the SEC Sept. 14. The three funds have a combined $144 million of assets under management, Walstad said.