The no-load Quaker Family of Funds of Valley Forge, Pa., wants to switch to selling its six funds with a sales charge.
The funds decided to stop offering shares of the Quaker Funds without a sales charge as of June 16, according to a preliminary proxy statement filed with the Securities and Exchange Commission May 2. Instead, the fund family is asking shareholders to approve a change that will convert its no-load shares to shares sold with a front-end charge, according to the proxy statement. The funds also plan to offer shares with a back-end sales charge, or class B shares, and a level load, or class C shares, according to the proxy statement.
Representatives of broker/dealers have expressed strong interest in selling the funds with a sales charge, according to the proxy statement. The funds' board of directors decided that it would be unwise to sell both load and no-load shares at the same time, according to the proxy statement.
Representatives of the funds were not immediately available to comment on the proxy proposal. Shareholders are scheduled to vote on the move at a meeting June 16.
The Quaker Family of Funds had assets under management of about $78 million as of April 30, according to Wiesenberger/Thomson Financial. Thomson Financial also publishes Mutual Fund Market News.