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.