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| Form 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[ ] Check this box if
no longer subject 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
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1. Name and Address of Reporting Person
Walstad Robert E.
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(Last) (First) (Middle)
2512 Bel Air Drive
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(Street)
Minot ND 58703
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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 09/99
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[X] Director [X] Officer [ ] 10% Owner [ ] Other
(give title below) (specify below)
President
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TABLE I-NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
of action action of Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at Direct Bene-
Day/ ---------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Common Stock 8/10/99 J-1 2,420 A D
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Common Stock 8/12/99 J-1 330.617 A D
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Common Stock 8/10/99 J-1 2,240 D I By Spouse
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Common Stock 8/12/99 J-1 330.617 D I By Spouse
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120,947
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Common Stock 9/03/99 P 2,500 A 31/32 D
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Common Stock 8/10/99 J-2 2,420 A D
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Common Stock 8/10/99 J-2 2,420 D I By Spouse
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123,447
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</TABLE>
Explanation of Responses:
J-1 Reporting person acquired in a transfer upon death of his spouse. No mone-
tary amount was paid for the stock.
J-2 The amount of securities disposed of was transposed in the 8/99 filing.
These (J-2) entries represent the correct number of securities transferred on
8/10/99. The 8/99 month end total, which was previously filed as (118,827.61)
has also been corrected in light of the previous inadvertent error. The correct
8/99 month end total is (120,947) as shown above. Also included is a recent
transaction and the current (9/99) month end total.
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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Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
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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>
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Common Stock Warrants 675,200 D
(Right to Buy)
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</TABLE>
Explanation of Responses:
**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/Robert E. Walstad 10/07/99
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**Signature of Reporting Person Date