Exhibit 77M
For AXP Growth Series, Inc.:
On July 14, 2000, Strategist Growth Fund (the Strategist Fund), a series of
Strategist Growth Fund, Inc., merged into AXP Growth Fund (the AXP Fund),
a series of AXP Growth Series, Inc. and Strategist Special Growth Fund
(the Strategist Fund), a series of Strategist Growth Fund, Inc. Merged into
AXP Research Opportunities Fund (the AXP Fund), a series of AXP Growth
Series Inc.
Board action: The Strategist Fund Board members, at a meeting held on
March 10, 2000, and the AXP Fund Board members, at a meeting
held on March 8-9, 2000, approved the Agreement and Plan of Reorganization
(Agreement). Each Board determined that participation in
the Reorganization was in the best interests of the respective Fund and that
the interests of existing shareholders of the respective
Fund would not be diluted as a result of the Reorganization.
Shareholder approval: The Strategist Fund shareholders approved the Agreement
between the Strategist Fund and the corresponding AXP Fund investing in the
same master fund at a shareholder meeting held on May 9, 2000.
Terms of the Reorganization: Under the Agreement, the Strategist Fund
transferred all of its assets to the AXP Fund in exchange for
Class A shares of the AXP Fund. Those shares were distributed proportionately
to the shareholders of the Strategist Fund. The AXP Fund assumed the
Strategist Fund's liabilities. The shareholders did not pay any sales
charge in connection with the distribution of
shares. American Express Financial Corporation agreed to bear the costs of
effecting the Reorganization.
Deregistration of the Strategist Fund: The Strategist Fund has ceased
operations and has filed Form N-8F on August 16, 2000 to
deregister the Fund as an investment company under the
Investment Company Act of 1940.
