Exhibit 77M
For AXP New Dimensions Fund:
On July 14, 2000, Strategist Growth Trends Fund (the Strategist Fund), a series
of Strategist Growth Fund, Inc., merged into AXP New Dimensions Fund (the AXP
Fund), a series of AXP New Dimensions Fund, 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.
