Exhibit 77M
On July 14, 2000, Strategist Total Return Fund (the Strategist Fund), a series
of Strategist Growth and Income Fund, Inc., merged into AXP Managed Allocation
Fund (the AXP Fund), a series of AXP Managed 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 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 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.
