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<PAGE> PAGE 2
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SIGNATURE LESLIE L OGG
TITLE GENERAL COUNSEL
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fs20 KPMG Peat Marwick LLP
\par 4200 Norwest Center
\par 90 South Seventh Street
\par Minneapolis, MN 55402
\par
\par Independent Auditors' Report on Internal Accounting Control
\par
\par The Board of Directors and Shareholders
\par IDS Strategist Income Fund, Inc.:
\par
\par In planning and performing our audit of the financial statements of
Strategist Government Income Fund, Strategist High Yield Fund, and
Strategist Quality Income Fund (funds within Strategist Income Fund,
Inc.) for the period from June 10, 1996 (commencement of operations)
to May 31, 1997, we considered their internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
\par
\par The management of Strategist Income Fund
, Inc. is responsible for establishing and maintaining a system of internal
accounting control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits
and related costs of internal control structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization
and recorded properly to permit the preparation of financial statements in
conformity with generally accepted accounting principles.
\par
\par Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection
of any evaluation of the structure to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that
the effectiveness of the design and operation may deteriorate.
\par
\par Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to
be a material weakness as defined above as of May 31, 1997.
\par
\par This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
\par
\par KPMG Peat Marwick LLP
\par Minneapolis, Minnesota
\par June 3, 1997
\par }
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{\info{\author American Express Financial Advisors}
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\par <NAME> STRATEGIST GOVERNMENT INCOME FUND
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\par <FISCAL\_YEAR\_END> MAY-31-1997
\par <PERIOD-END> MAY-31-1997
\par <INVESTMENTS\_AT\_COST> 0
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\par <APPREC\_INCREASE\_CURRENT> 4509
\par <NET\_CHANGE\_FROM\_OPS> 38480
\par <EQUALIZATION> 0
\par <DISTRIBUTIONS\_OF\_INCOME> 34792
\par <DISTRIBUTIONS\_OF\_GAINS> 0
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\par <NUMBER\_OF\_SHARES\_SOLD> 99299
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\par <PER\_SHARE\_GAIN\_APPREC> .06
\par <PER\_SHARE\_DIVIDEND> .30
\par <PER\_SHARE\_DISTRIBUTIONS> 0
\par <RETURNS\_OF\_CAPITAL> 0
\par <PER\_SHARE\_NAV\_END> 4.93
\par <EXPENSE\_RATIO> 1.10
\par <AVG\_DEBT\_OUTSTANDING> 0
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\par }
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96
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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\par <NUMBER> 2
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\par <PERIOD\_END> \tab MAY\_31\_1997
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\par <ACCUM\_APPREC\_OR\_DEPREC> \tab 23443
\par <NET\_ASSETS> \tab 959872
\par <DIVIDEND\_INCOME> \tab 3813
\par <INTEREST\_INCOME> \tab 53906
\par <OTHER\_INCOME> \tab 0
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</TABLE>
