<PAGE> PAGE 1
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011 A00AA01 AMERICAN EXPRESS SERVICE CORPORATION
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<PAGE> PAGE 2
013 A00AA01 KPMG PEAT MARWICK LLP
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015 A00AA01 AMERICAN EXPRESS TRUST COMPANY
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE EILEEN NEWHOUSE
TITLE GENERAL COUNSEL
<TABLE> <S> <C>
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<NUMBER> 1
<NAME> STRATEGIST FEDERAL INCOME FUND
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<EXPENSES-NET> 4331
<NET-INVESTMENT-INCOME> 21849
<REALIZED-GAINS-CURRENT> 5765
<APPREC-INCREASE-CURRENT> (1725)
<NET-CHANGE-FROM-OPS> 25889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22341
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22341
<NUMBER-OF-SHARES-REDEEMED> 1010
<SHARES-REINVESTED> 4345
<NET-CHANGE-IN-ASSETS> 131877
<ACCUMULATED-NII-PRIOR> 602
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 8008
<GROSS-ADVISORY-FEES> 2094
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<GROSS-EXPENSE> 5952
<AVERAGE-NET-ASSETS> 752601
<PER-SHARE-NAV-BEGIN> 4.98
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> STRATEGIST HIGH YIELD FUND
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<OVERDISTRIBUTION-GAINS> 9786
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<NET-ASSETS> 1788314
<DIVIDEND-INCOME> 8470
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<EXPENSES-NET> 10172
<NET-INVESTMENT-INCOME> 83149
<REALIZED-GAINS-CURRENT> (28512)
<APPREC-INCREASE-CURRENT> (213883)
<NET-CHANGE-FROM-OPS> (159246)
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<PER-SHARE-NAV-BEGIN> 4.61
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> STRATEGIST QUALITY INCOME FUND
<S> <C>
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<PAID-IN-CAPITAL-COMMON> 705505
<SHARES-COMMON-STOCK> 78301
<SHARES-COMMON-PRIOR> 71602
<ACCUMULATED-NII-CURRENT> 318
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37499
<NET-ASSETS> 743935
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<EXPENSES-NET> 4015
<NET-INVESTMENT-INCOME> 20724
<REALIZED-GAINS-CURRENT> 3201
<APPREC-INCREASE-CURRENT> 5296
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 7632
<NUMBER-OF-SHARES-REDEEMED> 3097
<SHARES-REINVESTED> 2164
<NET-CHANGE-IN-ASSETS> 71227
<ACCUMULATED-NII-PRIOR> 537
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2588
<GROSS-ADVISORY-FEES> 1903
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10711
<AVERAGE-NET-ASSETS> 718344
<PER-SHARE-NAV-BEGIN> 9.40
<PER-SHARE-NII> .27
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<PER-SHARE-DIVIDEND> .27
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.50
<EXPENSE-RATIO> 1.10
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</TABLE>
EXHIBIT 77D
for Strategist Income Fund, Inc.
At the Board of Directors meetings held on November 23, 1998, the following
investment policies were eliminated:
The Portfolio will not pledge or mortgage its assets beyond 15% of
total assets.
The Portfolio will not invest more than 5% of its total assets in
securities of companies, including any predecessors, that have a record
of less than three years continuous operations.
The Portfolio will not invest more than 5% of its net assets in warrants.
The Portfolio will not invest in exploration or development programs such
as oil, gas or mineral leases.
For Strategist High Yield Fund: The Portfolio will not purchase securities
of an issuer if the board members and officers of the Fund, the Portfolio
and of the Advisor hold more than a certain percentage of the issuer's
outstanding securities. If the holdings of all board members and officers
of the Fund, the Portfolio and of the Advisor who own more than 0.5% of an
issuer's securities are added together, and if in total they own more than
5%, the Portfolio will not purchase securities of that issuer.
