<PAGE> PAGE 1
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001 A000000 STRATEGIST INCOME FUND, INC.
001 B000000 811-7305
001 C000000 8002977378
002 A000000 IDS TOWER 10
002 B000000 MINNEAPOLIS
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002 D010000 55440
002 D020000 0010
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007 C010100 1
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011 A00AA01 AMERICAN EXPRESS SERVICE CORPORATION
011 B00AA01 8-27456
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011 C02AA01 MN
011 C03AA01 55440
011 C04AA01 0010
012 A00AA01 AMERICAN EXPRESS FINANCIAL CORPORATION
012 B00AA01 84-456
012 C01AA01 MINNEAPOLIS
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<PAGE> PAGE 2
013 A00AA01 KPMG LLP
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013 B03AA01 55402
013 B04AA01 3900
015 A00AA01 AMERICAN EXPRESS TRUST COMPANY
015 B00AA01 C
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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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SIGNATURE EILEEN NEWHOUSE
TITLE GENERAL COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> STRATEGIST GOVERNMENT INCOME FUND
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 3342
<ASSETS-OTHER> 896284
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 899626
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 507
<TOTAL-LIABILITIES> 507
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 915714
<SHARES-COMMON-STOCK> 186585
<SHARES-COMMON-PRIOR> 132197
<ACCUMULATED-NII-CURRENT> 1080
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 73
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (17748)
<NET-ASSETS> 899119
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 52663
<OTHER-INCOME> 0
<EXPENSES-NET> 8640
<NET-INVESTMENT-INCOME> 44023
<REALIZED-GAINS-CURRENT> 22247
<APPREC-INCREASE-CURRENT> (35378)
<NET-CHANGE-FROM-OPS> 30892
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 44231
<DISTRIBUTIONS-OF-GAINS> 14001
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 55436
<NUMBER-OF-SHARES-REDEEMED> 12803
<SHARES-REINVESTED> 11755
<NET-CHANGE-IN-ASSETS> 241167
<ACCUMULATED-NII-PRIOR> 602
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 8008
<GROSS-ADVISORY-FEES> 4304
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11198
<AVERAGE-NET-ASSETS> 792586
<PER-SHARE-NAV-BEGIN> 4.98
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> .28
<PER-SHARE-DISTRIBUTIONS> .09
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 4.82
<EXPENSE-RATIO> 1.09
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> STRATEGIST HIGH YIELD FUND
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1679628
<TOTAL-ASSETS> 1679628
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5696
<TOTAL-LIABILITIES> 5696
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1891998
<SHARES-COMMON-STOCK> 422813
<SHARES-COMMON-PRIOR> 246867
<ACCUMULATED-NII-CURRENT> 911
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 66331
<ACCUM-APPREC-OR-DEPREC> (152646)
<NET-ASSETS> 1673932
<DIVIDEND-INCOME> 18034
<INTEREST-INCOME> 172044
<OTHER-INCOME> 0
<EXPENSES-NET> 20669
<NET-INVESTMENT-INCOME> 169409
<REALIZED-GAINS-CURRENT> (66406)
<APPREC-INCREASE-CURRENT> (185856)
<NET-CHANGE-FROM-OPS> (82853)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 176522
<DISTRIBUTIONS-OF-GAINS> 18715
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 254861
<NUMBER-OF-SHARES-REDEEMED> 113505
<SHARES-REINVESTED> 34590
<NET-CHANGE-IN-ASSETS> 536807
<ACCUMULATED-NII-PRIOR> 8088
<ACCUMULATED-GAINS-PRIOR> 18726
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9792
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32134
<AVERAGE-NET-ASSETS> 1745897
<PER-SHARE-NAV-BEGIN> 4.61
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> (.58)
<PER-SHARE-DIVIDEND> .42
<PER-SHARE-DISTRIBUTIONS> .04
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 3.96
<EXPENSE-RATIO> 1.19
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> STRATEGIST QUALITY INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 274
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 763835
<TOTAL-ASSETS> 764109
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7174
<TOTAL-LIABILITIES> 7174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 749025
<SHARES-COMMON-STOCK> 82961
<SHARES-COMMON-PRIOR> 71602
<ACCUMULATED-NII-CURRENT> 650
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6615
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 645
<NET-ASSETS> 756935
<DIVIDEND-INCOME> 363
<INTEREST-INCOME> 49487
<OTHER-INCOME> 0
<EXPENSES-NET> 8051
<NET-INVESTMENT-INCOME> 41799
<REALIZED-GAINS-CURRENT> 14233
<APPREC-INCREASE-CURRENT> (31558)
<NET-CHANGE-FROM-OPS> 24474
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 41686
<DISTRIBUTIONS-OF-GAINS> 5030
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12360
<NUMBER-OF-SHARES-REDEEMED> 5994
<SHARES-REINVESTED> 4993
<NET-CHANGE-IN-ASSETS> 11359
<ACCUMULATED-NII-PRIOR> 537
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2588
<GROSS-ADVISORY-FEES> 3845
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26426
<AVERAGE-NET-ASSETS> 737662
<PER-SHARE-NAV-BEGIN> 9.40
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> (.21)
<PER-SHARE-DIVIDEND> .60
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.12
<EXPENSE-RATIO> 1.09
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<TABLE>
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<S> <C> <C> <C>
SHAREHOLDER RESPONSE SUMMARY REPORT
Strategist Income Fund, Inc.
June 16, 1999 % of Outstanding % of Shares
No. of Shares Shares Voted
1. Election of Board members.
Rodney P. Burwell
Affirmative 605,012.688 84.635% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 605,012.688 84.635% 100.000%
Jean B. Keffeler
Affirmative 605,012.688 84.635% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 605,012.688 84.635% 100.000%
Thomas R. McBurney
Affirmative 605,012.688 84.635% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 605,012.688 84.635% 100.000%
James A. Mitchell
Affirmative 605,012.688 84.635% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 605,012.688 84.635% 100.000%
John R. Thomas 605,012.688 84.635% 100.000%
Affirmative 0.000 0.000% 0.000%
Withhold 605,012.688 84.635% 100.000%
TOTAL
2. Ratify the selection of independent auditors
Affirmative 594,764.444 83.202% 98.306%
Against 0.000 0.000% 0.000%
Abstain 10,248.244 1.433% 1.694%
TOTAL 605,012.688 84.635% 100.000%
FUND TOTALS Shares
Record Total 714,845.951
Voted Shares 605,012.688
Percent Voted 84.635%
SHAREHOLDER RESPONSE SUMMARY REPORT
Strategist Government Income Fund
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
1. Election of Board members.
Rodney P. Burwell
Affirmative 157,699.808 86.837% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 157,699.808 86.837% 100.000%
Jean B. Keffeler
Affirmative 157,699.808 86.837% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 157,699.808 86.837% 100.000%
Thomas R. McBurney
Affirmative 157,699.808 86.837% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 157,699.808 86.837% 100.000%
James A. Mitchell
Affirmative 157,699.808 86.837% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 157,699.808 86.837% 100.000%
John R. Thomas 157,699.808 86.837% 100.000%
Affirmative 0.000 0.000% 0.000%
Withhold 157,699.808 86.837% 100.000%
TOTAL
2. Ratify the selection of independent auditors
Affirmative 147,451.564 81.194% 93.501%
Against 0.000 0.000% 0.000%
Abstain 10,248.244 5.643% 6.499%
TOTAL 157,699.808 86.837% 100.000%
4. Changes to investment policies
4.1 Prohibited conflict of interest
Affirmative 147,451.564 81.194% 93.501%
Against 0.000 0.000% 0.000%
Abstain 10,248.244 5.643% 6.499%
TOTAL 157,699.808 86.837% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT
Strategist Government Income Fund
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
4.2 Senior Securities
Affirmative 147,451.564 81.194% 93.501%
Against 0.000 0.000% 0.000%
Abstain 10,248.244 5.643% 6.499%
TOTAL 157,699.808 86.837% 100.000%
4.3 Transactions with affiliates
Affirmative 147,451.564 81.194% 93.501%
Against 0.000 0.000% 0.000%
Abstain 10,248.244 5.643% 6.499%
TOTAL 157,699.808 86.837% 100.000%
FUND TOTALS Shares
Record Total 181,604.178
Voted Shares 157,699.808
Percent Voted 86.837%
SHAREHOLDER RESPONSE SUMMARY REPORT
Strategist High Yield Fund
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
1. Election of Board members.
Rodney P. Burwell
Affirmative 378,455.837 83.681% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 378,455.837 83.681% 100.000%
Jean B. Keffeler
Affirmative 378,455.837 83.681% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 378,455.837 83.681% 100.000%
Thomas R. McBurney
Affirmative 378,455.837 83.681% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 378,455.837 83.681% 100.000%
James A. Mitchell
Affirmative 378,455.837 83.681% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 378,455.837 83.681% 100.000%
John R. Thomas
Affirmative 378,455.837 83.681% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 378,455.837 83.681% 100.000%
2. Ratify the selection of independent auditors
Affirmative 378,455.837 83.681% 100.000%
Against 0.000 0.000% 0.000%
Abstain 0.000 0.000% 0.000%
TOTAL 378,455.837 83.681% 100.000%
4. Changes to investment policies
4.2 Senior Securities
Affirmative 378,455.837 83.681% 100.000%
Against 0.000 0.000% 0.000%
Abstain 0.000 0.000% 0.000%
TOTAL 378,455.837 83.681% 100.000%
FUND TOTALS Shares
Record Total 452,261.064
Voted Shares 378,455.837
Percent Voted 83.681%
SHAREHOLDER RESPONSE SUMMARY REPORT
Strategist Quality Income Fund
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
1. Election of Board members.
Rodney P. Burwell
Affirmative 68,857.043 85.029% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 68,857.043 85.029% 100.000%
Jean B. Keffeler
Affirmative 68,857.043 85.029% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 68,857.043 85.029% 100.000%
Thomas R. McBurney
Affirmative 68,857.043 85.029% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 68,857.043 85.029% 100.000%
James A. Mitchell
Affirmative 68,857.043 85.029% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 68,857.043 85.029% 100.000%
John R. Thomas
Affirmative 68,857.043 85.029% 100.000%
Withhold 0.000 0.000% 0.000%
TOTAL 68,857.043 85.029% 100.000%
2. Ratify the selection of independent auditors
Affirmative 68,857.043 85.029% 100.000%
Against 0.000 0.000% 0.000%
Abstain 0.000 0.000% 0.000%
TOTAL 68,857.043 85.029% 100.000%
4. Changes to investment policies
4.1 Prohibited conflict of interest
Affirmative 68,857.043 85.029% 100.000%
Against 0.000 0.000% 0.000%
Abstain 0.000 0.000% 0.000%
TOTAL 68,857.043 85.029% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT
Strategist Quality Income Fund
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
4.2 Senior Securities
Affirmative 68,857.043 85.029% 100.000%
Against 0.000 0.000% 0.000%
Abstain 0.000 0.000% 0.000%
TOTAL 68,857.043 85.029% 100.000%
FUND TOTALS Shares
Record Total 80,980.709
Voted Shares 68,857.043
Percent Voted 85.029%
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Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
Strategist Income Fund, Inc.:
In planning and performing our audits 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 year ended May 31, 1999, we considered their
internal control, including control activities 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.
The management of Strategist Income Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of
any evaluation of internal control to future peri
