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Prospectus Supplement
July 1, 1999*
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Fund Name Prospectus # (MM/YY Printed)
Strategist Growth Fund, Inc. S-6120 F (9/98)
Strategist Growth Fund
Strategist Growth Trends Fund
Strategist Special Growth Fund
Strategist Growth and Income Fund,
Inc. S-6122 D (11/98)
Strategist Balanced Fund
Strategist Equity Fund
Strategist Equity Income Fund
Strategist Total Return Fund
Strategist Income Fund, Inc. S-6124 D (7/98)
Strategist High Yield Fund
Strategist Government Income Fund
Strategist Quality Income Fund
Strategist Tax-Free Income Fund,
Inc. S-6126 E (1/99)
o Strategist Tax-Free High Yield Fund
Strategist World Fund, Inc. S-6131 E (12/98)
o Strategist Emerging Markets Fund
o Strategist World Growth Fund
o Strategist World Income Fund
o Strategist World Technologies Fund
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SHAREHOLDER MEETINGS
At the recent regular meetings, shareholders approved the following proposals:
1. Investment Management Services Agreement. As shown in the following table,
four funds voted to add a performance incentive adjustment. Under a performance
incentive adjustment, the management fee is calculated as shown in the
prospectus. The fee is then adjusted for performance. The fund's performance is
compared to the performance of a Lipper Index of similar funds. If the fund
performs better than the index, the fee will increase. If the fund performs
worse than the index, the fee will decrease. The maximum increase or decrease is
shown in the table.
Management Fee Change
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Lipper
Fund Index Maximum Adjustment
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Emerging Markets Lipper Emerging .12%
Markets Fund Index
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Equity Income Lipper Equity Income .08%
Fund Index
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Special Growth Lipper Growth Fund .12%
Index
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World Growth Lipper Global Fund .12%
Index
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These changes will not be implemented until the same proposals are approved by
the master funds:
2. Fundamental Policies. Shareholders voted to eliminate or modify a number of
policies including those regarding potential conflicts of interest; issuing
senior securities; transactions with affiliates; and investing in other
investment companies.
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3. New Subadvisory Agreement. Shareholders of Total Return approved a
subadvisory agreement with Kenwood Capital Management, LLC, a subsidiary of
AEFC, located at IDS Tower 10, Minneapolis, MN 55440-0010. Kenwood manages the
equity portion of the Fund.
S-6232 A (7/99)
*Destroy -next prospectus update
