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SHAREHOLDER RESPONSE SUMMARY REPORT
STRATEGIST FUND GROUP
STRATEGIST GOVERNMENT INCOME FUND (024) Tuesday, May 09, 2000
% of Outstanding % of Shares
No. of Shares Shares Voted
1. Approve the Agreement and Plan of Reorganization between the Strategist
Fund and the AXP Fund providing for the acquisition of all assets of the
Strategist Fund by the AXP Fund in exchange for Class A shares of the AXP
Fund and assumption by the AXP Fund of the liabilities of the Strategist Fund,
to be followed by distribution of those Class A shares to the shareholders
of the Strategist Fund and the subsequent termination of the Strategist Fund.
Affirmative 147,326.312 80.436% 99.793%
Against 0.000 0.000% 0.000%
Abstain 305.360 0.166% 0.207%
Total 147,631.672 80.602% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT
STRATEGIST FUND GROUP
STRATEGIST GOVERNMENT INCOME FUND (024)
Tuesday, May 09, 2000
% of Outstanding % of Shares
No. of Shares Shares Voted
** Fund Totals: Shares
Record Total 183,160.421
Voted Shares 147,631.672
Percent Voted 80.602%
SHAREHOLDER RESPONSE SUMMARY REPORT
STRATEGIST FUND GROUP
STRATEGIST HIGH YIELD FUND (025)
Tuesday, May 09, 2000
% of Outstanding % of Shares
No. of Shares Shares Voted
1. Approve the Agreement and Plan of Reorganization between the Strategist
Fund and the AXP Fund providing for the acquisition of all assets of the
Strategist Fund by the AXP Fund in exchange for Class A shares of the AXP
Fund and assumption by the AXP Fund of the liabilities of the Strategist Fund, to
be followed by distribution of those Class A shares to the shareholders of the
Strategist Fund and the subsequent termination of the Strategist Fund.
Affirmative 307,773.403 67.244% 99.958%
Against 0.000 0.000% 0.000%
Abstain 128.447 0.028% 0.042%
Total 307,901.850 67.272% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT
STRATEGIST FUND GROUP
STRATEGIST HIGH YIELD FUND (025)
Tuesday, May 09, 2000
% of Outstanding % of Shares
No. of Shares Shares Voted
** Fund Totals: Shares
Record Total 457,699.381
Voted Shares 307,901.850
Percent Voted 67.272%
SHAREHOLDER RESPONSE SUMMARY REPORT
STRATEGIST FUND GROUP
STRATEGIST QUALITY INCOME FUND (005)
Tuesday, May 09, 2000
% of Outstanding % of Shares
No. of Shares Shares Voted
1. Approve the Agreement and Plan of Reorganization between the Strategist
Fund and the AXP Fund providing for the acquisition of all assets of the
Strategist Fund by the AXP Fund in exchange for Class A shares of the AXP
Fund and assumption by the AXP Fund of the liabilities of the Strategist Fund, to
be followed by distribution of those Class A shares to the shareholders of the
Strategist Fund and the subsequent termination of the Strategist Fund.
Affirmative 76,367.828 89.003% 100.000%
Against 0.000 0.000% 0.000%
Abstain 0.000 0.000% 0.000%
Total 76,367.828 89.003% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT
STRATEGIST FUND GROUP
STRATEGIST QUALITY INCOME FUND (005)
Tuesday, May 09, 2000
% of Outstanding % of Shares
No. of Shares Shares Voted
** Fund Totals: Shares
Record Total 85,804.052
Voted Shares 76,367.828
Percent Voted 89.003%
Exhibit #77D
For Strategist Income Fund, Inc.
At Board of Directors meeting held on November 10, 1999, the following
investment policy was revised for Strategist Government Income Fund:
The Fund will not buy on margin, but it may make margin payments in connection with interest
rate futures contracts.
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 High Yield Fund, Strategist Government Income Fund, and
Strategist Quality Income Fund (funds within Strategist Income Fund, Inc.)
for the year ended May 31, 2000, 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
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.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control 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 one or more of the internal control
components 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 and
its operation, including controls for safeguarding securities,
that we consider to be a material weakness as defined above.
This report is intended solely for the information and use
of management, the Board of Directors of Strategist Income
Fund, Inc., and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone
other than these specified parties.
KPMG LLP
Minneapolis, Minnesota
July 7, 2000
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