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<PAGE> PAGE 2
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<PAGE> PAGE 8
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SIGNATURE LESLIE L. OGG
TITLE GENERAL COUNSIL
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<NAME> STRATEGIST GROWTH FUND
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KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Internal Accounting Control
The Board of Trustees and Unitholders
Strategist Growth Fund, Inc.:
In planning and performing our audits of the financial statements
of Strategist Growth Fund and Strategist Growth Trends Fund
(portfolios within Strategist Growth Fund, Inc.) for the period
from May 13, 1996 (commencement of operations) to July 31,
1996, 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 staements and to comply with the requirements
of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Strategist Growth 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 recoreded properly to permit the
preparation of financial statements in conformity with generally
accepted accounting principles.
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 futrue periods is
subject to the risk that it may become inadeequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
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 matter involving
the internal control structure, including procedures for safeguarding
securites, that we consider to be a material weakness as defined
above as of July 31, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
September 6, 1996
