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<PAGE> PAGE 10
SIGNATURE EILEEN NEWHOUSE
TITLE GENERAL COUNSEL
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Independent auditors' report
The board and shareholders
Strategist Growth Fund, Inc.:
We have audited the accompanying statements of assets and
liabilities of Strategist Growth Fund, Strategist Growth
Trends Fund and Strategist Special Growth Fund (series
within Strategist Growth Fund, Inc.) as of July 31, 1998,
and the related statements of operations for the year
then ended and the statements of changes in net assets
for each of the years in the two-year period ended July
31, 1998, and the financial highlights for the two-year
period ended July 31, 1998 and for the period from May
13, 1996, (commencement of operations), to July 31, 1996
of Strategist Growth Fund and Strategist Growth Trends
Fund; and the related statement of operations for the
year then ended and the statements of changes in net
assets and the financial highlights for the year ended
July 31, 1998, and the period from August 19, 1996,
(commencement of operations), to July 31, 1997 of
Strategist Special Growth Fund. These financial
statements and financial highlights are the
responsibility of fund management. Our responsibility is
to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the
financial position of Strategist Growth Fund, Strategist
Growth Trends Fund and Strategist Special Growth Fund at
July 31, 1998, and the results of their operations, the
changes in their net assets and the financial highlights
for the periods stated in the first paragraph above, in
conformity with generally accepted accounting principles.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
September 4, 1998
