<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
SIGNATURE EILEEN NEWHOUSE
TITLE GENERAL COUNSEL
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<NAME> STRATEGIST GROWTH FUND
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<NAME> STRATEGIST GROWTH TRENDS FUND
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SHAREHOLDER RESPONSE SUMMARY REPORT Page 1
STRATEGIST GROWTH FUND, INC.
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
1. Election of Board members.
Rodney P. Burwell
Affirmative 1,261,561.665 80.623% 99.883%
Withhold 1,483.977 .095% .117%
TOTAL 1,263,045.642 80.718% 100.000%
Jean B. Keffeler
Affirmative 1,261,561.665 80.623% 99.883%
Withhold 1,483.977 .095% .117%
TOTAL 1,263,045.642 80.718% 100.000%
Thomas R. McBurney
Affirmative 1,261,561.665 80.623% 99.883%
Withhold 1,483.977 .095% .117%
TOTAL 1,263,045.642 80.718% 100.000%
James A. Mitchell
Affirmative 1,261,561.665 80.623% 99.883%
Withhold 1,483.977 .095% .117%
TOTAL 1,263,045.642 80.718% 100.000%
John R. Thomas
Affirmative 1,261,561.665 80.623% 99.883%
Withhold 1,483.977 .095% .117%
TOTAL 1,263,045.642 80.718% 100.000%
2. Ratify the selection of independent auditors
Affirmative 1,260,948.589 80.584% 99.834%
Against 1,306.699 .083% .103%
Abstain 790.354 .051% .063%
TOTAL 1,263,045.642 80.718% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 2
STRATEGIST GROWTH FUND, INC.
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
** FUND TOTALS: SHARES
RECORD TOTAL 1,564,770.034
VOTED SHARES 1,263,045.642
PERCENT VOTED 80.718%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 1
STRATEGIST GROWTH
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
1. Election of Board members.
Rodney P. Burwell
Affirmative 463,369.161 83.977% 99.973%
Withhold 125.220 .023% .027%
TOTAL 463,494.381 84.000% 100.000%
Jean B. Keffeler
Affirmative 463,369.161 83.977% 99.973%
Withhold 125.220 .023% .027%
TOTAL 463,494.381 84.000% 100.000%
Thomas R. McBurney
Affirmative 463,369.161 83.977% 99.973%
Withhold 125.220 .023% .027%
TOTAL 463,494.381 84.000% 100.000%
James A. Mitchell
Affirmative 463,369.161 83.977% 99.973%
Withhold 125.220 .023% .027%
TOTAL 463,494.381 84.000% 100.000%
John R. Thomas
Affirmative 463,369.161 83.977% 99.973%
Withhold 125.220 .023% .027%
TOTAL 463,494.381 84.000% 100.000%
2. Ratify the selection of independent auditors
Affirmative 462,988.354 83.908% 99.891%
Against 94.301 .017% .020%
Abstain 411.726 .075% .089%
TOTAL 463,494.381 84.000% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 2
STRATEGIST GROWTH
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
4. Changes to investment policies
4.1 Prohibited conflict of interest
Affirmative 458,217.450 83.043% 98.861%
Against 1,705.154 .309% .368%
Abstain 3,571.777 .648% .771%
TOTAL 463,494.381 84.000% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 3
STRATEGIST GROWTH
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
** FUND TOTALS: SHARES
RECORD TOTAL 551,781.046
VOTED SHARES 463,494.381
PERCENT VOTED 84.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 1
STRATEGIST GROWTH TRENDS
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
1. Election of Board members.
Rodney P. Burwell
Affirmative 629,155.076 85.469% 99.948%
Withhold 327.352 .044% .052%
TOTAL 629,482.428 85.513% 100.000%
Jean B. Keffeler
Affirmative 629,155.076 85.469% 99.948%
Withhold 327.352 .044% .052%
TOTAL 629,482.428 85.513% 100.000%
Thomas R. McBurney
Affirmative 629,155.076 85.469% 99.948%
Withhold 327.352 .044% .052%
TOTAL 629,482.428 85.513% 100.000%
James A. Mitchell
Affirmative 629,155.076 85.469% 99.948%
Withhold 327.352 .044% .052%
TOTAL 629,482.428 85.513% 100.000%
John R. Thomas
Affirmative 629,155.076 85.469% 99.948%
Withhold 327.352 .044% .052%
TOTAL 629,482.428 85.513% 100.000%
2. Ratify the selection of independent auditors
Affirmative 628,939.069 85.440% 99.914%
Against 481.209 .065% .076%
Abstain 62.150 .008% .010%
TOTAL 629,482.428 85.513% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 2
STRATEGIST GROWTH TRENDS
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
4. Changes to investment policies
4.1 Prohibited conflict of interest
Affirmative 627,666.547 85.267% 99.712%
Against 589.151 .080% .093%
Abstain 1,226.730 .166% .195%
TOTAL 629,482.428 85.513% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 3
STRATEGIST GROWTH TRENDS
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
** FUND TOTALS: SHARES
RECORD TOTAL 736,121.893
VOTED SHARES 629,482.428
PERCENT VOTED 85.513%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 1
STRATEGIST SPECIAL GROWTH
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
1. Election of Board members.
Rodney P. Burwell
Affirmative 169,037.428 61.054% 99.394%
Withhold 1,031.405 .372% .606%
TOTAL 170,068.833 61.426% 100.000%
Jean B. Keffeler
Affirmative 169,037.428 61.054% 99.394%
Withhold 1,031.405 .372% .606%
TOTAL 170,068.833 61.426% 100.000%
Thomas R. McBurney
Affirmative 169,037.428 61.054% 99.394%
Withhold 1,031.405 .372% .606%
TOTAL 170,068.833 61.426% 100.000%
James A. Mitchell
Affirmative 169,037.428 61.054% 99.394%
Withhold 1,031.405 .372% .606%
TOTAL 170,068.833 61.426% 100.000%
John R. Thomas
Affirmative 169,037.428 61.054% 99.394%
Withhold 1,031.405 .372% .606%
TOTAL 170,068.833 61.426% 100.000%
2. Ratify the selection of independent auditors
Affirmative 169,021.166 61.048% 99.384%
Against 731.189 .264% .430%
Abstain 316.478 .114% .186%
TOTAL 170,068.833 61.426% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 2
STRATEGIST SPECIAL GROWTH
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
3. Approve changes to the Investment Management Services Agreement.
Affirmative 164,582.328 59.445% 96.774%
Against 5,486.505 1.981% 3.226%
Abstain .000 .000% .000%
TOTAL 170,068.833 61.426% 100.000%
SHAREHOLDER RESPONSE SUMMARY REPORT Page 3
STRATEGIST SPECIAL GROWTH
June 16, 1999
% of Outstanding % of Shares
No. of Shares Shares Voted
--------------- ---------------- ----------------
** FUND TOTALS: SHARES
RECORD TOTAL 276,867.095
VOTED SHARES 170,068.833
PERCENT VOTED 61.426%
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
Strategist Growth Fund, Inc.:
In planning and performing our audits of the financial statements of Strategist
Special Growth Fund, Strategist Growth Fund, and Strategist Growth Trends Fund
(funds within Strategist Growth Fund, Inc.) for the year ended July 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 Growth 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 Growth 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
September 3, 1999
