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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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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDENT
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<NAME> STRATEGIST TAX-FREE HIGH YIELD FUND, INC.
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</TABLE>
EXHIBIT 77D
for Strategist Tax-Free Income Fund, Inc.
Strategist Tax-Free High Yield Fund
At a Board of Directors' meeting held on November 10, 1999, the following
investment policy was eliminated:
Under normal market conditions, the Fund does not intend to commit more than 5%
of its total assets to when-issued securities or forward commitments.
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
Strategist Tax-Free Income Fund, Inc.:
In planning and performing our audits of the financial statements of Strategist
Tax-Free High Yield Fund (fund within Strategist Tax-Free Income Fund, Inc.) for
the year ended November 30, 1999, we considered its 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 Tax-Free 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 Tax-Free Income Fund, Inc., and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other these specified parties.
KPMG LLP
Minneapolis, Minnesota
January 7, 2000
