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<PAGE> PAGE 2
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<PAGE> PAGE 7
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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
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE DAVID LEE
TITLE PRESIDENT
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<TABLE> <S> <C>
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<NAME> FIRST AMERICAN STRATEGY FUNDS
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<NAME> FIRST AMERICAN STRATEGY FUNDS
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</TABLE>
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
First American Strategy Funds, Inc.:
In planning and performing our audits of the financial statements
of Strategy Income Fund, Strategy Growth & Income Fund,
Strategy Growth Fund, and Strategy Aggressive Growth Fund
(funds within First American Strategy Funds, Inc.) for the year
ended September 30, 1997, we considered their internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinions on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal
control.
The management of First American Strategy Funds, 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 internal
control activities. Generally, control activities 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 control activities
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 internal control would not necessarily disclose all
matters in 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 any specific 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 internal control, including
control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1997.
This report is intended solely for the use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
November 7, 1997
