FIRST AMERICAN STRATEGY FUNDS INC
NSAR-A, 1997-05-23
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<PAGE>      PAGE  1
000 A000000 03/31/97
000 C000000 0001017927
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 FIRST AMERICAN STRATEGY FUNDS
001 B000000 811-07687
001 C000000 8000000000
002 A000000 0
002 B000000 OAKS
002 C000000 PA
002 D010000 19456
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  4
007 C010100  1
007 C020100 INCOME FUND
007 C030100 N
007 C010200  2
007 C020200 GROWTH AND INCOME FUND
007 C030200 N
007 C010300  3
007 C020300 GROWTH FUND
007 C030300 N
007 C010400  4
007 C020400 AGGRESSIVE GROWTH FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
015 A00AA01 FIRST TRUST NATIONAL ASSOCIATION
015 B00AA01 C
015 C01AA01 ST. PAUL
015 C02AA01 MN
015 C03AA01 55101
015 E03AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    4
019 C00AA00 FASTRATEGY
021  000000        0
<PAGE>      PAGE  2
023 C000000          0
023 D000000          0
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
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042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
045  00AA00 Y
046  00AA00 N
047  00AA00 Y
048  00AA00  0.250
048 A01AA00        0
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048 B01AA00        0
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050  00AA00 N
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054 B00AA00 Y
<PAGE>      PAGE  3
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
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028 G010100     15236
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028 G040100      1946
<PAGE>      PAGE  4
028 H000100         0
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062 P000100   0.0
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062 R000100   0.0
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067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
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070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
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<PAGE>      PAGE  5
070 N020100 N
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070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
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072 Q000100        0
072 R000100        4
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072 T000100        7
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072 W000100        2
072 X000100       80
072 Y000100       64
072 Z000100      124
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072DD010100      125
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072EE000100        0
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073 C000100   0.0000
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<PAGE>      PAGE  6
074 B000100        0
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074 G000100        0
074 H000100        0
074 I000100    12185
074 J000100     1232
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074 M000100       27
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074 O000100      133
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074 R040100       73
074 S000100        0
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074 U010100     1310
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028 E010200      2786
028 E020200        12
028 E030200         0
<PAGE>      PAGE  7
028 E040200       431
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028 F040200       493
028 G010200     12355
028 G020200        53
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062 F000200   0.0
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062 M000200   0.0
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
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070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 Y
070 I020200 N
<PAGE>      PAGE  8
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200     10092
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071 C000200      4569
071 D000200   19
072 A000200  6
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072 Q000200        0
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072 S000200        6
072 T000200        5
072 U000200        2
072 V000200        0
072 W000200        1
072 X000200       72
072 Y000200       59
072 Z000200       59
072AA000200       74
072BB000200        0
072CC010200        0
<PAGE>      PAGE  9
072CC020200      266
072DD010200       60
072DD020200        0
072EE000200        0
073 A010200   0.1223
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200        0
074 B000200        0
074 C000200        0
074 D000200        0
074 E000200        0
074 F000200        0
074 G000200        0
074 H000200        0
074 I000200     9577
074 J000200      653
074 K000200        0
074 L000200        3
074 M000200       27
074 N000200    10260
074 O000200       68
074 P000200        0
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200      108
074 S000200        0
074 T000200    10084
074 U010200      984
074 U020200        0
074 V010200    10.25
074 V020200     0.00
074 W000200   0.0000
074 X000200      440
074 Y000200        0
075 A000200        0
075 B000200     4514
076  000200     0.00
028 A010300       838
028 A020300         0
028 A030300         0
028 A040300         0
028 B010300      1017
028 B020300         2
028 B030300         0
028 B040300       285
028 C010300       284
028 C020300         7
<PAGE>      PAGE  10
028 C030300         0
028 C040300         6
028 D010300      1022
028 D020300         2
028 D030300         0
028 D040300       137
028 E010300       949
028 E020300         4
028 E030300         0
028 E040300        52
028 F010300       791
028 F020300         4
028 F030300         0
028 F040300       156
028 G010300      4901
028 G020300        19
028 G030300         0
028 G040300       636
028 H000300         0
062 A000300 N
062 B000300   0.0
062 C000300   0.0
062 D000300   0.0
062 E000300   0.0
062 F000300   0.0
062 G000300   0.0
062 H000300   0.0
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062 J000300   0.0
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062 N000300   0.0
062 O000300   0.0
062 P000300   0.0
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062 R000300   0.0
066 A000300 N
067  000300 N
068 A000300 N
068 B000300 N
069  000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
<PAGE>      PAGE  11
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 Y
070 O020300 N
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070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300      4187
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071 C000300      2253
071 D000300    7
072 A000300  6
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<PAGE>      PAGE  12
072 U000300        2
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073 A010300   0.0926
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073 C000300   0.0000
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074 V010300    10.17
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028 A010400       878
<PAGE>      PAGE  13
028 A020400         0
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028 D020400         1
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028 F040400       149
028 G010400      4396
028 G020400        10
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028 H000400         0
062 A000400 N
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062 F000400   0.0
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066 A000400 N
067  000400 N
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<PAGE>      PAGE  14
070 A010400 Y
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070 J010400 N
070 J020400 N
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070 K020400 Y
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070 L020400 N
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070 M020400 N
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
074 V010400    10.13
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SIGNATURE   STEVE MEYER                                  
TITLE       CONTROLLER          
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017927
<NAME> FIRST AMERICAN STRATEGY FUNDS
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   <NAME> STRATEGY INCOME
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<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0001017927
<NAME> FIRST AMERICAN STRATEGY FUNDS
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   <NAME> GROWTH AND INCOME
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<S>                             <C>
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<INTEREST-INCOME>                                    7
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    (13)
<NET-INVESTMENT-INCOME>                             59
<REALIZED-GAINS-CURRENT>                            74
<APPREC-INCREASE-CURRENT>                          266
<NET-CHANGE-FROM-OPS>                            (133)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         (60)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           1185
<NUMBER-OF-SHARES-REDEEMED>                        206
<SHARES-REINVESTED>                                  5
<NET-CHANGE-IN-ASSETS>                           10084
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                5
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     72
<AVERAGE-NET-ASSETS>                              4208
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .12
<PER-SHARE-GAIN-APPREC>                            .25
<PER-SHARE-DIVIDEND>                             (.12)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.25
<EXPENSE-RATIO>                                    .60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017927
<NAME> FIRST AMERICAN STRATEGY FUNDS
<SERIES>
   <NUMBER> 030
   <NAME> STRATEGY GROWTH
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                             4343
<INVESTMENTS-AT-VALUE>                            4221
<RECEIVABLES>                                       97
<ASSETS-OTHER>                                      27
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    4345
<PAYABLE-FOR-SECURITIES>                            55
<SENIOR-LONG-TERM-DEBT>                             00
<OTHER-ITEMS-LIABILITIES>                           72
<TOTAL-LIABILITIES>                                127
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          4284
<SHARES-COMMON-STOCK>                              415
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             56
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         (122)
<NET-ASSETS>                                      4218
<DIVIDEND-INCOME>                                   23
<INTEREST-INCOME>                                    3
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     (6)
<NET-INVESTMENT-INCOME>                             20
<REALIZED-GAINS-CURRENT>                            56
<APPREC-INCREASE-CURRENT>                        (122)
<NET-CHANGE-FROM-OPS>                             (46)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         (20)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            474
<NUMBER-OF-SHARES-REDEEMED>                         61
<SHARES-REINVESTED>                                  2
<NET-CHANGE-IN-ASSETS>                            4284
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                3
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     56
<AVERAGE-NET-ASSETS>                              2175
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .09
<PER-SHARE-GAIN-APPREC>                            .17
<PER-SHARE-DIVIDEND>                             (.09)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.17
<EXPENSE-RATIO>                                    .60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017927
<NAME> FIRST AMERICAN STRATEGY FUNDS
<SERIES>
   <NUMBER> 040
   <NAME> AGGRESSIVE GROWTH
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                             3869
<INVESTMENTS-AT-VALUE>                            3733
<RECEIVABLES>                                      118
<ASSETS-OTHER>                                      27
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    3878
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           35
<TOTAL-LIABILITIES>                                 35
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          3911
<SHARES-COMMON-STOCK>                              379
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             68
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         (136)
<NET-ASSETS>                                      3843
<DIVIDEND-INCOME>                                   15
<INTEREST-INCOME>                                    3
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     (6)
<NET-INVESTMENT-INCOME>                             12
<REALIZED-GAINS-CURRENT>                            68
<APPREC-INCREASE-CURRENT>                        (136)
<NET-CHANGE-FROM-OPS>                             (56)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         (12)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            426
<NUMBER-OF-SHARES-REDEEMED>                         48
<SHARES-REINVESTED>                                  1
<NET-CHANGE-IN-ASSETS>                            3843
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                3
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     55
<AVERAGE-NET-ASSETS>                              2066
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .07
<PER-SHARE-GAIN-APPREC>                            .13
<PER-SHARE-DIVIDEND>                             (.07)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.13
<EXPENSE-RATIO>                                    .60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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