<PAGE> PAGE 1
000 B000000 09/30/1999
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010 A00AA01 SEI INVESTMENTS MANAGEMENT CORPORATION
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012 A00AA01 DST SYSTEMS, INC.
<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE MARK NAGLE
TITLE CONTROLLER
Report of Independent Auditors
To the Shareholders and Board of Directors of
First American Strategy Funds, Inc.
In planning and performing our audit of the financial
statements of First American Strategy Funds, Inc.,
collectively referred to as the "Funds", for the year
ended September 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 internal control.
The management of the Funds 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 fraud 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 one or more of the specific internal control
components does not reduce to a relatively low level the
risk that misstatements caused by errors or fraud 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 and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above at September 30, 1999.
This report is intended solely for the information and
use of management, the Board of Directors of the Funds,
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other
than these specified parties.
/s/Ernst & Young, LLP
Minneapolis, Minnesota
November 2, 1999
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<CIK> 0001017927
<NAME> FIRST AMERICAN STRATEGY FUNDS
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<NAME> STRATEGY GROWTH & INCOME
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0001017927
<NAME> FIRST AMERICAN STRATEGY FUNDS
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<NAME> STRATEGY GROWTH
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<S> <C>
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<CIK> 0001017927
<NAME> FIRST AMERICAN STRATEGY FUNDS
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<NAME> STRATEGY AGGRESSIVE GROWTH
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<S> <C>
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