FIRST AMERICAN STRATEGY FUNDS, INC.
                        SUPPLEMENT DATED MAY 9, 2008 TO
           STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 20, 2007
                           AS PREVIOUSLY SUPPLEMENTED

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This information supplements the Statement of Additional Information of First
American Strategy Funds, Inc., dated December 20, 2007, as previously
supplemented January 7, 2008 (the "SAI"). This supplement and the SAI constitute
a current SAI. To request a copy of the SAI, please call 800-677-FUND.

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THE GLOBAL INFRASTRUCTURE FUND IS ADDED TO THE LIST OF "EQUITY FUNDS,"
IDENTIFIED ON PAGE 1, IN WHICH EACH ASSET ALLOCATION FUND MAY INVEST.

THE FOLLOWING INVESTMENT STRATEGIES LISTED UNDER "ADDITIONAL INFORMATION
CONCERNING INVESTMENTS BY THE FUNDS AND THE UNDERLYING FUNDS" APPLY TO GLOBAL
INFRASTRUCTURE FUND:

Exchange Traded Funds
Fixed Income Securities -- Equity Funds
Foreign Currency Transactions
Foreign Securities
Futures and Options on Futures
Lending of Portfolio Securities
Mortgage-Backed Securities
Options Transactions
Real Estate Investment Trust ("REIT") Securities
Repurchase Agreements
Royalty Trusts
Short-Term Temporary Investments
When-Issued and Delayed Delivery Transactions

Global Infrastructure Fund may invest in exchange traded funds, foreign
securities, and REITs, and may utilize options, futures, and options on futures
as principal investment strategies. Each other above-listed investment strategy
is a non-principal investment strategy for Global Infrastructure Fund.

THE FOLLOWING INVESTMENT STRATEGIES ARE ADDED UNDER "ADDITIONAL INFORMATION
CONCERNING INVESTMENTS BY THE FUNDS AND THE UNDERLYING FUNDS":

EXCHANGE-TRADED NOTES (ETNS)

         The Equity Funds may invest in ETNs as a non-principal investment
strategy. ETNs are a type of senior, unsecured, unsubordinated debt security
issued by financial institutions that combine both aspects of bonds and
exchange-traded funds (ETFs), which are described under "Exchange-Traded Funds."
An ETN's returns are based on the performance of a market index minus fees and
expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the
secondary market. However, unlike an ETF, an ETN can be held until the ETN's
maturity, at which time the issuer will pay a return linked to the performance
of the market index to which the ETN is linked minus certain fees. Unlike
regular bonds, ETNs do not make periodic interest payments and principal is not
protected. An ETN that is tied to a specific index may not be able to replicate
and maintain exactly the composition and relative weighting of securities,
commodities or other components in the applicable index. ETNs also incur certain
expenses not incurred by their applicable index. Additionally, certain
components comprising the index tracked by an ETN may, at times, be temporarily
unavailable, which may impede an ETN's ability to track its index. Some ETNs
that use leverage can, at times, be relatively illiquid and, thus, they may be
difficult to




                                                                  FASF-SAI-STK#2


purchase or sell at a fair price. Levered ETNs are subject to the
same risk as other instruments that use leverage in any form. While leverage
allows for greater potential return, the potential for loss is also greater.
Finally, additional losses may be incurred if the investment loses value
because, in addition to the money lost on the investment, the loan still needs
to be repaid. The market value of an ETN is determined by supply and demand, the
current performance of the index, and the credit rating of the ETN issuer. The
market value of ETN shares may differ from their NAV. This difference in price
may be due to the fact that the supply and demand in the market for ETN shares
at any point in time is not always identical to the supply and demand in the
market for the securities underlying the index that the ETN seeks to track. The
value of an ETN may also change due to a change in the issuer's credit rating.
As a result, there may be times when an ETN share trades at a premium or
discount to its NAV.

MUNICIPAL SECURITIES

         Global Infrastructure Fund may invest in municipal bonds and other
municipal obligations as a non-principal investment strategy. These bonds and
other obligations are issued by the states and by their local and
special-purpose political subdivisions. The term "municipal bond" includes
short-term municipal notes issued by the states and their political
subdivisions. The two general classifications of municipal bonds are "general
obligation" bonds and "revenue" bonds.

         General obligation bonds are secured by the governmental issuer's
pledge of its faith, credit and taxing power for the payment of principal and
interest upon a default by the issuer of its principal and interest payment
obligations. They are usually paid from general revenues of the issuing
governmental entity. Revenue bonds, on the other hand, are usually payable only
out of a specific revenue source rather than from general revenues. Revenue
bonds ordinarily are not backed by the faith, credit or general taxing power of
the issuing governmental entity. The principal and interest on revenue bonds for
private facilities are typically paid out of rents or other specified payments
made to the issuing governmental entity by a private company which uses or
operates the facilities. Examples of these types of obligations are industrial
revenue bond and pollution control revenue bonds. Industrial revenue bonds are
issued by governmental entities to provide financing aid to community facilities
such as hospitals, hotels, business or residential complexes, convention halls
and sport complexes. Pollution control revenue bonds are issued to finance air,
water and solids pollution control systems for privately operated industrial or
commercial facilities.

         Revenue bonds for private facilities usually do not represent a pledge
of the credit, general revenues or taxing powers of issuing governmental entity.
Instead, the private company operating the facility is the sole source of
payment of the obligation. Sometimes, the funds for payment of revenue bonds
come solely from revenue generated by operation of the facility. Revenue bonds
which are not backed by the credit of the issuing governmental entity frequently
provide a higher rate of return than other municipal obligations, but they
entail greater risk than obligations which are guaranteed by a governmental unit
with taxing power. Federal income tax laws place substantial limitations on
industrial revenue bonds, and particularly certain specified private activity
bonds issued after August 7, 1986. In the future, legislation could be
introduced in Congress which could further restrict or eliminate the income tax
exemption for interest on debt obligations in which the Fund may invest.

MASTER LIMITED PARTNERSHIPS ("MLPS")

         Global Infrastructure Fund may invest in MLPs as a principal investment
strategy. MLPs are limited partnerships in which the ownership units (i.e.,
limited partnership interests) are publicly traded. MLP units are registered
with the SEC and are freely traded on a securities exchange or in the
over-the-counter market. Many MLPs operate in the oil and gas related
businesses, including energy processing and distribution. Many MLPs are
pass-through entities that generally are taxed at the unit holder level and are
not subject to federal or state income tax at the partnership level. Annual
income, gains, losses, deductions and credits of an MLP pass



through  directly to its unitholders.  Distributions  from an MLP may consist in
part of a return of capital. Generally, an MLP is operated under the supervision
of one or more  general  partners.  Limited  partners  are not  involved  in the
day-to-day management of the partnership.

         The risks of investing in an MLP are generally those involved in
investing in a partnership as opposed to a corporation. For example, state law
governing partnerships is often less restrictive than state law governing
corporations. Accordingly, there may be fewer protections afforded investors in
an MLP than investors in a corporation. Investments held by MLPs may be
relatively illiquid, limiting the MLPs' ability to vary their portfolios
promptly in response to changes in economic or other conditions. MLPs may have
limited financial resources, their securities may trade infrequently and in
limited volume, and they may be subject to more abrupt or erratic price
movements than securities of larger or more broadly-based companies. The Fund's
investment in MLPs also subjects the Fund to the risks associated with the
specific industry or industries in which the MLPs invest. Additionally, since
MLPs generally conduct business in multiple states, the Fund may be subject to
income or franchise tax in each of the states in which the partnership does
business. The additional cost of preparing and filing the tax returns and paying
the related taxes may adversely impact the Fund's return on its investment in
MLPs.

THE FOLLOWING MODIFIES THE FIRST PARAGRAPH UNDER "ADDITIONAL INFORMATION
CONCERNING INVESTMENTS BY THE FUNDS AND THE UNDERLYING FUNDS -- FIXED INCOME --
EQUITY FUNDS" ON PAGE 7:

Equity Income Fund may invest in fixed income securities as a principal
investment strategy.

THE FOLLOWING REPLACES THE SECOND PARAGRAPH UNDER "ADDITIONAL INFORMATION
CONCERNING INVESTMENTS BY THE FUNDS AND THE UNDERLYING FUNDS -- FIXED INCOME --
EQUITY FUNDS" ON PAGE 7:

         In addition, Equity Income Fund may invest in convertible debt
obligations without regard to their ratings, and therefore may hold convertible
debt obligations that are rated less than investment grade. Each of the other
Equity Funds may invest up to 5% of its net assets in less than investment grade
convertible debt obligations. For a description of such obligations and the
risks associated therewith, see "--Debt Obligations Rated Less Than Investment
Grade."

THE FOLLOWING REPLACES THE FIRST SENTENCE OF THE FIRST PARAGRAPH UNDER
"ADDITIONAL INFORMATION CONCERNING INVESTMENTS BY THE FUNDS AND THE UNDERLYING
FUNDS -- FOREIGN CURRENCY TRANSACTIONS" ON PAGE 8:

         The Equity Funds (other than Quantitative Large Cap Core Fund,
Quantitative Large Cap Growth Fund, Quantitative Large Cap Value Fund, Equity
Index Fund, Mid Cap Index Fund, and Small Cap Index Fund) and the Fixed Income
Funds (other than High Income Bond Fund and U.S. Government Mortgage Fund) may
invest in securities that are purchased and sold in foreign currencies.

THE FOLLOWING REPLACES THE SECOND PARAGRAPH UNDER "ADDITIONAL INFORMATION
CONCERNING INVESTMENTS BY THE FUNDS AND THE UNDERLYING FUNDS -- FOREIGN
SECURITIES -- GENERAL" ON PAGE 9:

         Under normal market conditions, Global Infrastructure Fund,
International Fund, and International Select Fund invest principally in foreign
securities and the other Equity Funds (other than Quantitative Large Cap Core
Fund, Quantitative Large Cap Growth Fund, Quantitative Large Cap Value Fund,
Equity Index Fund, Mid Cap Index Fund, and Small Cap Index Fund) each may invest
up to 25% of its total assets in securities of foreign issuers.



THE FOLLOWING REPLACES THE FIRST TWO SENTENCES OF THE FIRST PARAGRAPH UNDER
"ADDITIONAL INFORMATION CONCERNING INVESTMENTS BY THE FUNDS AND THE UNDERLYING
FUNDS -- FOREIGN SECURITIES -- EMERGING MARKETS" ON PAGE 10:

         Global Infrastructure Fund, International Fund, International Select
Fund, Core Bond Fund, High Income Bond Fund, Short Term Bond Fund, and Total
Return Bond Fund may invest in securities issued by governmental and corporate
issuers that are located in emerging market countries as a principal investment
strategy. Each other Equity Fund (other than Quantitative Large Cap Core Fund,
Quantitative Large Cap Growth Fund, Quantitative Large Cap Value Fund, Equity
Index Fund, Mid Cap Index Fund, and Small Cap Index Fund) may invest up to 5% of
its total assets in such securities. Inflation Protected Securities Fund may
invest in such securities as a non-principal investment strategy, but only if
the securities are rated investment grade.