Please file this Prospectus Supplement with your records.
STRONG VALUE FUND
STRONG OPPORTUNITY FUND
STRONG GROWTH FUND
STRONG COMMON STOCK FUND
STRONG SMALL CAP FUND
STRONG DISCOVERY FUND
Supplement to the Prospectus dated May 1, 1996
STRONG SMALL CAP FUND
On or about August 31, 1996, Ms. Mary Lisanti will begin serving
as the portfolio manager of the Strong Small Cap Fund. Prior to
joining Strong Capital Management, Inc., the Fund's investment advisor
(the "Advisor"), Ms. Lisanti acted as a managing director at
Bankers Trust in New York, where she headed the small/mid-cap
equity team, and served as a portfolio manager of the BT Small Cap and
Capital Appreciation Funds. Prior to joining Bankers Trust in
February 1993, she was a vice president and portfolio manager
with Lieber & Company/The Evergreen Funds. A native of Queens,
New York, she graduated with honors from Princeton University in 1978.
Ms. Lisanti is a Chartered Financial Analyst and a member of the
New York Society of Security Analysts and the Financial Analyst
Federation.
STRONG DISCOVERY FUND
On or about August 31, 1996, Mr. Charles A. Paquelet will join
Mr. Richard S. Strong as a co-portfolio manager of the Strong
Discovery Fund. Mr. Strong has managed the Fund since its
inception in 1988.
Mr. Paquelet joined the Advisor as a securities analyst in
1988 from the B.F. Goodrich Company, where he began his career as
a financial analyst earlier in 1987. Since 1990, he has been
a portfolio manager of separate accounts for individual and
institutional investors. Mr. Paquelet was awarded his M.B.A. in
1989 from Indiana University. He received his bachelor's degree
in finance in 1987 from Case Western Reserve University. Mr.
Paquelet is a Chartered Financial Analyst. Mr. Paquelet has
served as the portfolio manager of the Strong Small Cap Fund
since the Fund's inception in December 1995.
(over please)
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FINANCIAL HIGHLIGHTS
(For each share of the Funds' outstanding throughout the period.)
The following Financial Highlights for the Strong Small Cap and
Strong Value Funds are based upon the unaudited period from
December 29, 1995 (inception) through June 30, 1996.
Strong Small Strong Value
Cap Fund* Fund*
Net Asset Value, Beginning of Period $ 10.00 $ 10.00
Income from Investment Operations
Net Investment Income 0.02 0.06
Net Realized and Unrealized
Gains on Investments 2.45 1.01
------- --------
Total from Investment Operations 2.47 1.07
Less Distributions
From Net Investment Income (0.01) (0.05)
------- --------
Total Distributions (0.01) (0.05)
------- --------
Net Asset Value, End of Period $ 12.46 $ 11.02
======= ========
Total Return +24.7% +10.7%
Net Assets, End of Period
(In Thousands) $ 78,231 $ 33,228
Ratio of Expenses to Average Net Assets 1.6%** 1.6%**
Ratio of Net Investment Income to
Average Net Assets -0.3%** 1.7%**
Portfolio Turnover Rate 69.5% 29.9%
Average Commission Rate Paid*** $ 0.0555 $ 0.0507
* For the period from December 29, 1995 (inception) to
June 30, 1996. Total return and portfolio turnover are not
annualized.
** Calculated on an annualized basis.
*** Disclosure required, effective for reporting periods
beginning after September 1, 1995.
The date of this Prospectus Supplement is August 6, 1996.
